Document_And_Entity_Informatio
Document And Entity Information | 12 Months Ended | |
Dec. 31, 2013 | 8-May-14 | |
Document Information [Line Items] | ' | ' |
Document Type | '20-F | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Trading Symbol | 'NEWL | ' |
Entity Common Stock, Shares Outstanding | ' | 144,461,063 |
Entity Registrant Name | 'NewLead Holdings Ltd. | ' |
Entity Central Index Key | '0001322587 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $2,271 | $1,043 |
Restricted cash | 0 | 1,311 |
Trade receivables, net | 3,573 | 3,586 |
Other receivables | 3,224 | 4,980 |
Due from related parties | 10 | 5 |
Due from Joint Ventures | 1,679 | 0 |
Inventories | 288 | 81 |
Prepaid expenses | 888 | 646 |
Deferred charges, net | 489 | 573 |
Total current assets | 12,422 | 12,225 |
Restricted cash | 31 | 31 |
Investments in Joint Ventures | 0 | 1,040 |
Advances for acquisition of coal property | 21,855 | 11,000 |
Advances for vessel acquisition | 22,747 | 0 |
Vessels and other fixed assets, net | 35,067 | 37,503 |
Property equipement and mine development costs | 35,067 | 37,503 |
Owned and leased mineral net of accumulated depletion rights, land and building | 20,977 | 0 |
Goodwill | 28,007 | 0 |
Other non-current assets | 174 | 0 |
Total non-current assets | 138,909 | 49,574 |
Total assets | 151,331 | 61,799 |
Current liabilities | ' | ' |
Current portion of long-term debt | 60,306 | 78,739 |
Accounts payable, trade | 21,451 | 13,618 |
Accrued liabilities | 15,173 | 10,660 |
Share settled debt | 72,595 | 0 |
Convertible notes, net | 101,651 | 62,552 |
Promissory notes payable | 0 | 11,000 |
Derivative financial instruments | 20,491 | 767 |
Due to related parties | 34 | 90 |
Total current liabilities | 291,701 | 177,426 |
Non-current liabilities | ' | ' |
Asset retirement obligations | 979 | 0 |
Total non-current liabilities | 979 | 0 |
Total liabilities | 292,680 | 177,426 |
Commitments and contingencies | ' | ' |
Shareholders' deficit | ' | ' |
Preferred Shares, $0.01 par value, 500 million shares authorized, none issued | 0 | 0 |
Common Shares, $0.10 par value, 1 billion shares authorized, 3.23 million and 0.88 million shares issued and outstanding as of December 31, 2013 and December 31, 2012, respectively | 324 | 88 |
Additional paid-in capital | 832,911 | 700,679 |
Accumulated deficit | -973,263 | -815,031 |
Other comprehensive income | 34 | 0 |
Total NewLead Holdings' shareholders' deficit | -139,994 | -114,264 |
Noncontrolling interest | -1,355 | -1,363 |
Total shareholders' deficit | -141,349 | -115,627 |
Total liabilities and shareholders' deficit | $151,331 | $61,799 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 500,000,000 | 500,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $0.10 | $0.10 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 3,230,000 | 3,230,000 |
Common stock, shares, outstanding | 880,000 | 880,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Shipping related | $7,140 | $8,928 | $12,220 |
Coal related | 203 | 0 | 0 |
OPERATING REVENUES | 7,343 | 8,928 | 12,220 |
EXPENSES: | ' | ' | ' |
Commissions | -80 | -107 | -150 |
Voyage expenses | -1,006 | -158 | -146 |
Vessel operating expenses | -4,598 | -3,266 | -2,928 |
Costs of coal sales | -75 | 0 | 0 |
Selling, general and administrative expenses | -81,893 | -8,249 | -16,521 |
Depreciation, depletion and amortization expenses | -2,860 | -6,564 | -8,180 |
Impairment losses | 0 | -7,054 | -83,950 |
Total Expenses | -90,512 | -25,398 | -111,875 |
Operating loss from continuing operations | -83,169 | -16,470 | -99,655 |
OTHER (EXPENSES) / INCOME, NET: | ' | ' | ' |
Interest and finance expense | -62,670 | -86,549 | -22,672 |
Loss on extinguishment of convertible notes | 0 | -293,109 | 0 |
Interest income | 0 | 0 | 68 |
Change in fair value of derivatives | -220 | 0 | 0 |
Other income / (expense), net | 47 | -3,528 | -1,457 |
Total other expenses, net | -62,843 | -383,186 | -24,061 |
Loss before equity in net earnings in Joint Ventures | -146,012 | -399,656 | -123,716 |
Loss from investments in Joint Ventures | -790 | -2,469 | 0 |
Loss from continuing operations | -146,802 | -402,125 | -123,716 |
Loss from discontinued operations | -11,422 | -1,800 | -166,679 |
Net loss | -158,224 | -403,925 | -290,395 |
Less: Net (gain) / loss attributable to the noncontrolling interest | -8 | 1,363 | 0 |
Net loss attributable to NewLead Holdings' Shareholders | -158,232 | -402,562 | -290,395 |
Loss per share: | ' | ' | ' |
Continuing operations | ($110.66) | ($1,124.50) | ($7,511.60) |
Discontinued operations | ($8.61) | ($5.03) | ($10,120.16) |
Total | ($119.27) | ($1,129.53) | ($17,631.76) |
Weighted average number of shares: | ' | ' | ' |
Basic and diluted (in shares) | 1,326,545 | 357,604 | 16,470 |
Other comprehensive income | ' | ' | ' |
Unrealized gain on investments in available for sale securities | 34 | 0 | 0 |
Total other comprehensive income | 34 | 0 | 0 |
Total comprehensive loss attributable to NewLead Holdings' Shareholders | ($158,198) | ($402,562) | ($290,395) |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Share Capital [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Other Comprehensive Income (Loss) [Member] | Total NewLead Holdings' Shareholders' Equity [Member] | Noncontrolling Interest [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Balance at Dec. 31, 2010 | $86,281,000 | ' | $2,000 | $208,353,000 | ($122,074,000) | $0 | $86,281,000 | $0 |
Balance (in shares) at Dec. 31, 2010 | ' | 16 | ' | ' | ' | ' | ' | ' |
Net loss | -290,395,000 | ' | 0 | 0 | -290,395,000 | 0 | -290,395,000 | 0 |
Issuance of common shares | 87,000 | ' | 0 | 87,000 | 0 | 0 | 87,000 | 0 |
Issuance of common shares (in shares) | ' | 0 | ' | ' | ' | ' | ' | ' |
Share-based compensation | 1,593,000 | ' | 0 | 1,593,000 | 0 | 0 | 1,593,000 | 0 |
Share-based compensation (in shares) | ' | 1 | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | -202,434,000 | ' | 2,000 | 210,033,000 | -412,469,000 | 0 | -202,434,000 | 0 |
Balance (in shares) at Dec. 31, 2011 | ' | 17 | ' | ' | ' | ' | ' | ' |
Net loss | -403,925,000 | ' | 0 | 0 | -402,562,000 | 0 | -402,562,000 | -1,363,000 |
Issuance of common shares | 1,024,000 | ' | 0 | 1,024,000 | 0 | 0 | 1,024,000 | 0 |
Issuance of common shares (in shares) | ' | 2 | ' | ' | ' | ' | ' | ' |
Issuance of common shares - settlement of liabilities | 486,285,000 | ' | 86,000 | 486,199,000 | 0 | 0 | 486,285,000 | 0 |
Issuance of common shares - settlement of liabilities (in shares) | ' | 856 | ' | ' | ' | ' | ' | ' |
Issuance of warrants | 1,015,000 | ' | 0 | 1,015,000 | 0 | 0 | 1,015,000 | 0 |
Share-based compensation | 2,408,000 | ' | 0 | 2,408,000 | 0 | 0 | 2,408,000 | 0 |
Share-based compensation (in shares) | ' | 7 | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | -115,627,000 | ' | 88,000 | 700,679,000 | -815,031,000 | 0 | -114,264,000 | -1,363,000 |
Balance (in shares) at Dec. 31, 2012 | ' | 882 | ' | ' | ' | ' | ' | ' |
Net loss | -158,224,000 | ' | 0 | 0 | -158,232,000 | 0 | -158,232,000 | 8,000 |
Issuance of common shares - settlement of liabilities | 44,656,000 | ' | 123,000 | 44,533,000 | 0 | 0 | 44,656,000 | 0 |
Issuance of common shares - settlement of liabilities (in shares) | ' | 1,232 | ' | ' | ' | ' | ' | ' |
Issuance of common shares - advance for acquisition of coal property | 50,419,000 | ' | 100,000 | 50,319,000 | 0 | 0 | 50,419,000 | 0 |
Issuance of common shares - advance for acquisition of coal property (in shares) | ' | 996 | ' | ' | ' | ' | ' | ' |
Issuance of common shares - warrants exercise | 11,952,000 | ' | 3,000 | 11,949,000 | 0 | 0 | 11,952,000 | 0 |
Issuance of common shares - warrants exercise (in shares) | ' | 26 | ' | ' | ' | ' | ' | ' |
Beneficial conversion feature on the convertible senior notes | 248,000 | ' | 0 | 248,000 | 0 | 0 | 248,000 | 0 |
Share-based compensation | 25,193,000 | ' | 10,000 | 25,183,000 | 0 | 0 | 25,193,000 | 0 |
Share-based compensation (in shares) | ' | 98 | ' | ' | ' | ' | ' | ' |
Other comprehensive income | 34,000 | ' | 0 | 0 | 0 | 34,000 | 34,000 | 0 |
Balance at Dec. 31, 2013 | ($141,349,000) | ' | $324,000 | $832,911,000 | ($973,263,000) | $34,000 | ($139,994,000) | ($1,355,000) |
Balance (in shares) at Dec. 31, 2013 | ' | 3,234 | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES: | ' | ' | ' |
Net loss | ($158,224) | ($403,925) | ($290,395) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation and amortization | 2,860 | 5,989 | 36,945 |
Impairment losses | 0 | 7,054 | 234,109 |
Provision for doubtful receivables | 47 | 618 | 243 |
Amortization and write-off of deferred financing costs | 460 | 5,733 | 7,930 |
Amortization of deferred charter revenue | 0 | 0 | -568 |
Amortization of backlog asset | 0 | 1,603 | 8,697 |
Amortization of the beneficial conversion feature | 264 | 71,561 | 8,161 |
Change in fair value of derivative financial instruments | -278 | -564 | -1,153 |
Gain on disposal of vessels and release of debt (non-cash) | 0 | -33,005 | 0 |
Share-based compensation | 25,193 | 2,412 | 1,582 |
Warrants compensation expense | 7,104 | 1,015 | 0 |
Loss on equity settlement | 83,786 | 342,985 | 0 |
Discounts from suppliers | -162 | -1,355 | 0 |
Gain on sale of vessels | 0 | -16,258 | -13,363 |
(Gain) / Loss from investments in Joint Ventures | 790 | 2,469 | 0 |
(Increase) decrease in: | ' | ' | ' |
Trade receivables | 149 | 8,127 | -6,740 |
Other receivables | 1,790 | -1,583 | -1,211 |
Inventories | -207 | 1,389 | 1,300 |
Prepaid expenses | -242 | 1,208 | -611 |
Due from/to Joint Ventures | -118 | 0 | 0 |
Due From To Managing Agent | 0 | 0 | 489 |
Due from/to related parties | 628 | 275 | 330 |
Increase (decrease) in: | ' | ' | ' |
Accounts payable, trade | 29,111 | -2,866 | 5,344 |
Accrued liabilities | 4,718 | -70 | 11,638 |
Deferred income | -174 | -2,911 | 834 |
Payments for dry-docking / special survey costs | -366 | -985 | -6,650 |
Net cash used in operating activities | -2,871 | -11,084 | -3,089 |
INVESTING ACTIVITIES: | ' | ' | ' |
Vessel acquisitions | -390 | 0 | -23,863 |
Vessels under construction | 0 | -185 | -89,364 |
Joint Ventures | 0 | -2,486 | 0 |
Restricted cash for vessel installment payments | 0 | 0 | 11,033 |
Coal acquisition | -125 | 0 | 0 |
Cash surrendered through subsidiaries' foreclosure | 0 | -665 | 0 |
Other fixed asset acquisitions | -1,156 | 0 | -190 |
Proceeds from the sale of vessels | 0 | 85,172 | 32,772 |
Net cash (used in) / provided by investing activities | -1,671 | 81,836 | -69,612 |
FINANCING ACTIVITIES: | ' | ' | ' |
Principal repayments of long-term debt | -1,400 | -76,203 | -94,879 |
Proceeds from long-term debt | 300 | 3,000 | 51,318 |
Proceeds from notes, net | 5,309 | 0 | 0 |
Proceeds from warrants issuance | 250 | 0 | 0 |
Restricted cash for debt repayment | 1,311 | -1,061 | 31,992 |
Proceeds from the sale and leaseback of vessels | 0 | 0 | 26,600 |
Capital lease payments | 0 | 0 | -4,040 |
Payments for deferred charges | 0 | -564 | -702 |
Net cash provided by / (used in) financing activities | 5,770 | -74,828 | 10,289 |
Net decrease in cash and cash equivalents | 1,228 | -4,076 | -62,412 |
Cash and cash equivalents | ' | ' | ' |
Beginning of period | 1,043 | 5,119 | 67,531 |
End of period | 2,271 | 1,043 | 5,119 |
Supplemental Cash Flow information: | ' | ' | ' |
Interest paid, net of capitalised interest | 1,971 | 7,875 | 30,642 |
Issuance of common shares and warrants for acquisition of coal properties | 0 | 1,042 | 0 |
Release of liabilities for vessels under construction | 0 | 9,179 | 0 |
Release of debt related to vessels under construction | 0 | 5,492 | 0 |
Disposal of vessels applied to related debt | 0 | 105,498 | 0 |
Disposal of vessels applied to capital lease obligations | 0 | 30,481 | 0 |
Issuance of common shares for settlement of 7% Notes | 0 | 138,111 | 0 |
Capital lease obligations settled with common shares and 4.5% convertible note | 0 | 58,057 | 0 |
Release of purchase option liabilities | 0 | 2,194 | 0 |
Assets and liabilities disposed of by foreclosure: | ' | ' | ' |
- Vessels | 0 | 93,993 | 0 |
- Long-term debt | 0 | 76,836 | 0 |
- Capital lease obligations | 0 | 26,301 | 0 |
- Disposed other assets / liabilities, net | 0 | 12,546 | 0 |
Issuance of common shares for settlement of Piraeus Bank Credit Facilities | 17,033 | 0 | 0 |
Issuance of common shares to settle liabilities | 25,185 | 11,694 | 0 |
Assets acquired and liabilities assumed under asset acquisitions: | ' | ' | ' |
Land, buildings, production equipment | 9,650 | 0 | 0 |
- Other assets and liabilities, net acquired | -15,073 | 0 | 0 |
Mineral rights under lease | 20,117 | 0 | 0 |
Progress payment payable for vessels under construction | 0 | 0 | 8,873 |
Sale of vessels applied to related debt | $0 | $0 | $64,532 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | 12 Months Ended |
Dec. 31, 2013 | |
Issuance Of Common Shares Settlement | 7.00% |
Capital Lease Obligations Settled With Convertible Note | 4.50% |
DESCRIPTION_OF_BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended | ||
Dec. 31, 2013 | |||
Description Of Business [Abstract] | ' | ||
DESCRIPTION OF BUSINESS | ' | ||
1. DESCRIPTION OF BUSINESS | |||
NewLead Holdings Ltd. (the “Company” or “NewLead”) was incorporated on January 12, 2005. | |||
NewLead has historically been an international shipping company and is now an international, vertically integrated shipping and commodity company. As of December 31, 2013, the Company owns two dry bulk vessels and manages two double-hulled product tankers owned by third parties. In addition, on September 15, 2013, the Company signed a memorandum of agreement for the acquisition of a newbuilding Eco Type Handysize double hull, which is expected to be delivered in the third quarter of 2014. NewLead’s principal activity is the ownership and operation of dry bulk vessels and the operation of product tankers owned by third parties that transport a variety of refined petroleum products and a wide array of unpackaged cargo world-wide. In addition, under specific management agreements, the Company performs part of the commercial, technical and operational management of vessels owned by a third party. | |||
On October 17, 2013 and on December 6, 2013, a 1-for-15 and a 1-for-3 reverse share split of NewLead’s common shares, respectively, was effected, after the approval by the Company’s Board of Directors and by written consent of a majority of shareholders. The reverse share splits consolidated every 15 common shares and every 3 common shares, respectively, into one common share, with par value of $0.01 per share. In addition, on March 6, 2014, a 1-for-10 reverse share split of NewLead’s common shares, was effected, after the approval by the Company’s Board of Directors and by written consent of a majority of shareholders. The reverse share split consolidated every 10 common shares into one common share, and as a result the Company’s par value of common share increased from $0.01 to $0.10 per share. There can be no assurances that the Company will not undertake further reverse splits subsequent to the filing of this report. The number of authorized common shares and preferred shares of NewLead were not affected by the reverse splits. In respect to the underlying common shares associated with share options and any derivative securities, where applicable, such as warrants and convertible notes, the conversion and exercise prices and number of common shares issued have been adjusted retrospectively in accordance to the 1:15 ratio, 1:3 ratio and 1:10 ratio, respectively, for all periods presented. Due to such reverse share split, earnings per share, convertible notes, warrants and share options have been adjusted retrospectively as well, where applicable. The consolidated financial statements for the years ended December 31, 2013, 2012 and 2011 reflect the reverse share split. | |||
In April 2012, a wholly-owned U.S. subsidiary of the Company entered into a joint venture agreement with J Mining & Energy Group to purchase from them thermal coal (used in power plants for electricity generation) located in Kentucky, USA. The joint venture has entered into agreements to purchase certain quantities of thermal coal with specified minimum qualities (after processing at the mine by the mine operator) over a five-year period. Once the Company commences its mining operations, the Company expects to market and distribute the thermal coal to end users or distributors, located primarily in Asia, and transport it using the Company’s vessels. In connection with entering into the joint venture arrangement in April 2012, the Company’s U.S. subsidiary was converted from a Delaware limited liability company into a Delaware corporation and its name was changed from NewLead Holdings (US) LLC to NewLead Holdings (US) Corp. In addition, in April 2012, NewLead entered into an agreement for the establishment of a new entity, NewLead Mojave Holdings LLC. The Company contributed to the capital of the new entity 100% of NewLead Holdings (US) Corp. share capital, while Mojave Finance Inc. agreed to make available a loan of $3,000 to NewLead Holdings (US) Corp. The Company controls 52% of NewLead Mojave Holdings LLC. | |||
On September 13, 2013, the Company acquired all of the issued and outstanding membership interests of Viking Acquisition Group, LLC, a Kentucky limited liability company (“VAG”), pursuant to the terms of a unit purchase. VAG’s primary asset was the rights to mine at the Viking Mine located in Pike, Floyd, and Letcher Counties in Kentucky. On December 9, 2013, the Company acquired a coal wash plant located in Pike County, Kentucky, through membership interests of Viking Prep Plant LLC (“VPP”). | |||
In 2013 the Company completed the negotiations with its lenders under the Financing Documents (as defined in Note 16) regarding the terms of the Restructuring Proposal (as defined in Note 16) presented on November 8, 2011 and finalized the satisfaction and release of the Company’s obligations under certain of its debt agreements and the amendment of the terms of certain other debt agreements. As part of the restructuring efforts, the Company has sold vessels as part of the arrangements with its lenders to reduce and discharge the Company’s obligations. During 2011 and 2012, the Company sold, disposed of or handed control over to its lenders a total of 20 vessels and hulls under construction (or the ownership of the shipowning subsidiaries) in connection with the restructuring plan. To the extent that the Company has sold vessels, the sale proceeds have been used to repay the related debt. See Notes 16, 17 and 26 for a detailed description of the restructuring plan. | |||
In connection with the 2009 recapitalization, the Company issued $145,000 in aggregate principal amount of 7% senior unsecured convertible notes due 2015 (the “7% Notes”). The issuance of the 7% Notes was pursuant to an Indenture dated October 13, 2009, between the Company and Piraeus Bank A.E. (as the successor of Cyprus Popular Bank Public Co. Ltd. (formerly, Marfin Egnatia Bank S.A.) (“Piraeus Bank (as the successor of Cyprus Popular Bank)”), and a Note Purchase Agreement, executed by each of Investment Bank of Greece and Focus Maritime Corp. (“Focus”) as purchasers. In November 2009, Focus Maritime Corp., a company controlled by Michail Zolotas, the Company’s Chairman and Chief Executive Officer, converted $20,000 of the 7% Notes into approximately 5,000 new common shares. In connection with the Company’s debt restructuring, on July 2, 2012, the Company entered into an agreement with Focus for the conversion of its remaining $124,900 of the 7% Notes, together with interest accrued thereon and future interest payments and an additional fee payable to Focus as an inducement for the conversion, into approximately 589,000 common shares of the Company. As of December 31, 2013, Investment Bank of Greece retained $100 outstanding principal amount of the 7% Notes. The Investment Bank of Greece was also granted warrants to purchase up to 926 common shares of the Company at an exercise price of $10,800 per share, with an expiration date of October 13, 2015, in connection with advisory services provided by the Investment Bank of Greece to the Company (refer to Note 17). As a result of this conversion, Focus, as at December 31, 2013, owned approximately 18 % of the Company’s outstanding common shares. For the year ended December 31, 2012, Focus owned approximately 67 % of the Company’s outstanding common shares. | |||
Newlead Shipping S.A. (“Newlead Shipping”), a subsidiary of the Company, is an integrated technical and commercial management company that manages oil tankers as well as dry bulk vessels through its subsidiaries. It provides a broad spectrum of technical and commercial management to all segments of the maritime shipping industry. Newlead Shipping holds the following accreditations: | |||
⋅ | ISO 9001 from American Bureau of Shipping Quality Evaluations for a quality management system that includes consistently providing service that meets customer and applicable statutory and regulatory requirements and enhancing customer satisfaction through, among other things, processes for continual improvement; | ||
⋅ | ISO 14001 from American Bureau of Shipping for environmental management, including policies and objectives targeting legal and other requirements; and | ||
⋅ | Certificate of Company Compliance by the American Bureau of Shipping for safety, quality and environmental requirements of the ABS HSQE guide. | ||
Going concern | |||
The Company has experienced net losses, negative operating cash flows, working capital deficiencies, negative operating cash flow and shareholders’ deficiency, which have affected, and which are expected to continue to affect, its ability to satisfy its obligations. In addition, as described in Notes 16 and 17, the Company is in default under various debt obligations which are currently due on demand. Charter rates for bulkers have experienced a high degree of volatility and continue to be distressed. To date, the Company has also been unable to generate sustainable positive cash flows from operating activities. For the year ended December 31, 2013, the Company’s loss from continuing operations was $146,802. As of December 31, 2013, the Company’s cash and cash equivalents were $2,271 and current liabilities of $291,701 were payable within the next twelve months. | |||
The above conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should the Company be unable to continue as a going concern. | |||
The Company’s existence is dependent upon its ability to obtain necessary financing, which the Company is currently in the process of attempting to secure. The Company believes that its existing cash resources, combined with projected cash flows from operations, will not be sufficient to execute its business plan and continue operations for the next twelve months without additional funding. The Company intends to continue to explore various strategic alternatives, including the sale of equity or debt to raise additional capital. Management is also actively taking steps to increase future revenues and reduce the Company’s future operating expenses. However, the Company cannot provide any assurance that operating results will generate sufficient cash flow to meet its working capital needs or that it will be able to raise additional capital as needed. | |||
If repayment of all of the Company’s indebtedness was accelerated as a result of its current events of default, the Company may not have sufficient funds at the time of acceleration to repay most of its indebtedness and it may not be able to find additional or alternative financing to refinance any such accelerated obligations on terms acceptable to the Company or on any terms, which could have a material adverse effect on its ability to continue as a going concern. | |||
SUBSIDIARIES_INCLUDED_IN_THE_C
SUBSIDIARIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
SUBSIDIARIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS | ' | ||||||||||||
2. SUBSIDIARIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||
NewLead’s subsidiaries included in these consolidated financial statements were as follows: | |||||||||||||
Country of | Statement of operations | ||||||||||||
Company Name | Incorporation | Nature / Vessel Name | 2013 | 2012 | 2011 | ||||||||
1 | Land Marine S.A. | Marshall Islands | Dissolved (1) | — | — | — | |||||||
2 | Rider Marine S.A. | Marshall Islands | Dissolved (2) | — | — | — | |||||||
3 | Ostria Waves Ltd. | Marshall Islands | Dissolved (3) | — | — | — | |||||||
4 | Altius Marine S.A. | Marshall Islands | Dissolved (4) | — | — | 1/1/2011 — 12/22/2011 | |||||||
5 | Fortius Marine S.A. | Marshall Islands | Dissolved (4) | — | — | 1/1/2011 — 12/22/2011 | |||||||
6 | Ermina Marine Ltd. | Marshall Islands | Dissolved (5) | — | — | — | |||||||
7 | Chinook Waves Corporation | Marshall Islands | Dissolved (6) | — | — | — | |||||||
8 | Compass Overseas Ltd. | Bermuda | Vessel owning company (7) | — | 1/1/2012 — 1/31/2012 | 1/1/2011 — 12/31/2011 | |||||||
9 | Compassion Overseas Ltd. | Bermuda | Vessel owning company (7) | — | 1/1/2012 — 1/31/2012 | 1/1/2011 — 12/31/2011 | |||||||
10 | Australia Holdings Ltd. | Liberia | Vessel owning company (8) | — | 1/1/2012 — 1/31/2012 | 1/1/2011 — 12/31/2011 | |||||||
11 | Brazil Holdings Ltd. | Liberia | Vessel owning company (9) | — | 1/1/2012 — 3/19/2012 | 1/1/2011 — 12/31/2011 | |||||||
12 | China Holdings Ltd. | Liberia | Dissolved (10) | — | 1/1/2012 — 2/11/2012 | 1/1/2011 — 12/31/2011 | |||||||
13 | Curby Navigation Ltd. | Liberia | Foreclosed (11) | — | 1/1/2012 — 3/14/2012 | 6/13/2011 — 12/31/2011 | |||||||
14 | Newlead Victoria Ltd. | Liberia | M/V Newlead Victoria | 1/1/2013 — 12/31/2013 | 1/1/2012 — 12/31/2012 | 1/1/2011 — 12/31/2011 | |||||||
15 | Grand Venetico Inc. | Marshall Islands | Vessel owning company (12) | — | 1/1/2012 — 5/8/2012 | 1/1/2011 — 12/31/2011 | |||||||
16 | Grand Oceanos Inc. | Liberia | Vessel owning company (13) | — | 1/1/2012 — 1/11/2012 | 1/1/2011 — 12/31/2011 | |||||||
17 | Grand Rodosi Inc. | Liberia | Revoked (14) | — | 1/1/2012 — 2/7/2012 | 1/1/2011 — 12/31/2011 | |||||||
18 | Challenger Enterprises Ltd. | Liberia | Vessel owning company (15) | — | 1/1/2012 — 7/19/2012 | 1/1/2011 — 12/31/2011 | |||||||
19 | Crusader Enterprises Ltd. | Liberia | Vessel owning company (15) | — | 1/1/2012 — 7/27/2012 | 1/1/2011 — 12/31/2011 | |||||||
20 | Newlead Shipping S.A. | Panama | Management company | — | — | — | |||||||
21 | Newlead Bulkers S.A. | Liberia | Management company | — | — | — | |||||||
22 | Santa Ana Waves Corporation | Marshall Islands | Dissolved (16) | — | — | — | |||||||
23 | Makassar Marine Ltd. | Marshall Islands | Dissolved (17) | — | — | — | |||||||
24 | Seine Marine Ltd. | Marshall Islands | Dissolved (18) | — | — | — | |||||||
25 | Vintage Marine S.A. | Marshall Islands | Dissolved (19) | — | — | — | |||||||
26 | Jubilee Shipholding S.A. | Marshall Islands | Dissolved (19) | — | — | — | |||||||
27 | Olympic Galaxy Shipping Ltd. | Marshall Islands | Dissolved (20) | — | — | — | |||||||
28 | Dynamic Maritime Co. | Marshall Islands | Dissolved (20) | — | — | — | |||||||
29 | AMT Management Ltd. | Marshall Islands | Management company | — | — | — | |||||||
30 | NewLead Holdings (US) Corp. (ex NewLead Holdings (ex Aries Maritime) (US) LLC) | Delaware, USA | Operating company (21) | — | — | — | |||||||
31 | Abroad Consulting Ltd. | Marshall Islands | Dissolved (22) | — | — | — | |||||||
32 | Leading Marine Consultants Inc. | Marshall Islands | Dissolved (36) | — | — | — | |||||||
33 | Ayasha Trading Corporation | Liberia | Foreclosed (23) | — | 1/1/2012 — 2/24/2012 | 1/1/2011 — 12/31/2011 | |||||||
34 | Bethune Properties S.A. | Liberia | Foreclosed (24) | — | 1/1/2012 — 2/24/2012 | 11/10/2011 — 12/31/2011 | |||||||
35 | Grand Esmeralda Inc. | Liberia | Vessel owning company (25) | — | 1/1/2012 — 2/16/2012 | 1/1/2011 — 12/31/2011 | |||||||
36 | Grand Markela Inc. | Liberia | M/V Newlead Markela | 1/1/2013 — 12/31/2013 | 1/1/2012 — 12/31/2012 | 1/1/2011 — 12/31/2011 | |||||||
37 | Grand Spartounta Inc. | Marshall Islands | Vessel owning company (26) | — | — | 1/1/2011 — 9/13/2011 | |||||||
38 | Newlead Progress Inc. | Marshall Islands | Dissolved (37) | — | — | — | |||||||
39 | Newlead Prosperity Inc. | Marshall Islands | Vessel owning company (26) | — | — | 1/1/2011 — 9/20/2011 | |||||||
40 | Grand Affection S.A. | Marshall Islands | Vessel owning company (27) | — | 1/1/2012 — 3/26/2012 | 7/28/2011 — 12/31/2011 | |||||||
41 | Grand Affinity S.A. | Marshall Islands | Hull owing company (28) | — | — | — | |||||||
42 | Newlead Stride Inc. | Marshall Islands | Dissolved (20) | — | — | — | |||||||
43 | Grand Victoria Pte Ltd. | Singapore | Dormant company | — | — | — | |||||||
44 | Newlead Bulker Holdings Inc. | Marshall Islands | Sub-holding company | — | — | — | |||||||
45 | Newlead Tanker Holdings Inc. | Marshall Islands | Dissolved (38) | — | — | — | |||||||
46 | Mote Shipping Ltd. | Malta | Dissolved (20) | — | — | — | |||||||
47 | Statesman Shipping Ltd. | Malta | Dissolved (29) | — | — | — | |||||||
48 | Trans Continent Navigation Ltd. | Malta | Dormant company | — | — | — | |||||||
49 | Trans State Navigation Ltd. | Malta | Dormant company | — | — | — | |||||||
50 | Bora Limited | British Virgin Islands | Dormant Company | — | — | — | |||||||
51 | Newlead Trading Inc. | Liberia | Revoked (30) | — | — | — | |||||||
52 | New Lead JMEG LLC | Delaware, USA | Trading company (31) | — | — | — | |||||||
53 | Newleadjmeg Inc. | Marshall Islands | Dormant company (32) | — | — | — | |||||||
54 | NewLead Mojave Holdings LLC | Delaware, USA | Operating company (33) | — | — | — | |||||||
55 | Ocean Hope Shipping Ltd. | Malta | Dormant company | — | — | — | |||||||
56 | Mines Investments Corp. | Marshall Islands | Coal operating company (34) | 2/12/2013 — 12/31/2013 | — | — | |||||||
57 | Mine Investments LLC | Delaware, USA | Coal operating company (35) | 2/15/2013 — 12/31/2013 | — | — | |||||||
58 | Five Mile Investment LLC | Delaware, USA | Coal operating company (35) | 2/15/2013 — 12/31/2013 | — | — | |||||||
59 | Elk Valley Investment LLC | Delaware, USA | Coal operating company (35) | 2/15/2013 — 12/31/2013 | — | — | |||||||
60 | Viking Acquisition Group LLC | Kentucky, USA | Coal operating company (39) | 9/13/2013 — 12/31/2013 | — | — | |||||||
61 | Coal Essence Mine LLC | Kentucky, USA | Coal operating company (40) | 12/10/2013 — 12/31/2013 | — | — | |||||||
62 | Coal Essence Prep Plant LLC | Kentucky, USA | Coal operating company (41) | 12/5/2013 — 12/31/2013 | — | — | |||||||
63 | Viking Prep Plant LLC | Kentucky, USA | Coal operating company (42) | 12/9/2013 — 12/31/2013 | — | — | |||||||
1) | M/T High Land was sold and delivered to its new owners on September 15, 2010. The shipowning company was dissolved on September 21, 2011. | ||||||||||||
2) | M/T High Rider was sold and delivered to its new owners on April 22, 2010. The shipowning company was dissolved on September 21, 2011. | ||||||||||||
3) | M/T Ostria was sold and delivered to its new owners on September 7, 2010. The shipowning company was dissolved on September 21, 2011. | ||||||||||||
4) | M/T Newlead Avra and M/T Newlead Fortune were sold and delivered to their new owners on December 22, 2011. The shipowning company was dissolved on September 2, 2013. | ||||||||||||
5) | M/T Nordanvind was sold and delivered to its new owners on September 7, 2010. The shipowning company was dissolved on January 13, 2013. | ||||||||||||
6) | M/T Chinook was sold and delivered to its new owners on April 15, 2010. The shipowning company was dissolved on January 13, 2013. | ||||||||||||
7) | M/T Newlead Compass and M/T Newlead Compassion were sold and delivered to their new owners on January 31, 2012. | ||||||||||||
8) | M/V Australia was delivered to its owner (an affiliate of Lemissoler Maritime Company W.L.L.) on January 31, 2012. | ||||||||||||
9) | M/V Brazil was delivered to its owner (an affiliate of Lemissoler Maritime Company W.L.L.) on March 19, 2012. | ||||||||||||
10) | M/V China was delivered to its owner (an affiliate of Lemissoler Maritime Company W.L.L.) on February 11, 2012. The shipowning company was dissolved on November 1, 2013. | ||||||||||||
11) | On March 14, 2012, the lessor foreclosed on M/V Newlead Endurance. Newlead Bulkers had the commercial, technical and operational management of the vessel until March 31, 2012. | ||||||||||||
12) | M/V Newlead Venetico was sold and delivered to its new owners on May 8, 2012. | ||||||||||||
13) | M/V Grand Ocean was sold and delivered to its new owners on January 11, 2012. | ||||||||||||
14) | M/V Grand Rodosi was delivered to its owner (an affiliate of Lemissoler Maritime Company W.L.L.) on February 7, 2012. The | ||||||||||||
shipowning company was revoked on October 15, 2013 and is expected to be dissolved. | |||||||||||||
15) | M/T Hiona and M/T Hiotissa were sold and delivered to their new owners on July 19, 2012 and July 27, 2012, respectively. After these dates, Newlead Shipping continued to have part of the commercial, technical and operational management of these vessels. On February 25, 2013, the Company received notices of redelivery and termination, which were effected during June 2013, pursuant to the terms of the management agreements governing such services. | ||||||||||||
16) | The company was dissolved on November 9, 2010. | ||||||||||||
17) | M/V Saronikos Bridge was sold and delivered to its new owners on January 7, 2010. The shipowning company was dissolved on July 28, 2011. | ||||||||||||
18) | M/V MSC Seine was sold and delivered to its new owners on January 20, 2010. The shipowning company was dissolved on July 28, 2011. | ||||||||||||
19) | These shipowning companies were dissolved on September 21, 2011. | ||||||||||||
20) | Olympic Galaxy Shipping Ltd. and Dynamic Maritime Co. were dissolved on July 28, 2011. Newlead Stride Inc. was dissolved on November 22, 2011. Mote Shipping Ltd. was dissolved on August 5, 2011. | ||||||||||||
21) | The Company controls 52% of NewLead Holdings (US) Corp. through NewLead Mojave Holdings LLC. | ||||||||||||
22) | The company was dissolved on June 15, 2010. | ||||||||||||
23) | On February 24, 2012, the lender foreclosed on the shares of Ayasha Trading Corporation (owner of M/V Newlead Tomi). Newlead Bulkers had the commercial, technical and operational management of the vessel until April 18, 2012. | ||||||||||||
24) | On February 24, 2012, the lender foreclosed on the shares of Bethune Properties S.A. (owner of M/V Newlead Gujarat). Newlead Bulkers had the commercial, technical and operational management of the vessel until May 21, 2012. | ||||||||||||
25) | M/V Newlead Esmeralda was sold and delivered to its new owners on February 16, 2012. | ||||||||||||
26) | M/V Newlead Spartounta and M/V Newlead Prosperity were sold and delivered to their new owners on September 13, 2011 and September 20, 2011, respectively. | ||||||||||||
27) | On July 28, 2011, Hull 4023, named Navios Serenity, was delivered from a Korean shipyard. On March 26, 2012, M/V Navios Serenity was sold and delivered to its new owners. The shipowning company was dissolved on January 15, 2014. | ||||||||||||
28) | On May 22, 2012, the Shipbuilding Contract for Hull 4029 with SPP Shipbuilding Co. Ltd. was terminated. The shipowning company was dissolved on January 15, 2014. | ||||||||||||
29) | The company was dissolved on August 5, 2011. | ||||||||||||
30) | Newlead Trading Inc. was established on July 1, 2011 as a joint venture between the Company and a third party. The Company owns 50% of the shares of Newlead Trading Inc. No operations have taken place by this entity. The company was revoked on April 15, 2013 and is expected to be dissolved. | ||||||||||||
31) | New Lead JMEG LLC was established on April 11, 2012 as a joint venture between the Company and J Mining & Energy Group. | ||||||||||||
32) | Newleadjmeg Inc. was established on February 23, 2012. The Company owns 50% of the shares of Newleadjmeg Inc. No transactions have taken place by this entity. | ||||||||||||
33) | NewLead Mojave Holdings LLC was established on April 30, 2012. The Company controls 52% of NewLead Mojave Holdings LLC and is entitled to and is liable for the total net assets of NewLead Mojave Holdings LLC according to this percentage of control. | ||||||||||||
34) | The company was established on February 12, 2013, for operation of coal business. | ||||||||||||
35) | The companies were established on February 15, 2013, for operation of coal business. | ||||||||||||
36) | The company was dissolved on September 2, 2013. | ||||||||||||
37) | The company was dissolved on January 14, 2013. | ||||||||||||
38) | The company was dissolved on January 14, 2013. | ||||||||||||
39) | The company was acquired on September 13, 2013 (see Note 5). | ||||||||||||
40) | The company was established on December 10, 2013, for operation of coal business. | ||||||||||||
41) | The company was established on December 5, 2013, for operation of coal business. | ||||||||||||
42) | The company was acquired on December 9, 2013 (see Note 5). | ||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Exploration-Stage Company: | ||
The Company’s mining segment is considered an exploration stage company under SEC criteria because it has not demonstrated the existence of proven or probable reserves at any of the properties. Accordingly, as required by the SEC guidelines and U.S. GAAP for companies in the exploratory stage, substantially all of its investment in mining properties subsequent to acquisition have been expensed and therefore do not appear as assets on its balance sheet. The Company therefore also expensed exploration and development expenditures in 2013 related to the properties. Certain expenditures, such as expenses for mining or other general purpose equipment, may be capitalized, subject to management evaluation of the possible impairment of the asset. | ||
Basis of Presentation: | ||
The accompanying financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). | ||
Certain immaterial reclassifications to the prior years’ presentation have been made to conform to the current year presentation. | ||
Principles of Consolidation: | ||
The accompanying consolidated financial statements represent the consolidation of the accounts of the Company and its subsidiaries. The subsidiaries are fully consolidated from the date on which control is transferred to the Company. Subsidiaries are those entities in which NewLead has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies of each one. | ||
The Company also consolidates entities that are determined to be variable interest entities as defined in the accounting guidance, if it determines that it is the primary beneficiary. A variable interest entity is defined as a legal entity where either (a) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity’s residual risks and rewards, or (b) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (c) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. | ||
All inter-company balances and transactions have been eliminated upon consolidation. | ||
Use of Estimates: | ||
The preparation of 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 as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, management evaluates the estimates and judgments, including those related to future dry-dock dates, the selection of useful lives for tangible and intangible assets, expected future cash flows from long-lived assets to support impairment tests, expected future cash flows from reporting units to support goodwill impairment tests, provisions necessary for accounts receivables, provisions for legal disputes, and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates under different assumptions and/or conditions. | ||
Foreign Currency Transactions: | ||
The functional currency of the Company is the U.S. dollar because the Company’s vessels operate in international shipping markets, and therefore primarily transact business in U.S. dollars and the Company’s debt is denominated in U.S. dollars. The accounting records of the Company’s subsidiaries are maintained in U.S. dollars. Transactions involving other currencies during a year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated to reflect the period-end exchange rates. Resulting gains or losses are reflected in the accompanying consolidated statements of operations and comprehensive loss. | ||
Cash and Cash Equivalents: | ||
The Company considers highly liquid investments, such as time deposits and certificates of deposit, with an original maturity of three months or less to be cash equivalents. For its mining operations the Company maintains cash deposits with financial institutions that, at times, may exceed federally insured limits. As of December 31, 2013, cash balances exceeded federally insured limits by approximately $1,542. | ||
Restricted Cash: | ||
Restricted cash includes additional minimum cash deposits required to be maintained with certain banks under the Company’s borrowing arrangements. In addition, it includes cash collateralized, cash that can be withheld at any time by such banks following events of default, as well as retention accounts which contain the proceeds from the sale of the vessels. The funds can only be used for the purposes of interest payments and loan repayments. | ||
Trade Receivables, Net and Other Receivables: | ||
The amount shown as trade receivables, net at each balance sheet date includes estimated recoveries from charterers for hire, freight and demurrage billings and coal customers, net of allowance for doubtful accounts. Accounts receivable involve risk, including the credit risk of nonpayment by the customer. Accounts receivable are considered past due based on contractual and invoice terms. An estimate is made of the allowance for doubtful accounts based on a review of all outstanding amounts at each period, and an allowance is made for any accounts which management believes are not recoverable. Bad debts are written off in the year in which they are identified. The allowance for doubtful accounts at December 31, 2013 and December 31, 2012 amounted to $2,429 and $2,382, respectively, and relates to continuing and discontinued operations in shipping business. Other receivables relate mainly to claims for hull and machinery and loss of hire insurers, guarantees, as well as to amounts to be received from Lemissoler Maritime Company W.L.L. (“Lemissoler”) for the settlement of outstanding liabilities relating to the four dry bulk vessels (Note 26 ), as part of an agreement entered into with Lemissoler on November 28, 2012. | ||
Inventories: | ||
Inventories, which comprise bunkers and lubricants remaining on board the vessels at year end, are valued at the lower of cost and market value as determined using the first in-first out method. | ||
Coal inventories are stated at the lower of average cost or market. The cost of coal inventories is determined based on average cost of production, which includes all costs incurred to extract, transport and process the coal. Market represents the estimated replacement cost, subject to a floor and ceiling, which considers the future sales price of the product as well as remaining estimated preparation and selling costs. Coal is reported as inventory at the point in time the coal is extracted from the mine. Material and supplies inventories are valued at average cost, less an allowance for obsolete and surplus items. The Company’s mining operations do not currently have inventory on hand. | ||
Equity Investment: | ||
The Company uses the equity method of accounting to account for its interest in New Lead JMEG LLC, recording the initial investment at cost. Subsequently, the carrying amount of the investment is increased to reflect the Company’s share of income / loss of the investee and capital contributions, and is reduced to reflect the Company’s share of losses of the investee or distributions received from the investee. During 2013, Company recorded an impairment of $1,077 in respect of the New Lead JMEG LLC, as a result of the Company’s assessment of the recoverability of this investment. | ||
Vessels and Other Fixed Assets, net: | ||
Vessels are stated at cost less accumulated depreciation and impairment losses. Cost consists of the contract price, delivery and acquisition expenses, interest cost while under construction, and, where applicable, initial improvements. Vessels acquired through an asset acquisition or through a business combination are stated at fair value. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of a vessel; otherwise, these amounts are charged to expenses as incurred. | ||
Depreciation of a vessel is computed using the straight-line method over the estimated useful life of the vessel, after considering the estimated salvage value of the vessel. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap value per lightweight ton. Management estimates the useful life of the Company’s vessels to be 25 years from the date of its initial delivery from the shipyard. However, when regulations place limitations over the ability of a vessel to trade, its useful life is adjusted to end at the date such regulations become effective. | ||
Fixed assets are stated at cost. The cost and related accumulated depreciation of fixed assets sold or retired are removed from the accounts at the time of sale or retirement and any gain or loss is included in the accompanying statements of operations and comprehensive loss. | ||
Depreciation of fixed assets is computed using the straight-line method. Annual depreciation rates, which approximate the useful life of the assets, are: | ||
Furniture, fixtures and equipment: | 3 years | |
Computer equipment and software: | 3 years | |
Assets Held for Sale/Discontinued Operations: | ||
Long-lived assets are classified as “Assets held for sale” when the following criteria are met: management has committed to a plan to sell the asset; the asset is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Assets classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. | ||
The Company reports discontinued operations when the operations and cash flows of a component, usually a vessel, have been (or will be) eliminated from the ongoing operations of the Company, and the operations and cash flows will not be replaced or the Company does not have the ability to replace the vessels, and the Company will not have any significant continuing involvement in the operations of the component after its disposal. All assets held for sale are considered discontinued operations for all periods presented. | ||
For years ended December 31, 2013, 2012 and 2011, a total of twenty vessels and hulls have been reported as discontinued operations (see Note 26). | ||
Accounting for Special Survey and Dry-docking Costs: | ||
The Company’s vessels are subject to regularly scheduled dry-docking and special surveys, which are carried out every 30 or 60 months to coincide with the renewal of the related certificates issued by the Classification Societies, unless a further extension is obtained in rare cases and under certain conditions. The costs of dry-docking and special surveys are deferred and amortized over the above periods or to the next dry-docking or special survey date if such date has been determined. | ||
Costs incurred during the dry-docking period relating to routine repairs and maintenance are expensed. The unamortized portion of special survey and dry-docking costs for vessels sold is included as part of the carrying amount of the vessel in determining the gain/(loss) on sale of the vessel. | ||
Property, Plant and Equipment: | ||
Property, plant and equipment are recorded at cost. Depreciation is computed using the straight-line method based on the estimated useful lives, ranging from 3 years to 17 years, of the respective assets. | ||
Land and mining property are carried at cost. Expenditures that extend the useful lives of existing plant and equipment or increase productivity of the assets are capitalized. Maintenance and repair costs that do not extend the useful life or increase productivity of the asset are expensed as incurred. | ||
Mining Exploration and Development Costs: | ||
The Company expenses prospecting and mining exploration costs. At the point when a property is determined to have reserves, subsequent development costs will be capitalized and will be charged to operations using the units-of-production method over proven and probable reserves. Upon abandonment or sale of a mineral property, all capitalized costs relating to the specific property are written off in the period abandoned or sold and a gain or loss is recognized. | ||
At the point when the mining segment becomes eligible to be classified as a “development” or “production” stage company, costs for mine development incurred to expand capacity of operating mines or to develop new mines are capitalized and charged to operations on the units-of-production method over the estimated proven and probable reserve tons directly benefiting from the capital expenditures. Mine development costs include costs incurred for site preparation and development of the mines during the development stage less any incidental revenue generated during the development stage. Maintenance and repairs are expensed as incurred. | ||
Owned and Leased Mineral Rights: | ||
Costs in order to obtain leased mineral rights are capitalized. Leased mineral rights are amortized as depletion expense using the units-of-production method. Only proven and probable reserves are included in the depletion base. Depletion expense is included in depreciation, depletion and amortization on the accompanying consolidated financial statements. | ||
Impairment of Long-lived Assets: | ||
Long-lived assets and certain identifiable intangibles held and used by an entity are required to be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If the future net undiscounted cash flows from the asset group are less than the carrying values of the asset group, an impairment loss is recorded equal to the difference between the asset’s carrying value and its fair value. | ||
Shipping Segment | ||
Undiscounted projected net operating cash flows are determined for each asset group and compared to the carrying value of the vessel and related carrying value of the intangible (backlog asset and deferred charter revenue) with respect to the time charter agreement attached to that vessel or the carrying value of deposits for newbuildings. Within the shipping industry, vessels are customarily bought and sold with a charter attached. The value of the charter may be favorable (backlog asset) or unfavorable (deferred charter revenue) when comparing the charter rate to then current market rates. The loss recognized either on impairment (or on disposition) will reflect the excess of carrying value over fair value (selling price) for the vessel asset group. For vessels under construction, the net estimated cash flows also include the future cash outflows to make vessels ready for use, all remaining progress payments to shipyards and other pre-delivery expenses (e.g. capitalized interest). | ||
The significant factors and assumptions the Company used in the undiscounted projected net operating cash flow analysis included, among others, operating revenues, off-hire revenues, dry-docking costs, operating expenses and management fee estimates. Revenue assumptions were based on a number of factors for the remaining life of the vessel: (a) contracted time charter rates up to the end of life of the current contract of each vessel, (b) the most recent ten-year average historical one-year time charter rates (adjusted for market conditions), (c) the respective vessel’s age as well as considerations such as scheduled and unscheduled off-hire days based on historical experience and (d) the likelihood of the sale of the asset group. Operating expense assumptions included an annual escalation factor. All estimates used and assumptions made were in accordance with the Company’s historical experience. Fair value is determined using the valuation derived from market data. | ||
The current assumptions used and the estimates made are highly subjective, and could be negatively impacted by further significant deterioration in charter rates or vessel utilization over the remaining life of the vessels, which could require the Company to record a material impairment charge in future periods. The Company performed an impairment assessment of the long-lived assets groups (i) during the years ended December 31, 2013, 2012, and 2011, when certain vessels were disposed of, and (ii) as of December 31, 2013, 2012 and 2011. For the year ended December 31, 2013, the Company did not record an impairment charge in respect of its vessels. For the year ended December 31, 2012, the Company recorded an impairment charge totaling $5,911 in continuing operations on one of the two vessels that were held and used as of December 31, 2012. In addition, an impairment charge in continuing operations of $1,143 was recorded on back log assets. For certain asset groups as of December 31, 2011, the future net undiscounted cash flows from the assets were less than the carrying values of the assets and, therefore, the carrying values were adjusted to fair value. For the year ended December 31, 2011, the Company recorded an impairment charge in the amount of $2,360 related to one of the two vessels that are classified as held and used and an impairment charge in the amount of $101,415 related to fifteen vessels that are classified as discontinued operations (see Note 26). In addition, an impairment charge in discontinued operations of $43,214 was recorded related to back log assets, and of $5,530 was recorded on vessels under construction. | ||
As per the Company’s impairment assessment as of December 31, 2013 and 2012, the vessels’ undiscounted projected net operating cash flows were in excess of their carrying values by more than 55% and 60%, respectively. | ||
Mining Segment | ||
Long-lived assets, such as owned and leased mineral rights and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset groups may not be recoverable. Recoverability of assets or asset groups to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. Assets to be disposed would separately be presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and would no longer be depreciated. The assets and liabilities of a disposal group classified as held for sale would be presented separately in the consolidated balance sheets. For the year ended December 31, 2013, the Company did not record an impairment charge in respect of its mining operations. | ||
Goodwill: | ||
Goodwill is tested for impairment at the reporting unit level at least annually. Goodwill represents the excess of the cost of an acquired entity over the net amounts assigned to assets acquired and liabilities assumed. The Company evaluates goodwill for impairment using a two-step process. First, the aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill. The Company determines fair value based on a discounted cash flow analysis or the recent acquisition price for acquisition occurring to year end. In respect of the acquisition of Viking Prep Plant LLC, goodwill was recorded in the amount $28,007(see Note 7). | ||
If the fair value of the reporting unit exceeds its carrying amount, no impairment exists. If the carrying amount of the reporting unit exceeds its fair value, then the Company must perform the second step in order to determine the implied fair value of the reporting unit’s goodwill and compare it with its carrying amount. The implied fair value is determined by allocating the fair value of the reporting unit to all the assets and liabilities of that reporting unit, as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price. If the carrying amount of the goodwill exceeds its implied fair value, then goodwill impairment is recognized by writing the goodwill down to the implied fair value. As of December 31, 2013 no triggering event had occurred requiring an impairment to be recorded. As of December 31, 2012 no goodwill existed. As of December 31, 2011, the Company performed its annual goodwill impairment analysis and recorded a non-cash goodwill impairment loss of $81,590. | ||
Backlog Asset/Deferred CharterRrevenue: | ||
Where the Company identifies any assets or liabilities associated with the acquisition of a vessel, the Company typically records all such identified assets or liabilities at fair value. Fair value is determined by reference to market data. The Company values any asset or liability arising from the time or bareboat charters assumed based on the market value at the time a vessel is acquired. The amount to be recorded as an asset or liability at the date of vessel delivery is based on the difference between the current fair value of a charter with similar characteristics as the time charter assumed and the net present value of future contractual cash flows from the time charter contract assumed. When the present value of the time charter assumed is greater than the current fair value of a charter with similar characteristics, the difference is recorded as a backlog asset. When the net present value of the time or bareboat charter assumed is lower than the current fair value of a charter with similar characteristics, the difference is recorded as deferred charter revenue. Such assets and liabilities, respectively, are amortized as an increase in, or a reduction of, “Depreciation, depletion and Amortization Expense” over the remaining period of the time or bareboat charters acquired. For the impairment recognized on these assets, refer to “Impairment of Long-lived Assets” in this Note. | ||
Provisions: | ||
The Company, in the ordinary course of business, is subject to various claims, suits and complaints. Management provides for a contingent loss in the financial statements if the contingency has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. In accordance with the guidance issued by the Financial Accounting Standards Board (“FASB”), in accounting for contingencies, if the Company has determined that the reasonable estimate of the loss is a range, and there is no best estimate amount within the range, the Company will provide the lower amount of the range. See Note 23 “Commitments and Contingent Liabilities” for further discussion. | ||
The Company participates in Protection and Indemnity (P&I) insurance plans provided by mutual insurance associations known as P&I clubs. Under the terms of these plans, participants may be required to pay additional premiums (supplementary calls) to fund operating deficits incurred by the clubs (“back calls”). Obligations for back calls are accrued annually based on information provided by the clubs and when the obligations are probable and estimable. | ||
Asset Retirement Obligations: | ||
Minimum standards for mine reclamation have been established by various regulatory agencies and dictate the reclamation requirements at the Company’s operations. The Company’s asset retirement obligations consist principally of costs to reclaim acreage disturbed at surface operations, estimated costs to reclaim support acreage, treat mine water discharge and perform other related functions at underground mines. The Company records these reclamation obligations at fair value in the period in which the legal obligation associated with the retirement of the long-lived asset is incurred. When the liability is initially recorded at operations that are not currently being reclaimed, the offset is capitalized by increasing the carrying amount of the related long-lived asset. | ||
Over time, the liability is accreted and any capitalized cost is depreciated over the useful life of the related asset. To settle the liability, the obligation is paid, and to the extent there is a difference between the liability and the amount of cash paid, a gain or loss upon settlement is recorded. The Company annually reviews its estimated future cash flows for its asset retirement obligations. When the liability is initially recorded at operations that are currently being reclaimed, the offset is recorded to cost of coal sales. | ||
Accounting for Investment in Available for Sale Investment: | ||
The Company classifies its existing marketable equity securities as available for sale. These securities are carried at fair value, with unrealized gains and losses excluded from earnings and reported directly in stockholders’ equity as a component of other comprehensive income / (loss) unless an unrealized loss is considered “other-than-temporary,” in which case it is transferred to the consolidated statements of operations and comprehensive loss. For the year ended December 31, 2013 the total amount of $34 has been recorded as other comprehensive income in the consolidated balance sheet and consolidated statements of operations and comprehensive loss. | ||
Leases: | ||
Leases are classified as capital leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. The Company records vessels under capital leases as fixed assets at the lower of the present value of the minimum lease payments at inception of the lease or the fair value of the vessel. Vessels under capital leases are amortized over the estimated remaining useful life of the vessel for capital leases which provide for transfer of title of the vessel, similar to that used for other vessels of the Company. | ||
Payments made for operating leases are expensed on a straight-line basis over the term of the lease. Office and warehouse rental expense is recorded in “General and administrative expenses” in the consolidated statements of operations and comprehensive loss. | ||
Selling, General and Administrative expenses: | ||
General and administrative expenses include payroll and personnel related expenses, board remuneration, executive officers compensation, directors & officers insurance, share based compensation, travel expenses, communication expenses, office expenses, audit fees, legal fees, advisory fees, stock exchange fees and other related costs. During the years ended December 31, 2013, 2012 and 2011, total share based compensation was $25,193 ($12,664 was related to the cost for the severance bonuses granted the Company’s former chairman and former Chief Operating Officer after their resignations), $2,412 and $1,582, respectively. In addition, during the year ended December 31, 2013, the Company incurred various consultation/advisory fees of $19,233 (out of which, $5,472 refers to warrants expense), in relation to the Company’s efforts to implement its business plan, a major part of which is its vertical integration strategy. During the year ended December 31, 2013, the Company also recorded an expense of $26,774 for fees paid with shares related to the acquisition of Five Mile and Tennessee Property that are not capitalized. | ||
