Document_And_Entity_Informatio
Document And Entity Information | 12 Months Ended | |
Dec. 31, 2014 | 12-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | NewLead Holdings Ltd. | |
Document Type | 20-F | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 425,668,806 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 1322587 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $404 | $2,271 |
Trade receivables, net | 3,910 | 3,573 |
Other receivables | 3,520 | 3,224 |
Due from related parties | 5 | 10 |
Due from Joint Ventures | 1,408 | 1,679 |
Inventories | 791 | 288 |
Prepaid expenses | 896 | 888 |
Deferred charges, net | 829 | 489 |
Total current assets | 11,763 | 12,422 |
Restricted cash | 183 | 31 |
Advances for acquisition of coal property | 21,855 | 21,855 |
Advances for vessel acquisition | 22,747 | |
Vessels and other fixed assets, net | 121,255 | 35,067 |
Property, equipment and mine development costs, net | 9,469 | 10,051 |
Owned and leased mineral rights, land and building, net | 1,771 | 20,977 |
Goodwill | 23,550 | 28,007 |
Other non-current assets | 477 | 174 |
Total non-current assets | 178,560 | 138,909 |
Total assets | 190,323 | 151,331 |
Current liabilities | ||
Current portion of long-term debt | 64,338 | 60,306 |
Accounts payable, trade | 23,876 | 21,451 |
Accrued liabilities | 20,849 | 15,173 |
Share settled debt | 72,595 | |
Convertible notes, net | 85,685 | 101,651 |
Capital lease obligations | 5,225 | |
Deferred income | 145 | |
Financial instruments carried at fair value | 39,300 | 20,491 |
Due to related parties | 299 | 34 |
Other current liabilities | 7,745 | |
Total current liabilities | 247,462 | 291,701 |
Non-current liabilities | ||
Capital lease obligations | 32,785 | |
Convertible notes, net | 11,436 | |
Asset retirement obligations | 1,050 | 979 |
Long-term debt | 7,707 | |
Total non-current liabilities | 52,978 | 979 |
Total liabilities | 300,440 | 292,680 |
Shareholders' deficit | ||
Common Shares, $0.01 par value, 50 billion shares authorized, 309.45 million and 0.0013 million shares issued and outstanding as of December 31, 2014 and December 31, 2013, respectively | 3,095 | 1 |
Additional paid-in capital | 926,753 | 833,234 |
Accumulated deficit | -1,038,434 | -973,263 |
Accumulated other comprehensive income | 34 | |
Total NewLead Holdings' shareholders' deficit | -108,586 | -139,994 |
Noncontrolling interest deficit | -1,531 | -1,355 |
Total shareholders' deficit | -110,117 | -141,349 |
Total liabilities and shareholders' deficit | $190,323 | $151,331 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Common Stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common Stock, shares authorized | 50,000,000,000 | 50,000,000,000 |
Common Stock,shares issued | 309,450,000 | 1,300 |
Common Stock, shares outstanding | 309,450,000 | 1,300 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
REVENUES: | |||
Operating Revenues | $12,609 | $7,343 | $8,928 |
EXPENSES: | |||
Commissions | -1,166 | -80 | -107 |
Voyage expenses | -1,640 | -1,006 | -158 |
Vessel operating expenses | -6,523 | -4,598 | -3,266 |
Costs of coal processing and other related coal costs | -3,035 | -75 | |
Selling, general and administrative expenses | -43,547 | -81,893 | -8,249 |
Depreciation, depletion and amortization expense | -4,656 | -2,860 | -6,564 |
Impairment losses | -9,243 | -7,054 | |
-69,810 | -90,512 | -25,398 | |
Operating loss from continuing operations | -57,201 | -83,169 | -16,470 |
OTHER (EXPENSES) / INCOME, NET: | |||
Interest and finance expense | -5,914 | -62,670 | -86,549 |
Loss on extinguishment of liabilities | -293,109 | ||
Loss on sale and leaseback transaction | -1,150 | ||
Interest income | 65 | ||
Change in fair value of financial instruments | -4,749 | -220 | |
Other income / (expense), net | 860 | 47 | -3,528 |
Total other expenses, net | -10,888 | -62,843 | -383,186 |
Loss before loss from Investments in Joint Ventures | -68,089 | -146,012 | -399,656 |
Loss from investments in Joint Ventures | -192 | -790 | -2,469 |
Loss from continuing operations | -68,281 | -146,802 | -402,125 |
Income / (Loss) from discontinued operations | 2,934 | -11,422 | -1,800 |
Net loss | -65,347 | -158,224 | -403,925 |
Net loss / (income) attributable to the noncontrolling interest | 176 | -8 | 1,363 |
Net loss attributable to NewLead Holdings Ltd. | -65,171 | -158,232 | -402,562 |
Guaranteed dividends for preference shares | -35,052 | ||
Net loss attributable to NewLead Holdings' Common Shareholders | -100,223 | -158,232 | -402,562 |
Continuing operations (in Dollars per share) | ($1.34) | ($276,463) | ($2,792,535) |
Discontinued operations (in Dollars per share) | $0.04 | ($21,510) | ($12,500) |
Total (in Dollars per share) | ($1.30) | ($297,973) | ($2,805,035) |
Basic and diluted (in Shares) | 76,995,691 | 531 | 144 |
Shipping [Member] | |||
REVENUES: | |||
Operating Revenues | 12,077 | 7,140 | 8,928 |
Coal Washing [Member] | |||
REVENUES: | |||
Operating Revenues | $532 | $203 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net loss | ($65,347) | ($158,224) | ($403,925) |
Other comprehensive (loss) / income: | |||
Reclassification to operations for securities sold | -6 | ||
Unrealized (loss) / gain on investments in availlable for sale securities | -28 | 34 | |
Total other comprehensive (loss) / income | -34 | 34 | |
Total comprehensive loss | -65,381 | -158,190 | -403,925 |
Less: Comprehensive loss (income) attributable to noncontrolling interest | 176 | -8 | 1,363 |
Comprehensive loss attributable to Newlead Holdings Ltd. | ($65,205) | ($158,198) | ($402,562) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholdersb Deficit (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Preferred Stock [Member] | Comprehensive Income [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
In Thousands, except Share data | ||||||||
Balance at Dec. 31, 2011 | $0 | $210,035 | ($412,469) | ($202,434) | ($202,434) | |||
Balance (in Shares) at Dec. 31, 2011 | 0 | |||||||
Net loss | -402,562 | -402,562 | -1,363 | -403,925 | -403,925 | |||
Issuance of common shares | 0 | 1,024 | 1,024 | 1,024 | ||||
Issuance of common shares (in Shares) | 0 | |||||||
Issuance of common shares - settlement of liabilities | 0 | 486,285 | 486,285 | 486,285 | ||||
Issuance of common shares - settlement of liabilities (in Shares) | 0 | |||||||
Issuance of warrants | 1,015 | 1,015 | 1,015 | |||||
Share-based compensation | 0 | 2,408 | 2,408 | 2,408 | ||||
Share-based compensation (in Shares) | 0 | |||||||
Balance at Dec. 31, 2012 | 0 | 700,767 | -815,031 | -114,264 | -1,363 | -115,627 | ||
Balance (in Shares) at Dec. 31, 2012 | 0 | |||||||
Net loss | -158,232 | -158,232 | 8 | -158,224 | -158,224 | |||
Issuance of common shares - advance for acquisition of coal property | 0 | 50,419 | 50,419 | 50,419 | ||||
Issuance of common shares - advance for acquisition of coal property (in Shares) | 1 | |||||||
Issuance of common shares - settlement of liabilities | 0 | 44,656 | 44,656 | 44,656 | ||||
Issuance of common shares - settlement of liabilities (in Shares) | 0 | |||||||
Issuance of common shares - warrants exercise | 0 | 11,952 | 11,952 | 11,952 | ||||
Issuance of common shares - warrants exercise (in Shares) | 0 | |||||||
Beneficial conversion feature on the convertible senior notes | 248 | 248 | 248 | |||||
Share-based compensation | 0 | 25,193 | 25,193 | 25,193 | ||||
Share-based compensation (in Shares) | 0 | |||||||
Other comprhensive income | 34 | 34 | 34 | 34 | ||||
Balance at Dec. 31, 2013 | 0 | 833,235 | -973,263 | 34 | -139,994 | -1,355 | -141,349 | -141,349 |
Balance (in Shares) at Dec. 31, 2013 | 1 | |||||||
Net loss | -65,171 | -65,171 | -176 | -65,347 | -65,347 | |||
Issuance of common shares - advance for acquisition of coal property | 270 | 15,304 | 15,574 | 15,574 | ||||
Issuance of common shares - advance for acquisition of coal property (in Shares) | 27,009 | |||||||
Issuance of common shares - settlement of liabilities | 2,053 | 73,332 | 75,385 | 75,385 | ||||
Issuance of common shares - settlement of liabilities (in Shares) | 205,298 | |||||||
Issuance of common shares - warrants exercise | 9 | 1,267 | 1,276 | 1,276 | ||||
Issuance of common shares - warrants exercise (in Shares) | 895 | |||||||
Conversion of convertible preference shares | 312 | 37,241 | 37,553 | 37,553 | ||||
Conversion of convertible preference shares (in Shares) | 31,149 | |||||||
Guaranteed dividends for preference shares | -35,052 | -35,052 | -35,052 | |||||
Issuance of warrants | 1,661 | 1,661 | 1,661 | |||||
Share-based compensation | 451 | -235 | 216 | 216 | ||||
Share-based compensation (in Shares) | 45,101 | |||||||
Other comprhensive income | -34 | -34 | -34 | -34 | ||||
Balance at Dec. 31, 2014 | $3,095 | $926,753 | ($1,038,434) | ($108,586) | ($1,531) | ($110,117) | ($110,117) | |
Balance (in Shares) at Dec. 31, 2014 | 309,453 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES: | |||
Net loss | ($65,347) | ($158,224) | ($403,925) |
Depreciation and amortization | 4,656 | 2,860 | 5,989 |
Impairment losses | 9,243 | 7,054 | |
Provision for doubtful receivables | 8,807 | 47 | 618 |
Amortization and write-off of deferred financing costs | 159 | 460 | 5,733 |
Amortization of backlog asset | 1,603 | ||
Amortization of the beneficial conversion feature | 258 | 264 | 71,561 |
Change in fair value of derivative financial instruments | 4,480 | -278 | -564 |
Gain on disposal of vessels and release of debt (non-cash) | -33,005 | ||
Share-based compensation | 23,402 | 25,193 | 2,412 |
Warrants compensation expense | 7,104 | 1,015 | |
(Gain) / Loss on share settled debt settlement | -7,960 | 83,786 | 342,985 |
Discounts from suppliers | -162 | -1,355 | |
Loss / (Gain) on sale of vessels | 1,150 | -16,258 | |
Loss from investments in Joint Ventures | 192 | 790 | 2,469 |
-Trade receivables | -143 | 149 | 8,127 |
-Other receivables | 147 | 1,790 | -1,583 |
-Inventories | -432 | -207 | 1,389 |
-Prepaid expenses | 4 | -242 | 1,208 |
-Due from/to Joint Ventures | -156 | -118 | |
-Due from/to related parties | 270 | 628 | 275 |
-Accounts payable, trade | 665 | 29,111 | -2,866 |
-Other current Liabilities | 7,745 | ||
-Accrued liabilities | 7,459 | 4,718 | -70 |
-Deferred income | -266 | -174 | -2,911 |
Payments for dry-docking / special survey costs | -667 | -366 | -985 |
Net cash used in operating activities | -6,334 | -2,871 | -11,084 |
INVESTING ACTIVITIES: | |||
Vessel acquisitions | -36,775 | -390 | |
Cash acquired through business combination | 90 | ||
Vessels under construction | -185 | ||
Joint Ventures | -2,486 | ||
Coal acquisition | -147 | -125 | |
Cash surrendered through subsidiaries' foreclosure | -665 | ||
Other fixed asset acquisitions | -191 | -1,156 | |
Proceeds from sale of available for shares securities | 497 | ||
Proceeds from the sale of vessels | 85,172 | ||
Net cash (used in) / provided by investing activities | -36,526 | -1,671 | 81,836 |
FINANCING ACTIVITIES: | |||
Principal repayments of long-term debt | -646 | -1,400 | -76,203 |
Proceeds from long-term debt | 300 | 3,000 | |
Proceeds from notes, net | 12,559 | 5,309 | |
Proceeds from warrants issuance | 250 | ||
Proceeds from preference shares | 2,500 | ||
Restricted cash for debt repayment | -152 | 1,311 | -1,061 |
Proceeds from the sale and leaseback of vessels | 27,750 | ||
Capital lease payments | -519 | ||
Payments for deferred charges | -499 | -564 | |
Net cash provided by / (used in) financing activities | 40,993 | 5,770 | -74,828 |
Net (decrease) / increase in cash and cash equivalents | -1,867 | 1,228 | -4,076 |
Beginning of period | 2,271 | 1,043 | 5,119 |
End of period | 404 | 2,271 | 1,043 |
Supplemental Cash Flow information: | |||
Interest paid, net of capitalised interest | 3,945 | 1,971 | 7,875 |
Issuance of common shares and warrants for acquisition of coal properties | 1,042 | ||
Release of liabilities for vessels under construction | 9,179 | ||
Release of debt related to vessels under construction | 5,492 | ||
Disposal of vessels applied to related debt | 105,498 | ||
Disposal of vessels applied to capital lease obligations | 30,481 | ||
Issuance of common shares for settlement of 7% Notes | 138,111 | ||
Issuance of warrants | 11,159 | ||
Capital lease obligations settled with common shares and 4.5% convertible note | 58,057 | ||
Release of purchase option liabilities | 2,194 | ||
Vessels and other fixed assets, net acquired | 20,350 | ||
Long- term debt assumed | -12,385 | ||
Land, buildings, production equipment | 9,650 | ||
- Other assets and liabilities, net acquired | -8,291 | -15,073 | |
Mineral rights under lease | 20,117 | ||
Settlement of Piraeus Bank Credit Facilities [Member] | |||
Supplemental Cash Flow information: | |||
Issuance of common shares to settle liabilities | 17,033 | ||
Settlement of Warrant Liabilities [Member] | |||
Supplemental Cash Flow information: | |||
Issuance of common shares to settle liabilities | 139 | ||
Settlement of Interest Expense [Member] | |||
Supplemental Cash Flow information: | |||
Issuance of common shares to settle liabilities | 1,187 | ||
Settlement of Convertible Notes [Member] | |||
Supplemental Cash Flow information: | |||
Issuance of common shares to settle liabilities | 21,762 | ||
Settlement of Share Settled Debt [Member] | |||
Supplemental Cash Flow information: | |||
Issuance of common shares to settle liabilities | 59,004 | ||
Settlement of Liabilities [Member] | |||
Supplemental Cash Flow information: | |||
Issuance of common shares to settle liabilities | 33,311 | 25,185 | 11,694 |
Settlement of Derivative Liabilities [Member] | |||
Supplemental Cash Flow information: | |||
Issuance of common shares to settle liabilities | 37,205 | ||
Long-term Debt [Member] | |||
Supplemental Cash Flow information: | |||
Liabilities disposed of by foreclosure | 76,836 | ||
Obligations [Member] | |||
Supplemental Cash Flow information: | |||
Liabilities disposed of by foreclosure | 26,301 | ||
Vessels [Member] | |||
Supplemental Cash Flow information: | |||
Assets disposed of by foreclosure | 93,993 | ||
Other Assets and Liabilities [Member] | |||
Supplemental Cash Flow information: | |||
Assets disposed of by foreclosure | $12,546 |
Note_1_Description_of_Business
Note 1 - Description of Business | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 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 coal processing company. As of December 31, 2014, the Company’s fleet consists of five dry bulk vessels and five oil tanker / asphalt carriers (Note 5 and Note 17). In addition, under a specific management agreement, the Company performs part of the commercial, technical and operational management of one oil tanker vessel owned by a third party. NewLead’s principal activity is the operation of dry bulk vessels and oil tanker / asphalt carriers, either controlled or managed, which transport a variety of refined petroleum products and a wide array of unpackaged cargo world-wide. | |
On October 17, 2013 and on December 6, 2013, a 1 for15 and a 1 for 3 reverse stock splits of Company’s common shares were effected respectively, after the approval by our Board of Directors and by written consent of the majority of its shareholders. The reverse stock 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, consolidation of the Company’s common shares was effected at a ratio of a 1 for 10 after the approval by our Board of Directors and by written consent of the majority of its shareholders. Every ten common shares were consolidated into one common share, with a par value of $0.10 per share. In addition, on May 15, 2014 consolidation of the Company’s common shares was effected at a ratio of 1 for 50 after the approval by our Board of Directors and by written consent of the majority of its shareholders such that every 50 common shares of par value $0.10 per share were consolidated into one common share of par value of $5.00 per share. By the approval of our Board of Directors and by written consent of the majority of its shareholders, a reduction of issued share capital was effected by way of cancelling paid-up share capital to the extent of $4.99 on each issued common share, so that the par value of the common shares be reduced to $0.01; such being effective as of June 14, 2014. In addition, on July 15, 2014 consolidation of the Company’s common shares was effected at a ratio of 1 for 50 after the approval by our Board of Directors and by written consent of the majority of its shareholders. Every 50 common shares of par value of $0.01 were consolidated into one common share of par value of $0.50 per share. By the approval of our Board of Directors and by written consent of the majority of its shareholders, on October 24, 2014, a reduction in the par value of the common shares was effected from $0.50 to $0.01 by way cancelling paid-up share capital to the extent of $0.49 on each issued common share. There can be no assurance that the Company will not undertake further reverse splits or consolidations of its common shares subsequent to the filing of this report. With respect to the underlying common shares associated with share options and any derivative securities, such as warrants and convertible notes, as may be required by such securities where applicable, 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, 1:10 ratio, 1:50 ratio and 1:50 ratio for all periods presented. Due to such alterations in the Company's share capital numbers of common shares, earnings per share, common shares obtainable upon conversion or exercise of convertible notes, warrants and share options have been adjusted retrospectively as well, where applicable. The accompanying consolidated financial statements for the years ended December 31, 2014, 2013 and 2012 including the notes to financial statements reflect these aforementioned alterations of share capital. | |
On July 17, 2014, the common shares of NewLead were halted from trading on NASDAQ Stock Market system. Consequently, as a result of the halt, which would have continued through a determination pursuant to a delisting hearing before a NASDAQ Listing Qualifications Panel, and discussions with the NASDAQ Staff about the likelihood of success at such hearing, the Company determined to voluntarily delist from NASDAQ and transfer to the Over-the-Counter (OTC) market. Trading of its common shares on NASDAQ was suspended at the open of business on July 22, 2014, following withdrawal of the request to go to a hearing, scheduled on July 2, 2014, by the Company. On September 22, 2014, the Company’s shares were officially delisted from the NASDAQ Stock Market according to the NASDAQ’s filing of relevant Form 25 with the SEC. In order to transfer to the OTC market, the Company is required to have a market maker file an application on Form 15c2-11 with FINRA in order to have its common shares trade on an OTC market other than the Grey Market, on which our stock is currently quoted. The Company has already engaged a market maker to file the necessary application with FINRA. | |
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. VAG’s primary asset was certain mining permits at the Viking Mine located in Pike, Floyd, and Letcher Counties in Kentucky. On December 9, 2013, the Company acquired a coal preparation plant located in Pike County, Kentucky, through the acquisition of the 100% of the issued and outstanding membership interests of Viking Prep Plant LLC (“VPP”). | |
On May 19, 2014 and July 25, 2014, the Company completed the acquisition of two 2012 built dry bulk vessels through sale and leaseback agreements (Note 17). On September 16, 2014, the Company acquired one 2013 built dry bulk vessel and on each of October 23, 2014 and November 13, 2014, the Company entered into two bareboat charter agreements for two respective oil tanker/asphalt carriers, under which NewLead has the obligation to purchase the vessels in 2019, upon the expiration of the bareboat agreements. On October 16, 2014, the Company entered into a Share Sale and Purchase Agreement (the “SPA”) with Thalassa Holdings S.A. to acquire 100% of the share capital of the three companies Nepheli Marine Company, Aeolus Compania Naviera S.A. and Kastro Compania Naviera S.A., which shares were transferred to the Company on November 24, 2014, upon satisfaction of the SPA’s conditions. As a result the Company acquired three oil tanker /asphalt carriers. The asphalt carriers are also commonly known as bitumen vessels. | |
In 2013 the Company completed the negotiations with its lenders under the Financing Documents (as defined in Note 15) regarding the terms of the Restructuring Proposal (as defined in Note 15) 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 15, 16 and 26 for a 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, a company controlled by Michail Zolotas, the Company’s Chairman and Chief Executive Officer, converted $20,000 of the 7% Notes into approximately 2 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 236 common shares of the Company. As a result of this conversion, Focus, as at December 31, 2014 and December 31, 2013, owned approximately 0.0001% and 18%, respectively, of the Company’s outstanding common shares. As of December 31, 2012, Focus owned approximately 67% of the Company’s outstanding common shares. The Investment Bank of Greece was also granted warrants with maturity date October 13, 2015 which, after the alterations of share capital performed since the grand date, the exercise price has been increased significantly in line with the alterations of share capital (refer to Note 16). As of December 31, 2014, Investment Bank of Greece retained $100 outstanding principal amount of the 7% Notes. | |
Newlead Shipping S.A. (“Newlead Shipping”), a subsidiary of the Company, is an integrated technical and commercial management company that manages oil tanker/asphalt carriers 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. | |
Going concern | |
The Company has experienced net losses, negative operating cash flows, working capital deficiencies, and has a 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 15 and 16, 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. The coal business has experienced some of the lowest prices in coal history. However, charter rates for the oil tanker/asphalt carriers are within expected levels. To date, the Company has also been unable to generate sustainable positive cash flows from operating activities. For the year ended December 31, 2014, the Company’s loss from continuing operations was $68,281. As of December 31, 2014, the Company’s cash and cash equivalents were $404 and current liabilities of $247,462 including $122,322 of debt and convertible notes in default due on demand, 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 believes that its existing cash resources, combined with projected negative cash flows from operations, will not be sufficient to execute its business plan and continue operations for the next twelve months. 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. In addition, the Company intends to continue to explore various strategic alternatives. 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 financing 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. |
Note_2_Subsidiaries_Included_i
Note 2 - Subsidiaries Included in the Consolidated Financial Statements | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Subsidiaries Included In Consolidated Financial Statements [Abstract] | |||||||||||||||
Subsidiaries Included In Consolidated Financial Statements [Text Block] | 2. SUBSIDIARIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS | ||||||||||||||
NewLead’s subsidiaries included in these consolidated financial statements were as follows: | |||||||||||||||
Country of | Nature / | Statement of operations | |||||||||||||
Company Name | Incorporation | Vessel Name | 2014 | 2013 | 2012 | ||||||||||
1 | Altius Marine S.A. | Marshall Islands | Dissolved (1) | — | — | — | |||||||||
2 | Fortius Marine S.A. | Marshall Islands | Dissolved (1) | — | — | — | |||||||||
3 | Ermina Marine Ltd. | Marshall Islands | Dissolved (2) | — | — | — | |||||||||
4 | Chinook Waves Corporation | Marshall Islands | Dissolved (3) | — | — | — | |||||||||
5 | Compass Overseas Ltd. | Bermuda | Vessel owning company (4) | — | — | 1/1/2012 — 01/31/2012 | |||||||||
6 | Compassion Overseas Ltd. | Bermuda | Vessel owning company (4) | — | — | 1/1/2012 — 01/31/2012 | |||||||||
7 | Australia Holdings Ltd. | Liberia | Vessel owning company (5) | — | — | 1/1/2012 — 01/31/2012 | |||||||||
8 | Brazil Holdings Ltd. | Liberia | Vessel owning company (6) | — | — | 1/1/2012 — 03/19/2012 | |||||||||
9 | China Holdings Ltd. | Liberia | Dissolved (7) | — | — | 1/1/2012 — 02/11/2012 | |||||||||
10 | Curby Navigation Ltd. | Liberia | Foreclosed / Dissolved (8) | — | — | 1/1/2012 — 03/14/2012 | |||||||||
11 | Newlead Victoria Ltd. | Liberia | M/V Newlead Victoria | 1/1/2014 — 12/31/2014 | 1/1/2013 — 12/31/2013 | 1/1/2012 — 12/31/2012 | |||||||||