Financing Costs: | ||
Fees incurred for obtaining new debt are deferred and amortized over the life of the related debt, using the effective interest rate method. | ||
Fees incurred in a refinancing of existing debt continue to be amortized over the remaining term (or expected remaining term) of the new debt where there is a modification of the debt. Fees incurred in a refinancing of existing loans where there is an extinguishment of the old debt are written off and included in the debt extinguishment gain or loss. | ||
Interest and Finance Expenses: | ||
Interest expenses include interest, commitment fees, arrangement fees, amortization of deferred financing costs, amortization of the beneficial conversion feature, costs related to share settled debt and other similar charges. Interest incurred during the construction of a newbuilding is capitalized in the cost of the newbuilding. The amount of interest expense is determined by the amount of loans and advances outstanding from time to time and interest rates. The effect of changes in interest rates may be reduced (increased) by interest rate swaps or other derivative instruments. The Company uses interest rate swaps to economically hedge its interest rate exposure under its loan agreements. | ||
Accounting for Revenue and Expenses: | ||
Shipping segment | ||
The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered using either time and bareboat charters, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate, or voyage charters, where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified charter rate. If a charter agreement exists, price is fixed, service is provided and collection of the related revenue is reasonably assured, revenue is recognized as it is earned ratably on a straight-line basis over the duration of the period of each time charter as adjusted for the off-hire days that the vessel spends undergoing repairs, maintenance and upgrade work depending on the condition and specification of the vessel and address commissions. A voyage is deemed to commence upon the completion of discharge of the vessel’s previous cargo and is deemed to end upon the completion of the discharge of the current cargo. | ||
Profit sharing represents the Company’s portion of the excess of the actual net daily charter rate earned by the Company’s charterers from the employment of the Company’s vessels over a predetermined base charter rate, as agreed between the Company and its charterers. Such profit sharing is recognized in revenue when mutually settled. | ||
Demurrage income represents payments by the charterer to the vessel owner when loading or discharging time exceeded the stipulated time in the voyage charter and is recognized as incurred. | ||
Deferred income represents cash received on charter agreement prior to the balance sheet date and is related to revenue not meeting the criteria for recognition. | ||
Mining Segment | ||
For its mining operations, the Company earns revenues primarily through the sale of coal. The Company recognizes revenue using the following general revenue recognition criteria: 1) persuasive evidence of an arrangement exists; 2) delivery has occurred or services have been rendered; 3) the price to the buyer is fixed or determinable; and 4) collectability is reasonably assured. | ||
Delivery on the Company’s coal sales is determined to be complete for revenue recognition purposes when title and risk of loss has passed to the customer in accordance with stated contractual terms and there are no other future obligations related to the shipment. For domestic shipments, title and risk of loss generally passes as the coal is loaded into transport carriers for delivery to the customer. For international shipments, title generally passes at the time coal is loaded onto the shipping vessel. Revenue from coal washing is recognized upon completion of the service. | ||
Voyage Expenses: | ||
Voyage expenses comprise all expenses related to each particular voyage, including time charter hire paid and voyage freight paid bunkers, port charges, canal tolls, cargo handling, agency fees and brokerage commissions. | ||
Vessel Operating Expenses: | ||
Vessel operating expenses consist of all expenses relating to the operation of vessels, including crewing, repairs and maintenance, insurance, stores and lubricants and miscellaneous expenses such as communications. Vessel operating expenses exclude fuel cost, port expenses, agents’ fees, canal dues and extra war risk insurance, which are included in “voyage expenses”. | ||
Insurance Claims: | ||
Insurance claims represent the claimable expenses, net of deductibles, which are probable to be recovered from insurance companies and are included in “Other Receivables”. Any costs to complete the claims are included in accrued liabilities. The Company accounts for the cost of possible additional call amounts under its insurance arrangements in accordance with the accounting guidance for contingencies based on the Company’s historical experience and the shipping industry practices. | ||
Pension and Retirement Benefit Obligations-Crew: | ||
The crew on board the Company’s vessels serves in such capacity under short-term contracts (usually up to seven months). The Company’s mining operations do not currently provide pension or other retirement savings programs for its employees. Accordingly, the Company is not liable for any pension or post-retirement benefits. | ||
Repairs and Maintenance: | ||
Expenditure for routine repairs and maintenance of the vessels is charged against income in the period in which it is incurred. Major vessel improvements and upgrades are capitalized to the cost of vessel. | ||
Derivative Financial Instruments: | ||
Derivative financial instruments are recognized in the balance sheets at their fair values as either assets or liabilities. Changes in the fair value of derivatives that are designated and qualify as cash flow hedges, and that are highly effective, are recognized in other comprehensive income. If derivative transactions do not meet the criteria to qualify for hedge accounting, any unrealized changes in fair value are recognized immediately in the statements of operations and comprehensive loss. | ||
Gain/loss arising on the termination of interest rate swap agreements qualifying as hedging instruments are deferred and amortized over the shorter of the life of the hedged debt or the hedge instrument. | ||
The Company has entered into various interest rate swap agreements (see Note 22) that did not qualify for hedge accounting. As such, the fair value of these agreements and changes therein are recognized in the balance sheets and statements of operations and comprehensive loss, respectively. | ||
During 2013, the Company entered into several settlement agreements with various vendors and convertible notes containing true-up clauses, or security price guarantees and as a result the Company recorded derivative liabilities for those transactions with a total fair value of $20,222 (see Note 22). | ||
Share-based Compensation: | ||
The standard requires the Company to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). The grant-date fair value of employee share options and similar instruments are estimated using option-pricing models adjusted for the unique characteristics of those instruments. The cost is recognized over the period during which an employee is required to provide service in exchange for the award - the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Employee share purchase plans will not result in recognition of compensation cost if certain conditions are met. If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. | ||
Warrants: | ||
The Company initially measures warrants at fair value. If warrants meet accounting criteria for equity classification then there is no other measurement subsequent to their issue. If based on their contractual terms warrants need to be recorded as derivative liabilities, then they are remeasured to fair value at each reporting period with changes recognized in the statements of operations and comprehensive loss. | ||
Segment Reporting: | ||
Operating segments, as defined, are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing financial performance. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Company reports financial information and evaluates its operations by revenues. Management, including the chief operating decision makers, reviews operating results solely by revenue and operating results. Based on this review, the Company has determined that it operates under two reportable segments, shipping business and coal business. Revenues from the technical and the operational management of vessels owned by a third party are not considered significant ($591, $474 and $0 during the years ended December 31, 2013, 2012 and 2011, respectively) and are included in the shipping business reportable segment. | ||
Business Combination: | ||
The Company uses the acquisition method of accounting under the authoritative guidance on business combinations, which requires an acquirer in a business combination to recognize the assets acquired, the liabilities assumed and any non-controlling interest in the acquiree at their fair values at the acquisition date. The costs of the acquisition and any related restructuring costs are to be recognized separately in the consolidated statements of operations and comprehensive loss. The acquired company's operating results are included in the Company's consolidated financial statements starting on the date of acquisition. | ||
The purchase price is equivalent to the fair value of the consideration transferred and liabilities incurred, including liabilities related to contingent consideration. Tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition are recorded at the acquisition date fair value. Goodwill is recognized for the excess of the purchase price over the net fair value of assets acquired and liabilities assumed. When the fair value of net assets acquired exceeds the fair value of consideration transferred plus any non-controlling interest in the acquiree, the excess is recognized as a gain. | ||
Loss per Share: | ||
The Company has presented loss per share for all periods presented based on the weighted-average number of its outstanding common shares at the reported periods. The effect of dilutive or potentially dilutive securities is anti-dilutive, accordingly there is no difference between basic and diluted net loss per share. | ||
Income Taxes | ||
The Company is subject to income taxes under subchapter C of the Internal Revenue Code in relation to coal business. Deferred income taxes are provided for temporary differences in the basis of certain assets and liabilities for financial reporting and income tax purposes. The deferred income tax assets and liabilities represent the future tax return consequences of those differences, which will either be deductible or taxable when the assets and liabilities are recovered or settled. A valuation allowance is established when necessary to reduce deferred income tax assets to the amount more likely than not to be realized. The Company records liabilities for income tax positions taken or expected to be taken when those positions are deemed uncertain to be upheld in an examination by taxing authorities. As of December 31, 2013, the tax year ended December 31, 2013 was open for potential examination by taxing authorities. No liabilities for uncertain income tax positions were recorded as of December 31, 2013. | ||
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
4. RECENT ACCOUNTING PRONOUNCEMENTS | |
Obligations Resulting from Joint and Several Liability Arrangements | |
In February 2013, the FASB issued an amendment of the Accounting Standards Codification regarding recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the new guidance is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. generally accepted accounting principles. Examples of obligations within the scope of this update include debt arrangements, other contractual obligations, and settled litigation and judicial rulings. U.S. generally accepted accounting principles do not include specific guidance on accounting for such obligations. The amended standard requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the new guidance is fixed at the reporting date, as the sum of: a) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. The updated guidance also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of the new standard does not have a significant impact on the Company’s consolidated financial statements. | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). The standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, companies would instead cross reference to the related footnote for additional information. The Company adopted the provisions of the new guidance during 2013. | |
In July 2013, the FASB issued ASU 2013-11, Presentation of Unrecognized Tax Benefits (“ASU 2013-11”). The standard requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (NOL) carry forward, or similar tax loss or tax credit carry forward, rather than as a liability when the uncertain tax position would reduce the NOL or other carry forward under the tax law of the applicable jurisdiction and the entity intends to use the deferred tax asset for that purpose. ASU 2013-11 is effective for fiscal periods beginning after December 15, 2013. The Company did not have any unrecognized tax benefits during 2013. | |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
ACQUISITIONS | ' | |||||||
5. ACQUISITIONS | ||||||||
Acquisition of the Kentucky Property-Five Mile and Tennessee Property | ||||||||
On December 18, 2012, the Company entered into an agreement (the “Williams-CCE-NewLead Holdings APA”) with Cypress Camon Energy, LLC (“Cypress”), Cypress Camon Investment Management, LLC (“CCIM”) the minority owners of Cypress and certain third parties (together the “Owners”) to purchase: | ||||||||
i. | the Kentucky property-Five Mile ownership and mineral rights for $11,000 in promissory notes payable in their entirety in January 29, 2013 that extended to February 28, 2014. During 2013, the aforementioned liability has been added to Hanover Holdings I LLC agreement. | |||||||
ii. | the Tennessee property ownership and leasehold interests for $55,000 ($30,000 payable on or before February 15, 2013 and $25,000 payable on or before February 15, 2014). The relevant acquisition has not closed to date. | |||||||
As part of the Williams-CCE-NewLead Holdings APA, the Company agreed to help facilitate the December 31, 2012 closing of the Asset Purchase Agreement of the Kentucky property between Williams and Kentucky in which Kentucky transferred its ownership and mineral rights in the Kentucky property-Five Mile to Williams (both Williams and Kentucky are unrelated parties to the Company). In connection with sale between William and Kentucky, on December 28, 2012, the Company issued promissory notes to RJLT Investments LLC, Williams Industries LLC and Kentucky Fuel Corporation in the amount of $1,500, $2,000 and $7,500, respectively, payable in their entirety on January 29, 2013 that later was extended to February 28, 2014. These notes payable were added to the Hanover Holdings I LLC agreement discussed in Note 15. The Company issued the promissory notes to facilitate the sale to Williams as the Company has agreed to acquire the Kentucky property from Williams on a closing date subsequent to December 31, 2012. In connection with the issuance of the promissory notes, the Company received a security interest in Kentucky property to secure the repayment of the notes. During 2012 the Company was granted access to develop and mine the Kentucky property -Five Mile Mine. However, during 2013, the relative payment schedule was defaulted and the promissory notes have been added to the agreement with Hanover Holdings I LLC. The property of Kentucky property - Five Mile will be obtained as the relative promissory notes are fully repaid. | ||||||||
The promissory notes that were issued on December 28, 2012 in the amount of $11,000 are reflected under Promissory notes payable in the consolidated balance sheet for the year ended December 31, 2012. The related asset is reflected under Advance for acquisition of coal property in the consolidated balance sheet. | ||||||||
In connection with the acquisitions, the Company agreed to pay CCIM $3,000 in the form of common shares of NewLead (16,667 shares were issued on March 28, 2013) and a ten year warrant for $6,400 in common shares of NewLead, at an exercise price of $180 per share, for the assignment of the acquisition contracts to NewLead. These payments are recorded in Advance for acquisition of coal property in the amount of $10,847. In addition, on January 1, 2013, the Company agreed to issue to J Mining & Energy Group 94,445 common shares as a prepayment for its assistance in supervising, securing and executing the acquisitions. The shares were issued on March 28, 2013 and vested upon issuance. The shares issued to J Mining & Energy Group were recorded in Selling, general and administrative expenses in the amount of $26,774. | ||||||||
Following is a detail of the amounts related to Kentucky property- Five Mile included in “Advances for acquisition of coal property” on the consolidated Balance sheet: | ||||||||
Promissory Note Kentucky | $ | 7,500 | ||||||
Promissory Note Williams | 2,000 | |||||||
Promissory Note RJLT | 1,500 | |||||||
Warrant | 6,122 | |||||||
Common shares | 4,725 | |||||||
Other | 8 | |||||||
Total advances for acquistion of coal property | $ | 21,855 | ||||||
For the Tennessee property, the Company was not able to obtain the necessary financing to satisfy the payment obligations under the purchase agreement, and the Company entered into an agreement, pursuant to which the Company was to be permitted to use the property through a one-year lease agreement. On June 7, 2013, due to a default under the lease agreement, the Company assigned all rights under permits, mining contracts and other mining assets on the property back to the seller. While the Company intended to secure financing to satisfy these obligations under the agreements, the Company was unable to do so and, as a result, the transaction did not close. | ||||||||
Acquisition of the Viking Acquisition Group LLC and Viking Prep Plant LLC | ||||||||
On September 13, 2013, the Company acquired 100% of the issued and outstanding membership interests of Viking Acquisition Group, LLC, a Kentucky limited liability company (“VAG”), pursuant to the terms of a unit purchase agreement. VAG’s primary asset was the rights to mine at the Viking Mine located in Pike, Floyd, and Letcher Counties in Kentucky. | ||||||||
Pursuant to the terms of the unit purchase agreement, the Company shall pay $15,000 for the membership interests of VAG. The purchase price will be paid by the issuance of a senior secured promissory note in an aggregate principal amount of $15,000. At closing, the Company paid (i) $125 of principal on the senior secured promissory note in cash and (ii) $5,875 of principal on the note through issuing 85,611 shares of the Company’s common stock. Accordingly, immediately following the closing, the remaining balance on the senior secured promissory note was $9,000, which amount is to be paid quarterly commencing on September 30, 2013, with each quarterly payment to be a principal amount of $1,500 plus accrued but unpaid interest thereon (Note 17). | ||||||||
The common stock that was issued had fair value in the amount of $4,238. As a result the purchased price has been adjusted to $13,363. For the convertible notes issued for the acquisition ofVAG refer to Note 17. | ||||||||
Cash | $ | 125 | ||||||
Common Stock Issued | 5,875 | |||||||
Senior Security Note | 9,000 | |||||||
Total purchase price | $ | 15,000 | ||||||
Fair value adjustment | 1,637 | |||||||
Total adjusted purchase price | $ | 13,363 | ||||||
The total purchase price has been preliminary allocated as follows: | ||||||||
Accounts receivable | $ | 16 | ||||||
Leased mineral rights | 20,117 | |||||||
Accounts payable | -1,007 | |||||||
Royalties payable | -875 | |||||||
Derivative liabilities | -4,052 | |||||||
Asset retirement obligations | -836 | |||||||
$ | 13,363 | |||||||
On December 9, 2013, the Company acquired 100% of the issued and outstanding membership interests of Viking Prep Plant LLC (“VPP”), a Kentucky limited liability company, pursuant to the terms of a unit purchase agreement. VPP’s primary asset is a coal wash plant located in Pike County, Kentucky. Pursuant to the unit purchase agreement, the Company should pay $30,000 for the membership interests of VPP. The purchase price will be paid through the issuance of a senior secured promissory note in an aggregate principal amount of $24,000 and a previously issued promissory note of $6,000. At closing, the Company paid (i) $10,000 of principal on the senior secured promissory note through issuing 515,464 shares of the Company’s common stock. Accordingly, immediately following the closing, the remaining balance on the senior secured promissory note was $14,000, which is to be paid quarterly commencing on December 31, 2013, with each quarterly payment to be a principal amount of $2,800 plus accrued but unpaid interest thereon (Note 17). Moreover, the previously issued $6,000 promissory note was due and payable in one balloon payment on October 21, 2013. The previously issued $6,000 promissory note has been included in the Hanover Holdings I LLC agreement discussed in Note 15. | ||||||||
The common stock that was issued had fair value in the amount of $8,402. As a result the purchased price has been adjusted to $28,402. | ||||||||
Common Stock issued | $ | 10,000 | ||||||
Promissory Note | 6,000 | |||||||
Senior Secured Note | 14,000 | |||||||
Total purchase price | $ | 30,000 | ||||||
Fair value adjustment | 1,598 | |||||||
Total adjusted purchase price | $ | 28,402 | ||||||
The total purchase price has been preliminary allocated as follows: | ||||||||
Accounts receivable | $ | 166 | ||||||
Property, Plant and Equipment | 9,650 | |||||||
Goodwill | 28,007 | |||||||
Accounts payable | -2,076 | |||||||
Derivative liabilities | -7,239 | |||||||
Asset retirement obligations | -106 | |||||||
$ | 28,402 | |||||||
In relation to derivative liability and asset retirement obligations recorded in purchase accounting please refer to Note 22 and Note 18 respectively. | ||||||||
As of December 31, 2013, the Company has not finalized the purchase price allocation for the VAG and VPP acquisitions. | ||||||||
For the convertible notes issued for the acquisition of the VPP refer to Note 17. | ||||||||
The Company’s mining operations in respect of VAG and VPP have generated $203 of revenue and $938 of operating loss since the acquisition date, and these amounts are included in the Company’s consolidated statements of operations and comprehensive loss for the year ended December 31, 2013. | ||||||||
The following unaudited pro forma information has been prepared for illustrative purposes only and assumes the Viking Acquisition Group LLC (“VAG”) and Viking Prep Plant LLC (“VPP”) acquisitions occurred on January 1, 2012. The unaudited pro forma results have been prepared based on estimates and assumptions which the Company believes are reasonable, however, they are not necessarily indicative of the consolidated results of operations had the VAG and VPP acquisitions occurred on January 1, 2012, or of future results of operations. | ||||||||
Year Ended | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
(In thousands) | ||||||||
Total Revenues | ||||||||
As reported | $ | 7,343 | $ | 8,928 | ||||
Pro forma VAG | 7,984 | 9,311 | ||||||
Pro forma VPP | 11,297 | 13,037 | ||||||
Pro forma Total | $ | 11,938 | $ | 13,420 | ||||
Operating Loss | ||||||||
As reported | $ | -83,169 | $ | -16,470 | ||||
Pro forma VAG | -82,818 | -17,084 | ||||||
Pro forma VPP | -83,723 | -17,069 | ||||||
Pro forma Total | $ | -85,409 | $ | -20,216 | ||||
Net loss applicable to common shareholders | ||||||||
As reported | $ | -158,232 | $ | -402,562 | ||||
Pro forma VAG | -157,881 | -403,176 | ||||||
Pro forma VPP | -158,786 | -403,161 | ||||||
Pro forma Total | $ | -160,468 | $ | -406,308 | ||||
Net loss per share applicable to common shareholders | ||||||||
As reported | $ | -119.28 | $ | -1,125.72 | ||||
Pro forma VAG | -119.02 | -1,127.44 | ||||||
Pro forma VPP | -119.7 | -1,127.40 | ||||||
Pro forma Total | $ | -120.97 | $ | -1,136.20 | ||||
Pro forma amounts included the following adjustments for depreciation, depletion and related interest expenses assuming the acquisition occurred on January 1, 2012: | ||||||||
Year ended | Year ended | |||||||
31-Dec-13 | 31-Dec-12 | |||||||
Depreciation Expense | $ | 452 | $ | 483 | ||||
Depletion Expense | 57 | 95 | ||||||
Interest Expense | 1,017 | 1,266 | ||||||
See Note 27 for recent developments relating to acquisitions. | ||||||||
JOINT_VENTURES
JOINT VENTURES | 12 Months Ended |
Dec. 31, 2013 | |
Joint Ventures [Abstract] | ' |
JOINT VENTURES | ' |
6. JOINT VENTURES | |
On April 11, 2012, through one of its wholly-owned subsidiaries, NewLead Holdings (US) Corp., the Company entered into a Joint Venture Agreement with J Mining & Energy Group to establish New Lead JMEG LLC as a joint venture to engage in the business of the purchasing and trading of certain commodities, principally coal. The Company had joint control with J Mining & Energy Group of New Lead JMEG LLC and was entitled to and was liable for the total net assets of the joint venture. NewLead Holdings (US) Corp. contributed to the capital of the joint venture $2,500 cash and $1,000 in value of coal sales agreements. In addition, the Company delivered to J Mining & Energy Group $300 and 1,625 common shares of the Company as a condition to the closing of the Joint Venture Agreement. | |
On July 13, 2012, and in relation to this Joint Venture Agreement, the Company and New Lead JMEG LLC, entered into a marketing and administrative services agreement (effective as of April 11, 2012), where it was agreed NewLead (through its subsidiary Newlead Bulkers) would provide the aforementioned services for a monthly fee of $160. This agreement was cancelled on December 10, 2013, with retrospective effect. In addition, NewLead and J Mining & Energy Group invoiced New Lead JMEG LLC for an aggregate amount of $3,280 relating to start up fees. The invoice from NewLead to New Lead JMEG LLC in the amount of $1,980, was also cancelled as of December 15, 2013. Due to the nature of these related party transactions, the invoices of $1,980 to New Lead JMEG LLC from the Company, as well as the aggregate of $1,810 and $1,387 from the relevant marketing and administrative services agreement, have not been recognized as revenue during the years ended December 31, 2013 and 2012, respectively, as they were to be recognized upon payment of each amount from New Lead JMEG LLC, which was never effectuated. | |
For the year ending December 31, 2013, the Company has recorded an amount of $1,077 as impairment loss in respect of the of New Lead JMEG LLC joint venture, as a result of the Company’s assessment of the recoverability of this investment. For the year ended December 31, 2013, New Lead JMEG LLC had income of $574. As of December 31, 2013, New Lead JMEG LLC’s current assets were $2,493 and its current liabilities were $4,358. | |
For the year ended December 31, 2012, New Lead JMEG LLC had a loss of $4,939, which was comprised of the fees described above, as well as from other general and administrative expenses. No other transactions have taken place during the period. As of December 31, 2012, New Lead JMEG LLC’s current assets were $2,380 and its current liabilities were $4,819. | |
On April 30, 2012, the Company and a third party established NewLead Mojave Holdings LLC (“NewLead Mojave”). The Company controls 52% of NewLead Mojave and is entitled to and is liable for the total net assets of NewLead Mojave according to this percentage of control. The Company contributed to the capital of the new entity 100% of NewLead Holdings (US) Corp.’s share capital, while Mojave Finance Inc. agreed to make available a loan facility of $3,000 to NewLead Holdings (US) Corp. | |
For the year ended December 31, 2013, NewLead Mojave had a gain of $16 which was comprised of $287 gain attributable to NewLead Mojave as a result of its 50% investment in New Lead JMEG LLC and of $271 Interest and Finance Costs, respectively. No other transactions have taken place during this period. | |
For the year ended December 31, 2012, NewLead Mojave had a loss of $2,838 which was comprised of $2,469 loss attributable to NewLead Mojave as a result of its 50% investment in New Lead JMEG LLC and of $369 Interest and Finance Costs, respectively. No other transactions have taken place during this period. | |
GOODWILL
GOODWILL | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
GOODWILL | ' | |||||||||||||
7. GOODWILL | ||||||||||||||
As of | Acquisitions | Impairments | As of | |||||||||||
December 31, 2012 | December 31, 2013 | |||||||||||||
Goodwill: | ||||||||||||||
Shipping | $ | - | $ | - | $ | - | $ | - | ||||||
Coal | - | 28,007 | - | 28,007 | ||||||||||
Total goodwill | $ | - | $ | 28,007 | $ | - | $ | 28,007 | ||||||
Accumulated impairment losses: | ||||||||||||||
Shipping | $ | - | $ | - | $ | - | $ | - | ||||||
Coal | - | - | - | - | ||||||||||
Total accumulated impairment losses | $ | - | $ | - | $ | - | $ | - | ||||||
Goodwill, net: | ||||||||||||||
Shipping | $ | - | $ | - | $ | - | $ | - | ||||||
Coal | - | 28,007 | - | 28,007 | ||||||||||
Total goodwill, net | $ | - | $ | 28,007 | $ | - | $ | 28,007 | ||||||
RESTRICTED_CASH
RESTRICTED CASH | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Cash and Cash Equivalents [Abstract] | ' | |||||||
RESTRICTED CASH | ' | |||||||
8. RESTRICTED CASH | ||||||||
Restricted cash, as of December 31, 2013 and December 31, 2012, was as follows: | ||||||||
As of | As of | |||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Retention accounts | $ | - | $ | 1,311 | ||||
Short term restricted cash accounts | - | 1,311 | ||||||
Letters of guarantee | 31 | 31 | ||||||
Long term restricted cash accounts | 31 | 31 | ||||||
$ | 31 | $ | 1,342 | |||||
As of December 31, 2013, the Company retained letters of guarantee in the amount of $31. As of December 31, 2013, the Company had a waiver regarding the minimum liquidity of $250 for the Portigon AG Credit Facility. Please refer to Note 16 for further details in respect of minimum liquidity. | ||||||||
As of December 31, 2012, the Company retained in its bank accounts an amount of $1,311 following the disposal of vessels Hiona and Hiotissa. This amount referred to cash that could be withheld at any time by Piraeus Bank as the Company was in breach of the covenants under the respective Credit Facility and which was used as per the final agreement reached with Piraeus Bank on April 10, 2013 as follows: (a) $280 for payment of trade debt of the two vessels and (b) $1,031 for the settlement of outstanding loan liabilities at the bank’s discretion. | ||||||||
BACKLOG_ASSET_DEFERRED_CHARTER
BACKLOG ASSET / DEFERRED CHARTER REVENUE | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Back Log Asset Deferred Charter Revenue Disclosure [Abstract] | ' | |||||||
BACKLOG ASSET / DEFERRED CHARTER REVENUE | ' | |||||||
9. BACKLOG ASSET / DEFERRED CHARTER REVENUE | ||||||||
The movement of the backlog asset and the deferred charter revenue for the three year period ended December 31, 2013 was as follows: | ||||||||
Backlog Asset | Deferred | |||||||
Charter Revenue | ||||||||
Balance at December 31, 2010 | $ | 54,657 | $ | 567 | ||||
Amortization | -8,697 | -567 | ||||||
Impairment loss | -43,214 | - | ||||||
Balance at December 31, 2011 | $ | 2,746 | $ | - | ||||
Amortization | -1,603 | - | ||||||
Impairment loss | -1,143 | - | ||||||
Balance at December 31, 2012 | $ | - | $ | - | ||||
Amortization | - | - | ||||||
Impairment loss | - | - | ||||||
Balance at December 31, 2013 | $ | - | $ | - | ||||
As a result of the business combination disclosed in Note 7, the transaction related to two Kamsarmaxes vessels under construction during 2010, and the July 2010 acquisition of five dry bulk vessels, the Company acquired backlog assets of $9,833, $27,677 and $25,509, respectively, during the year ended December 31, 2010. | ||||||||
Impairment of backlog assets | ||||||||
As a result of the change of the terms of the charter party agreement of the vessel Markela, during the year ended December 31, 2012, an impairment charge of the then unamortized portion of $1,143 was recorded and is included within “Impairment losses” from continuing operations. | ||||||||
As a result of the impairment testing of the vessel asset groups, certain backlog assets related to the vessels Newlead Tomi, Navios Serenity, Newlead Gujarat and Handysize Hull 4029 were considered impaired as of December 31, 2011 and an impairment charge totaling $43,214 was recorded and is included in Loss from discontinued operations. See Note 3 for the details related to the impairment tests of the vessel asset groups. | ||||||||
VESSELS_AND_OTHER_FIXED_ASSETS
VESSELS AND OTHER FIXED ASSETS, NET | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
VESSELS AND OTHER FIXED ASSETS, NET | ' | ||||||||||||||||
VESSELS AND OTHER FIXED ASSETS, NET | ' | ||||||||||||||||
10. VESSELS AND OTHER FIXED ASSETS, NET | |||||||||||||||||
Acquisition of vessels | |||||||||||||||||
On September 15, 2013, the Company signed a memorandum of agreement for the acquisition of a newbuilding Eco Type Handysize double hull for an aggregate consideration of approximately $19,500, plus 1% address commission. The Company also incurred, additional acquisition related costs of approximately $3,052. The total amount is included in Advances for vessel acquisition line of consolidated balance sheet. The vessel is expected to be delivered in the third quarter of 2014. The full liability has entered to the agreement with Hanover Holdings I LLC, please refer to Note 15. | |||||||||||||||||
Disposal of vessels | |||||||||||||||||
For all the vessels sold, see also Note 26 Discontinued Operations. | |||||||||||||||||
Impairment of vessels | |||||||||||||||||
For the year ended December 31, 2013, the Company’s impairment tests indicated that no impairment existed for the two vessels that were held and used as of December 31, 2013. | |||||||||||||||||
For the year ended December 31, 2012, the Company recorded an impairment charge totaling $5,911 in continuing operations on one of the two vessels that were held and used as of December 31, 2012. | |||||||||||||||||
For the year ended December 31, 2011, the Company recorded an impairment charge totaling $2,360 in continuing operations on one vessel classified as held and used and $101,415 in discontinued operations on fifteen vessels. | |||||||||||||||||
The table below presents the movement of “Vessels and Other Fixed Assets, Net”: | |||||||||||||||||
Cost | Vessels | Leased | Dry docking | Other fixed | Total | ||||||||||||
Vessels | and Special | assets | |||||||||||||||
survey | |||||||||||||||||
Balance at December 31, 2010 | $ | 548,817 | $ | 87,000 | $ | 9,316 | $ | 834 | $ | 645,967 | |||||||
Additions | 863 | - | 6,650 | 190 | 7,703 | ||||||||||||
Transfer from Vessels Under Construction | 79,197 | 38,708 | - | - | 117,905 | ||||||||||||
Transfer to assets held for sale | -92,600 | -24,000 | -4,038 | - | -120,638 | ||||||||||||
Disposals — Discontinued operations | -102,794 | - | -2,959 | - | -105,753 | ||||||||||||
Loss on sale and leaseback | - | -208 | - | - | -208 | ||||||||||||
Balance at December 31, 2011 | $ | 433,483 | $ | 101,500 | $ | 8,969 | $ | 1,024 | $ | 544,976 | |||||||
Additions | - | - | 985 | - | 985 | ||||||||||||
Disposals — Discontinued operations | -376,517 | -101,500 | -7,759 | - | -485,776 | ||||||||||||
Balance at December 31, 2012 | $ | 56,966 | $ | - | $ | 2,195 | $ | 1,024 | $ | 60,185 | |||||||
Additions | - | - | 366 | 5 | 371 | ||||||||||||
Balance at December 31, 2013 | $ | 56,966 | $ | - | $ | 2,561 | $ | 1,029 | $ | 60,556 | |||||||
Accumulated Depreciation and Amortization | |||||||||||||||||
Balance at December 31, 2010 | $ | -184,640 | $ | -841 | $ | -4,662 | $ | -408 | $ | -190,551 | |||||||
Depreciation and Amortization for the year | -26,497 | -8,068 | -3,384 | -312 | -38,261 | ||||||||||||
Impairment loss (Note 3) | -68,185 | -30,497 | -5,093 | - | -103,775 | ||||||||||||
Transfer to assets held for sale | 20,672 | 10,932 | 2,952 | - | 34,556 | ||||||||||||
Disposals — Discontinued operations | 20,148 | - | 2,426 | - | 22,574 | ||||||||||||
Balance at December 31, 2011 | $ | -238,502 | $ | -28,474 | $ | -7,761 | $ | -720 | $ | -275,457 | |||||||
Depreciation and Amortization for the period | -5,168 | -209 | -428 | -184 | -5,989 | ||||||||||||
Impairment loss (Note 3) | -5,075 | - | -836 | - | -5,911 | ||||||||||||
Disposals — Discontinued operations | 228,294 | 28,683 | 7,698 | - | 264,675 | ||||||||||||
Balance at December 31, 2012 | $ | -20,451 | $ | - | $ | -1,327 | $ | -904 | $ | -22,682 | |||||||
Depreciation and Amortization for the period | -2,536 | -196 | -75 | -2,807 | |||||||||||||
Balance at December 31, 2013 | $ | -22,987 | $ | - | $ | -1,523 | $ | -979 | $ | -25,489 | |||||||
Net book value — December 31, 2010 | $ | 364,177 | $ | 86,159 | $ | 4,654 | $ | 426 | $ | 455,416 | |||||||
Net book value — December 31, 2011 | $ | 194,981 | $ | 73,026 | $ | 1,208 | $ | 304 | $ | 269,519 | |||||||
Net book value — December 31, 2012 | $ | 36,515 | $ | - | $ | 868 | $ | 120 | $ | 37,503 | |||||||
Net book value — December 31, 2013 | $ | 33,979 | $ | - | $ | 1,038 | $ | 50 | $ | 35,067 | |||||||
PROPERTY_EQUIPMENT_MINE_DEVELO
PROPERTY, EQUIPMENT, MINE DEVELOPMENT COSTS, OWNED AND LEASED MINERAL RIGHTS, LAND AND BUILDINGS | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property Plant and Equipment [Abstract] | ' | |||||||
PROPERTY EQUIPEMENT AND MINE DEVELOPMENT COSTS AND OWNED AND LEASED MINERAL RIGHTS, LAND AND BUILDING | ' | |||||||
11. PROPERTY, EQUIPMENT, MINE DEVELOPMENT COSTS, OWNED AND LEASED MINERAL RIGHTS, LAND AND BUILDINGS | ||||||||
Property, equipment, and mine development costs consisted of the following: | ||||||||
As of | As of | |||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Production equipement | $ | 9,030 | $ | - | ||||
Mine development | 1,052 | - | ||||||
Total property, equipment and mine development costs | 10,082 | - | ||||||
Less accumulated depreciation | -31 | - | ||||||
Total property, equipment and mine development costs, net | $ | 10,051 | $ | - | ||||
Owned and leased mineral rights net of accumulated depletion, land and buildings consisted of the following: | ||||||||
As of | As of | |||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Land | $ | 490 | $ | - | ||||
Buildings | 132 | - | ||||||
Mineral interests | 20,377 | - | ||||||
Total owned and leased mineral rights, land and building | 20,999 | - | ||||||
Less accumulated depreciation and depletion | -22 | - | ||||||
Total owned and leased mineral rights, land and building, net | $ | 20,977 | $ | - | ||||
DEFERRED_CHARGES_NET
DEFERRED CHARGES, NET | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Deferred Charges Net Disclosure [Abstract] | ' | ||||||||||
DEFERRED CHARGES, NET | ' | ||||||||||
12. DEFERRED CHARGES, NET | |||||||||||
The movement of the deferred charges, net, as of December 31, 2013 is as follows: | |||||||||||
Financing | Other Costs | Total | |||||||||
Costs | |||||||||||
Net Book Value at December 31, 2010 | 12,785 | 255 | 13,040 | ||||||||
Additions | 622 | 80 | 702 | ||||||||
Amortization | -2,948 | - | -2,948 | ||||||||
Write-offs | -4,647 | -335 | -4,982 | ||||||||
Transfer to Vessels Under Construction | -70 | - | -70 | ||||||||
Net Book Value at December 31, 2011 | $ | 5,742 | $ | - | $ | 5,742 | |||||
Additions | 564 | - | 564 | ||||||||
Amortization | -1,781 | - | -1,781 | ||||||||
Write-offs | -3,952 | - | -3,952 | ||||||||
Net Book Value at December 31, 2012 | $ | 573 | $ | - | $ | 573 | |||||
Additions | 376 | - | 376 | ||||||||
Amortization | -460 | - | -460 | ||||||||
Net Book Value at December 31, 2013 | $ | 489 | $ | - | $ | 489 | |||||
31-Dec-13 | |||||||||||
Current | $ | 489 | $ | - | $ | 489 | |||||
31-Dec-12 | |||||||||||
Current | $ | 573 | $ | - | $ | 573 | |||||
On March 28, 2013, the Company agreed with Portigon AG (“Portigon”) to certain amendments to the credit facility. Total fees of $250 were capitalized as a result of this amendment. On July 9, 2013, the Company agreed with Mojave Finance Inc, to extend the maturity of the loan agreement with a fee of $126 which was fully amortized during 2013. | |||||||||||
Total fees of $479 for the year ended December 31, 2011 related to the financing costs of the Newlead Endurance, which was delivered in June 2011. | |||||||||||
As of December 31, 2012 and December 31, 2011, the Company was in active negotiations with its lenders (see Notes 16 and 17). For the indebtedness in relation to which the Company expected that the lender would call the debt, and neither a waiver nor a restructuring of the debt would be available, the Company concluded that certain deferred finance fees and other costs should be written off and as such accelerated the amortization. As a result, during the year ended December 31, 2012, the Company recorded a charge of $3,952, of which $3,882 is included within “Interest & Finance Expense” from continuing operations and the remaining amount of $70 is included in Loss from discontinued operations. During the year ended December 31, 2011, the Company recorded a charge of $4,647, which is included within discontinued operations. | |||||||||||
ACCOUNTS_PAYABLE_TRADE
ACCOUNTS PAYABLE, TRADE | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Payable [Abstract] | ' | |||||||
ACCOUNTS PAYABLE, TRADE | ' | |||||||
13. ACCOUNTS PAYABLE, TRADE | ||||||||
Accounts payable, trade, as of December 31, 2013 and 2012 were as follows: | ||||||||
As of | As of | |||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Suppliers | $ | 4,944 | $ | 3,099 | ||||
Shipyards | 22 | 616 | ||||||
Insurers | 1,516 | 383 | ||||||
Agents | 575 | 766 | ||||||
Other creditors | 14,394 | 8,754 | ||||||
$ | 21,451 | $ | 13,618 | |||||
During the years ended December 31, 2013 and 2012, excluding the shares issued to Hanover Holdings I LLC discussed in Note 15, the Company issued approximately 466,050 and 22,970 shares, respectively, to various vendors and related parties to settle outstanding invoices of approximately $9,700 and $11,600, respectively. | ||||||||
ACCRUED_LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities [Abstract] | ' | |||||||
ACCRUED LIABILITIES | ' | |||||||
14. ACCRUED LIABILITIES | ||||||||
Accrued liabilities as of December 31, 2013 and 2012 were as follows: | ||||||||
As of | As of | |||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Accrued interest | $ | 6,650 | $ | 2,269 | ||||
Accrued claims | 3,441 | 3,454 | ||||||
Other accrued expenses | 5,082 | 4,937 | ||||||
$ | 15,173 | $ | 10,660 | |||||
In accrued interest as of December 31, 2013 and 2012, an amount of $1,095 and $1,995, respectively, represents interest due and payable as of such date. | ||||||||
SHARE_SETTLED_DEBT
SHARE SETTLED DEBT | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
SHARE SETTLED DEBT | ' | |||||||
15. SHARE SETTLED DEBT | ||||||||
As of | As of | |||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Hanover Holdings I, LLC | $ | 68,743 | $ | - | ||||
Accounts payable | 3,852 | - | ||||||
$ | 72,595 | $ | - | |||||
Hanover Holdings Transactions | ||||||||
a) Hanover 1(April 5, 2013) | ||||||||
On April 5, 2013, the Supreme Court of the State of New York, County of New York (the “Court”), entered an order (the “Order”) approving, among other things, the fairness of the terms and conditions of an exchange pursuant to Section 3(a)(10) of the Securities Act of 1933, as amended (the “Securities Act”), in accordance with a stipulation of settlement (the “Settlement Agreement”) between NewLead Holdings Ltd. and Hanover Holdings I, LLC, a New York limited liability company (“Hanover”), in the matter entitled Hanover Holdings I, LLC v. NewLead Holdings Ltd., Case No. 650964/2013 (the “Action”). Hanover commenced the Action against the Company on March 18, 2013 to recover an aggregate of $2,412 of past-due accounts payable of the Company, which Hanover had purchased from certain vendors of the Company pursuant to the terms of separate receivable purchase agreements between Hanover and each of such vendors (the “Assigned Accounts”), plus fees and costs (the “Claim”). The Assigned Accounts relate to certain legal, insurance, broker, bunker and consulting services provided by certain vendors of the Company. The Order provides for the full and final settlement of the Claim and the Action. The Settlement Agreement became effective and binding upon the Company and Hanover upon execution of the Order by the Court on April 5, 2013. | ||||||||
Pursuant to the terms of the Settlement Agreement approved by the Order, on April 5, 2013, the Company issued and delivered to Hanover 13,333 shares (the “Settlement Shares”) of the Company’s common shares. The Settlement Agreement provides that the Settlement Shares will be subject to certain adjustments for certain period (which is the shorter of the following: (a) the 50-consecutive trading day period commencing on the trading day immediately following the date of issuance of the initial Settlement Shares and (b) the consecutive trading day period commencing on the trading day immediately following the Initial Issuance Date and ending on the trading day that Hanover shall have received the aggregate cash proceeds from the resale of Settlement Shares) to reflect the intention of the parties that the total number of common shares to be issued to Hanover pursuant to the Settlement Agreement be based upon a specified discount to the trading volume weighted average price of the common shares for a specified period of time. Hanover should receive aggregate cash proceeds from the resale of Settlement Shares equal to the sum of (i) $3,135, representing 130% of the total amount of the Claim, and (ii) the total dollar amount of Hanover’s legal fees and expenses incurred in connection with the Action, subject to the cap set forth above (less $10 heretofore paid by the Company), supported by daily written reports to be delivered by Hanover to the Company. As a result, the Company ultimately may be required to issue to Hanover substantially more common shares than the number of Settlement Shares initially issued, subject to certain limitations. | ||||||||
In addition, the Settlement Agreement also provides that with respect to any single trading day during the period, Hanover shall not offer or sell any Settlement Shares on, or over the course of, such trading day in excess of a specified “Trading Limitation Threshold” of the average daily trading volume in the Company’s common shares. The Settlement Agreement further provides that in no event shall the number of shares of common shares issued to Hanover or its designee in connection with the Settlement Agreement, when aggregated with all other shares of Common Stock then beneficially owned by Hanover and its affiliates, result in the beneficial ownership by Hanover and its affiliates at any time of more than 4.99% of the Company’s common shares. Furthermore, the Settlement Agreement provides that, for so long as Hanover or any of its affiliates hold any common shares, Hanover and its affiliates are prohibited from, among other actions: (1) voting any common shares owned or controlled by Hanover or its affiliates, or soliciting any proxies or seeking to advise or influence any person with respect to any voting securities of the Company; or (2) engaging or participating in any actions, plans or proposals that relate to or would result in, among other things, (a) Hanover or its affiliates acquiring additional securities of the Company, alone or together with any other person, which would result in Hanover and its affiliates collectively beneficially owning, or being deemed to beneficially own, more than 9.99% of the Company’s common shares or other voting securities of the Company, (b) an extraordinary corporate transaction such as a merger, reorganization or liquidation of the Company or any of its subsidiaries, (c) a sale or transfer of a material amount of assets of the Company or any of its subsidiaries, (d) changes in the present board of directors or management of the Company, (e) material changes in the capitalization or dividend policy of the Company, (f) any other material change in the Company’s business or corporate structure, (g) changes in the Company’s charter, bylaws or similar instruments or other actions which may impede the acquisition of control of the Company by any person, (h) causing a class of securities of the Company to be delisted or cease to be authorized to be quoted on an inter-dealer quotation system of a registered national securities association, (i) causing a class of equity securities of the Company to become eligible for termination of registration under Section 12(g)(4) the Exchange Act, or (j) any actions similar to the foregoing. These prohibitions may not be modified or waived without further order of the Court. | ||||||||
The issuance of Common Stock to Hanover pursuant to the terms of the Settlement Agreement approved by the Order is exempt from the registration requirements of the Securities Act pursuant to Section 3(a)(10) thereof, as an issuance of securities in exchange for bona fide outstanding claims, where the terms and conditions of such issuance are approved by a court after a hearing upon the fairness of such terms and conditions at which all persons to whom it is proposed to issue securities in such exchange shall have the right to appear. | ||||||||
Since the issuance of the Settlement Shares described above, Hanover demonstrated to the Company’s satisfaction that it was entitled to receive an aggregate of 15,222 additional shares (“Additional Settlement Shares”) based on the adjustment formula described above, and that the issuance of such Additional Settlement Shares to Hanover, in the amounts and at the times requested by Hanover during the Calculation Period, would not result in Hanover exceeding the beneficial ownership limitation set forth above. Accordingly, during the Calculation Period, the Company issued and delivered to Hanover an aggregate of 15,222 Additional Settlement Shares pursuant to the terms of the Settlement Agreement approved by the Order. | ||||||||
The Calculation Period expired on June 18, 2013 and the True-Up Date occurred on June 19, 2013. Based on the adjustment formula described above, Hanover was entitled to receive an aggregate of 26,657 VWAP Shares. Accordingly, since Hanover previously had received an aggregate of 28,555 Settlement Shares and Additional Settlement Shares, on the True-Up Date Hanover returned to the Company for cancellation 1,898 shares of Common Stock pursuant to the terms of the Settlement Agreement approved by the Order. No additional shares of Common Stock are issuable to Hanover pursuant to the Settlement Agreement. | ||||||||
b) Hanover 2 (July 9, 2013) | ||||||||
On July 9, 2013, the Court entered an order (the “July Order”) approving, among other things, the fairness of the terms and conditions of an exchange pursuant to Section 3(a)(10) of the Securities Act in accordance with a stipulation of settlement (the “July Settlement Agreement”) between NewLead Holdings Ltd. and Hanover in the matter entitled Hanover Holdings I, LLC v. NewLead Holdings Ltd., Case No. 155723/2013 (the “July Action”). Hanover commenced the July Action against the Company on June 21, 2013 to recover an aggregate of $7,206 of past-due accounts payable of the Company, which Hanover had purchased from certain vendors of the Company pursuant to the terms of separate receivable purchase agreements between Hanover and each of such vendors (the “July Assigned Accounts”), plus fees and costs (the “July Claim”). The July Assigned Accounts relate to certain legal, insurance, broker, bunker, consulting and other services and supplies provided by certain vendors of the Company. The July Order provides for the full and final settlement of the July Claim and the July Action. The July Settlement Agreement became effective and binding upon the Company and Hanover upon execution of the July Order by the Court on July 9, 2013. | ||||||||
Pursuant to the terms of the July Settlement Agreement approved by the July Order, on July 10, 2013, the Company issued and delivered to Hanover 135,556 shares (the “July Settlement Shares”) of the Company’s common stock. The July Settlement Agreement provides that the July Settlement Shares will be subject to certain adjustments for certain period (which is the shorter of the following: (a) the 120-consecutive trading day period (subject to extension as set forth in the July Settlement Agreement) commencing on the trading day immediately following the date of issuance of the July Settlement Shares (the “July Initial Issuance Date”), and (b) the consecutive trading day period commencing on the trading day immediately following the July Initial Issuance Date and ending on the trading day that Hanover shall have received the aggregate cash proceeds from the resale of July Settlement Shares) to reflect the intention of the parties that the total number of common shares to be issued to Hanover pursuant to the July Settlement Agreement be based upon a specified discount to the trading volume weighted average price of the common shares for a specified period of time. Hanover should receive aggregate cash proceeds from the resale of July Settlement Shares equal to the sum of (i) $9,727, representing 135% of the total amount of the July Claim, and (ii) the total dollar amount of Hanover’s legal fees and expenses incurred in connection with the July Action, subject to the cap set forth above, supported by daily written reports to be delivered by Hanover to the Company. As a result, the Company ultimately may be required to issue to Hanover substantially more common shares than the number of July Settlement Shares initially issued, subject to certain limitations. | ||||||||
In addition, the July Settlement Agreement also provides that with respect to any single trading day during the period, Hanover shall not offer or sell any July Settlement Shares on, or over the course of, such trading day in excess of the greater of (i) 15% of the worldwide average daily trading volume in the Company’s common shares on all national securities exchanges and automated quotation systems, if any, on which the common shares is listed or designated for quotation (as the case may be), excluding any sales of common shares by Hanover, for the 10 trading days immediately preceding such trading day and (ii) $65 worth of common shares. Hanover and the Company may modify this restriction by mutual written agreement. | ||||||||
The July Settlement Agreement further provides that in no event shall the number of shares of Company’s common shares issued to Hanover or its designee in connection with the July Settlement Agreement, when aggregated with all other shares of common shares then beneficially owned by Hanover and its affiliates, result in the beneficial ownership by Hanover and its affiliates at any time of more than 9.99% of the Company’s common shares. | ||||||||
The remaining terms of the July Settlement Agreement and July Order are substantially the same as the terms of the Settlement Agreement and Order executed in April. | ||||||||
Since the issuance of the July Initial Settlement Shares described above, Hanover demonstrated to the Company’s satisfaction that it was entitled to receive an aggregate of 44,445 additional shares (the “July Additional Settlement Shares”) based on the adjustment formula described above, and that the issuance of such July Additional Settlement Shares to Hanover, in the amounts and at the times requested by Hanover during the Calculation Period, would not result in Hanover exceeding the beneficial ownership limitation set forth above. Accordingly, during the Calculation Period, the Company issued and delivered to Hanover 44,445 Additional Settlement Shares pursuant to the terms of the Settlement Agreement approved by the Order. | ||||||||
The July Calculation Period expired on October 15, 2013 and the July True-Up Date occurred on October 16, 2013. Based on the adjustment formula described above, Hanover was entitled to receive an aggregate of 187,467 VWAP Shares. Accordingly, since Hanover previously had received an aggregate of 135,556 July Initial Settlement Shares and 44,445 July Additional Settlement Shares, on the July True-Up Date the Company issued and delivered to Hanover an additional 7,466 shares of Common Stock pursuant to the terms of the July Settlement Agreement approved by the Order. No additional shares of Common Stock are issuable to Hanover pursuant to the July Settlement Agreement. | ||||||||
c) Hanover 3 (December 2, 2013) | ||||||||
On December 2, 2013, the Court entered an order (the “December Order”) approving, among other things, the fairness of the terms and conditions of an exchange pursuant to Section 3(a)(10) of the Securities Act in accordance with a stipulation of settlement (the “December Settlement Agreement”) between NewLead Holdings Ltd. and Hanover in the matter entitled Hanover Holdings I, LLC v. NewLead Holdings Ltd., Case No. 160776/2013 (the “December Action”). Hanover commenced the December Action against the Company on November 19, 2013 to recover an aggregate of $44,649 of past-due accounts payable of the Company, which Hanover had purchased from certain vendors of the Company pursuant to the terms of separate receivable purchase agreements between Hanover and each of such vendors (the “December Assigned Accounts”), plus fees and costs (the “December Claim”). The December Order provides for the full and final settlement of the December Claim and the December Action. The December Settlement Agreement became effective and binding upon the Company and Hanover upon execution of the December Order by the Court on December 2, 2013. | ||||||||
Pursuant to the terms of the December Settlement Agreement approved by the December Order, on December 6, 2013, the Company issued and delivered to Hanover 175,000 shares (the “December Settlement Shares”) of the Company’s common stock. The December Settlement Agreement provides that the December Settlement Shares will be subject to certain adjustments for certain period (which is the shorter of the following: (a) the 220-consecutive trading day period (subject to extension as set forth in the December Settlement Agreement) commencing on the trading day immediately following the date of issuance of the December initial Settlement Shares (the “December Initial Issuance Date”), and (b) the consecutive trading day period commencing on the trading day immediately following the December Initial Issuance Date and ending on the trading day that MGP shall have received aggregate cash proceeds from the resale of December Settlement Shares) to reflect the intention of the parties that the total number of common shares to be issued to Hanover pursuant to the December Settlement Agreement be based upon a specified discount to the trading volume weighted average price of the common shares for a specified period of time. Hanover should receive aggregate cash proceeds from the resale of December Settlement Shares equal to the sum of (i) $61,631, representing 137.5% of the total amount of the December Claim, and (ii) the total dollar amount of Hanover’s legal fees and expenses incurred in connection with the December Action, subject to the cap set forth above, supported by daily written reports to be delivered by MGP to the Company. As a result, the Company ultimately may be required to issue to MGP substantially more shares of Common Stock than the number of December Settlement Shares initially issued (subject to the limitations described below). | ||||||||
In addition, the December Settlement Agreement also provides that with respect to any single trading day during the December Calculation Period, MGP shall not offer or sell any December Settlement Shares on, or over the course of, such trading day in excess of the greater of (i) 20% of the worldwide average daily trading volume in the Common Stock on all national securities exchanges and automated quotation systems, if any, on which the Common Stock is listed or designated for quotation (as the case may be), excluding any sales of Common Stock by MGP, for the 10 trading days immediately preceding such trading day and (ii) $295,000 worth of Common Stock. Hanover, MGP and the Company may modify this restriction by mutual written agreement. | ||||||||
The December Settlement Agreement further provides that in no event shall the number of shares of Common Stock issued to MGP or its designee in connection with the December Settlement Agreement, when aggregated with all other shares of Common Stock then beneficially owned by Hanover, MGP and their respective affiliates, and the rules and regulations thereunder), result in the beneficial ownership by Hanover, MGP and their respective affiliates at any time of more than 9.99% of the Common Stock. | ||||||||
The remaining terms of the December Settlement Agreement and December Order are substantially the same as the terms of the Settlement Agreement and Order executed in April and July. See Note 26 for recent developments relating to this transaction. | ||||||||
LONGTERM_DEBT
LONG-TERM DEBT | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||
LONG-TERM DEBT | ' | |||||||||||||||||||
16. LONG-TERM DEBT | ||||||||||||||||||||
Below is a summary of the long-term portion and current portion of long-term debt as at December 31, 2013 and 2012: | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Description | Long-term | Current portion | Total | Long-term | Current portion | Total | ||||||||||||||
Piraeus Bank A.E. (as the successor of Cyprus Popular Bank Public Co. Ltd. (formerly, Marfin Egnatia Bank S.A.) (“Piraeus Bank (CPB loan)”) Credit Facility | $ | - | $ | 32,525 | $ | 32,525 | $ | - | $ | 32,525 | $ | 32,525 | ||||||||
Portigon AG (ex West LB Bank) Credit Facility | - | 24,781 | 24,781 | - | 25,250 | 25,250 | ||||||||||||||
Piraeus Bank Credit Facilities | - | - | - | - | 17,964 | 17,964 | ||||||||||||||
Mojave Finance Inc | - | 3,000 | 3,000 | - | 3,000 | 3,000 | ||||||||||||||
Ending Balance | $ | - | $ | 60,306 | $ | 60,306 | $ | - | $ | 78,739 | $ | 78,739 | ||||||||
Due to its economic conditions and operational difficulties during 2011, the Company entered into restructuring discussions with each of the lenders under the Company’s facility and credit agreements set forth in sections (a) through (h) below, the holders of the 7% Notes set forth in Note 17 and the counterparties to the Company’s capital leases set forth in Notes 17 and 26 (Capital Lease Obligations) (collectively, the agreements governing such debt, the “Financing Documents”). As part of those discussions, the Company appointed Moelis & Company (“Moelis”) to act as the Company’s financial advisors in respect of an overall restructuring proposal with respect to the Financing Documents. On November 8, 2011, the Company and Moelis presented to each of the lenders under the Financing Documents a commercial presentation which set out a comprehensive global restructuring proposal (the “Restructuring Proposal”), and which included, among other things, proposed amendments to the Financing Documents (including amortization relief and reset of financial covenants). The aim of the restructuring was to increase liquidity, normalize trade vendor payments and deleverage the Company on a going forward basis. The Company has completed the restructuring efforts for the Syndicate Facility Agreement, Kamsarmax Syndicate Facility Agreements, Eurobank Credit Facility, Northern Shipping Fund LLC Capital Lease Obligation, Portigon AG (formerly, West LB Bank) Credit Facility, Piraeus Bank Credit Facilities, Handysize Syndicate Facility Agreement, Lemissoler Maritime Company W.L.L. Capital Lease Obligation (all references to the Lemissoler Maritime Company W.L.L. Capital Lease Obligation refer to the agreement entered into with Prime Mountain Shipping Ltd, Prime Lake Shipping Ltd, Prime Time Shipping Ltd and Prime Hill Shipping Ltd, the four affiliate companies of Lemissoler Maritime Company W.L.L., in November 2010, for the sale and immediate bareboat leaseback of four dry bulk vessels comprised of three Capesize vessels, the Brazil, the Australia, and the China, as well as the Panamax vessel Grand Rodosi) and the 7% Notes, subject, in the case of the Syndicate Facility Agreement, to final payment of outstanding fees. However, due to the recent economic conditions of the country of Cyprus and the acquisition of the Greek branch of Cyprus Popular Bank Public Co. Ltd. by Piraeus Bank A.E. (“Piraeus Bank”), the Company’s restructuring efforts with Piraeus Bank (CPB loan) have experienced difficulties and, as a result, have been delayed. Due to these difficulties, the Company has chosen to treat its negotiations with Piraeus Bank (CPB loan) separately from its restructuring efforts with its other lenders. The Company remains in restructuring negotiations with Piraeus Bank (CPB loan) outside of the Restructuring Proposal. In addition, while the Company has completed its restructuring efforts with the lenders under the Syndicate Facility Agreement, it continues to have an outstanding liability of $129 under the Syndicate Facility Agreement related to loan fees outstanding. While the proceeds from the sale of the four LR1 vessels under the Syndicate Facility Agreement were used to repay the outstanding amounts owed and fees under the agreement, the Company has nevertheless not been formally discharged and released of any and all of its obligations in respect of the Syndicate Facility Agreement due to this outstanding liability. | ||||||||||||||||||||
During 2011 and 2012 the Company sold, disposed of or handed control over to its lenders a total of 20 vessels and hulls under construction (or the ownership of the shipowning subsidiaries) in connection with the restructuring. To the extent that the Company has sold vessels, the sale proceeds have been used to repay the related debt. | ||||||||||||||||||||
Since June 2011, the Company had defaulted under each of its Financing Documents in respect of certain covenants (including, in some cases, the failure to make amortization and interest payments, the failure to satisfy financial covenants and the triggering of cross-default provisions). As of December 31, 2013, the Company was in default under its credit agreements with Piraeus Bank (CPB loan), Mojave Finance Inc. and the 4.5% Senior Convertible Note due in 2022 issued to Prime Shipping Holding Ltd (“Prime”)(an affiliate of Lemissoler Maritime Company W.L.L. (“Lemissoler”) )(“4.5% Note”) (refer to Note 17), as those credit facilities had not yet been restructured and discharged. In addition, as of December 31, 2013, the Company was also in default in relation to Portigon AG. To date, the Company continues to be in default under the Piraeus Bank (CPB loan) Credit Facility, the 4.5% Note, the Portigon AG Credit Facility, and the Mojave Finance Inc. Credit Facility. These lenders have continued to reserve their rights in respect of such defaults. They have not exercised their remedies at this time; however, they could change their position at any time. As such, there can be no assurance that a satisfactory final agreement will be reached with these lenders, or at all. | ||||||||||||||||||||
As of December 31, 2013, the Company has defaulted on payments of principal and interest with respect to the Piraeus Bank (CPB loan), Portigon AG and Mojave Finance Inc and was not in compliance with certain of its covenants. Since the Company’s lenders have the right, absent receipt of waivers, to demand the repayment of its debt at any given time, the Company reclassified its long term debt as of December 31, 2013 and 2012 as current liabilities in its consolidated balance sheet. | ||||||||||||||||||||
(a) Syndicate Facility Agreement | ||||||||||||||||||||
As part of the 2009 recapitalization, the Company’s existing syndicate of lenders entered into a $221,400 facility agreement, referred to herein as the “Syndicate Facility Agreement”, by and among the Company and the banks identified therein in order to refinance the Company’s existing revolving credit facility. | ||||||||||||||||||||
On December 21, 2011, with the consent of the lenders under the Syndicate Facility Agreement, the Company agreed for the sale of the four LR1 vessels related to this facility, and the lenders agreed with NewLead to accept the gross sale proceeds in full and final satisfaction of all liabilities owed to the syndicate under the governing loan agreement. Following this agreement, $64,532, which constituted the proceeds of the sales of the Newlead Avra and the Newlead Fortune (sold in December 2011), and $80,159, which constituted the proceeds of the sales Newlead Compass and the Newlead Compassion (sold in January 2012), were applied against the loan. As of December 31, 2013 and 2012, the outstanding balance due to the syndicate lenders was $129, which is included in accounts payable and related to loan fees outstanding. While the proceeds from the sale of the four LR1 vessels under the Syndicate Facility Agreement were used to repay outstanding amounts owed and fees under the agreement, the Company has nevertheless not been formally discharged and released of any and all of its obligations in respect of the Syndicate Facility Agreement due to this outstanding liability as of December 31, 2012. | ||||||||||||||||||||
(b) Piraeus Bank (as the successor of Cyprus Popular Bank Public Co. Ltd. (formerly, Marfin Egnatia Bank S.A.) (“Piraeus Bank (CPB loan)”) Credit Facility | ||||||||||||||||||||
On December 10, 2010, the Company entered into a Loan Agreement with Piraeus Bank (as the successor of Cyprus Popular Bank Public Co. Ltd.) (“Piraeus Bank (CPB loan)”) for a reducing revolving credit facility of up to $62,000, in order to refinance the loans of the Newlead Venetico and the Newlead Markela, and to finance the working and investment capital needs. The provisions of the agreement include a cash sweep of all surplus of quarterly earnings of the related vessels. Borrowings under this loan facility bore during 2013 an approximate effective interest rate of 6.32%, including the margin. | ||||||||||||||||||||
On April 5, 2012, with the consent of Piraeus Bank (CPB loan), the Company entered into an agreement for the sale of the Newlead Venetico and that vessel was delivered to the buyer on May 8, 2012 for proceeds of approximately $9,450. The proceeds of such sale were applied towards (a) the prepayment of the total outstanding amounts due under the loan agreement for the Newlead Venetico in a total aggregate amount of $6,736, (b) interest payable and (c) the payment of outstanding trade and vendor payments. Since June 2013 and as of December 31, 2013, the outstanding balance on such loan facility of $32,525 is fully payable. | ||||||||||||||||||||
As of December 31, 2013 and 2012, the Company has defaulted on interest payments under the loan agreement. | ||||||||||||||||||||
(c) Portigon AG (formerly, West LB Bank) Credit Facility | ||||||||||||||||||||
On April 1, 2010, the Company assumed a Loan Agreement with Portigon AG, relating to a term loan facility of up to $27,500 in relation to the Newlead Victoria. On March 28, 2013, the Company agreed with Portigon AG (“Portigon”) to certain amendments to the credit facility, which include, among others, that: (a) the outstanding balance of $25,250 is to be payable in 3 quarterly installments of $300, followed by 5 quarterly installments of $375, followed by 15 quarterly installments of $475, followed by a balloon payment of $15,350 due on the last payment date (the first repayment installment shall be repaid on June 30, 2013 and the balloon installment shall be repaid on January 31, 2019), (b) the Company is waived from the application of the minimum security cover provisions set out in the original agreement as of the date of the amendment until the earlier of (i) the date on which the bank is satisfied that the security cover ratio is not less than 100% and (ii) December 31, 2013 (inclusive), and (c) the Company was waived from the application of the financial covenants as of the date of the amendment until June 30, 2013 (inclusive). | ||||||||||||||||||||
Borrowings under this loan facility bore during 2013 an approximate effective interest rate of 3.40%, including the margin of 3.25%. The applicable margin is calculated as follows: (a) 3.25% per annum at any time when the vessel is not subject to an approved charter and the security cover ratio is less than 125%; (b) 3% per annum at any time when the vessel is subject to an approved charter and the security cover ratio is less than 125%; (c) 2.75% per annum at any time when the vessel is not subject to an approved charter and the security cover ratio is equal to or greater than 125%; and (d) 2.50% per annum at any time when the vessel is subject to an approved charter and the security cover ratio is equal to or greater than 125%. | ||||||||||||||||||||
Furthermore, it was agreed that Portigon will have the option to demand the sale of the vessel Newlead Victoria at any time that the market value of the vessel is at least equal to the amount of the loan outstanding on that date. Portigon will be entitled to 75% of the balance of the proceeds after repayment of the outstanding loan balance, any other amounts owed under the loan agreement (i.e. accrued interest), any direct sale costs approved by Portigon and any trade debt for an amount which will not exceed in aggregate $500. Moreover, the vessel’s excess cash must be applied towards the prepayment of the balloon installment, in accordance with the following, all as described in the amended loan facility: (i) if the Company is in compliance with the value to loan ratio, 50% of the excess cash must be applied towards prepayment of the loan facility; and (ii) if the Company is not in compliance with the value to loan ratio, 100% of the excess cash must be applied towards the prepayment of the loan facility. | ||||||||||||||||||||
The vessel’s excess cash must be applied towards the prepayment of the balloon installment until such time as the balloon installment has been reduced to $6,000, in accordance with the following, all as described in the loan facility: (i) if the Company is in compliance with the value to loan ratio, 50% of the excess cash must be applied towards prepayment of the loan facility; and (ii) if the Company is not in compliance with the value to loan ratio, 100% of the excess cash must be applied towards the prepayment of the loan facility. The value to loan ratio is set at 100% until December 31, 2012 and 125% thereafter. As of December 31, 2013, the Company was not in compliance with this ratio. The loan facility includes, among other things, financial covenants including: (i) a minimum market adjusted equity ratio of 25% for the period from September 30, 2012 until June 30, 2013, increasing to 30% thereafter (as of December 31, 2013, the Company was in breach of this covenant); (ii) a minimum liquidity equal to at least 5% of the total debt during the period the loan facility remains outstanding (as of December 31, 2013, the Company was in compliance of this covenant); (iii) working capital (as defined in the loan facility) must not be less than zero dollars ($0) during the period the loan facility remains outstanding (as of December 31, 2013, the Company was in breach of this covenant) and (iv) a minimum interest coverage ratio of 2:1 for the period from September 30, 2012 until June 30, 2013, increasing to 2.5:1 thereafter (as of December 31, 2013, the Company was in breach of this covenant). As of December 31, 2013, the Company has defaulted on principal and interest payments. As of December 31, 2013, the outstanding balance was $24,781. | ||||||||||||||||||||
(d) Piraeus Bank Credit Facilities | ||||||||||||||||||||
On April 1, 2010, the Company assumed a Loan Agreement with Piraeus Bank, dated March 31, 2010, for a loan of up to $21,000 relating to the Grand Ocean. On December 29, 2011, the Company, with the consent of Piraeus Bank, entered into an agreement for the sale of the Grand Ocean and that vessel was delivered to the buyer on January 11, 2012 for proceeds of approximately $8,150. Piraeus Bank applied the proceeds of such sale towards (a) the prepayment of $6,510 of the outstanding amounts due under the loan agreement for the Grand Ocean (b) interest payable and (c) the payment of outstanding trade and vendor payments. In addition, a repayment of $490 was effected on June 21, 2012. | ||||||||||||||||||||
On April 1, 2010, the Company also assumed a Loan Agreement with Piraeus Bank, dated March 19, 2008, as supplemented by a First Supplemental Agreement, dated February 26, 2009, and a Second Supplemental Agreement, dated March 31, 2010, for a loan of up to $76,000 in relation to the Hiona and the Hiotissa. On June 20, 2012, the Company entered into an agreement with Piraeus Bank, as amended on April 10, 2013 to proceed with the sale of two tanker vessels, Hiona and Hiotissa, for an aggregate amount of approximately $57,000 and to convert the remaining outstanding debt of Hiona, Hiotissa and Grand Ocean, subject to the satisfaction of certain conditions precedent by the Company, into common shares of the Company. The Hiona and Hiotissa were sold during July 2012, and the proceeds of such sale were applied towards (a) the prepayment of the total outstanding amounts due under the loan agreement for the two vessels, in an aggregate amount of approximately $51,100, (b) interest payable and (c) the payment of outstanding trade and vendor payments. In addition, a repayment of $271 was effected on November 2, 2012. | ||||||||||||||||||||
On April 11, 2013, 102,779 common shares were issued to Piraeus Bank and vested immediately upon issuance. Pursuant to a Registration Rights Agreement entered into in connection with the agreement, as subsequently amended on April 10, 2013, Piraeus Bank may demand that the Company file a registration statement with respect to the shares, request that the Company file a registration statement on Form F-3 if the Company is entitled to use such form, or request that the common shares be covered by a registration statement that the Company is otherwise filing (i.e., piggy-back registration). On April 25, 2013, the Company was fully discharged and released from any and all obligations to Piraeus Bank under the credit facilities. As of December 31, 2013, the outstanding balance was $0. | ||||||||||||||||||||
(e) Kamsarmax Syndicate Facility Agreements | ||||||||||||||||||||
On April 15, 2010, the Company assumed two facility agreements (the “Kamsarmax Syndicate Facility Agreements”) in relation to the two acquired Kamsarmaxes (“Kamsarmax Syndicate”), the Newlead Tomi and the Newlead Gujarat. The senior facility agreement which was entered into with Bank of Scotland, BTMU Capital Corporation and Bank of Ireland, was for $66,667 and the junior facility agreement which was entered into with Bank of Scotland and BTMU Capital Corporation was for $13,333. | ||||||||||||||||||||
On February 24, 2012, the Bank of Scotland issued notices of enforcement and notices of default and acceleration in relation to the senior loan agreement and the junior loan agreement, each dated April 15, 2010, between Ayasha Trading Corporation (“Ayasha”) and Bethune Properties S.A. (“Bethune”), as borrowers, and the Bank of Scotland, BMTU Capital Corporation, and the Bank of Ireland, as lenders. In addition, the Bank of Scotland filed claim forms in the High Court of England and Wales against the borrowers representing claims for approximately $62,684 and $13,938 under the Kamsarmax Syndicate Facility Agreements and sought a declaration, that, among other things, the Bank of Scotland was entitled to make a demand against the Company in respect of sums owing under the Kamsarmax Syndicate Facility Agreements. Ayasha and Bethune were the shipowning companies of the motor vessels “Newlead Tomi” and “Newlead Gujarat,” respectively. Pursuant to such notices, the Bank of Scotland, as the agent and security trustee under each of the Kamsarmax Syndicate Facility Agreements, exercised its rights to foreclose on the shares of Ayasha and Bethune, which secured the loans under the Kamsarmax Syndicate Facility Agreements and the vessels were handed over to the lenders control. The gain on the transaction resulting from the release of the respective liabilities to the lender amounted to $24,576 and is included in Loss from discontinued operations. | ||||||||||||||||||||
On August 1, 2012, the Company was formally discharged and released of any and all of its obligations in respect of the Kamsarmax Syndicate Facility Agreements. | ||||||||||||||||||||
As of December 31, 2012 and 2013, no outstanding balance remained. | ||||||||||||||||||||
(f) First Business Bank (FBB) Credit Facility | ||||||||||||||||||||
As of December 31, 2011, no outstanding balance remained under the FBB credit facility. On April 27, 2012, the Company was fully discharged and released of any and all of its obligations to FBB outstanding under the FBB loan agreements. | ||||||||||||||||||||
(g) Eurobank Credit Facility | ||||||||||||||||||||
On July 9, 2010, the Company assumed a Loan Agreement with Eurobank, for a loan facility of up to $32,000 in relation to the Newlead Esmeralda. On February 10, 2012, with the consent of Eurobank, the Company agreed to the sale of the Newlead Esmeralda for proceeds of approximately $11,400. The proceeds of the sale were applied towards (a) the full and final satisfaction of all indebtedness owed to Eurobank under the loan agreement with Eurobank and (b) the payment of outstanding trade and vendor payments. As of February 16, 2012 the sale of this vessel was completed and on February 16, 2012, the Company was fully discharged and released from any and all obligations to Eurobank under the credit facility and related documents. As of December 31, 2013 and 2012, no outstanding balance remained. | ||||||||||||||||||||
(h) Handysize Syndicate Facility Agreement | ||||||||||||||||||||
On July 9, 2010, the Company assumed a Loan Agreement with DVB Bank, Nord LB and Emporiki Bank, for a loan facility of up to $48,000 in relation to two newbuilding vessels. On March 21, 2012, with the consent of the lenders, the Company entered into a memorandum of agreement with an unrelated party for the sale of the Navios Serenity for proceeds of approximately $26,000. On March 26, 2012 the vessel was sold and the proceeds of the sale were applied towards the outstanding balance owed under the credit facility with DVB Bank, Nord LB and Emporiki Bank. Up to the sale of the vessel, the Company had defaulted on a number of principal and interest payments. On February 20, 2012, the Company received a default letter from the yard in respect of the delay of the payment of an installment of $7,400 after the completion of the “steel cutting” in September 2011 for the Handysize Hull 4029. On May 22, 2012, the Company signed an agreement with the shipbuilder and the Shipbuilding Contract with SPP Shipbuilding Co, Ltd., in which the prior contract with the yard was terminated and ceased to be valid. Under this agreement, the Company and the yard mutually waived all rights and released and discharged each other from all liabilities, obligations, claims and demands. This agreement resulted in the Company being released from the $7,400 liability to the yard and the $7,240 write-off of the balance of the vessel under construction. In addition, on May 22, 2012, the Company was released from its obligations under the related facility for the Handysize Hull 4029, which were $5,492, and on November 23, 2012, the Company was formally discharged and released of any and all of its obligations in respect of the Handysize Syndicate Facility Agreement. | ||||||||||||||||||||
(i) Mojave Finance Inc. Credit Facility | ||||||||||||||||||||
On April 10, 2012, the Company, as a third party, and NewLead Holdings (US) Corp. (refer to Note 6), entered into a Loan Agreement with Mojave Finance Inc., for a secured loan facility of $3,000 in order to finance its coal business. Pursuant to a Pledge Agreement, the loan facility is secured by an interest of 52% in NewLead Mojave Holdings LLC and 50% in New Lead JMEG LLC (the “Security”). The loan was initially payable in three equal monthly installments, the first to be paid one month after the drawdown date with each subsequent payment on a monthly basis. Pursuant to the Loan Agreement, the Company and NewLead Holdings (US) Corp. shall not, without prior written consent of Mojave Finance Inc., permit or create any security interest in the Security or permit or create any security interest in the assets of NewLead Holdings (US) Corp., NewLead Mojave Holdings LLC or New Lead JMEG LLC. Should NewLead Holdings (US) Corp. and/or the Company sell their entire interest in New Lead JMEG LLC, or any part thereof, such entity will have the obligation to prepay the loan, or any portion thereof, as applicable, in proportion to the interest sold. On July 9, 2012, the loan facility was amended. Pursuant to the amendment, the loan was payable after a nine-month period following the drawdown date, with the $3,000 repayment due on January 11, 2013. On January 9, 2013 and July 9, 2013, the loan facility was further amended. Pursuant to the second and the third amendments, the loan is payable after an eighteen-month period following the drawdown date, with the $3,000 repayment due on October 11, 2013. Since October 2013 and as of December 31, 2013, the outstanding balance on such loan facility of $3,000 is fully payable. As of December 31, 2013, the Company has also defaulted in interest payments. Borrowings under this loan facility bore during 2013 an approximate effective interest rate, including the margin of 5.10%. | ||||||||||||||||||||
(l) New Coal Holding LLC | ||||||||||||||||||||
On September 3, 2013, the Company entered into an agreement with New Coal Holding LLC for a Loan Facility of up to $300. The facility was payable in one balloon payment due three months from the final draw-down. During December 2013, the facility was fully repaid through the issuance of 25,000 common shares. However, there is a true-up clause referring to market value of common shares issued for the settlement. Refer to Note 22 for further details. | ||||||||||||||||||||
Joint Venture Loans | ||||||||||||||||||||
(j) Oppenheim Capital Ltd | ||||||||||||||||||||
On March 8, 2013, New Lead JMEG LLC entered into an agreement with Oppenheim Capital Ltd for a revolving credit facility of up to $1,350. The facility was payable in one balloon payment due twelve months from the final draw-down unless the lender agrees, in its sole discretion, to extend to such date as the lender may determine. Borrowings under this facility bore a fixed interest rate of 24% per annum on the unpaid principal balance. The credit facility has been added to Hanover agreement. | ||||||||||||||||||||
(k) Swanbury Investments SA | ||||||||||||||||||||
On March 4, 2013, New Lead JMEG LLC entered into an agreement with Swanbury Investments SA for a Loan Facility of up to $500. The facility was payable in one balloon payment due three months from the final draw-down. Borrowings under this facility bore a fixed interest rate of 24% per annum on the unpaid principal balance. During June 2013, the facility was fully repaid. | ||||||||||||||||||||
Other Information | ||||||||||||||||||||
Amounts drawn under the Piraeus Bank (CPB loan) and Portigon AG are secured by first priority mortgages on the Company’s vessels, guaranteed by each vessel-owning subsidiary and guaranteed by NewLead Holdings. | ||||||||||||||||||||
The amounts shown as interest and finance expense in the statements of operations and comprehensive loss are analyzed as follows: | ||||||||||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||||||||
December 31, | December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Interest expense | $ | 6,952 | $ | 8,125 | $ | 11,528 | ||||||||||||||
Amortization of deferred charges | 460 | 5,624 | 2,112 | |||||||||||||||||
Amortization of the beneficial conversion feature | 264 | 71,561 | 8,161 | |||||||||||||||||
Hanover Holdings I LLC commission | 31,982 | - | - | |||||||||||||||||
Other expenses | 23,012 | 1,239 | 871 | |||||||||||||||||
$ | 62,670 | $ | 86,549 | $ | 22,672 | |||||||||||||||
The effective interest rate at December 31, 2013 was approximately 4.95% per annum (December 31, 2012: 4.31% and December 31 2011: 4.88%). Capitalized interest for the year ended December 31, 2013 amounted to $0 ($20 for the year ended December 31, 2012 and $2,549 for the year ended December 31, 2011, respectively). For the year ended December 31, 2013, other expenses include mainly financing expenses is relation to coal acquisitions in the amount of $20,000, expenses in relation to financing services in respect of the shipping sector in the amount of $2,510 and fair value of convertible notes in the amount of $513. | ||||||||||||||||||||
CONVERTIBLE_NOTES
CONVERTIBLE NOTES | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
CONVERTIBLE NOTES | ' | |||||||||||||||||||||||||||||||
CONVERTIBLE NOTES | ' | |||||||||||||||||||||||||||||||
17. CONVERTIBLE NOTES | ||||||||||||||||||||||||||||||||
7% Notes | 4.5% Notes | 8% Note | 15% Note | 8% & | 12% | Note | 8% Note | 3.9% Note | Total | |||||||||||||||||||||||
-1 | -2 | -3 | -4 | 4.4%Note | Con.Deb | -7 | -8 | -8 | ||||||||||||||||||||||||
-5 | -6 | |||||||||||||||||||||||||||||||
Balance at December 31, 2010 | $ | 45,230 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 45,230 | ||||||||||||
Amortization of the Beneficial Conversion Feature | 8,161 | - | - | - | - | - | - | - | - | 8,161 | ||||||||||||||||||||||
Make whole fundamental change | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||
Balance at December 31, 2011 | 53,391 | - | - | - | - | - | - | - | - | 53,391 | ||||||||||||||||||||||
Amortization of the Beneficial Conversion Feature | 71,561 | - | - | - | - | - | - | - | - | 71,561 | ||||||||||||||||||||||
Partial Conversion of the Convertible Senior Notes | -124,900 | - | - | - | - | - | - | - | - | -124,900 | ||||||||||||||||||||||
Convertible Notes Issued | - | 62,500 | - | - | - | - | - | - | - | 62,500 | ||||||||||||||||||||||
Balance at December 31, 2012 | 52 | 62,500 | - | - | - | - | - | - | - | 62,552 | ||||||||||||||||||||||
Convertible Notes Issued | - | - | 2,855 | 1,000 | 1,525 | 500 | 20,000 | 15,000 | 24,000 | 64,880 | ||||||||||||||||||||||
Beneficial Conversion Feature | - | - | - | -248 | - | - | - | - | - | -248 | ||||||||||||||||||||||
Amortization of the Beneficial Conversion Feature & Warrant | 13 | - | - | 248 | - | 3 | - | - | - | 264 | ||||||||||||||||||||||
Cash payments | - | - | - | - | - | - | - | -125 | - | -125 | ||||||||||||||||||||||
Warrants attached | - | - | - | - | - | -142 | - | - | - | -142 | ||||||||||||||||||||||
Notes Converted to shares | - | - | -2,855 | -1,000 | - | - | - | -8,875 | -12,800 | -25,530 | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | 65 | $ | 62,500 | $ | - | $ | - | $ | 1,525 | $ | 361 | $ | 20,000 | $ | 6,000 | $ | 11,200 | $ | 101,651 | ||||||||||||
(1) Senior Convertible 7% Notes | ||||||||||||||||||||||||||||||||
In connection with the recapitalization on October 13, 2009, the Company issued $145,000 in aggregate principal amount of 7% Notes. The 7% Notes were convertible into common shares at a conversion price of $4,050.00 per share (“Any time” conversion option), subject to adjustment for certain events, including certain distributions by the Company of cash, debt and other assets, spin offs and other events. The issuance of the 7% Notes was pursuant to the Indenture dated October 13, 2009, between the Company and Piraeus Bank (as the successor of Cyprus Popular Bank Public Co. Ltd.), and the Note Purchase Agreement, executed by each of Investment Bank of Greece and Focus Maritime Corp. as purchasers. | ||||||||||||||||||||||||||||||||
All of the outstanding 7% Notes owned by Focus Maritime Corp. were pledged to, and their acquisition was financed by, Piraeus Bank (as the successor of Cyprus Popular Bank Public Co. Ltd.) $20,000 of the proceeds of the 7% Notes were used to partially repay a portion of existing indebtedness and the remaining proceeds were used for general corporate purposes and to fund vessel acquisitions. The Note Purchase Agreement and the Indenture with respect to the 7% Notes contained certain covenants, including, among others, limitations on the incurrence of additional indebtedness, except for approved vessel acquisitions, and limitations on mergers and consolidations. In connection with the issuance of the 7% Notes, the Company entered into a Registration Rights Agreement providing the holders of the 7% Notes with certain demand and other registration rights for the common shares underlying the 7% Notes. The Investment Bank of Greece also received warrants to purchase up to 926 common shares at an exercise price of $10,800.00 per share, with an expiration date of October 13, 2015, in connection with advisory services provided by the Investment Bank of Greece to the Company. | ||||||||||||||||||||||||||||||||
In November 2009, Focus Maritime Corp., a company controlled by Michail Zolotas, the Company’s Chairman, Chief Executive Officer and member of the Company’s Board of Directors, converted $20,000 of the 7% Notes into approximately 5,000 new common shares of the Company. In connection with the restructuring of NewLead’s debt, on July 2, 2012, the Company entered into an agreement with Focus Maritime Corp. for the conversion of its remaining $124,900 of the 7% Notes, together with interest accrued thereon and future interest payment and an additional fee payable to Focus Maritime Corp. as an inducement for the conversion, into approximately 589,000 common shares of the Company. Under the agreement with Focus Maritime Corp., the Company may not allow debt to equity conversions on more favorable terms to other debtors. | ||||||||||||||||||||||||||||||||
Upon the issuance of the notes, the Company recorded a BCF totaling $100,536 as a contra liability (discount) that had to be amortized into the income statement (via interest charge) over the life of the 7% Notes. For the year ended December 31, 2013, $13 of the BCF was amortized and reflected as interest expense in the statements of operations and comprehensive loss ($71,561 for the year ended December 31, 2012, and $8,161 for the year ended December 31 2011). In addition, as a result of the agreement with Focus Maritime Corp., the Company recorded an inducement loss of $293,109, which is included in Loss on extinguishment of convertible notes. Accordingly, in the aggregate, $100 of the 7% Notes remained outstanding as of December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||
As of December 31, 2013, the Company was not in compliance with its financial covenants on this indebtedness and had defaulted on three coupon payments. As such, the full amount outstanding was reclassified to current liabilities. | ||||||||||||||||||||||||||||||||
(2) Senior Convertible 4.5% Note | ||||||||||||||||||||||||||||||||
In November 2010, the Company entered into an agreement with Lemissoler Maritime Company W.L.L. (“Lemissoler”) for the sale and immediate bareboat leaseback of four dry bulk vessels comprised of three Capesize vessels, the Brazil, the Australia, and the China, as well as the Panamax vessel Grand Rodosi. Total consideration for the sale was $86,800 and the bareboat leaseback charter period was eight years. NewLead retained call options to buy the vessels back during the lease period at pre-determined decreasing prices and was obligated to repurchase the vessels for approximately $40,000 at the end of the lease term. The repurchase obligation could be paid partially in cash and partially in common shares, at the Company’s option. | ||||||||||||||||||||||||||||||||
The Company concluded that it had retained substantially all of the benefits and risks associated with such vessels and has treated the transaction as a financing, resulting in an immediate loss of $2,728 (for those vessels where their fair value was below their carrying amount) and deferred gain of $10,540 (for those vessels where their fair values was above their carrying amount) which had been amortized over the life of each vessel. The unamortized portion of $9,083 as of December 31, 2011 was written off upon the redelivery of the vessels and is reported under discontinued operations. The amortization for the year ended December 31, 2011 amounted to $1,316 and is reported under discontinued operations. | ||||||||||||||||||||||||||||||||
On January 31, 2012, February 7, 2012, February 11, 2012, and March 19, 2012, respectively, pursuant to various redelivery addendums to certain sale and leaseback agreements, the Company completed the redelivery of the four dry bulk vessels, the Australia, the Grand Rodosi, the China and the Brazil, to their owners which are affiliates of Lemissoler. On November 28, 2012, the Company entered into a settlement and standstill agreement (the “Settlement Agreement”) with Prime, which sets out the terms and conditions on which Lemissoler has agreed to the settlement of amounts outstanding and due to them from the Company pursuant to various agreements that had been entered into between the Company and Lemissoler (the “Lemissoler Indebtedness”) and a standstill and waiver of Lemissoler’s right to take action in respect of the Lemissoler Indebtedness and the failure of the Company to perform their respective obligations under such agreements, which includes, for the avoidance of doubt, any existing or future liabilities under agreements relating to the operation of vessels chartered or assigned to Lemissoler. | ||||||||||||||||||||||||||||||||
Pursuant to the Settlement Agreement: (a) the Lemissoler Indebtedness was settled by issuing (i) 243,003 common shares of the Company to Prime; and (ii) $50,000 aggregate principal amount of the Company’s the 4.5% Senior Convertible Note due in 2022 issued to Prime Shipping Holding Ltd (“Prime”)(an affiliate of Lemissoler Maritime Company W.L.L. (“Lemissoler”) )(“4.5% Note”) with such terms as described below; and (b) all fees, costs and expenses incurred by Prime in connection with the transaction will be paid from the issuance of 1,084 common shares of the Company (covering $400 in fees) to Prime (with any shortfall from the sale of the common shares to be fully paid and settled by the Company, which may be satisfied by issuing further common shares of the Company to Prime). As of December 31, 2012, Prime received 243,003 common shares of the Company for the outstanding balance and 1,084 common shares of the Company for the fees, costs and expenses incurred by Prime and the Company issued to Prime the 4.5% Note. In addition, in connection with the Settlement Agreement, the Company entered into a registration rights agreement with Prime, pursuant to which NewLead is obligated to file a registration statement or registration statements covering the potential sale of the common shares of the Company issued to Prime and the shares of the Company’s common shares issuable upon conversion of the 4.5% Note. Prime may also request that the Company file a registration statement on Form F-3 if NewLead is entitled to use such form, or request that their purchased common shares be covered by a registration statement that the Company is otherwise filing (i.e., piggy-back registration). As a result of the agreement with Prime, the Company recorded an aggregate loss of $50,574, which is included in Loss from discontinued operations. | ||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, no outstanding balance remained on the lease debt. On January 30, 2013, the Company was formally released from all of its obligations and liabilities under the relevant finance lease documentation. | ||||||||||||||||||||||||||||||||
The $50,000 in aggregate principal amount of its notional 4.5% Senior Convertible Note due in 2022 to Prime issued in December 31, 2012, will bear interest at an annual rate of 4.5%, which is payable quarterly on March 1, June 1, September 1 and December 1 of each year (beginning on March 1, 2013), until maturity in December 2022 or earlier upon redemption, repurchase or conversion in accordance with its terms. At the option of the Company, subject to certain conditions, interest and principal payments may be satisfied by issuing additional common shares of the Company (rather than in cash). | ||||||||||||||||||||||||||||||||
The amount of shares to be paid is calculated by dividing (i) the per share amount equal to 80% of the arithmetic average of the daily volume-weighted average price (“VWAPs”) of the Company’s common shares for all of the trading days during the period of 30 consecutive trading days ending on and including the trading day immediately preceding the interest payment date into (ii) an amount equal to the total amount of cash such holder would receive if the aggregate amount of interest on the 4.5% Note was being paid in cash. The 4.5% Note is convertible, at a holder’s option, at any time prior to the close of business on the maturity date or earlier upon redemption or repurchase in accordance with its terms. The holder has the right to convert the principal amount of the 4.5% Note, or any portion of such principal amount which is at least $1 (or such lesser principal amount of the 4.5% Note as shall be outstanding at such time), plus accrued and unpaid interest, into that number of fully paid and non-assessable common shares of the Company (as such shares shall then be constituted) obtained by dividing (1) the sum of (x) the principal amount of the 4.5% Note or portion thereof being converted plus (y) accrued and unpaid interest on the portion of the principal amount of the 4.5% Note being converted to the applicable conversion date plus (z) accrued and unpaid default interest, if any, on the amount referred to in the immediately preceding clause (y) to the applicable conversion date by (2) the Conversion Price (as defined below) in effect on the applicable conversion date. The Conversion Price means an amount equal to 80% of the arithmetic average of the daily VWAPs of the common shares of the Company for all of the trading days during the period of 30 consecutive trading days ending on and including the trading day immediately preceding the conversion date. If the holder does not convert the 4.5% Note prior to the maturity date, then so long as no certain events of default (“Events of Default”) or an event triggering a repurchase (“Repurchase Event”) has occurred and is continuing, the principal of and accrued interest on the 4.5% Note that is outstanding on the maturity date shall automatically convert, without further action by the holder, into common shares of the Company. The number of common shares issued by the Company to the holder upon such conversion shall be the quotient obtained by dividing (x) the outstanding principal of and accrued interest on the 4.5% Note on the maturity date by (y) the Conversion Price then in effect. | ||||||||||||||||||||||||||||||||
The Company may redeem all or part of the outstanding principal amount of the 4.5% Note at any time, subject to certain conditions, at a redemption price in cash equal to the sum of (1) 100% of the outstanding principal amount of the 4.5% Note plus (2) accrued and unpaid interest on such principal amount to the redemption date plus (3) accrued and unpaid default interest, if any, on the amount referred to in the immediately preceding clause (2) at the rate provided in the 4.5% Note to the redemption date, subject to certain conditions specified in the 4.5% Note. If a Repurchase Event occurs, the holder will have the right, at the holder’s option, to require the Company to repurchase all of the 4.5% Note, or any portion thereof, on a repurchase date that is five business days after the date of the holder delivered its notice with respect to such Repurchase Event. The repurchase price will be an amount in cash equal to the sum of (1) 100% of the outstanding principal amount of the 4.5% Note that the holder has elected to be repurchased plus (2) accrued and unpaid interest on such principal amount to the date of such repurchase plus (3) accrued and unpaid default interest, if any, thereon at the rate provided in the 4.5% Note to the date of such repurchase. If an Event of Default shall have occurred, then the applicable interest rate shall be increased to 6.5% per annum during the period from the date of such Event of Default until the date no Event of Default is continuing. The Company may, at its option, subject to certain conditions, make any payments required to be made by the Company to the holder upon acceleration of the 4.5% Note by reason of certain Events of Default in common shares of the Company. | ||||||||||||||||||||||||||||||||
The transaction above in substance represents a financial instrument that embodies an unconditional obligation, or a financial instrument other than an outstanding share that embodies a conditional obligation, that the issuer must or may settle by issuing a variable number of its equity shares shall be classified as a liability if, at inception, the monetary value of the obligation is based on a fixed monetary amount known at inception (for example, a payable settled with a variable number of the issuer’s equity shares). All other financial instruments recognized under such guidance shall be measured initially at fair value. Subsequent changes shall be measured at fair value with changes in fair value recognized in earnings. | ||||||||||||||||||||||||||||||||
Based on the above guidance, the aforementioned transaction should be recorded at fair value, both initially and in subsequent periods. Changes in fair value should be recorded through earnings. Fair value should be determined based on the total number of shares that will be used to settle the amount. The fair value at inception will be the amount of $50,000 divided by 80%. | ||||||||||||||||||||||||||||||||
On the date of the issuance, the fair value of the 4.5% Note amounted to $62,500. As of December 31, 2013, the Company was not in compliance with certain covenants on this indebtedness. | ||||||||||||||||||||||||||||||||
(3) Senior Convertible promissory 8% Note | ||||||||||||||||||||||||||||||||
On June 19, 2013, the Company issued a senior convertible promissory note to Tiger Equity Partners Ltd. (“Tiger”) for up to $1,670 (the “Tiger Note”), with an additional financial option of $2,330. The Company has exercised this option and received additional $1,185 financing. The Tiger Note is due on June 19, 2014. Borrowings under this note bear a fixed interest rate of 8% per annum on the unpaid principal balance if paid in cash or 15% per annum on the outstanding principal balance if settled by issuance of shares of the Company, at the option of the Company. The Tiger Note contains anti-dilution adjustments under certain circumstances. At the holder’s option, the Tiger Note is convertible into common shares at a conversion price equal to 95% of the arithmetic average of the closing price of the Company’s common shares on the five trading days prior to and beginning with the date two business days before the maturity date or the conversion date. During December, 2013 the Tiger Note has been converted into 211,846 common shares, including outstanding accrued interest. However, there is a true-up obligation regarding the fair value of the shares issued. Refer to Note 22 for further details. | ||||||||||||||||||||||||||||||||
(4) Senior Convertible promissory 15% Note | ||||||||||||||||||||||||||||||||
On February 5, 2013, the Company issued a senior convertible promissory note to Good Faith Credit LLC (“Good Faith”), for up to $1,000 (the “Good Faith Note”). The Good Faith Note was due in one balloon payment on August 4, 2014. Borrowings under this Good Faith Note bore a fixed interest rate of 10% per annum on the unpaid principal balance and 5% per annum on the outstanding principal balance and any accrued and unpaid cash interest payable in the Company’s common shares or cash, at the option of the Company. The Good Faith Note was convertible into common shares at a conversion price of $369 per share at holder’s option, at any time and from time to time. During September, 2013 the Good Faith Note has been converted into 35,001 common shares, including outstanding accrued interest. | ||||||||||||||||||||||||||||||||
(5) Financial Institutions 8% and 4.4% Note | ||||||||||||||||||||||||||||||||
During December 2013, the Company issued convertible promissory notes to financial institutions totaling $1,470 (The "8% notes"). These 8% notes are due in one balloon payment during September 2014. Borrowings under these 8% notes bear a fixed interest rate of 8% per annum on the unpaid principal balance. These 8% notes are convertible into common shares at a conversion price of 65% of average of the lowest 3 Trading prices during 10 trading day period at holder’s option, at any time and from time to time. As of December 31, 2013 the full amount of these 8% notes is outstanding. | ||||||||||||||||||||||||||||||||
During December 2013, the Company assumed a convertible promissory note upon the acquisition of VPP totaling $55 (the “4.4% note"). The 4.4% note is due in one balloon payment during October 2014. Borrowings under the 4.4% note bear a fixed interest rate of 4.4% per annum on the unpaid principal balance. The 4.4% note is payable in monthly installments of $5 including interest. The note is collateralized by certain equipment. | ||||||||||||||||||||||||||||||||
(6) Convertible Debenture 12% | ||||||||||||||||||||||||||||||||
On December 23, 2013, the Company issued a convertible debenture to Dominion Capital LLC, for up to $500. The Dominion debenture is due on December 23, 2014. Borrowings under this debenture bear a fixed interest rate of 12% per annum on the unpaid principal balance if paid in cash. The Dominion debenture also contains interest and anti-dilution adjustments under certain circumstances. The Dominion debenture is convertible into common shares at a conversion price equal to the lesser of a) $13.5 and b) 70% of average of the lowest 3 VWAP during 15 Trading day period at holder’s option, at any time and from time to time. As of December 31, 2013, the full amount of the Dominion debenture is outstanding. Please see also Note 22 in relation to derivatives associated with the convertible debenture. | ||||||||||||||||||||||||||||||||
(7) Unsecured Convertible Note | ||||||||||||||||||||||||||||||||
On December 27, 2013, the Company issued three unsecured convertible notes to NM Dauphin & Company Limited, Ray Capital Inc. and Tiger Capital Partners Ltd, for up to $20,000. The three notes are due in 60 days by issuance of common shares par value $0.10 at a conversion price equal to the average of the closing prices for the 10 trading days immediately prior to but no including the date of issuance of the shares. Borrowings under this note do not bear an interest rate. Moreover, these unsecured convertible notes contain a true-up clause for a period of five year. As of December 31, 2013, the full amount of the three notes is outstanding. | ||||||||||||||||||||||||||||||||
(8) Senior Secured 8% and 3.9% Note | ||||||||||||||||||||||||||||||||
On September 13, 2013 and December 9, 2013 the Company issued senior secured notes to Pallas Holding LLC and Pallas Highwall Mining LLC, for up to $15,000 and $24,000, respectively (the “Pallas Notes”). The Pallas Notes are due in December 31, 2014 by the option of wire transfer or issuance of common shares, par value $0.10, at the trading price of the common shares prior to issuance. Borrowings under the Pallas Notes bear fixed interest rate 8% and 3.9%, respectively. The Pallas Notes are convertible into common shares at a conversion price equal to the average of the 60 trading days and 10 trading days, respectively. Regarding the $24,000 senior secured note with Pallas Highwall Mining LLC, 100% of the membership interest in Viking Prep Plant LLC, which were acquired through this senior secured note, has been mortgaged back to Pallas Highwall Mining LLC. | ||||||||||||||||||||||||||||||||
In relation to $15,000 note, the Company paid (i) $125 of principal on the senior secured promissory note in cash and (ii) $5,875 of principal on the note through issuing 85,611 shares of the Company’s common stock. Accordingly, immediately following the closing, the remaining balance on the senior secured promissory note was $9,000, which amount is to be paid quarterly commencing on September 30, 2013, with each quarterly payment to be a principal amount of $1,500 plus accrued but unpaid interest thereon. | ||||||||||||||||||||||||||||||||
In relation to $24,000 note, the Company paid (i) $10,000 of principal on the senior secured promissory note through issuing 515,464 shares of the Company’s common stock. Accordingly, immediately following the closing, the remaining balance on the senior secured promissory note was $14,000, which amount is to be paid quarterly commencing on December 31, 2013, with each quarterly payment to be a principal amount of $2,800 plus accrued but unpaid interest thereon. | ||||||||||||||||||||||||||||||||
As of December 31, 2013, the amount of the outstanding Pallas Notes outstanding is $6,000 and $11,200 respectively. During 2013, the Company has paid through total shares of 284,230 for the total amount of installments and accrued interest of $6,020. However, there is a true-up obligation regarding the fair value of the shares issued. Refer to Note 22 for further details. | ||||||||||||||||||||||||||||||||
The Company has entered into a variety of transactions in order to develop the commodities sector. Therefore, there is need for funds that are covered through convertible notes. | ||||||||||||||||||||||||||||||||
ASSET_RETIREMENT_OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||
ASSET RETIREMENT OBLIGATIONS | ' | ||||
18. ASSET RETIREMENT OBLIGATIONS | |||||
As of December 31, 2013, the Company has recorded asset retirement obligations for mine reclamation and closure costs totaling $979. Changes in the asset retirement obligations were as follows: | |||||
Total asset retirement obligations at December 31, 2011 | $ | - | |||
Accretion for the period | - | ||||
Sites added during the period | - | ||||
Revisions in estimated cash flows | - | ||||
Expenditures for the period | - | ||||
Total asset retirement obligations at December 31, 2012 | - | ||||
Accretion for the period | 37 | ||||
Sites added during the period | 942 | ||||
Revisions in estimated cash flows | - | ||||
Expenditures for the period | - | ||||
Total asset retirement obligations at December 31, 2013 | $ | 979 | |||
Less current portion | - | ||||
Long-term portion | $ | 979 | |||
SEGMENT_INFORMATION
SEGMENT INFORMATION | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||||||||
19. SEGMENT INFORMATION | ||||||||||||||||||||
The Company has two reportable segments from which it derives its revenues: Coal and Shipping Operations. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Coal typically consists of mining operations and coal washing services, while the Shipping Operations consist of transportation and handling of bulk cargoes through ownership, operation, and trading of vessels. | ||||||||||||||||||||
The Company measures segment performance based on loss from continuing operations. Inter-segment sales and transfers are not significant and have been eliminated and are not included in the following tables. Summarized financial information concerning each of the Company's reportable segments is as follows: | ||||||||||||||||||||
Shipping | Coal | Total | ||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Operating revenue | $ | 7,140 | $ | 8,928 | $ | 203 | $ | - | $ | 7,343 | $ | 8,928 | ||||||||
Commissions | -80 | -107 | - | - | -80 | -107 | ||||||||||||||
Voyage expenses | -1,006 | -158 | - | - | -1,006 | -158 | ||||||||||||||
Vessel operating expenses | -4,598 | -3,266 | - | - | -4,598 | -3,266 | ||||||||||||||
Cost of coal sales | - | - | -75 | - | -75 | - | ||||||||||||||
Selling, general and administrative expenses | -79,622 | -8,249 | -2,271 | - | -81,893 | -8,249 | ||||||||||||||
Other income / (expense), net | 47 | -3,528 | - | - | 47 | -3,528 | ||||||||||||||
Operating income / (loss) before depreciation and amortization and impairment losses | -78,119 | -6,380 | -2,143 | - | -80,262 | -6,380 | ||||||||||||||
Depreciation, depletion and amortization expense | -2,806 | -6,564 | -53 | - | -2,860 | -6,564 | ||||||||||||||
Impairment losses | - | -7,054 | - | - | - | -7,054 | ||||||||||||||
Segment operating (loss) / income | -80,926 | -19,998 | -2,196 | - | -83,122 | -19,998 | ||||||||||||||
Loss on extinguishment of convertible notes | - | -293,109 | - | - | - | -293,109 | ||||||||||||||
Interest and finance expense, net | -62,397 | -86,918 | -273 | 369 | -62,670 | -86,549 | ||||||||||||||
Change in fair value of derivatives | 262 | -482 | - | -220 | - | |||||||||||||||
Loss from continuing operations | $ | -143,061 | $ | -400,025 | $ | -2,951 | $ | 369 | $ | -146,012 | $ | -399,656 | ||||||||
Total assets | $ | 133,705 | $ | 58,799 | $ | 17,626 | $ | 3,000 | $ | 151,331 | $ | 61,799 | ||||||||
Goodwill | $ | - | $ | - | $ | 28,007 | $ | - | $ | 28,007 | $ | - | ||||||||
Long lived assets | $ | 35,063 | $ | 37,503 | $ | 31,032 | $ | - | $ | 66,095 | $ | 37,503 | ||||||||
Segment Operating Revenue | ||||||||||||||||||||
The Company reports financial information and evaluates its revenues by industry. | ||||||||||||||||||||
During the year ended December 31, 2013, the Company derived 97% of its revenue from continuing operations from shipping industry and 3% from coal industry. During the year ended December 31, 2012, the Company derived 100% of its revenue from continuing operations from shipping industry. | ||||||||||||||||||||
SHARE_BASED_COMPENSATION
SHARE BASED COMPENSATION | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
SHARE BASED COMPENSATION | ' | |||||||||||
20. SHARE BASED COMPENSATION | ||||||||||||
Equity Incentive Plan | ||||||||||||
The Company’s 2005 Equity Incentive Plan (the “Plan”) is designed to provide certain key persons, on whose initiative and efforts the successful conduct of the Company depends, with incentives to: (a) enter into and remain in the service of the Company, (b) acquire a proprietary interest in the success of the Company, (c) maximize their performance, and (d) enhance the long-term performance of the Company. | ||||||||||||
On December 20, 2011, the Board of Directors amended the Plan to increase the number of common shares reserved for issuance from 1,296 shares to 4,630 shares to better enable the Company to offer equity incentives to its officers, directors, employees and consultants. | ||||||||||||
On March 13, 2013, the Second Amended and Restated 2005 Equity Incentive Plan was amended to increase the number of common shares reserved for issuance from 4,630 to 82,688 to better enable the Company to offer equity incentives to officers, directors, employees and consultants. In addition, the Plan provides for an annual increase in the total number of the Company’s common shares available for issuance under the Plan on the first day of each fiscal year of the Company beginning in fiscal year 2014, by 5% of the number of outstanding common shares of the Company on such date. | ||||||||||||
In addition, the Company may grant restricted common shares and share options to third parties and to employees outside of the Plan. During the years ended December 31, 2013, 2012 and 2011 approximately 45,770, 3,690 and 2,700 shares, respectively, were granted to former employees, officers, executive officers, board of directors members and consultants, which vested upon their issuance. For shares issued to third parties refer to Note 21 and for shares granted/issued after December 31, 2013, refer to Note 27. | ||||||||||||
Employment and Severance Agreements | ||||||||||||
On January 2, 2012, the Company entered into employment agreements with two of the Company’s then executive officers, Nicholas G. Fistes (resigned in December 2012), and Michail Zolotas, which entitle each executive to an annual base salary and an annual incentive bonus that is payable in the Company’s common shares. The agreements were retroactive for the year 2011 and are effective until December 31, 2016, after which they will automatically renew for additional one-year periods, unless terminated in accordance with the terms of such agreements. Pursuant to the employment agreements, both executives were entitled to the following compensation: (1) for 2011, they were entitled to an aggregate base salary of $1,300 and bonus of $300, which was paid in shares priced at $900.00 per share, resulting in an aggregate of issuance of 1,778 shares; and (2) for each year from 2012 until the end of 2016, they will be entitled to an aggregate base salary of $1,450 and bonus of $1,450, which will be paid in shares priced at $900.00 per share, resulting in an aggregate of issuance of 3,222 shares. Under each employment agreement, upon a change in control of the Company, any stock based awards to the employee will vest. If prior to the effective date of a change of control or after the second anniversary of the effective date of a change in control, the employee is terminated without “cause” or resigns for “good reason,” the employee will be entitled to receive his then current base salary through the end of the expiration period of the agreement, in addition to any benefits accrued through the date of his termination. In addition, if on or after the effective date of a change of control and prior to the second anniversary of the effective date of the change of control, the employee is terminated without “cause” or resigns for “good reason,” the employee will be entitled to five times his then current base salary and five times the annual bonus for the prior year within 30 days following the effectiveness of the termination. If an executive’s employment is terminated for “cause” or voluntarily by the employee without “good reason,” the employee will not be entitled to any salary, benefits or reimbursements beyond those accrued through the date of his termination. In addition, on April 1, 2013, the Company issued 594 and 971 common shares to Nicholas G. Fistes and Michail Zolotas, respectively, in connection with their 2012 annual base salaries. | ||||||||||||
On January 1, 2013 and January 10, 2014, two amendments to the employment agreement with Michail Zolotas were signed. Pursuant to the amended employment agreements, Michail Zolotas will be entitled, for the fiscal years 2013 through 2018, to an aggregate base salary of $1,500 per year, which will be paid in advance and in common shares of the Company. | ||||||||||||