12 | Grand Venetico Inc. | Marshall Islands | Vessel owning company (9) | — | — | 1/1/2012 — 05/08/2012 | |||||||||
13 | Grand Oceanos Inc. | Liberia | Vessel owning company (10) | — | — | 1/1/2012 — 01/11/2012 | |||||||||
14 | Grand Rodosi Inc. | Liberia | Dissolved (11) | — | — | 1/1/2012 — 02/07/2012 | |||||||||
15 | Challenger Enterprises Ltd. | Liberia | Vessel owning company (12) | — | — | 1/1/2012 — 07/19/2012 | |||||||||
16 | Crusader Enterprises Ltd. | Liberia | Vessel owning company (12) | — | — | 1/1/2012 — 07/27/2012 | |||||||||
17 | Newlead Shipping S.A. | Panama | Management company | — | — | — | |||||||||
18 | Newlead Bulkers S.A. | Liberia | Management company | — | — | — | |||||||||
19 | AMT Management Ltd. | Marshall Islands | Management company | — | — | — | |||||||||
20 | Newlead Holdings (US) Corp. (ex Newlead Holdings (ex Aries Maritime) (US) LLC) | Delaware, USA | Operating company (13) | — | — | — | |||||||||
21 | Leading Marine Consultants Inc. | Marshall Islands | Dissolved (14) | — | — | — | |||||||||
22 | Ayasha Trading Corporation | Liberia | Foreclosed (15) | — | — | 1/1/2012 — 02/24/2012 | |||||||||
23 | Bethune Properties S.A. | Liberia | Foreclosed (16) | — | — | 1/1/2012 — 02/24/2012 | |||||||||
24 | Grand Esmeralda Inc. | Liberia | Vessel owning company (17) | — | — | 1/1/2012 — 02/16/2012 | |||||||||
25 | Grand Markela Inc. | Liberia | M/V Newlead Markela | 1/1/2014 — 12/31/2014 | 1/1/2013 — 12/31/2013 | 1/1/2012 — 12/31/2012 | |||||||||
26 | Grand Spartounta Inc. | Marshall Islands | Dissolved (18) | — | — | — | |||||||||
27 | Newlead Progress Inc. | Marshall Islands | Dissolved (19) | — | — | — | |||||||||
28 | Newlead Prosperity Inc. | Marshall Islands | Vessel owning company (18) | — | — | — | |||||||||
29 | Grand Affection S.A. | Marshall Islands | Dissolved (20) | — | — | 1/1/2012 — 03/26/2012 | |||||||||
30 | Grand Affinity S.A. | Marshall Islands | Dissolved (21) | — | — | — | |||||||||
31 | Grand Victoria Pte Ltd. | Singapore | Dormant company | — | — | — | |||||||||
32 | Newlead Bulker Holdings Inc. | Marshall Islands | Sub-holding company | — | — | — | |||||||||
33 | Newlead Tanker Holdings Inc. | Marshall Islands | Dissolved (22) | — | — | — | |||||||||
34 | Trans Continent Navigation Ltd. | Malta | Dormant company | — | — | — | |||||||||
35 | Trans State Navigation Ltd. | Malta | Dormant company | — | — | — | |||||||||
36 | Bora Limited | British Virgin Islands | Dormant Company | — | — | — | |||||||||
37 | Newlead Trading Inc. | Liberia | Dissolved (23) | — | — | — | |||||||||
38 | New Lead JMEG LLC | Delaware, USA | Trading company (24) | — | — | — | |||||||||
39 | Newleadjmeg Inc. | Marshall Islands | Dormant company (25) | — | — | — | |||||||||
40 | NewLead Mojave Holdings LLC | Delaware, USA | Operating company (26) | — | — | — | |||||||||
41 | Ocean Hope Shipping Ltd. | Malta | Dormant company | — | — | — | |||||||||
42 | Mines Investments Corp. | Marshall Islands | Coal operating company (27) | 1/1/2014 — 12/31/2014 | 2/12/2013 — 12/31/2013 | — | |||||||||
43 | Mine Investments LLC | Delaware, USA | Coal operating company (28) | 1/1/2014 — 12/31/2014 | 2/15/2013 — 12/31/2013 | — | |||||||||
44 | Five Mile Investment LLC | Delaware, USA | Coal operating company (28) | 1/1/2014 — 12/31/2014 | 2/15/2013 —12/31/2013 | — | |||||||||
45 | Elk Valley Investment LLC | Delaware, USA | Coal operating company (28) | 1/1/2014 — 12/31/2014 | 2/15/2013 — 12/31/2013 | — | |||||||||
46 | Viking Acquisition Group LLC | Kentucky, USA | Coal operating company (29) | 1/1/2014 — 12/31/2014 | 9/13/2013 — 12/31/2013 | — | |||||||||
47 | Coal Essence Mine LLC | Kentucky, USA | Coal operating company (30) | 1/1/2014 — 12/31/2014 | 12/10/2013 — 12/31/2013 | — | |||||||||
48 | Coal Essence Prep Plant LLC | Kentucky, USA | Coal operating company (31) | 1/1/2014 — 12/31/2014 | 12/5/2013 — 12/31/2013 | — | |||||||||
49 | Viking Prep Plant LLC | Kentucky, USA | Coal operating company (32) | 1/1/2014 — 12/31/2014 | 12/9/2013 —12/31/2013 | — | |||||||||
50 | Newlead Albion S.A. | Marshall Islands | Bareboat Charterer (33) | 3/10/2014 — 12/31/2014 | — | — | |||||||||
51 | Newlead Handies Inc. | Marshall Islands | Sub-Holding Company | 3/10/2014 — 12/31/2014 | — | — | |||||||||
52 | Newlead Venetico Ltd. | Marshall Islands | Bareboat Charterer (34) | 3/10/2014 — 12/31/2014 | — | — | |||||||||
53 | Newlead Tanker Acquisitions Inc. | Marshall Islands | Sub-Holding Company | 10/10/2014 — 12/31/2014 | — | — | |||||||||
54 | Newlead Soltero Inc. | Marshall Islands | Bareboat Charterer (35) | 11/11/2014 — 12/31/2014 | — | — | |||||||||
55 | Newlead Semillero Inc. | Marshall Islands | Bareboat Charterer (36) | 11/11/2014 — 12/31/2014 | — | — | |||||||||
56 | Newlead Granadino Inc. | Marshall Islands | Shipping type company (37) | 11/13/2014 — 12/31/2014 | — | — | |||||||||
57 | Newlead Hojuedo Inc. | Marshall Islands | Shipping type company (37) | 11/13/2014 — 12/31/2014 | — | — | |||||||||
58 | Newlead Silletero Inc. | Marshall Islands | Shipping type company (37) | 11/13/2014 — 12/31/2014 | — | — | |||||||||
59 | Nepheli Marine Company | Liberia | MT Sofia (38) | 11/24/2014 — 12/31/2014 | — | — | |||||||||
60 | Kastro Compania Naviera S.A. | Liberia | MT Nepheli (38) | 11/24/2014 — 12/31/2014 | — | — | |||||||||
61 | Aeolus Compania Naviera S.A. | Liberia | MT Captain Nikolas I (38) | 11/24/2014 — 12/31/2014 | — | — | |||||||||
62 | Newlead Castellano Ltd. | Liberia | M/V Newlead Castellano (39) | 7/17/2014 — 12/31/2014 | — | — | |||||||||
1) | 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. | ||||||||||||||
2) | M/T Nordanvind was sold and delivered to its new owners on September 7, 2010. The shipowning company was dissolved on January 13, 2013. | ||||||||||||||
3) | M/T Chinook was sold and delivered to its new owners on April 15, 2010. The shipowning company was dissolved on January 13, 2013. | ||||||||||||||
4) | M/T Newlead Compass and M/T Newlead Compassion were sold and delivered to their new owners on January 31, 2012. | ||||||||||||||
5) | M/V Australia was delivered to its owner (an affiliate of Lemissoler Maritime Company W.L.L.) on January 31, 2012. | ||||||||||||||
6) | M/V Brazil was delivered to its owner (an affiliate of Lemissoler Maritime Company W.L.L.) on March 19, 2012. | ||||||||||||||
7) | 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. | ||||||||||||||
8) | 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. The company was annulled on March 1, 2014. | ||||||||||||||
9) | M/V Newlead Venetico was sold and delivered to its new owners on May 8, 2012. | ||||||||||||||
10) | M/V Grand Ocean was sold and delivered to its new owners on January 11, 2012. | ||||||||||||||
11) | 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 annulled on February 1, 2015. | |||||||||||||||
12) | 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. | ||||||||||||||
13) | The Company controls 52% of NewLead Holdings (US) Corp. through NewLead Mojave Holdings LLC. | ||||||||||||||
14) | The company was dissolved on September 2, 2013. | ||||||||||||||
15) | 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. | ||||||||||||||
16) | 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. | ||||||||||||||
17) | M/V Newlead Esmeralda was sold and delivered to its new owners on February 16, 2012. | ||||||||||||||
18) | 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. The Company Grand Spartounta Inc. was annulled on May 1, 2014. | ||||||||||||||
19) | The company was dissolved on January 14, 2013. | ||||||||||||||
20) | 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. | ||||||||||||||
21) | 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. | ||||||||||||||
22) | The company was dissolved on January 14, 2013. | ||||||||||||||
23) | 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 annulled on August 1, 2014. | ||||||||||||||
24) | New Lead JMEG LLC was established on April 11, 2012 as a joint venture between the Company and J Mining & Energy Group. | ||||||||||||||
25) | 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. | ||||||||||||||
26) | 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. | ||||||||||||||
27) | The company was established on February 12, 2013, for operation of coal business. | ||||||||||||||
28) | The companies were established on February 15, 2013, for operation of coal business. | ||||||||||||||
29) | The company was acquired on September 13, 2013 (see Note 5). | ||||||||||||||
30) | The company was established on December 10, 2013, for operation of coal business. | ||||||||||||||
31) | The company was established on December 5, 2013, for operation of coal business. | ||||||||||||||
32) | The company was acquired on December 9, 2013 (see Note 5). | ||||||||||||||
33) | The company as Bareboat Charter entered into a BIMCO Bareboat Charter dated May 12, 2014, with HamdyMar AS owners of MV Newlead Albion. | ||||||||||||||
34) | The company as Bareboat Charter entered into a BIMCO Bareboat Charter dated May 12, 2014, with HamdyMar AS owners of MV Newlead Venetico. | ||||||||||||||
35) | The company was established on November 11, 2014, and was nominated by NewLead Holdings Ltd. as the Bareboat Charterer of MT Katerina L under the Bareboat Charter Agreement dated November 13, 2014 being effective of such even date. | ||||||||||||||
36) | The company was established on November 11, 2014, and was nominated by NewLead Holdings Ltd. as the Bareboat Charterer of MT Ioli under the Bareboat Charter Agreement dated October 23, 2014 being effective as of November 11, 2014. | ||||||||||||||
37) | The companies were established on November 13, 2014, for operation of shipping business. | ||||||||||||||
38) | The companies were acquired as of November 14, 2014 via a Shares Purchase Agreement dated October 16 2014 and as amended by an Addendum no. 1 dated November 24, 2014. On March 30, 2015, the vessel Captain Nikolas I was renamed to Newlead Granadino. | ||||||||||||||
39) | The company acquired MV Newlead Castellano ex Maple Draco on September 16, 2014. | ||||||||||||||
Note_3_Summary_of_Significant_
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Significant Accounting Policies [Text Block] | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
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). | ||
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. | ||
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 coal business operations the Company maintains cash deposits with financial institutions that, at times, may exceed federally insured limits. As of December 31, 2014, cash balances exceeded federally insured limits by approximately $2. 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 collateral, 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. In relation to the coal business, restricted cash refers to standby letter and purchase cards. | ||
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 both December 31, 2014 and December 31, 2013 amounted to $2,429, and relates to the shipping business. Other receivables relate mainly to claims for hull and machinery and loss of hire insurers, guarantees, notes receivable, 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. Other receivables are net of an allowance of $6,558. | ||
Inventories: | ||
Inventories, which comprise bunkers and lubricants remaining on board the vessels at year end, are valued at the lower of cost as determined using the first in-first out method or market value. | ||
Coal inventories, if any, 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, if any, 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 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 2014, the Company recorded an allowance for doubtful accounts of $2,249 relating to the recoverability of part of the amounts due from New Lead JMEG LLC receivable balances. 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. | ||
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 | |
Property, plant and equipment for the coal industry 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. | ||
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, 2014, 2013 and 2012, 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. The balance is included in the Vessels and other fixed assets, net. | ||
Mining Exploration and Development Costs: | ||
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 2014 and 2013 related to the properties. Certain expenditures, such as expenditures for general purpose equipment, may be capitalized, subject to management evaluation of the possible impairment of the asset. | ||
The Company expenses 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. Amortization expense of mine development costs is included in depreciation, depletion and amortization on the accompanying consolidated financial statements. | ||
Owned and Leased Mineral Rights,net: | ||
Costs 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. The Company currently has no depletion expense. | ||
Impairment of Long-lived Assets: | ||
Long-lived assets and finite lived 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 (d) the likelihood of the sale of the asset group and (e) market data for the oil tanker/asphalt carriers. 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, 2014, 2013, and 2012, when certain vessels were disposed of, and (ii) as of December 31, 2014, 2013 and 2012. For the year ended December 31, 2014, the Company recorded an impairment charge totaling $209 in continuing operations on one of its vessels that were held and used as of December 31, 2014. 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, for the year ended December 31, 2012, an impairment charge in continuing operations of $1,143 was recorded on back log assets. | ||
The Company’s impairment assessment as of December 31, 2014, 2013 and 2012, indicated that the vessels’ undiscounted projected net operating cash flows, excluding the vessel for which impairment was recorded, were in excess of their carrying values by more than 45%, 55% and 60%, respectively. | ||
CoalSegment | ||
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, 2014, the Company recorded an impairment charge totalling $4,341 in respect of leased mineral rights related to coal business operations. For the year ended December 31, 2013, the Company did not record an impairment charge in respect of its coal business 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 identifiable 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 acquisitions occurring close to year end. During 2014, in respect of the 100% acquisition of the companies Nepheli Marine Company, Aeolus Compania Naviera S.A. and Kastro Compania Naviera S.A., goodwill was recorded in the amount $236 (Note 7). During 2013, in respect of the acquisition of Viking Prep Plant LLC, goodwill was recorded in the amount $28,007 (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, 2014, due to the sharp decrease in coal prices a goodwill impairment charge of $4,693 was recorded (Note 7). As of December 31, 2013, no triggering event had occurred requiring an impairment to be recorded. As of December 31, 2012 no goodwill existed. | ||
Backlog Asset/Deferred Charter Revenue: | ||
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. | ||
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. | ||
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 for operations that are not currently being reclaimed, the offset is capitalized by increasing the carrying amount of the related long-lived asset. When the liability is initially recorded at operations that are currently being reclaimed, the offset is recorded to cost of coal sales. | ||
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. | ||
Accounting for Available for Sale Investments: | ||
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. For the year ended December 31, 2014, the investment that was accounted for as available for sale has been sold and a total amount of $31 has been realized as loss in consolidated statements of operations. Total proceeds from the sale of the available for sale securities were $497. The securities were registered in the Korea Stock exchange and were sold at the fair value of the securities at the date of sale. A total amount of $6 was reclassified out of accumulated other comprehensive income into earnings, since until the date of the sale of the securities there was a reduction in value of $28 recorded in the accumulated other comprehensive income. 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 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 to the Company upon expiration of the lease. | ||
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. | ||
Selling, General and Administrative expenses: | ||
Selling, general and administrative expenses include payroll and personnel related expenses, board remuneration, executive officers compensation, directors and 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, 2014, 2013 and 2012, total share based compensation was $23,402, $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) and $2,412, 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 warrant 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 coal property acquisitions that were not finalized. | ||
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. Revenues from the technical and the operational management of vessels owned by a third party are not considered significant ($449, $591 and $474 during the years ended December 31, 2014, 2013 and 2012, respectively). | ||
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. | ||
Coal Segment | ||
For its coal operations, the Company earns revenues primarily through the processing of coal. The Company recognizes revenue from the processing of coal when 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. Revenue from coal processing is recognized upon completion of the service, which generally occurs when the proceeded coal is delivered back to the customers. | ||
The coal sales, if any, are 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. | ||
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 and agency fees. | ||
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. | ||
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. | ||
Financial Instruments (True up clauses and interest rate swap agreements): | ||
Financial instruments are recognized in the balance sheets at their fair values as either assets or liabilities. Changes in the fair value of financial instruments that are designated and qualify as cash flow hedges, and that are highly effective, are recognized in other comprehensive income. If financial instruments 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. | ||
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. | ||
Historically, 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, respectively. As of December 31, 2014, the interest rate swap agreements had expired. As of December 31, 2013, the interest rate swap agreements were fair valued at $269. | ||
During 2014 and 2013, the Company entered into several settlement agreements with various vendors, issued convertible notes and compensated employees containing true up clauses, or share proceed guarantees and as a result the Company recorded such liabilities at fair value of $39,300 and $20,222 respectively (see Note 22). | ||
Share-based Compensation: | ||
The Company measures 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. | ||
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 three reportable segments, the dry segment for the dry bulk vessels and the wet segment for the oil tanker/asphalt carriers in relation to the shipping business and the coal business 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. 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 identifiable 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 during the periods after giving retroactive effect to reverse stock splits. 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 the 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, 2014, the tax years ended December 31, 2014 and 2013 were open for potential examination by taxing authorities. No liabilities for uncertain income tax positions were recorded as of December 31, 2014 and 2013. |
Note_4_Recent_Accounting_Prono
Note 4 - Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 4. RECENT ACCOUNTING PRONOUNCEMENTS |
In April 2015, the FASB issued an ASU which requires that debt issuance costs be presented in the balance sheet as a direct reduction to the carrying amount of the associated debt liability, consistent with debt discounts. Currently debt issuance costs are recognized as an asset. The ASU is effective for the Company in the first quarter of 2016 and is required to be applied retrospectively. Early adoption is permitted. The Company does not expect the adoption of this standard to have material impact on its financial position. | |
In February 2015, the FASB issued the ASU 2015-02, Consolidation, Amendments to the Consolidation Analysis, which amends the criteria for determining which entities are considered Variable Interest Entities, amends the criteria for determining if a service provider possesses a variable interest in a Variable Interest Entity and ends the deferral granted to investment companies for application of the Variable Interest Entities consolidation model. The ASU is effective for interim and annual periods beginning after December 15, 2015. Early application is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s financial statements. | |
In January 2015, the FASB issued ASU 2015-01, Income Statement, Extraordinary and Unusual Items. This standard eliminates the concept of extraordinary and unusual items from U.S. GAAP. The new standard is effective for annual and interim periods after December 15, 2015. Early adoption is permitted. The adoption of the new standard is not expected to have a material impact on Company’s financial statements. | |
In November 2014, the FASB issued ASU 2014-16, Determining Whether the Host Contract in a Hybrid Financial Instrument Is More Akin to Debt or to Equity. This update has an objective to eliminate the use of different methods in practice and thereby reduce existing diversity under US GAAP in the accounting for hybrid financial instruments issued in the form of a share. The new standard is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. The adoption of the new standard is not expected to have a material impact on Company’s financial statements. | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements-Going Concern: Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern. This standard requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. Before this new standard, no accounting guidance existed for management on when and how to assess or disclose going concern uncertainties. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted. The adoption of the new standard is not expected to have a material impact on Company’s financial statements. | |
In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Allow a Performance Target to Be Achieved after the Requisite Service Period. Entities commonly issue share -based payment awards that require a specific performance target to be achieved in order for employees to become eligible to vest in the awards. Examples of performance targets include an entity attaining a specified profitability metric or selling shares in an initial public offering. Generally, an award with a performance target also requires an employee to render service until the performance target is achieved. In some cases, however, the terms of an award may provide that the performance target could be achieved after an employee completes the requisite service period. That is, the employee would be eligible to vest in the award regardless of whether the employee is rendering service on the date the performance target is achieved. This update has an objective to resolve the diverse accounting treatment of those awards in practice. The new standard is effective for annual periods and interim periods beginning after December 15, 2015. Early adoption is permitted. The adoption of the new standard is not expected to have a material impact on Company’s financial statements. | |
In June 2014, the FASB issued ASU No. 2014-11Transfers and Servicing: Repurchase Agreements and Similar Transactions. Repurchase-to-maturity transactions are generally accounted for as sales with forward agreements under current accounting, whereas typical repurchase agreements that settle before the maturity of the transferred financial asset are accounted for as secured borrowings. The amendments in this update change the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. The amendments also require two new disclosures. The accounting changes in this update are effective for public business entities for the first interim or annual period beginning after December 15, 2014. The adoption of this ASU is not expected to have a material impact on the Company’s financial statements. | |