The Company agreed to pay the annual base salary owed to Michail Zolotas for fiscal year 2013 by May 30, 2013 and on May 31, 2013, 11,297 common shares were issued. The share price used for the calculation of the shares was the average closing price of the Company’s common stock for the last thirty trading days prior to the date on which the shares were delivered to Michail Zolotas. On January 7, 2014, pursuant to the terms of his employment agreement, the Company issued 9,476 common shares to Michail Zolotas for his 2014 annual base salary, which vested upon issuance. However, according to the second amendment, on March 11, 2014, the Company also issued 81,988 additional common shares of the Company. In addition, according to the second amendment, every ninety days and for a period of two years following the date of the issuance of the additional shares, the Company shall perform true-up exercises, whereupon if the shares trading price is less than the share price used to issued the Salary shares, additional shares to be issued. For fiscal year 2014 and for each subsequent year, the share price to be used for the calculation of the shares to be issued shall be the average closing price of the Company’s common stock for the last 10 days (in comparison to 365 days mentioned in the first amendment) prior to the date on which the shares are delivered to the Michail Zolotas. Pursuant to the terms of the amended employment agreement, for fiscal years 2013 through 2018, Michail Zolotas will also be entitled to an incentive bonus in a target amount of $4,500 per year in the sole discretion of the Board, which will be paid in common shares or warrants. The share price to be used for the calculation of the shares to be issued shall be the average closing price of the Company’s common stock for the last 60 trading days prior to the date on which the target bonus is granted to Michail Zolotas. The target bonus for each performance period will be determined on an annual basis and based on such factors as the board and Michail Zolotas shall in good faith agree, such factors to be agreed no later than 60 days following the start of each performance period, except in the year 2013 where the target bonus of Michail Zolotas was granted on May 30, 2013. Each target bonus, if any, shall be paid on or before March 1 of the year following the performance period to which the bonus relates. In addition, if on or after the effective date of a change of control and prior to the second anniversary of the effective date of the change of control, Michail Zolotas is terminated without “cause” or resigns for “good reason” (each as defined in the employment agreement), he will be entitled to a cash payment equal to (i) twenty times his then-current base salary and (ii) twenty times his annual bonus for the prior year within 30 days following the effectiveness of the termination. | ||||||||||||
On September 6, 2013, the Company entered into severance agreements with certain of its key employees, executives and consultants, (the “Executives”) not including Michail Zolotas. If on or after the effective date of a change of control, the severance agreements are terminated without “cause”, or the Executive resigns for “good reason”, the Executive will be entitled to its Accrued Obligations plus an amount agreed by the Compensation Committee depending on its position within the Company, ranging from $1,500 to $5,000. As used in the Severance Agreements, “change of control” means: the Company undergoes a merger, reorganization or other consolidation in which the Board of Directors and/ or Shareholders of the Company remove Michail Zolotas from the Board of Directors and subsequently from his office as CEO/ Director and Chairman of the Board of Directors, or from the position held at the time, and terminate his employment with the Company with immediate effect. | ||||||||||||
Restricted Common Shares | ||||||||||||
The Company measures share-based compensation cost at grant date, based on the estimated fair value of the restricted common share awards, which is determined by the closing price of the Company’s common shares as quoted on the NASDAQ Stock Market on the grant date and recognizes the cost as expense on a straight-line basis over the requisite service period. | ||||||||||||
During the years ended December 31, 2013, 2012, and 2011, the Company recognized total compensation cost related to the Company’s restricted shares of $25,193, $2,412 and $1,884, respectively. | ||||||||||||
A summary of the activity relating to restricted common shares during the years ended December 31, 2013, 2012 and 2011 is as follows: | ||||||||||||
Number of | Weighted | Weighted | ||||||||||
Shares | Average Fair | Average | ||||||||||
Values | Vesting | |||||||||||
Period | ||||||||||||
(Years) | ||||||||||||
Outstanding and non-vested shares, as of December 31, 2010 | 431 | $ | 6,642.00 | 1.7 | ||||||||
Granted (3), (4), (5), (6) | 4,412 | 418.5 | 2.4 | |||||||||
Forfeited (1), (2), (3), (4) | -146 | 1,521.00 | - | |||||||||
Vested (1), (2) | -403 | 6,723.00 | - | |||||||||
Outstanding and non-vested shares, as of December 31, 2011 | 4,294 | 414 | 2.4 | |||||||||
Forfeited (4), (6) | -1,151 | 409.5 | - | |||||||||
Vested (1), (3), (4), (5), (6) | -1,311 | 373.5 | - | |||||||||
Outstanding and non-vested shares, as of December 31, 2012 | 1,832 | 445.5 | 2.9 | |||||||||
Granted (7) | 39,541 | 285.85 | 0.8 | |||||||||
Forfeited (4), (6) | -334 | 359.03 | - | |||||||||
Vested (1), (4), (6), (7) | -41,039 | 292.27 | - | |||||||||
Outstanding and non-vested shares, as of December 31, 2013 | - | $ | - | - | ||||||||
-1 | 403 shares were granted on the date of the recapitalization; 370 shares had a two-year vesting schedule (at January 1, 2011 and 2012), of which 185 shares, with an original vesting date January 1, 2012, were vested in July 15, 2011 upon the resignation of the former Chief Financial Officer; and 33 shares had a three-year vesting schedule (at January 1, 2011, 2012 and 2013), of which 11 shares, with an original vesting date of January 1, 2012 and January 1, 2013, were forfeited on December 31, 2011 due to the resignation of two board members. The remaining 5 and 6 shares were fully vested on January 1, 2012 and 2013, respectively. | |||||||||||
-2 | 15 shares were granted on January 1, 2010 and vested over a one year period (January 1, 2011). 13 shares were granted on April 15, 2010, of which: (a) 4 vested over a one year period (January 1, 2011) and (b) 9 with an original three-year vesting period (at January 1, 2011, 2012 and 2013) were treated as follows: (i) 3 vested on January 1, 2011 and (ii) the remaining 6 were forfeited on December 31, 2011 due to the resignation of one board member. | |||||||||||
-3 | 19 shares were granted to members of the board of directors on February 1, 2011. Of such shares, 11 shares were forfeited on December 31, 2011 due to the resignation of three board members and 8 shares were fully vested in 2012. | |||||||||||
-4 | 812 shares were granted on April 1, 2011 to employees, officers and directors with original vesting date April 1, 2013. Of such shares, 118 shares were forfeited during 2011, 205 during 2012 and 37 during 2013. From the remaining, 113 were fully vested as of December 31, 2012 and 339 shares as of April 1, 2013. | |||||||||||
-5 | 778 shares were granted to members of the board of directors on December 21, 2011, of which 311 shares were vested upon issuance (February 15, 2012) and the remaining 467 shares were vested on December 31, 2012. | |||||||||||
-6 | 2,803 shares were granted on December 21, 2011 to employees, officers and directors which were to be vested as follows: (i) 700 shares, were to be vested over four years with 25% of the grants being vested on each of the first, second, third and fourth anniversary of the issuance date (February 15, 2013, February 15, 2014, February 15, 2015 and February 15, 2016, respectively); and (ii) 2,103 shares were to be vested on the third anniversary of the issuance date (February 15, 2015). During 2012 and 2013, 946 and 297 of such shares were forfeited and 407 and 1,100 were fully vested earlier than their original vesting date, upon approval from the Board of Directors. The remaining 53 shares were fully vested on their original vesting date. | |||||||||||
-7 | On April 1, 2013, the Company granted and issued the following common shares: (i) 29,894 common shares to the Chairman, Michail Zolotas, and 5,274 common shares to top management employees, of which 40% vested upon issuance and the remaining shares will vest 30% on April 1, 2014 and 30% on April 1, 2015, granted in recognition of the significant work performed by these individuals in connection with the Restructuring of the Company; (ii) 2,817 common shares to employees and consultants, which vested upon issuance, granted in recognition of the significant work performed by these individuals in connection with the Restructuring of the Company; (iii) 1,556 common shares to non-executive directors, which vested upon issuance. The shares that originally were to be vested on April 1, 2014 and on April 1, 2015, were vested in November 2013, upon approval from the Board of Directors. | |||||||||||
No compensation cost remains to be recognized in future periods. | ||||||||||||
Share options | ||||||||||||
The summary of share option awards is summarized as follows (in thousands except per share data): | ||||||||||||
Number of | Weighted | Weighted | Weighted | |||||||||
Options | Average | Average | Average | |||||||||
Exercise Price | Fair Value | Vesting | ||||||||||
Period | ||||||||||||
(Years) | ||||||||||||
Outstanding, as of December 31, 2011 (1) | 380 | $ | 14,454.86 | $ | 3,131.41 | 3 | ||||||
Outstanding, as of December 31, 2012 | 380 | 14,454.86 | 3,131.41 | 3 | ||||||||
Outstanding, as of December 31, 2013 | 380 | $ | 14,454.86 | $ | 3,131.41 | 3 | ||||||
Exercisable at December 31, 2013 | 380 | $ | 14,454.86 | $ | 3,131.41 | - | ||||||
-1 | In 2008, the Company granted 56 share options to purchase common shares subject to a vesting period of three annual equal installments. On October 13, 2009, all these shares were vested due to the recapitalization. | |||||||||||
In 2009, the Company granted 556 share options to purchase common shares, which were to be vested equally over 36 months and were subject to accelerated vesting or forfeiture upon certain circumstances. The options granted are exercisable at a specified time after vesting period (through five years from October 13, 2009). Pursuant to the Board of Directors resolution dated October 14, 2010, the exercisable period of these share options extended for additional five years, i.e. until October 13, 2019. In July 2011, upon the resignation of the former Chief Financial Officer, the remaining 232 shares (i.e. 556 shares granted less 324 shares exercisable as of June 30, 2011) were forfeited. As a result, no unrecognized compensation existed as of July 2011. | ||||||||||||
During the years ended December 31, 2013 and 2012 no share-based compensation cost was recognized, relating to the share options. During the year ended December 31, 2011 the Company recognized share-based compensation cost of $194 and a reduction of compensation expense of $496 due to the forfeited shares upon the resignation of the former Chief Financial Officer. | ||||||||||||
The weighted average contractual life of the share options outstanding as of December 31, 2013 was 5.6 years. | ||||||||||||
As of December 31, 2013, the intrinsic value of the Company’s share options was $0, since the share price of the Company’s common shares was less than the exercise price. | ||||||||||||
COMMON_SHARES_AND_DIVIDENDS
COMMON SHARES AND DIVIDENDS | 12 Months Ended |
Dec. 31, 2013 | |
COMMON SHARES AND DIVIDENDS | ' |
COMMON SHARES AND DIVIDENDS | ' |
21. COMMON SHARES AND DIVIDENDS | |
Common Shares | |
As a result of the issuance of restricted shares to employees, former employees, officers, executive officers, directors and consultants during the years ended December 31, 2013, 2012 and 2011, the Company’s share capital was increased by approximately 97,921 shares, 7,211 shares and 1,051 shares, respectively (refer to Note 20). | |
As a result of the issuance of shares to various vendors and related parties to settle outstanding invoices during the year ended December 31, 2013 and 2012 the Company’s share capital was increased by approximately 466,050 shares and 22,970 shares respectively. No such shares issued during the years ended December 31, 2011 (refer to Note 13). | |
As a result of the issuance of shares for warrants exercised during the year ended December 31, 2013, the Company’s share capital was increased by approximately 25,848 shares (refer to Note 22). | |
As a result of the issuance of shares to Piraeus Bank to settle outstanding loan obligations during the year ended December 31, 2013, the Company’s share capital was increased by approximately 102,779 shares (refer to Note 16). | |
As a result of the issuance of shares to Good Faith to settle outstanding loan obligations during the year ended December 31, 2013, the Company’s share capital was increased by approximately 35,001 shares (refer to Note 17). | |
As a result of the issuance of shares to Tiger Equity Partners LTD to settle outstanding loan obligations during the year ended December 31, 2013, the Company’s share capital was increased by approximately 211,846 shares (refer to Note 17). | |
As a result of the issuance of shares to New Coal Holding LLC to settle outstanding loan obligations during the year ended December 31, 2013, the Company’s share capital was increased by approximately 25,000 shares (refer to Note 16). | |
As a result of the issuance of shares to Dominion Capital L.L.C in relation to finance expenses derived from the debenture during the year ended December 31, 2013, the Company’s share capital was increased by approximately 2,500 shares (refer to Note 17). | |
As a result of accounts payable settlement through Hanover during the year ended December 31, 2013, the Company’s share capital was increased by approximately 389,125 shares (refer to Note 13). | |
In relation to payments for VAG and VPP acquisitions during the year ended December 31, 2013, the Company’s share capital was increased by approximately 885,305 shares.(refer to Notes 5 and 17). | |
In relation to advances for coal property during the year ended December 31, 2013, the Company’s share capital was increased by approximately 111,112 shares.(refer to Notes 5). | |
As a result of the issuance of shares to Prime to settle outstanding lease obligations during the year ended December 31, 2012, the Company’s share capital was increased by approximately 244,087 shares (refer to Note 17). | |
As a result of the issuance of shares to Focus Maritime Corp. to settle outstanding 7% Notes during the year ended December 31, 2012, the Company’s share capital was increased by approximately 588,753 shares (refer to Note 17). | |
As a result of a joint venture arrangement that was entered into on April 2012, the Company’s share capital was increased by approximately 1,624 shares (refer to Note 6). | |
As a result of the agreement that NewLead entered into with Lemissoler (refer to Note 17), the Company’s share capital was increased by approximately 442 shares and 82 shares, which were issued in January 2012 and in January 2011, respectively. | |
Dividends | |
During the years ended December 31, 2013, 2012, and 2011, the Company did not pay dividends as a result of the decision in September 2008 by the board of directors to suspend the payment of cash dividends. In addition, certain of the Company’s debt agreements contain covenants that limit its ability to pay dividends or prohibit the Company from paying dividends without the lender’s consent. | |
Reverse Splits | |
On October 17, 2013 and on December 6, 2013, a 1-for-15 and a 1-for-3 reverse share split of NewLead’s common shares, respectively, was effected, after the approval by the Company’s Board of Directors and by written consent of a majority of shareholders. The reverse share splits consolidated every fifteen common shares and every three common shares, respectively, into one common share, with par value of $0.01 per share. In addition, on March 6, 2014, a 1-for-10 reverse share split of NewLead’s common shares, was effected, after the approval by the Company’s Board of Directors and by written consent of a majority of shareholders. The reverse share split consolidated every ten common shares into one common, with par value of $0.10 per share. There can be no assurances that the Company will not undertake further reverse splits subsequent to the filing of this report. The number of authorized common shares and preferred shares of NewLead were not affected by the reverse splits. In respect to the underlying common shares associated with share options and any derivative securities where applicable, such as warrants and convertible notes, the conversion and exercise prices and number of common shares issued have been adjusted retrospectively in accordance to the 1:15 ratio, 1:3 ratio and 1:10 ratio, respectively, for all periods presented. Due to such reverse share split, earnings per share, convertible notes, warrants and share options have been adjusted retrospectively as well where applicable. The consolidated financial statements for the years ended December 31, 2013, 2012 and 2011 reflect the reverse share split. | |
FINANCIAL_INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
FINANCIAL INSTRUMENTS | ' | |||||||||||||||||||
FINANCIAL INSTRUMENTS | ' | |||||||||||||||||||
22. FINANCIAL INSTRUMENTS | ||||||||||||||||||||
The principal financial assets of the Company consist of cash and cash equivalents, trade receivables and other assets. The principal financial liabilities of the Company consist of long-term bank loans, notes, accounts payable and accrued liabilities. | ||||||||||||||||||||
Fair Values | ||||||||||||||||||||
Derivative financial instruments are stated at their fair values. The carrying amounts of the following financial instruments approximate their fair values due to their relatively short maturities: cash and cash equivalents and restricted cash accounts, trade and other receivables, trade and other payables. The fair values of long-term loans and notes are estimated by taking into consideration the Company’s creditworthiness and the market value of the underlying mortgage assets. | ||||||||||||||||||||
Carrying amount | Fair Value | Carrying amount | Fair Value | |||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 2,271 | $ | 2,271 | $ | 1,043 | $ | 1,043 | ||||||||||||
Restricted cash | $ | 31 | $ | 31 | $ | 1,342 | $ | 1,342 | ||||||||||||
Trade receivables, net | $ | 3,573 | $ | 3,573 | $ | 3,586 | $ | 3,586 | ||||||||||||
Other receivables | $ | 3,224 | $ | 3,224 | $ | 4,980 | $ | 4,980 | ||||||||||||
Liabilities | ||||||||||||||||||||
Accounts payable, trade | $ | 21,451 | $ | 21,451 | $ | 13,618 | $ | 13,618 | ||||||||||||
Current portion of long-term debt | $ | 60,306 | $ | 22,150 | $ | 78,739 | $ | 17,400 | ||||||||||||
Convertible notes, net | $ | 101,651 | $ | 101,651 | $ | 62,552 | $ | 62,552 | ||||||||||||
Promissory notes payable | $ | - | $ | - | $ | 11,000 | $ | 11,000 | ||||||||||||
Share settled debt | $ | 72,595 | $ | 72,595 | $ | - | $ | - | ||||||||||||
Derivative financial instruments | $ | 20,491 | $ | 20,491 | $ | 767 | $ | 767 | ||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||
The guidance on fair value prescribes methods for measuring fair value, establishes a fair value hierarchy based on the inputs used to measure fair value and expands disclosures about the use of fair value measurements. | ||||||||||||||||||||
The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring and a non-recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. | ||||||||||||||||||||
Quoted Prices | Significant | |||||||||||||||||||
in Active | Other | Significant | ||||||||||||||||||
Markets for | Observable | Unobservable | ||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,043 | $ | 1,043 | $ | - | $ | - | ||||||||||||
Restricted cash | $ | 1,342 | $ | 1,342 | $ | - | $ | - | ||||||||||||
Vessels | $ | 4,755 | $ | - | $ | 4,755 | $ | - | ||||||||||||
Liabilities | ||||||||||||||||||||
Current portion of long-term debt | $ | 17,400 | $ | - | $ | 17,400 | $ | - | ||||||||||||
Convertible notes, net | $ | 62,552 | $ | - | $ | 62,552 | $ | - | ||||||||||||
Promissory notes payable | $ | 11,000 | $ | - | $ | 11,000 | $ | - | ||||||||||||
Interest rate swaps | $ | 767 | $ | - | $ | 767 | $ | - | ||||||||||||
31-Dec-13 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 2,271 | $ | 2,271 | $ | - | $ | - | ||||||||||||
Restricted cash | $ | 31 | $ | 31 | $ | - | $ | - | ||||||||||||
Liabilities | ||||||||||||||||||||
Current portion of long-term debt | $ | 22,150 | $ | - | $ | 22,150 | $ | - | ||||||||||||
Convertible notes, net | $ | 101,651 | $ | - | $ | 101,651 | $ | - | ||||||||||||
Share settled debt | $ | 72,595 | $ | - | $ | - | $ | 72,595 | ||||||||||||
Derivative financial instruments | $ | 20,491 | $ | - | $ | 269 | $ | 20,222 | ||||||||||||
The Company’s derivative instruments are valued using pricing models and the Company generally uses similar models to value similar instruments. Where possible, the Company verifies the values produced by its pricing models to market prices. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit spreads, measures of volatility, and correlations of such inputs. The Company’s derivatives in respect of swap agreements trade in liquid markets, and as such, model inputs can generally be verified and do not involve significant management judgment. Such instruments are typically classified within Level 2 of the fair value hierarchy. The Company’s derivatives in respect of true-up clauses and anti-dilution provisions do not trade in liquid markets, and as such, model inputs cannot generally be verified and therefore involve significant management judgment. Such instruments are typically classified within Level 3 of the fair value hierarchy. | ||||||||||||||||||||
The Company’s assessment included its evaluation of the estimated fair market values for each vessel based on market transactions for which management assumes responsibility for all assumptions and judgments used, compared to the carrying value. Where possible, the Company’s valuations consider a number of factors that include a combination of last completed sales, present market candidates, buyers’ and sellers’ ideas of similar vessels and other information they may possess. Based on this, the Company makes an assessment of what the vessel is worth at a given time, assuming that the vessel is in good working order and its hull and machinery are in a condition to be expected of vessels of its age, size and type, that the vessel’s class is fully maintained and free from all conditions and the vessel is in sound seagoing condition, and that the vessel is undamaged, fully equipped, freely transferable and charter free. Such instruments are typically classified within Level 2 of the fair value hierarchy. | ||||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||
Interest Rate Swaps | ||||||||||||||||||||
The Company has entered into an interest rate swap agreement in order to hedge the interest expense arising from the Company’s Piraeus Bank Credit Facility detailed in (b) in Note 16. The interest rate swaps allow the Company to raise long-term borrowings at floating rates and swap them into effectively fixed rates. Under the interest rate swaps, the Company agrees with the counterparty to exchange, at specified intervals, the difference between a fixed rate and floating rate interest amount calculated by reference to the agreed notional amount. | ||||||||||||||||||||
Outstanding swap agreements involve both the risk of a counterparty not performing under the terms of the contract and the risk associated with changes in market value. The Company monitors its positions, the credit ratings of counterparties and the level of contracts it enters into with any one party. The counterparties to these contracts are major financial institutions. The Company has a policy of entering into contracts with counterparties that meet stringent qualifications. | ||||||||||||||||||||
The details of the Company’s swap agreement, is as follows: | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Contract | As of | As of | ||||||||||||||||||
Value | Termination | Notional | Fixed | Floating | December 31, | December 31, | ||||||||||||||
Interest rate swaps | Date | Date | Amount | Rate | Rate | 2013 | 2012 | |||||||||||||
Marfin Egnatia Bank | 9/2/09 | 9/2/14 | $ | 37,400 | 4.08 | % | 3-month LIBOR | $ | 269 | $ | 767 | |||||||||
$ | 269 | $ | 767 | |||||||||||||||||
As of December 31, 2013 and 2012, the Company has defaulted on payments of interests on its swap agreement. As a result, the amounts of $269 and $767 are presented within current liabilities in the consolidated balance sheet. | ||||||||||||||||||||
The total fair value change of the interest rate swaps is reflected in interest expense within the consolidated statements of operations and comprehensive loss. These amounts were a gain of $498, $564 and $1,153 for the years ended December 31, 2013, 2012 and 2011, respectively and these are included in interest and finance expense of consolidated statements of operations and comprehensive loss. The related asset or liability is shown under derivative financial instruments in the balance sheet. | ||||||||||||||||||||
Share Settled True-Up Clauses | ||||||||||||||||||||
During 2013, in connection with the issuance of several convertible notes and account payable settlements, the Company granted the holders of certain convertible notes and the participants in a voluntary accounts payable share settlement, certain true-up or anti dilution rights. These rights require the Company to issue additional shares or cash, at the Company’s option, if the value of the shares received from conversion of the convertible notes or from the settlement of certain accounts payable, falls below the value of the shares on the date of issuance. These true-up clauses work as security price guarantees and are effectively written put options on the shares issued. The Company has fair valued these obligations using an American-style option pricing model that most appropriately reflects the term and conditions of the security price guarantees. | ||||||||||||||||||||
The true-up clause is accounted for as contingent consideration which represents an option of the holder of the option, to receive additional shares or cash if the Company’s share price on the date that the holder sell the shares received is less than the share price on the date the shares were issued. Because the sell date is variable, the option represents an American style option and should be valued as such. The assumptions utilized in the model included a minimum expected volatility of 183% and a maximum expected volatility of 208%. The risk-free interest rate was 0.13%. The true-up clause can be exercised when the shares issued for the settlement of the liability, are sold from the holder and the holders’ options end through a range from September 13, 2014 to December 15, 2023. The total change in fair value of derivatives is included in the consolidated statements of operations and comprehensive loss is loss of $220. | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Contract | As of | As of | ||||||||||||||||||
Termination | Notional | December 31, | December 31, | |||||||||||||||||
Derivatives | Date | Amount | 2013 | 2012 | ||||||||||||||||
Vendors | 2-Oct-15 | $ | 4,783 | $ | 3,360 | $ | - | |||||||||||||
Vendors | 26-Dec-14 | 2,500 | 1,638 | |||||||||||||||||
Convertible Notes and Loans | 23-Dec-14 | 500 | 200 | - | ||||||||||||||||
Convertible Notes and Loans | 27-Dec-14 | 350 | 232 | |||||||||||||||||
Convertible Notes and Loans | 1-Dec-23 | 3,051 | 3,018 | |||||||||||||||||
Equity issuance related to VAG acquistion | 13-Sep-14 | 5,875 | 4,860 | - | ||||||||||||||||
Equity issuance related to VPP acquistion | 9-Dec-14 | 10,000 | 6,914 | - | ||||||||||||||||
$ | 27,059 | $ | 20,222 | $ | - | |||||||||||||||
Warrants | ||||||||||||||||||||
During fourth quarter of 2009 in connection with the issuance of the 7% Notes, the Company issued to the Investment Bank of Greece a six-year warrant to purchase up 926 common shares at an exercise price of $10,800 per share, with an expiration date of October 13, 2015, which resulted in $3,940 of debt issuance cost that was recorded as deferred issuance cost. During 2012 and upon conversion of the 7% Notes, the remaining unamortized amount of $1,860 was written off. The warrants qualified for equity classification. | ||||||||||||||||||||
During the fourth quarter of 2009, the Company also authorized the issuance to a third party of a six-year warrant to purchase 926 common shares at an exercise price of $10,800 per share, for advisory services provided in connection with the recapitalization. During 2010, the Company authorized the issuance to the third party of a ten-year warrant to purchase 250 common shares with a strike price of $1,350.00. During 2012, the Company authorized the issuance to the third party of a ten-year warrant to purchase 1,667 common shares for advisory services provided in connection with the Restructuring, with a strike price of $112.5 (provided however that the third party surrenders its existing 926 (six-year) and 250 (ten-year) issued warrants. The warrants qualified for equity classification. The new warrants were fair valued as of April 9, 2012 at $1,000. This warrant was exercised during January 2013 and a total of 1,378 common shares were issued. | ||||||||||||||||||||
On December 31, 2012, the Company authorized the issuance to the third party of a ten-year warrant to purchase 2,778 common shares for advisory services provided in connection with the Restructuring, with a strike price of $112.5. The warrants qualify for equity classification. The fair value of these warrants amounted to $509. On May 21, 2013, the Company and the third party mutually agreed to terminate the warrant agreement. | ||||||||||||||||||||
On January1, 2013 ( amended on June 30, 2013),the Company issued to a third party of a ten-year warrant to purchase common shares in exchange for $6,400 with an exercise price of $180. The fair value of $6,122 of 35,555 warrants has been calculated based on the Binomial options pricing model method. The Company used this model because the warrants are exercisable at for a period of up to 10 years. The assumptions utilized in the Binomial options pricing model for the warrants included a dividend yield of 0% and an expected volatility of 176%. The risk-free interest rate used was 1.78%. | ||||||||||||||||||||
On April 1, 2013, the Company issued to a third party of a ten-year warrant to purchase 8,622 common shares, with an exercise price of $5.22. On July 1, 2013 the Company issued to a third party of a ten-year warrant to purchase 18,000 common shares, with an exercise price of $2.52. On September 24, 2013, the warrants were exercised and the Company issued an aggregate of 24,467 common shares after the deduction of shares surrendered due to the selection of a cashless exercise according to the terms of the warrant agreement. | ||||||||||||||||||||
On May 16, 2013, the Company issued to a third party of a two-year warrant to purchase 3,704 common shares in exchange for $250, with an exercise price of $67.5. The new warrant was fair valued as of May 16, 2013 at $427. On December 27, 2013, the warrant has been cancelled and a new agreement for settlement with shares has been signed for the $250 payable to the third party. | ||||||||||||||||||||
On October 1, 2013, Company issued to a third party of a nine and half-year warrant to purchase 9,800,000 common shares, with an exercise price of $0.005. The new warrant was fair valued as of October 1, 2013 at $1,333. The fair value has been calculated based on the Binomial options pricing model method. The Company used this model because the warrants are exercisable at for a period of up to 9.5 years. The assumptions utilized in the Binomial options pricing model for the warrants included a dividend yield of 0% and an expected volatility of 180%. The risk-free interest rate used was 2.5%. | ||||||||||||||||||||
On December 10, 2013, Company issued to a member of board of director, as part of its annual compensation, a ten-year warrant to purchase common shares in exchange for $217 with an exercise price of $0.10 per share. The new warrant was fair valued as of December 10, 2013 at $217. | ||||||||||||||||||||
On December 23, 2013, Company issued to a third party of a five-year warrant to purchase 7,407 common shares, with an exercise price of $17.5. The new warrant was fair valued as of December 23, 2013 at $93. The fair value has been calculated based on the Binomial options pricing model method. The Company used this model because the warrants are exercisable at for a period of up to 5 years. The assumptions utilized in the Binomial options pricing model for the warrants included a dividend yield of 0% and an expected volatility of 181%. The risk-free interest rate used was 1.68%. | ||||||||||||||||||||
On December 23, 2013, Company issued to a third party of a five-year warrant to purchase 3,704 common shares, with an exercise price of $22.5. The new warrant was fair valued as of December 23, 2013 at $46. The fair value has been calculated based on the Binomial options pricing model method. The Company used this model because the warrants are exercisable at for a period of up to 5 years. The assumptions utilized in the Binomial options pricing model for the warrants included a dividend yield of 0% and an expected volatility of 181%. The risk-free interest rate used was 1.68%. | ||||||||||||||||||||
Interest Rate Risk | ||||||||||||||||||||
Interest rate risk arises on bank borrowings. Considering its recent financial position, the Company monitors the interest rate on borrowings closely to ensure that the borrowings are maintained at favorable rates. The interest rates relating to the long-term loans are disclosed in Note 16, “Long-term Debt”. | ||||||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||||||
The Company believes that no significant credit risk exists with respect to the Company’s cash due to the spread of this risk among various different banks. The Company is also exposed to credit risk in the event of non-performance by counterparties to derivative instruments. As of December 31, 2013, those derivative instruments are in the counterparties’ favor. Credit risk with respect to trade accounts receivable is reduced by the Company by chartering its vessels to established international charterers. | ||||||||||||||||||||
Cash deposits in excess of amounts covered by government - provided insurance are exposed to loss in the event of non-performance by financial institutions. The Company does maintain cash deposits in excess of government - provided insurance limits. | ||||||||||||||||||||
COMMITMENTS_AND_CONTINGENT_LIA
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||
COMMITMENTS AND CONTINGENT LIABILITIES | ' | ||||||
23. COMMITMENTS AND CONTINGENT LIABILITIES | |||||||
(1) Commitments | |||||||
Asset Retirement Obligations | |||||||
The Company is subject to certain environmental and regulatory obligations which will require the Company to restore the mine properties after the mining has been completed. As a result, the Company will be required to recognize an asset retirement obligation in the period in which the obligation is incurred in accordance with ASC 410, Asset Retirement and Environmental Obligation (“ARO”). As a result of the acquisition of Viking Acquisition Group, LLC and Viking Prep Plant, LLC in September and December 2013, respectively, the Company recorded an ARO in the amount of $836 and $106, respectively. Although the Viking mine is currently in the exploration stage for the Company’s purposes, the ARO recorded in connection with the Viking mine acquisition represents the accumulated ARO related to mining activities performed by previous owners. | |||||||
Rental Agreements | |||||||
The Company has entered into office, parking and warehouse rental agreements with a related party, Terra Stabile S.A. (“Terra Stabile”) and Terra Norma S.A. (“Terra Norma”), which are controlled by Michail Zolotas, the Company’s Chairman, Chief Executive Officer and member of the Company’s Board of Directors (see Note 25), (for amendments in these rental agreements refer to Note 27). These rental agreements vary in duration-the longest agreement will expire in April 2022. | |||||||
The committed rent payments to as of December 31, 2013 were: | |||||||
31-Dec-14 | $ | 289 | |||||
31-Dec-15 | 510 | ||||||
31-Dec-16 | 517 | ||||||
31-Dec-17 | 525 | ||||||
31-Dec-18 | 533 | ||||||
Thereafter | 1,631 | ||||||
$ | 4,005 | ||||||
Coal Sale Purchase Agreements (Purchase Agreements) | |||||||
As of December 31, 2013, New Lead JMEG LLC, a joint venture affiliate of the Company (see Note 6) had previously entered into two Sale Purchase Agreements with a third party, to purchase from such third party thermal coal (used in power plants for electricity generation and other industrial uses) located in Kentucky, USA. The commencement period of the agreements, which were revised on March 17, 2013, is considered to be the first shipment of coal, which is expected to take place during the fourth quarter of 2014 or as otherwise agreed. | |||||||
The commitments as of December 31, 2013 were: | |||||||
BTU | Year | Amount | |||||
12,300 | 1 | $ | 47,028 | ||||
12,300 | 2 | 64,350 | |||||
12,300 | 3 | 64,350 | |||||
12,300 | 4 | 64,350 | |||||
12,300 | 5 | 64,350 | |||||
304,428 | |||||||
10,800 | 1 | 40,154 | |||||
10,800 | 2 | 54,945 | |||||
10,800 | 3 | 54,945 | |||||
10,800 | 4 | 54,945 | |||||
10,800 | 5 | 54,945 | |||||
259,934 | |||||||
$ | 564,362 | ||||||
Moreover, related to coal business, the Company leases certain equipment, and facilities from unrelated third parties under agreements classified as operating leases. As of December 31, 2013, all of these agreements were month-to-month agreements. Rent expense under these agreements totaled approximately $29 for the period ended December 31, 2013. | |||||||
(2) Contingencies | |||||||
The Company is involved in various disputes and arbitration proceedings arising in the ordinary course of business. Provisions have been recognized in the financial statements for all such proceedings in which the Company believes that a liability may be probable, and for which the amounts are reasonably estimable, based upon facts known at the date the financial statements were issued. As of December 31, 2013, the Company has provided in respect of all claims an amount equal to $3,441 ($3,454 as of December 31, 2012). Other than those listed below, there are no material legal proceedings to which the Company is a party other than routine litigation incidental to the Company’s business: | |||||||
⋅ | The charterers of the Newlead Avra notified the Company in October 2008 of their intention to pursue the following claims and notified the appointment of an arbitrator in relation to them: | ||||||
a) | Damages suffered by sub-charterers of the vessel relating to remaining on board cargo in New York in September 2007; | ||||||
b) | Damages suffered by sub-charterers of the vessel as a result of a change in management and the consequent dispute regarding oil major approval from October 2007; and | ||||||
c) | Damages suffered by sub-charterers of the vessel resulting from grounding in Houston in October 2007. | ||||||
The Company does not anticipate any amount in excess of the amount accrued to be material to the consolidated financial statements. | |||||||
⋅ | The charterers of the Newlead Fortune notified the Company in October 2008 of their intention to pursue the following claims, and notified the appointment of an arbitrator in relation to them: | ||||||
a) | Damages as a result of a change in management and the consequent dispute regarding oil major approval from October 2007; and | ||||||
b) | Damages resulting from the creation of hydrogen sulphide in the vessel’s tanks at two ports in the United States. | ||||||
The Company does not anticipate any amount in excess of the amount accrued to be material to the consolidated financial statements. | |||||||
⋅ | The vessel Grand Rodosi was involved in a collision in October 2010 with the fishing vessel “Apollo S”. As of December 31, 2012, the Company estimated that the expected possible losses amount to approximately $500, which, however, are 100% covered by the P&I Association: | ||||||
a) | Pollution cleanup costs - the Company has a provided guarantee for A$500,000. | ||||||
⋅ | The charterers of the Newlead Esmeralda notified the Company in November 2010 of their intention to pursue the following claims. After discussions with the charterers in March 2011, an agreement was reached that neither party would seek any form of security in the future for the claims relating to the grounding that occurred in March 2010. The Company believes the charterer’s chances of success are remote. Below is a list of the claims: | ||||||
a) | Damages for lost income as a result of cargo that was not able to be loaded, subsequent to vessel’s grounding in March 2010; | ||||||
b) | Damages resulting from the prolonged storage costs due to the inability to place cargo on board the vessel; and | ||||||
c) | Anticipated costs. | ||||||
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 aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Company’s protection and indemnity (P&I) insurance coverage for pollution is $1,000,000 per vessel per incident. | |||||||
TAXATION
TAXATION | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
TAXATION | ' | ||||
TAXATION | ' | ||||
24. TAXATION | |||||
The Company is not subject to tax on international shipping income in its respective jurisdictions of incorporation or in the jurisdictions in which their respective vessels are registered. However, the vessel-owning companies’ vessels are subject to tonnage taxes, which have been included in the vessel operating expenses in the accompanying statements of operations and comprehensive loss. | |||||
Pursuant to the U.S. Internal Revenue Code (the “Code”), U.S.-source income from the international operation of vessels is generally exempt from U.S. tax if the company operating the vessels meets certain requirements. Among other things, in order to qualify for this exemption, the company operating the vessels must be incorporated in a country which grants an equivalent exemption from income taxes to U.S. corporations. | |||||
All of the Company’s ship-operating subsidiaries satisfy these initial criteria. In addition, these companies must be more than 50% owned by individuals who are residents, as defined, in the countries of incorporation or another foreign country that grants an equivalent exemption to U.S. corporations. These companies also currently satisfy the more than 50% beneficial ownership requirement. In addition, should the beneficial ownership requirement not be met, the management of the Company believes that by virtue of a special rule applicable to situations where the ship operating companies are beneficially owned by a publicly traded company like the Company, the more than 50% beneficial ownership requirement can also be satisfied based on the trading volume and the anticipated widely-held ownership of the Company’s shares, but no assurance can be given that this will remain so in the future, since continued compliance with this rule is subject to factors outside of the Company’s control. | |||||
In relation to coal business, as of December 31, 2013, the Company had net operating loss carryforwards totaling approximately $707, available to offset federal and state taxable income in future years. These operating loss carryforwards will begin to expire in 2033 for federal purposes and 2028 for state purposes, if not previously utilized. | |||||
The approximate income tax effect of the net operating loss carryforwards and other temporary differences that give rise to the Company’s deferred income tax assets (liabilities) as of December 31, 2013 were as follows: | |||||
Year Ended | |||||
December 31, | |||||
2013 | |||||
Net operating loss carryforwards | $ | 275 | |||
Property | -113 | ||||
Leased mineral rights | -1,797 | ||||
Acquisitions Costs | 560 | ||||
Interest payable | 158 | ||||
Derivative instruments liability | 4,580 | ||||
Asset retirement obligations | 381 | ||||
Total deferred income tax assets, net | 4,044 | ||||
Less valuation allowance | -4,044 | ||||
Net deferred income tax assets | $ | - | |||
The Company provided a full valuation allowance on the total amount of its net deferred income tax assets as of December 31, 2013 since management believes that it is more likely than not that these assets will not be realized. The net deferred tax assets received in the acquisitions of VAG and Viking Prep, totaling approximately $2,821 were offset by a full valuation allowance at the acquisition dates (see Note 5.) The reconciliation of the Company’s income taxes for the period ended December 31, 2013 to that which would be determined by applying federal statutory rates to income before income taxes is as follows: | |||||
Year Ended | |||||
December 31, | |||||
2013 | |||||
Tax benefit at federal statutory rate (35%) | $ | -1,080 | |||
Goodwill Amortization | -20 | ||||
State tax benefit, net of federal impact | -123 | ||||
Change in valuation allowance | 1,223 | ||||
Net income tax provision (benefit) | $ | - | |||
The Company records liabilities for income tax positions taken or expected to be taken when those positions are deemed uncertain to be upheld in an examination by taxing authorities. As of December 31, 2013, the tax year ended December 31, 2013 was open for potential examination by taxing authorities. No liabilities for uncertain income tax positions were recorded as of December 31, 2013. | |||||
TRANSACTIONS_INVOLVING_RELATED
TRANSACTIONS INVOLVING RELATED PARTIES AND AFFILIATES | 12 Months Ended |
Dec. 31, 2013 | |
TRANSACTIONS INVOLVING RELATED PARTIES AND AFFILIATES | ' |
TRANSACTIONS INVOLVING RELATED PARTIES AND AFFILIATES | ' |
25. TRANSACTIONS INVOLVING RELATED PARTIES AND AFFILIATES | |
Terra Stabile A.E./ Terra Norma A.E. | |
The Company leases office space as well as warehouse space in Piraeus, Greece from Terra Stabile, which is controlled by Michail Zolotas, the Company’s Chairman, Chief Executive Officer and member of the Company’s Board of Directors. In November 2009 and February 2010, the Company and Terra Stabile entered into a 12-year lease agreement in relation to the office space, which were amended during February 2013 regarding the monthly rent for the years of 2013 and 2014 and on April 28, 2010, the Company and Terra Stabile entered into a 12-year lease agreement for the warehouse space (see Note 23). In January 2013, the Company entered into two annual lease agreements with Terra Norma and Terra Stabile, which are also controlled by Michail Zolotas in relation to office parking. Total rent for the years ended December 31, 2013, 2012 and 2011 was approximately $308, $346 and $484, respectively. During the year ended December 31, 2013, the Company issued, according to their respective settlement and subscription agreements, an aggregate of 22,163 shares which vested upon issuance, to settle outstanding liabilities of $416 with Terra Stabile and Terra Norma. During the year ended December 31, 2012, the Company issued, according to their respective settlement and subscription agreements, an aggregate of 1,057 shares which vested upon issuance, to settle outstanding liabilities of $553 with Terra Stabile and Terra Norma. | |
Aurora Properties Inc. | |
The Company rents office space in New York, US, from Aurora Properties, which directed by Michail Zolotas, the Company’s Chairman, Chief Executive Officer and member of the Company’s Board of Directors. Total rent for the years ended December 31, 2013, 2012 and 2011 was approximately $42, per year. In addition, during 2012 and 2013, Aurora Properties provided various administrative services with a fee of $260 and 278, respectively. During the year ended December 31, 2013, the Company issued approximately an aggregate of 16,087 shares, to settle outstanding liabilities of $548 with Aurora properties. During the year ended December 31, 2012, the Company issued approximately an aggregate of 130 shares, to settle outstanding liabilities of $62 with Aurora properties. The remaining balance has been paid with cash during 2011. | |
Aries Energy Corporation | |
On April 15, 2010, the Company completed the acquisition of two Kamsarmaxes under construction for an aggregate consideration of approximately $112,700 (including the assumption of newbuilding contract commitments and debt related to the two Kamsarmaxes) in exchange for the vessel Chinook as part of the same transaction. The purchase was completed pursuant to the terms of a Securities Purchase Agreement, dated February 18, 2010, with Aries Energy Corporation, a company with which NewLead had a significant shareholder in common at that time and Bhatia International PTE Ltd., an unrelated third party. Gabriel Petrides, a former Board member and an affiliate of Rocket Marine, is one of the Company’s stockholders and is one of the principals of Aries Energy Corporation. The vote on Rocket Marine’s shares was controlled by Grandunion pursuant to a voting agreement, and Mr. Petrides left the Company’s board in October 2009. Accordingly, even though Rocket Marine was a principal stockholder at that time, neither it nor Mr. Petrides had the ability to influence the Company. The voting agreement between Rocket Marine Inc. and Grandunion expired on February 29, 2012. Management believes that the negotiations were conducted at arm’s length and that the sale price is no less favorable than would have been achieved through arm’s length negotiations with a wholly unaffiliated third party. | |
Affiliates | |
On April 11, 2012, through one of its wholly-owned subsidiaries, NewLead Holdings (US) Corp., the Company established New Lead JMEG LLC with J Mining & Energy Group, Inc. as a joint venture to engage in the business of the purchasing and trading of certain commodities, principally coal. The Company has joint control with J Mining & Energy Group, Inc. of New Lead JMEG LLC and is entitled to and is liable for the total net assets of the joint venture. On December 20, 2012, Jan M. Berkowitz, the President and Chief Executive Officer of J Mining & Energy Group, Inc., was nominated, constituted and appointed with full power to execute and legally bind the Company in any and all contracts relating to coal mining and sales of coal in the United States and to act on behalf of the Company in the negotiation of deals related to coal-bearing properties in the United States. | |
For more details for these transactions refer to Note 6. | |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||
DISCONTINUED OPERATIONS | ' | ||||||||||
26. DISCONTINUED OPERATIONS | |||||||||||
During the year ended December 31, 2012, the Company sold twelve vessels and one hull, and three lenders foreclosed on the shares of the respective vessel owning companies and determined that the sales and the foreclosures met the requirements for these vessels and vessel owning companies to be classified as discontinued operations, which are reflected in the Company’s consolidated statements of operations and comprehensive loss for all periods presented. | |||||||||||
During 2011, the Company had sold four vessels and determined that the sale of these vessels met the requirements for these vessels to be classified as discontinued operations, which are reflected in the Company’s consolidated statements of operations and comprehensive loss for all periods presented. In addition, as of December 31, 2011, the Company classified four vessels as “Assets held for sale”. | |||||||||||
Vessels | |||||||||||
On April 6, 2012, the Company signed a memorandum of agreement in respect of each of the Hiona and the Hiotissa. On July 19, 2012 and on July 27, 2012, the Company sold the Hiona and the Hiotissa, respectively, to two unrelated parties for proceeds of approximately $28,500 for each vessel. The gain on the sale of the vessels amounted to $18,011 and is included in Loss from discontinued operations. The Company paid an address commission of 1.5% of the purchase price as a sales commission. | |||||||||||
On April 5, 2012, the Company signed a memorandum of agreement in respect of the Newlead Venetico and on May 8, 2012 sold the vessel to an unrelated party for proceeds of approximately $9,450. The loss on the sale of the vessel amounted to $1,268 and is included in Loss from discontinued operations. The Company paid an address commission of 4.25% of the purchase price as a sales commission. | |||||||||||
On March 21, 2012, the Company signed a memorandum of agreement relating to the Navios Serenity and on March 26, 2012 sold the vessel to an unrelated party for proceeds of approximately $26,000. The loss on the sale of the vessel amounted to $49 and is included in Loss from discontinued operations. | |||||||||||
On February 24, 2012, the Bank of Scotland plc issued notices of enforcement and notices of default and acceleration in relation to their respective loan agreements, each dated April 15, 2010 (collectively, the “Kamsarmax Syndicate Facility Agreements”), between Ayasha Trading Corporation (“Ayasha”) and Bethune Properties S.A. (“Bethune”), as borrowers, and the Bank of Scotland, BMTU Capital Corporation, and the Bank of Ireland, as lenders (see Note 16). Ayasha and Bethune were the shipowning companies of the vessels Newlead Tomi and Newlead Gujarat, respectively. Pursuant to such notices, the Bank of Scotland, as the agent and security trustee under each of the Kamsarmax Syndicate Facility Agreements, exercised its rights to foreclose on the shares of Ayasha and Bethune, which secured the loans under the Kamsarmax Syndicate Facility Agreements and the vessels were handed over to the lenders’ control. The gain on the transaction resulting from the release of the respective liabilities to the lender amounted to $24,576 and is included in Loss from discontinued operations. | |||||||||||
On February 10, 2012, the Company signed a memorandum of agreement relating to the Newlead Esmeralda and on February 16, 2012 sold the vessel to an unrelated party for proceeds of approximately $11,400. The loss on the sale of the vessel amounted to $28 and is included in Loss from discontinued operations. | |||||||||||
On December 29, 2011, the Company signed a memorandum of agreement relating to the Grand Ocean and on January 11, 2012 sold the vessel to an unrelated party for proceeds of approximately $8,150. The loss on the sale of the vessel amounted to $457 and is included in Loss from discontinued operations. As of December 31, 2011, the Grand Ocean was classified as an asset held for sale, and was written down to its recoverable amount. The Company paid a 2% address commission and a 1% brokerage commission of the purchase price as sales commission to an unrelated party. | |||||||||||
On December 20, 2011, the Company entered into a memorandum of agreement with an unrelated party for the sale of four LR1 product tanker vessels. The sale of two vessels, the Newlead Fortune and the Newlead Avra, was completed on December 22, 2011 for a net aggregate selling price of $64,532. The carrying value of the vessels was $55,171 and the gain on the sale of these two vessels amounted to $8,640 and is included in Loss from discontinued operations in the accompanying statements of operations and comprehensive loss and cash flows. As of December 31, 2011, the Newlead Compass and the Newlead Compassion met the criteria for “Assets Held for Sale” and were recorded at their carrying value of $64,712, since this was below fair value (less costs to sell). The sale was completed on January 31, 2012 for a selling price of $80,159. The gain on the sale of these two vessels amounted to $14,267 and is included in Loss from discontinued operations in the accompanying statements of operations and comprehensive loss and cash flows. | |||||||||||
On August 12, 2011, First Business Bank and the Company entered into an agreement for the sale of two vessels, the Newlead Spartounta and Newlead Prosperity, which were sold on September 13, 2011 and September 20, 2011, respectively, for a net aggregate selling price of $33,548. The carrying value of the vessels was $28,005 and the gain on the sale of these two vessels amounted to $4,931 and is included in Loss from discontinued operations in the accompanying statements of operations and comprehensive loss and cash flows. | |||||||||||
Vessels under construction | |||||||||||
In July 2010, the Company acquired among other vessels and newbuildings, the Handysize Hull 4029. As of December 31, 2011, the Handysize Hull 4029 was tested for impairment and an impairment charge of $5,530 was recorded. As a result, as of December 31, 2011, total fair value of deposits for this Hull was $7,055 and the remaining commitments for delivery of this vessel amounted to approximately $19,350. | |||||||||||
On February 20, 2012, the Company received a default letter from the yard in respect of the delay of the payment of an installment of $7,400 after the completion of the “steel cutting” in September 2011 for the Handysize Hull 4029. On May 22, 2012, the Company signed an agreement with the shipbuilder and the Shipbuilding Contract with SPP Shipbuilding Co., Ltd., the prior contract with the yard, was terminated and ceased to be valid. Under this agreement, the Company and the yard mutually waived all rights and released and discharged each other from all liabilities, obligations, claims and demands. This agreement resulted in the Company being released from the $7,400 liability to the yard and the $7,240 write-off of the balance of the vessel under construction (the amount of $7,240 includes capitalized expenses amounted of $185 during 2012). In addition, on May 22, 2012, the Company was released from its obligations under the related Handysize Syndicate Facility Agreement for the Handysize Hull 4029, which were $5,492 (see Note 16). Furthermore, the obligation under the purchase option liability of $1,779 was written off upon the termination of the shipbuilding contract. The net gain resulting from these transactions and any other costs related to the sale amounted to $7,424 and is included in Loss from discontinued operations. | |||||||||||
Leased vessels | |||||||||||
(a) Northern Shipping Fund LLC | |||||||||||
In June 2011, the Company entered into an agreement with Northern Shipping Fund LLC for the sale and immediate bareboat leaseback of the Post-Panamax dry bulk vessel, the Newlead Endurance. The net proceeds for the sale were $26,600 and the bareboat leaseback charter period was seven years. NewLead retained call options to buy the vessel back during the lease period at pre-determined decreasing prices at the end of each of the seven years starting from the first year, with the last call option price at $26,500 at the end of the lease term. Moreover, a put option existed, which if exercised, would have required the Company to repurchase the vessel for approximately $26,500 at the end of the lease term. The call or put option price was to be paid in cash. On February 14, 2012, an amendment agreement was signed, eliminating the existing put option. | |||||||||||
The Company concluded that it had retained substantially all of the benefits and risks associated with such vessel and has treated the transaction as a financing, resulting in an immediate loss of $208. | |||||||||||
On March 14, 2012, the Company received enforcement notices from Endurance Shipping LLC whereby, among other things, Endurance Shipping LLC exercised its rights to foreclose on the pledge of the shares of Curby Navigation Ltd., which secured the bareboat charter, and the vessel was delivered back to Northern Shipping Fund LLC pursuant to a redelivery agreement in respect of the capital leasing arrangement. On March 31, 2012, the Company entered into a deed of release with Endurance Shipping LLC, the owner of the Newlead Endurance, pursuant to which the Company was unconditionally released from its guarantee under the bareboat charter for the Newlead Endurance, which had been chartered-in by Curby Navigation Ltd., and all its obligations and liabilities under the relevant finance lease documentation. In connection with the enforcement notices, the Company also received a termination notice in respect of the ship management agreement between Curby Navigation Ltd. and Newlead Bulkers S.A., which had been the manager of the Newlead Endurance. As of December 31, 2012, no outstanding balance on the lease debt remained. The loss on the transaction amounted to $5,645 and is included in Loss from discontinued operations. | |||||||||||
(b) Lemissoler Maritime Company W.L.L. | |||||||||||
In November 2010, the Company signed an agreement with Lemissoler for the sale and leaseback of the vessels Australia, Brazil, China and Grand Rodosi (see also Note 17). | |||||||||||
On March 19, 2012, the Company entered into an agreement with Prime Lake Maritime Ltd. (an affiliate of Lemissoler Maritime Company W.L.L.) in order to redeliver the vessel Brazil, in settlement of part of the vessel’s outstanding debt. The redelivery of the vessel was completed on March 19, 2012. | |||||||||||
On February 3, 2012, the Company entered into an agreement with Prime Hill Maritime Ltd. (an affiliate of Lemissoler Maritime Company W.L.L.) in order to redeliver the vessel Grand Rodosi, in settlement of part of the vessel’s outstanding debt. The redelivery of the vessel was completed on February 7, 2012. | |||||||||||
On February 3, 2012, the Company entered into an agreement with Prime Time Maritime Ltd. (an affiliate of Lemissoler Maritime Company W.L.L.) in order to redeliver the vessel China, in settlement of part of the vessel’s outstanding debt. The redelivery of the vessel was completed on February 11, 2012. | |||||||||||
On October 21, 2011, the Company entered into an agreement with Prime Mountain Shipping Ltd. (an affiliate of Lemissoler Maritime Company W.L.L.), in order to redeliver the vessel Australia, in settlement of part of the vessel’s outstanding debt, for a gross aggregate price of $13,220. As of December 31, 2011, the Australia was classified as an asset held for sale, and was written down to its fair value (less costs to sell). The redelivery of the vessel was completed on January 31, 2012. The Company paid an address commission of 3.5% of the purchase price as a sales commission. | |||||||||||
The aggregate loss of the redelivery of these four vessels amounted to $669 and is included in Loss from discontinued operations. | |||||||||||
The following table represents the revenues and net loss from discontinued operations: | |||||||||||
Year Ended | Year Ended | Year Ended | |||||||||
December 31, | December 31, | December 31, | |||||||||
2013 | 2012 | 2011 | |||||||||
Operating Revenues | $ | - | $ | 14,187 | $ | 95,773 | |||||
Net loss | $ | -11,422 | $ | -1,800 | $ | -166,679 | |||||
The reclassification to discontinued operations had no effect on the Company’s previously reported consolidated net loss. In addition to the financial statements themselves, certain disclosures have been modified to reflect the effects of these reclassifications on those disclosures. The Company recorded an impairment charge on vessels in the amount of $0, $0 and $150,161 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||
SIGNIFICANT_TRANSACTION
SIGNIFICANT TRANSACTION | 12 Months Ended | ||
Dec. 31, 2013 | |||
Significant Transactions [Abstract] | ' | ||
SIGNIFICANT TRANSACTION | ' | ||
27. SIGNIFICANT TRANSACTION | |||
Nickel Wire Transaction | |||
On January 4, 2013, the Company, under a Nickel Purchase Agreement, acquired 3,750 grams of nickel wire (the “Nickel”) from N.M. Kandilis S.A. in exchange for 17,235,773 newly issued common shares of the Company. The shares were issued on March 1, 2013. The Nickel Purchase Agreement stated that the respective shares will be delivered for Nickel with a value of at least $212,000. In connection with the Nickel Purchase Agreement, two affiliates of N.M. Kandilis S.A., Vasileios Telikostoglou and Essential Holding LTD, entered into lock-up agreements with respect to the common shares of the Company to be issued under the Nickel Purchase Agreement. These lock-up agreements provided, among other things, that if the Nickel was not monetized within eighteen months of the date of the Nickel Purchase Agreement, then the lock-up agreements would be considered null and void and the shares would be cancelled. These affiliates also agreed in the lock-up agreements that if the Nickel was sold at a reduced price of at least a 45% discount of the agreed contractual sale price under the Nickel Purchase Agreement, the number of shares would be adjusted pro rata. The Company intended to use the investment of Nickel to provide collateral for loans funding its capital-intensive activities and to provide a platform upon which to execute its diversified growth strategy. | |||
Following Company’s entry into the Nickel Purchase Agreement, PricewaterhouseCoopers Auditing Company S.A. (“PwC”), the Company’s previous independent accountants, asked the Company’s audit committee to (i) conduct an investigation of the transaction between us and N.M. Kandilis S.A. within the scope of Section 10A of the Securities Exchange Act of 1934, as amended, (ii) investigate the origin of the Nickel, including its transfer from a Russian entity, its importation into the United Kingdom, the manner of its clearance through UK customs and whether N.M. Kandilis S.A. had proper title to the Nickel to effect the transaction, (iii) assess and report on the integrity of the Company’s management regarding the acquisition of the Nickel, (iv) assess whether the Company acquired legal ownership and good title of the Nickel and (v) advise as to any appropriate remedial action to be taken. The audit committee agreed with PwC’s request, and hired Debevoise & Plimpton LLP (“Debevoise”) to conduct the investigation. | |||
The reports the Company had received from experts in the metals market, and used in connection with the closing of the Nickel transaction, valued much smaller quantities of nickel wire than the amount bought by the Company and the $212,000 valuation was an extrapolation derived by the Company’s management from the value of the Nickel per meter. While the investigation was ongoing, PwC hired a third party valuation analyst to perform an independent fair value analysis of the Nickel. The third party valuation analyst determined that the Nickel’s value was substantially less than the $212,000 in common shares paid as consideration for the Nickel. This substantially lower value was up to a 99% discount of the valuation used for the January 4, 2013 transaction. The Company believes the difference was partially due to a substantial illiquidity discount being placed on the Nickel due to the very large amount acquired. Further, the Company believes that prices received from the sale of the Nickel depend upon the country in which it is sold as well as the method of sale used. Company’s attempts to use the Nickel as collateral following its acquisition convinced the Company that it would be challenging to accomplish a sizable transaction due to the illiquid market. | |||
Pursuant to a July 31, 2013 report to the audit committee, Debevoise concluded as follows: | |||
· | It could not definitively confirm the source of the Nickel and did not see satisfactory documentation demonstrating the sale from its original manufacturer to N.M. Kandilis S.A. Although an investigator hired by Debevoise confirmed that certain Russian companies mentioned in the course of the investigation do manufacture nickel wire of similar characteristics to the Nickel in question, Debevoise noted that significant questions remain as to the way in which it was acquired. Debevoise further noted that, notwithstanding this, it did not identify any evidence of wrongdoing on the part of the Company’s management or any indication of wrongdoing on the part of N.M. Kandilis S.A.’s representative with whom the Company interfaced in connection with the Nickel transaction. | ||
· | The Company’s management undertook limited due diligence in relation to the parties involved in the Nickel transaction, and tried to improve the documentary record after the transaction. This, for example, involved back-dating documents and seeking written assurances and affidavits from several persons involved, though it appeared that this was done in an attempt to properly document the transaction, as opposed to being intentionally done to deceive investors or other parties. Notwithstanding these matters, Debevoise did not find any evidence to suggest any wrongdoing on the part of the Company’s management, nor did it find any evidence that the Nickel transaction was done for potentially improper purposes. | ||
· | It would be advisable for the Company’s management to undertake enhanced due diligence on any transaction outside its ordinary course of business, such as the Nickel transaction. | ||
As a result of the difficulties in collateralizing the Nickel, the discrepancy in possible values of the Nickel and uncertainty as to the Nickel’s origin, the Company and N.M. Kandilis S.A. mutually agreed on May 24, 2013 to unwind the transaction, at which time the Nickel was returned to N.M. Kandilis S.A. and the common shares issued in the transaction were cancelled. The transaction had no effect on the financial statements for the period ended June 30, 2013 because the issuance of the shares and their subsequent cancellation all occurred in the six months ended June 30, 2013. | |||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | ' |
27. SUBSEQUENT EVENTS | |
a) Common Shares, Restricted Common Shares and Warrants | |
During the period from January 1, 2014 until May 8, 2014, the Company issued an aggregate of approximately 915,290 common shares, to various vendors in order to settle outstanding liabilities totaling approximately $6,760. | |
On October 1, 2013, the Company authorized the issuance to a third party of a ten-year warrant to purchase 9,800,000 common shares, with an exercise price of $0.005. During the period from January 1, 2014 until May 8, 2014, approximately 5,935,760 of the warrants were exercised and the Company issued approximately an aggregate of 5,902,680 common shares, due to cashless exercise notices. | |
On January 7, 2014 and March 11, 2014, the Company issued an aggregate of 91,464 common shares to Michail Zolotas in connection with his 2013 annual base salary under the terms of his employment agreement. | |
During the period from January 1, 2014 until May 8, 2014, the Company issued an aggregate of approximately 16,515,650 common shares, for the repayment of the VAG and VPP senior secured notes. | |
During the period from January 1, 2014 until May 8, 2014, the Company issued an aggregate of approximately 17,241,380 common shares, for the repayment of the true-up mechanism with respect to Tiger Equity Partners Ltd senior convertible promissory note, dated June 19, 2013. | |
During the period from January 1, 2014 until May 6, 2014, the Company issued an aggregate of approximately 51,155,990 common shares, in relation to the convertible, redeemable Series A Preference Shares issued to Ironridge Global IV, Ltd. (“Ironridge”) . | |
From January 1, 2014 to May 5 2014 pursuant to the December Settlement Agreement approved by the December Order (Case No 160776/2013) and since the issuance of the December Initial Settlement Shares, the Company issued and delivered to Hanover Holdings I, LLC (part of Magna Group LLC) 49,400,000 December Additional Settlement Shares. | |
On March 6, 2014, and after approval of the Company’s board of directors and the majority of its shareholders, a 1-for-10 reverse stock split of its common stock was effectuated. This transaction had as a result the increase of the Company’s par value of common shares from $0.01 to $0.10 per share. | |
b) Lease Agreements | |
On January 20, 2014, the Company entered into two annual lease agreements with Terra Norma and Terra Stabile, which are controlled by Michail Zolotas, the Company’s Chairman, Chief Executive Officer and member of the Company’s Board of Directors in relation to office parking space for a monthly aggregate rate of approximately €1,500 ($2,100). | |
Following the above mentioned Terra Stabile S.A. and Terra Norma S.A agreements’ amendments, there is an increase of $22 for year 2014 at the committed rent payments table in Note 23. | |
c) Compliance and Deficiency Notices from The NASDAQ Stock Market | |
On January 3, 2014, the Company received a written notification from The NASDAQ Stock Market LLC (“NASDAQ”) indicating that the Company regained compliance with the minimum bid price requirement of $1.00 per share. However due to the compliance issues under NASDAQ Listing Rule 5815(d)(4)(a), the Panel decided to monitor the Company for a six month period ending June 30,2014, to determine whether it experiences a closing bid price under $1.00 for a period of 30 consecutive trading days. | |
In addition, on December 23, 2013, the Company received notice from the NASDAQ Listing Qualifications Department indicating that the Company did not satisfy the $50,000 in market value of listed securities requirement for continued listing on The NASDAQ Global Select Market (the “Market Cap Requirement”), as set forth in Listing Rule 5450(b)(2)(A), for the prior 30 consecutive business days. In accordance with the NASDAQ Listing Rules, the Company was granted a 180-day grace period, through June 23, 2014, to evidence compliance with the Market Cap Requirement. Compliance with the Market Cap Requirement can be achieved if the Company evidences a market value of listed securities of at least $50,000 for a minimum of 10 consecutive business days, but generally for no more than 20 consecutive business days, during the grace period. | |
d) Time Charter Agreements | |
On February 14, 2014, the Company entered into two approximately twenty days time charter trips, at the charterers’ option, beginning February 18, 2014, for Newlead Markela at approximately $7.25 and $8.9 per day, each trip, without excluding commission. | |
On March 19, 2014, the Company entered into a twenty days time charter agreement, at the charterers’ option, beginning March 30, 2014, for Newlead Markela at approximately $9.6 per day, without excluding commission. | |
From April 2014 up to date, the Company entered into three time charter agreements for approximately twenty day each, at the charterers’ option, for Newlead Markela at an average $6.9 per day, without excluding commission. | |
e) Acquisition of Viking Acquisition Group and Viking Prep Plant (refer to Note 5) | |
On March 13, 2014, the Company entered into an agreement with Pallas Holdings LLC in relation to VAG acquisition in order for the two parties to work diligently toward Lease extension or renewal by June 13, 2014, otherwise the purchase price will be reduced by $4,000 and a corresponding reduction in the true-up amount. | |
f) New Convertible Notes and Debentures | |
On January 3, 2014, the Company entered into a convertible debenture of up to $500 with Dominion Capital LLC. The facility is payable in one balloon payment due twelve months from the issuance date. Borrowings under this facility bear a fixed interest rate of 12% per annum on the unpaid principal balance payable on the maturity date. | |
During January and February 2014, the Company entered into number of convertible promissory notes of up to $ 3,301. The promissory notes are payable in one balloon payment due from six months to twelve months from the issuance date. Borrowings under these facilities bear a fixed interest rate from 8% to 10% per annum on the unpaid principal balance payable on the maturity date or on the issuance date. | |
g) Preference Shares | |
On March 4, 2014 (the “Effective Date”), the Company entered into a Share Subscription Agreement (the “Agreement”) with Ironridge Global IV, Ltd. (“Ironridge”), related to the issuance of $25,000 in convertible, redeemable Series A Preference Shares (the “Preference Shares”). The consideration for issuance of the Preference Shares consisted partially of cash and the balance was paid through the issuance of a series of promissory notes in the Company’s favor, the repayment of which is expected to commence approximately 90 days after closing, subject to certain conditions, with nine monthly installments thereafter, in accordance with the provisions of the Agreement. The Notes bear interest at a rate of 1.0% per annum. Ironridge was issued an additional $2,500 of Preference Shares as a fee in connection with the closing of the transaction. Pursuant to the Certificate of Designations with respect to the Preference Shares (the “Certificate of Designations”), the Preference Shares will accrue cumulative dividends at a rate equal to 10.75% per annum, subject to adjustment as provided in the Certificate of Designations. The dividends are payable in cash or in Company’s common shares (the “Common Shares”) at the Company’s option and upon conversion of the Preference Shares, such dividends have a guaranteed payable amount. The Certificate of Designations also provides that, immediately upon the Effective Date, Ironridge has the right to convert the Preference Shares into Common Shares at a price per Common Share of $10.00, subject to adjustment as set forth in the Certificate of Designations, provided the respective Note given as consideration for the issuance of the Preference Shares to be converted has been paid. On or after seven years from the Effective Date, the Company has the right to redeem the Preference Shares at the liquidation value of $10,000 per share (the “Liquidation Value”), plus accrued and unpaid dividends thereon. Prior to such time, the Company may redeem the Preference Shares at the Liquidation Value plus the Embedded Dividend Liability (as defined in the Certificate of Designations), less any dividends paid (the “Early Redemption Price”). Upon certain liquidation events occurring prior to the seven year anniversary of the Effective Date, the Company will redeem the Preference Shares at the Early Redemption Price. The Company received partial consideration of $2,500 in cash at the closing of the transaction. The $22,500 balance is expected to be received, subject to certain conditions per the Agreement, in nine consecutive equal monthly installments commencing approximately ninety days after the closing date. To the extent, the Company receives these additional proceeds, the Company intends to use this additional $22,500 to grow its fleet. Partial proceeds from the issuance of the Preference Shares, along with the 75% debt financing recently received, are expected to be deployed towards the acquisition of two eco-type 31,800 dwt, Handysize bulk carriers built in 2012. | |
h) Management Agreements | |
The Company agreed, through its wholly-owned subsidiary Newlead Shipping, to perform part of the commercial, the technical and the operational management of one double-hulled oil tanker owned by a third party for a daily fee of $0.5, from March 23, 2014 until March 31, 2015. | |
i) Accounts Payable Settlement –Hanover Disclosure | |
From January 1, 2014 to May 5, 2014 pursuant to the December Settlement Agreement approved by the December Order (Case No 160776/2013) and since the issuance of the December Initial Settlement Shares, the Company issued and delivered to Hanover Holdings I, LLC (part of Magna Group LLC) 49,400,000 December Additional Settlement Shares. | |
j) Acquisition of vessels | |
On March 10,2014, the Company signed two memorandum of agreements for two eco-type, Handysize dry bulk carriers built in 2012 for a purchase price $18,500 each. The vessels are approximately 32,500 dwt each and are expected to be delivered by the end of June and July, 2014. | |
k) New entities | |
On March 10, 2014, Newlead Albion S.A., Newlead Handies Inc and Newlead Venetico Ltd have been incorporated under the laws of the Republic of the Marshall Islands. | |
l) Warrants | |
On January 1, 2014, the Company issued to a third party a ten-year warrant to purchase 819,670 common shares at an exercise price of $0.025 per share, for advisory services. | |
On January 3, 2014, the Company issued to a third party a five-year warrant to purchase 3,704 and 7,407 common shares at an exercise price of $ 22.5 per share and $ 17.5 per share respectively, in connection with a convertible debenture issued simultaneously. | |
On April 10, 2014, the Company issued to a third party, a ten year warrant to purchase 2,700,000 common shares at an exercise price equal to $0.022 per share in connection to a retainer agreement. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Exploration-Stage Company: | ' | |
Exploration-Stage Company: | ||
The Company’s mining segment is considered an exploration stage company under SEC criteria because it has not demonstrated the existence of proven or probable reserves at any of the properties. Accordingly, as required by the SEC guidelines and U.S. GAAP for companies in the exploratory stage, substantially all of its investment in mining properties subsequent to acquisition have been expensed and therefore do not appear as assets on its balance sheet. The Company therefore also expensed exploration and development expenditures in 2013 related to the properties. Certain expenditures, such as expenses for mining or other general purpose equipment, may be capitalized, subject to management evaluation of the possible impairment of the asset. | ||
Basis of Presentation: | ' | |
Basis of Presentation: | ||
The accompanying financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). | ||
Certain immaterial reclassifications to the prior years’ presentation have been made to conform to the current year presentation. | ||
Principles of Consolidation: | ' | |
Principles of Consolidation: | ||
The accompanying consolidated financial statements represent the consolidation of the accounts of the Company and its subsidiaries. The subsidiaries are fully consolidated from the date on which control is transferred to the Company. Subsidiaries are those entities in which NewLead has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies of each one. | ||
The Company also consolidates entities that are determined to be variable interest entities as defined in the accounting guidance, if it determines that it is the primary beneficiary. A variable interest entity is defined as a legal entity where either (a) equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity’s residual risks and rewards, or (b) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (c) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. | ||
All inter-company balances and transactions have been eliminated upon consolidation. | ||
Use of Estimates: | ' | |
Use of Estimates: | ||
The preparation of 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 as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, management evaluates the estimates and judgments, including those related to future dry-dock dates, the selection of useful lives for tangible and intangible assets, expected future cash flows from long-lived assets to support impairment tests, expected future cash flows from reporting units to support goodwill impairment tests, provisions necessary for accounts receivables, provisions for legal disputes, and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates under different assumptions and/or conditions. | ||
Foreign Currency Transactions: | ' | |
Foreign Currency Transactions: | ||
The functional currency of the Company is the U.S. dollar because the Company’s vessels operate in international shipping markets, and therefore primarily transact business in U.S. dollars and the Company’s debt is denominated in U.S. dollars. The accounting records of the Company’s subsidiaries are maintained in U.S. dollars. Transactions involving other currencies during a year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated to reflect the period-end exchange rates. Resulting gains or losses are reflected in the accompanying consolidated statements of operations and comprehensive loss. | ||
Cash and Cash Equivalents: | ' | |
Cash and Cash Equivalents: | ||
The Company considers highly liquid investments, such as time deposits and certificates of deposit, with an original maturity of three months or less to be cash equivalents. For its mining operations the Company maintains cash deposits with financial institutions that, at times, may exceed federally insured limits. As of December 31, 2013, cash balances exceeded federally insured limits by approximately $1,542. | ||
Restricted Cash: | ' | |
Restricted Cash: | ||
Restricted cash includes additional minimum cash deposits required to be maintained with certain banks under the Company’s borrowing arrangements. In addition, it includes cash collateralized, cash that can be withheld at any time by such banks following events of default, as well as retention accounts which contain the proceeds from the sale of the vessels. The funds can only be used for the purposes of interest payments and loan repayments. | ||
Trade Receivables, Net and Other Receivables: | ' | |
Trade Receivables, Net and Other Receivables: | ||
The amount shown as trade receivables, net at each balance sheet date includes estimated recoveries from charterers for hire, freight and demurrage billings and coal customers, net of allowance for doubtful accounts. Accounts receivable involve risk, including the credit risk of nonpayment by the customer. Accounts receivable are considered past due based on contractual and invoice terms. An estimate is made of the allowance for doubtful accounts based on a review of all outstanding amounts at each period, and an allowance is made for any accounts which management believes are not recoverable. Bad debts are written off in the year in which they are identified. The allowance for doubtful accounts at December 31, 2013 and December 31, 2012 amounted to $2,429 and $2,382, respectively, and relates to continuing and discontinued operations in shipping business. Other receivables relate mainly to claims for hull and machinery and loss of hire insurers, guarantees, as well as to amounts to be received from Lemissoler Maritime Company W.L.L. (“Lemissoler”) for the settlement of outstanding liabilities relating to the four dry bulk vessels (Note 26 ), as part of an agreement entered into with Lemissoler on November 28, 2012. | ||
Inventories: | ' | |
Inventories: | ||
Inventories, which comprise bunkers and lubricants remaining on board the vessels at year end, are valued at the lower of cost and market value as determined using the first in-first out method. | ||
Equity Investment: | ' | |
Equity Investment: | ||
The Company uses the equity method of accounting to account for its interest in New Lead JMEG LLC, recording the initial investment at cost. Subsequently, the carrying amount of the investment is increased to reflect the Company’s share of income / loss of the investee and capital contributions, and is reduced to reflect the Company’s share of losses of the investee or distributions received from the investee. During 2013, Company recorded an impairment of $1,077 in respect of the New Lead JMEG LLC, as a result of the Company’s assessment of the recoverability of this investment. | ||
Vessels and Other Fixed Assets, net: | ' | |
Vessels and Other Fixed Assets, net: | ||
Vessels are stated at cost less accumulated depreciation and impairment losses. Cost consists of the contract price, delivery and acquisition expenses, interest cost while under construction, and, where applicable, initial improvements. Vessels acquired through an asset acquisition or through a business combination are stated at fair value. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of a vessel; otherwise, these amounts are charged to expenses as incurred. | ||
Depreciation of a vessel is computed using the straight-line method over the estimated useful life of the vessel, after considering the estimated salvage value of the vessel. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap value per lightweight ton. Management estimates the useful life of the Company’s vessels to be 25 years from the date of its initial delivery from the shipyard. However, when regulations place limitations over the ability of a vessel to trade, its useful life is adjusted to end at the date such regulations become effective. | ||
Fixed assets are stated at cost. The cost and related accumulated depreciation of fixed assets sold or retired are removed from the accounts at the time of sale or retirement and any gain or loss is included in the accompanying statements of operations and comprehensive loss. | ||
Depreciation of fixed assets is computed using the straight-line method. Annual depreciation rates, which approximate the useful life of the assets, are: | ||
Furniture, fixtures and equipment: | 3 years | |
Computer equipment and software: | 3 years | |
Assets held for sale/Discontinued operations: | ' | |
Assets Held for Sale/Discontinued Operations: | ||
Long-lived assets are classified as “Assets held for sale” when the following criteria are met: management has committed to a plan to sell the asset; the asset is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Assets classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. | ||
The Company reports discontinued operations when the operations and cash flows of a component, usually a vessel, have been (or will be) eliminated from the ongoing operations of the Company, and the operations and cash flows will not be replaced or the Company does not have the ability to replace the vessels, and the Company will not have any significant continuing involvement in the operations of the component after its disposal. All assets held for sale are considered discontinued operations for all periods presented. | ||
For years ended December 31, 2013, 2012 and 2011, a total of twenty vessels and hulls have been reported as discontinued operations (see Note 26). | ||
Accounting for Special Survey and Dry-docking Costs: | ' | |
Accounting for Special Survey and Dry-docking Costs: | ||
The Company’s vessels are subject to regularly scheduled dry-docking and special surveys, which are carried out every 30 or 60 months to coincide with the renewal of the related certificates issued by the Classification Societies, unless a further extension is obtained in rare cases and under certain conditions. The costs of dry-docking and special surveys are deferred and amortized over the above periods or to the next dry-docking or special survey date if such date has been determined. | ||
Costs incurred during the dry-docking period relating to routine repairs and maintenance are expensed. The unamortized portion of special survey and dry-docking costs for vessels sold is included as part of the carrying amount of the vessel in determining the gain/(loss) on sale of the vessel. | ||
Property, Plant and Equipment: | ' | |
Property, Plant and Equipment: | ||
Property, plant and equipment are recorded at cost. Depreciation is computed using the straight-line method based on the estimated useful lives, ranging from 3 years to 17 years, of the respective assets. | ||
Land and mining property are carried at cost. Expenditures that extend the useful lives of existing plant and equipment or increase productivity of the assets are capitalized. Maintenance and repair costs that do not extend the useful life or increase productivity of the asset are expensed as incurred. | ||
Mining Exploration and Development Costs: | ' | |
Mining Exploration and Development Costs: | ||
The Company expenses prospecting and mining exploration costs. At the point when a property is determined to have reserves, subsequent development costs will be capitalized and will be charged to operations using the units-of-production method over proven and probable reserves. Upon abandonment or sale of a mineral property, all capitalized costs relating to the specific property are written off in the period abandoned or sold and a gain or loss is recognized. | ||
At the point when the mining segment becomes eligible to be classified as a “development” or “production” stage company, costs for mine development incurred to expand capacity of operating mines or to develop new mines are capitalized and charged to operations on the units-of-production method over the estimated proven and probable reserve tons directly benefiting from the capital expenditures. Mine development costs include costs incurred for site preparation and development of the mines during the development stage less any incidental revenue generated during the development stage. Maintenance and repairs are expensed as incurred. | ||
Owned And Leased Mineral Rights: | ' | |
Owned and Leased Mineral Rights: | ||
Costs in order to obtain leased mineral rights are capitalized. Leased mineral rights are amortized as depletion expense using the units-of-production method. Only proven and probable reserves are included in the depletion base. Depletion expense is included in depreciation, depletion and amortization on the accompanying consolidated financial statements. | ||
Impairment of Long-lived Assets: | ' | |
Impairment of Long-lived Assets: | ||
Long-lived assets and certain identifiable intangibles held and used by an entity are required to be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If the future net undiscounted cash flows from the asset group are less than the carrying values of the asset group, an impairment loss is recorded equal to the difference between the asset’s carrying value and its fair value. | ||
Undiscounted projected net operating cash flows are determined for each asset group and compared to the carrying value of the vessel and related carrying value of the intangible (backlog asset and deferred charter revenue) with respect to the time charter agreement attached to that vessel or the carrying value of deposits for newbuildings. Within the shipping industry, vessels are customarily bought and sold with a charter attached. The value of the charter may be favorable (backlog asset) or unfavorable (deferred charter revenue) when comparing the charter rate to then current market rates. The loss recognized either on impairment (or on disposition) will reflect the excess of carrying value over fair value (selling price) for the vessel asset group. For vessels under construction, the net estimated cash flows also include the future cash outflows to make vessels ready for use, all remaining progress payments to shipyards and other pre-delivery expenses (e.g. capitalized interest). | ||
The significant factors and assumptions the Company used in the undiscounted projected net operating cash flow analysis included, among others, operating revenues, off-hire revenues, dry-docking costs, operating expenses and management fee estimates. Revenue assumptions were based on a number of factors for the remaining life of the vessel: (a) contracted time charter rates up to the end of life of the current contract of each vessel, (b) the most recent ten-year average historical one-year time charter rates (adjusted for market conditions), (c) the respective vessel’s age as well as considerations such as scheduled and unscheduled off-hire days based on historical experience and (d) the likelihood of the sale of the asset group. Operating expense assumptions included an annual escalation factor. All estimates used and assumptions made were in accordance with the Company’s historical experience. Fair value is determined using the valuation derived from market data. | ||
The current assumptions used and the estimates made are highly subjective, and could be negatively impacted by further significant deterioration in charter rates or vessel utilization over the remaining life of the vessels, which could require the Company to record a material impairment charge in future periods. The Company performed an impairment assessment of the long-lived assets groups (i) during the years ended December 31, 2013, 2012, and 2011, when certain vessels were disposed of, and (ii) as of December 31, 2013, 2012 and 2011. For the year ended December 31, 2013, the Company did not record an impairment charge. For the year ended December 31, 2012, the Company recorded an impairment charge totaling $5,911 in continuing operations on one of the two vessels that were held and used as of December 31, 2012. In addition, an impairment charge in continuing operations of $1,143 was recorded on back log assets. For certain asset groups as of December 31, 2011, the future net undiscounted cash flows from the assets were less than the carrying values of the assets and, therefore, were adjusted to fair value. For the year ended December 31, 2011, the Company recorded an impairment charge in the amount of $2,360 on one of the two vessels that is classified as held and used and an impairment charge in the amount of $101,415 on fifteen vessels that are classified as discontinued operations (see Note 10). In addition, an impairment charge in discontinued operations of $43,214 was recorded on back log assets, and of $5,530 was recorded on vessels under construction. | ||
As per Company’s impairment assessment as of December 31, 2013 and 2012, the vessels’ undiscounted projected net operating cash flows were in excess of their carrying values by more than 55% and 60%, respectively. | ||
Mine development costs, owned and leased mineral rights are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset groups may not be recoverable. Recoverability of assets or asset groups to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. Assets to be disposed would separately be presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and would no longer be depreciated. The assets and liabilities of a disposal group classified as held for sale would be presented separately in the Consolidated Balance Sheets. | ||
Goodwill: | ' | |
Goodwill: | ||
Goodwill is tested for impairment at the reporting unit level at least annually. Goodwill represents the excess of the cost of an acquired entity over the net amounts assigned to assets acquired and liabilities assumed. The Company evaluates goodwill for impairment using a two-step process. First, the aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill. The Company determines fair value based on a discounted cash flow analysis or the recent acquisition price for acquisition occurring to year end. In respect of the acquisition of Viking Prep Plant LLC, goodwill was recorded in the amount $28,007(see Note 7). | ||
If the fair value of the reporting unit exceeds its carrying amount, no impairment exists. If the carrying amount of the reporting unit exceeds its fair value, then the Company must perform the second step in order to determine the implied fair value of the reporting unit’s goodwill and compare it with its carrying amount. The implied fair value is determined by allocating the fair value of the reporting unit to all the assets and liabilities of that reporting unit, as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price. If the carrying amount of the goodwill exceeds its implied fair value, then goodwill impairment is recognized by writing the goodwill down to the implied fair value. As of December 31, 2013 no triggering event had occurred requiring an impairment to be recorded. As of December 31, 2012 no goodwill existed. As of December 31, 2011, the Company performed its annual goodwill impairment analysis and recorded a non-cash goodwill impairment loss of $81,590. | ||
Backlog asset/Deferred charter revenue: | ' | |
Backlog Asset/Deferred CharterRrevenue: | ||
Where the Company identifies any assets or liabilities associated with the acquisition of a vessel, the Company typically records all such identified assets or liabilities at fair value. Fair value is determined by reference to market data. The Company values any asset or liability arising from the time or bareboat charters assumed based on the market value at the time a vessel is acquired. The amount to be recorded as an asset or liability at the date of vessel delivery is based on the difference between the current fair value of a charter with similar characteristics as the time charter assumed and the net present value of future contractual cash flows from the time charter contract assumed. When the present value of the time charter assumed is greater than the current fair value of a charter with similar characteristics, the difference is recorded as a backlog asset. When the net present value of the time or bareboat charter assumed is lower than the current fair value of a charter with similar characteristics, the difference is recorded as deferred charter revenue. Such assets and liabilities, respectively, are amortized as an increase in, or a reduction of, “Depreciation, depletion and Amortization Expense” over the remaining period of the time or bareboat charters acquired. For the impairment recognized on these assets, refer to “Impairment of Long-lived Assets” in this Note. | ||
Provisions: | ' | |
Provisions: | ||
The Company, in the ordinary course of business, is subject to various claims, suits and complaints. Management provides for a contingent loss in the financial statements if the contingency has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. In accordance with the guidance issued by the Financial Accounting Standards Board (“FASB”), in accounting for contingencies, if the Company has determined that the reasonable estimate of the loss is a range, and there is no best estimate amount within the range, the Company will provide the lower amount of the range. See Note 23 “Commitments and Contingent Liabilities” for further discussion. | ||
The Company participates in Protection and Indemnity (P&I) insurance plans provided by mutual insurance associations known as P&I clubs. Under the terms of these plans, participants may be required to pay additional premiums (supplementary calls) to fund operating deficits incurred by the clubs (“back calls”). Obligations for back calls are accrued annually based on information provided by the clubs and when the obligations are probable and estimable. | ||
Asset Retirement Obligations | ' | |
Asset Retirement Obligations: | ||
Minimum standards for mine reclamation have been established by various regulatory agencies and dictate the reclamation requirements at the Company’s operations. The Company’s asset retirement obligations consist principally of costs to reclaim acreage disturbed at surface operations, estimated costs to reclaim support acreage, treat mine water discharge and perform other related functions at underground mines. The Company records these reclamation obligations at fair value in the period in which the legal obligation associated with the retirement of the long-lived asset is incurred. When the liability is initially recorded at operations that are not currently being reclaimed, the offset is capitalized by increasing the carrying amount of the related long-lived asset. | ||
Over time, the liability is accreted and any capitalized cost is depreciated over the useful life of the related asset. To settle the liability, the obligation is paid, and to the extent there is a difference between the liability and the amount of cash paid, a gain or loss upon settlement is recorded. The Company annually reviews its estimated future cash flows for its asset retirement obligations. When the liability is initially recorded at operations that are currently being reclaimed, the offset is recorded to cost of coal sales. | ||
Accounting for Investment in Available for Sale Investment: | ' | |
Accounting for Investment in Available for Sale Investment: | ||
The Company classifies its existing marketable equity securities as available for sale. These securities are carried at fair value, with unrealized gains and losses excluded from earnings and reported directly in stockholders’ equity as a component of other comprehensive income / (loss) unless an unrealized loss is considered “other-than-temporary,” in which case it is transferred to the consolidated statements of operations and comprehensive loss. For the year ended December 31, 2013 the total amount of $34 has been recorded as other comprehensive income in the consolidated balance sheet and consolidated statements of operations and comprehensive loss. | ||
Leases: | ' | |
Leases: | ||
Leases are classified as capital leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. The Company records vessels under capital leases as fixed assets at the lower of the present value of the minimum lease payments at inception of the lease or the fair value of the vessel. Vessels under capital leases are amortized over the estimated remaining useful life of the vessel for capital leases which provide for transfer of title of the vessel, similar to that used for other vessels of the Company. | ||
Payments made for operating leases are expensed on a straight-line basis over the term of the lease. Office and warehouse rental expense is recorded in “General and administrative expenses” in the consolidated statements of operations and comprehensive loss. | ||
Selling, General and Administrative Expenses: | ' | |
Selling, General and Administrative expenses: | ||
General and administrative expenses include payroll and personnel related expenses, board remuneration, executive officers compensation, directors & officers insurance, share based compensation, travel expenses, communication expenses, office expenses, audit fees, legal fees, advisory fees, stock exchange fees and other related costs. During the years ended December 31, 2013, 2012 and 2011, total share based compensation was $25,193 ($12,664 was related to the cost for the severance bonuses granted the Company’s former chairman and former Chief Operating Officer after their resignations), $2,412 and $1,582, respectively. In addition, during the year ended December 31, 2013, the Company incurred various consultation/advisory fees of $19,233 (out of which, $5,472 refers to warrants expense), in relation to the Company’s efforts to implement its business plan, a major part of which is its vertical integration strategy. During the year ended December 31, 2013, the Company also recorded an expense of $26,774 for fees paid with shares related to the acquisition of Five Mile and Tennessee Property that are not capitalized. | ||
Financing Costs | ' | |
Financing Costs: | ||
Fees incurred for obtaining new debt are deferred and amortized over the life of the related debt, using the effective interest rate method. | ||
Fees incurred in a refinancing of existing debt continue to be amortized over the remaining term (or expected remaining term) of the new debt where there is a modification of the debt. Fees incurred in a refinancing of existing loans where there is an extinguishment of the old debt are written off and included in the debt extinguishment gain or loss. | ||
Interest and Finance Expenses | ' | |
Interest and Finance Expenses: | ||
Interest expenses include interest, commitment fees, arrangement fees, amortization of deferred financing costs, amortization of the beneficial conversion feature, costs related to share settled debt and other similar charges. Interest incurred during the construction of a newbuilding is capitalized in the cost of the newbuilding. The amount of interest expense is determined by the amount of loans and advances outstanding from time to time and interest rates. The effect of changes in interest rates may be reduced (increased) by interest rate swaps or other derivative instruments. The Company uses interest rate swaps to economically hedge its interest rate exposure under its loan agreements. | ||
Accounting for Revenue and Expenses: | ' | |
Accounting for Revenue and Expenses: | ||
Shipping segment | ||
The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered using either time and bareboat charters, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate, or voyage charters, where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified charter rate. If a charter agreement exists, price is fixed, service is provided and collection of the related revenue is reasonably assured, revenue is recognized as it is earned ratably on a straight-line basis over the duration of the period of each time charter as adjusted for the off-hire days that the vessel spends undergoing repairs, maintenance and upgrade work depending on the condition and specification of the vessel and address commissions. A voyage is deemed to commence upon the completion of discharge of the vessel’s previous cargo and is deemed to end upon the completion of the discharge of the current cargo. | ||
Profit sharing represents the Company’s portion of the excess of the actual net daily charter rate earned by the Company’s charterers from the employment of the Company’s vessels over a predetermined base charter rate, as agreed between the Company and its charterers. Such profit sharing is recognized in revenue when mutually settled. | ||
Demurrage income represents payments by the charterer to the vessel owner when loading or discharging time exceeded the stipulated time in the voyage charter and is recognized as incurred. | ||
Deferred income represents cash received on charter agreement prior to the balance sheet date and is related to revenue not meeting the criteria for recognition. | ||
Mining Segment | ||
For its mining operations, the Company earns revenues primarily through the sale of coal. The Company recognizes revenue using the following general revenue recognition criteria: 1) persuasive evidence of an arrangement exists; 2) delivery has occurred or services have been rendered; 3) the price to the buyer is fixed or determinable; and 4) collectability is reasonably assured. | ||
Delivery on the Company’s coal sales is determined to be complete for revenue recognition purposes when title and risk of loss has passed to the customer in accordance with stated contractual terms and there are no other future obligations related to the shipment. For domestic shipments, title and risk of loss generally passes as the coal is loaded into transport carriers for delivery to the customer. For international shipments, title generally passes at the time coal is loaded onto the shipping vessel. Revenue from coal washing is recognized upon completion of the service. | ||
Voyage Expenses: | ' | |
Voyage Expenses: | ||
Voyage expenses comprise all expenses related to each particular voyage, including time charter hire paid and voyage freight paid bunkers, port charges, canal tolls, cargo handling, agency fees and brokerage commissions. | ||
Vessel Operating Expenses: | ' | |
Vessel Operating Expenses: | ||
Vessel operating expenses consist of all expenses relating to the operation of vessels, including crewing, repairs and maintenance, insurance, stores and lubricants and miscellaneous expenses such as communications. Vessel operating expenses exclude fuel cost, port expenses, agents’ fees, canal dues and extra war risk insurance, which are included in “voyage expenses”. | ||
Insurance Claims: | ' | |
Insurance Claims: | ||
Insurance claims represent the claimable expenses, net of deductibles, which are probable to be recovered from insurance companies and are included in “Other Receivables”. Any costs to complete the claims are included in accrued liabilities. The Company accounts for the cost of possible additional call amounts under its insurance arrangements in accordance with the accounting guidance for contingencies based on the Company’s historical experience and the shipping industry practices. | ||
Pension and Retirement Benefit Obligations-Crew: | ' | |
Pension and Retirement Benefit Obligations-Crew: | ||
The crew on board the companies’ vessels serves in such capacity under short-term contracts (usually up to seven months) and accordingly, the vessel-owning companies are not liable for any pension or post-retirement benefits. | ||
Repairs and Maintenance: | ' | |
Repairs and Maintenance: | ||
Expenditure for routine repairs and maintenance of the vessels is charged against income in the period in which it is incurred. Major vessel improvements and upgrades are capitalized to the cost of vessel. | ||
Derivative Financial Instruments: | ' | |
Derivative Financial Instruments: | ||
Derivative financial instruments are recognized in the balance sheets at their fair values as either assets or liabilities. Changes in the fair value of derivatives that are designated and qualify as cash flow hedges, and that are highly effective, are recognized in other comprehensive income. If derivative transactions do not meet the criteria to qualify for hedge accounting, any unrealized changes in fair value are recognized immediately in the statement of operations. | ||
Gain/loss arising on the termination of interest rate swap agreements qualifying as hedging instruments are deferred and amortized over the shorter of the life of the hedged debt or the hedge instrument. | ||
The Company has entered into various interest rate swap agreements (see Note 21) that did not qualify for hedge accounting. As such, the fair value of these agreements and changes therein are recognized in the balance sheets and statements of operations, respectively. | ||
Share-based Compensation: | ' | |
Share-based Compensation: | ||
The standard requires the Company to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). The grant-date fair value of employee share options and similar instruments are estimated using option-pricing models adjusted for the unique characteristics of those instruments. The cost is recognized over the period during which an employee is required to provide service in exchange for the award - the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Employee share purchase plans will not result in recognition of compensation cost if certain conditions are met. If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. | ||
Warrants: | ' | |
Warrants: | ||
The Company initially measures warrants at fair value. If warrants meet accounting criteria for equity classification then there is no other measurement subsequent to their issue. If based on their contractual terms warrants need to be recorded as derivative liabilities, then they are remeasured to fair value at each reporting period with changes recognized in the statements of operations and comprehensive loss. | ||
Segment Reporting: | ' | |
Segment Reporting: | ||
Operating segments, as defined, are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing financial performance. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Company reports financial information and evaluates its operations by revenues. Management, including the chief operating decision makers, reviews operating results solely by revenue and operating results. Based on this review, the Company has determined that it operates under two reportable segments, shipping business and coal business. Revenues from the technical and the operational management of vessels owned by a third party are not considered significant ($591, $474 and $0 during the years ended December 31, 2013, 2012 and 2011, respectively) and are included in the shipping business reportable segment. | ||
Business Combinations: | ' | |
Business Combination: | ||
The Company uses the acquisition method of accounting under the authoritative guidance on business combinations, which requires an acquirer in a business combination to recognize the assets acquired, the liabilities assumed and any non-controlling interest in the acquiree at their fair values at the acquisition date. The costs of the acquisition and any related restructuring costs are to be recognized separately in the consolidated statements of operations and comprehensive loss. The acquired company's operating results are included in the Company's consolidated financial statements starting on the date of acquisition. | ||
The purchase price is equivalent to the fair value of the consideration transferred and liabilities incurred, including liabilities related to contingent consideration. Tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition are recorded at the acquisition date fair value. Goodwill is recognized for the excess of the purchase price over the net fair value of assets acquired and liabilities assumed. When the fair value of net assets acquired exceeds the fair value of consideration transferred plus any non-controlling interest in the acquiree, the excess is recognized as a gain. | ||
Loss per Share: | ' | |
Loss per Share: | ||
The Company has presented loss per share for all periods presented based on the weighted-average number of its outstanding common shares at the reported periods. The effect of dilutive or potentially dilutive securities is anti-dilutive, accordingly there is no difference between basic and diluted net loss per share. | ||
Income Taxes | ' | |
Income Taxes | ||
The Company is subject to income taxes under subchapter C of the Internal Revenue Code in relation to coal business. Deferred income taxes are provided for temporary differences in the basis of certain assets and liabilities for financial reporting and income tax purposes. The deferred income tax assets and liabilities represent the future tax return consequences of those differences, which will either be deductible or taxable when the assets and liabilities are recovered or settled. A valuation allowance is established when necessary to reduce deferred income tax assets to the amount more likely than not to be realized. The Company records liabilities for income tax positions taken or expected to be taken when those positions are deemed uncertain to be upheld in an examination by taxing authorities. As of December 31, 2013, the tax year ended December 31, 2013 was open for potential examination by taxing authorities. No liabilities for uncertain income tax positions were recorded as of December 31, 2013. | ||
SUBSIDIARIES_INCLUDED_IN_THE_C1
SUBSIDIARIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
SUBSIDIARIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS | ' | ||||||||||||
NewLead’s subsidiaries included in these consolidated financial statements were as follows: | |||||||||||||
Country of | Statement of operations | ||||||||||||
Company Name | Incorporation | Nature / Vessel Name | 2013 | 2012 | 2011 | ||||||||
1 | Land Marine S.A. | Marshall Islands | Dissolved (1) | — | — | — | |||||||
2 | Rider Marine S.A. | Marshall Islands | Dissolved (2) | — | — | — | |||||||
3 | Ostria Waves Ltd. | Marshall Islands | Dissolved (3) | — | — | — | |||||||
4 | Altius Marine S.A. | Marshall Islands | Dissolved (4) | — | — | 1/1/2011 — 12/22/2011 | |||||||
5 | Fortius Marine S.A. | Marshall Islands | Dissolved (4) | — | — | 1/1/2011 — 12/22/2011 | |||||||
6 | Ermina Marine Ltd. | Marshall Islands | Dissolved (5) | — | — | — | |||||||
7 | Chinook Waves Corporation | Marshall Islands | Dissolved (6) | — | — | — | |||||||
8 | Compass Overseas Ltd. | Bermuda | Vessel owning company (7) | — | 1/1/2012 — 1/31/2012 | 1/1/2011 — 12/31/2011 | |||||||
9 | Compassion Overseas Ltd. | Bermuda | Vessel owning company (7) | — | 1/1/2012 — 1/31/2012 | 1/1/2011 — 12/31/2011 | |||||||
10 | Australia Holdings Ltd. | Liberia | Vessel owning company (8) | — | 1/1/2012 — 1/31/2012 | 1/1/2011 — 12/31/2011 | |||||||
11 | Brazil Holdings Ltd. | Liberia | Vessel owning company (9) | — | 1/1/2012 — 3/19/2012 | 1/1/2011 — 12/31/2011 | |||||||
12 | China Holdings Ltd. | Liberia | Dissolved (10) | — | 1/1/2012 — 2/11/2012 | 1/1/2011 — 12/31/2011 | |||||||
13 | Curby Navigation Ltd. | Liberia | Foreclosed (11) | — | 1/1/2012 — 3/14/2012 | 6/13/2011 — 12/31/2011 | |||||||
14 | Newlead Victoria Ltd. | Liberia | M/V Newlead Victoria | 1/1/2013 — 12/31/2013 | 1/1/2012 — 12/31/2012 | 1/1/2011 — 12/31/2011 | |||||||
15 | Grand Venetico Inc. | Marshall Islands | Vessel owning company (12) | — | 1/1/2012 — 5/8/2012 | 1/1/2011 — 12/31/2011 | |||||||
16 | Grand Oceanos Inc. | Liberia | Vessel owning company (13) | — | 1/1/2012 — 1/11/2012 | 1/1/2011 — 12/31/2011 | |||||||
17 | Grand Rodosi Inc. | Liberia | Revoked (14) | — | 1/1/2012 — 2/7/2012 | 1/1/2011 — 12/31/2011 | |||||||
18 | Challenger Enterprises Ltd. | Liberia | Vessel owning company (15) | — | 1/1/2012 — 7/19/2012 | 1/1/2011 — 12/31/2011 | |||||||
19 | Crusader Enterprises Ltd. | Liberia | Vessel owning company (15) | — | 1/1/2012 — 7/27/2012 | 1/1/2011 — 12/31/2011 | |||||||
20 | Newlead Shipping S.A. | Panama | Management company | — | — | — | |||||||
21 | Newlead Bulkers S.A. | Liberia | Management company | — | — | — | |||||||
22 | Santa Ana Waves Corporation | Marshall Islands | Dissolved (16) | — | — | — | |||||||
23 | Makassar Marine Ltd. | Marshall Islands | Dissolved (17) | — | — | — | |||||||
24 | Seine Marine Ltd. | Marshall Islands | Dissolved (18) | — | — | — | |||||||
25 | Vintage Marine S.A. | Marshall Islands | Dissolved (19) | — | — | — | |||||||
26 | Jubilee Shipholding S.A. | Marshall Islands | Dissolved (19) | — | — | — | |||||||
27 | Olympic Galaxy Shipping Ltd. | Marshall Islands | Dissolved (20) | — | — | — | |||||||
28 | Dynamic Maritime Co. | Marshall Islands | Dissolved (20) | — | — | — | |||||||
29 | AMT Management Ltd. | Marshall Islands | Management company | — | — | — | |||||||
30 | NewLead Holdings (US) Corp. (ex NewLead Holdings (ex Aries Maritime) (US) LLC) | Delaware, USA | Operating company (21) | — | — | — | |||||||
31 | Abroad Consulting Ltd. | Marshall Islands | Dissolved (22) | — | — | — | |||||||
32 | Leading Marine Consultants Inc. | Marshall Islands | Dissolved (36) | — | — | — | |||||||
33 | Ayasha Trading Corporation | Liberia | Foreclosed (23) | — | 1/1/2012 — 2/24/2012 | 1/1/2011 — 12/31/2011 | |||||||
34 | Bethune Properties S.A. | Liberia | Foreclosed (24) | — | 1/1/2012 — 2/24/2012 | 11/10/2011 — 12/31/2011 | |||||||
35 | Grand Esmeralda Inc. | Liberia | Vessel owning company (25) | — | 1/1/2012 — 2/16/2012 | 1/1/2011 — 12/31/2011 | |||||||
36 | Grand Markela Inc. | Liberia | M/V Newlead Markela | 1/1/2013 — 12/31/2013 | 1/1/2012 — 12/31/2012 | 1/1/2011 — 12/31/2011 | |||||||
37 | Grand Spartounta Inc. | Marshall Islands | Vessel owning company (26) | — | — | 1/1/2011 — 9/13/2011 | |||||||
38 | Newlead Progress Inc. | Marshall Islands | Dissolved (37) | — | — | — | |||||||
39 | Newlead Prosperity Inc. | Marshall Islands | Vessel owning company (26) | — | — | 1/1/2011 — 9/20/2011 | |||||||
40 | Grand Affection S.A. | Marshall Islands | Vessel owning company (27) | — | 1/1/2012 — 3/26/2012 | 7/28/2011 — 12/31/2011 | |||||||
41 | Grand Affinity S.A. | Marshall Islands | Hull owing company (28) | — | — | — | |||||||
42 | Newlead Stride Inc. | Marshall Islands | Dissolved (20) | — | — | — | |||||||
43 | Grand Victoria Pte Ltd. | Singapore | Dormant company | — | — | — | |||||||
44 | Newlead Bulker Holdings Inc. | Marshall Islands | Sub-holding company | — | — | — | |||||||
45 | Newlead Tanker Holdings Inc. | Marshall Islands | Dissolved (38) | — | — | — | |||||||
46 | Mote Shipping Ltd. | Malta | Dissolved (20) | — | — | — | |||||||
47 | Statesman Shipping Ltd. | Malta | Dissolved (29) | — | — | — | |||||||
48 | Trans Continent Navigation Ltd. | Malta | Dormant company | — | — | — | |||||||
49 | Trans State Navigation Ltd. | Malta | Dormant company | — | — | — | |||||||
50 | Bora Limited | British Virgin Islands | Dormant Company | — | — | — | |||||||
51 | Newlead Trading Inc. | Liberia | Revoked (30) | — | — | — | |||||||
52 | New Lead JMEG LLC | Delaware, USA | Trading company (31) | — | — | — | |||||||
53 | Newleadjmeg Inc. | Marshall Islands | Dormant company (32) | — | — | — | |||||||
54 | NewLead Mojave Holdings LLC | Delaware, USA | Operating company (33) | — | — | — | |||||||
55 | Ocean Hope Shipping Ltd. | Malta | Dormant company | — | — | — | |||||||
56 | Mines Investments Corp. | Marshall Islands | Coal operating company (34) | 2/12/2013 — 12/31/2013 | — | — | |||||||
57 | Mine Investments LLC | Delaware, USA | Coal operating company (35) | 2/15/2013 — 12/31/2013 | — | — | |||||||
58 | Five Mile Investment LLC | Delaware, USA | Coal operating company (35) | 2/15/2013 — 12/31/2013 | — | — | |||||||
59 | Elk Valley Investment LLC | Delaware, USA | Coal operating company (35) | 2/15/2013 — 12/31/2013 | — | — | |||||||
60 | Viking Acquisition Group LLC | Kentucky, USA | Coal operating company (39) | 9/13/2013 — 12/31/2013 | — | — | |||||||
61 | Coal Essence Mine LLC | Kentucky, USA | Coal operating company (40) | 12/10/2013 — 12/31/2013 | — | — | |||||||
62 | Coal Essence Prep Plant LLC | Kentucky, USA | Coal operating company (41) | 12/5/2013 — 12/31/2013 | — | — | |||||||
63 | Viking Prep Plant LLC | Kentucky, USA | Coal operating company (42) | 12/9/2013 — 12/31/2013 | — | — | |||||||
1) | M/T High Land was sold and delivered to its new owners on September 15, 2010. The shipowning company was dissolved on September 21, 2011. | ||||||||||||