In May 2014, The FASB issued ASU 2014-09, Revenue from Contracts with Customers, clarifying the method used to determine the timing and requirements for revenue recognition on the statements of income. Under the new standard, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2016. Early adoption is not permitted. In April 2015, the FASB proposed a deferral of the effective date of this ASU by one year, but permits entities to adopt one year earlier if they choose. The proposal to defer the effective date is currently not approved. The adoption of the new standard is not expected to have a material impact on Company’s financial statements. | |
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity changing the presentation of discontinued operations on the statements of income and other requirements for reporting discontinued operations. Under the new standard, a disposal of a component or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component meets the criteria to be classified as held-for-sale or is disposed. The amendments in this update also require additional disclosures about discontinued operations and disposal of an individually significant component of an entity that does not qualify for discontinued operations. The new accounting guidance is effective for interim and annual periods beginning after December 15, 2014. The adoption of the new standard is not expected to have a material impact on Company’s financial statements. |
Note_5_Acquisitions
Note 5 - Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Business Combination Disclosure [Text Block] | 5. ACQUISITIONS | ||||||||
Acquisition of the Nepheli Marine Company, Aeolus Compania Naviera S.A. and Kastro Compania Naviera S.A. | |||||||||
On November 24, 2014, NewLead completed the 100% acquisition of the companies Nepheli Marine Company, Aeolus Compania Naviera S.A. and Kastro Compania Naviera S.A., pursuant to the terms of the SPA, dated October 16, 2014 as amended on November 24, 2014, between NewLead and Thalassa Holdings S.A.. As a result, on November 24, 2014, the Company acquired three oil tanker/asphalt carriers. | |||||||||
The consideration was $21,000 less any accrued liabilities, which shall be satisfied by the issuance of the consideration shares by the Company to Thalassa Holdings S.A. in accordance with the SPA. Accrued liabilities, includes any liabilities of any of the companies and /or the vessels accrued on or before the date of first completion date (November 24, 2014). | |||||||||
The number of the consideration shares to be issued to the Thalassa Holdings S.A. on the first completion date shall be determined by dividing the first completion amount, $3,180, by the stock price. The number of the consideration shares to be issued to the Thalassa Holdings S.A. on the second completion date (falling 20 business days from the first completion date) shall be determined by dividing the remaining amount by the stock price. As of December 19, 2014, the Company signed an agreement that the issuance of shares shall be after demand from Thalassa Holdings S.A . As a result, as of December 31, 2014, no shares have been issued in relation to the transaction above. Please refer to Note 27 for further update. | |||||||||
The acquisition was accounted for under the acquisition method of accounting and, accordingly, the assets acquired and liabilities assumed were recorded at their fair values. The Company estimated the fair values of the assets acquired and liabilities assumed at the date of acquisition as follows: | |||||||||
Fair value on | |||||||||
acquisition date | |||||||||
Cash and cash equivalents | $ | 91 | |||||||
Trade and other receivables, net | 244 | ||||||||
Inventories | 71 | ||||||||
Prepaid expenses | 8 | ||||||||
Vessels | 20,350 | ||||||||
Total assets | 20,764 | ||||||||
Accounts payable | 2,556 | ||||||||
Accrued liabilities | 267 | ||||||||
Deferred income | 110 | ||||||||
Bank debt | 12,385 | ||||||||
Total liabilities | 15,318 | ||||||||
Fair value of net assets | 5,446 | ||||||||
Fair value of additional consideration | 5,682 | ||||||||
Goodwill | $ | 236 | |||||||
The excess of the fair value of total liabilities assumed and other consideration over total identifiable assets acquired resulted in a premium (goodwill) recorded in the line “Goodwill” in the Company’s consolidated balance sheet. | |||||||||
The following table includes unaudited pro forma results of operations for the years ended December 31, 2014 and 2013, as if the acquisition had been consummated as of January 1, 2013 and after giving effect to acquisition accounting adjustments. These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the acquisition actually taken place as of January 1, 2013. In addition, these results are not intended to be a projection of future results and do not reflect any synergies that might be achieved from the combined operations. The actual results of the operations of the three companies are included in the consolidated financial statements of the Company only from the date of the acquisition. | |||||||||
Year Ended | |||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Unaudited | Unaudited | ||||||||
(In thousands) | |||||||||
Total Revenues | |||||||||
As reported | $ | 12,609 | $ | 7,343 | |||||
Pro forma | $ | 19,877 | $ | 16,827 | |||||
Operating Loss | |||||||||
As reported | $ | (57,201 | ) | $ | (83,169 | ) | |||
Pro forma | $ | (56,415 | ) | $ | (82,937 | ) | |||
Net loss applicable to common shareholders | |||||||||
As reported | $ | (100,223 | ) | $ | (158,232 | ) | |||
Pro forma | $ | (92,518 | ) | $ | (158,464 | ) | |||
Net loss per share applicable to common shareholders | |||||||||
As reported | $ | (1.30 | ) | $ | (297,989 | ) | |||
Pro forma | $ | (1.20 | ) | $ | (298,426 | ) | |||
Year Ended | Year Ended | ||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Depreciation Expense | $ | (392 | ) | $ | (114 | ) | |||
The contribution of this business combination in the year ended December 31, 2014 since the acquisition date was as follows: (a) approximately $745 in operating revenues and (b) approximately $132 net income, in total net loss. | |||||||||
Acquisition of the Kentucky Property-Five Mile | |||||||||
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 the stipulation of settlement (the “December Settlement Agreement”) between NewLead Holdings Ltd. and Hanover Holdings I, LLC, a New York limited liability company (“Hanover”), discussed in Note 14. | ||||||||
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 December Settlement Agreement. 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. In 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 were added to the December Settlement Agreement which resulted in the full payment of the amounts due under the Notes in 2014. Although the purchase price for the mine-related assets (including mineral rights, surface rights and mining permits) and the title of land ownership of the Five Mile mine including the Andy Terminal Railroad (the “Five Mile Assets”) in Breathitt County, Kentucky, USA, has been fully paid, the transfer of the Five Mile Assets has yet to occur. Further, according to the Kentucky State mining regulators, upon the successful transfer of the Five Mile Assets, it is a precondition to the transfer of the permits for the replacement of the reclamation bonds for the transfer of the Five Mile Assets. The Company is currently analyzing its next steps towards the completion of the acquisition of Five Mile Assets. | |||||||||
In connection with the acquisitions, the Company agreed to pay CCIM $3,000 in the form of common shares of NewLead (7 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 $450,000 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 38 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: | |||||||||
Year ended | Year ended | ||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Promissory Note Kentucky | $ | 7,500 | $ | 7,500 | |||||
Promissory Note Williams | 2,000 | 2,000 | |||||||
Promissory Note RJLT | 1,500 | 1,500 | |||||||
Warrant | 6,122 | 6,122 | |||||||
Common shares | 4,725 | 4,725 | |||||||
Other | 8 | 8 | |||||||
Total advances for acquistion of coal property | $ | 21,855 | $ | 21,855 | |||||
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 certain mining permits 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 was to 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 35 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 16). With effective December 31, 2014, an amendment to the VAG unit purchase agreement was executed with the seller which reduced the purchase price for the VAG membership interest to $3,300. The amendment resulted from the inability of the seller to extend the minerals lease that covered a significant portion of the subject minerals, which was one of the post-closing conditions of the acquisition, and due to a downturn in market conditions. As a result of the amendment, the Company was released from net liabilities (net of working assets assumed on the acquisition date) of $8,444, which includes the remaining amount due under the original promissory note of $4,500 and the related share proceed guarantee and accrued interest. The Company received a receivable from the seller for the remaining difference between the original purchase price of $15,000 and the revised purchase price of $3,300. The Company impaired the remaining difference between the total amount capitalized, net of release from liabilities and receivables received, and the discounted cash flows attributable to minerals leases that remained after the amendment, resulting in an impairment charge of $4,341 recorded as of December 31, 2014. In connection with the receipt of the receivable from the seller, the Company recorded a $6,558 allowance for doubtful accounts in Selling, General and Administrative Expenses. The Company has now settled the remaining balance of the $15,000 Note and it has been released and discharged from any liabilities whatsoever under the $15,000 Note. The Pledge Agreement was cancelled and consequently the membership interests of VAG were released to the Company. | |||||||||
The common stock that was issued had a fair value in the amount of $4,238. As a result the purchase price has been adjusted to $13,363. The original purchase price allocation prior to the amendment discussed above follows: | |||||||||
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 allocated as follows: | |||||||||
Accounts receivable | $ | 16 | |||||||
Leased mineral rights | 20,117 | ||||||||
Accounts payable | (1,007 | ) | |||||||
Royalties payable | (875 | ) | |||||||
Contigent consideration | (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 preparation plant located in Pike County, Kentucky. Pursuant to the unit purchase agreement, the Company agreed to pay $30,000 for the membership interests of VPP. The purchase price was to 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 207 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 16). 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 was included in the December Settlement Agreement discussed in Note 14. During June 2014, the full amount of $6,000 had been fully repaid through the December Settlement Agreement and the Company had been released. As of December 31, 2014, the balance of the senior secured promissory note is $8,400. | |||||||||
The common stock that was issued had fair value in the amount of $8,402. As a result the purchase 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 allocated as follows: | |||||||||
Accounts receivable | $ | 166 | |||||||
Property, Plant and Equipment | 9,650 | ||||||||
Goodwill | 28,007 | ||||||||
Accounts payable | (2,076 | ) | |||||||
Contigent consideration | (7,239 | ) | |||||||
Asset retirement obligations | (106 | ) | |||||||
$ | 28,402 | ||||||||
Contingent consideration is in the form of share proceed guarantees refer to Note 22. In relation to asset retirement obligations recorded in purchase accounting please refer to Note 18. During fiscal year 2014, the Company has recorded a goodwill impairment charge of $4,693. Refer to Note 7. For the convertible notes issued for the acquisition of the VPP refer to Note 16. | |||||||||
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 | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Unaudited | Unaudited | ||||||||
(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 | $ | (297,989 | ) | $ | (2,795,569 | ) | |||
Pro forma VAG | (297,328 | ) | (2,799,835 | ) | |||||
Pro forma VPP | (299,032 | ) | (2,799,731 | ) | |||||
Pro forma Total | $ | (302,200 | ) | $ | (2,821,583 | ) | |||
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 | |||||||
Note_6_Joint_Ventures
Note 6 - Joint Ventures | 12 Months Ended |
Dec. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 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 common share 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 ended December 31, 2014, the Company has recorded an allowance for doubtful accounts of $2,249 related to its due from joint ventures, as a result of the Company’s assessment of the recoverability of this receivable. For the year ended December 31, 2014, New Lead JMEG LLC had net loss of $384. As of December 31, 2014, New Lead JMEG LLC’s current assets were $2,832 and its current liabilities were $5,081. The carrying value of the joint venture is $0 and the Company may fund its continuing losses. | |
For the year ended December 31, 2013, the Company has recorded an impairment loss of $1,077 in respect of the 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 net 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, 2014, NewLead Mojave had a net loss of $366 which was comprised of $192 loss derived from its 50% investment in New Lead JMEG LLC and of $174 Interest and Finance Costs, respectively. No other transactions have taken place during this period. | |
For the year ended December 31, 2013, NewLead Mojave had a gain of $16 which was comprised of $287 gain derived from 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 net loss of $2,838 which was comprised of $2,469 loss derived from 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. |
Note_7_Goodwill
Note 7 - Goodwill | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||||
Goodwill Disclosure [Text Block] | 7. GOODWILL | ||||||||||||||||
As of | Acquisitions | Impairments | As of | ||||||||||||||
31-Dec-13 | 31-Dec-14 | ||||||||||||||||
Goodwill: | |||||||||||||||||
Shipping | $ | - | $ | 236 | $ | - | $ | 236 | |||||||||
Coal | 28,007 | - | - | 28,007 | |||||||||||||
Total goodwill | $ | 28,007 | $ | 236 | $ | - | $ | 28,243 | |||||||||
Accumulated impairment losses: | |||||||||||||||||
Shipping | $ | - | $ | - | - | $ | - | ||||||||||
Coal | - | - | (4,693 | ) | (4,693 | ) | |||||||||||
Total accumulated impairment losses | $ | - | $ | - | (4,693 | ) | $ | (4,693 | ) | ||||||||
Goodwill, net: | |||||||||||||||||
Shipping | $ | - | $ | 236 | - | $ | 236 | ||||||||||
Coal | 28,007 | - | (4,693 | ) | 23,314 | ||||||||||||
Total goodwill, net | $ | 28,007 | $ | 236 | (4,693 | ) | $ | 23,550 | |||||||||
On November 24, 2014, the Company completed the 100% acquisition of the companies Nepheli Marine Company, Aeolus Compania Naviera S.A. and Kastro Compania Naviera S.A., pursuant to the terms of a SPA, dated October 16, 2014 as amended November 24, 2014, between NewLead and Thalassa Holdings S.A (see Note 5). The acquisition was accounted for under the acquisition method of accounting and, accordingly, the assets acquired and liabilities assumed were recorded at their fair values. The excess of the fair value of total liabilities assumed and other consideration over total identifiable assets acquired resulted in a premium (goodwill) of $236. Refer to Note 5 for further details of the transaction. | |||||||||||||||||
On December 9, 2013, the Company acquired the membership units of VPP (see Note 5). The acquisition was accounted for under the acquisition method of accounting and, accordingly, the identifiable assets acquired and liabilities assumed were recorded at their fair values. The excess of the fair value of total liabilities assumed and other consideration over total identifiable assets acquired resulted in a premium (goodwill) of $28,007. Refer to Note 5 for further details of the transaction. | |||||||||||||||||
Goodwill Impairment | |||||||||||||||||
The Company evaluates goodwill, described above, for impairment using a two-step process. First, the aggregate fair value of the reporting unit was compared to its carrying amount, including goodwill. The Company determines the fair value based on discounted cash flow analysis. The fair value for goodwill impairment testing was estimated using the expected present value of future cash flows, and using judgments and assumptions that management believes were appropriate in the circumstances. | |||||||||||||||||
Shipping | |||||||||||||||||
The future cash flows from operations were determined by considering the charter revenues based on a number of factors relating to the remaining life of the vessels, including: (a) the 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 or, if the most likely use of the vessel would result in flows only through its disposal, the fair value of the vessel at the end of the reporting period and (d) market data for charter rates for oil tanker/asphalt carriers. Expenses were forecasted with reference to the historic absolute and relative levels of expenses the Company has incurred in generating revenue in each reporting unit, and operating strategies and specific forecasted operating expenses to be incurred are forecasted by applying an inflation rate of 2% considering the economies of scale due to the Company’s growth. The weighted average cost of capital (WACC) used was between 9% and 12%. As of December 31, 2014, no triggering event had occurred requiring an impairment to be recorded. For the years 2013 and 2012 no goodwill existed. | |||||||||||||||||
Coal | |||||||||||||||||
For Coal, the Goodwil only relates to the Company’s coal processing plant, VPP. The future cash flows from operations were determined by considering the monthly processing of 110 tons of raw coal in relation to VPP for a useful life of 12 years. For the years 2015 and 2016, the annual production is considered to be 30 tons and 83 tons, respectively, due to the future projection of the market for coal. Expenses were forecasted with reference to the historic absolute and relative levels of expenses the Company has incurred in generating revenue in each reporting unit, and operating strategies and specific forecasted operating expenses to be incurred are forecasted by applying an inflation rate of 2% considering the economies of scale due to the Company’s growth. The weighted average cost of capital (WACC) used was 12%. | |||||||||||||||||
The Company’s annual impairment test for coal business as of December 31, 2014, resulted in impairment of goodwill of $4,693, due to the sharp decrease in coal prices. As of December 31, 2013, no triggering event had occurred requiring an impairment to be recorded. No goodwill existed as of December 31, 2012. |
Note_8_Restricted_Cash
Note 8 - Restricted Cash | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Restricted Cash [Abstract] | |||||||||
Restricted Cash [Text Block] | 8. RESTRICTED CASH | ||||||||
Restricted cash, as of December 31, 2014 and December 31, 2013, was as follows: | |||||||||
As of | As of | ||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Credit cards deposits | 50 | - | |||||||
Standby letter of credit | 102 | - | |||||||
Letters of guarantee | 31 | 31 | |||||||
Long term restricted cash accounts | $ | 183 | $ | 31 | |||||
As of December 31, 2014, the Company retained letters of guarantee in the amount of $31, credit cards deposits of $50 and standby letter of credit amount of $102. As of December 31, 2014, the Company was under default regarding the minimum liquidity of $250 for the Portigon AG Credit Facility. Please refer to Note 15 for further details in respect of minimum liquidity. | |||||||||
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 15 for further details in respect of minimum liquidity. |
Note_9_Vessels_and_Other_Fixed
Note 9 - Vessels and Other Fixed Assets, Net | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | 9. 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 drybulk vessel, 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 purchase price was included in the December Settlement Agreement with Hanover, refer to Note 14. The vessel was delivered to the Company on September 16, 2014. | |||||||||||||||||||||
On May 19, 2014 and July 25, 2014, the Company completed the acquisition of two drybulk vessels, the Newlead Albion and the Newlead Venetico, through sale and leaseback agreements (refer to Note 17). | |||||||||||||||||||||
During November 2014, through the SPA with Thalassa Holdings S.A. (refer to Note 5), the Company acquired three oil tanker/asphalt carriers. In addition, the Company completed the acquisition of another two oil tanker/asphalt carriers through bareboat charter agreements (refer to Note 17). | |||||||||||||||||||||
Disposal of vessels | |||||||||||||||||||||
For all the vessels sold, see also Note 26 Discontinued Operations. | |||||||||||||||||||||
Impairment of vessels | |||||||||||||||||||||
For the year ended December 31, 2014, the Company’s impairment tests indicated an amount of $209 impairment for one of the vessels that were held and used as of December 31, 2014. | |||||||||||||||||||||
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. | |||||||||||||||||||||
The table below presents the movement of “Vessels and Other Fixed Assets, Net”: | |||||||||||||||||||||
Cost | Vessels | Leased Vessels | Dry docking and Special survey | Other fixed assets | Total | ||||||||||||||||
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 | |||||||||||
Additions | 43,097 | 47,554 | 668 | 19 | 91,338 | ||||||||||||||||
Loss on sale and leaseback | - | (1,150 | ) | - | - | (1,150 | ) | ||||||||||||||
Balance at December 31, 2014 | $ | 100,063 | $ | 46,404 | $ | 3,229 | $ | 1,048 | $ | 150,744 | |||||||||||
Accumulated Depreciation and Amortization | |||||||||||||||||||||
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 | ) | |||||||
Depreciation and Amortization for the period | (2,719 | ) | (737 | ) | (285 | ) | (50 | ) | (3,791 | ) | |||||||||||
Impairment loss (Note 3) | - | - | (209 | ) | - | (209 | ) | ||||||||||||||
Balance at December 31, 2014 | $ | (25,706 | ) | $ | (737 | ) | $ | (2,017 | ) | $ | (1,029 | ) | $ | (29,489 | ) | ||||||
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 | |||||||||||
Net book value — December 31, 2014 | $ | 74,357 | $ | 45,667 | $ | 1,212 | $ | 19 | $ | 121,255 | |||||||||||
Note_10_Property_Equipment_Min
Note 10 - Property, Equipment, Mine Development Costs, Owned and Leased Mineral Rights, Land and Buildings | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant, and Equipment and Intangible Assets [Text Block] | 10. 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 | ||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Production equipment | $ | 9,198 | $ | 9,030 | |||||
Mine development | 1,052 | 1,052 | |||||||
Total property, equipment and mine development costs | 10,250 | 10,082 | |||||||
Less accumulated depreciation | (781 | ) | (31 | ) | |||||
Total property, equipment and mine development costs, net | $ | 9,469 | $ | 10,051 | |||||
Owned and leased mineral rights, land and building, net consisted of the following: | |||||||||
As of | As of | ||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Land | $ | 490 | $ | 490 | |||||
Buildings | 266 | 132 | |||||||
Leased Mineral interests | 1,034 | 20,377 | |||||||
Total owned and leased mineral rights, land and building | 1,790 | 20,999 | |||||||
Less accumulated depreciation and depletion | (19 | ) | (22 | ) | |||||
Total owned and leased mineral rights, land and building, net | $ | 1,771 | $ | 20,977 | |||||
Leased mineral interests were reviewed for impairment due to changes in circumstances that indicated that the carrying amount of leased mineral interests may not be recoverable, according to the addendum dated December 31, 2014 (refer to Note 16). Recoverability is measured by a comparison of the carrying amount of leased mineral interests to the estimated future undiscounted cash flows expected to be generated by it. If the carrying amount exceeds its estimated future undiscounted cash flows, an impairment charge is recognized equal to the amount by which the carrying amount exceeds the fair value of leased mineral interests. | |||||||||
The future cash flows from operations were determined by considering the Company’s mining plan for one year. According to the plan, the Company expects to mine 205 tons in one year. Expenses were forecasted with reference to the historic absolute and relative levels of expenses the Company has incurred or has obtained after monitoring the market. | |||||||||