2) | M/T High Rider was sold and delivered to its new owners on April 22, 2010. The shipowning company was dissolved on September 21, 2011. | ||||||||||||
3) | M/T Ostria was sold and delivered to its new owners on September 7, 2010. The shipowning company was dissolved on September 21, 2011. | ||||||||||||
4) | M/T Newlead Avra and M/T Newlead Fortune were sold and delivered to their new owners on December 22, 2011. The shipowning company was dissolved on September 2, 2013. | ||||||||||||
5) | M/T Nordanvind was sold and delivered to its new owners on September 7, 2010. The shipowning company was dissolved on January 13, 2013. | ||||||||||||
6) | M/T Chinook was sold and delivered to its new owners on April 15, 2010. The shipowning company was dissolved on January 13, 2013. | ||||||||||||
7) | M/T Newlead Compass and M/T Newlead Compassion were sold and delivered to their new owners on January 31, 2012. | ||||||||||||
8) | M/V Australia was delivered to its owner (an affiliate of Lemissoler Maritime Company W.L.L.) on January 31, 2012. | ||||||||||||
9) | M/V Brazil was delivered to its owner (an affiliate of Lemissoler Maritime Company W.L.L.) on March 19, 2012. | ||||||||||||
10) | M/V China was delivered to its owner (an affiliate of Lemissoler Maritime Company W.L.L.) on February 11, 2012. The shipowning company was dissolved on November 1, 2013. | ||||||||||||
11) | On March 14, 2012, the lessor foreclosed on M/V Newlead Endurance. Newlead Bulkers had the commercial, technical and operational management of the vessel until March 31, 2012. | ||||||||||||
12) | M/V Newlead Venetico was sold and delivered to its new owners on May 8, 2012. | ||||||||||||
13) | M/V Grand Ocean was sold and delivered to its new owners on January 11, 2012. | ||||||||||||
14) | M/V Grand Rodosi was delivered to its owner (an affiliate of Lemissoler Maritime Company W.L.L.) on February 7, 2012. The | ||||||||||||
shipowning company was revoked on October 15, 2013 and is expected to be dissolved. | |||||||||||||
15) | M/T Hiona and M/T Hiotissa were sold and delivered to their new owners on July 19, 2012 and July 27, 2012, respectively. After these dates, Newlead Shipping continued to have part of the commercial, technical and operational management of these vessels. On February 25, 2013, the Company received notices of redelivery and termination, which were effected during June 2013, pursuant to the terms of the management agreements governing such services. | ||||||||||||
16) | The company was dissolved on November 9, 2010. | ||||||||||||
17) | M/V Saronikos Bridge was sold and delivered to its new owners on January 7, 2010. The shipowning company was dissolved on July 28, 2011. | ||||||||||||
18) | M/V MSC Seine was sold and delivered to its new owners on January 20, 2010. The shipowning company was dissolved on July 28, 2011. | ||||||||||||
19) | These shipowning companies were dissolved on September 21, 2011. | ||||||||||||
20) | Olympic Galaxy Shipping Ltd. and Dynamic Maritime Co. were dissolved on July 28, 2011. Newlead Stride Inc. was dissolved on November 22, 2011. Mote Shipping Ltd. was dissolved on August 5, 2011. | ||||||||||||
21) | The Company controls 52% of NewLead Holdings (US) Corp. through NewLead Mojave Holdings LLC. | ||||||||||||
22) | The company was dissolved on June 15, 2010. | ||||||||||||
23) | On February 24, 2012, the lender foreclosed on the shares of Ayasha Trading Corporation (owner of M/V Newlead Tomi). Newlead Bulkers had the commercial, technical and operational management of the vessel until April 18, 2012. | ||||||||||||
24) | On February 24, 2012, the lender foreclosed on the shares of Bethune Properties S.A. (owner of M/V Newlead Gujarat). Newlead Bulkers had the commercial, technical and operational management of the vessel until May 21, 2012. | ||||||||||||
25) | M/V Newlead Esmeralda was sold and delivered to its new owners on February 16, 2012. | ||||||||||||
26) | M/V Newlead Spartounta and M/V Newlead Prosperity were sold and delivered to their new owners on September 13, 2011 and September 20, 2011, respectively. | ||||||||||||
27) | On July 28, 2011, Hull 4023, named Navios Serenity, was delivered from a Korean shipyard. On March 26, 2012, M/V Navios Serenity was sold and delivered to its new owners. The shipowning company was dissolved on January 15, 2014. | ||||||||||||
28) | On May 22, 2012, the Shipbuilding Contract for Hull 4029 with SPP Shipbuilding Co. Ltd. was terminated. The shipowning company was dissolved on January 15, 2014. | ||||||||||||
29) | The company was dissolved on August 5, 2011. | ||||||||||||
30) | Newlead Trading Inc. was established on July 1, 2011 as a joint venture between the Company and a third party. The Company owns 50% of the shares of Newlead Trading Inc. No operations have taken place by this entity. The company was revoked on April 15, 2013 and is expected to be dissolved. | ||||||||||||
31) | New Lead JMEG LLC was established on April 11, 2012 as a joint venture between the Company and J Mining & Energy Group. | ||||||||||||
32) | Newleadjmeg Inc. was established on February 23, 2012. The Company owns 50% of the shares of Newleadjmeg Inc. No transactions have taken place by this entity. | ||||||||||||
33) | NewLead Mojave Holdings LLC was established on April 30, 2012. The Company controls 52% of NewLead Mojave Holdings LLC and is entitled to and is liable for the total net assets of NewLead Mojave Holdings LLC according to this percentage of control. | ||||||||||||
34) | The company was established on February 12, 2013, for operation of coal business. | ||||||||||||
35) | The companies were established on February 15, 2013, for operation of coal business. | ||||||||||||
36) | The company was dissolved on September 2, 2013. | ||||||||||||
37) | The company was dissolved on January 14, 2013. | ||||||||||||
38) | The company was dissolved on January 14, 2013. | ||||||||||||
39) | The company was acquired on September 13, 2013 (see Note 5). | ||||||||||||
40) | The company was established on December 10, 2013, for operation of coal business. | ||||||||||||
41) | The company was established on December 5, 2013, for operation of coal business. | ||||||||||||
42) | The company was acquired on December 9, 2013 (see Note 5). | ||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Schedule of Estimated Useful Lives Property Plant and Equipment | ' | |
Depreciation of fixed assets is computed using the straight-line method. Annual depreciation rates, which approximate the useful life of the assets, are: | ||
Furniture, fixtures and equipment: | 3 years | |
Computer equipment and software: | 3 years | |
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
ACQUISITIONS | ' | |||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||||||
The following unaudited pro forma information has been prepared for illustrative purposes only and assumes the Viking Acquisition Group LLC (“VAG”) and Viking Prep Plant LLC (“VPP”) acquisitions occurred on January 1, 2012. The unaudited pro forma results have been prepared based on estimates and assumptions which the Company believes are reasonable, however, they are not necessarily indicative of the consolidated results of operations had the VAG and VPP acquisitions occurred on January 1, 2012, or of future results of operations. | ||||||||
Year Ended | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
(In thousands) | ||||||||
Total Revenues | ||||||||
As reported | $ | 7,343 | $ | 8,928 | ||||
Pro forma VAG | 7,984 | 9,311 | ||||||
Pro forma VPP | 11,297 | 13,037 | ||||||
Pro forma Total | $ | 11,938 | $ | 13,420 | ||||
Operating Loss | ||||||||
As reported | $ | -83,169 | $ | -16,470 | ||||
Pro forma VAG | -82,818 | -17,084 | ||||||
Pro forma VPP | -83,723 | -17,069 | ||||||
Pro forma Total | $ | -85,409 | $ | -20,216 | ||||
Net loss applicable to common shareholders | ||||||||
As reported | $ | -158,232 | $ | -402,562 | ||||
Pro forma VAG | -157,881 | -403,176 | ||||||
Pro forma VPP | -158,786 | -403,161 | ||||||
Pro forma Total | $ | -160,468 | $ | -406,308 | ||||
Net loss per share applicable to common shareholders | ||||||||
As reported | $ | -119.28 | $ | -1,125.72 | ||||
Pro forma VAG | -119.02 | -1,127.44 | ||||||
Pro forma VPP | -119.7 | -1,127.40 | ||||||
Pro forma Total | $ | -120.97 | $ | -1,136.20 | ||||
Schedule of Business Acquisition,Purchase Price Allocation [Table Text Block] | ' | |||||||
The total purchase price has been preliminary allocated as follows: | ||||||||
Accounts receivable | $ | 16 | ||||||
Leased mineral rights | 20,117 | |||||||
Accounts payable | -1,007 | |||||||
Royalties payable | -875 | |||||||
Derivative liabilities | -4,052 | |||||||
Asset retirement obligations | -836 | |||||||
$ | 13,363 | |||||||
The total purchase price has been preliminary allocated as follows: | ||||||||
Accounts receivable | $ | 166 | ||||||
Property, Plant and Equipment | 9,650 | |||||||
Goodwill | 28,007 | |||||||
Accounts payable | -2,076 | |||||||
Derivative liabilities | -7,239 | |||||||
Asset retirement obligations | -106 | |||||||
$ | 28,402 | |||||||
Schedule of Business Acquisition Depreciation Depletion and Interest Expenses [Table Text Block] | ' | |||||||
Pro forma amounts included the following adjustments for depreciation, depletion and related interest expenses assuming the acquisition occurred on January 1, 2012: | ||||||||
Year ended | Year ended | |||||||
31-Dec-13 | 31-Dec-12 | |||||||
Depreciation Expense | $ | 452 | $ | 483 | ||||
Depletion Expense | 57 | 95 | ||||||
Interest Expense | 1,017 | 1,266 | ||||||
Viking Acquisition Group LLC [Member] | ' | |||||||
ACQUISITIONS | ' | |||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||||||
Cash | $ | 125 | ||||||
Common Stock Issued | 5,875 | |||||||
Senior Security Note | 9,000 | |||||||
Total purchase price | $ | 15,000 | ||||||
Fair value adjustment | 1,637 | |||||||
Total adjusted purchase price | $ | 13,363 | ||||||
Common Stock issued | ||||||||
$ | 10,000 | |||||||
Promissory Note | 6,000 | |||||||
Senior Secured Note | 14,000 | |||||||
Total purchase price | $ | 30,000 | ||||||
Fair value adjustment | 1,598 | |||||||
Total adjusted purchase price | $ | 28,402 | ||||||
Five Mile Investment LLC [Member] | ' | |||||||
ACQUISITIONS | ' | |||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||||||
Following is a detail of the amounts related to Kentucky property- Five Mile included in “Advances for acquisition of coal property” on the consolidated Balance sheet: | ||||||||
Promissory Note Kentucky | $ | 7,500 | ||||||
Promissory Note Williams | 2,000 | |||||||
Promissory Note RJLT | 1,500 | |||||||
Warrant | 6,122 | |||||||
Common shares | 4,725 | |||||||
Other | 8 | |||||||
Total advances for acquistion of coal property | $ | 21,855 | ||||||
GOODWILL_Tables
GOODWILL (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
GOODWILL | ' | |||||||||||||
Goodwill: | ||||||||||||||
Balance as of | Acquisitions | Impairments | Balance as of | |||||||||||
December 31, | December 31, | |||||||||||||
2012 | 2013 | |||||||||||||
Goodwill: | ||||||||||||||
Shipping | $ | - | $ | - | $ | - | $ | - | ||||||
Coal | - | 20,411 | - | 20,411 | ||||||||||
Total goodwill | $ | - | $ | 20,411 | $ | - | $ | 20,411 | ||||||
Accumulated impairment losses: | ||||||||||||||
Shipping | $ | - | $ | - | - | $ | - | |||||||
Coal | - | - | - | - | ||||||||||
Total accumulated impairment losses | $ | - | $ | - | - | $ | - | |||||||
Goodwill, net: | ||||||||||||||
Shipping | $ | - | $ | - | - | $ | - | |||||||
Coal | - | 20,411 | - | 20,411 | ||||||||||
Total goodwill, net | $ | - | $ | 20,411 | - | $ | 20,411 | |||||||
RESTRICTED_CASH_Tables
RESTRICTED CASH (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Restricted Cash and Investments [Abstract] | ' | |||||||
RESTRICTED CASH | ' | |||||||
Restricted cash, as of December 31, 2013 and December 31, 2012, was as follows: | ||||||||
As of | As of | |||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Retention accounts | $ | - | $ | 1,311 | ||||
Short term restricted cash accounts | - | 1,311 | ||||||
Letters of guarantee | 31 | 31 | ||||||
Long term restricted cash accounts | 31 | 31 | ||||||
$ | 31 | $ | 1,342 | |||||
BACKLOG_ASSET_DEFERRED_CHARTER1
BACKLOG ASSET / DEFERRED CHARTER REVENUE (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Back Log Asset Deferred Charter Revenue Disclosure [Abstract] | ' | |||||||
BACKLOG ASSET / DEFERRED CHARTER REVENUE | ' | |||||||
The movement of the backlog asset and the deferred charter revenue for the three year period ended December 31, 2013 was as follows: | ||||||||
Backlog Asset | Deferred | |||||||
Charter Revenue | ||||||||
Balance at December 31, 2010 | $ | 54,657 | $ | 567 | ||||
Amortization | -8,697 | -567 | ||||||
Impairment loss | -43,214 | - | ||||||
Balance at December 31, 2011 | $ | 2,746 | $ | - | ||||
Amortization | -1,603 | - | ||||||
Impairment loss | -1,143 | - | ||||||
Balance at December 31, 2012 | $ | - | $ | - | ||||
Amortization | - | - | ||||||
Impairment loss | - | - | ||||||
Balance at December 31, 2013 | $ | - | $ | - | ||||
VESSELS_AND_OTHER_FIXED_ASSETS1
VESSELS AND OTHER FIXED ASSETS, NET (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
VESSELS AND OTHER FIXED ASSETS, NET | ' | ||||||||||||||||
VESSELS AND OTHER FIXED ASSETS, NET | ' | ||||||||||||||||
The table below presents the movement of “Vessels and Other Fixed Assets, Net”: | |||||||||||||||||
Cost | Vessels | Leased | Dry docking | Other fixed | Total | ||||||||||||
Vessels | and Special | assets | |||||||||||||||
survey | |||||||||||||||||
Balance at December 31, 2010 | $ | 548,817 | $ | 87,000 | $ | 9,316 | $ | 834 | $ | 645,967 | |||||||
Additions | 863 | - | 6,650 | 190 | 7,703 | ||||||||||||
Transfer from Vessels Under Construction | 79,197 | 38,708 | - | - | 117,905 | ||||||||||||
Transfer to assets held for sale | -92,600 | -24,000 | -4,038 | - | -120,638 | ||||||||||||
Disposals — Discontinued operations | -102,794 | - | -2,959 | - | -105,753 | ||||||||||||
Loss on sale and leaseback | - | -208 | - | - | -208 | ||||||||||||
Balance at December 31, 2011 | $ | 433,483 | $ | 101,500 | $ | 8,969 | $ | 1,024 | $ | 544,976 | |||||||
Additions | - | - | 985 | - | 985 | ||||||||||||
Disposals — Discontinued operations | -376,517 | -101,500 | -7,759 | - | -485,776 | ||||||||||||
Balance at December 31, 2012 | $ | 56,966 | $ | - | $ | 2,195 | $ | 1,024 | $ | 60,185 | |||||||
Additions | - | - | 366 | 5 | 371 | ||||||||||||
Balance at December 31, 2013 | $ | 56,966 | $ | - | $ | 2,561 | $ | 1,029 | $ | 60,556 | |||||||
Accumulated Depreciation and Amortization | |||||||||||||||||
Balance at December 31, 2010 | $ | -184,640 | $ | -841 | $ | -4,662 | $ | -408 | $ | -190,551 | |||||||
Depreciation and Amortization for the year | -26,497 | -8,068 | -3,384 | -312 | -38,261 | ||||||||||||
Impairment loss (Note 3) | -68,185 | -30,497 | -5,093 | - | -103,775 | ||||||||||||
Transfer to assets held for sale | 20,672 | 10,932 | 2,952 | - | 34,556 | ||||||||||||
Disposals — Discontinued operations | 20,148 | - | 2,426 | - | 22,574 | ||||||||||||
Balance at December 31, 2011 | $ | -238,502 | $ | -28,474 | $ | -7,761 | $ | -720 | $ | -275,457 | |||||||
Depreciation and Amortization for the period | -5,168 | -209 | -428 | -184 | -5,989 | ||||||||||||
Impairment loss (Note 3) | -5,075 | - | -836 | - | -5,911 | ||||||||||||
Disposals — Discontinued operations | 228,294 | 28,683 | 7,698 | - | 264,675 | ||||||||||||
Balance at December 31, 2012 | $ | -20,451 | $ | - | $ | -1,327 | $ | -904 | $ | -22,682 | |||||||
Depreciation and Amortization for the period | -2,536 | -196 | -75 | -2,807 | |||||||||||||
Balance at December 31, 2013 | $ | -22,987 | $ | - | $ | -1,523 | $ | -979 | $ | -25,489 | |||||||
Net book value — December 31, 2010 | $ | 364,177 | $ | 86,159 | $ | 4,654 | $ | 426 | $ | 455,416 | |||||||
Net book value — December 31, 2011 | $ | 194,981 | $ | 73,026 | $ | 1,208 | $ | 304 | $ | 269,519 | |||||||
Net book value — December 31, 2012 | $ | 36,515 | $ | - | $ | 868 | $ | 120 | $ | 37,503 | |||||||
Net book value — December 31, 2013 | $ | 33,979 | $ | - | $ | 1,038 | $ | 50 | $ | 35,067 | |||||||
PROPERTY_EQUIPMENT_MINE_DEVELO1
PROPERTY, EQUIPMENT, MINE DEVELOPMENT COSTS, OWNED AND LEASED MINERAL RIGHTS, LAND AND BUILDINGS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property Plant and Equipment [Abstract] | ' | |||||||
Schedule of Property Plant and Equipment Including Development Costs [Table Text Block] | ' | |||||||
Property, equipment, and mine development costs consisted of the following: | ||||||||
As of | As of | |||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Production equipement | $ | 9,030 | $ | - | ||||
Mine development | 1,052 | - | ||||||
Total property, equipment and mine development costs | 10,082 | - | ||||||
Less accumulated depreciation | -31 | - | ||||||
Total property, equipment and mine development costs, net | $ | 10,051 | $ | - | ||||
Schedule of Owned and Leased Mineral Rights Land and Building [Table Text Block] | ' | |||||||
Owned and leased mineral rights net of accumulated depletion, land and buildings consisted of the following: | ||||||||
As of | As of | |||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Land | $ | 490 | $ | - | ||||
Buildings | 132 | - | ||||||
Mineral interests | 20,377 | - | ||||||
Total owned and leased mineral rights, land and building | 20,999 | - | ||||||
Less accumulated depreciation and depletion | -22 | - | ||||||
Total owned and leased mineral rights, land and building, net | $ | 20,977 | $ | - | ||||
DEFERRED_CHARGES_NET_Tables
DEFERRED CHARGES, NET (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Deferred Charges Net Disclosure [Abstract] | ' | ||||||||||
Deferred Charges, Net | ' | ||||||||||
The movement of the deferred charges, net, as of December 31, 2013 is as follows: | |||||||||||
Financing | Other Costs | Total | |||||||||
Costs | |||||||||||
Net Book Value at December 31, 2010 | 12,785 | 255 | 13,040 | ||||||||
Additions | 622 | 80 | 702 | ||||||||
Amortization | -2,948 | - | -2,948 | ||||||||
Write-offs | -4,647 | -335 | -4,982 | ||||||||
Transfer to Vessels Under Construction | -70 | - | -70 | ||||||||
Net Book Value at December 31, 2011 | $ | 5,742 | $ | - | $ | 5,742 | |||||
Additions | 564 | - | 564 | ||||||||
Amortization | -1,781 | - | -1,781 | ||||||||
Write-offs | -3,952 | - | -3,952 | ||||||||
Net Book Value at December 31, 2012 | $ | 573 | $ | - | $ | 573 | |||||
Additions | 376 | - | 376 | ||||||||
Amortization | -460 | - | -460 | ||||||||
Net Book Value at December 31, 2013 | $ | 489 | $ | - | $ | 489 | |||||
31-Dec-13 | |||||||||||
Current | $ | 489 | $ | - | $ | 489 | |||||
31-Dec-12 | |||||||||||
Current | $ | 573 | $ | - | $ | 573 | |||||
ACCOUNTS_PAYABLE_TRADE_Tables
ACCOUNTS PAYABLE, TRADE (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Payable, Current [Abstract] | ' | |||||||
ACCOUNTS PAYABLE, TRADE | ' | |||||||
Accounts payable, trade, as of December 31, 2013 and 2012 were as follows: | ||||||||
As of | As of | |||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Suppliers | $ | 4,944 | $ | 3,099 | ||||
Shipyards | 22 | 616 | ||||||
Insurers | 1,516 | 383 | ||||||
Agents | 575 | 766 | ||||||
Other creditors | 14,394 | 8,754 | ||||||
$ | 21,451 | $ | 13,618 | |||||
ACCRUED_LIABILITIES_Tables
ACCRUED LIABILITIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities, Current [Abstract] | ' | |||||||
ACCRUED LIABILITIES | ' | |||||||
Accrued liabilities as of December 31, 2013 and 2012 were as follows: | ||||||||
As of | As of | |||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Accrued interest | $ | 6,650 | $ | 2,269 | ||||
Accrued claims | 3,441 | 3,454 | ||||||
Other accrued expenses | 5,082 | 4,937 | ||||||
$ | 15,173 | $ | 10,660 | |||||
SHARE_SETTLED_DEBT_Tables
SHARE SETTLED DEBT (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule Of Settlement Transaction [Table Text Block] | ' | |||||||
As of | As of | |||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Hanover Holdings I, LLC | $ | 68,743 | $ | - | ||||
Accounts payable | 3,852 | - | ||||||
$ | 72,595 | $ | - | |||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||
Long-term Debt | ' | |||||||||||||||||||
Below is a summary of the long-term portion and current portion of long-term debt as at December 31, 2013 and 2012: | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Description | Long-term | Current portion | Total | Long-term | Current portion | Total | ||||||||||||||
Piraeus Bank A.E. (as the successor of Cyprus Popular Bank Public Co. Ltd. (formerly, Marfin Egnatia Bank S.A.) (“Piraeus Bank (CPB loan)”) Credit Facility | $ | - | $ | 32,525 | $ | 32,525 | $ | - | $ | 32,525 | $ | 32,525 | ||||||||
Portigon AG (ex West LB Bank) Credit Facility | - | 24,781 | 24,781 | - | 25,250 | 25,250 | ||||||||||||||
Piraeus Bank Credit Facilities | - | - | - | - | 17,964 | 17,964 | ||||||||||||||
Mojave Finance Inc | - | 3,000 | 3,000 | - | 3,000 | 3,000 | ||||||||||||||
Ending Balance | $ | - | $ | 60,306 | $ | 60,306 | $ | - | $ | 78,739 | $ | 78,739 | ||||||||
Interest and Finance Expense | ' | |||||||||||||||||||
The amounts shown as interest and finance expense in the statements of operations and comprehensive loss are analyzed as follows: | ||||||||||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||||||||
December 31, | December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Interest expense | $ | 6,952 | $ | 8,125 | $ | 11,528 | ||||||||||||||
Amortization of deferred charges | 460 | 5,624 | 2,112 | |||||||||||||||||
Amortization of the beneficial conversion feature | 264 | 71,561 | 8,161 | |||||||||||||||||
Hanover Holdings I LLC commission | 31,982 | - | - | |||||||||||||||||
Other expenses | 23,012 | 1,239 | 871 | |||||||||||||||||
$ | 62,670 | $ | 86,549 | $ | 22,672 | |||||||||||||||
ASSET_RETIREMENT_OBLIGATIONS_T
ASSET RETIREMENT OBLIGATIONS (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||
Changes in asset retirement obligations | ' | ||||
Changes in the asset retirement obligations were as follows: | |||||
Total asset retirement obligations at December 31, 2011 | $ | - | |||
Accretion for the period | - | ||||
Sites added during the period | - | ||||
Revisions in estimated cash flows | - | ||||
Expenditures for the period | - | ||||
Total asset retirement obligations at December 31, 2012 | - | ||||
Accretion for the period | 37 | ||||
Sites added during the period | 942 | ||||
Revisions in estimated cash flows | - | ||||
Expenditures for the period | - | ||||
Total asset retirement obligations at December 31, 2013 | $ | 979 | |||
Less current portion | - | ||||
Long-term portion | $ | 979 | |||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
SEGMENT INFORMATION | ' | |||||||||||||||||||
Summarized financial information concerning each of the Company's reportable segments is as follows: | ||||||||||||||||||||
Shipping | Coal | Total | ||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Operating revenue | $ | 7,140 | $ | 8,928 | $ | 203 | $ | - | $ | 7,343 | $ | 8,928 | ||||||||
Commissions | -80 | -107 | - | - | -80 | -107 | ||||||||||||||
Voyage expenses | -1,006 | -158 | - | - | -1,006 | -158 | ||||||||||||||
Vessel operating expenses | -4,598 | -3,266 | - | - | -4,598 | -3,266 | ||||||||||||||
Cost of coal sales | - | - | -75 | - | -75 | - | ||||||||||||||
Selling, general and administrative expenses | -79,622 | -8,249 | -2,271 | - | -81,893 | -8,249 | ||||||||||||||
Other income / (expense), net | 47 | -3,528 | - | - | 47 | -3,528 | ||||||||||||||
Operating income / (loss) before depreciation and amortization and impairment losses | -78,119 | -6,380 | -2,143 | - | -80,262 | -6,380 | ||||||||||||||
Depreciation, depletion and amortization expense | -2,806 | -6,564 | -53 | - | -2,860 | -6,564 | ||||||||||||||
Impairment losses | - | -7,054 | - | - | - | -7,054 | ||||||||||||||
Segment operating (loss) / income | -80,926 | -19,998 | -2,196 | - | -83,122 | -19,998 | ||||||||||||||
Loss on extinguishment of convertible notes | - | -293,109 | - | - | - | -293,109 | ||||||||||||||
Interest and finance expense, net | -62,397 | -86,918 | -273 | 369 | -62,670 | -86,549 | ||||||||||||||
Change in fair value of derivatives | 262 | -482 | - | -220 | - | |||||||||||||||
Loss from continuing operations | $ | -143,061 | $ | -400,025 | $ | -2,951 | $ | 369 | $ | -146,012 | $ | -399,656 | ||||||||
Total assets | $ | 133,705 | $ | 58,799 | $ | 17,626 | $ | 3,000 | $ | 151,331 | $ | 61,799 | ||||||||
Goodwill | $ | - | $ | - | $ | 28,007 | $ | - | $ | 28,007 | $ | - | ||||||||
Long lived assets | $ | 35,063 | $ | 37,503 | $ | 31,032 | $ | - | $ | 66,095 | $ | 37,503 | ||||||||
SHARE_BASED_COMPENSATION_Table
SHARE BASED COMPENSATION (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
SHARE BASED COMPENSATION | ' | |||||||||||
Nonvested Restricted Stock Units Activity | ' | |||||||||||
A summary of the activity relating to restricted common shares during the years ended December 31, 2013, 2012 and 2011 is as follows: | ||||||||||||
Number of | Weighted | Weighted | ||||||||||
Shares | Average Fair | Average | ||||||||||
Values | Vesting | |||||||||||
Period | ||||||||||||
(Years) | ||||||||||||
Outstanding and non-vested shares, as of December 31, 2010 | 431 | $ | 6,642.00 | 1.7 | ||||||||
Granted (3), (4), (5), (6) | 4,412 | 418.5 | 2.4 | |||||||||
Forfeited (1), (2), (3), (4) | -146 | 1,521.00 | - | |||||||||
Vested (1), (2) | -403 | 6,723.00 | - | |||||||||
Outstanding and non-vested shares, as of December 31, 2011 | 4,294 | 414 | 2.4 | |||||||||
Forfeited (4), (6) | -1,151 | 409.5 | - | |||||||||
Vested (1), (3), (4), (5), (6) | -1,311 | 373.5 | - | |||||||||
Outstanding and non-vested shares, as of December 31, 2012 | 1,832 | 445.5 | 2.9 | |||||||||
Granted (7) | 39,541 | 285.85 | 0.8 | |||||||||
Forfeited (4), (6) | -334 | 359.03 | - | |||||||||
Vested (1), (4), (6), (7) | -41,039 | 292.27 | - | |||||||||
Outstanding and non-vested shares, as of December 31, 2013 | - | $ | - | - | ||||||||
-1 | 403 shares were granted on the date of the recapitalization; 370 shares had a two-year vesting schedule (at January 1, 2011 and 2012), of which 185 shares, with an original vesting date January 1, 2012, were vested in July 15, 2011 upon the resignation of the former Chief Financial Officer; and 33 shares had a three-year vesting schedule (at January 1, 2011, 2012 and 2013), of which 11 shares, with an original vesting date of January 1, 2012 and January 1, 2013, were forfeited on December 31, 2011 due to the resignation of two board members. The remaining 5 and 6 shares were fully vested on January 1, 2012 and 2013, respectively. | |||||||||||
-2 | 15 shares were granted on January 1, 2010 and vested over a one year period (January 1, 2011). 13 shares were granted on April 15, 2010, of which: (a) 4 vested over a one year period (January 1, 2011) and (b) 9 with an original three-year vesting period (at January 1, 2011, 2012 and 2013) were treated as follows: (i) 3 vested on January 1, 2011 and (ii) the remaining 6 were forfeited on December 31, 2011 due to the resignation of one board member. | |||||||||||
-3 | 19 shares were granted to members of the board of directors on February 1, 2011. Of such shares, 11 shares were forfeited on December 31, 2011 due to the resignation of three board members and 8 shares were fully vested in 2012. | |||||||||||
-4 | 812 shares were granted on April 1, 2011 to employees, officers and directors with original vesting date April 1, 2013. Of such shares, 118 shares were forfeited during 2011, 205 during 2012 and 37 during 2013. From the remaining, 113 were fully vested as of December 31, 2012 and 339 shares as of April 1, 2013. | |||||||||||
-5 | 778 shares were granted to members of the board of directors on December 21, 2011, of which 311 shares were vested upon issuance (February 15, 2012) and the remaining 467 shares were vested on December 31, 2012. | |||||||||||
-6 | 2,803 shares were granted on December 21, 2011 to employees, officers and directors which were to be vested as follows: (i) 700 shares, were to be vested over four years with 25% of the grants being vested on each of the first, second, third and fourth anniversary of the issuance date (February 15, 2013, February 15, 2014, February 15, 2015 and February 15, 2016, respectively); and (ii) 2,103 shares were to be vested on the third anniversary of the issuance date (February 15, 2015). During 2012 and 2013, 946 and 297 of such shares were forfeited and 407 and 1,100 were fully vested earlier than their original vesting date, upon approval from the Board of Directors. The remaining 53 shares were fully vested on their original vesting date. | |||||||||||
-7 | On April 1, 2013, the Company granted and issued the following common shares: (i) 29,894 common shares to the Chairman, Michail Zolotas, and 5,274 common shares to top management employees, of which 40% vested upon issuance and the remaining shares will vest 30% on April 1, 2014 and 30% on April 1, 2015, granted in recognition of the significant work performed by these individuals in connection with the Restructuring of the Company; (ii) 2,817 common shares to employees and consultants, which vested upon issuance, granted in recognition of the significant work performed by these individuals in connection with the Restructuring of the Company; (iii) 1,556 common shares to non-executive directors, which vested upon issuance. The shares that originally were to be vested on April 1, 2014 and on April 1, 2015, were vested in November 2013, upon approval from the Board of Directors. | |||||||||||
Share-based Compensation, Stock Options, Activity | ' | |||||||||||
The summary of share option awards is summarized as follows (in thousands except per share data): | ||||||||||||
Number of | Weighted | Weighted | Weighted | |||||||||
Options | Average | Average | Average | |||||||||
Exercise Price | Fair Value | Vesting | ||||||||||
Period | ||||||||||||
(Years) | ||||||||||||
Outstanding, as of December 31, 2011 (1) | 380 | $ | 14,454.86 | $ | 3,131.41 | 3 | ||||||
Outstanding, as of December 31, 2012 | 380 | 14,454.86 | 3,131.41 | 3 | ||||||||
Outstanding, as of December 31, 2013 | 380 | $ | 14,454.86 | $ | 3,131.41 | 3 | ||||||
Exercisable at December 31, 2013 | 380 | $ | 14,454.86 | $ | 3,131.41 | - | ||||||
-1 | In 2008, the Company granted 56 share options to purchase common shares subject to a vesting period of three annual equal installments. On October 13, 2009, all these shares were vested due to the recapitalization. | |||||||||||
FINANCIAL_INSTRUMENTS_Tables
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
FINANCIAL INSTRUMENTS | ' | |||||||||||||||||||
Fair Values | ' | |||||||||||||||||||
The fair values of long-term loans and notes are estimated by taking into consideration the Company’s creditworthiness and the market value of the underlying mortgage assets. | ||||||||||||||||||||
Carrying amount | Fair Value | Carrying amount | Fair Value | |||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 2,271 | $ | 2,271 | $ | 1,043 | $ | 1,043 | ||||||||||||
Restricted cash | $ | 31 | $ | 31 | $ | 1,342 | $ | 1,342 | ||||||||||||
Trade receivables, net | $ | 3,573 | $ | 3,573 | $ | 3,586 | $ | 3,586 | ||||||||||||
Other receivables | $ | 3,224 | $ | 3,224 | $ | 4,980 | $ | 4,980 | ||||||||||||
Liabilities | ||||||||||||||||||||
Accounts payable, trade | $ | 21,451 | $ | 21,451 | $ | 13,618 | $ | 13,618 | ||||||||||||
Current portion of long-term debt | $ | 60,306 | $ | 22,150 | $ | 78,739 | $ | 17,400 | ||||||||||||
Convertible notes, net | $ | 101,651 | $ | 101,651 | $ | 62,552 | $ | 62,552 | ||||||||||||
Promissory notes payable | $ | - | $ | - | $ | 11,000 | $ | 11,000 | ||||||||||||
Share settled debt | $ | 72,595 | $ | 72,595 | $ | - | $ | - | ||||||||||||
Derivative financial instruments | $ | 20,491 | $ | 20,491 | $ | 767 | $ | 767 | ||||||||||||
Fair Value Hierarchy | ' | |||||||||||||||||||
The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. | ||||||||||||||||||||
Quoted Prices | Significant | |||||||||||||||||||
in Active | Other | Significant | ||||||||||||||||||
Markets for | Observable | Unobservable | ||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,043 | $ | 1,043 | $ | - | $ | - | ||||||||||||
Restricted cash | $ | 1,342 | $ | 1,342 | $ | - | $ | - | ||||||||||||
Vessels | $ | 4,755 | $ | - | $ | 4,755 | $ | - | ||||||||||||
Liabilities | ||||||||||||||||||||
Current portion of long-term debt | $ | 17,400 | $ | - | $ | 17,400 | $ | - | ||||||||||||
Convertible notes, net | $ | 62,552 | $ | - | $ | 62,552 | $ | - | ||||||||||||
Promissory notes payable | $ | 11,000 | $ | - | $ | 11,000 | $ | - | ||||||||||||
Interest rate swaps | $ | 767 | $ | - | $ | 767 | $ | - | ||||||||||||
31-Dec-13 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 2,271 | $ | 2,271 | $ | - | $ | - | ||||||||||||
Restricted cash | $ | 31 | $ | 31 | $ | - | $ | - | ||||||||||||
Liabilities | ||||||||||||||||||||
Current portion of long-term debt | $ | 22,150 | $ | - | $ | 22,150 | $ | - | ||||||||||||
Convertible notes, net | $ | 101,651 | $ | - | $ | 101,651 | $ | - | ||||||||||||
Share settled debt | $ | 72,595 | $ | - | $ | - | $ | 72,595 | ||||||||||||
Derivative financial instruments | $ | 20,491 | $ | - | $ | 269 | $ | 20,222 | ||||||||||||
Interest Rate Swaps | ' | |||||||||||||||||||
The details of the Company’s swap agreement, is as follows: | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Contract | As of | As of | ||||||||||||||||||
Value | Termination | Notional | Fixed | Floating | December 31, | December 31, | ||||||||||||||
Interest rate swaps | Date | Date | Amount | Rate | Rate | 2013 | 2012 | |||||||||||||
Marfin Egnatia Bank | 9/2/09 | 9/2/14 | $ | 37,400 | 4.08 | % | 3-month LIBOR | $ | 269 | $ | 767 | |||||||||
$ | 269 | $ | 767 | |||||||||||||||||
COMMITMENTS_AND_CONTINGENT_LIA1
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES | ' | ||||||
Future Minimum Rental Payments for Operating Leases | ' | ||||||
The committed rent payments to as of December 31, 2013 were: | |||||||
31-Dec-14 | $ | 289 | |||||
31-Dec-15 | 510 | ||||||
31-Dec-16 | 517 | ||||||
31-Dec-17 | 525 | ||||||
31-Dec-18 | 533 | ||||||
Thereafter | 1,631 | ||||||
$ | 4,005 | ||||||
Contractual Obligation, Fiscal Year Maturity Schedule | ' | ||||||
The commitments as of December 31, 2013 were: | |||||||
BTU | Year | Amount | |||||
12,300 | 1 | $ | 47,028 | ||||
12,300 | 2 | 64,350 | |||||
12,300 | 3 | 64,350 | |||||
12,300 | 4 | 64,350 | |||||
12,300 | 5 | 64,350 | |||||
304,428 | |||||||
10,800 | 1 | 40,154 | |||||
10,800 | 2 | 54,945 | |||||
10,800 | 3 | 54,945 | |||||
10,800 | 4 | 54,945 | |||||
10,800 | 5 | 54,945 | |||||
259,934 | |||||||
$ | 564,362 | ||||||
TAXATION_Tables
TAXATION (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Income Tax Disclosure [Abstract] | ' | ||||
Deferred Tax Assets and Liabilities | ' | ||||
The approximate income tax effect of the net operating loss carryforwards and other temporary differences that give rise to the Company’s deferred income tax assets (liabilities) as of December 31, 2013 were as follows: | |||||
Year Ended | |||||
December 31, | |||||
2013 | |||||
Net operating loss carryforwards | $ | 275 | |||
Property | -113 | ||||
Leased mineral rights | -1,797 | ||||
Acquisitions Costs | 560 | ||||
Interest payable | 158 | ||||
Derivative instruments liability | 4,580 | ||||
Asset retirement obligations | 381 | ||||
Total deferred income tax assets, net | 4,044 | ||||
Less valuation allowance | -4,044 | ||||
Net deferred income tax assets | $ | - | |||
Effective Income Tax Rate Reconciliation | ' | ||||
The reconciliation of the Company’s income taxes for the period ended December 31, 2013 to that which would be determined by applying federal statutory rates to income before income taxes is as follows: | |||||
Year Ended | |||||
December 31, | |||||
2013 | |||||
Tax benefit at federal statutory rate (35%) | $ | -1,080 | |||
Goodwill Amortization | -20 | ||||
State tax benefit, net of federal impact | -123 | ||||
Change in valuation allowance | 1,223 | ||||
Net income tax provision (benefit) | $ | - | |||
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||
Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | ||||||||||
The following table represents the revenues and net loss from discontinued operations: | |||||||||||
Year Ended | Year Ended | Year Ended | |||||||||
December 31, | December 31, | December 31, | |||||||||
2013 | 2012 | 2011 | |||||||||
Operating Revenues | $ | - | $ | 14,187 | $ | 95,773 | |||||
Net loss | $ | -11,422 | $ | -1,800 | $ | -166,679 | |||||
DESCRIPTION_OF_BUSINESS_Detail
DESCRIPTION OF BUSINESS (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
Dec. 06, 2013 | Oct. 17, 2013 | Nov. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Oct. 13, 2009 | Mar. 06, 2014 | Mar. 06, 2014 | Mar. 06, 2014 | Mar. 06, 2014 | Mar. 06, 2014 | Mar. 06, 2014 | Jul. 02, 2012 | Nov. 30, 2009 | Apr. 30, 2012 | Dec. 31, 2013 | Apr. 30, 2012 | Jul. 02, 2012 | Nov. 30, 2009 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Minimum [Member] | Maximum [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Senior Convertible Note [Member] | Senior Convertible Note [Member] | NewLead Holdings (US) Corp. [Member] | NewLead Holdings (US) Corp. [Member] | NewLead Mojave Holdings LLC. [Member] | Senior Convertible Notes [Member] | Senior Convertible Notes [Member] | Senior Convertible Notes [Member] | Senior Convertible Notes [Member] | Investment Bank of Greece [Member] | Focus Maritime Corp. [Member] | Focus Maritime Corp. [Member] | |||||||||
Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||||
Description Of Business [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Entity Incorporation, Date of Incorporation | ' | ' | ' | 12-Jan-05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Voting Rights Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 52.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Other Long-term Debt, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders Equity, Reverse Stock Split | '1-for-3 | '1-for-15 | ' | ' | ' | ' | ' | ' | ' | ' | '1-for-10 | 'On March 6, 2014, and after approval of the Companysboard of directors and the majority of its shareholders, a 1-for-10 reverse stock split of its common stock was effectuated. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations Attributable to Parent, Total | ' | ' | ' | 146,802,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value, Total | ' | ' | ' | 2,271,000 | 1,043,000 | 5,119,000 | 67,531,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Liabilities, Current | ' | ' | ' | 291,701,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | ' | $0.10 | $0.10 | ' | ' | ' | $0.01 | $0.10 | ' | ' | $0.01 | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Reverse Stock Splits | 3 | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Owned Subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52.00% | ' | ' | ' | ' | ' | ' | ' |
Convertible Notes Payable Due Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2015 | ' | ' | ' | ' |
Percentage Of Outstanding Shares Owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.00% | 67.00% |
Convertible Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,000,000 | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Amount | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124,900,000 | 20,000,000 | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | ' | 5,000,000,000 | 284,230 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 589,000 | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | ' | ' | ' |
Class of Warrant or Right, Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 926 | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | 10,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,800 | ' | ' |
Debt Indenture Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13-Oct-09 | ' | ' | ' | ' |
SUBSIDIARIES_INCLUDED_IN_THE_C2
SUBSIDIARIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS (Details) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Statement of operations | ' | '2012 | '2011 | |||
Land Marine S.A. [Member] | ' | ' | ' | |||
Nature / Vessel Name | 'Dissolved | [1] | 'Dissolved | [1] | 'Dissolved | [1] |
Statement of operations | '— | '— | '— | |||
Rider Marine S.A. [Member] | ' | ' | ' | |||
Nature / Vessel Name | 'Dissolved | [2] | 'Dissolved | [2] | 'Dissolved | [2] |
Statement of operations | '— | '— | '— | |||
Ostria Waves Ltd. [Member] | ' | ' | ' | |||
Nature / Vessel Name | 'Dissolved | [3] | 'Dissolved | [3] | 'Dissolved | [3] |
Statement of operations | '— | '— | '— | |||
Altius Marine S.A. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | ' | 'Marshall Islands | ' | |||
Nature / Vessel Name | 'Dissolved | [4] | 'Dissolved | [4] | 'Dissolved | [4] |
Statement of operations | '— | [4] | '— | [4] | '1/1/2011 — 12/22/2011 | [4] |
Fortius Marine S.A. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | ' | 'Marshall Islands | ' | |||
Nature / Vessel Name | 'Dissolved | [4] | 'Dissolved | [4] | 'Dissolved | [4] |
Statement of operations | '— | [4] | '— | [4] | '1/1/2011 — 12/22/2011 | [4] |
Ermina Marine Ltd. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | ' | 'Marshall Islands | ' | |||
Nature / Vessel Name | 'Dissolved | [5] | 'Dissolved | [5] | 'Dissolved | [5] |
Statement of operations | '— | [5] | '— | [5] | '— | [5] |
Chinook Waves Corporation [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | ' | 'Marshall Islands | ' | |||
Nature / Vessel Name | 'Dissolved | [6] | 'Dissolved | [6] | 'Dissolved | [6] |
Statement of operations | '— | [6] | '— | [6] | '— | [6] |
Compass Overseas Ltd. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Bermuda | 'Bermuda | 'Bermuda | |||
Nature / Vessel Name | 'Vessel owning company | [7] | 'Vessel owning company | [7] | 'Vessel owning company | [7] |
Statement of operations | '— | '1/1/2012 — 1/31/2012 | '1/1/2011 — 12/31/2011 | |||
Compassion Overseas Ltd. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Bermuda | 'Bermuda | 'Bermuda | |||
Nature / Vessel Name | 'Vessel owning company | [7] | 'Vessel owning company | [7] | 'Vessel owning company | [7] |
Statement of operations | '— | '1/1/2012 — 1/31/2012 | '1/1/2011 — 12/31/2011 | |||
Australia Holdings Ltd. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Liberia | 'Liberia | 'Liberia | |||
Nature / Vessel Name | 'Vessel owning company | [8] | 'Vessel owning company | [8] | 'Vessel owning company | [8] |
Statement of operations | '— | '1/1/2012 — 1/31/2012 | '1/1/2011 — 12/31/2011 | |||
Brazil Holdings Ltd. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Liberia | 'Liberia | 'Liberia | |||
Nature / Vessel Name | 'Vessel owning company | [9] | 'Vessel owning company | [9] | 'Vessel owning company | [9] |
Statement of operations | '— | '1/1/2012 — 3/19/2012 | '1/1/2011 — 12/31/2011 | |||
China Holdings Ltd. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | ' | 'Liberia | ' | |||
Nature / Vessel Name | 'Dissolved | [10] | ' | ' | ||
Statement of operations | '— | [10] | '1/1/2012 — 2/11/2012 | [10] | '1/1/2011 — 12/31/2011 | [10] |
Curby Navigation Ltd. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Liberia | 'Liberia | 'Liberia | |||
Nature / Vessel Name | ' | 'Foreclosed | [11] | ' | ||
Statement of operations | '— | [11] | '1/1/2012 — 3/14/2012 | [11] | '6/13/2011 — 12/31/2011 | [11] |
NewLead Victoria Ltd. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Liberia | 'Liberia | 'Liberia | |||
Nature / Vessel Name | 'M/V Newlead Victoria | 'M/V Newlead Victoria | 'M/V Newlead Victoria | |||
Statement of operations | '1/1/2013 — 12/31/2013 | '1/1/2012 — 12/31/2012 | '1/1/2011 — 12/31/2011 | |||
Grand Venetico Inc. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Marshall Islands | 'Marshall Islands | 'Marshall Islands | |||
Nature / Vessel Name | 'Vessel owning company | [12] | 'Vessel owning company | [12] | 'Vessel owning company | [12] |
Statement of operations | '— | '1/1/2012 — 5/8/2012 | '1/1/2011 — 12/31/2011 | |||
Grand Oceanos Inc. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Liberia | 'Liberia | 'Liberia | |||
Nature / Vessel Name | 'Vessel owning company | [13] | 'Vessel owning company | [13] | 'Vessel owning company | [13] |
Statement of operations | '— | '1/1/2012 — 1/11/2012 | '1/1/2011 — 12/31/2011 | |||
Grand Rodosi Inc. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Liberia | 'Liberia | 'Liberia | |||
Nature / Vessel Name | 'Revoked | [14] | ' | ' | ||
Statement of operations | '— | '1/1/2012 — 2/7/2012 | '1/1/2011 — 12/31/2011 | |||
Challenger Enterprises Ltd. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Liberia | 'Liberia | 'Liberia | |||
Nature / Vessel Name | 'Vessel owning company | [15] | 'Vessel owning company | [15] | 'Vessel owning company | [15] |
Statement of operations | '— | '1/1/2012 — 7/19/2012 | '1/1/2011 — 12/31/2011 | |||
Crusader Enterprises Ltd. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Liberia | 'Liberia | 'Liberia | |||
Nature / Vessel Name | 'Vessel owning company | [15] | 'Vessel owning company | [15] | 'Vessel owning company | [15] |
Statement of operations | '— | '1/1/2012 — 7/27/2012 | '1/1/2011 — 12/31/2011 | |||
NewLead Shipping S.A. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Panama | 'Panama | 'Panama | |||
Nature / Vessel Name | 'Management company | 'Management company | 'Management company | |||
Statement of operations | '— | '— | '— | |||
NewLead Bulkers S.A. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Liberia | 'Liberia | 'Liberia | |||
Nature / Vessel Name | 'Management company | 'Management company | 'Management company | |||
Statement of operations | '— | '— | '— | |||
Santa Ana Waves Corporation [Member] | ' | ' | ' | |||
Nature / Vessel Name | 'Dissolved | [16] | 'Dissolved | [16] | 'Dissolved | [16] |
Statement of operations | '— | '— | '— | |||
Makassar Marine Ltd. [Member] | ' | ' | ' | |||
Nature / Vessel Name | 'Dissolved | [17] | 'Dissolved | [17] | 'Dissolved | [17] |
Statement of operations | '— | '— | '— | |||
Seine Marine Ltd. [Member] | ' | ' | ' | |||
Nature / Vessel Name | 'Dissolved | [18] | 'Dissolved | [18] | 'Dissolved | [18] |
Statement of operations | '— | '— | '— | |||
Vintage Marine S.A. [Member] | ' | ' | ' | |||
Nature / Vessel Name | 'Dissolved | [19] | 'Dissolved | [19] | 'Dissolved | [19] |
Statement of operations | '— | '— | '— | |||
Jubilee Shipholding S.A. [Member] | ' | ' | ' | |||
Nature / Vessel Name | 'Dissolved | [19] | 'Dissolved | [19] | 'Dissolved | [19] |
Statement of operations | '— | '— | '— | |||
Olympic Galaxy Shipping Ltd. [Member] | ' | ' | ' | |||
Nature / Vessel Name | 'Dissolved | [20] | 'Dissolved | [20] | 'Dissolved | [20] |
Statement of operations | '— | '— | '— | |||
Dynamic Maritime Co. [Member] | ' | ' | ' | |||
Nature / Vessel Name | 'Dissolved | [20] | 'Dissolved | [20] | 'Dissolved | [20] |
Statement of operations | '— | '— | '— | |||
AMT Management Ltd. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Marshall Islands | 'Marshall Islands | 'Marshall Islands | |||
Nature / Vessel Name | 'Management company | 'Management company | 'Management company | |||
Statement of operations | '— | '— | '— | |||
Newlead Holdings (US) Corp. (ex Newlead Holdings (ex Aries Maritime) (US) LLC) [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Delaware | 'Delaware | 'Delaware, USA | |||
Nature / Vessel Name | 'Operating company | [21] | 'Operating company | [21] | 'Operating company | [21] |
Statement of operations | '— | '— | '— | |||
Abroad Consulting Ltd. [Member] | ' | ' | ' | |||
Nature / Vessel Name | 'Dissolved | [22] | 'Dissolved | [22] | 'Dissolved | [22] |
Statement of operations | '— | '— | '— | |||
Leading Marine Consultants Inc. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | ' | 'Marshall Islands | ' | |||
Nature / Vessel Name | ' | ' | 'Dissolved | [23] | ||
Statement of operations | '— | '— | '— | |||
Ayasha Trading Corporation [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Liberia | 'Liberia | 'Liberia | |||
Nature / Vessel Name | ' | ' | 'Foreclosed | [24] | ||
Statement of operations | '— | '1/1/2012 — 2/24/2012 | '1/1/2011 — 12/31/2011 | |||
Bethune Properties S.A. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Liberia | 'Liberia | 'Liberia | |||
Nature / Vessel Name | ' | ' | 'Foreclosed | [25] | ||
Statement of operations | '— | '1/1/2012 — 2/24/2012 | '11/10/2011 — 12/31/2011 | |||
Grand Esmeralda Inc. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Liberia | 'Liberia | 'Liberia | |||
Nature / Vessel Name | 'Vessel owning company | [26] | 'Vessel owning company | [26] | 'Vessel owning company | [26] |
Statement of operations | '— | '1/1/2012 — 2/16/2012 | '1/1/2011 — 12/31/2011 | |||
Grand Markela Inc. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Liberia | 'Liberia | 'Liberia | |||
Nature / Vessel Name | 'M/V Newlead Markela | 'M/V Newlead Markela | 'M/V Newlead Markela | |||
Statement of operations | '1/1/2013 — 12/31/2013 | '1/1/2012 — 12/31/2012 | '1/1/2011 — 12/31/2011 | |||
Grand Spartounta Inc. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Marshall Islands | 'Marshall Islands | 'Marshall Islands | |||
Nature / Vessel Name | 'Vessel owning company | [27] | 'Vessel owning company | [27] | 'Vessel owning company | [27] |
Statement of operations | '— | '— | '1/1/2011 — 9/13/2011 | |||
NewLead Progress Inc. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | ' | 'Marshall Islands | ' | |||
Nature / Vessel Name | ' | ' | 'Dissolved | [28] | ||
Statement of operations | '— | '— | '— | |||
NewLead Prosperity Inc. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Marshall Islands | 'Marshall Islands | 'Marshall Islands | |||
Nature / Vessel Name | 'Vessel owning company | [27] | 'Vessel owning company | [27] | 'Vessel owning company | [27] |
Statement of operations | '— | '— | '1/1/2011 — 9/20/2011 | |||
Grand Affection S.A. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Marshall Islands | 'Marshall Islands | 'Marshall Islands | |||
Nature / Vessel Name | 'Vessel Owning Company | [29] | 'Vessel Owning Company | [29] | 'Vessel owning company | [29] |
Statement of operations | '— | '1/1/2012 — 3/26/2012 | '7/28/2011 — 12/31/2011 | |||
Grand Affinity S.A. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Marshall Islands | 'Marshall Islands | 'Marshall Islands | |||
Nature / Vessel Name | 'Hull owing company | [30] | 'Hull owing company | [30] | 'Hull owing company | [30] |
Statement of operations | '— | '— | '— | |||
NewLead Stride Inc. [Member] | ' | ' | ' | |||
Nature / Vessel Name | 'Dissolved | [20] | 'Dissolved | [20] | 'Dissolved | [20] |
Statement of operations | '— | '— | '— | |||
Grand Victoria Pte Ltd. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Singapore | 'Singapore | 'Singapore | |||
Nature / Vessel Name | 'Dormant company | 'Dormant company | 'Dormant company | |||
Statement of operations | '— | '— | '— | |||
NewLead Bulker Holdings Inc. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Marshall Islands | 'Marshall Islands | 'Marshall Islands | |||
Nature / Vessel Name | 'Sub-holding company | 'Sub-holding company | 'Sub-holding company | |||
Statement of operations | '— | '— | '— | |||
NewLead Tanker Holdings Inc. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | ' | 'Marshall Islands | ' | |||
Nature / Vessel Name | ' | ' | 'Dissolved | [28] | ||
Statement of operations | '— | '— | '— | |||
Mote Shipping Ltd. [Member] | ' | ' | ' | |||
Nature / Vessel Name | 'Dissolved | [20] | 'Dissolved | [20] | 'Dissolved | [20] |
Statement of operations | '— | '— | '— | |||
Statesman Shipping Ltd. [Member] | ' | ' | ' | |||
Nature / Vessel Name | 'Dissolved | [31] | 'Dissolved | [31] | 'Dissolved | [31] |
Statement of operations | '— | '— | '— | |||
Trans Continent Navigation Ltd. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Malta | 'Malta | 'Malta | |||
Nature / Vessel Name | 'Dormant company | 'Dormant company | 'Dormant company | |||
Statement of operations | '— | '— | '— | |||
Trans State Navigation Ltd. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Malta | 'Malta | 'Malta | |||
Nature / Vessel Name | 'Dormant company | 'Dormant company | 'Dormant company | |||
Statement of operations | '— | '— | '— | |||
Bora Limited [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'British Virgin Islands | 'British Virgin Islands | 'British Virgin Islands | |||
Nature / Vessel Name | 'Dormant Company | 'Dormant Company | 'Dormant Company | |||
Statement of operations | '— | '— | '— | |||
NewLead Trading Inc. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Liberia | 'Liberia | 'Liberia | |||
Nature / Vessel Name | ' | ' | 'Revoked | [32] | ||
Statement of operations | '— | '— | '— | |||
NewLead JMEG LLC [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Delaware | 'Delaware | 'Delaware, USA | |||
Nature / Vessel Name | 'Trading company | [33] | 'Trading company | [33] | 'Trading company | [33] |
Statement of operations | '— | '— | '— | |||
NewLeadjmeg Inc. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Marshall Islands | 'Marshall Islands | 'Marshall Islands | |||
Nature / Vessel Name | 'Dormant company | [34] | 'Dormant company | [34] | 'Dormant company | [34] |
Statement of operations | '— | '— | '— | |||
NewLead Mojave Holdings LLC. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Delaware | 'Delaware | 'Delaware, USA | |||
Nature / Vessel Name | 'Operating company | [35] | 'Operating company | [35] | 'Operating company | [35] |
Statement of operations | '— | '— | '— | |||
Ocean Hope Shipping Ltd. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Malta | 'Malta | 'Malta | |||
Nature / Vessel Name | 'Dormant company | 'Dormant company | 'Dormant company | |||
Statement of operations | '— | '— | '— | |||
Mines Investments Corp. [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Marshall Islands | 'Marshall Islands | 'Marshall Islands | |||
Nature / Vessel Name | 'Coal operating company | [36] | 'Coal operating company | [36] | 'Coal operating company | [36] |
Statement of operations | '2/12/2013 — 12/31/2013 | '— | '— | |||
Mine Investments LLC [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Delaware | 'Delaware | 'Delaware, USA | |||
Nature / Vessel Name | 'Coal operating company | [37] | 'Coal operating company | [37] | 'Coal operating company | [37] |
Statement of operations | '2/15/2013 — 12/31/2013 | '— | '— | |||
Five Mile Investment LLC [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Delaware | 'Delaware | 'Delaware, USA | |||
Nature / Vessel Name | 'Coal operating company | [37] | 'Coal operating company | [37] | 'Coal operating company | [37] |
Statement of operations | '2/15/2013 — 12/31/2013 | '— | '— | |||
Elk Valley Investment LLC [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Delaware | 'Delaware | 'Delaware, USA | |||
Nature / Vessel Name | 'Coal operating company | [37] | 'Coal operating company | [37] | 'Coal operating company | [37] |
Statement of operations | '2/15/2013 — 12/31/2013 | '— | '— | |||
Viking Acquisition Group LLC [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Kentucky | 'Kentucky | 'Kentucky, USA | |||
Nature / Vessel Name | 'Coal operating company | [38] | 'Coal operating company | [38] | 'Coal operating company | [38] |
Statement of operations | '9/13/2013 — 12/31/2013 | '— | '— | |||
Coal Essence Mine LLC [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Kentucky | 'Kentucky | 'Kentucky, USA | |||
Nature / Vessel Name | 'Coal operating company | [39] | 'Coal operating company | [39] | 'Coal operating company | [39] |
Statement of operations | '12/10/2013 — 12/31/2013 | '— | '— | |||
Coal Essence Prep Plant LLC [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Kentucky | 'Kentucky | 'Kentucky, USA | |||
Nature / Vessel Name | 'Coal operating company | [40] | 'Coal operating company | [40] | 'Coal operating company | [40] |
Statement of operations | '12/5/2013 — 12/31/2013 | '— | '— | |||
Viking Prep Plant LLC [Member] | ' | ' | ' | |||
Entity Incorporation, State Country Name | 'Kentucky | 'Kentucky | 'Kentucky, USA | |||
Nature / Vessel Name | 'Coal operating company | [41] | 'Coal operating company | [41] | 'Coal operating company | [41] |
Statement of operations | '12/9/2013 — 12/31/2013 | '— | '— | |||
[1] | M/T High Land was sold and delivered to its new owners on September 15, 2010. The shipowning company was dissolved on September 21, 2011. | |||||
[2] | M/T High Rider was sold and delivered to its new owners on April 22, 2010. The shipowning company was dissolved on September 21, 2011. | |||||
[3] | M/T Ostria was sold and delivered to its new owners on September 7, 2010. The shipowning company was dissolved on September 21, 2011. | |||||
[4] | M/T Newlead Avra and M/T Newlead Fortune were sold and delivered to their new owners on December 22, 2011. The shipowning company was dissolved on September 2, 2013. | |||||
[5] | M/T Nordanvind was sold and delivered to its new owners on September 7, 2010. The shipowning company was dissolved on January 13, 2013. | |||||
[6] | M/T Chinook was sold and delivered to its new owners on April 15, 2010. The shipowning company was dissolved on January 13, 2013. | |||||
[7] | M/T Newlead Compass and M/T Newlead Compassion were sold and delivered to their new owners on January 31, 2012. | |||||
[8] | M/V Australia was delivered to its owner (an affiliate of Lemissoler Maritime Company W.L.L.) on January 31, 2012. | |||||
[9] | M/V Brazil was delivered to its owner (an affiliate of Lemissoler Maritime Company W.L.L.) on March 19, 2012. | |||||
[10] | M/V China was delivered to its owner (an affiliate of Lemissoler Maritime Company W.L.L.) on February 11, 2012. The shipowning company was dissolved on November 1, 2013. | |||||
[11] | On March 14, 2012, the lessor foreclosed on M/V Newlead Endurance. Newlead Bulkers had the commercial, technical and operational management of the vessel until March 31, 2012. | |||||
[12] | M/V Newlead Venetico was sold and delivered to its new owners on May 8, 2012. | |||||
[13] | M/V Grand Ocean was sold and delivered to its new owners on January 11, 2012. | |||||
[14] | M/V Grand Rodosi was delivered to its owner (an affiliate of Lemissoler Maritime Company W.L.L.) on February 7, 2012. The shipowning company was revoked on October 15, 2013 and is expected to be dissolved. | |||||
[15] | M/T Hiona and M/T Hiotissa were sold and delivered to their new owners on July 19, 2012 and July 27, 2012, respectively. After these dates, Newlead Shipping continued to have part of the commercial, technical and operational management of these vessels. On February 25, 2013, the Company received notices of redelivery and termination, which were effected during June 2013, pursuant to the terms of the management agreements governing such services. | |||||
[16] | The company was dissolved on November 9, 2010. | |||||
[17] | M/V Saronikos Bridge was sold and delivered to its new owners on January 7, 2010. The shipowning company was dissolved on July 28, 2011. | |||||
[18] | M/V MSC Seine was sold and delivered to its new owners on January 20, 2010. The shipowning company was dissolved on July 28, 2011. | |||||
[19] | These shipowning companies were dissolved on September 21, 2011. | |||||
[20] | Olympic Galaxy Shipping Ltd. and Dynamic Maritime Co. were dissolved on July 28, 2011. Newlead Stride Inc. was dissolved on November 22, 2011. Mote Shipping Ltd. was dissolved on August 5, 2011. | |||||
[21] | The Company controls 52% of NewLead Holdings (US) Corp. through NewLead Mojave Holdings LLC. | |||||
[22] | The company was dissolved on June 15, 2010. | |||||
[23] | The company was dissolved on September 2, 2013. | |||||
[24] | On February 24, 2012, the lender foreclosed on the shares of Ayasha Trading Corporation (owner of M/V Newlead Tomi). Newlead Bulkers had the commercial, technical and operational management of the vessel until April 18, 2012. | |||||
[25] | On February 24, 2012, the lender foreclosed on the shares of Bethune Properties S.A. (owner of M/V Newlead Gujarat). Newlead Bulkers had the commercial, technical and operational management of the vessel until May 21, 2012. | |||||
[26] | M/V Newlead Esmeralda was sold and delivered to its new owners on February 16, 2012. | |||||
[27] | M/V Newlead Spartounta and M/V Newlead Prosperity were sold and delivered to their new owners on September 13, 2011 and September 20, 2011, respectively. | |||||
[28] | The company was dissolved on January 14, 2013. | |||||
[29] | On July 28, 2011, Hull 4023, named Navios Serenity, was delivered from a Korean shipyard. On March 26, 2012, M/V Navios Serenity was sold and delivered to its new owners. The shipowning company was dissolved on January 15, 2014. | |||||
[30] | On May 22, 2012, the Shipbuilding Contract for Hull 4029 with SPP Shipbuilding Co. Ltd.was terminated. The shipowning company was dissolved on January 15, 2014. | |||||
[31] | The company was dissolved on August 5, 2011. | |||||
[32] | Newlead Trading Inc. was established on July 1, 2011 as a joint venture between the Company and a third party. The Company owns 50% of the shares of Newlead Trading Inc. No operations have taken place by this entity. The company was revoked on April 15, 2013 and is expected to be dissolved. | |||||
[33] | New Lead JMEG LLC was established on April 11, 2012 as a joint venture between the Company and J Mining & Energy Group. During December 2013, the Company acquired the remaining 50% of the joint venture from J Mining & Energy Group. | |||||
[34] | Newleadjmeg Inc. was established on February 23, 2012. The Company owns 50% of the shares of Newleadjmeg Inc. No transactions have taken place by this entity. | |||||
[35] | NewLead Mojave Holdings LLC was established on April 30, 2012. The Company controls 52% of NewLead Mojave Holdings LLC and is entitled to and is liable for the total net assets of NewLead Mojave Holdings LLC according to this percentage of control. | |||||
[36] | The company was established on February 12, 2013, for operation of coal business. | |||||
[37] | The companies were established on February 15, 2013, for operation of coal business. | |||||
[38] | The company was acquired on September 13, 2013 (see Note 5). | |||||
[39] | The company was established on December 10, 2013, for operation of coal business. | |||||
[40] | The company was established on December 5, 2013, for operation of coal business. | |||||
[41] | The company was acquired on December 9, 2013 (see Note 5). |
SUBSIDIARIES_INCLUDED_IN_THE_C3
SUBSIDIARIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS (Details Textual) | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||
Jul. 31, 2011 | Apr. 30, 2012 | Apr. 30, 2012 | Dec. 31, 2013 | Feb. 23, 2012 | |
NewLead Trading Inc. [Member] | NewLead Mojave Holdings LLC. [Member] | NewLead Holdings (US) Corp. [Member] | NewLead Holdings (US) Corp. [Member] | NewLeadjmeg Inc. [Member] | |
Common Stock Voting Rights Percentage | 50.00% | ' | 100.00% | 52.00% | ' |
Percentage Of Owned Subsidiary | ' | 52.00% | ' | ' | 50.00% |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Furniture Fixtures And Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Computer Equipment and Software [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
Statutory Accounting Practices [Line Items] | ' | ' | ' | ' | ' |
Cash and cash equivalents | $2,271,000 | $1,043,000 | $5,119,000 | $67,531,000 | ' |
Allowance for Doubtful Accounts Receivable | 2,429,000 | 2,382,000 | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | ' | -5,911,000 | -103,775,000 | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | 150,161,000 | ' | ' |
Vessels Undiscounted Projected Net Operating Cash Flows Excess Carrying Value | 55.00% | 60.00% | ' | ' | ' |
Depletion | 17,000 | ' | ' | ' | ' |
Goodwill, Impairment Loss | 0 | ' | 81,590,000 | ' | ' |
Equity Method Investment, Other than Temporary Impairment | 1,077 | ' | ' | ' | ' |
Goodwill | 28,007,000 | 0 | ' | ' | 86,036,000 |
Other Comprehensive Income (Loss), Net of Tax, Total | 34,000 | 0 | 0 | ' | ' |
Share-based Compensation, Total | 25,193,000 | 2,412,000 | 1,582,000 | ' | ' |
Consultation Fees | 19,233 | ' | ' | ' | ' |
Warrants Expense | 5,472 | ' | ' | ' | ' |
Other Expenses, Total | 26,774 | ' | ' | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, Total | 20,222 | ' | ' | ' | ' |
Severance Costs | 12,664 | ' | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '17 years | ' | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' | ' | ' |
Markela Vessel [Member] | ' | ' | ' | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | ' | 1,143,000 | ' | ' | ' |
One Vessel [Member] | ' | ' | ' | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | ' | ' | 2,360,000 | ' | ' |
Fifteen Vessels [Member] | ' | ' | ' | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' | ' | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | ' | ' | 101,415,000 | ' | ' |
Handysize Hull 4029 Vessels [Member] | ' | ' | ' | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | ' | ' | 43,214,000 | ' | ' |
Asset Impairment Charges | ' | ' | 5,530,000 | ' | ' |
Technical and Operational Management Vessels [Member] | ' | ' | ' | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' | ' | ' | ' |
Operating Revenues | 591 | 474 | 0 | ' | ' |
Two Vessel [Member] | ' | ' | ' | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | ' | ' | $2,360,000 | ' | ' |
Vessels [Member] | ' | ' | ' | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '25 years | ' | ' | ' | ' |
ACQUISITIONS_Details_2
ACQUISITIONS (Details 2) (USD $) | Dec. 31, 2013 | Dec. 09, 2013 |
In Thousands, unless otherwise specified | ||
Cash | $125 | ' |
Common Stock Issued | 5,875 | 10,000 |
Promissory Note | ' | 6,000 |
Senior Secured Note | 9,000 | 14,000 |
Total purchase price | 21,855 | 30,000 |
Fair value adjustment | 1,637 | 1,598 |
Total adjusted purchase price | $13,363 | $28,402 |
ACQUISITIONS_Details_3
ACQUISITIONS (Details 3) (USD $) | Dec. 31, 2013 | Dec. 09, 2013 |
In Thousands, unless otherwise specified | ||
Accounts receivable | $16 | $166 |
Leased mineral rights | 20,117 | ' |
Property, Plant and Equipment | ' | 9,650 |
Goodwill | ' | 28,007 |
Accounts payable | -1,007 | -2,076 |
Royalties payable | -875 | ' |
Derivative liabilities | -4,052 | -7,239 |
Asset retirement obligations | -836 | -106 |
Total | $13,363 | $28,402 |
ACQUISITIONS_Details_2not_use
ACQUISITIONS (Details 2)not use (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Depreciation Expense | $452 | $483 |
Depletion Expense | 57 | 95 |
Interest Expense | $1,017 | $1,266 |
ACQUISITIONS_Details
ACQUISITIONS (Details) (USD $) | Dec. 31, 2013 | Dec. 09, 2013 |
In Thousands, unless otherwise specified | ||
Promissory Note | ' | ($6,000) |
Warrant | 6,122 | ' |
Common shares | 4,725 | ' |
Other | 8 | ' |
Total advances for acquistion of coal property | 21,855 | 30,000 |
Promissory Note Kentucky [Member] | ' | ' |
Promissory Note | 7,500 | ' |
Promissory Note Williams [Member] | ' | ' |
Promissory Note | 2,000 | ' |
Promissory Note RJLT [Member] | ' | ' |
Promissory Note | $1,500 | ' |
ACQUISITIONS_Details_4
ACQUISITIONS (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total Revenues | ' | ' | ' |
As reported | $7,343 | $8,928 | ' |
Pro forma | 11,938 | 13,420 | ' |
Operating Loss | ' | ' | ' |
As reported | -83,169 | -16,470 | ' |
Pro forma | -85,409 | -20,216 | ' |
Net Income (Loss) Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' |
As reported | -158,232 | -402,562 | -290,395 |
Pro forma | -160,468 | -406,308 | ' |
Net loss per share applicable to common shareholders | ' | ' | ' |
As reported | ($119.27) | ($1,129.53) | ($17,631.76) |
Pro forma | ($120.97) | ($1,136.20) | ' |
Viking Pre Plant LLC [Member] | ' | ' | ' |
Total Revenues | ' | ' | ' |
Pro forma | 11,297 | 13,037 | ' |
Operating Loss | ' | ' | ' |
Pro forma | -83,723 | -17,069 | ' |
Net Income (Loss) Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' |
Pro forma | -158,786 | -403,161 | ' |
Net loss per share applicable to common shareholders | ' | ' | ' |
Pro forma | ($119.70) | ($1,127.40) | ' |
Viking Acquisition Group LLC [Member] | ' | ' | ' |
Total Revenues | ' | ' | ' |
As reported | 203 | ' | ' |
Pro forma | 7,984 | 9,311 | ' |
Operating Loss | ' | ' | ' |
Pro forma | -82,818 | -17,084 | ' |
Net Income (Loss) Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' |
Pro forma | ($157,881) | ($403,176) | ' |
Net loss per share applicable to common shareholders | ' | ' | ' |
Pro forma | ($119.02) | ($1,127.44) | ' |
ACQUISITIONS_Details_Textual
ACQUISITIONS (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 09, 2013 | Sep. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 15, 2013 | Feb. 15, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 |
Kentucky Property [Member] | Tennessee Property [Member] | Tennessee Property [Member] | Tennessee Property [Member] | Viking Acquisition Group LLC [Member] | Viking Prep Plant LLC [Member] | Viking Prep Plant LLC [Member] | Viking Prep Plant LLC [Member] | ||||||
Subsequent Event [Member] | |||||||||||||
Acquisition Cost Of Acquired Entity Purchase Price | ' | ' | ' | ' | ' | $11,000 | $55,000 | ' | ' | ' | ' | ' | ' |
Business Acquisition Potential Payment | ' | ' | ' | ' | ' | ' | ' | 30,000 | 25,000 | ' | ' | ' | ' |
Debt Instrument, Increase, Accrued Interest | 6,020 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800 | 2,800 | 2,800 |
Acquisition Of ship Interest Percentage | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Issued With Fair Value | 4,238 | ' | ' | 8,402 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Purchases Price Adjusted Amount | 13,363 | ' | ' | 28,402 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 7,343 | 8,928 | ' | ' | ' | ' | ' | ' | ' | 203 | ' | ' | ' |
Operating Expenses, Total | $90,512 | $25,398 | $111,875 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $938 |
JOINT_VENTURES_Details_Textual
JOINT VENTURES (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 15, 2013 | Apr. 11, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
New Lead JMEG LLC [Member] | New Lead JMEG LLC [Member] | New Lead JMEG LLC [Member] | New Lead JMEG LLC [Member] | NewLead Holdings (US) Corp [Member] | NewLead Mojave Holdings LLC. [Member] | NewLead Mojave Holdings LLC. [Member] | Coal Sales Agreements [Member] | Joint Venture Agreement [Member] | ||||
Loss from investments in Joint Ventures | ' | ' | ' | ' | ' | $287,000 | $2,469,000 | ' | $16,000 | $2,838,000 | ' | ' |
Interest and Finance Cost | 62,670,000 | 86,549,000 | 22,672,000 | ' | ' | 271,000 | 369,000 | ' | ' | ' | ' | ' |
Total current assets | 12,422,000 | 12,225,000 | ' | ' | ' | 2,493,000 | 2,380,000 | ' | ' | ' | ' | ' |
Total current liabilities | 291,701,000 | 177,426,000 | ' | ' | ' | 4,358,000 | 4,819,000 | ' | ' | ' | ' | ' |
Joint Venture Investment Percentage | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Line of Credit Facility, Amount Outstanding | 24,781,000 | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' |
Joint Venture Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 52.00% | ' | ' |
General and administrative expenses | 81,893,000 | 8,249,000 | 16,521,000 | ' | ' | 574,000 | 4,939,000 | ' | ' | ' | ' | ' |
Marketing And Administrative Services | ' | ' | ' | ' | ' | 1,810,000 | 1,387,000 | ' | ' | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | ' | ' | ' | ' | ' | 1,980,000 | ' | ' | ' | ' | ' | ' |
Third Party Aggregate Amount Relating To Start Up Fees | ' | ' | ' | ' | ' | 3,280,000 | ' | ' | ' | ' | ' | ' |
Marketing And Administrative Services Monthly Fee | ' | ' | ' | ' | 160,000 | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | 3,230,000 | 3,230,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,625 |
Payments to Acquire Interest in Joint Venture | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' |
Payment Of Fee For Acquisition Of Interest In Joint Venture | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | ' | ' | ' | ' | ' | 1,077,000 | ' | ' | ' | ' | ' | ' |
Related Party Transaction Amounts Of Transaction Cancelled Invoice Amount | ' | ' | ' | $1,980,000 | ' | ' | ' | ' | ' | ' | ' | ' |
GOODWILL_Details
GOODWILL (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2009 |
Goodwill [Line Items] | ' | ' | ' |
Goodwill, Gross | $0 | ' | ' |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | ' | ' |
Goodwill | 0 | ' | 86,036 |
Goodwill, Acquired During Period | 28,007 | ' | ' |
Goodwill, Acquired During Period Net | 28,007 | ' | ' |
Goodwill, Impairment Loss | 0 | 81,590 | ' |
Goodwill, Impairment Loss Net | 0 | ' | ' |
Goodwill, Gross | 28,007 | ' | ' |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | 81,590 | ' |
Goodwill | 28,007 | ' | 86,036 |
Shipping industry [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill, Gross | 0 | ' | ' |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | ' | ' |
Goodwill | 0 | ' | ' |
Goodwill, Acquired During Period | 0 | ' | ' |
Goodwill, Acquired During Period Net | 0 | ' | ' |
Goodwill, Impairment Loss | 0 | ' | ' |
Goodwill, Impairment Loss Net | 0 | ' | ' |
Goodwill, Gross | 0 | ' | ' |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | ' | ' |
Goodwill | 0 | ' | ' |
Coal industry [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill, Gross | 0 | ' | ' |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | ' | ' |
Goodwill | 0 | ' | ' |
Goodwill, Acquired During Period | 28,007 | ' | ' |
Goodwill, Acquired During Period Net | 28,007 | ' | ' |
Goodwill, Impairment Loss | 0 | ' | ' |
Goodwill, Impairment Loss Net | 0 | ' | ' |
Goodwill, Gross | 28,007 | ' | ' |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | ' | ' |
Goodwill | $28,007 | ' | ' |
GOODWILL_Details_Textual
GOODWILL (Details Textual) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2010 | Dec. 31, 2009 |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Goodwill | $28,007 | $0 | ' | ' | $86,036 |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | 100.00% | ' |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | 0 | 81,590 | ' | ' |
Operating Expenses Forecasted By Inflation Rate Percentage | 2.00% | ' | ' | ' | ' |
Business Acquisition, Purchases Price Allocation, Goodwill Amount | ' | ' | ' | $14,280 | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Weighted Average Cost Of Capital Percentage | 9.00% | ' | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' |
Weighted Average Cost Of Capital Percentage | 12.00% | ' | ' | ' | ' |
RESTRICTED_CASH_Details
RESTRICTED CASH (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Restricted Cash [Line Items] | ' | ' |
Retention accounts | $0 | $1,311 |
Short term restricted cash accounts | 0 | 1,311 |
Letters of guarantee | 31 | 31 |
Long term restricted cash accounts | 31 | 31 |
Total | $31 | $1,342 |
RESTRICTED_CASH_Details_Textua
RESTRICTED CASH (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Portigon Ag Credit Facility [Member] | Piraeus Bank [Member] | ||
April 10, 2013 [Member] | ||||
Restricted Cash [Line Items] | ' | ' | ' | ' |
Retention Accounts | $0 | $1,311 | ' | ' |
Waiver on Minimum Liquidity Amount | ' | ' | 250 | ' |
Letters Of Guarantee Amount | 31 | 31 | ' | ' |
Payments For Trade Debt Of Vessels | ' | ' | ' | 280 |
Payments For Outstanding Loan Liabilities | ' | ' | ' | $1,031 |
BACKLOG_ASSET_DEFERRED_CHARTER2
BACKLOG ASSET / DEFERRED CHARTER REVENUE (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Backlog Asset and Deferred Charter Revenue [Line Items] | ' | ' | ' |
Backlog Asset, Begining Balance | $0 | $2,746 | $54,657 |
Amortization Of Backlog Asset | 0 | -1,603 | -8,697 |
Other Asset, Impairment Charges | 0 | -1,143 | -43,214 |
Backlog Asset, Ending Balance | 0 | 0 | 2,746 |
Deferred Charter Revenue, Beginning Balance | 0 | 0 | 567 |
Amortization Of Deferred Charter Revenue | 0 | 0 | 568 |
Deferred Charter Revenue, Impairment Loss | 0 | 0 | 0 |
Deferred Charter Revenue, Ending Balance | $0 | $0 | $0 |
BACKLOG_ASSET_DEFERRED_CHARTER3
BACKLOG ASSET / DEFERRED CHARTER REVENUE (Details Textual) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Backlog Asset and Deferred Charter Revenue [Line Items] | ' | ' | ' | ' |
Backlog Asset, Business combination (Note 7) | ($15,073) | $0 | $0 | $9,833 |
Backlog Asset, Impairment loss | 0 | -1,143 | -43,214 | ' |
Kamsarmax Vessels [Member] | ' | ' | ' | ' |
Backlog Asset and Deferred Charter Revenue [Line Items] | ' | ' | ' | ' |
Backlog Asset, Business combination (Note 7) | ' | ' | ' | 27,677 |
Five Dry Bulk Vessels [Member] | ' | ' | ' | ' |
Backlog Asset and Deferred Charter Revenue [Line Items] | ' | ' | ' | ' |
Backlog Asset, Business combination (Note 7) | ' | ' | ' | $25,509 |
VESSELS_AND_OTHER_FIXED_ASSETS2
VESSELS AND OTHER FIXED ASSETS, NET (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 |
Cost | ' | ' | ' | ' |
Balance | $60,185 | $544,976 | $645,967 | ' |
Additions | 371 | 985 | 7,703 | ' |
Transfer from Vessels Under Construction | ' | ' | 117,905 | ' |
Transfer to assets held for sale | ' | ' | -120,638 | ' |
Disposals - Discontinued operations | ' | -485,776 | -105,753 | ' |
Loss on sale and leaseback | ' | ' | -208 | ' |
Balance | 60,556 | 60,185 | 544,976 | ' |
Accumulated Depreciation and Amortization | ' | ' | ' | ' |
Balance | -22,682 | -275,457 | -190,551 | ' |
Depreciation and Amortization for the year | -2,807 | -5,989 | -38,261 | ' |
Impairment loss (Note 3) | ' | -5,911 | -103,775 | ' |
Transfer to assets held for sale | ' | ' | 34,556 | ' |
Disposals B Discontinued operations | ' | 264,675 | 22,574 | ' |
Balance | -25,489 | -22,682 | -275,457 | ' |
Net Book Value | 37,503 | 269,519 | ' | 455,416 |
Note Book Value | 35,067 | 37,503 | 269,519 | 455,416 |
Vessels [Member] | ' | ' | ' | ' |
Cost | ' | ' | ' | ' |
Balance | 56,966 | 433,483 | 548,817 | ' |
Additions | 0 | 0 | 863 | ' |
Transfer from Vessels Under Construction | ' | ' | 79,197 | ' |
Transfer to assets held for sale | ' | ' | -92,600 | ' |
Disposals - Discontinued operations | ' | -376,517 | -102,794 | ' |
Loss on sale and leaseback | ' | ' | 0 | ' |
Balance | 56,966 | 56,966 | 433,483 | ' |
Accumulated Depreciation and Amortization | ' | ' | ' | ' |
Balance | -20,451 | -238,502 | -184,640 | ' |
Depreciation and Amortization for the year | -2,536 | -5,168 | -26,497 | ' |
Impairment loss (Note 3) | ' | -5,075 | -68,185 | ' |
Transfer to assets held for sale | ' | ' | 20,672 | ' |
Disposals B Discontinued operations | ' | 228,294 | 20,148 | ' |
Balance | -22,987 | -20,451 | -238,502 | ' |
Net Book Value | 36,515 | 194,981 | ' | 364,177 |
Note Book Value | 33,979 | 36,515 | 194,981 | 364,177 |
Leased Vessels [Member] | ' | ' | ' | ' |
Cost | ' | ' | ' | ' |
Balance | 0 | 101,500 | 87,000 | ' |
Additions | 0 | 0 | 0 | ' |
Transfer from Vessels Under Construction | ' | ' | 38,708 | ' |
Transfer to assets held for sale | ' | ' | -24,000 | ' |
Disposals - Discontinued operations | ' | -101,500 | 0 | ' |
Loss on sale and leaseback | ' | ' | -208 | ' |
Balance | 0 | 0 | 101,500 | ' |
Accumulated Depreciation and Amortization | ' | ' | ' | ' |
Balance | 0 | -28,474 | -841 | ' |
Depreciation and Amortization for the year | ' | -209 | -8,068 | ' |
Impairment loss (Note 3) | ' | 0 | -30,497 | ' |
Transfer to assets held for sale | ' | ' | 10,932 | ' |
Disposals B Discontinued operations | ' | 28,683 | 0 | ' |
Balance | 0 | 0 | -28,474 | ' |
Net Book Value | 0 | 73,026 | ' | 86,159 |
Note Book Value | 0 | 0 | 73,026 | 86,159 |
Dry Docking and Special Survey [Member] | ' | ' | ' | ' |
Cost | ' | ' | ' | ' |
Balance | 2,195 | 8,969 | 9,316 | ' |
Additions | 366 | 985 | 6,650 | ' |
Transfer from Vessels Under Construction | ' | ' | 0 | ' |
Transfer to assets held for sale | ' | ' | -4,038 | ' |
Disposals - Discontinued operations | ' | -7,759 | -2,959 | ' |
Loss on sale and leaseback | ' | ' | 0 | ' |
Balance | 2,561 | 2,195 | 8,969 | ' |
Accumulated Depreciation and Amortization | ' | ' | ' | ' |
Balance | -1,327 | -7,761 | -4,662 | ' |
Depreciation and Amortization for the year | -196 | -428 | -3,384 | ' |
Impairment loss (Note 3) | ' | -836 | -5,093 | ' |
Transfer to assets held for sale | ' | ' | 2,952 | ' |
Disposals B Discontinued operations | ' | 7,698 | 2,426 | ' |
Balance | -1,523 | -1,327 | -7,761 | ' |
Net Book Value | 868 | 1,208 | ' | 4,654 |
Note Book Value | 1,038 | 868 | 1,208 | 4,654 |
Other Fixed Assets [Member] | ' | ' | ' | ' |
Cost | ' | ' | ' | ' |
Balance | 1,024 | 1,024 | 834 | ' |
Additions | 5 | 0 | 190 | ' |
Transfer from Vessels Under Construction | ' | ' | 0 | ' |
Transfer to assets held for sale | ' | ' | 0 | ' |
Disposals - Discontinued operations | ' | 0 | 0 | ' |
Loss on sale and leaseback | ' | ' | 0 | ' |
Balance | 1,029 | 1,024 | 1,024 | ' |
Accumulated Depreciation and Amortization | ' | ' | ' | ' |
Balance | -904 | -720 | -408 | ' |
Depreciation and Amortization for the year | -75 | -184 | -312 | ' |
Impairment loss (Note 3) | ' | 0 | 0 | ' |
Transfer to assets held for sale | ' | ' | 0 | ' |
Disposals B Discontinued operations | ' | 0 | 0 | ' |
Balance | -979 | -904 | -720 | ' |
Net Book Value | 120 | 304 | ' | 426 |
Note Book Value | $50 | $120 | $304 | $426 |
VESSELS_AND_OTHER_FIXED_ASSETS3
VESSELS AND OTHER FIXED ASSETS, NET (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 15, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 |
Prime Mountain Shipping Ltd. Agreement [Member] | Prime Mountain Shipping Ltd. Agreement [Member] | Two Vessel [Member] | Two Vessel [Member] | Fifteen Vessels [Member] | One Vessel [Member] | |||||
Vessels and Other Fixed Assets, Net [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additions | $19,500 | $15 | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued operation sales, address commission percentage | 1.00% | ' | ' | ' | 3.50% | 3.50% | ' | ' | ' | ' |
Additional Acquisition Related Costs | 3,052 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge | ' | ' | -5,911 | -103,775 | ' | ' | 0 | 5,911 | ' | 2,360 |
Impairment of long-lived assets to be disposed of | ' | $0 | $0 | $150,161 | ' | ' | ' | ' | $101,415 | ' |
PROPERTY_EQUIPMENT_MINE_DEVELO2
PROPERTY, EQUIPMENT, MINE DEVELOPMENT COSTS, OWNED AND LEASED MINERAL RIGHTS, LAND AND BUILDINGS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
In Thousands, unless otherwise specified | |||||
Property, plant and equipment, gross | $60,556 | $60,185 | $544,976 | $645,967 | ' |
Less accumulated depreciation | 25,489 | 22,682 | 275,457 | 190,551 | ' |
Total property, equipment and mine development costs, net | 35,067 | 37,503 | 269,519 | ' | 455,416 |
Production Equipment [Member] | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 9,030 | 0 | ' | ' | ' |
Mine Development [Member] | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | $1,052 | $0 | ' | ' | ' |
PROPERTY_EQUIPMENT_MINE_DEVELO3
PROPERTY, EQUIPMENT, MINE DEVELOPMENT COSTS, OWNED AND LEASED MINERAL RIGHTS, LAND AND BUILDINGS (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Owned and leased mineral rights land and building, gross | $20,999 | ' |
Less accumulated depreciation and depletion | -22 | ' |
Total owned and leased mineral rights, land and building, net | 20,977 | 0 |
Land [Member] | ' | ' |
Owned and leased mineral rights land and building, gross | 490 | 0 |
Building [Member] | ' | ' |
Owned and leased mineral rights land and building, gross | 132 | ' |
Mineral Interests [Member] | ' | ' |
Owned and leased mineral rights land and building, gross | $20,377 | $0 |
DEFERRED_CHARGES_NET_Details
DEFERRED CHARGES, NET (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Book Value at January | $573 | $5,742 | $12,785 |
Additions, Financing Costs | 376 | 564 | 622 |
Amortization, Financing Costs | -460 | -1,781 | -2,948 |
Write-offs, Financing Costs | ' | -3,952 | -4,647 |
Transfer to Vessels Under Construction, Financing Costs | ' | ' | -70 |
Net Book Value at December | 489 | 573 | 5,742 |
Current, Financing Costs | 489 | 573 | ' |
Net Book Value at January | 0 | 0 | 255 |
Other Costs, Additions | 0 | 0 | 80 |
Amortization, Other Costs | 0 | 0 | 0 |
Write Offs, Other Costs | ' | 0 | -335 |
Transfer to Vessels Under Construction, Other Costs | ' | ' | 0 |
Net Book Value at December | 0 | 0 | 0 |
Current, Other Costs | 0 | 0 | 0 |
Net Book Value at January | 573 | 5,742 | 13,040 |
Additions | 376 | 564 | 702 |
Amortization | -460 | -1,781 | -2,948 |
Write Offs | ' | -3,952 | -4,982 |
Transfer to Vessels Under Construction | ' | ' | -70 |
Net Book Value at December | 489 | 573 | 5,742 |
Deferred Costs Current | $489 | $573 | ' |
DEFERRED_CHARGES_NET_Details_T
DEFERRED CHARGES, NET (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 28, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 09, 2013 |
Portigon Ag Credit Facility Amendment [Member] | NewLead Endurance [Member] | Interest and Finance Expense [Member] | Loss From Discontinued Operations [Member] | Loss From Discontinued Operations [Member] | Mojave Finance Inc [Member] | ||||
Deferred Finance Costs Additions | $376 | $564 | $622 | $250 | $479 | ' | ' | ' | ' |
Deferred Finance Costs Write Offs | ' | 3,952 | 4,647 | ' | ' | 3,882 | 70 | 4,647 | ' |
Amortized Loan Agreement Fee | ' | ' | ' | ' | ' | ' | ' | ' | $126 |
ACCOUNTS_PAYABLE_TRADE_Details
ACCOUNTS PAYABLE, TRADE (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts payable, trade | $21,451 | $13,618 |
Suppliers [Member] | ' | ' |
Accounts payable, trade | 4,944 | 3,099 |
Shipyards [Member] | ' | ' |
Accounts payable, trade | 22 | 616 |
Insurers [Member] | ' | ' |
Accounts payable, trade | 1,516 | 383 |
Agents [Member] | ' | ' |
Accounts payable, trade | 575 | 766 |
Other Various Creditors [Member] | ' | ' |
Accounts payable, trade | $14,394 | $8,754 |
ACCOUNTS_PAYABLE_TRADE_Details1
ACCOUNTS PAYABLE, TRADE (Details Textual) (Accounts Payable [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts Payable [Member] | ' | ' |
Stock Issued During Period, Shares, Other | 466,050 | 22,970 |
Issuance of Stock and Warrants for Services or Claims | $9,700 | $11,600 |
ACCRUED_LIABILITIES_Details
ACCRUED LIABILITIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued interest | $6,650 | $2,269 |
Accrued claims | 3,441 | 3,454 |
Other accrued expenses | 5,082 | 4,937 |
Accrued Liabilities, Current, Total | $15,173 | $10,660 |
ACCRUED_LIABILITIES_Details_Te
ACCRUED LIABILITIES (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued interest past due | $6,650 | $2,269 |
Interest Due and Payable [Member] | ' | ' |
Accrued interest past due | $1,095 | $1,995 |
SHARE_SETTLED_DEBT_Details
SHARE SETTLED DEBT (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Hanover Holdings I, LLC | $68,743 | $0 |
Accounts Payable | 3,852 | 0 |
Paymant Related To Share Settled Debt | $72,595 | $0 |
SHARE_SETTLED_DEBT_Details_tex
SHARE SETTLED DEBT (Details textual) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 18, 2013 | Apr. 05, 2013 | Dec. 31, 2013 | Jul. 09, 2013 | Dec. 31, 2013 | Dec. 02, 2013 | Dec. 31, 2013 | Mar. 18, 2013 | Jun. 21, 2013 | Nov. 19, 2013 |
Hanover One [Member] | Hanover One [Member] | Hanover One [Member] | Hanover Two [Member] | Hanover Two [Member] | Hanover Three [Member] | Hanover Three [Member] | Accounts Payable [Member] | Accounts Payable [Member] | Accounts Payable [Member] | |
Hanover One [Member] | Hanover Two [Member] | Hanover Three [Member] | ||||||||
Loss Contingency, Damages Sought, Value | ' | ' | ' | ' | ' | ' | ' | $2,412 | $7,206 | $44,649 |
Amortization | ' | 3,135 | ' | 9,727 | ' | 61,631 | ' | ' | ' | ' |
Claim Amount Percentage | ' | 130.00% | ' | 135.00% | ' | 137.50% | ' | ' | ' | ' |
Legal Fees | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period Ownership Percentage Minimum | ' | 4.99% | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contigency Damages Additional Settlement Shares Issued | ' | 15,222 | ' | 44,445 | ' | ' | ' | ' | ' | ' |
Loss Contigency Damages True-up Settlement Shares | 26,657 | ' | ' | 187,467 | ' | ' | ' | ' | ' | ' |
Loss Contigency Damages True-up Settlement Shares Cancelled | 1,898 | ' | ' | 7,466 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period Settlement Shares Issued | 28,555 | 13,333 | ' | 135,556 | ' | 175,000 | ' | ' | ' | ' |
Settlement Agreement Description | ' | ' | ' | '135,556 | ' | 'In addition, the December Settlement Agreement also provides that with respect to any single trading day during the December Calculation Period, MGP shall not offer or sell any December Settlement Shares on, or over the course of, such trading day in excess of the greater of (i) 20% of the worldwide average daily trading volume in the Common Stock on all national securities exchanges and automated quotation systems, if any, on which the Common Stock is listed or designated for quotation (as the case may be), excluding any sales of Common Stock by MGP, for the 10 trading days immediately preceding such trading day and (ii) $295,000 worth of Common Stock. Hanover, MGP and the Company may modify this restriction by mutual written agreement. | ' | ' | ' | ' |
Percentage Of Additional Securities Aquisition Maximum | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' |
Settlement Agreement on Common Shares Value | ' | ' | ' | 65 | ' | ' | ' | ' | ' | ' |
Share Settlement Debt Description | ' | ' | 'Company subject to that fact that any number of shares of common stock will be equal to the sum of i) the quotient obtained by dividing (A) $2,412 by (B) 70% of the trading volume weighted average price of the common stock as reported by Bloomberg L.P. over the calculation period and ii) the quotient obtained by dividing (A) the total dollar amount of Hanovers legal fees and expenses incurred which shall not exceed $50 by (B) the volume weighted average price over the calculation period | ' | 'Company, subject to that fact that any number of shares of common stock will be equal to the sum of i) the quotient obtained by dividing (A) $7,206 by (B) 65% of the trading volume weighted average price of the common stock as reported by Bloomberg L.P. over the calculation period and ii) the quotient obtained by dividing (A) the total dollar amount of Hanovers legal fees and expenses incurred which shall not exceed $50 by (B) the volume weighted average price over the calculation period. | ' | 'Company, subject to that fact that any number of shares of common stock will be equal to the sum of i) the quotient obtained by dividing (A) $44,649 by (B) 62,5% of the trading volume weighted average price of the common stock as reported by Bloomberg L.P. over the calculation period and ii) the quotient obtained by dividing (A) the total dollar amount of Hanovers legal fees and expenses incurred which shall not exceed $125 by (B) the volume weighted average price over the calculation period. | ' | ' | ' |
Fari Value Liability Related To Agreement | ' | ' | $1,051 | ' | $3,907 | ' | $26,864 | ' | ' | ' |
LONGTERM_DEBT_Details
LONG-TERM DEBT (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long-term | $0 | $0 |
Current portion | 60,306 | 78,739 |
Total | 60,306 | 78,739 |
Piraeus Bank A.E. (as the successor of Cyprus Popular Bank Public Co. Ltd. (formerly, Marfin Egnatia Bank S.A.) (bPiraeus Bank (CPB loan)b) Credit Facility [Member] | ' | ' |
Long-term | 0 | 0 |
Current portion | 32,525 | 32,525 |
Total | 32,525 | 32,525 |
Portigon AG (ex West LB Bank) Credit Facility [Member] | ' | ' |
Long-term | 0 | 0 |
Current portion | 24,781 | 25,250 |
Total | 24,781 | 25,250 |
Piraeus Bank Credit Facilities [Member] | ' | ' |
Long-term | 0 | 0 |
Current portion | 0 | 17,964 |
Total | 0 | 17,964 |
Mojave Finance Inc. [Member] | ' | ' |
Long-term | 0 | 0 |
Current portion | 3,000 | 3,000 |
Total | $3,000 | $3,000 |
LONGTERM_DEBT_Details_1
LONG-TERM DEBT (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest expense | $6,952 | $8,125 | $11,528 |
Amortization of deferred charges | 460 | 5,624 | 2,112 |
Amortization of the beneficial conversion feature | 264 | 71,561 | 8,161 |
Hanover Holdings I LLC commission | 31,982 | 0 | 0 |
Other expenses | 23,012 | 1,239 | 871 |
Total | $62,670 | $86,549 | $22,672 |
LONGTERM_DEBT_Details_Textual
LONG-TERM DEBT (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 03, 2013 | Feb. 10, 2012 | 22-May-12 | Oct. 11, 2013 | Jul. 09, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2011 | Jan. 31, 2012 | Dec. 10, 2010 | 8-May-12 | Dec. 31, 2013 | Apr. 30, 2010 | Jun. 20, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2010 | Jan. 11, 2012 | Apr. 30, 2010 | Mar. 31, 2010 | Nov. 02, 2012 | Jul. 31, 2012 | Jun. 20, 2012 | Feb. 24, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 15, 2010 | Feb. 24, 2012 | Feb. 24, 2012 | Apr. 15, 2010 | Jul. 09, 2010 | 22-May-12 | Mar. 21, 2012 | Jul. 09, 2010 | 22-May-12 | Feb. 20, 2012 | Apr. 10, 2012 | Oct. 11, 2013 | Apr. 10, 2012 | Dec. 31, 2013 | Mar. 04, 2014 | Mar. 08, 2013 | Apr. 10, 2012 | Dec. 31, 2013 | Dec. 31, 2010 | Mar. 28, 2013 | Mar. 28, 2013 | Mar. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 11, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
New Coal Holding LLC [Member] | New Coal Holding LLC [Member] | NewLead Esmeralda | Handysize Hull 4029 Vessels [Member] | Nine Month Period [Member] | Nine Month Period [Member] | Syndicate Facility Agreement [Member] | Syndicate Facility Agreement [Member] | Syndicate Facility Agreement [Member] | Syndicate Facility Agreement [Member] | Syndicate Facility Agreement [Member] | Cyprus Popular Bank Public Co. Ltd. [Member] | Cyprus Popular Bank Public Co. Ltd. [Member] | Cyprus Popular Bank Public Co. Ltd. [Member] | Portigon AG Credit Facility [Member] | Piraeus Bank Credit Facilities Grand Ocean [Member] | Piraeus Bank Credit Facilities Grand Ocean [Member] | Piraeus Bank Credit Facilities Grand Ocean [Member] | Piraeus Bank Credit Facilities Grand Ocean [Member] | Piraeus Bank Credit Facilities Hiona and Hiotissa [Member] | Piraeus Bank Credit Facilities Hiona and Hiotissa [Member] | Piraeus Bank Credit Facilities Hiona and Hiotissa [Member] | Piraeus Bank Credit Facilities [Member] | Piraeus Bank Credit Facilities [Member] | Piraeus Bank Credit Facilities [Member] | Kamsarmax Syndicate Facilities Agreements [Member] | Kamsarmax Syndicate Facilities Agreements [Member] | Kamsarmax Syndicate Facilities Agreements [Member] | Kamsarmax Syndicate Facilities Agreements [Member] | Kamsarmax Syndicate Facilities Agreements [Member] | Kamsarmax Syndicate Facilities Agreements [Member] | Bank Of Scotland and BTMU Capital Corporation [Member] | Eurobank Credit Facility [Member] | Handysize Syndicate Facility Agreement [Member] | Handysize Syndicate Facility Agreement [Member] | Handysize Syndicate Facility Agreement [Member] | Hull 4029 [Member] | Hull 4029 [Member] | Mojave Finance Inc. Credit Facility [Member] | Mojave Finance Inc. Credit Facility [Member] | NewLead Mojave Holdings LLC. [Member] | NewLead Mojave Holdings LLC. [Member] | New Lead JMEG LLC [Member] | New Lead JMEG LLC [Member] | New Lead JMEG LLC [Member] | Portigon AG Credit Facility Amendment[Member] | Portigon AG Credit Facility Amendment[Member] | Portigon AG Credit Facility Amendment[Member] | Portigon AG Credit Facility Amendment[Member] | Portigon AG Credit Facility Amendment[Member] | Portigon AG Credit Facility Amendment[Member] | Piraeus Bank [Member] | Piraeus Bank [Member] | Convertible Notes Payable [Member] | Shipping Sector | Financing Expenses | |||||
NewLead Avra and NewLead Fortune [Member] | NewLead Compass and NewLead Compassion [Member] | NewLead Venetico [Member] | NewLead Venetico [Member] | Ayasha Trading Corporation [Member] | Bethune Properties S.A. [Member] | Subsequent Event [Member] | Three Quarterly Installments [Member] | Subsequent Event [Member] | Subsequent Event [Member] | March 28 2013 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Followed By Fifteen Quarterly Installments [Member] | Followed By Five Quarterly Installments [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate, effective percentage | ' | 4.95% | 4.31% | 4.88% | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from lines of credit | ' | ' | ' | ' | ' | ' | $11,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,450,000 | ' | ' | ' | ' | ' | ' | $8,150,000 | ' | ' | ' | ' | $57,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, periodic payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 475,000 | 375,000 | ' | ' | ' | ' | ' | ' |
Repayments of lines of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 490,000 | 6,510,000 | ' | ' | ' | ' | ' | 271,000 | 51,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, Amount outstanding | ' | 24,781,000 | ' | ' | ' | 300 | ' | ' | 3,000,000 | 3,000,000 | 129 | 129,000 | ' | ' | ' | ' | ' | 32,525 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | 500 | 1,350 | ' | 25,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, Covenant compliance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '(i) if the Company is in compliance with the value to loan ratio, 50% of the excess cash must be applied towards prepayment of the loan facility; and (ii) if the Company is not in compliance with the value to loan ratio, 100% of the excess cash must be applied towards the prepayment of the loan facility. The value to loan ratio is set at 100% until December 31, 2012 and 125% thereafter. As of December 31, 2013, the Company was not in compliance with this ratio. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Balloon Payment Due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,350,000 | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | 3,230,000 | 3,230,000 | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,779,000 | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 221,400,000 | ' | ' | 62,000,000 | ' | ' | 27,500,000 | ' | ' | ' | 21,000,000 | ' | ' | 76,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,000,000 | ' | ' | 48,000,000 | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.10% | 24.00% | 24.00% | ' | 3.40% | ' | ' | ' | ' | ' | 6.32% | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Sale of Vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,532,000 | 80,159,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Costs Capitalized | ' | 0 | 20,000 | 2,549,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Delay Payment Installment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Release Of Debt For Vessels Under Construction | ' | 0 | 5,492,000 | 0 | ' | ' | ' | 5,492,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,240,000 | ' | ' | 5,492,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility New Claims Filed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,684,000 | 13,938,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain Resulting From Release Of Respective Discontinued Operations Liabilities To Lender | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,576,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,667,000 | ' | ' | 13,333,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate Description | 'LIBOR of 0.353%, plus a 3.5% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR of 0.353%, plus a 3.5% | ' | ' | 'LIBOR of 0.353%, plus a 3.5% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR of 0.243%, plus a 3.25% margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage on Proceeds from Repayment of Loans | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for (Proceeds from) Loans and Leases, Total | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Value, Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Description | ' | '(i) if the Company is in compliance with the value to loan ratio, 50% of the excess cash must be applied towards prepayment of the loan facility; and (ii) if the Company is not in compliance with the value to loan ratio,100% of the excess cash must be applied towards the prepayment of the loan facility. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment Of Loan Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,736,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '(i) a minimum market adjusted equity ratio of 25% for the period from September 30, 2012 until June 30, 2013, increasing to 30% thereafter (as of December 31, 2013, the Company was in breach of this covenant); (ii) a minimum liquidity equal to at least 5% of the total debt during the period the loan facility remains outstanding (as of December 31, 2013, the Company was in compliance of this covenant); (iii) working capital (as defined in the loan facility) must not be less than zero dollars ($0) during the period the loan facility remains outstanding (as of December 31, 2013, the Company was in breach of this covenant) and (iv) a minimum interest coverage ratio of 2:1 for the period from September 30, 2012 until June 30, 2013, increasing to 2.5:1 thereafter (as of December 31, 2013, the Company was in breach of this covenant). As of December 31, 2013, the Company has defaulted on principal and interest payments | 'The applicable margin is calculated as follows: (a) 3.25% per annum at any time when the vessel is not subject to an approved charter and the security cover ratio is less than 125%; (b) 3% per annum at any time when the vessel is subject to an approved charter and the security cover ratio is less than 125%; (c) 2.75% per annum at any time when the vessel is not subject to an approved charter and the security cover ratio is equal to or greater than 125%; and (d) 2.50% per annum at any time when the vessel is subject to an approved charter and the security cover ratio is equal to or greater than 125% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment of balloon installment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of units in pledge agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52.00% | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $513 | $2,510 | $20,000 |
CONVERTIBLE_NOTES_Details
CONVERTIBLE NOTES (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Convertible Notes [Line Items] | ' | ' | ' | |||
Balance, Beginning | $62,552,000 | $53,391,000 | $45,230,000 | |||
Convertible Notes Issued | 64,880,000 | 62,500,000 | ' | |||
Beneficial Conversion Feature | 248,000 | ' | ' | |||
Amortization of the Beneficial Conversion Feature & Warrant | 264,000 | 71,561,000 | 8,161,000 | |||
Make Whole Fundamental Change | ' | ' | 0 | |||
Partial Conversion of Convertible Senior Notes | ' | -124,900,000 | ' | |||
Cash payments | -125,000 | ' | ' | |||
Warrants attached | -142,000 | ' | ' | |||
Notes Converted to shares | -25,530,000 | ' | ' | |||
Balance, Ending | 101,651,000 | 62,552,000 | 53,391,000 | |||
7% Notes [Member] | ' | ' | ' | |||
Convertible Notes [Line Items] | ' | ' | ' | |||
Balance, Beginning | 52,000 | [1] | 53,391,000 | [1] | 45,230,000 | [1] |
Convertible Notes Issued | 0 | [1] | 0 | [1] | ' | |
Beneficial Conversion Feature | 0 | [1] | ' | ' | ||
Amortization of the Beneficial Conversion Feature & Warrant | 13,000 | [1] | 71,561,000 | [1] | 8,161,000 | [1] |
Make Whole Fundamental Change | ' | ' | 0 | [1] | ||
Partial Conversion of Convertible Senior Notes | ' | -124,900,000 | [1],[2] | ' | ||
Cash payments | 0 | [1] | ' | ' | ||
Warrants attached | 0 | [1] | ' | ' | ||
Notes Converted to shares | 0 | [1] | ' | ' | ||
Balance, Ending | 65,000 | [1] | 52,000 | [1] | 53,391,000 | [1] |
4.5% Notes [Member] | ' | ' | ' | |||
Convertible Notes [Line Items] | ' | ' | ' | |||
Balance, Beginning | 62,500,000 | [3] | 0 | [3] | 0 | [3] |
Convertible Notes Issued | 0 | [3] | 62,500,000 | [3] | ' | |
Beneficial Conversion Feature | 0 | [3] | ' | ' | ||
Amortization of the Beneficial Conversion Feature & Warrant | 0 | [3] | 0 | [3] | 0 | [3] |
Make Whole Fundamental Change | ' | ' | 0 | [3] | ||
Partial Conversion of Convertible Senior Notes | ' | 0 | [3],[4] | ' | ||
Cash payments | 0 | [3] | ' | ' | ||
Warrants attached | 0 | [3] | ' | ' | ||
Notes Converted to shares | 0 | [3] | ' | ' | ||
Balance, Ending | 62,500,000 | [3] | 62,500,000 | [3] | 0 | [3] |
8% Notes [Member] | ' | ' | ' | |||
Convertible Notes [Line Items] | ' | ' | ' | |||
Balance, Beginning | 0 | [2] | 0 | [2] | 0 | [2] |
Convertible Notes Issued | 2,855,000 | [2] | 0 | [2] | ' | |
Beneficial Conversion Feature | 0 | [2] | ' | ' | ||
Amortization of the Beneficial Conversion Feature & Warrant | 0 | [2] | 0 | [2] | 0 | [2] |
Make Whole Fundamental Change | ' | ' | 0 | [2] | ||
Cash payments | 0 | [2] | ' | ' | ||
Warrants attached | 0 | [2] | ' | ' | ||
Notes Converted to shares | -2,855,000 | [2] | ' | ' | ||
Balance, Ending | 0 | [2] | 0 | [2] | 0 | [2] |
15% Notes [Member] | ' | ' | ' | |||
Convertible Notes [Line Items] | ' | ' | ' | |||
Balance, Beginning | 0 | [4] | 0 | [4] | 0 | [4] |
Convertible Notes Issued | 1,000,000 | [4] | 0 | [4] | ' | |
Beneficial Conversion Feature | -248,000 | [4] | ' | ' | ||
Amortization of the Beneficial Conversion Feature & Warrant | 248,000 | [4] | 0 | [4] | 0 | [4] |
Make Whole Fundamental Change | ' | ' | 0 | [4] | ||
Cash payments | 0 | [4] | ' | ' | ||
Warrants attached | 0 | [4] | ' | ' | ||
Notes Converted to shares | -1,000,000 | [4] | ' | ' | ||
Balance, Ending | 0 | [4] | 0 | [4] | 0 | [4] |
8% and 4.4% Note [Member] | ' | ' | ' | |||
Convertible Notes [Line Items] | ' | ' | ' | |||
Balance, Beginning | 0 | [5] | 0 | [5] | 0 | [5] |
Convertible Notes Issued | 1,525,000 | [5] | 0 | [5] | ' | |
Beneficial Conversion Feature | 0 | [5] | ' | ' | ||
Amortization of the Beneficial Conversion Feature & Warrant | 0 | [5] | 0 | [5] | 0 | [5] |
Make Whole Fundamental Change | ' | ' | 0 | [5] | ||
Partial Conversion of Convertible Senior Notes | ' | 0 | [5] | ' | ||
Cash payments | 0 | [5] | ' | ' | ||
Warrants attached | 0 | [5] | ' | ' | ||
Notes Converted to shares | 0 | [5] | ' | ' | ||
Balance, Ending | 1,525,000 | [5] | 0 | [5] | 0 | [5] |
12% Con.Deb [Member] | ' | ' | ' | |||
Convertible Notes [Line Items] | ' | ' | ' | |||
Balance, Beginning | 0 | [6] | 0 | [6] | 0 | [6] |
Convertible Notes Issued | 500,000 | [6] | 0 | [6] | ' | |
Beneficial Conversion Feature | 0 | [6] | ' | ' | ||
Amortization of the Beneficial Conversion Feature & Warrant | 3,000 | [6] | 0 | [6] | 0 | [6] |
Make Whole Fundamental Change | ' | ' | 0 | [6] | ||
Partial Conversion of Convertible Senior Notes | ' | 0 | [6] | ' | ||
Cash payments | 0 | [6] | ' | ' | ||
Warrants attached | -142,000 | [6] | ' | ' | ||
Notes Converted to shares | 0 | [6] | ' | ' | ||
Balance, Ending | 361,000 | [6] | 0 | [6] | 0 | [6] |
Note (7) [Member] | ' | ' | ' | |||
Convertible Notes [Line Items] | ' | ' | ' | |||
Balance, Beginning | 0 | [7] | 0 | [7] | 0 | [7] |
Convertible Notes Issued | 20,000,000 | [7] | 0 | [7] | ' | |
Beneficial Conversion Feature | 0 | [7] | ' | ' | ||
Amortization of the Beneficial Conversion Feature & Warrant | 0 | [7] | 0 | [7] | 0 | [7] |
Make Whole Fundamental Change | ' | ' | 0 | [7] | ||
Partial Conversion of Convertible Senior Notes | ' | 0 | [7] | ' | ||
Cash payments | 0 | [7] | ' | ' | ||
Warrants attached | 0 | [7] | ' | ' | ||
Notes Converted to shares | 0 | [7] | ' | ' | ||
Balance, Ending | 20,000,000 | [7] | 0 | [7] | 0 | [7] |
3.9% Note [Member] | ' | ' | ' | |||
Convertible Notes [Line Items] | ' | ' | ' | |||
Balance, Beginning | 0 | [8] | 0 | [8] | 0 | [8] |
Convertible Notes Issued | 24,000,000 | [8] | 0 | [8] | ' | |
Beneficial Conversion Feature | 0 | [8] | ' | ' | ||
Amortization of the Beneficial Conversion Feature & Warrant | 0 | [8] | 0 | [8] | 0 | [8] |
Make Whole Fundamental Change | ' | ' | 0 | [8] | ||
Partial Conversion of Convertible Senior Notes | ' | 0 | [8] | ' | ||
Cash payments | 0 | [8] | ' | ' | ||
Warrants attached | 0 | [8] | ' | ' | ||
Notes Converted to shares | -12,800,000 | [8] | ' | ' | ||
Balance, Ending | 11,200,000 | [8] | 0 | [8] | 0 | [8] |
8% Note 2 [Member] | ' | ' | ' | |||
Convertible Notes [Line Items] | ' | ' | ' | |||
Balance, Beginning | 0 | [8] | 0 | [8] | 0 | [8] |
Convertible Notes Issued | 15,000,000 | [8] | 0 | [8] | ' | |
Beneficial Conversion Feature | 0 | [8] | ' | ' | ||
Amortization of the Beneficial Conversion Feature & Warrant | 0 | [8] | 0 | [8] | 0 | [8] |
Make Whole Fundamental Change | ' | ' | 0 | [8] | ||
Partial Conversion of Convertible Senior Notes | ' | 0 | [8] | ' | ||
Cash payments | -125,000 | [8] | ' | ' | ||
Warrants attached | 0 | [8] | ' | ' | ||
Notes Converted to shares | -8,875,000 | [8] | ' | ' | ||
Balance, Ending | $6,000,000 | [8] | $0 | [8] | $0 | [8] |
[1] | Senior Convertible 7% Notes In connection with the recapitalization on October 13, 2009, the Company issued $145,000 in aggregate principal amount of 7% Notes. The 7% Notes were convertible into common shares at a conversion price of $4,050.00 per share (bAny timeb conversion option), subject to adjustment for certain events, including certain distributions by the Company of cash, debt and other assets, spin offs and other events. The issuance of the 7% Notes was pursuant to the Indenture dated October 13, 2009, between the Company and Piraeus Bank (as the successor of Cyprus Popular Bank Public Co. Ltd.), and the Note Purchase Agreement, executed by each of Investment Bank of Greece and Focus Maritime Corp. as purchasers. All of the outstanding 7% Notes owned by Focus Maritime Corp. were pledged to, and their acquisition was financed by, Piraeus Bank (as the successor of Cyprus Popular Bank Public Co. Ltd.) $20,000 of the proceeds of the 7% Notes were used to partially repay a portion of existing indebtedness and the remaining proceeds were used for general corporate purposes and to fund vessel acquisitions. The Note Purchase Agreement and the Indenture with respect to the 7% Notes contained certain covenants, including, among others, limitations on the incurrence of additional indebtedness, except for approved vessel acquisitions, and limitations on mergers and consolidations. In connection with the issuance of the 7% Notes, the Company entered into a Registration Rights Agreement providing the holders of the 7% Notes with certain demand and other registration rights for the common shares underlying the 7% Notes. The Investment Bank of Greece also received warrants to purchase up to 926 common shares at an exercise price of $10,800.00 per share, with an expiration date of October 13, 2015, in connection with advisory services provided by the Investment Bank of Greece to the Company. In November 2009, Focus Maritime Corp., a company controlled by Michail S. Zolotas, the Companybs Chairman, Chief Executive Officer and member of the Companybs Board of Directors, converted $20,000 of the 7% Notes into approximately 2.22 million new common shares of the Company. In connection with the Restructuring of NewLeadbs debt, on July 2, 2012, the Company entered into an agreement with Focus Maritime Corp. for the conversion of its remaining $124,900 of the 7% Notes, together with interest accrued thereon and future interest payment and an additional fee payable to Focus Maritime Corp. as an inducement for the conversion, into approximately 264.9 million common shares of the Company. Under the agreement with Focus Maritime Corp., the Company may not allow debt to equity conversions on more favorable terms to other debtors. The Company recorded a BCF totaling $100,536 as a contra liability (discount) that had to be amortized into the income statement (via interest charge) over the life of the 7% Notes. For the year ended December 31, 2013, $13 of the BCF was amortized and reflected as interest expense in the statement of operations ($71,561 for the year ended December 31, 2012, and $8,161 for the year ended December 31 2011). In addition, as a result of the agreement with Focus Maritime Corp., the Company recorded an inducement loss of $293,109, which is included in Loss on extinguishment of convertible notes. Accordingly, in the aggregate, $100 of the 7% Notes remained outstanding as at December 31, 2013 and 2012 As of December 31, 2013, the Company was not in compliance with its financial covenants on this indebtedness and had defaulted on three coupon payments. As such, the full amount outstanding was reclassified to current liabilities. | |||||
[2] | Senior Convertible promissory 8% Note On June 19, 2013, the Company issued a senior convertible promissory note to Tiger Equity Partners Ltd. (bTigerb) for up to $1,670 (the bTiger Noteb). The Tiger Note is due on June 19, 2014. Borrowings under this note bear a fixed interest rate of 8% per annum on the unpaid principal balance if paid in cash or 15% per annum on the outstanding principal balance if settled by issuance of shares of the Company, at the option of the Company. The Tiger Note contains an anti-dilution adjustments under certain circumstances. At the holderbs option, the Tiger Note is convertible into common shares at a conversion price equal to 95% of the arithmetic average of the closing price of the Companybs common shares on the five trading days prior to and beginning with the date two business days before the maturity date or the conversion date. During December, 2013 the Tiger Note has been converted into 211,846 common shares, including outstanding accrued interest liability. However, there is a true up obligation regarding the fair value of the shares issued. | |||||
[3] | Senior Convertible 4.5% Note In November 2010, the Company entered into an agreement with Lemissoler Maritime Company W.L.L. (bLemissolerb) for the sale and immediate bareboat leaseback of four dry bulk vessels comprised of three Capesize vessels, the Brazil, the Australia, and the China, as well as the Panamax vessel Grand Rodosi. Total consideration for the sale was $86,800 and the bareboat leaseback charter period was eight years. NewLead retained call options to buy the vessels back during the lease period at pre-determined decreasing prices and was obligated to repurchase the vessels for approximately $40,000 at the end of the lease term. The repurchase obligation could be paid partially in cash and partially in common shares, at the Companybs option. The Company concluded that it had retained substantially all of the benefits and risks associated with such vessels and has treated the transaction as a financing, resulting in an immediate loss of $2,728 (for those vessels where their fair value was below their carrying amount) and deferred gain of $10,540 (for those vessels where their fair values was above their carrying amount) which had been amortized over the life of each vessel. The unamortized portion of $9,083 as of December 31, 2011 was written off upon the redelivery of the vessels and is reported under discontinued operations. The amortization for the year ended December 31, 2011 amounted to $1,316 and is reported under discontinued operations. On January 31, 2012, February 7, 2012, February 11, 2012, and March 19, 2012, respectively, pursuant to various redelivery addendums to certain sale and leaseback agreements, the Company completed the redelivery of the four dry bulk vessels, the Australia, the Grand Rodosi, the China and the Brazil, to their owners which are affiliates of Lemissoler. On November 28, 2012, the Company entered into a settlement and standstill agreement (the bSettlement Agreementb) with Prime, which sets out the terms and conditions on which Lemissoler has agreed to the settlement of amounts outstanding and due to them from the Company pursuant to various agreements that had been entered into between the Company and Lemissoler (the bLemissoler Indebtednessb) and a standstill and waiver of Lemissolerbs right to take action in respect of the Lemissoler Indebtedness and the failure of the Company to perform their respective obligations under such agreements, which includes, for the avoidance of doubt, any existing or future liabilities under agreements relating to the operation of vessels chartered or assigned to Lemissoler. Pursuant to the Settlement Agreement: (a) the Lemissoler Indebtedness was settled by issuing (i) 243,003 common shares of the Company to Prime; and (ii) $50,000 aggregate principal amount of the Companybs 4.5% Senior Convertible Note due 2022 to Prime (the b4.5% Noteb) with such terms as described below; and (b) all fees, costs and expenses incurred by Prime in connection with the transaction will be paid from the issuance of 1,084 common shares of the Company (covering $400 in fees) to Prime (with any shortfall from the sale of the common shares to be fully paid and settled by the Company, which may be satisfied by issuing further common shares of the Company to Prime). As of December 31, 2012, Prime received 243,003 common shares of the Company for the outstanding balance and 1,084 common shares of the Company for the fees, costs and expenses incurred by Prime and the Company issued to Prime the 4.5% Note. In addition, in connection with the Settlement Agreement, the Company entered into a registration rights agreement with Prime, pursuant to which NewLead is obligated to file a registration statement or registration statements covering the potential sale of the common shares of the Company issued to Prime and the shares of the Companybs common shares issuable upon conversion of the 4.5% Note. Prime may also request that the Company file a registration statement on Form F-3 if NewLead is entitled to use such form, or request that their purchased common shares be covered by a registration statement that the Company is otherwise filing (i.e., piggy-back registration). As a result of the agreement with Prime, the Company recorded an aggregate loss of $50,574, which is included in Loss from discontinued operations. As of December 31, 2013 and 2012, no outstanding balance remained on the lease debt. On January 30, 2013, the Company was formally released from all of its obligations and liabilities under the relevant finance lease documentation. The $50,000 in aggregate principal amount of its notional 4.5% Senior Convertible Note due in 2022 to Prime (the b4.5% Noteb) issued in December 31, 2012, will bear interest at an annual rate of 4.5%, which is payable quarterly on March 1, June 1, September 1 and December 1 of each year (beginning on March 1, 2013), until maturity in December 2022 or earlier upon redemption, repurchase or conversion in accordance with its terms. At the option of the Company, subject to certain conditions, interest and principal payments may be satisfied by issuing additional common shares of the Company (rather than in cash). The amount of shares to be paid is calculated by dividing (i) the per share amount equal to 80% of the arithmetic average of the daily volume-weighted average price (bVWAPsb) of the Companybs common shares for all of the trading days during the period of 30 consecutive trading days ending on and including the trading day immediately preceding the interest payment date into (ii) an amount equal to the total amount of cash such holder would receive if the aggregate amount of interest on the 4.5% Note was being paid in cash. The 4.5% Note is convertible, at a holderbs option, at any time prior to the close of business on the maturity date or earlier upon redemption or repurchase in accordance with its terms. The holder has the right to convert the principal amount of the 4.5% Note, or any portion of such principal amount which is at least $1 (or such lesser principal amount of the 4.5% Note as shall be outstanding at such time), plus accrued and unpaid interest, into that number of fully paid and non-assessable common shares of the Company (as such shares shall then be constituted) obtained by dividing (1) the sum of (x) the principal amount of the 4.5% Note or portion thereof being converted plus (y) accrued and unpaid interest on the portion of the principal amount of the 4.5% Note being converted to the applicable conversion date plus (z) accrued and unpaid default interest, if any, on the amount referred to in the immediately preceding clause (y) to the applicable conversion date by (2) the Conversion Price (as defined below) in effect on the applicable conversion date. The Conversion Price means an amount equal to 80% of the arithmetic average of the daily VWAPs of the common shares of the Company for all of the trading days during the period of 30 consecutive trading days ending on and including the trading day immediately preceding the conversion date. If the holder does not convert the 4.5% Note prior to the maturity date, then so long as no certain events of default (bEvents of Defaultb) or an event triggering a repurchase (bRepurchase Eventb) has occurred and is continuing, the principal of and accrued interest on the 4.5% Note that is outstanding on the maturity date shall automatically convert, without further action by the holder, into common shares of the Company. The number of common shares issued by the Company to the holder upon such conversion shall be the quotient obtained by dividing (x) the outstanding principal of and accrued interest on the 4.5% Note on the maturity date by (y) the Conversion Price then in effect. The Company may redeem all or part of the outstanding principal amount of the 4.5% Note at any time, subject to certain conditions, at a redemption price in cash equal to the sum of (1) 100% of the outstanding principal amount of the 4.5% Note plus (2) accrued and unpaid interest on such principal amount to the redemption date plus (3) accrued and unpaid default interest, if any, on the amount referred to in the immediately preceding clause (2) at the rate provided in the 4.5% Note to the redemption date, subject to certain conditions specified in the 4.5% Note. If a Repurchase Event occurs, the holder will have the right, at the holderbs option, to require the Company to repurchase all of the 4.5% Note, or any portion thereof, on a repurchase date that is five business days after the date of the holder delivered its notice with respect to such Repurchase Event. The repurchase price will be an amount in cash equal to the sum of (1) 100% of the outstanding principal amount of the 4.5% Note that the holder has elected to be repurchased plus (2) accrued and unpaid interest on such principal amount to the date of such repurchase plus (3) accrued and unpaid default interest, if any, thereon at the rate provided in the 4.5% Note to the date of such repurchase. If an Event of Default shall have occurred, then the applicable interest rate shall be increased to 6.5% per annum during the period from the date of such Event of Default until the date no Event of Default is continuing. The Company may, at its option, subject to certain conditions, make any payments required to be made by the Company to the holder upon acceleration of the 4.5% Note by reason of certain Events of Default in common shares of the Company. On the date of the issuance, the fair value of the 4.5% Note amounted to $62,500. As of December 31, 2013, the Company was not in compliance with certain covenants on this indebtedness. | |||||
[4] | Senior Convertible promissory 15% Note On February 5, 2013, the Company issued a senior convertible promissory note to Good Faith Credit LLC (bGood Faithb), for up to $1,000 (the bGood Faith Noteb). The Good Faith Note was due in one balloon payment on August 4, 2014. Borrowings under this Good Faith Note bore a fixed interest rate of 10% per annum on the unpaid principal balance and 5% per annum on the outstanding principal balance and any accrued and unpaid cash interest in Companybs common shares or cash, at the option of the Company. The Good Faith Note was convertible into common shares at a conversion price of $369 per share at holderbs option, at any time and from time to time. During September, 2013 the Good Faith Note has been converted into 35,001 common shares, including outstanding accrued interest liability. | |||||
[5] | Financial Institutions 8% and 4.4% Note During December 2013, the Company issued convertible promissory notes to financial institutions for the aggregate of $1,525 (The "8% and 4.4% Notes"). These 8% and 4.4% Notes are due in one balloon payment during September and October 2014. Borrowings under these 8% and 4.4.% Notes bear a fixed interest rate of 8% and 4.4% per annum on the unpaid principal balance. These 8% Notes are convertible into common shares at a conversion price of 65% of average of the lowest 3 Trading prices during 10 Trading Day period at holderbs option, at any time and from time to time. As of December 31, 2013 the full amount of these 8% Notes is outstanding. The 4.4% note is payable in monthly installments of $5 including interest. The note is collateralized by certain equipment. | |||||
[6] | Convertible Debenture 12% On December 23, 2013, the Company issued a convertible Debenture to Dominion Capital LLC, for up to $500. The Dominion Note is due on December 23, 2014. Borrowings under this note bear a fixed interest rate of 12% per annum on the unpaid principal balance if paid in cash. The Dominion Note also contains interest and anti-dulition adjustments under certain circumstances. The Dominion Note is convertible into common shares at a conversion price equal to lesser a) $ 1.35 and b) 70% of average of the lowest 3 VWAP during 15 Trading Day period at holderbs option, at any time and from time to time. As of December 31, 2013 the full amount of the Dominion Note is outstanding. | |||||