With effective December 31, 2014, an amendment to the VAG unit purchase agreement was executed with the seller which reduced the purchase price for the VAG membership interest to $3,300. The amendment resulted from the inability of the seller to extend the minerals lease that covered a significant portion of the subject minerals, which was one of the post-closing conditions of the acquisition, and due to a downturn in market conditions. As a result of the amendment, the Company was released from net liabilities (net of working assets assumed on the acquisition date) of $8,444, which includes the remaining amount due under the original promissory note of $4,500 and the related share proceed guarantee and accrued interest. The Company received a receivable from the seller for the remaining difference between the original purchase price of $15,000 and the revised purchase price of $3,300. The Company impaired the remaining difference between the total amount capitalized, net of release from liabilities and receivables received, and the discounted cash flows attributable to minerals leases that remained after the amendment, resulting in an impairment charge of $4,341 recorded as of December 31, 2014. In connection with the receipt of the receivable from the seller, the Company recorded a $6,558 allowance for doubtful accounts in Selling, General and Administrative Expenses. The Company has now settled the remaining balance of the $15,000 Note and it has been released and discharged from any liabilities whatsoever under the $15,000 Note. The Pledge Agreement was cancelled and consequently the membership interests of VAG were released to the Company. |
Note_11_Deferred_Charges_Net
Note 11 - Deferred Charges, Net | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Deferred Charges Net Disclosure [Abstract] | |||||
Deferred Charges Net Disclosure [Text Block] | 11. DEFERRED CHARGES, NET | ||||
The movement of the deferred charges, net, as of December 31, 2014 is as follows: | |||||
Financing Costs | |||||
Net Book Value at December 31, 2011 | $ | 5,742 | |||
Additions | 564 | ||||
Amortization | (1,781 | ) | |||
Write-offs | (3,952 | ) | |||
Net Book Value at December 31, 2012 | $ | 573 | |||
Additions | 376 | ||||
Amortization | (460 | ) | |||
Net Book Value at December 31, 2013 | $ | 489 | |||
Additions | 498 | ||||
Amortization | (158 | ) | |||
Net Book Value at December 31, 2014 | $ | 829 | |||
31-Dec-13 | 489 | ||||
Current | $ | 489 | |||
31-Dec-14 | 829 | ||||
Current | $ | 829 | |||
During 2014, the Company paid $498 to acquire Newlead Albion and Newlead Venetico, under their respective sale and lease back agreements (refer to Note 17). The amount refers to arrangement fees of 1% of the purchase price pursuant to the lease back agreements and legal fees. | |||||
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 (refer to Note 15). 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 (refer to Note 15). | |||||
As of December 31, 2012, the Company was in active negotiations with its lenders (see Notes 15 and 16). For indebtedness which the Company expected that the lender would call the debt, and neither a waiver nor a restructuring of the debt was 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. |
Note_12_Accounts_Payable_Trade
Note 12 - Accounts Payable, Trade | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounts Payable Trade [Abstract] | |||||||||
Accounts Payable Trade [Text Block] | 12. ACCOUNTS PAYABLE, TRADE | ||||||||
Accounts payable, trade, as of December 31, 2014 and 2013 were as follows: | |||||||||
As of | As of | ||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Suppliers | $ | 7,735 | $ | 4,944 | |||||
Shipyards | 223 | 22 | |||||||
Insurers | 697 | 1,516 | |||||||
Agents | 650 | 575 | |||||||
Business Acquisition Obligation | 5,682 | - | |||||||
Other creditors | 8,889 | 14,394 | |||||||
$ | 23,876 | $ | 21,451 | ||||||
During the years ended December 31, 2014 and 2013, excluding the shares issued to Hanover discussed in Note 21, the Company issued approximately 154,835 and 187 shares, respectively, to various vendors and related parties to settle outstanding invoices of approximately $13,295 and $9,700, respectively, including true up clauses. |
Note_13_Accrued_Liabilities
Note 13 - Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 13. ACCRUED LIABILITIES | ||||||||
Accrued liabilities as of December 31, 2014 and 2013 were as follows: | |||||||||
As of | As of | ||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Accrued interest | $ | 12,957 | $ | 6,650 | |||||
Accrued claims | 3,457 | 3,441 | |||||||
Other accrued expenses | 4,435 | 5,082 | |||||||
$ | 20,849 | $ | 15,173 | ||||||
Note_14_Share_Settled_Debt
Note 14 - Share Settled Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Disclosure [Text Block] | 14. SHARE SETTLED DEBT | ||||||||
As of | As of | ||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
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. 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 6 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 a certain period (the “Calculation 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 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 Hanover’s legal fees and expenses incurred which shall not exceed $50 by (B) the volume weighted average price over the calculation period. | |||||||||
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 7 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 7 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 11 VWAP Shares. Accordingly, since Hanover previously had received an aggregate of 12 Settlement Shares and Additional Settlement Shares, on the True-Up Date Hanover returned to the Company for cancellation 1 share 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. As a result of the agreement with Hanover, the Company recorded an aggregate expense of $1,051 in relation to the fair value of the liability, which is included in Loss from continuing operations. | |||||||||
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 55 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 a certain period (the “July Calculation 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, 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 Hanover’s legal fees and expenses incurred which shall not exceed $50 by (B) the volume weighted average price over the calculation period. | |||||||||
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 2013. | |||||||||
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 18 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 July Calculation Period, would not result in Hanover exceeding the beneficial ownership limitation set forth above. Accordingly, during the July Calculation Period, the Company issued and delivered to Hanover 18 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 75 VWAP Shares. Accordingly, since Hanover previously had received an aggregate of 55 July Initial Settlement Shares and 18 July Additional Settlement Shares, on the July True-Up Date the Company issued and delivered to Hanover an additional 3 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. As a result of the agreement with Hanover, the Company recorded an aggregate expense of $3,907 in relation to the fair value of the liability, which is included in loss from continuing operations. | |||||||||
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 70 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 a certain period (the “December Calculation 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, 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 Hanover’s legal fees and expenses incurred which shall not exceed $125 by (B) the volume weighted average price over the calculation period. 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 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. As a result of the agreement with Hanover, the Company recorded an aggregate expense of $26,864 in 2013 in relation to the fair value of the liability, which is included in loss from continuing operations. Such expense accrual resulted in a liability to Hanover amounting to $71,438 at December 31, 2013. | |||||||||
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. | |||||||||
The transactions above in substance represent a loan used to settle the Company’s past due creditors that will be repaid over a day term (or until the shares sold would equal to the each claim obligation) using the proceeds received from the sale of shares issued. Because the Company is required to issue as many shares as is necessary, the obligation represents a share settled debt that will be settled with a variable number of the Company’s shares. 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 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 transactions have been recorded at fair value, both initially and in subsequent periods. Changes in fair value are recorded through earnings. Fair value is determined based on the total number of shares that will be used to settle the amount of each claim obligation plus the commission due. Because the obligation represents share settled debt, as discussed above, the fair value of the obligation is equal to the fixed monetary amount due at inception. The fair value at inception will be each Claim Amount (at any reporting date) divided by applicable percentage of the trading volume weighted average price. | |||||||||
As of December 31, 2014, the December Settlement Agreement in the total amount $61,574 has been fully repaid through the issuance of 768,752 common shares including the December Settlement Shares. Such amount was $9,739 less than the liability to Hanover previously recorded, resulting in a gain of $9,739, which is included in interest and finance expense in 2014. |
Note_15_LongTerm_Debt
Note 15 - Long-Term Debt | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Long-term Debt [Text Block] | 15. LONG-TERM DEBT | ||||||||||||||||||||||||
Below is a summary of the long-term portion and current portion of long-term debt as at December 31, 2014 and 2013: | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
Description | Long-term | Current portion | Total | Long-term | Current portion | Total | |||||||||||||||||||
Piraeus Bank A.E. | $ | - | $ | 32,525 | $ | 32,525 | $ | - | $ | 32,525 | $ | 32,525 | |||||||||||||
Portigon AG | - | 24,215 | 24,215 | - | 24,781 | 24,781 | |||||||||||||||||||
Mojave Finance Inc | - | 3,000 | 3,000 | - | 3,000 | 3,000 | |||||||||||||||||||
Natixis | 7,707 | 4,598 | 12,305 | - | - | - | |||||||||||||||||||
Ending Balance | $ | 7,707 | $ | 64,338 | $ | 72,045 | $ | - | $ | 60,306 | $ | 60,306 | |||||||||||||
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, the holders of the 7% Notes set forth in Note 16 and the counterparties to the Company’s capital leases set forth in Note 26 (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. 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, 2014 and 2013, the Company was in default under its credit agreements with Piraeus Bank (CPB loan), Portigon AG and Mojave Finance Inc. Credit Facility. Since the Company’s lenders, as a result of defaults by the Company, 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 (excluding Natixis) as of December 31, 2014 and 2013 as current liabilities in its consolidated balance sheet. Lenders 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, 2014, the Company has performed all the payments of principal and interest with respect to the Natixis loan and as a result the long term portion of the loan has been classified as long term. | |||||||||||||||||||||||||
(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, 2014 and 2013, 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. | |||||||||||||||||||||||||
(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 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 an approximate effective interest rate of 6.32%, including the margin, during 2014. | |||||||||||||||||||||||||
On April 5, 2012, with the consent of Piraeus Bank, 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, 2014, the outstanding balance on such loan facility of $32,525 is fully payable. | |||||||||||||||||||||||||
(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 was 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). | |||||||||||||||||||||||||
During 2013, borrowings under this loan facility bore 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, 2014, 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, 2014, 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, 2014, the Company was in breach 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, 2014, 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, 2014, the Company was in breach of this covenant). As of December 31, 2014, the Company has defaulted on principal and interest payments. As of December 31, 2014, the outstanding balance was $24,215. | |||||||||||||||||||||||||
(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, 42 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. | |||||||||||||||||||||||||
(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 in 2012. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
(f) 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. | |||||||||||||||||||||||||
(g) 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. | |||||||||||||||||||||||||
(h) 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, 2014, the outstanding balance on such loan facility of $3,000 is fully payable. As of December 31, 2014, the Company has also defaulted in interest payments. Borrowings under this loan facility bore an approximate effective interest rate, including the margin, of 5.10%, during 2014. | |||||||||||||||||||||||||
(i) 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 10 common shares. The company was fully released and discharged from any liability and obligations arising from the loan agreement upon the issuance of the shares. However, there was a true up clause in order for the holder to request for additional shares in order to collect the full amount of the loan facility. The true up clause has expired during December 2014 according to the terms of the agreement. Refer to Note 22 for further details. | |||||||||||||||||||||||||
(j) Natixis | |||||||||||||||||||||||||
On November 24, 2014, the Company assumed a loan Agreement with Natixis, dated September 18, 2009, for a loan facility of up to $12,385 in relation to the three oil tanker/asphalt carriers, the Nepheli, Captain Nikolas I and the Sofia. The loan is payable in quarterly intervals up to October 16, 2015 for the Sofia, up to March 16, 2016 for the Captain Nikolas I and up to April 4, 2016 for the Nepheli. In addition the loan has balloon payments of $1,976 for the Sofia, $1,844 for the Nepheli and $2,722 for the Nikolas on the last payment date. After the balance sheet date the Company signed supplemental agreements in relation to the loan agreement. Please refer to Note 27 for more details. As of December 31, 2014, the outstanding balance was $4,598 as current debt and $7,707 as long term debt, after incorporating the new repayment schedules according to the supplemental agreements signed after the balance sheet date. | |||||||||||||||||||||||||
Joint Venture (26%) Loans | |||||||||||||||||||||||||
(k) 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. During 2014, the credit facility was repaid through the December Settlement Agreement and New Lead JMEG LLC was fully released. | |||||||||||||||||||||||||
(l) 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, Portigon AG and Natixis 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 include the following items: | |||||||||||||||||||||||||
Year ended | Year ended | Year ended | |||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Interest expense | $ | 10,684 | $ | 6,952 | $ | 8,125 | |||||||||||||||||||
Amortization of deferred charges | 159 | 460 | 5,624 | ||||||||||||||||||||||
Amortization of the beneficial conversion feature and warrant | 258 | 264 | 71,561 | ||||||||||||||||||||||
Hanover Holdings I LLC commission | (9,739 | ) | 31,982 | - | |||||||||||||||||||||
Other interest and finance expenses, net | 4,552 | 23,012 | 1,239 | ||||||||||||||||||||||
$ | 5,914 | $ | 62,670 | $ | 86,549 | ||||||||||||||||||||
The effective interest rate at December 31, 2014 was approximately 6.52% per annum (December 31, 2013: 4.95% and December 31 2012: 4.31%). Capitalized interest for the year ended December 31, 2014 amounted to $0 ($0 for the year ended December 31, 2013 and $20 for the year ended December 31, 2012, respectively). For the year ended December 31, 2014, other expenses include mainly financing expenses related to fair value adjustments on the convertible notes. For the year ended December 31, 2013, other expenses include mainly financing expenses is related 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 adjustments on the convertible notes in the amount of $513. |
Note_16_Convertible_Notes
Note 16 - Convertible Notes | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes [Text Block] | 16. CONVERTIBLE NOTES | ||||||||||||||||||||||||||||||||||||||||
7% Notes | 4.5% Note | Tiger Equity Note | 15% Note | 8% and 4.4% Notes | 12% Con.Deb and Notes | 10% Notes | VPP & VAG Note | Other Notes | Total | ||||||||||||||||||||||||||||||||
-1 | -2 | -3 | -4 | -5 | -6 | -7 | -8 | -9 | |||||||||||||||||||||||||||||||||
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 | 39,000 | - | 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 | ) | - | - | - | (21,675 | ) | - | (25,530 | ) | |||||||||||||||||||||||||||
Balance at December 31, 2013 | 65 | 62,500 | - | - | 1,525 | 361 | 20,000 | 17,200 | - | 101,651 | |||||||||||||||||||||||||||||||
Convertible Notes Issued / (Cancelled) | - | - | - | - | 12,358 | 6,776 | 5,940 | (4,500 | ) | 693 | 21,267 | ||||||||||||||||||||||||||||||
Amortization of the Beneficial Conversion Feature & Warrant | 17 | - | - | - | - | 241 | - | - | - | 258 | |||||||||||||||||||||||||||||||
Cash payments | - | - | - | (55 | ) | - | (250 | ) | - | - | (305 | ) | |||||||||||||||||||||||||||||
Warrants attached | - | - | - | - | - | (170 | ) | - | - | - | (170 | ) | |||||||||||||||||||||||||||||
Notes Converted to shares | - | - | - | (5,628 | ) | (932 | ) | (14,027 | ) | (4,300 | ) | (693 | ) | (25,580 | ) | ||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 82 | $ | 62,500 | $ | - | $ | - | $ | 8,200 | $ | 6,276 | $ | 11,663 | $ | 8,400 | $ | - | $ | 97,121 | |||||||||||||||||||||
Short term convertible notes | 82 | 62,500 | - | - | 2,927 | 6,276 | 5,500 | 8,400 | 85,685 | ||||||||||||||||||||||||||||||||
Long term convertible notes | $ | - | $ | - | $ | - | $ | - | $ | 5,273 | $ | - | $ | 6,163 | $ | - | $ | - | $ | 11,436 | |||||||||||||||||||||
The Company has performed the allocation of $85,685 of current and $11,436 of long term convertible notes. | |||||||||||||||||||||||||||||||||||||||||
(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 which after the reverse splits performed since the agreement date, the exercise price has been increased significantly in line with the reverse splits (“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 as purchasers. | |||||||||||||||||||||||||||||||||||||||||
All of the outstanding 7% Notes owned by Focus 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 with maturity date October 13, 2015, which after the reverse splits performed since the grant date, the exercise price has been increased significantly in line with the reverse splits, 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 2 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 236 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, 2014, $17 of the BCF was amortized and reflected as interest expense in the statements of operations ($13 for the year ended December 31, 2013, and $71,561 for the year ended December 31 2012). In addition, as a result of the agreement with Focus, the Company recorded an inducement loss of $293,109, which is included in Loss on extinguishment of convertible notes in 2012. Accordingly, in the aggregate, $100 of the 7% Notes remained outstanding as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014, the Company was not in compliance with its financial covenants on this indebtedness and had defaulted on five 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. | |||||||||||||||||||||||||||||||||||||||||
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 Shipping Holding Ltd (“Prime”)(an affiliate of Lemissoler Maritime Company W.L.L. (“Lemissoler”) ), 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) 98 common shares of the Company to Prime; and (ii) $50,000 aggregate principal amount of the Company’s 4.5% Senior Convertible Note due in 2022 issued to Prime (“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 common share 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 98 common shares of the Company for the outstanding balance and 1 common share 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 in 2012, which is included in Loss from discontinued operations. | |||||||||||||||||||||||||||||||||||||||||
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 4.5% Note above in substance represents 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. Because of this, ASC 480 requires the 4.5% Note be carried at fair value, with any subsequent changes in fair value recognized in 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 and at December 31, 2014 and 2013, the fair value of the 4.5% Note amounted to $62,500. As of December 31, 2014, the Company was not in compliance with the requirements of this indebtedness. | |||||||||||||||||||||||||||||||||||||||||
(3) Tiger Equity 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 was 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 85 common shares, including outstanding accrued interest. However, there was a true up clause obligation regarding the fair value of the shares issued. During 2014 the Company has repaid the true up clause obligation of the relative note. Refer to Note 22 for further details. The Company has been fully released. | |||||||||||||||||||||||||||||||||||||||||
(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 $922,500 per share at holder’s option, at any time and from time to time. During September, 2013 the Good Faith Note converted into 15 common shares, including outstanding accrued interest. The Company has been fully released. | |||||||||||||||||||||||||||||||||||||||||
(5) Financial Institutions 8% and 4.4% Notes | |||||||||||||||||||||||||||||||||||||||||
During December 2013, the Company issued convertible promissory notes to financial institutions totaling $1,470 (the "8% notes"). These 8% notes were due in one balloon payment during September 2014. Borrowings under these 8% notes bore a fixed interest rate of 8% per annum on the unpaid principal balance. These 8% notes were 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 were outstanding .As of December 31, 2014 the full amount of these 8% notes has been converted into shares. The Company has been fully released. | |||||||||||||||||||||||||||||||||||||||||
During January 2014, the Company issued convertible notes to Asher Enterprises Inc., for up to $207. These notes were due in October 2014 and November 2014 by the issuance of common shares, par value $0.01, at 65% of the average of the lowest 3 trading prices during 10 trading day period prior to the conversion date. The notes above in substance represents 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. Because of this, ASC 480 requires these notes be carried at fair value, with any subsequent changes in fair value recognized in earnings. The Company determined the fair value for these notes using the discount share conversion price of 35%. The fair value at inception will be the amount of $207 divided by 65%. Moreover, according to the clauses of the specific agreements, the holder of the note requested an additional default principal amount of $138. Borrowings under these notes bore fixed interest rate 8%. During July and August 2014, the notes have been fully converted. The Company has been fully released. | |||||||||||||||||||||||||||||||||||||||||
On February 26, 2014, May 12, 214, August 4, 2014 and August 18, 2014, the Company issued convertible promissory notes to financial institutions totaling $7,736 (the "8% notes"). These 8% notes are each due in one balloon payment on February 26, 2016, May 12, 2015, August 4, 2015 and August 18, 2015. 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, 2014 an amount of $207 of these 8% notes has been converted into shares and $2,305 has been paid in cash. The 8% notes above in substance represents 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. Because of this, ASC 480 requires the 8% notes be carried at fair value, with any subsequent changes in fair value recognized in earnings. The Company determined the fair value for the 8% notes using the discount share conversion price of 35%, the price at December 31, 2014 and the variable number of shares to be received. The fair value at inception was $11,901 based on dividing $7,736 by 65%. As of December 31, 2014, the amount of $8,200 is still outstanding to be converted. | |||||||||||||||||||||||||||||||||||||||||
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 was 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 was payable in monthly installments of $5 including interest. The note was collateralized by certain equipment. As of December 31, 2014, the full amount of the note has been paid and the Company has been fully released. | |||||||||||||||||||||||||||||||||||||||||
(6) 12% Convertible Debentures and Notes | |||||||||||||||||||||||||||||||||||||||||
On December 23, 2013 and January 3, 2014, the Company issued convertible debentures to Dominion Capital LLC, for up to $500. The Dominion debenture was due on December 23, 2014 and January 3, 2015. 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) $33,750 per share 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 debentures was outstanding. As of December 31, 2014, the full amount of both the Dominion debentures have been converted into shares. In addition the financial instruments of $400 that the Company recorded associated with the convertible debentures has been released according to the agreement with Dominion Capital LLC, refer also to Note 22. The Company has been released for the 12% convertible debenture dated December 23, 2013 along with the related attached warrants and the financial instrument. As of December 31, 2014, the warrants attached to the January 3, 2014 Dominion debenture are still outstanding, refer also to Note 22. | |||||||||||||||||||||||||||||||||||||||||
On May 14, 2014, the Company issued a promissory note to Pallas Management LLC for up to $5,000. Borrowings under this promissory note bear a fixed interest rate of 12% per annum on the unpaid principal balance. The promissory note has a maturity date of November 30, 2014, which was amended on November 14, 2014 to mature on November 30, 2015. This unsecured convertible note is converted into common shares at a conversion price 80% the average of the closing prices for the 10 trading days immediately prior but not including the date of issuance of the shares. As of December 31, 2014 the amount received from this unsecured convertible note was $5,000. Because the note is convertible into a variable number of shares, the Note is required to be carried at fair value pursuant to ASC 480 Fair value is determined by dividing the principal amount of $5,000 by 80%. | |||||||||||||||||||||||||||||||||||||||||
On October 24, 2014, the Company issued an unsecured convertible note to F&S Capital Partners Ltd. for up to $475. Borrowings under this unsecured convertible note bear a fixed interest rate of 12% per annum on the unpaid principal balance. The unsecured convertible note has maturity date October 23, 2015. This unsecured convertible note is convertible into common shares at a conversion price of the closing price the trading date immediately prior but not including the date of issuance of the shares. As of December 31, 2014 the amount received and outstanding of this unsecured convertible note was $26. | |||||||||||||||||||||||||||||||||||||||||
(7) 10% Notes | |||||||||||||||||||||||||||||||||||||||||
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 were due in 60 days by issuance of common shares par value $0.01 at a conversion price equal to the average of the closing prices for the 10 trading days immediately prior to but not including the date of issuance of the shares. The three notes were amended and the conversion price is equal to the closing price immediately prior to but not including the date of issuance of the shares and bear an interest rate of 10% and any accrued and unpaid interest is payable in quarterly installments concluding with the final instalments on final repayment date. Moreover, these unsecured convertible notes contain a true up clause for a period of five years. During 2014, the convertible note with Ray Capital Inc. was amended to be guaranteed by one of the Company’s vessels, Newlead Castellano. As of December 31, 2014, the convertible note with Ray Capital Inc has been fully converted and the true up clause liability is still outstanding, refer to Note 22. As of December 31, 2014, the convertible note with Tiger Capital Partners Ltd. has an amount of $472 still not converted in shares and a true up clause liability is still outstanding, refer to Note 22. As of December 31, 2014, the full amount of the convertible note with NM Dauphin & Company Limited remains outstanding. | |||||||||||||||||||||||||||||||||||||||||
During August and September 2014, the Company issued convertible notes to Oppenheim & Co. Limited, Oppenheim Capital Ltd and Cheyenne Holding Ltd, for up to $2,190, $2,500 and $1,250, respectively. These notes are due in August 2016 and September 2017 by the issuance of common shares, par value $0.01, at the trading price of the common shares prior to issuance. Borrowings under these 10% notes bear a fixed interest rate of 10% per annum on the unpaid principal balance and any accrued and unpaid interest is payable in quarterly installments concluding with the final installments on final repayment date. The notes with Oppenheim Capital Ltd and Cheyenne Holding Ltd were amended to be guaranteed by one of the Company’s vessels, Newlead Castellano. | |||||||||||||||||||||||||||||||||||||||||
(8) VAG and VPP 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 were due on December 31, 2014 by the option of wire transfer or issuance of common shares, par value $0.01. Borrowings under the Pallas Notes bear fixed interest rate of 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. On January 5, 2015 the conversion price of the $24,000 note was amended to be the closing price of the trading day immediately prior to the date of issuance of shares for the note of $24,000. As security for the $24,000 senior secured note Pallas Highwall Mining LLC pledged the 100% of the membership interest in Viking Prep Plant LLC, which were acquired through this senior secured note, has been pledged back to Pallas Highwall Mining LLC, until the full value of the note is received. | |||||||||||||||||||||||||||||||||||||||||
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 35 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. Effective December 31, 2014, an amendment to the VAG unit purchase agreement was executed with the seller which reduced the purchase price for the VAG membership interest to $3,300, as a result of the inability of the seller to extend the mineral lease that covered a significant portion of the subject minerals, which was one of the post-closing conditions of the acquisition, and due to a downturn in market conditions. During the fiscal year 2014, the obligations in respect of the note issued for the VAG acquisition, had been fully repaid and as a consequence the Company was released. | |||||||||||||||||||||||||||||||||||||||||
In relation to $24,000 senior secured note, the Company paid $10,000 of principal on the senior secured promissory note through issuing 207 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, 2014, the amount of the outstanding Pallas Notes outstanding is $0 and $8,400 respectively. During 2014, the Company issued 27,009,348 shares for the total amount of installments and accrued interest of $4,372. However, there is a true up clause regarding the fair value of the shares issued related to $24,000 senior secured note. Refer to Note 22 for further details. | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013, the amount of the outstanding Pallas Notes outstanding was $6,000 and $11,200, respectively. During 2013, the Company issued 114 shares for the total amount of installments and accrued interest of $6,020. | |||||||||||||||||||||||||||||||||||||||||
(9) Other Notes | |||||||||||||||||||||||||||||||||||||||||
During February 2014, the Company issued convertible notes to various financial institutions, for up to $450. These notes were due in February 2015 by the issuance of common shares, par value $0.01, at the 65% of the lowest reported sale price of the common stock for the twenty trading business days immediately prior to voluntary conversion date. Borrowings under these notes bore fixed interest rate of 10%. Because of this, ASC 480 requires these notes be carried at fair value, with any subsequent changes in fair value recognized in earnings. The Company determined the fair value for these notes by dividing the par amount of $450 by 65%. During October through December 2014, the notes were fully converted into shares and the Company has been fully released. |
Note_17_Lease_Obligations
Note 17 - Lease Obligations | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Sale Leaseback Transaction Disclosure [Text Block] | 17. LEASE OBLIGATIONS | ||||
Sale and Lease back | |||||
On March 10, 2014, the Company signed memorandum of agreement with an unrelated third party as amended on April 30, 2014 and May 19, 2014 to acquire Newlead Albion for the purchase price of $18,275. We paid to the third party the amount of $4,400. On May 12, 2014, the Company agreed to the Sale and immediate Leaseback of vessel Newlead Albion with HandyMar AS. Total consideration received for the sale and leaseback was $13,875 and the bareboat leaseback charter period, which started on May19, 2014, is five years. The Company retains a call option to buy the vessel back for approximately $13,488 in cash at the end of the lease term. The Company accounted for the sale and leaseback as a capital lease and recorded leased asset and lease obligations at $14,060 representing the present value of the minimum lease obligation. As of December 31, 2014 the outstanding lease obligation is $13,697. | |||||
The Company concluded that it has retained substantially all of the benefits and risks associated with Newlead Albion and has treated the transaction as a financing, resulting in an immediate loss of $525 (as the fair value of the vessel was below its carrying amount). | |||||
On March 10, 2014, we signed memorandum of agreement with an unrelated third party as amended April 30, 2014, to acquire Newlead Venetico for the purchase price of $18,500. We paid to the third party the amount of $4,625. On May 12, 2014, the Company agreed to the Sale and immediate Leaseback of vessel Newlead Venetico with HandyMar AS. Total consideration received for the sale and leaseback was $13,875 and the bareboat leaseback charter period, which started on July 25, 2014, is five years. The company retains a call option to buy the vessel back for approximately $13,485 in cash at the end of the lease term. The Company accounted for the sale and leaseback as a capital lease and recorded leased asset and lease obligations at $14,097 representing the present value of the minimum lease obligation. As of December 31, 2014, the outstanding lease obligation is $13,708. | |||||
The Company concluded that it has retained substantially all of the benefits and risks associated with Newlead Venetico and has treated the transaction as a financing, resulting in an immediate loss of $625 (as the fair value of the vessel was below its carrying amount). | |||||
As of December 31, 2014, the amount of the long term and short term obligations in relation to sale lease back obligations is $27,266 and the short term is $138, respectively. | |||||
Finance Leases | |||||
On October 23, 2014 and November 13, 2014, the Company agreed for two bareboat charter agreements for the vessels Ioli and Katerina L with Frourio Compania Naviera S.A. and Flegra Compania S.A., respectively. The Company has a purchase option to buy the vessel at any time during the charter and the Company has the obligation to buy the vessels at the end of the charter. The bareboat charter agreements mature on October 16, 2018. The minimum lease payments were $5,372 for vessel Katerina L and $5,407 for vessel Ioli, which did not exceed the fair value of the vessels. The Company concluded that it has retained substantially all of the benefits and risks associated with such vessels and has treated the transactions as financings. | |||||
As of December 31, 2014, the amount of the long term and short terms obligations in relation to capital leases is $5,519 and $5,087, respectively. | |||||
Annual Future Minimum Lease Payments | |||||
The annual future minimum lease payments under the capital leases and sale and lease back agreements for the vessels described above, assuming that the clauses of the respective lease agreements will be met, are as follows: | |||||
Description | Amount | ||||
31-Dec-15 | $ | 9,245 | |||
31-Dec-16 | 4,204 | ||||
31-Dec-17 | 3,806 | ||||
31-Dec-18 | 9,856 | ||||
31-Dec-19 | 28,312 | ||||
Total minimum lease payments | 55,423 | ||||
Less: imputed interest | (17,413 | ) | |||
Present value of minimum lease payments | 38,010 | ||||
Current portion of capitalized lease obligations | 5,225 | ||||
Long term capitalized lease obligations | $ | 32,785 | |||
Note_18_Asset_Retirement_Oblig
Note 18 - Asset Retirement Obligations | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Asset Retirement Obligation Disclosure [Abstract] | |||||
Asset Retirement Obligation Disclosure [Text Block] | 18. ASSET RETIREMENT OBLIGATIONS | ||||
As of December 31, 2014 and 2013, the Company has recorded asset retirement obligations for mine reclamation and closure costs totaling $1,050 and $979, respectively. The sites added during 2013 were through the acquisition of VAG and VPP (please see Note 5). | |||||
Changes in the asset retirement obligations were as follows: | |||||
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 | |||
Accretion for the period | 71 | ||||
Sites added during the period | - | ||||
Revisions in estimated cash flows | - | ||||
Expenditures for the period | - | ||||
Total asset retirement obligations at December 31, 2014 | $ | 1,050 | |||
Less current portion | - | ||||
Long-term portion | $ | 1,050 | |||
Note_19_Segment_Information
Note 19 - Segment Information | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | 19. SEGMENT INFORMATION | ||||||||||||||||||||||||||||||||
The Company has three reportable segments from which it derives its revenues: Coal, wet and dry operations, which are believed to be the appropriate segregation as opposed to segregation per geographical area. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The coal segment typically consists of coal processing services, while the wet and dry operations consist of transportation and handling of bulk cargoes, asphalt through ownership, operation, and management of vessels. | |||||||||||||||||||||||||||||||||
The Company measures segment performance based on loss from continuing operations. Summarized financial information concerning each of the Company's reportable segments is as follows: | |||||||||||||||||||||||||||||||||
Wet | Dry | Coal | Total | ||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||
Operating revenue | $ | 1,352 | $ | - | $ | 10,725 | $ | 7,140 | $ | 532 | $ | 203 | $ | 12,609 | $ | 7,343 | |||||||||||||||||
Commissions | (17 | ) | - | (1,149 | ) | (80 | ) | - | - | (1,166 | ) | (80 | ) | ||||||||||||||||||||
Voyage expenses | (469 | ) | - | (1,171 | ) | (1,006 | ) | - | - | (1,640 | ) | (1,006 | ) | ||||||||||||||||||||
Vessel operating expenses | (824 | ) | - | (5,699 | ) | (4,598 | ) | - | - | (6,523 | ) | (4,598 | ) | ||||||||||||||||||||
Costs of coal processing and other related coal costs | - | - | - | - | (3,035 | ) | (75 | ) | (3,035 | ) | (75 | ) | |||||||||||||||||||||
Selling, general and administrative expenses | (210 | ) | - | (28,886 | ) | (79,622 | ) | (14,451 | ) | (2,271 | ) | (43,547 | ) | (81,893 | ) | ||||||||||||||||||
Operating loss before depreciation and amortization and impairment losses | (168 | ) | - | (26,180 | ) | (78,166 | ) | (16,954 | ) | (2,143 | ) | (43,302 | ) | (80,309 | ) | ||||||||||||||||||
Depreciation, depletion and amortization expense | (179 | ) | - | (3,610 | ) | (2,807 | ) | (867 | ) | (53 | ) | (4,656 | ) | (2,860 | ) | ||||||||||||||||||
Impairment losses | - | - | (209 | ) | - | (9,034 | ) | - | (9,243 | ) | - | ||||||||||||||||||||||
Segment operating loss | (347 | ) | - | (29,999 | ) | (80,973 | ) | (26,855 | ) | (2,196 | ) | (57,201 | ) | (83,169 | ) | ||||||||||||||||||
Interest and finance expense, net | (517 | ) | - | (5,354 | ) | (62,397 | ) | 22 | (273 | ) | (5,849 | ) | (62,670 | ) | |||||||||||||||||||
Other income, net | 22 | - | 520 | 47 | 318 | - | 860 | 47 | |||||||||||||||||||||||||
Loss on sale and leaseback transaction | - | - | (1,150 | ) | - | - | - | (1,150 | ) | - | |||||||||||||||||||||||
Change in fair value of derivatives | (6 | ) | - | (4,743 | ) | 262 | - | (482 | ) | (4,749 | ) | (220 | ) | ||||||||||||||||||||
Loss from continuing operations | $ | (848 | ) | $ | - | $ | (40,726 | ) | $ | (143,061 | ) | $ | (26,515 | ) | $ | (2,951 | ) | $ | (68,089 | ) | $ | (146,012 | ) | ||||||||||
Total assets | $ | 31,708 | $ | - | $ | 99,682 | $ | 133,705 | $ | 58,933 | $ | 17,626 | $ | 190,323 | $ | 151,331 | |||||||||||||||||
Goodwill | $ | 236 | $ | - | $ | - | $ | - | $ | 23,314 | $ | 28,007 | $ | 23,550 | $ | 28,007 | |||||||||||||||||
Long lived assets | $ | 31,208 | $ | - | $ | 90,036 | $ | 35,063 | $ | 11,251 | $ | 31,032 | $ | 132,495 | $ | 66,095 | |||||||||||||||||
Segment Operating Revenue | |||||||||||||||||||||||||||||||||
The Company reports financial information and evaluates its revenues by industry. | |||||||||||||||||||||||||||||||||
During the year ended December 31, 2014, the Company derived 11% of its revenue from continuing operations from wet operations, 85% of its revenue from continuing operations from dry operations and 4% from coal industry. During the year ended December 31, 2013, the Company derived 97% of its revenue from continuing operations from dry operations 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. |
Note_20_Share_Based_Compensati
Note 20 - Share Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 20. SHARE BASED COMPENSATION | ||||||||||||
Equity Incentive Plan | |||||||||||||
The Company’s Second Amended and Restated 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 and March 13, 2013, the Board of Directors amended the Plan to increase the number of common shares reserved for issuance to better enable the Company to offer equity incentives to its officers, directors, employees and consultants. 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. The number of common shares available for issuance for 2014 and 2015 was 2,444,477 and 15,472,765, respectively. | |||||||||||||
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, 2014, 2013 and 2012 approximately 45,093,715, 20 and 34 shares, respectively, were granted to former employees, officers, executive officers, members of the board of directors and consultants, which vested upon issuance. For shares issued to third parties refer to Note 21 and for shares granted/issued after December 31, 2014, refer to Note 27. On May 12, 2014, the Company granted to its employees, directors, officers and consultants 77,856 common shares, as true up clause adjustments for the performance bonuses of 2011 and 2012, due to the significant decrease in value after the reverse splits. By a resolution of the Compensation Committee, a true up clause was approved, whereby the common shares issued are to be adjusted every ninety days for a period of three years, so that the aggregate value of the said common shares be always maintained as the aggregate value at the grant date less any collected amounts after the sale of the issued common shares by each individual. From January 1, 2014 to December 31, 2014, 28,858,203 common shares were issued under the true up clause, which vested upon issuance. On June 4, 2014, the Company granted to its employees, directors, officers and consultants 257,770 common shares, as equity bonus for 2013. During 2014, the Company issued 160,217 out of the 257,770 common shares, which vested upon issuance. By a resolution of the Compensation Committee, a true up clause was approved, whereby the common shares issued are to be adjusted every ninety days for a period of three years, so that the aggregate value of the said common shares be always maintained as the aggregate value at the grant date less any collected amounts after the sale of the issued common shares by each individual. From January 1, 2014 to December 31, 2014, 15,997,437 common shares were issued under the true up clause, which vested upon issuance. | |||||||||||||
On August 4, 2014, as a result of the fluctuation of the Company’s share price, it was approved for warrants to be issued to the Company’s existing employees, directors, officers and consultants, except for Michail Zolotas, in exchange for the common shares. Accordingly, on August 4, 2014, the Company issued to its respective employees, consultants, officers and directors, ten-year warrants to purchase in aggregate $7,745 worth of common shares, with an exercise price of $0.0001. The Company recorded the warrant liability at fair value of $7,745 with a corresponding charge to compensation expense. | |||||||||||||
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: for each year from 2012 until the end of 2016, they were entitled to an aggregate base salary of $1,450 and bonus of $1,450, which were to be paid in shares priced at $2,250,000 per share, resulting in an aggregate issuance of 2 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 1 and 1 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 of 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, 5 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 4 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 33 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 clause exercises, whereupon if the shares trading price is less than the share price at the date of the issuance of the Salary shares, additional shares are 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 grant date and recognizes the cost as expense on a straight-line basis over the requisite service period. | |||||||||||||
During the years ended December 31, 2014, 2013, and 2012, the Company recognized total compensation cost related to the Company’s restricted shares of $23,402, $25,193 and $2,412, respectively. | |||||||||||||
As a result of the alterations of NewLead’s share capital on October 17, 2013, December 6, 2013, March 6, 2014, May 15, 2014 and July 15, 2014, of 1−for−15, 1−for−3, 1−for−10, 1−for−50 and 1−for−50, respectively, the shares outstanding and non-vested as of January 1, 2012 and the shares granted, forfeited and vested during the years ended December 31, 2013 and 2012, have been reduced by 1,125,000 and the weighted average fair values have been increased by the same multiplier, which is considered either insignificant or incomparable for presentation purposes (one share per employee, officer, executive officer, member of the board of directors and consultant). As of December 31, 2013, no outstanding and non-vested NewLead’s common shares existed. During the year ended December 31, 2014 no shares were granted under the plan. | |||||||||||||
A summary of the activity relating to restricted common shares during the years ended December 31, 2014, 2013 and 2012 after the NewLead’s alterations of share capital on October 17, 2013, December 6, 2013 and March 6, 2014, of 1−for−15, 1−for−3 and 1−for−10, and before the NewLead’s alterations of share capital onMay 15, 2014 and July 15, 2014, of 1−for−50 and 1−for−50 is as follows: | |||||||||||||
Number | Weighted Average | Weighted Average | |||||||||||
of Shares | Fair Values | Vesting Period (Years) | |||||||||||
Outstanding and non-vested shares, as of January 1, 2012 | 4,294 | $ | 414 | 2.4 | |||||||||
Forfeited (3), (5) | (1,151 | ) | 409.5 | - | |||||||||
Vested (1), (2), (3), (4), (5) | (1,311 | ) | 373.5 | - | |||||||||
Outstanding and non-vested shares, as of December 31, 2012 | 1,832 | 445.5 | 2.9 | ||||||||||
Granted (6) | 39,541 | 285.85 | 0.8 | ||||||||||
Forfeited (3), (5) | (334 | ) | 359.03 | - | |||||||||
Vested (1), (3), (5), (6) | (41,039 | ) | 292.27 | - | |||||||||
Outstanding and non-vested shares, as of December 31, 2013 | - | - | - | ||||||||||
Outstanding and non-vested shares, as of December 31, 2014 | - | $ | - | - | |||||||||
-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 | 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 | 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 | |||||||||||||
As a result of NewLead’s alterations of share capital on October 17, 2013, December 6, 2013, March 6, 2014, May 15, 2014 and July 15, 2014, of 1−for−15, 1−for−3, 1−for−10, 1−for−50 and 1−for−50, respectively, two options remain outstanding and exercisable as of January 1, 2012 and December 31, 2012, 2013 and 2014. The weighted average exercise price was $36,137,142 per share option and the weighted average fair values $7,828,531. The weighted average vesting period was 3 years. | |||||||||||||
During the years ended December 31, 2014, 2013 and 2012 no share-based compensation cost was recognized, relating to the share options. | |||||||||||||
The weighted average contractual life of the share options outstanding as of December 31, 2014 was 4.6 years. | |||||||||||||
As of December 31, 2014, 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. |
Note_21_Common_Shares_and_Divi
Note 21 - Common Shares and Dividends | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 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, 2014, 2013 and 2012, the Company’s share capital was increased by approximately 45,101,260 shares, 40 shares and 3 shares, respectively (refer to Note 20). | |
As a result of the issuance of shares to various vendors and related parties to settle outstanding invoices or true up clauses during the year ended December 31, 2014, 2013 and 2012 the Company’s share capital was increased by approximately 115,102,465 shares and 187 and 10 shares respectively (refer to Note 12). | |
As a result of the issuance of shares for warrants exercised during the year ended December 31, 2014 and 2013, the Company’s share capital was increased by approximately 894,633 and 11 shares, respectively (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 42 shares (refer to Note 15). | |
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 15 shares (refer to Note 16). | |
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 85 shares (refer to Note 16). | |
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 10 shares (refer to Note 15). | |
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 1 share (refer to Note 16). | |
As a result of the Settlement Agreements with Hanover during the year ended December 31, 2014 and 2013, the Company’s share capital was increased by approximately 768,682 and 156 shares, respectively (refer to Note 14). | |
In relation to payments for both VAG and VPP acquisitions and related true up clauses during the year ended December 31, 2014 and 2013, the Company’s share capital was increased by approximately 27,009,348 and 357 shares, respectively (refer to Notes 5 and 16). | |
In relation to payments for convertible notes and related true up clauses during the year ended December 31, 2014, the Company’s share capital was increased by approximately 89,426,125 (refer to Notes 16). | |
In relation to advances for coal property during the year ended December 31, 2013, the Company’s share capital was increased by approximately 45 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 98 shares (refer to Note 16). | |
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 236 shares (refer to Note 16). | |
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 share (refer to Note 6). | |
As a result of the agreement that NewLead entered into with Lemissoler (refer to Note 16), the Company’s share capital was increased by approximately 1 share and 1 share, which were issued in January 2012 and in January 2011, respectively. | |
As of December 31, 2014, the Company has reserved 690,547,557 shares for the conversion of notes and liabilities outstanding as short term and long term. | |
Preference Shares | |
On March 4, 2014 (the “Effective Date”), the Company entered into a Share Subscription Agreement (the “SSA”) with Ironridge Global IV, Ltd. (“Ironridge”), and other related transaction documents, as defined therein related to the issuance of $25,000 in convertible, including Series A Preference Shares (the “Preference Shares”), Promissory Notes and an Irrevocable Letter of Instruction dated March 4, 2014 (together the “Transaction Documents”). 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 Company’s favor, the repayment of which was 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 promissory notes bore interest at a rate of 1.0% per annum. Pursuant to the Certificate of Designations with respect to the Preference Shares (the “Certificate of Designations”), the Preference Shares accrued cumulative dividends at a rate equal to 10.75% per annum, subject to adjustment as provided in the Certificate of Designations. The dividends were payable in cash or Company’s common shares (the “Common Shares”) at the Company’s option and upon conversion of the Preference Shares, such dividends have a guaranteed amount equivalent to dividend, meaning that Ironridge would be entitled to for the period of seven years after the Effective Date. 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 of $25,000 per Common Share, subject to adjustment as set forth in the Certificate of Designations, provided the respective promissory 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 had 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 could redeem the Preference Shares at the Liquidation Value plus the guaranteed dividends amounts, 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 would 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 preference shares did not have any voting rights. Series A Preference Shares and its guaranteed dividend is related to equity classified preference shares. The Company issued 2,750 shares of its designated Series A Preference Shares to Ironridge Global IV Ltd, for the purchase amount of $25,000. The Series A Preference Shares were redeemable at Company’s election within seven years at a price equal to $10,000 per share. The holder of the preference shares shall have the right to convert the shares of preference shares into common stock prior to the scheduled maturity dates at a price of $25,000 per share of common stock. Ironridge converted 750 preference shares into common shares. | |
During 2014, the Company issued 31,149,301 common shares in relation to the conversion of preference shares and payment of the guaranteed dividend amount. The fair value of the shares issued for the guaranteed dividend amount is $35,052. | |
On December 11, 2014, the Company and Ironridge signed a settlement agreement and release (the “Settlement Agreement and Release”) whereupon in the same instance the Transaction Documents were terminated and have no further force and effect. As a result, the Notes were cancelled with no further force and effect, any share reserve accounts previously requested by Ironridge were cancelled, and the unconverted preference shares were surrendered by Ironridge. | |
Dividends | |
During the years ended December 31, 2014, 2013, and 2012, 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. | |
During the year ended December 31, 2014, the Company paid dividends for preference shares as a result of the Ironridge conversion of preference shares. The dividends were paid in common shares and accounted for as stock dividends. | |
Alteration of share capital | |
On October 17, 2013 and on December 6, 2013, a 1 for15 and a 1 for 3 reverse stock splits of Company’s common shares were effected respectively, after the approval by our Board of Directors and by written consent of the majority of its shareholders. The reverse stock 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, consolidation of the Company’s common shares was effected at a ratio of a 1 for 10 after the approval by our Board of Directors and by written consent of the majority of its shareholders. Every ten common shares were consolidated into one common share, with a par value of $0.10 per share. In addition, on May 15, 2014 consolidation of the Company’s common shares was effected at a ratio of 1 for 50 after the approval by our Board of Directors and by written consent of the majority of its shareholders such that every 50 common shares of par value $0.10 per share were consolidated into one common share of par value of $5.00 per share. By the approval of our Board of Directors and by written consent of the majority of its shareholders, a reduction of issued share capital was effected by way of cancelling paid-up share capital to the extent of $4.99 on each issued common share, so that the par value of the common shares be reduced to $0.01; such being effective as of June 14, 2014. In addition, on July 15, 2014 consolidation of the Company’s common shares was effected at a ratio of 1 for 50 after the approval by our Board of Directors and by written consent of the majority of its shareholders. Every 50 common shares of par value of $0.01 were consolidated into one common share of par value of $0.50 per share. By the approval of our Board of Directors and by written consent of the majority of its shareholders, on October 24, 2014, a reduction in the par value of the common shares was effected from $0.50 to $0.01 by way cancelling paid-up share capital to the extent of $0.49 on each issued common share. There can be no assurance that the Company will not undertake further reverse splits or consolidations of its common shares subsequent to the filing of this report. With respect to the underlying common shares associated with share options and any derivative securities, such as warrants and convertible notes, as may be required by such securities where applicable, 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, 1:10 ratio, 1:50 ratio and 1:50 ratio for all periods presented. Due to such alterations in the Company's share capital numbers of common shares, earnings per share, common shares issuable upon conversion or exercise of convertible notes, warrants and share options have been adjusted retrospectively as well, where applicable. The accompanying consolidated financial statements for the years ended December 31, 2014, 2013 and 2012 including the notes to financial statements reflect these aforementioned alterations of share capital. |
Note_22_Financial_Instruments_
Note 22 - Financial Instruments Carried at Fair Value | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ||||||||||||||||||||||
Financial Instruments Disclosure [Text Block] | 22. FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE | |||||||||||||||||||||
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, share settled debt, notes, accounts payable, lease obligations and accrued liabilities. | ||||||||||||||||||||||
Fair Values | ||||||||||||||||||||||
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, lease obligations, share settled debt 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 | |||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||
Assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | 404 | $ | 404 | $ | 2,271 | $ | 2,271 | ||||||||||||||
Restricted cash | $ | 183 | $ | 183 | $ | 31 | $ | 31 | ||||||||||||||
Trade receivables, net | $ | 3,910 | $ | 3,910 | $ | 3,573 | $ | 3,573 | ||||||||||||||
Other receivables | $ | 3,520 | $ | 3,520 | $ | 3,224 | $ | 3,224 | ||||||||||||||
Liabilities | ||||||||||||||||||||||
Accounts payable, trade | $ | 23,876 | $ | 23,876 | $ | 21,451 | $ | 21,451 | ||||||||||||||
Current and Non Current portion of debt | $ | 72,045 | $ | 36,888 | $ | 60,306 | $ | 22,150 | ||||||||||||||
Current and Non Current portion of Convertible Notes | $ | 97,121 | $ | 97,121 | $ | 101,651 | $ | 101,651 | ||||||||||||||
Share settled debt | $ | - | $ | - | $ | 72,595 | $ | 72,595 | ||||||||||||||
Current and Non Current Capital lease obligations | $ | 38,010 | $ | 38,010 | $ | - | $ | - | ||||||||||||||
Financial instruments carried at fair value | $ | 39,300 | $ | 39,300 | $ | 20,491 | $ | 20,491 | ||||||||||||||
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 fair value of Company’s financial instruments and are categorized using the fair value hierarchy contained in ASC 820. 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 | ||||||||||||||||||||
Total Carrying | Total Fair | Identical Assets | Inputs | Inputs | ||||||||||||||||||
amount | Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | 2,271 | $ | 2,271 | $ | 2,271 | $ | - | $ | - | ||||||||||||
Restricted cash | $ | 31 | $ | 31 | $ | 31 | $ | - | $ | - | ||||||||||||
Liabilities | ||||||||||||||||||||||
Current portion of long-term debt | $ | 60,306 | $ | 22,150 | $ | - | $ | 22,150 | $ | - | ||||||||||||
Current and Non Current portion of Convertible Notes | $ | 101,651 | $ | 101,651 | $ | - | $ | 101,651 | $ | - | ||||||||||||
Share settled debt | $ | 72,595 | $ | 72,595 | $ | - | $ | - | $ | 72,595 | ||||||||||||
Financial instruments | $ | 20,491 | $ | 20,491 | $ | - | $ | 269 | $ | 20,222 | ||||||||||||
31-Dec-14 | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | 404 | $ | 404 | $ | 404 | $ | - | $ | - | ||||||||||||
Restricted cash | $ | 183 | $ | 183 | $ | 183 | $ | - | $ | - | ||||||||||||
Liabilities | ||||||||||||||||||||||
Current and Non Current portion of debt | $ | 72,045 | $ | 36,888 | $ | - | $ | 36,888 | $ | - | ||||||||||||
Current and Non Current portion of Convertible Notes | $ | 97,121 | $ | 97,121 | $ | - | $ | 97,121 | $ | - | ||||||||||||
Current and Non Current Capital lease obligations | $ | 38,010 | $ | 38,010 | $ | - | $ | 38,010 | $ | - | ||||||||||||
Financial instruments | $ | 39,300 | $ | 39,300 | $ | - | $ | - | $ | 39,300 | ||||||||||||
In relation to the current and non current portion of debt, the Company’s assessment included its evaluation of the estimated fair market values for each vessel, which is pledged under the debt, 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. | ||||||||||||||||||||||
Prior to December 31, 2014, the Company held swap agreements that trade in liquid markets, and as such, model inputs can generally be verified and do not involve significant management judgment. The respective swap agreement has been expired during September, 2014. Such instruments are typically classified within Level 2 of the fair value hierarchy. | ||||||||||||||||||||||
The Company’s financial 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 instruments 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. | ||||||||||||||||||||||
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 | 2014 | 2013 | |||||||||||||||
Piraeus Bank | 9/2/09 | 9/2/14 | $ | 37,400 | 4.08% | 3-month LIBOR | $ | - | $ | 269 | ||||||||||||
- | 269 | |||||||||||||||||||||
As of December 31, 2014 and 2013, the Company has defaulted on payments of interests on its swap agreement. The amount of interest is still outstanding and it is included in accrued liabilities in the consolidated balance sheets. The fair value of $269 in relation to the interest rate swap has been recorded in the 2014 consolidated statements of operations as a result of the expiration of the agreement during September, 2014. As a result, the amounts of $0 and $269 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. These amounts were a gain of $269, $498 and $564for the years ended December 31, 2014, 2013 and 2012, respectively and these are included in interest and finance expense in the consolidated statements of operations. The related asset or liability is shown under financial instruments in the balance sheet. | ||||||||||||||||||||||
Share Settled True Up Clauses | ||||||||||||||||||||||
During 2014 and 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 clauses or anti dilution rights. These rights require the Company to issue additional shares or pay through 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 share proceed guarantees and are effectively share settled 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 terms and conditions of the share proceed guarantees. | ||||||||||||||||||||||
The true up clause contained in the convertible notes are accounted for as embedded derivatives as they represent an option of the holder, to receive additional shares or cash if the Company’s share price on the date that the holder sells the shares received is less than the share price on the date the shares were issued. To determine the fair value of the share proceed guarantees embedded in the true up clauses of the convertible debt instruments, the Company used an American style option pricing model. At December 31, 2014, the key inputs in the model were: volatility of 309%, dividend rate of zero, a time at maturity ranging from 4.4 to 10 years, a stock price of $0.03 and an average risk free rate of 1.78%. The true up clause can be exercised when the shares issued for the settlement of the liability are sold by the holder. The holders’ options end through a range from January 2015 to December 2024. The convertible notes and loans with notional amount $500, $350 and $3,051 as of December 31, 2013, have expired or have fully been repaid during 2014. During January 2014, a financial instrument of $200 has been recorded in relation with the 12% Debenture with Dominion Capital LLC dated January 3 3014, which was released during July 2014 through the conversion of the respective debenture. The total change in fair value of financial instruments included in the consolidated statements of operations of $4,749 and $220 for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||
The true up clauses contained in the accounts payable settlement agreements represent freestanding financial instruments that meet the criteria of ASC 480 to be accounted for as variable share settled debt. Pursuant to the true up clause contained in the accounts payable settlement agreements, the Company must issue additional shares only when the counterparty provides evidence that the value received from the sales of the original issuance of shares, or subsequent issuances, is below the original amount due under the settlement agreements covered by such true up clauses. If the holder of the originally issued shares does not sell them during the period of the true up clause protection, which generally ranges from January, 2015 to May, 2019, or receives upon sale of those shares an amount greater than the original amount due, then no additional shares are required to be issued. Because of these terms, the true up clauses have been accounted for pursuant to ASC 480, which states that separate financial instruments that are settled through the issuance of a variable number of shares should be accounted for as liabilities at fair value, with changes in fair value recorded to earnings. The Company measures the fair value of these liabilities based on the amount originally due pursuant to the settlement agreement, less the cash proceeds received by counterparty contained in the notification of sales of originally issued shares at less than the settlement value. The accounting for the original issuance of shares was an increase in share capital and a decrease in additional paid in capital. When the Company receives notification of cash proceeds less than the settlement value, the amount of the cash proceeds received by the counterparty are recorded as a reduction in the liability and an increase in additional paid in capital. The new shares issued to the counterparty for the remaining obligation are recorded as an increase in shares capital and a reduction in additional paid in capital. Upon expiration of the true up clauses or the satisfaction through sale of shares issued by the counterparty, any remaining liability will be transferred to additional paid in capital. | ||||||||||||||||||||||
Information with respect to outstanding financial instruments recorded at fair value follows: | ||||||||||||||||||||||
Notional Amount | Fair Value | |||||||||||||||||||||
As of | As of | As of | As of | |||||||||||||||||||
Termination | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||
Financial Instruments | Date | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Vendors | From January 2015 through May, 2019 | $ | 13,378 | $ | 7,283 | $ | 13,378 | $ | 4,998 | |||||||||||||
Unsecured and Secured Convertible Notes | June, 2019 | 6,330 | - | 6,290 | - | |||||||||||||||||
Convertible Notes and Loans | December, 2014 | - | 500 | - | 200 | |||||||||||||||||
Convertible Notes and Loans | December, 2014 | - | 350 | - | 232 | |||||||||||||||||
Convertible Notes and Loans | December, 2023 | - | 3,051 | - | 3,018 | |||||||||||||||||
Stock based compensation | From March 2016 through June 2017 | 15,440 | - | 15,440 | - | |||||||||||||||||
Equity issuance related to VAG acquistion | 13-Sep-24 | - | 5,875 | - | 4,860 | |||||||||||||||||
Equity issuance related to VPP acquistion | 9-Dec-24 | 4,281 | 10,000 | 4,192 | 6,914 | |||||||||||||||||
$ | 39,429 | $ | 27,059 | $ | 39,300 | $ | 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 1 common share 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 with a maturity date of October 13, 2015 to purchase common shares which, after the reverse splits performed since the grant date, the exercise price has been increased significantly in line with the reverse splits. The six-year warrant was in respect 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 1common share with a strike price of $3,375,000. During 2012, the Company authorized the issuance to the third party of a ten-year warrant to purchase 1 common share for advisory services provided in connection with the Restructuring, with a strike price of $281,250 (provided however that the third party surrenders its existing 1 (six-year) and 1 (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 common share was issued. | ||||||||||||||||||||||
On December 31, 2012, the Company authorized the issuance to the third party of a ten-year warrant to purchase 2 common shares for advisory services provided in connection with the Restructuring, with a strike price of $281,250. 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 a ten-year warrant to purchase common shares in exchange for $6,400 with an exercise price of $450,000. The fair value of $6,122 of 15 warrants has been calculated based on the Binomial options pricing model method. The Company used this model because the warrants are exercisable 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 a ten-year warrant to purchase 4 common shares, with an exercise price of $13,050. On July 1, 2013 the Company issued to a third party a ten-year warrant to purchase 8 common shares, with an exercise price of $6,300. On September 24, 2013, the warrants were exercised and the Company issued an aggregate of 10 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 a two-year warrant to purchase 2 common shares in exchange for $250, with an exercise price of $168,750. 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 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 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%. This warrant was exercised during 2014 and a total of 79,419 common shares were issued. | ||||||||||||||||||||||
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 $0.01 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 a five-year warrant to purchase 3 common shares, with an exercise price of $43,750. 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 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%. The warrant has been surrendered by the third party according to an agreement dated June 30, 2014. | ||||||||||||||||||||||
On December 23, 2013, Company issued to a third party a five-year warrant to purchase 2 common shares, with an exercise price of $56,250. 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 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%. The warrant has been surrendered by the third party according to an agreement dated June 30, 2014. | ||||||||||||||||||||||
On January 1, 2014, the Company issued to a third party a ten-year warrant to purchase 819,670 common shares, with an exercise price of $0.025. The new warrant was fair valued as of December 31, 2013 at $1,415. The fair value has been calculated based on the Binomial options pricing model method. The Company used this model because the warrants are exercisable for a period of up to ten years. The assumptions utilized in the Binomial options pricing model for the warrants included a dividend yield of 0 % and an expected volatility of 183 %. The risk-free interest rate used was 3.040 %. This warrant was exercised during 2014 and a total of 815,214 common shares were issued. | ||||||||||||||||||||||
On January 3, 2014, Company issued to a third party a five-year warrant to purchase 3 common shares, with an exercise price of $43,750. The new warrant was fair valued as of January 3, 2014 at $113. The fair value has been calculated based on the Binomial options pricing model method. The Company used this model because the warrants are exercisable 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 183%. The risk-free interest rate used was 1.73%. | ||||||||||||||||||||||
On January 3, 2014, Company issued to a third party a five-year warrant to purchase 2 common shares, with an exercise price of $56,250. The new warrant was fair valued as of January 3, 2014 at $56. The fair value has been calculated based on the Binomial options pricing model method. The Company used this model because the warrants are exercisable 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 183%. The risk-free interest rate used was 1.73%. | ||||||||||||||||||||||
On April 10, 2014, Company issued to a third party a ten-year warrant to purchase 2,700,000 common shares, with an exercise price of $0.022. The new warrant was fair valued as of April 10, 2014 at $1,492. The fair value has been calculated based on the Binomial options pricing model method. The Company used this model because the warrants are exercisable 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 200%. The risk-free interest rate used was 2.65%. | ||||||||||||||||||||||
On August 4, 2014, the Company issued to its employees ten-year warrants to purchase $7,745 worth of common shares, with an exercise price of $0.0001 and recorded a compensation charge of $7,745. As the $7,745 represents a fixed amount payable in variable number of shares, the Company recorded the warrant liability at a fair value of $7,745 in the consolidated balance sheet at December 31, 2014. | ||||||||||||||||||||||
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 15, “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, 2014 and 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. |
Note_23_Commitments_and_Contin
Note 23 - Commitments and Contingent Liabilities | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||
Commitments and Contingencies Disclosure [Text Block] | 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 December 2014 and 2013, respectively, the Company recorded an ARO in the amount of $1,050 and $979, 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, 2014 were: | ||||||
31-Dec-15 | $ | 443 | ||||
31-Dec-16 | 450 | |||||
31-Dec-17 | 457 | |||||
31-Dec-18 | 464 | |||||
31-Dec-19 | 471 | |||||
Thereafter | 949 | |||||
$ | 3,234 | |||||
Coal Sale Purchase Agreements (CPAs) | ||||||
New Lead JMEG LLC, a joint venture affiliate entered in April 2012, into two Coal Sale Purchase Agreements with a third party located in Kentucky, USA, to purchase thermal coal, which is used in power plants for electricity generation and other industrial uses. Pursuant to various communications, the third party is not in the position to meet its contractual obligations under the CPAs. As a consequence, the Company considers the agreements as terminated. | ||||||
(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, 2014, the Company has provided in respect of all claims an amount equal to $3,457 ($3,441 as of December 31, 2013). Other than those listed below, there are no material legal proceedings to which the Company is a party: | ||||||
● | 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 Company accrues for the cost of environmental liabilities related to vessels 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. | ||||||
Other than as described above, the Company has not been involved in any legal proceedings which may have, or have had a significant effect on its financial statements, nor is the Company aware of any proceedings that are pending or threatened which may have a significant effect on its financial statements. | ||||||
Joint Venture (26%) Contingencies | ||||||
On June 21, 2013, New Lead JMEG LLC entered into a coal purchase agreement (the "CPA") with Transasia Commodities Limited ("Transasia") for a shipment of 110,000 metric tonnes of coal to be delivered mid July 2013. Transasia commenced proceedings before the Supreme Court of the State of New York against New Lead JMEG LLC, NewLead, Company’s Chairman Michail Zolotas and Mr. Jan Berkowitz, for non-performance of the CPA. Transasia demanded for the alleged breach of the CPA the approximate amount of $6,500. Up to this date, Transasia's claim has not been presented with much clarity and in terms of liability; it is questionable whether the loss can be quantified. Currently, there are ongoing discussions for settlement. The Company has recorded the appropriate accrual for possible loss related to this claim. The Company does not anticipate any amount in excess of the amount accrued, to be material to the financial statements, for possible loss related to this claim. |
Note_24_Taxation
Note 24 - Taxation | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Tax Disclosure [Text Block] | 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. | |||||||||
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 the coal business which is subject to taxation in the U.S., as of December 31, 2014, the Company had net operating loss carryforwards totaling approximately $13,494 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. 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, 2014 and 2013 were as follows: | |||||||||
As of | As of | ||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Net operating loss carryforwards | $ | 5,249 | $ | 275 | |||||
Property and Leased mineral rights | (486 | ) | (1,910 | ) | |||||
Goodwill | (684 | ) | - | ||||||
Acquisition Costs | 937 | 560 | |||||||
Interest payable | 660 | 158 | |||||||
Allowance for credit receivable | 2,551 | ||||||||
Notes payable | 2,194 | ||||||||
Financial instruments liability | - | 4,580 | |||||||
Asset retirement obligations | 83 | 381 | |||||||
Total deferred income tax assets, net | 10,504 | 4,044 | |||||||
Less valuation allowance | (10,504 | ) | (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, 2014 and 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 VPP, totaling approximately $142 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, 2014 and 2013 to that which would be determined by applying federal statutory rates to income before income taxes is as follows: | |||||||||
As of | As of | ||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Tax benefit at federal statutory rate (35%) | $ | (8,042 | ) | $ | (1,080 | ) | |||
Goodwill amortization | - | (20 | ) | ||||||
Goodwill impairment | 1,826 | - | |||||||
State tax benefit, net of federal impact | (896 | ) | (123 | ) | |||||
Other | 652 | - | |||||||
Change in valuation allowance | 6,460 | 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, 2014 and 2013, the tax year ended December 31, 2014 and 2013 were open for potential examination by Federal and state taxing authorities. No liabilities for uncertain income tax positions were recorded as of December 31, 2014 and 2013. |
Note_25_Transactions_Involving
Note 25 - Transactions Involving Related Parties and Affiliates | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 25. TRANSACTIONS INVOLVING RELATED PARTIES AND AFFILIATES |
Terra Stabile S.A./Terra Norma S.A. | |
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 and January 2014, the Company entered into 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, 2014, 2013 and 2012 was approximately $293, $308 and $346, respectively. During the year ended December 31, 2014, the Company issued, according to their respective settlement and subscription agreements, an aggregate of 4,620,108 shares which vested upon issuance, to settle true up clause obligations of 2013 liabilities with Terra Stabile and Terra Norma. During the year ended December 31, 2013, the Company issued, according to their respective settlement and subscription agreements, an aggregate of 9 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 share which was vested upon issuance, to settle outstanding liabilities of $553 with Terra Stabile and Terra Norma. | |
Aurora Properties Inc. | |
During the year ended December 31, 2014, the Company issued 3,085,819 common shares to settle true up clauses liabilities of 2013 and 2012. During the year ended December 31, 2013, the Company issued 8 common shares to settle $548 for various administrative services provided by Aurora Properties Inc., which is directed by Michail Zolotas, the Company’s Chairman, Chief Executive Officer and member of the Company’s Board of Directors. The settlement agreements with Aurora Properties Inc. contain true up clauses which are discussed in Note 22. | |
Affiliates | |
On April 11, 2012 the Company established New Lead JMEG LLC, through one of our wholly-owned subsidiaries, NewLead Holdings (US) Corp 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. In any and all contracts relating to coal mining and sales of coal in the United States, under the joint venture operations, 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 to act on behalf of us in the negotiation of deals related to coal-bearing properties in the United States. For more details for these transactions refer to Note 6. |
Note_26_Discontinued_Operation
Note 26 - Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 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 for all periods presented. | |||||||||||||
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 15). 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 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 cash flows. | |||||||||||||
Vessels under construction | |||||||||||||
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 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 totaled $5,492. 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 16). | |||||||||||||
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, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Operating Revenues | $ | - | $ | - | $ | 14,187 | |||||||
Net income / (loss) | $ | 2,934 | $ | (11,422 | ) | $ | (1,800 | ) | |||||
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 net income in year ended December 31, 2014, was mainly due to claims and credit notes received by the Company. |
Note_27_Subsequent_Events
Note 27 - Subsequent Events | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Subsequent Events [Abstract] | ||||||
Subsequent Events [Text Block] | 27. SUBSEQUENT EVENTS | |||||
a) Common Shares, Restricted Common Shares and Warrants | ||||||
During the period from January 1, 2015 until May 13, 2015, the Company issued an aggregate of 84,201,648 common shares, for the repayment of the true up clauses or share proceed guarantee and conversion of convertible notes. | ||||||
During the period from January 1, 2015 until May 13, 2015, the Company issued an aggregate of 15,902,150 common shares, for the repayment of the acquisition of the companies Nepheli Marine Company, Aeolus Compania Naviera S.A. and Kastro Compania Naviera S.A., pursuant to the terms of a SPA, dated October 16, 2014 as amended November 24, 2014, between NewLead and Thalassa Holdings S.A. | ||||||
During the period from January 1, 2015 until May 13, 2015, a cancellation of 10,934 common shares was performed. | ||||||
During the period from January 1, 2015 until May 13, 2015, the Company issued an aggregate of 16,122,606 common shares, for the conversion of the 8% secured convertible redeemable note with Toledo Advisors dated April 20, 2015 | ||||||
b) Lease Agreements | ||||||
On January 1, 2015, 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. | ||||||
In addition, on January 7, 2015, the Company amended its office and warehouse rental agreements with Terra Stabile, which is controlled by Michail Zolotas, the Company’s Chairman, Chief Executive Officer and member of the Company’s Board of Directors. According to the amendments, the aggregate monthly rate of approximately €30.267 was reduced to approximately €17.131 for the next three years. | ||||||
31-Dec-15 | $ | 271 | ||||
31-Dec-16 | 250 | |||||
31-Dec-17 | 250 | |||||
31-Dec-18 | 437 | |||||
31-Dec-19 | 443 | |||||
Thereafter | 895 | |||||
$ | 2,546 | |||||
c) Charter Agreements | ||||||
On February 4, 2015, the Company signed a contract of affreightment for the Katerina L for the transportation of ten consecutive voyages, or at the Charterer’s option up to sixteen consecutive voyages, for minimum of 3,100 tons per voyage within a ten month period. | ||||||
On February 24, 2015, the Company signed a contract of affreightment for the Newlead Markela for the transportation of eleven consecutive voyages for average 64,000 tons per voyage within a twelve month period. | ||||||
On February 27, 2015, the Company has entered into one year time charter agreement, beginning March 7, 2015 for Ioli. The Charterers, have the option to extend the time charter contract for up to four additional one year periods. | ||||||
d) New Convertible Notes and Debentures and Waivers | ||||||
On January 5, 2015, the Company signed an addendum to the $24,000 senior secured note, in order to extend the maturity date to August 31, 2015 and a waiver with Pallas Management LLC until July 31, 2015. | ||||||
On January 14, 2015, the Company issued an unsecured convertible note of the amount of $1,680 to a third party in consideration of success fee for advising the Company on strategic alliances mergers acquisitions and coordinating and evaluating indications of interest and proposals regarding various transactions. | ||||||
On February 26, 2015, the Company received an amount of $4,250 in relation to a senior secured convertible redeemable debenture dated December 31 2014, but effective on February 26, 2015. The maturity date of the senior secured convertible redeemable debenture is February 24, 2017. The senior secured convertible redeemable debenture is payable in immediately available and lawful money of United States dollars by later than February 24, 2017. The senior secured convertible redeemable debenture can be also converted in an amount of shares equal to the converted amount divided by 85%the average daily volume weighted average price of the Company’s common stock during the five trading days immediately prior to the conversion date. In the event that the Company’s common stock is traded on NASDAQ, NYSE MKT or NYSE, then the percentage shall be 95%. Borrowings under this senior secured convertible redeemable debenture bear a fixed interest rate of 10.5% per annum on the unpaid principal balance. Part of the specific senior secured convertible redeemable debenture has been used for the repayment of the loan facility with Natixis in respect of Sofia vessel. In addition, the Company has issued with the same third party three senior secured convertible redeemable debentures of total amount of $1,800 with duration 12, 18 and 24 months respectively, in consideration of investment, banking and advisory services. | ||||||
On March 2, 2015, the Company issued an unsecured convertible note of the amount of $150 to a third party in consideration of past due services. The maturity date of the unsecured convertible note is March 2, 2016. Borrowings under this unsecured convertible note bear a fixed interest rate of 2% per annum on the unpaid principal balance. | ||||||
On March 3, 2015, the Company signed an addendum with Cheyenne Holding Ltd., in order to amend the payment of the accrued and paid interest on the note in quarterly installments and that the payment of the accrued and unpaid interest to be payable on the maturity date of the note. | ||||||
On March 16, 2015, the Company signed an addendum with Oppenheim Capital Ltd. and Oppenheim & Co Limited , respectively in order to amend the payment of the accrued and paid interest on the note in quarterly installments and that the payment of the accrued and unpaid interest to be payable on the maturity date of the note. | ||||||
On March 17, 2015, the Company and Tiger Capital Partners Ltd. signed an addendum in order to amend the payment of the accrued and paid interest on the note in quarterly installments and that the payment of the accrued and unpaid interest to be payable on the maturity date of the note. | ||||||
On April 8, 2015, the Company signed an addendum with Ray Capital Inc. and NM Dauphin & Company Limited, respectively, in order to amend the payment of the accrued and paid interest on the note in quarterly installments and that the payment of the accrued and unpaid interest to be payable on the maturity date of the note. | ||||||
On April 20, 2015, F&S Capital Partners Ltd. entered into a Note Purchase Agreement with Toledo Advisors LLC, a Nevada limited liability company, whereby Toledo Advisors LLC acquired a portion of $100 of the Note held by F&S Capital Partners Ltd. for the principal amount of $1,010 and dated August 4, 2014. To this end, Toledo Advisors LLC holds an 8% Secured Convertible Redeemable Note for the principal face amount of $100 payable on April 20, 2016. | ||||||
On April 30, 2015, the Company issued an unsecured convertible note of the amount of $500 to a third party with due date April 30, 2017. Borrowings under this unsecured convertible note bear a fixed interest rate of 8% per annum on the unpaid principal balance. The amount received by the Company as of the date of the report is $150. | ||||||
e) Amendments to loan agreements and Defaults | ||||||
On January 14, 2015 an amendment to the loan agreement with Natixis has been signed in order to change the repayment schedule. In relation to Sofia vessel the outstanding loan as of December 31, 2014 would be paid in10 repayment installments, one such installment to be repaid on each of the following repayment dates: (i) January 16, 2015; and (ii) each of the dates falling at one (1) monthly intervals after January 16, 2015 up to and including October 16, 2015. Subject to the provisions of this agreement and the amount of each of the first to the ninth installments shall be $23 and the amount of the tenth and final installment shall be $3,327 (comprising (i) a repayment installment of $23 (ii) a balloon payment of $2,439 and (iii) the Sofia deferred installments of $865). In relation to the Nikolas vessel, the outstanding balance as of December 31, 2014 will be paid in15 repayment installments, one such installment to be repaid on each of the following repayment dates: (i) January 16, 2015; and (ii) each of the dates falling at one (1) monthly intervals after January 16, 2015 up to and including March 16, 2016; Subject to the provisions of this agreement and, the amount of each of the first to the fourteenth installments shall be $31 and the amount of the fifteenth and final installment shall be $4,767 (comprising (i) a repayment installment of $31, (ii) a balloon payment of $3,545 and (iii) the Nikolas deferred installments of $1, 191). In relation to Nepheli vessel the outstanding loan as of December 31, 2014 would be paid in 16 repayment installments, one such installment to be repaid on each of the repayment dates relevant: i) January 16, 2015; and (ii) each of the dates falling at one (1) monthly intervals after January 16, 2015 up to and including March 16, 2016;(iii) finally, April 4, 2016. Subject to the provisions of this agreement and, the amount of each of the first to the fifteenth installments shall be $21 and the amount of the sixteenth and final installment shall be $3,253 (comprising (i) a repayment installment of $21, (ii) a balloon payment of $2,425 and (iii) the Nepheli deferred instalments of $807). | ||||||
On February 20, 2015 an amendment to the loan agreement with Natixis has been signed in order to repay the full amount of Sofia vessel and change the repayment schedule for the other two vessels. The full repayment of Sofia vessel has been performed on February 26, 2015. In relation to Nikolas vessel, the amount of each of the first to the twelfth installments shall be $35 and the amount of the thirteenth and final installment shall be $4,490 (comprising (i) a repayment installment of $35 (ii) a balloon payment of $3,263 and (iii) the Nikolas deferred installments of $1,192). In addition, the Company has agreed to repay an amount of $295 by no later than December 31, 2015. In relation to Nepheli vessel, the amount of each of the first to the thirteenth installments shall be $25 and the amount of the fourteenth and final installment shall be $3,072 (comprising (i) a balloon payment of $2,265; and (ii) the Nepheli deferred installments of $807). In addition, the Company has agreed to repay an amount of $205 by no later than December 31, 2015. | ||||||
In May 2015, the Company received a default letter in respect of the said sale and lease agreements requesting the monthly payment for May 2015, which was due on April 30, 2015. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Basis of Accounting, Policy [Policy Text Block] | 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). | ||
Consolidation, Policy [Policy Text Block] | 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, Policy [Policy Text Block] | 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 and Translations Policy [Policy Text Block] | 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. | ||
Cash and Cash Equivalents, Policy [Policy Text Block] | 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 coal business operations the Company maintains cash deposits with financial institutions that, at times, may exceed federally insured limits. As of December 31, 2014, cash balances exceeded federally insured limits by approximately $2. As of December 31, 2013, cash balances exceeded federally insured limits by approximately $1,542. | ||
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | 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 collateral, 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. In relation to the coal business, restricted cash refers to standby letter and purchase cards. | ||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | 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 both December 31, 2014 and December 31, 2013 amounted to $2,429, and relates to the shipping business. Other receivables relate mainly to claims for hull and machinery and loss of hire insurers, guarantees, notes receivable, 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. Other receivables are net of an allowance of $6,558. | ||
Inventory, Policy [Policy Text Block] | Inventories: | |
Inventories, which comprise bunkers and lubricants remaining on board the vessels at year end, are valued at the lower of cost as determined using the first in-first out method or market value. | ||
Coal inventories, if any, 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, if any, 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 Method Investments, Policy [Policy Text Block] | 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 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 2014, the Company recorded an allowance for doubtful accounts of $2,249 relating to the recoverability of part of the amounts due from New Lead JMEG LLC receivable balances. 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. | ||
Property, Plant and Equipment, Policy [Policy Text Block] | 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. | ||
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 | |
Property, plant and equipment for the coal industry 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. | ||
Discontinued Operations, Policy [Policy Text Block] | 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, 2014, 2013 and 2012, a total of twenty vessels and hulls have been reported as discontinued operations (see Note 26). | ||
Accounting for Special Survey and Dry Docking Costs [Policy Text Block] | 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. The balance is included in the Vessels and other fixed assets, net. | ||
Mining Exploration and Development Costs [Policy Text Block] | Mining Exploration and Development Costs: | |
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 2014 and 2013 related to the properties. Certain expenditures, such as expenditures for general purpose equipment, may be capitalized, subject to management evaluation of the possible impairment of the asset. | ||
The Company expenses 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. Amortization expense of mine development costs is included in depreciation, depletion and amortization on the accompanying consolidated financial statements. | ||
Explorationstage Company [Policy Text Block] | 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 2014 and 2013 related to the properties. Certain expenditures, such as expenditures for general purpose equipment, may be capitalized, subject to management evaluation of the possible impairment of the asset. | ||
Owned and Leased Mineral Rights [Policy Text Block] | Owned and Leased Mineral Rights,net: | |
Costs 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. The Company currently has no depletion expense. | ||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-lived Assets: | |
Long-lived assets and finite lived 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 (d) the likelihood of the sale of the asset group and (e) market data for the oil tanker/asphalt carriers. 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, 2014, 2013, and 2012, when certain vessels were disposed of, and (ii) as of December 31, 2014, 2013 and 2012. For the year ended December 31, 2014, the Company recorded an impairment charge totaling $209 in continuing operations on one of its vessels that were held and used as of December 31, 2014. 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, for the year ended December 31, 2012, an impairment charge in continuing operations of $1,143 was recorded on back log assets. | ||
The Company’s impairment assessment as of December 31, 2014, 2013 and 2012, indicated that the vessels’ undiscounted projected net operating cash flows, excluding the vessel for which impairment was recorded, were in excess of their carrying values by more than 45%, 55% and 60%, respectively. | ||
CoalSegment | ||
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, 2014, the Company recorded an impairment charge totalling $4,341 in respect of leased mineral rights related to coal business operations. For the year ended December 31, 2013, the Company did not record an impairment charge in respect of its coal business operations. | ||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | 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 identifiable 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 acquisitions occurring close to year end. During 2014, in respect of the 100% acquisition of the companies Nepheli Marine Company, Aeolus Compania Naviera S.A. and Kastro Compania Naviera S.A., goodwill was recorded in the amount $236 (Note 7). During 2013, in respect of the acquisition of Viking Prep Plant LLC, goodwill was recorded in the amount $28,007 (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, 2014, due to the sharp decrease in coal prices a goodwill impairment charge of $4,693 was recorded (Note 7). As of December 31, 2013, no triggering event had occurred requiring an impairment to be recorded. As of December 31, 2012 no goodwill existed. | ||
Backlog Asset and Deferred Charter Revenue [Policy Text Block] | Backlog Asset/Deferred Charter Revenue: | |
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. | ||
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. | ||
Commitments and Contingencies, Policy [Policy Text Block] | 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, Policy [Policy Text Block] | 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 for operations that are not currently being reclaimed, the offset is capitalized by increasing the carrying amount of the related long-lived asset. When the liability is initially recorded at operations that are currently being reclaimed, the offset is recorded to cost of coal sales. | ||
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. | ||
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | Accounting for Available for Sale Investments: | |
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. For the year ended December 31, 2014, the investment that was accounted for as available for sale has been sold and a total amount of $31 has been realized as loss in consolidated statements of operations. Total proceeds from the sale of the available for sale securities were $497. The securities were registered in the Korea Stock exchange and were sold at the fair value of the securities at the date of sale. A total amount of $6 was reclassified out of accumulated other comprehensive income into earnings, since until the date of the sale of the securities there was a reduction in value of $28 recorded in the accumulated other comprehensive income. 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 comprehensive loss. | ||
Lease, Policy [Policy Text Block] | 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 to the Company upon expiration of the lease. | ||
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. | ||
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative expenses: | |
Selling, general and administrative expenses include payroll and personnel related expenses, board remuneration, executive officers compensation, directors and 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, 2014, 2013 and 2012, total share based compensation was $23,402, $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) and $2,412, 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 warrant 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 coal property acquisitions that were not finalized. | ||
Debt, Policy [Policy Text Block] | 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 Expense, Policy [Policy Text Block] | 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. | ||
Revenue Recognition, Policy [Policy Text Block] | 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. Revenues from the technical and the operational management of vessels owned by a third party are not considered significant ($449, $591 and $474 during the years ended December 31, 2014, 2013 and 2012, respectively). | ||
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. | ||
Coal Segment | ||
For its coal operations, the Company earns revenues primarily through the processing of coal. The Company recognizes revenue from the processing of coal when 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. Revenue from coal processing is recognized upon completion of the service, which generally occurs when the proceeded coal is delivered back to the customers. | ||
The coal sales, if any, are 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. | ||
Voyage Expenses [Policy Text Block] | 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 and agency fees. | ||
Vessel Operating Expenses [Policy Text Block] | 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 [Policy Text Block] | 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. | ||
Maintenance Cost, Policy [Policy Text Block] | 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. | ||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments (True up clauses and interest rate swap agreements): | |
Financial instruments are recognized in the balance sheets at their fair values as either assets or liabilities. Changes in the fair value of financial instruments that are designated and qualify as cash flow hedges, and that are highly effective, are recognized in other comprehensive income. If financial instruments 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. | ||
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. | ||
Historically, 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, respectively. As of December 31, 2014, the interest rate swap agreements had expired. As of December 31, 2013, the interest rate swap agreements were fair valued at $269. | ||
During 2014 and 2013, the Company entered into several settlement agreements with various vendors, issued convertible notes and compensated employees containing true up clauses, or share proceed guarantees and as a result the Company recorded such liabilities at fair value of $39,300 and $20,222 respectively (see Note 22). | ||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based Compensation: | |
The Company measures 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 [Policy Text Block] | 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. | ||
Segment Reporting, Policy [Policy Text Block] | 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 three reportable segments, the dry segment for the dry bulk vessels and the wet segment for the oil tanker/asphalt carriers in relation to the shipping business and the coal business segment. | ||
Business Combinations Policy [Policy Text Block] | 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. 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 identifiable 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. | ||
Earnings Per Share, Policy [Policy Text Block] | 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 during the periods after giving retroactive effect to reverse stock splits. 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 Tax, Policy [Policy Text Block] | Income Taxes | |
The Company is subject to income taxes under subchapter C of the Internal Revenue Code in relation to the 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, 2014, the tax years ended December 31, 2014 and 2013 were open for potential examination by taxing authorities. No liabilities for uncertain income tax positions were recorded as of December 31, 2014 and 2013. |
Note_2_Subsidiaries_Included_i1
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Subsidiaries Included In Consolidated Financial Statements [Abstract] | |||||||||||||||
Subsidiaries Included in the Consolidated Financial Statements [Table Text Block] | Country of | Nature / | Statement of operations | ||||||||||||
Company Name | Incorporation | Vessel Name | 2014 | 2013 | 2012 | ||||||||||
1 | Altius Marine S.A. | Marshall Islands | Dissolved (1) | — | — | — | |||||||||
2 | Fortius Marine S.A. | Marshall Islands | Dissolved (1) | — | — | — | |||||||||
3 | Ermina Marine Ltd. | Marshall Islands | Dissolved (2) | — | — | — | |||||||||
4 | Chinook Waves Corporation | Marshall Islands | Dissolved (3) | — | — | — | |||||||||
5 | Compass Overseas Ltd. | Bermuda | Vessel owning company (4) | — | — | 1/1/2012 — 01/31/2012 | |||||||||
6 | Compassion Overseas Ltd. | Bermuda | Vessel owning company (4) | — | — | 1/1/2012 — 01/31/2012 | |||||||||
7 | Australia Holdings Ltd. | Liberia | Vessel owning company (5) | — | — | 1/1/2012 — 01/31/2012 | |||||||||
8 | Brazil Holdings Ltd. | Liberia | Vessel owning company (6) | — | — | 1/1/2012 — 03/19/2012 | |||||||||
9 | China Holdings Ltd. | Liberia | Dissolved (7) | — | — | 1/1/2012 — 02/11/2012 | |||||||||
10 | Curby Navigation Ltd. | Liberia | Foreclosed / Dissolved (8) | — | — | 1/1/2012 — 03/14/2012 | |||||||||
11 | Newlead Victoria Ltd. | Liberia | M/V Newlead Victoria | 1/1/2014 — 12/31/2014 | 1/1/2013 — 12/31/2013 | 1/1/2012 — 12/31/2012 | |||||||||
12 | Grand Venetico Inc. | Marshall Islands | Vessel owning company (9) | — | — | 1/1/2012 — 05/08/2012 | |||||||||
13 | Grand Oceanos Inc. | Liberia | Vessel owning company (10) | — | — | 1/1/2012 — 01/11/2012 | |||||||||
14 | Grand Rodosi Inc. | Liberia | Dissolved (11) | — | — | 1/1/2012 — 02/07/2012 | |||||||||
15 | Challenger Enterprises Ltd. | Liberia | Vessel owning company (12) | — | — | 1/1/2012 — 07/19/2012 | |||||||||
16 | Crusader Enterprises Ltd. | Liberia | Vessel owning company (12) | — | — | 1/1/2012 — 07/27/2012 | |||||||||
17 | Newlead Shipping S.A. | Panama | Management company | — | — | — | |||||||||
18 | Newlead Bulkers S.A. | Liberia | Management company | — | — | — | |||||||||
19 | AMT Management Ltd. | Marshall Islands | Management company | — | — | — | |||||||||
20 | Newlead Holdings (US) Corp. (ex Newlead Holdings (ex Aries Maritime) (US) LLC) | Delaware, USA | Operating company (13) | — | — | — | |||||||||
21 | Leading Marine Consultants Inc. | Marshall Islands | Dissolved (14) | — | — | — | |||||||||
22 | Ayasha Trading Corporation | Liberia | Foreclosed (15) | — | — | 1/1/2012 — 02/24/2012 | |||||||||
23 | Bethune Properties S.A. | Liberia | Foreclosed (16) | — | — | 1/1/2012 — 02/24/2012 | |||||||||
24 | Grand Esmeralda Inc. | Liberia | Vessel owning company (17) | — | — | 1/1/2012 — 02/16/2012 | |||||||||
25 | Grand Markela Inc. | Liberia | M/V Newlead Markela | 1/1/2014 — 12/31/2014 | 1/1/2013 — 12/31/2013 | 1/1/2012 — 12/31/2012 | |||||||||
26 | Grand Spartounta Inc. | Marshall Islands | Dissolved (18) | — | — | — | |||||||||
27 | Newlead Progress Inc. | Marshall Islands | Dissolved (19) | — | — | — | |||||||||
28 | Newlead Prosperity Inc. | Marshall Islands | Vessel owning company (18) | — | — | — | |||||||||
29 | Grand Affection S.A. | Marshall Islands | Dissolved (20) | — | — | 1/1/2012 — 03/26/2012 | |||||||||
30 | Grand Affinity S.A. | Marshall Islands | Dissolved (21) | — | — | — | |||||||||
31 | Grand Victoria Pte Ltd. | Singapore | Dormant company | — | — | — | |||||||||
32 | Newlead Bulker Holdings Inc. | Marshall Islands | Sub-holding company | — | — | — | |||||||||
33 | Newlead Tanker Holdings Inc. | Marshall Islands | Dissolved (22) | — | — | — | |||||||||
34 | Trans Continent Navigation Ltd. | Malta | Dormant company | — | — | — | |||||||||
35 | Trans State Navigation Ltd. | Malta | Dormant company | — | — | — | |||||||||
36 | Bora Limited | British Virgin Islands | Dormant Company | — | — | — | |||||||||
37 | Newlead Trading Inc. | Liberia | Dissolved (23) | — | — | — | |||||||||
38 | New Lead JMEG LLC | Delaware, USA | Trading company (24) | — | — | — | |||||||||
39 | Newleadjmeg Inc. | Marshall Islands | Dormant company (25) | — | — | — | |||||||||
40 | NewLead Mojave Holdings LLC | Delaware, USA | Operating company (26) | — | — | — | |||||||||
41 | Ocean Hope Shipping Ltd. | Malta | Dormant company | — | — | — | |||||||||
42 | Mines Investments Corp. | Marshall Islands | Coal operating company (27) | 1/1/2014 — 12/31/2014 | 2/12/2013 — 12/31/2013 | — | |||||||||
43 | Mine Investments LLC | Delaware, USA | Coal operating company (28) | 1/1/2014 — 12/31/2014 | 2/15/2013 — 12/31/2013 | — | |||||||||
44 | Five Mile Investment LLC | Delaware, USA | Coal operating company (28) | 1/1/2014 — 12/31/2014 | 2/15/2013 —12/31/2013 | — | |||||||||
45 | Elk Valley Investment LLC | Delaware, USA | Coal operating company (28) | 1/1/2014 — 12/31/2014 | 2/15/2013 — 12/31/2013 | — | |||||||||
46 | Viking Acquisition Group LLC | Kentucky, USA | Coal operating company (29) | 1/1/2014 — 12/31/2014 | 9/13/2013 — 12/31/2013 | — | |||||||||
47 | Coal Essence Mine LLC | Kentucky, USA | Coal operating company (30) | 1/1/2014 — 12/31/2014 | 12/10/2013 — 12/31/2013 | — | |||||||||
48 | Coal Essence Prep Plant LLC | Kentucky, USA | Coal operating company (31) | 1/1/2014 — 12/31/2014 | 12/5/2013 — 12/31/2013 | — | |||||||||
49 | Viking Prep Plant LLC | Kentucky, USA | Coal operating company (32) | 1/1/2014 — 12/31/2014 | 12/9/2013 —12/31/2013 | — | |||||||||
50 | Newlead Albion S.A. | Marshall Islands | Bareboat Charterer (33) | 3/10/2014 — 12/31/2014 | — | — | |||||||||
51 | Newlead Handies Inc. | Marshall Islands | Sub-Holding Company | 3/10/2014 — 12/31/2014 | — | — | |||||||||
52 | Newlead Venetico Ltd. | Marshall Islands | Bareboat Charterer (34) | 3/10/2014 — 12/31/2014 | — | — | |||||||||
53 | Newlead Tanker Acquisitions Inc. | Marshall Islands | Sub-Holding Company | 10/10/2014 — 12/31/2014 | — | — | |||||||||
54 | Newlead Soltero Inc. | Marshall Islands | Bareboat Charterer (35) | 11/11/2014 — 12/31/2014 | — | — | |||||||||
55 | Newlead Semillero Inc. | Marshall Islands | Bareboat Charterer (36) | 11/11/2014 — 12/31/2014 | — | — | |||||||||
56 | Newlead Granadino Inc. | Marshall Islands | Shipping type company (37) | 11/13/2014 — 12/31/2014 | — | — | |||||||||
57 | Newlead Hojuedo Inc. | Marshall Islands | Shipping type company (37) | 11/13/2014 — 12/31/2014 | — | — | |||||||||
58 | Newlead Silletero Inc. | Marshall Islands | Shipping type company (37) | 11/13/2014 — 12/31/2014 | — | — | |||||||||
59 | Nepheli Marine Company | Liberia | MT Sofia (38) | 11/24/2014 — 12/31/2014 | — | — | |||||||||
60 | Kastro Compania Naviera S.A. | Liberia | MT Nepheli (38) | 11/24/2014 — 12/31/2014 | — | — | |||||||||
61 | Aeolus Compania Naviera S.A. | Liberia | MT Captain Nikolas I (38) | 11/24/2014 — 12/31/2014 | — | — | |||||||||
62 | Newlead Castellano Ltd. | Liberia | M/V Newlead Castellano (39) | 7/17/2014 — 12/31/2014 | — | — |
Note_3_Summary_of_Significant_1
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Estimated Useful Lives of Property, Plant and Equipment [Table Text Block] | Furniture, fixtures and equipment: | 3 years |
Computer equipment and software: | 3 years |
Note_5_Acquisitions_Tables
Note 5 - Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Note 5 - Acquisitions (Tables) [Line Items] | |||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Fair value on | ||||||||
acquisition date | |||||||||
Cash and cash equivalents | $ | 91 | |||||||
Trade and other receivables, net | 244 | ||||||||
Inventories | 71 | ||||||||
Prepaid expenses | 8 | ||||||||
Vessels | 20,350 | ||||||||
Total assets | 20,764 | ||||||||
Accounts payable | 2,556 | ||||||||
Accrued liabilities | 267 | ||||||||
Deferred income | 110 | ||||||||
Bank debt | 12,385 | ||||||||
Total liabilities | 15,318 | ||||||||
Fair value of net assets | 5,446 | ||||||||
Fair value of additional consideration | 5,682 | ||||||||
Goodwill | $ | 236 | |||||||
Schedule of Noncash or Part Noncash Acquisitions [Table Text Block] | Year ended | Year ended | |||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Promissory Note Kentucky | $ | 7,500 | $ | 7,500 | |||||
Promissory Note Williams | 2,000 | 2,000 | |||||||
Promissory Note RJLT | 1,500 | 1,500 | |||||||
Warrant | 6,122 | 6,122 | |||||||
Common shares | 4,725 | 4,725 | |||||||
Other | 8 | 8 | |||||||
Total advances for acquistion of coal property | $ | 21,855 | $ | 21,855 | |||||
Schedule of Business Acquisitions Purchase Price Allocation [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 | |||||||
Accounts receivable | $ | 16 | |||||||
Leased mineral rights | 20,117 | ||||||||
Accounts payable | (1,007 | ) | |||||||
Royalties payable | (875 | ) | |||||||
Contigent consideration | (4,052 | ) | |||||||
Asset retirement obligations | (836 | ) | |||||||
$ | 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 | |||||||
Accounts receivable | $ | 166 | |||||||
Property, Plant and Equipment | 9,650 | ||||||||
Goodwill | 28,007 | ||||||||
Accounts payable | (2,076 | ) | |||||||
Contigent consideration | (7,239 | ) | |||||||
Asset retirement obligations | (106 | ) | |||||||
$ | 28,402 | ||||||||
Acquisition of Three Oil Tanker/Asphalt Carriers Vessels [Member] | |||||||||
Note 5 - Acquisitions (Tables) [Line Items] | |||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended | ||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Unaudited | Unaudited | ||||||||
(In thousands) | |||||||||
Total Revenues | |||||||||
As reported | $ | 12,609 | $ | 7,343 | |||||
Pro forma | $ | 19,877 | $ | 16,827 | |||||
Operating Loss | |||||||||
As reported | $ | (57,201 | ) | $ | (83,169 | ) | |||
Pro forma | $ | (56,415 | ) | $ | (82,937 | ) | |||
Net loss applicable to common shareholders | |||||||||
As reported | $ | (100,223 | ) | $ | (158,232 | ) | |||
Pro forma | $ | (92,518 | ) | $ | (158,464 | ) | |||
Net loss per share applicable to common shareholders | |||||||||
As reported | $ | (1.30 | ) | $ | (297,989 | ) | |||
Pro forma | $ | (1.20 | ) | $ | (298,426 | ) | |||
Year Ended | Year Ended | ||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Depreciation Expense | $ | (392 | ) | $ | (114 | ) | |||
Acquisition of VAG and VPP [Member] | |||||||||
Note 5 - Acquisitions (Tables) [Line Items] | |||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended | ||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Unaudited | Unaudited | ||||||||
(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 | $ | (297,989 | ) | $ | (2,795,569 | ) | |||
Pro forma VAG | (297,328 | ) | (2,799,835 | ) | |||||
Pro forma VPP | (299,032 | ) | (2,799,731 | ) | |||||
Pro forma Total | $ | (302,200 | ) | $ | (2,821,583 | ) | |||
Year ended | Year ended | ||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Depreciation Expense | $ | 452 | $ | 483 | |||||
Depletion Expense | 57 | 95 | |||||||
Interest Expense | 1,017 | 1,266 |
Note_7_Goodwill_Tables
Note 7 - Goodwill (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||||
Schedule of Goodwill [Table Text Block] | As of | Acquisitions | Impairments | As of | |||||||||||||
31-Dec-13 | 31-Dec-14 | ||||||||||||||||
Goodwill: | |||||||||||||||||
Shipping | $ | - | $ | 236 | $ | - | $ | 236 | |||||||||
Coal | 28,007 | - | - | 28,007 | |||||||||||||
Total goodwill | $ | 28,007 | $ | 236 | $ | - | $ | 28,243 | |||||||||
Accumulated impairment losses: | |||||||||||||||||
Shipping | $ | - | $ | - | - | $ | - | ||||||||||
Coal | - | - | (4,693 | ) | (4,693 | ) | |||||||||||
Total accumulated impairment losses | $ | - | $ | - | (4,693 | ) | $ | (4,693 | ) | ||||||||
Goodwill, net: | |||||||||||||||||
Shipping | $ | - | $ | 236 | - | $ | 236 | ||||||||||
Coal | 28,007 | - | (4,693 | ) | 23,314 | ||||||||||||
Total goodwill, net | $ | 28,007 | $ | 236 | (4,693 | ) | $ | 23,550 |
Note_8_Restricted_Cash_Tables
Note 8 - Restricted Cash (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Restricted Cash [Abstract] | |||||||||
Schedule of Restricted Cash and Cash Equivalents [Table Text Block] | As of | As of | |||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Credit cards deposits | 50 | - | |||||||
Standby letter of credit | 102 | - | |||||||
Letters of guarantee | 31 | 31 | |||||||
Long term restricted cash accounts | $ | 183 | $ | 31 |
Note_9_Vessels_and_Other_Fixed1
Note 9 - Vessels and Other Fixed Assets, Net (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||
Property, Plant and Equipment [Table Text Block] | Cost | Vessels | Leased Vessels | Dry docking and Special survey | Other fixed assets | Total | |||||||||||||||
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 | |||||||||||
Additions | 43,097 | 47,554 | 668 | 19 | 91,338 | ||||||||||||||||
Loss on sale and leaseback | - | (1,150 | ) | - | - | (1,150 | ) | ||||||||||||||
Balance at December 31, 2014 | $ | 100,063 | $ | 46,404 | $ | 3,229 | $ | 1,048 | $ | 150,744 | |||||||||||
Accumulated Depreciation and Amortization | |||||||||||||||||||||
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 | ) | |||||||
Depreciation and Amortization for the period | (2,719 | ) | (737 | ) | (285 | ) | (50 | ) | (3,791 | ) | |||||||||||
Impairment loss (Note 3) | - | - | (209 | ) | - | (209 | ) | ||||||||||||||
Balance at December 31, 2014 | $ | (25,706 | ) | $ | (737 | ) | $ | (2,017 | ) | $ | (1,029 | ) | $ | (29,489 | ) | ||||||
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 | |||||||||||
Net book value — December 31, 2014 | $ | 74,357 | $ | 45,667 | $ | 1,212 | $ | 19 | $ | 121,255 |
Note_10_Property_Equipment_Min1
Note 10 - Property, Equipment, Mine Development Costs, Owned and Leased Mineral Rights, Land and Buildings (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of Property Plant and Equipment Including Development Costs [Table Text Block] | As of | As of | |||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Production equipment | $ | 9,198 | $ | 9,030 | |||||
Mine development | 1,052 | 1,052 | |||||||
Total property, equipment and mine development costs | 10,250 | 10,082 | |||||||
Less accumulated depreciation | (781 | ) | (31 | ) | |||||
Total property, equipment and mine development costs, net | $ | 9,469 | $ | 10,051 | |||||
Schedule of Owned and Leased Mineral Rights Land and Building [Table Text Block] | As of | As of | |||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Land | $ | 490 | $ | 490 | |||||
Buildings | 266 | 132 | |||||||
Leased Mineral interests | 1,034 | 20,377 | |||||||
Total owned and leased mineral rights, land and building | 1,790 | 20,999 | |||||||
Less accumulated depreciation and depletion | (19 | ) | (22 | ) | |||||
Total owned and leased mineral rights, land and building, net | $ | 1,771 | $ | 20,977 |
Note_11_Deferred_Charges_Net_T
Note 11 - Deferred Charges, Net (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Deferred Charges Net Disclosure [Abstract] | |||||
Schedule of Deferred Charges, Net Disclosure [Table Text Block] | Financing Costs | ||||
Net Book Value at December 31, 2011 | $ | 5,742 | |||
Additions | 564 | ||||
Amortization | (1,781 | ) | |||
Write-offs | (3,952 | ) | |||
Net Book Value at December 31, 2012 | $ | 573 | |||
Additions | 376 | ||||
Amortization | (460 | ) | |||
Net Book Value at December 31, 2013 | $ | 489 | |||
Additions | 498 | ||||
Amortization | (158 | ) | |||
Net Book Value at December 31, 2014 | $ | 829 | |||
31-Dec-13 | 489 | ||||
Current | $ | 489 | |||
31-Dec-14 | 829 | ||||
Current | $ | 829 |
Note_12_Accounts_Payable_Trade1
Note 12 - Accounts Payable, Trade (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounts Payable Trade [Abstract] | |||||||||
Accounts Payable, Trade [Table Text Block] | As of | As of | |||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Suppliers | $ | 7,735 | $ | 4,944 | |||||
Shipyards | 223 | 22 | |||||||
Insurers | 697 | 1,516 | |||||||
Agents | 650 | 575 | |||||||
Business Acquisition Obligation | 5,682 | - | |||||||
Other creditors | 8,889 | 14,394 | |||||||
$ | 23,876 | $ | 21,451 |
Note_13_Accrued_Liabilities_Ta
Note 13 - Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | As of | As of | |||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Accrued interest | $ | 12,957 | $ | 6,650 | |||||
Accrued claims | 3,457 | 3,441 | |||||||
Other accrued expenses | 4,435 | 5,082 | |||||||
$ | 20,849 | $ | 15,173 |
Note_14_Share_Settled_Debt_Tab
Note 14 - Share Settled Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Settlement Transaction [Table Text Block] | As of | As of | |||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Hanover Holdings I, LLC | $ | - | $ | 68,743 | |||||
Accounts payable | - | 3,852 | |||||||
$ | - | $