[7] | Unsecured Convertible Note On December 27, 2013, the Company issued three Unsecured convertible notes to NM Dauphin & Company Limited, Ray Capital Inc. and Tiger Capital Partners Ltd, for up to $20,000. The three notes are due in 60 days by issuance of common shares par value $0.10 at the Stock price. Borrowings under this note do not bear an interest rate. The three notes are convertible into common shares at a conversion price of average of 10 Trading prices. As of December 31, 2013 the full amount of the three notes is outstanding. | |||||
[8] | Senior Secured 8% and 3.9% Note On September13 and December 9, 2013 the Company issued Senior Secured notes to Pallas Holding LLC and Pallas Highwall Mining LLC, for up to $15,000 and $24,000, respectively (the bPallas Notesb). The Pallas Notes are due in December 31, 2014 by the option of wire transfer or issuance of common shares par value $0.10 at the Stock price. Borrowings under the Pallas Notes bear fixed interest rate 8% and 3.9%, respectively. The Pallas Notes are convertible into common shares at a conversion price of average of 60 Trading days and 10 Trading days, respectively. Regarding the $24,000 senior secured note with Pallas Highwall Mining LLC, the 100% of membership interest in Viking Prep Plant LLC, which were acquired through this senior secured note, has been mortgaged back to Pallas Highwall Mining LLC. As of December 31, 2013 the amount of the Pallas Notes outstanding is $6,000 and $11,200 respectively. |
CONVERTIBLE_NOTES_Details_Text
CONVERTIBLE NOTES (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||
Oct. 13, 2009 | Nov. 30, 2010 | Nov. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 02, 2012 | 22-May-12 | Oct. 13, 2009 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 13, 2009 | Dec. 31, 2012 | Nov. 30, 2010 | Dec. 31, 2013 | Jun. 19, 2013 | Dec. 31, 2013 | Jun. 19, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Feb. 05, 2013 | Dec. 31, 2013 | Dec. 23, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 27, 2013 | Dec. 31, 2013 | Sep. 13, 2013 | Dec. 31, 2013 | Sep. 13, 2013 | Dec. 09, 2013 | Dec. 31, 2013 | |||||||
Estimate of Fair Value Measurement [Member] | Convertible Notes Payable [Member] | Fifteen Thousand Note [Member] | Twenty Four Thousand Note [Member] | Investment Bank of Greece [Member] | Senior Convertible 7% Notes [Member] | Senior Convertible 7% Notes [Member] | Senior Convertible 7% Notes [Member] | Senior Convertible 7% Notes [Member] | Senior Convertible 7% Notes [Member] | Senior Convertible 7% Notes [Member] | Senior Convertible 7% Notes [Member] | Senior Convertible 4.5% Notes [Member] | Senior Convertible 4.5% Notes [Member] | 8% Notes [Member] | 8% Notes [Member] | 8% Notes [Member] | 15% Notes [Member] | 15% Notes [Member] | 15% Notes [Member] | 8% and 4.4% Note [Member] | 12% Convertible Debenture [Member] | 12% Convertible Debenture [Member] | Unsecured Convertible Note [Member] | Unsecured Convertible Note [Member] | 8% and 3.9% Senior Secured Note [Member] | 8% and 3.9% Senior Secured Note [Member] | 8% and 3.9% Senior Secured Note [Member] | 8% and 3.9% Senior Secured Note [Member] | 8% and 3.9% Senior Secured Note [Member] | 8% and 3.9% Senior Secured Note [Member] | |||||||||||||
Cyprus Popular Bank Public Co. Ltd. [Member] | Investment Bank of Greece [Member] | Tiger Equity Partners LTD [Member] | Good Faith Credit LLC Good Faith [Member] | Good Faith Credit LLC Good Faith [Member] | Fifteen Thousand Note [Member] | Twenty Four Thousand Note [Member] | Twenty Four Thousand Note [Member] | ||||||||||||||||||||||||||||||||||||
Convertible Notes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Proceeds from senior convertible 7% notes, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $145,000 | ' | ' | ' | ' | ' | $50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 4.50% | ' | ' | 4.50% | 4.50% | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | 3.90% | 8.00% | 3.90% | ' | ' | ' | ||||||
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,050 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $369 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Arithmetic Average Of Daily Volume Weighted Average Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt Instrument Portion Of Principal Amount | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,330,000 | ' | ' | ' | ' | ' | 1,470 | 500 | 55 | ' | 20,000 | 24,000 | 15,000 | 24,000 | ' | ' | ' | ||||||
Percentage Of Concersion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Class Of Warrant Or Right Expiration Of Warrants Or Rights | 13-Oct-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 926 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 10,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt Conversion, Converted Instrument, Amount | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 124,900,000 | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | 1,185,000 | ' | 1,670,000 | ' | ' | 1,000,000 | ' | 500,000 | ' | ' | ' | ' | ' | ' | 15,000,000 | 24,000,000 | 24,000,000 | ||||||
Debt Conversion, Converted Instrument, Shares Issued | ' | ' | 5,000,000,000 | 284,230 | ' | ' | ' | ' | ' | ' | ' | ' | 589,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 211,846 | ' | ' | 35,001 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,611 | ' | 515,464 | ||||||
Contra Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,536 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | ' | ' | ' | 248,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,561 | 8,161 | ' | ' | ' | ' | ' | 0 | [1] | ' | -248,000 | [2] | ' | ' | 0 | [3] | ' | 0 | [4] | 0 | [5] | ' | ' | ' | 0 | [6] | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt, Total | ' | ' | ' | 0 | -293,109,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | 11,200,000 | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | ' | 14,000,000 | ||||||
Sale Leaseback Transaction, Net Book Value, Total | ' | 86,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Sale Leaseback Transaction leaseback charter period | ' | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Sale Leaseback Transaction immediate loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,728 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Sale Leaseback Transaction immediate Gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,540 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Sale Leaseback Transaction unamortized portion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,083 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Sale Leaseback Transaction amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,316 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Shares issued to settle Indebtedness | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 243,003 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Shares issued to settle Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,084 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Sale Leaseback Transaction Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | ' | ' | ' | -11,422,000 | -1,800,000 | -166,679,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,574 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt Instrument, Interest Rate, Increase (Decrease) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Aggregate Indebtedness, Total | ' | ' | ' | ' | ' | ' | 62,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt Instrument, Maturity Date, Description | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'September 2014 | ' | ' | ' | ' | '10 Trading days | '60 Trading days | ' | ' | ' | ' | ||||||
Debt Conversion, Description | ' | ' | ' | 'These 8% notes are convertible into common shares at a conversion price of 65% of average of the lowest 3 Trading prices during 10 trading day period at holders option, at any time and from time to time | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Dominion Note is convertible into common shares at a conversion price equal to lesser a) $ 1.35 and b) 70% of average of the lowest 3 VWAP during 15 Trading Day period at holder’s option, at any time and from time to time | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt Instrument, Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | 2,800,000 | ||||||
Sale of Stock, Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | $0.10 | ' | $0.10 | ' | ' | ' | ||||||
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23-Dec-14 | ' | ' | ' | ' | ' | 31-Dec-14 | ' | ' | ' | ||||||
Notes Payable, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,200 | 6,000 | 11,200 | ' | ' | ' | ||||||
Fair Value Measurements, Valuation Processes, Description | ' | ' | ' | 'Fair value should be determined based on the total number of shares that will be used to settle the amount. The fair value at inception will be the amount of $50,000 divided by 80%. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt Instrument Cash Repaymant Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | ' | ' | ||||||
Debt Instrument Repaymant Principle Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,875,000 | ' | 10,000,000 | ||||||
Debt Instrument, Increase, Accrued Interest | ' | ' | ' | $6,020,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | Senior Convertible promissory 8% Note On June 19, 2013, the Company issued a senior convertible promissory note to Tiger Equity Partners Ltd. (bTigerb) for up to $1,670 (the bTiger Noteb). The Tiger Note is due on June 19, 2014. Borrowings under this note bear a fixed interest rate of 8% per annum on the unpaid principal balance if paid in cash or 15% per annum on the outstanding principal balance if settled by issuance of shares of the Company, at the option of the Company. The Tiger Note contains an anti-dilution adjustments under certain circumstances. At the holderbs option, the Tiger Note is convertible into common shares at a conversion price equal to 95% of the arithmetic average of the closing price of the Companybs common shares on the five trading days prior to and beginning with the date two business days before the maturity date or the conversion date. During December, 2013 the Tiger Note has been converted into 211,846 common shares, including outstanding accrued interest liability. However, there is a true up obligation regarding the fair value of the shares issued. | ||||||||||||||||||||||||||||||||||||||||||
[2] | Senior Convertible promissory 15% Note On February 5, 2013, the Company issued a senior convertible promissory note to Good Faith Credit LLC (bGood Faithb), for up to $1,000 (the bGood Faith Noteb). The Good Faith Note was due in one balloon payment on August 4, 2014. Borrowings under this Good Faith Note bore a fixed interest rate of 10% per annum on the unpaid principal balance and 5% per annum on the outstanding principal balance and any accrued and unpaid cash interest in Companybs common shares or cash, at the option of the Company. The Good Faith Note was convertible into common shares at a conversion price of $369 per share at holderbs option, at any time and from time to time. During September, 2013 the Good Faith Note has been converted into 35,001 common shares, including outstanding accrued interest liability. | ||||||||||||||||||||||||||||||||||||||||||
[3] | Financial Institutions 8% and 4.4% Note During December 2013, the Company issued convertible promissory notes to financial institutions for the aggregate of $1,525 (The "8% and 4.4% Notes"). These 8% and 4.4% Notes are due in one balloon payment during September and October 2014. Borrowings under these 8% and 4.4.% Notes bear a fixed interest rate of 8% and 4.4% per annum on the unpaid principal balance. These 8% Notes are convertible into common shares at a conversion price of 65% of average of the lowest 3 Trading prices during 10 Trading Day period at holderbs option, at any time and from time to time. As of December 31, 2013 the full amount of these 8% Notes is outstanding. The 4.4% note is payable in monthly installments of $5 including interest. The note is collateralized by certain equipment. | ||||||||||||||||||||||||||||||||||||||||||
[4] | Convertible Debenture 12% On December 23, 2013, the Company issued a convertible Debenture to Dominion Capital LLC, for up to $500. The Dominion Note is due on December 23, 2014. Borrowings under this note bear a fixed interest rate of 12% per annum on the unpaid principal balance if paid in cash. The Dominion Note also contains interest and anti-dulition adjustments under certain circumstances. The Dominion Note is convertible into common shares at a conversion price equal to lesser a) $ 1.35 and b) 70% of average of the lowest 3 VWAP during 15 Trading Day period at holderbs option, at any time and from time to time. As of December 31, 2013 the full amount of the Dominion Note is outstanding. | ||||||||||||||||||||||||||||||||||||||||||
[5] | Unsecured Convertible Note On December 27, 2013, the Company issued three Unsecured convertible notes to NM Dauphin & Company Limited, Ray Capital Inc. and Tiger Capital Partners Ltd, for up to $20,000. The three notes are due in 60 days by issuance of common shares par value $0.10 at the Stock price. Borrowings under this note do not bear an interest rate. The three notes are convertible into common shares at a conversion price of average of 10 Trading prices. As of December 31, 2013 the full amount of the three notes is outstanding. | ||||||||||||||||||||||||||||||||||||||||||
[6] | Senior Secured 8% and 3.9% Note On September13 and December 9, 2013 the Company issued Senior Secured notes to Pallas Holding LLC and Pallas Highwall Mining LLC, for up to $15,000 and $24,000, respectively (the bPallas Notesb). The Pallas Notes are due in December 31, 2014 by the option of wire transfer or issuance of common shares par value $0.10 at the Stock price. Borrowings under the Pallas Notes bear fixed interest rate 8% and 3.9%, respectively. The Pallas Notes are convertible into common shares at a conversion price of average of 60 Trading days and 10 Trading days, respectively. Regarding the $24,000 senior secured note with Pallas Highwall Mining LLC, the 100% of membership interest in Viking Prep Plant LLC, which were acquired through this senior secured note, has been mortgaged back to Pallas Highwall Mining LLC. As of December 31, 2013 the amount of the Pallas Notes outstanding is $6,000 and $11,200 respectively. |
ASSET_RETIREMENT_OBLIGATIONS_D
ASSET RETIREMENT OBLIGATIONS (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Retirement Obligations [Line Items] | ' | ' |
Beginning Balance | $0 | $0 |
Accretion for the period | 37 | 0 |
Sites added during the period | 942 | 0 |
Revisions in estimated cash flows | 0 | 0 |
Expenditures for the period | 0 | 0 |
Ending Balance | 979 | 0 |
Less current portion | 0 | ' |
Long-term portion | $979 | $0 |
ASSET_RETIREMENT_OBLIGATIONS_D1
ASSET RETIREMENT OBLIGATIONS (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Asset Retirement Obligations [Line Items] | ' | ' | ' |
Asset Retirement Obligation, Beginning Balance | $979 | $0 | $0 |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenue | $7,343 | $8,928 | $12,220 | ' |
Commissions | 80 | 107 | 150 | ' |
Voyage expenses | 1,006 | 158 | 146 | ' |
Vessel operating expenses | 4,598 | 3,266 | 2,928 | ' |
Cost of coal sales | -75 | 0 | ' | ' |
Selling, general and administrative expenses | 81,893 | 8,249 | 16,521 | ' |
Other income / (expense), net | 47 | -3,528 | -1,457 | ' |
Operating income / (loss) before depreciation and amortization and impairment losses | -80,262 | -6,380 | ' | ' |
Depreciation, depletion and amortization expense | 2,860 | 6,564 | 8,180 | ' |
Impairment losses | 0 | 7,054 | 83,950 | ' |
Segment operating (loss) / income | -83,169 | -16,470 | -99,655 | ' |
Loss on extinguishment of convertible notes | 0 | -293,109 | 0 | ' |
Interest and finance expense, net | 62,670 | 86,549 | 22,672 | ' |
Change in fair value of derivatives | -220 | 0 | 0 | ' |
Loss from continuing operations | -146,802 | -402,125 | -123,716 | ' |
Total assets | 151,331 | 61,799 | ' | ' |
Goodwill | 28,007 | 0 | ' | 86,036 |
Shipping [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenue | 7,140 | 8,928 | ' | ' |
Commissions | -80 | -107 | ' | ' |
Voyage expenses | -1,006 | -158 | ' | ' |
Vessel operating expenses | -4,598 | -3,266 | ' | ' |
Cost of coal sales | 0 | 0 | ' | ' |
Selling, general and administrative expenses | -79,622 | -8,249 | ' | ' |
Other income / (expense), net | 47 | -3,528 | ' | ' |
Operating income / (loss) before depreciation and amortization and impairment losses | -78,119 | -6,380 | ' | ' |
Depreciation, depletion and amortization expense | -2,806 | -6,564 | ' | ' |
Impairment losses | 0 | -7,054 | ' | ' |
Segment operating (loss) / income | -80,926 | -19,998 | ' | ' |
Loss on extinguishment of convertible notes | 0 | -293,109 | ' | ' |
Interest and finance expense, net | -62,397 | -86,918 | ' | ' |
Change in fair value of derivatives | 262 | ' | ' | ' |
Loss from continuing operations | -143,061 | -400,025 | ' | ' |
Total assets | 133,705 | 58,799 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Long lived assets | 35,063 | 37,503 | ' | ' |
Coal [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating revenue | 203 | 0 | ' | ' |
Commissions | 0 | 0 | ' | ' |
Voyage expenses | 0 | 0 | ' | ' |
Vessel operating expenses | 0 | 0 | ' | ' |
Cost of coal sales | -75 | 0 | ' | ' |
Selling, general and administrative expenses | -2,271 | 0 | ' | ' |
Other income / (expense), net | 0 | 0 | ' | ' |
Operating income / (loss) before depreciation and amortization and impairment losses | -2,143 | 0 | ' | ' |
Depreciation, depletion and amortization expense | -53 | 0 | ' | ' |
Impairment losses | 0 | 0 | ' | ' |
Segment operating (loss) / income | -2,196 | 0 | ' | ' |
Loss on extinguishment of convertible notes | 0 | 0 | ' | ' |
Interest and finance expense, net | -273 | 369 | ' | ' |
Change in fair value of derivatives | -482 | ' | ' | ' |
Loss from continuing operations | -2,951 | 369 | ' | ' |
Total assets | 17,626 | 3,000 | ' | ' |
Goodwill | $28,007 | $0 | ' | ' |
SEGMENT_INFORMATION_Details_Te
SEGMENT INFORMATION (Details Textual) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Shipping industry [Member] | ' | ' |
Segment Information, Percentage of Revenue from Continuing Operations | 97.00% | 100.00% |
Coal industry [Member] | ' | ' |
Segment Information, Percentage of Revenue from Continuing Operations | 3.00% | ' |
SHARE_BASED_COMPENSATION_Detai
SHARE BASED COMPENSATION (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||
Apr. 02, 2013 | Dec. 20, 2011 | Jan. 31, 2011 | Apr. 30, 2010 | Jan. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Share Based Compensation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Vested | ' | ' | ' | ' | ' | 45,770 | 3,690 | 2,700 | |||
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share Based Compensation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Outstanding and non-vested shares, Beginning balance | ' | ' | 431 | ' | 403 | 1,832 | 4,294 | 431 | |||
Granted | ' | ' | ' | ' | ' | 39,541 | [1] | ' | 4,412 | [2],[3],[4],[5] | |
Forfeited | ' | ' | ' | ' | ' | -334 | [3],[5] | -1,151 | [3],[5] | -146 | [2],[3],[6],[7] |
Vested | ' | 6 | 3 | ' | ' | -41,039 | [1],[3],[5],[6] | -1,311 | [2],[3],[4],[5],[6] | -403 | [6],[7] |
Outstanding and non-vested shares, Ending balance | ' | ' | ' | ' | ' | 0 | 1,832 | 4,294 | |||
Weighted Average Fair Values, Outstanding and non-vested shares, Beginning balance | ' | ' | $6,642 | ' | ' | $445.50 | $414 | $6,642 | |||
Weighted Average Fair Values, Granted | $5,274 | ' | ' | $13 | $15 | $285.85 | [1] | ' | $418.50 | [2],[3],[4],[5] | |
Weighted Average Fair Values, Forfeited | ' | ' | ' | ' | ' | $359.03 | [3],[5] | $409.50 | [3],[5] | $1,521 | [2],[3],[6],[7] |
Weighted Average Fair Values, Vested | ' | ' | ' | ' | ' | $292.27 | [1],[3],[5],[6] | $373.50 | [2],[3],[4],[5],[6] | $6,723 | [6],[7] |
Weighted Average Fair Values, Outstanding and non-vested shares, Ending balance | ' | ' | ' | ' | ' | $0 | $445.50 | $414 | |||
Weighted Average Vesting Period Outstanding (Years) | ' | ' | ' | ' | ' | '2 years 10 months 24 days | '2 years 4 months 24 days | '1 year 8 months 12 days | |||
Weighted Average Vesting Period Granted (Years) | ' | ' | ' | ' | ' | '9 months 18 days | [1] | ' | '2 years 4 months 24 days | [2],[3],[4],[5] | |
[1] | On April 1, 2013, the Company granted and issued the following common shares: (i) 29,894 common shares to the Chairman, Mr. Zolotas, and 5,274 common shares to top management employees, of which 40% vested upon issuance and the remaining shares will vest 30% on April 1, 2014 and 30% on April 1, 2015, granted in recognition of the significant work performed by these individuals in connection with the Restructuring of the Company; (ii) 2,817 common shares to employees and consultants, which vested upon issuance, granted in recognition of the significant work performed by these individuals in connection with the Restructuring of the Company; (iii) 1,556 common shares to non-executive directors, which vested upon issuance. The shares that originally were to be vested on April 1, 2014 and on April 1, 2015, were finally also vested in November 2013, upon approval from the Board of Directors. | ||||||||||
[2] | 19 shares were granted to members of the board of directors on February 1, 2011. Of such shares, 11 shares were forfeited on December 31, 2011 due to the resignation of three board members and 8 shares were fully vested in 2012. | ||||||||||
[3] | 812 shares were granted on April 1, 2011 to employees, officers and directors with original vesting date April 1, 2013. Of such shares, 118 shares were forfeited during 2011, 205 during 2012 and 37 during 2013. From the remaining, 113 were fully vested as of December 31, 2012 and 339 shares as of April 1, 2013. | ||||||||||
[4] | 778 shares were granted to members of the board of directors on December 21, 2011, of which 311 shares were vested upon issuance (February 15, 2012) and the remaining 467 shares were vested on December 31, 2012. | ||||||||||
[5] | 2,803 shares were granted on December 21, 2011 to employees, officers and directors which were to be vested as follows: (i) 700 shares, were to be vested over four years with 25% of the grants being vested on each of the first, second, third and fourth anniversary of the issuance date (February 15, 2013, February 15, 2014, February 15, 2015 and February 15, 2016, respectively); and (ii) 2,103 shares were to be vested on the third anniversary of the issuance date (February 15, 2015). During 2012 and 2013, 946 and 297 of such shares were forfeited and 407 and 1,100 were fully vested earlier than their original vesting date, upon approval from the Board of Directors. The remaining 53 shares were fully vested on their original vesting date. | ||||||||||
[6] | 403 shares were granted on the date of the recapitalization; 370 shares had a two-year vesting schedule (at January 1, 2011 and 2012), of which 185 shares, with an original vesting date January 1, 2012, were vested in July 15, 2011 upon the resignation of the former Chief Financial Officer; and 33 shares had a three-year vesting schedule (at January 1, 2011, 2012 and 2013), of which 11 shares, with an original vesting date of January 1, 2012 and January 1, 2013, were forfeited on December 31, 2011 due to the resignation of two board members. The remaining 5 and 6 shares were fully vested on January 1, 2012 and 2013, respectively. | ||||||||||
[7] | 15 shares were granted on January 1, 2010 and vested over a one year period (January 1, 2011). 13 shares were granted on April 15, 2010, of which: (a) 4 vested over a one year period (January 1, 2011) and (b) 9 with an original three-year vesting period (at January 1, 2011, 2012 and 2013) were treated as follows: (i) 3 vested on January 1, 2011 and (ii) the remaining 6 were forfeited on December 31, 2011 due to the resignation of one board member. |
SHARE_BASED_COMPENSATION_Detai1
SHARE BASED COMPENSATION (Details 1) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share Based Compensation [Line Items] | ' | ' | ' | |
Number of Options, Outstanding | 380 | 380 | ' | |
Number of Options, Outstanding | 380 | 380 | 380 | |
Number of Options, Exercisable | 380 | ' | ' | |
Weighted Average Exercise Price, Outstanding | $14,454.86 | $14,454.86 | $14,454.86 | |
Weighted Average Exercise Price, Outstanding | $14,454.86 | $14,454.86 | ' | |
Weighted Average Exercise Price, Exercisable | $14,454.86 | ' | ' | |
Weighted Average Fair Value, Outstanding | $0 | ' | $3,131.41 | |
Weighted Average Fair Value, Outstanding | $0 | $0 | ' | |
Weighted Average Fair Value, Exercisable | $0 | ' | ' | |
Weighted Average Vesting Period, Outstanding (Years) | '3 years | '3 years | '3 years | [1] |
Weighted Average Vesting Period, Exercisable (Years) | '0 years | ' | ' | |
[1] | (1) In 2008, the Company granted 56 share options to purchase common shares subject to a vesting period of three annual equal installments. On October 13, 2009, all these shares were vested due to the recapitalization. |
SHARE_BASED_COMPENSATION_Detai2
SHARE BASED COMPENSATION (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 4 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Sep. 24, 2013 | Jan. 31, 2013 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Mar. 13, 2013 | Mar. 12, 2013 | Dec. 20, 2011 | Dec. 19, 2011 | Apr. 30, 2014 | Mar. 31, 2014 | Mar. 11, 2014 | Jan. 20, 2014 | Jan. 07, 2014 | 31-May-13 | Apr. 02, 2013 | Dec. 20, 2011 | Jan. 31, 2011 | Apr. 30, 2010 | Jan. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2011 | Apr. 30, 2010 | Apr. 30, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 06, 2013 | Sep. 06, 2013 | Apr. 02, 2013 | Apr. 02, 2013 | Dec. 31, 2012 | Feb. 29, 2012 | Dec. 31, 2011 | Feb. 28, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Apr. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 02, 2013 | Apr. 02, 2013 | Apr. 02, 2013 | ||||
Subsequent Event [Member] | Mr. Zolotas [Member] | Mr. Zolotas [Member] | Mr. Zolotas [Member] | Mr. Zolotas [Member] | Mr. Zolotas [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Executive Officers [Member] | Executive Officers [Member] | Executive Officers [Member] | Executive Officers [Member] | Executive Officers [Member] | Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | Three Board Members [Member] | Three Board Members [Member] | Employees, Officers and Directors [Member] | Employees, Officers and Directors [Member] | Employees, Officers and Directors [Member] | Employees, Officers and Directors [Member] | Employees, Officers and Directors [Member] | Approval from Board of Directors [Member] | Approval from Board of Directors [Member] | Employees and Consultants [Member] | Executive Officers One [Member] | Executive Officers Two [Member] | |||||||||||||||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Two Year Vesting Schedule [Member] | Two Year Vesting Schedule [Member] | Three Year Vesting Schedule [Member] | Vested Over One Year Period [Member] | Vested Three Year Vesting Period [Member] | Minimum [Member] | Maximum [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | ||||||||||||||||||||||||||||||||
Share Based Compensation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Increment in reserved common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,688 | 4,630 | 4,630 | 1,296 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | ' | 45,770 | 3,690 | 2,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 3 | ' | ' | -41,039 | [1],[2],[3],[4] | -1,311 | [1],[2],[3],[5],[6] | -403 | [1],[7] | ' | ' | 33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 467 | 311 | ' | ' | 8 | ' | ' | ' | 113 | ' | ' | 1,100 | 407 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | ' | ' | ' | ' | ' | 556 | 56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Stock or Unit Option Plan Expense | ' | ' | $324 | ' | ' | $194 | $232 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Stock Issued During Period, Shares, New Issues | 24,467 | 1,378 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,902,680 | 81,988 | 91,464 | 9,476 | 91,464 | 11,297 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share Based Compensation Bonus | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,450,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share Based Compensation Salary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,450,000 | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Stock Issued During Period Shares Share Based Compensation Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $900 | $900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Stock Issued During Period, Shares, Share-based Compensation, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,222 | 1,778 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 594 | 971 | |||
Allocated Share-based Compensation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,193,000 | 2,412,000 | 1,884,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Nonvested, Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,832 | 4,294 | 431 | 403 | 185 | 370 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 205 | ' | 37 | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | ' | '0 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Employee-related Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reduction Of Compensation Expense Due To For Forfeited Shares | ' | ' | $556 | ' | ' | $496 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,274 | ' | ' | $13 | $15 | $285.85 | [4] | ' | $418.50 | [2],[3],[5],[6] | ' | ' | ' | ' | ' | $4 | $9 | ' | ' | ' | ' | $29,894 | $1,556 | ' | ' | $778 | $19 | ' | ' | $2,803 | $812 | ' | ' | ' | ' | ' | $2,817 | ' | ' | |
Share based Compensation Arrangement By Share based Payment Award Award Vesting Rights Percentage Year One | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share based Compensation Arrangement By Share based Payment Award Award Vesting Rights Percentage Year Two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share based Compensation Arrangement By Share based Payment Award Award Vesting Rights Percentage Year Three | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Forfeited In Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 334 | [2],[3] | 1,151 | [2],[3] | 146 | [1],[2],[5],[7] | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | 118 | ' | 297 | 946 | ' | ' | ' |
Restricted Stock Expected To Vest In Next Fiscal Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 339 | ' | ' | ' | ' | ' | ' | ' | |||
Restricted Stock Expected To Be Vested Over Next Fiscal Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Percentage Of Grants Vested On Each Anniversary Of Issuance Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | |||
Restricted Stock Expected To Be Vested On Third Anniversary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,103 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Restricted Stock Expected To Be Vested On Original Vesting Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | 403 shares were granted on the date of the recapitalization; 370 shares had a two-year vesting schedule (at January 1, 2011 and 2012), of which 185 shares, with an original vesting date January 1, 2012, were vested in July 15, 2011 upon the resignation of the former Chief Financial Officer; and 33 shares had a three-year vesting schedule (at January 1, 2011, 2012 and 2013), of which 11 shares, with an original vesting date of January 1, 2012 and January 1, 2013, were forfeited on December 31, 2011 due to the resignation of two board members. The remaining 5 and 6 shares were fully vested on January 1, 2012 and 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | 812 shares were granted on April 1, 2011 to employees, officers and directors with original vesting date April 1, 2013. Of such shares, 118 shares were forfeited during 2011, 205 during 2012 and 37 during 2013. From the remaining, 113 were fully vested as of December 31, 2012 and 339 shares as of April 1, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | 2,803 shares were granted on December 21, 2011 to employees, officers and directors which were to be vested as follows: (i) 700 shares, were to be vested over four years with 25% of the grants being vested on each of the first, second, third and fourth anniversary of the issuance date (February 15, 2013, February 15, 2014, February 15, 2015 and February 15, 2016, respectively); and (ii) 2,103 shares were to be vested on the third anniversary of the issuance date (February 15, 2015). During 2012 and 2013, 946 and 297 of such shares were forfeited and 407 and 1,100 were fully vested earlier than their original vesting date, upon approval from the Board of Directors. The remaining 53 shares were fully vested on their original vesting date. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | On April 1, 2013, the Company granted and issued the following common shares: (i) 29,894 common shares to the Chairman, Mr. Zolotas, and 5,274 common shares to top management employees, of which 40% vested upon issuance and the remaining shares will vest 30% on April 1, 2014 and 30% on April 1, 2015, granted in recognition of the significant work performed by these individuals in connection with the Restructuring of the Company; (ii) 2,817 common shares to employees and consultants, which vested upon issuance, granted in recognition of the significant work performed by these individuals in connection with the Restructuring of the Company; (iii) 1,556 common shares to non-executive directors, which vested upon issuance. The shares that originally were to be vested on April 1, 2014 and on April 1, 2015, were finally also vested in November 2013, upon approval from the Board of Directors. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | 19 shares were granted to members of the board of directors on February 1, 2011. Of such shares, 11 shares were forfeited on December 31, 2011 due to the resignation of three board members and 8 shares were fully vested in 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | 778 shares were granted to members of the board of directors on December 21, 2011, of which 311 shares were vested upon issuance (February 15, 2012) and the remaining 467 shares were vested on December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | 15 shares were granted on January 1, 2010 and vested over a one year period (January 1, 2011). 13 shares were granted on April 15, 2010, of which: (a) 4 vested over a one year period (January 1, 2011) and (b) 9 with an original three-year vesting period (at January 1, 2011, 2012 and 2013) were treated as follows: (i) 3 vested on January 1, 2011 and (ii) the remaining 6 were forfeited on December 31, 2011 due to the resignation of one board member. |
COMMON_SHARES_Details_Textual
COMMON SHARES (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 06, 2013 | Oct. 17, 2013 | Sep. 24, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 06, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Reverse Stock Split [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Warrant [Member] | VAG and VPP Acquisition [Member] | Lemissoler Maritime Company W.L.L. [Member] | Lemissoler Maritime Company W.L.L. [Member] | Piraeus Bank [Member] | Good Faith [Member] | Tiger Equity Partners LTD [Member] | New Coal Holding LLC [Member] | Dominion Capital L.L.C [Member] | |||||||
Notes Payable, Other Payables [Member] | Lease Agreements [Member] | Accounts Payable [Member] | Accounts Payable [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||||||||||||||
Share-based compensation (in shares) | ' | ' | ' | ' | ' | ' | ' | 98 | 7 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares (in shares) | ' | ' | 24,467 | 1,378 | ' | ' | ' | ' | 2 | 0 | ' | ' | ' | ' | ' | ' | 442 | 82 | ' | ' | ' | ' | ' |
Number of shares issued resulting from exercise of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,848 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period Shares, Settlement Of Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 588,753 | 244,087 | 466,050 | 22,970 | ' | ' | ' | ' | ' | 35,001 | 211,846 | 25,000 | 2,500 |
Stock Issued During Period, Shares, Purchase of Assets | ' | ' | ' | ' | 111,112 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 885,305 | ' | ' | 102,779 | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders Equity, Reverse Stock Split | '1-for-3 | '1-for-15 | ' | ' | ' | ' | '1-for-10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | ' | ' | $0.10 | $0.10 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FINANCIAL_INSTRUMENTS_Details
FINANCIAL INSTRUMENTS (Details) (USD $) | Dec. 31, 2013 | Dec. 27, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | |||||
Assets, Carrying amount | ' | ' | ' | ' | ' |
Cash and cash equivalents, Carrying amount | $2,271 | ' | $1,043 | $5,119 | $67,531 |
Restricted cash, Carrying amount | 31 | ' | 1,342 | ' | ' |
Trade receivables, net, Carrying amount | 3,573 | ' | 3,586 | ' | ' |
Other receivablee, Carrying amount | 3,224 | ' | 4,980 | ' | ' |
Liabilities, Carrying amount | ' | ' | ' | ' | ' |
Accounts payable, trade, Carrying amount | 21,451 | ' | 13,618 | ' | ' |
Current portion of long-term debt, Carrying amount | 60,306 | ' | 78,739 | ' | ' |
Convertible notes, net, Carrying amount | 101,651 | ' | 62,552 | ' | ' |
Promissory notes payable, Carrying amount | 0 | ' | 11,000 | ' | ' |
Share settled debt, Carrying amount | 72,595 | ' | 0 | ' | ' |
Derivative financial instruments, Carrying amount | 20,491 | ' | 767 | ' | ' |
Assets Fair Value | ' | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 2,271 | ' | 1,043 | ' | ' |
Restricted cash, Fair Value | 31 | ' | 1,342 | ' | ' |
Trade receivables, net, Fair Value | 3,573 | ' | 3,586 | ' | ' |
Other receivables, Fair Value | 3,224 | ' | 4,980 | ' | ' |
Liabilities, Fair Value | ' | ' | ' | ' | ' |
Accounts payable, trade, Fair Value | 21,451 | ' | 13,618 | ' | ' |
Current portion of long-term debt, Fair Value | 22,150 | ' | 17,400 | ' | ' |
Convertible Debt, net, Fair Value | 101,651 | 250 | 62,552 | ' | ' |
Promissory notes payable, Fair Value | 0 | ' | 11,000 | ' | ' |
Share settled debt, Fair Value | 72,595 | ' | 0 | ' | ' |
Derivative financial instruments, Fair Value | $20,491 | ' | $767 | ' | ' |
FINANCIAL_INSTRUMENTS_Details_
FINANCIAL INSTRUMENTS (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Notional Amount | $27,059 | ' |
Derivative Liability, Current | 20,491 | 767 |
Vendors Derivatives One [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Termination Date | 2-Oct-15 | ' |
Derivative, Notional Amount | 4,783 | ' |
Derivative Liability, Current | 3,360 | 0 |
Vendors Derivatives Two [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Termination Date | 26-Dec-14 | ' |
Derivative, Notional Amount | 2,500 | ' |
Derivative Liability, Current | 1,638 | ' |
Convertible Notes Loans Derivatives One [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Termination Date | 23-Dec-14 | ' |
Derivative, Notional Amount | 500 | ' |
Derivative Liability, Current | 200 | 0 |
Convertible Notes Loans Derivatives Two [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Termination Date | 27-Dec-14 | ' |
Derivative, Notional Amount | 350 | ' |
Derivative Liability, Current | 232 | ' |
Convertible Notes Loans Derivatives Three [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Termination Date | 1-Dec-23 | ' |
Derivative, Notional Amount | 3,051 | ' |
Derivative Liability, Current | 3,018 | ' |
VAG Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Termination Date | 13-Sep-14 | ' |
Derivative, Notional Amount | 5,875 | ' |
Derivative Liability, Current | 4,860 | 0 |
VPP Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative, Termination Date | 9-Dec-14 | ' |
Derivative, Notional Amount | 10,000 | ' |
Derivative Liability, Current | $6,914 | $0 |
FINANCIAL_INSTRUMENTS_Details_1
FINANCIAL INSTRUMENTS (Details 2) (USD $) | Dec. 31, 2013 | Dec. 27, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Assets Fair Value | ' | ' | ' |
Cash and cash equivalents | $2,271 | ' | $1,043 |
Restricted cash | 31 | ' | 1,342 |
Vessels | ' | ' | 4,755 |
Liabilities, Fair Value | ' | ' | ' |
Current portion of long-term debt | 22,150 | ' | 17,400 |
Convertible notes, net | 101,651 | 250 | 62,552 |
Promissory notes payable | 0 | ' | 11,000 |
Interest rate swaps | 20,491 | ' | 767 |
Share settled debt | 72,595 | ' | 0 |
Derivative financial instruments | 20,491 | ' | 767 |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Assets Fair Value | ' | ' | ' |
Cash and cash equivalents | 2,271 | ' | 1,043 |
Restricted cash | 31 | ' | 1,342 |
Vessels | ' | ' | 0 |
Liabilities, Fair Value | ' | ' | ' |
Current portion of long-term debt | 0 | ' | 0 |
Convertible notes, net | 0 | ' | 0 |
Promissory notes payable | ' | ' | 0 |
Interest rate swaps | ' | ' | 0 |
Share settled debt | 0 | ' | ' |
Derivative financial instruments | 0 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Assets Fair Value | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 |
Restricted cash | 0 | ' | 0 |
Vessels | ' | ' | 4,755 |
Liabilities, Fair Value | ' | ' | ' |
Current portion of long-term debt | 22,150 | ' | 17,400 |
Convertible notes, net | 101,651 | ' | 62,552 |
Promissory notes payable | ' | ' | 11,000 |
Interest rate swaps | ' | ' | 767 |
Share settled debt | 0 | ' | ' |
Derivative financial instruments | 269 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Assets Fair Value | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 |
Restricted cash | 0 | ' | 0 |
Vessels | ' | ' | 0 |
Liabilities, Fair Value | ' | ' | ' |
Current portion of long-term debt | 0 | ' | 0 |
Convertible notes, net | 0 | ' | 0 |
Promissory notes payable | ' | ' | 0 |
Interest rate swaps | ' | ' | 0 |
Share settled debt | 72,595 | ' | ' |
Derivative financial instruments | $20,222 | ' | ' |
FINANCIAL_INSTRUMENTS_Details_2
FINANCIAL INSTRUMENTS (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative, Notional Amount | $27,059 | ' |
Derivative Liability, Current | 20,491 | 767 |
Marfin Egnatia Bank Interest Rate Swap [Member] | ' | ' |
Derivative, Inception Date | 2-Sep-09 | ' |
Derivative, Maturity Date | 2-Sep-14 | ' |
Derivative, Notional Amount | 37,400 | ' |
Derivative, Fixed Interest Rate | 4.08% | ' |
Derivative, Description of Variable Rate Basis | '3-month LIBOR | ' |
Derivative Liability, Current | $269 | $767 |
FINANCIAL_INSTRUMENTS_Details_3
FINANCIAL INSTRUMENTS (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 4 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 10, 2013 | Dec. 23, 2013 | Oct. 31, 2013 | Sep. 24, 2013 | Jul. 31, 2013 | 19-May-13 | Apr. 30, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Apr. 09, 2012 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 27, 2013 | Oct. 01, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2014 | Dec. 23, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 23, 2013 | Dec. 31, 2009 | Dec. 31, 2009 | |
Convertible Notes And Loans Derivatives One [Member] | Convertible Notes And Loans Derivatives Two [Member] | Subsequent Event [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant One [Member] | Investment Bank of Greece [Member] | Investment Bank of Greece [Member] | |||||||||||||||||
7% Notes [Member] | |||||||||||||||||||||||||
Convertible Debt, Fair Value Disclosures | ' | ' | ' | ' | ' | ' | ' | ' | $62,552,000 | ' | ' | $101,651,000 | $62,552,000 | ' | $250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Warrants To Purchase Common Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 926 |
Maximum Warrants To Purchase Common Shares Exercise Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $180 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,800 |
Warrants Related to advisory services, Number of Warrants authorized | ' | ' | ' | ' | ' | ' | ' | ' | 2,778 | ' | 926 | ' | 1,667 | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Related to advisory services Warrants Strike Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | $112.50 | ' | $10,800 | ' | $112.50 | $1,350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Related to advisory services Warrants Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | '6 years | ' | '10 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Related to advisory services Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | 509,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,940,000 |
Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,860,000 | ' |
Warrants Related To Advisory Services Number Of Warrants Surrendered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 926 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Related To Advisory Services Warrants Surrendered Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Related To Advisory Services Warrants Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Related To Advisory Services Warrants Issued Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | 24,467 | ' | ' | ' | 1,378 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,902,680 | ' | ' | ' | ' | ' | ' |
Warrants Contractual Term | '10 years | '5 years | ' | ' | ' | '2 years | '10 years | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Warrants To Purchase Common Shares Exchange Value | 217,000 | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | 6,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Fair Value | $217,000 | $93,000 | ' | ' | ' | $427,000 | ' | ' | ' | ' | ' | $6,122,000 | ' | ' | ' | $1,333,000 | ' | ' | ' | ' | ' | ' | $46,000 | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Grants In Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,555 | ' | ' | ' |
Warrants Exercisable Term | ' | '5 years | '9 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Fair Value Assumptions, Expected Dividend Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 0.00% | 0.00% | ' | ' |
Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.68% | 2.50% | 1.78% | 1.68% | ' | ' |
Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 181.00% | 180.00% | 176.00% | 181.00% | ' | ' |
Warrants To Purchase Common Shares | ' | 7,407 | 9,800,000 | ' | 18,000 | 3,704 | 8,622 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,704 | ' | ' |
Warrants To Purchase Common Shares Exercise Price Per Share | $0.10 | $17.50 | $0.01 | ' | $2.52 | $67.50 | $5.22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22.50 | ' | ' |
Derivative, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23-Dec-14 | 27-Dec-14 | ' | ' | ' | ' | ' | ' | ' |
COMMITMENTS_AND_CONTINGENT_LIA2
COMMITMENTS AND CONTINGENT LIABILITIES (Details) (Terra Stabile Rental Agreements [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Terra Stabile Rental Agreements [Member] | ' |
31-Dec-14 | $289 |
31-Dec-15 | 510 |
31-Dec-16 | 517 |
31-Dec-17 | 525 |
31-Dec-18 | 533 |
Thereafter | 1,631 |
Operating leases future minimum payments due | $4,005 |
COMMITMENTS_AND_CONTINGENT_LIA3
COMMITMENTS AND CONTINGENT LIABILITIES (Details 1) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Purchase Obligation | $564,362 |
Btu 12300 [Member] | ' |
Purchase Obligation, Due in Next Twelve Months | 47,028 |
Purchase Obligation, Due in Second Year | 64,350 |
Purchase Obligation, Due in Third Year | 64,350 |
Purchase Obligation, Due in Fourth Year | 64,350 |
Purchase Obligation, Due in Fifth Year | 64,350 |
Purchase Obligation | 304,428 |
Btu 10800 [Member] | ' |
Purchase Obligation, Due in Next Twelve Months | 40,154 |
Purchase Obligation, Due in Second Year | 54,945 |
Purchase Obligation, Due in Third Year | 54,945 |
Purchase Obligation, Due in Fourth Year | 54,945 |
Purchase Obligation, Due in Fifth Year | 54,945 |
Purchase Obligation | $259,934 |
COMMITMENTS_AND_CONTINGENT_LIA4
COMMITMENTS AND CONTINGENT LIABILITIES (Details Textual) | 12 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | AUD | USD ($) | USD ($) | Viking Acquisition Group LLC [Member] | Viking Pre Plant LLC [Member] | Terra Stabile A.E. [Member] | |
USD ($) | USD ($) | ||||||
Rent expense | $29 | ' | ' | ' | ' | ' | ' |
Operating leases expiry period | ' | ' | ' | ' | ' | ' | 'expire in April 2022 |
Accrual for Environmental Loss Contingencies | 3,441 | ' | 3,454 | ' | ' | ' | ' |
Pollution Cleanup Costs Provided Guarantee | ' | 500,000 | ' | ' | ' | ' | ' |
Protection and indemnity insurance coverage | 1,000,000 | ' | ' | ' | ' | ' | ' |
Loss contingency, estimate of possible loss | 500 | ' | ' | ' | ' | ' | ' |
Loss contingency, estimated recovery from third party | '100% covered by the P&I Association | '100% covered by the P&I Association | ' | ' | ' | ' | ' |
Asset Retirement Obligation, Beginning Balance | $979 | ' | $0 | $0 | $836 | $106 | ' |
TAXATION_Details
TAXATION (Details) (USD $) | Dec. 31, 2013 | Sep. 13, 2013 |
In Thousands, unless otherwise specified | ||
Net operating loss carryforwards | $275 | ' |
Property | -113 | ' |
Leased mineral rights | -1,797 | ' |
Acquisitions Costs | 560 | ' |
Interest payable | 158 | ' |
Derivative instruments liability | 4,580 | ' |
Asset retirement obligations | 381 | ' |
Total deferred income tax assets, net | 4,044 | ' |
Less valuation allowance | -4,044 | ' |
Net deferred income tax assets | $0 | $2,821 |
TAXATION_Details_1
TAXATION (Details 1) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Tax benefit at federal statutory rate (35%) | ($1,080) |
Goodwill Amortization | -20 |
State tax benefit, net of federal impact | -123 |
Change in valuation allowance | 1,223 |
Net income tax provision (benefit) | $0 |
TAXATION_Details_Textual
TAXATION (Details Textual) (USD $) | Dec. 31, 2013 | Sep. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Domestic Tax Authority [Member] | State and Local Jurisdiction [Member] | ||
Minimum Stock Ownership Percentage For Tax Exemption2 | 50.00% | ' | ' | ' |
Minimum Stock Ownership Percentage For Tax Exemption | 50.00% | ' | ' | ' |
Operating Loss Carryforwards | $707 | ' | ' | ' |
Deferred Tax Assets, Net, Total | $0 | $2,821 | ' | ' |
Operating Loss Carryforwards Expiration Year | ' | ' | '2033 | '2028 |
TRANSACTIONS_INVOLVING_RELATED1
TRANSACTIONS INVOLVING RELATED PARTIES AND AFFILIATES (Details Textual) (USD $) | 1 Months Ended | 0 Months Ended | 12 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Sep. 24, 2013 | Jan. 31, 2013 | Apr. 28, 2010 | Apr. 15, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Terra Stabile [member] | Aries Energy Corporation [Member] | Terra Stabile A.E. and Terra Norma A.E. [Member] | Terra Stabile A.E. and Terra Norma A.E. [Member] | Terra Stabile A.E. and Terra Norma A.E. [Member] | Aurora Properties [Member] | Aurora Properties [Member] | Aurora Properties [Member] | |||
Operating leases, rent expense | ' | ' | ' | ' | $308 | $346 | $484 | $42 | $42 | $42 |
Period for lease agreement | ' | ' | '12 years | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares (in shares) | 24,467 | 1,378 | ' | ' | 22,163 | 1,057 | ' | 16,087 | 130 | ' |
Outstanding liability settled amount | ' | ' | ' | ' | 416 | 553 | ' | 548 | 62 | ' |
Administrative services fee | ' | ' | ' | ' | ' | ' | ' | 278 | 260 | ' |
Acquisition of two kamsarmaxes | ' | ' | ' | $112,700 | ' | ' | ' | ' | ' | ' |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Revenues | $0 | $14,187 | $95,773 |
(Loss) income | ($11,422) | ($1,800) | ($166,679) |
DISCONTINUED_OPERATIONS_Detail1
DISCONTINUED OPERATIONS (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Sep. 15, 2013 | Feb. 24, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2012 | 22-May-12 | Feb. 20, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 14, 2012 | Jan. 31, 2012 | Oct. 21, 2011 | Dec. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2012 | Jul. 19, 2012 | Jul. 27, 2012 | Apr. 06, 2012 | Apr. 05, 2012 | Mar. 21, 2012 | Feb. 16, 2012 | Feb. 16, 2012 | Dec. 29, 2011 | Dec. 20, 2011 | Jan. 31, 2012 | Dec. 31, 2012 | Sep. 20, 2011 | Sep. 13, 2011 | Aug. 12, 2011 | Dec. 22, 2011 | Dec. 31, 2011 | 22-May-12 |
Four Vessel [Member] | Hull 4029 [Member] | Hull 4029 [Member] | Hull 4029 [Member] | Hull 4029 [Member] | Endurance Shipping LLC Lease Agreements [Member] | Prime Mountain Shipping Ltd. Agreement [Member] | Prime Mountain Shipping Ltd. Agreement [Member] | Prime Mountain Shipping Ltd. Agreement [Member] | Northern Shipping Fund Llc [Member] | Northern Shipping Fund Llc [Member] | Hiona Vessel [Member] | Hiotissa Vessel [Member] | Hiona and Hiotissa Vessel [Member] | NewLead Venetico Vessel [Member] | Navios Serenity Vessel [Member] | NewLead Esmeralda Vessel [Member] | Grand Ocean Vessel [Member] | Grand Ocean Vessel [Member] | Two LR One Product Tanker Vessels [Member] | NewLead Compass and NewLead Compassion Vessels [Member] | NewLead Compass and NewLead Compassion Vessels [Member] | NewLead Spartounta and NewLead Prosperity Vessels [Member] | NewLead Spartounta and NewLead Prosperity Vessels [Member] | NewLead Spartounta and NewLead Prosperity Vessels [Member] | NewLead Fortune and NewLead Avra Vessels [Member] | NewLead Fortune and NewLead Avra Vessels [Member] | Handysize Syndicate Facility Agreement [Member] | ||||||
Proceeds From Sale Of Discontinued Operation Vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26,600 | ' | $28,500 | $28,500 | ' | $9,450 | $26,000 | $11,400 | $8,150 | ' | ' | $80,159 | ' | $33,548 | $33,548 | ' | $64,532 | ' | ' |
Disposals - Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,011 | ' | ' | ' | ' | ' | 8,640 | 14,267 | 14,267 | ' | ' | 4,931 | ' | ' | ' |
Discontinued Operation Sales Address Commission Percentage | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | 3.50% | ' | ' | ' | ' | 1.50% | 4.25% | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss On Sale Of Vessel From Discontinued Operations | ' | ' | ' | ' | ' | 669 | ' | ' | ' | ' | 5,645 | ' | ' | ' | ' | ' | ' | ' | ' | 1,268 | 49 | 28 | 457 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss resulting from release of respective discontinued operations liabilities to lender | ' | 24,576 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Delay Payment Installment | ' | ' | ' | ' | ' | ' | ' | 7,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Released Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,400 |
Write Off Of Vessel Under Construction | ' | ' | ' | ' | ' | ' | 7,240 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Release of debt related to vessels under construction | ' | ' | 0 | 5,492 | 0 | ' | 5,492 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of purchase option liability upon termination of contract | ' | ' | ' | ' | ' | ' | 1,779 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on contract termination | ' | ' | ' | ' | ' | ' | 7,424 | ' | ' | ' | 5,645 | ' | ' | ' | ' | 208 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Part settlement of capital lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,220 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of long-lived assets to be disposed of | ' | ' | 0 | 0 | 150,161 | ' | ' | ' | ' | 5,530 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued operation sales, brokerage commission percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vessels Carrying Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,005 | 55,171 | 64,712 | ' |
Fair Value Of Deposits | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,055 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining Commitment For Delivery Of Vessel | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized Expenses Of Vessel | ' | ' | ' | ' | ' | ' | ' | ' | 185 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase Of Vessel, Call Option Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase Of Vessel, Put Option Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SIGNIFICANT_TRANSACTION_Detail
SIGNIFICANT TRANSACTION (Details Textual) (USD $) | 1 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 24, 2013 | Jan. 31, 2013 | Jan. 04, 2013 | Mar. 31, 2013 | Jan. 04, 2013 |
Nickel Purchase Agreement [Member] | Nickel Purchase Agreement [Member] | ||||
Acquired Nickel Wire | ' | ' | ' | ' | 3,750 |
Stock Issued During Period, Shares, New Issues | 24,467 | 1,378 | ' | 17,235,773 | ' |
Stock Delivered For Nickel Value | ' | ' | ' | $212,000 | ' |
Percentage Of Discount Of Valuation For Nickel Transaction | ' | ' | 99.00% | ' | ' |
Percentage Of Discount On Sale Of Contractual Price | ' | ' | 45.00% | ' | ' |
SUBSEQUENT_EVENTS_Details_Text
SUBSEQUENT EVENTS (Details Textual) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 2 Months Ended | 4 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 4 Months Ended | 1 Months Ended | 4 Months Ended | |||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 06, 2013 | Oct. 17, 2013 | Sep. 24, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 01, 2013 | Mar. 06, 2014 | Mar. 06, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 06, 2014 | Mar. 10, 2014 | Mar. 11, 2014 | Mar. 06, 2014 | Jan. 20, 2014 | Jan. 03, 2014 | Dec. 31, 2013 | Feb. 28, 2014 | Apr. 30, 2014 | Jan. 01, 2014 | Apr. 17, 2014 | Mar. 19, 2014 | Feb. 14, 2014 | Feb. 14, 2014 | Mar. 13, 2014 | Mar. 04, 2014 | Jan. 03, 2014 | Mar. 31, 2014 | Mar. 11, 2014 | Jan. 20, 2014 | Jan. 07, 2014 | 31-May-13 | Apr. 10, 2014 | Mar. 06, 2014 | Mar. 06, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Jan. 20, 2014 | Apr. 30, 2014 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Magna Group LLC [Member] | Ten Year Warrant [Member] | Minimum [Member] | Maximum [Member] | Nickel Purchase Agreement [Member] | Management Agreements [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Vendors [Member] | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Newlead Markela [Member] | Newlead Markela [Member] | Newlead Markela [Member] | Newlead Markela [Member] | Pallas Holdings LLC [Member] | Ironridge Global IV, Ltd [Member] | Dominion Capital L.L.C [Member] | Mr. Zolotas [Member] | Mr. Zolotas [Member] | Mr. Zolotas [Member] | Mr. Zolotas [Member] | Mr. Zolotas [Member] | Ten Year Warrant [Member] | Minimum [Member] | Maximum [Member] | Ironridge Credit Facility [Member] | Warrant [Member] | VAG And VPP Senior Secured Notes [Member] | Terra Norma and Terra Stabile [Member] | Subsequent Event [Member] | ||||||||||||||
USD ($) | USD ($) | Trip One [Member] | Trip Two [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | ||||||||||||||||||||||||||||||||
USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||||
Share-based goods and nonemployee services transaction, quantity of securities issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 915,290 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding liability settled amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,760,000 |
Maximum warrants to purchase common shares | ' | ' | ' | ' | ' | ' | ' | ' | 9,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' |
Maximum warrants to purchase common shares exercise price per share | $180 | ' | ' | ' | ' | $180 | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.02 | ' | ' | ' | ' | ' | ' | ' |
Minimum bid price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders Equity, Reverse Stock Split | ' | '1-for-3 | '1-for-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1-for-10 | ' | ' | 'On March 6, 2014, and after approval of the Companysboard of directors and the majority of its shareholders, a 1-for-10 reverse stock split of its common stock was effectuated. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquistion Of Handy Size Dry Bulk Vessel | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares (in shares) | ' | ' | ' | 24,467 | 1,378 | ' | ' | ' | ' | ' | ' | 17,235,773 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,902,680 | ' | ' | ' | ' | ' | ' | ' | ' | 81,988 | 91,464 | 9,476 | 91,464 | 11,297 | ' | ' | ' | 51,155,990 | ' | 16,515,650 | ' | ' |
Warrants were exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,935,760 | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.10 | $0.01 | $0.01 | ' | ' | $0.10 | $0.10 | ' | ' | $0.01 | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.10 | ' | ' | ' | ' | ' |
Rent expense | ' | ' | ' | ' | ' | 29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500 | ' |
Increases Of RentExpense Next Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '22 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time Charter net of commission rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.90 | $9.60 | $7.25 | $8.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of VAG Reduced Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,301 | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance Convertible Redeemable Preference Stock Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Issuance Of Preference Stock Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative dividends Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Converted Price Per Share Of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Liquidation Preference, Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Received Partial Consideration | 2,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance Cash Expected To Be Received | 22,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Cash Consideration | 22,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage For Debt Finance | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management Of Oil Tanker Owned Daily Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Settlement Shares | ' | ' | ' | ' | ' | ' | ' | 49,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Paid For Deposit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,850 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights One | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,704 | ' | ' | ' | 819,670 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights One | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22.5 | ' | ' | ' | 0.025 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights Two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,407 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |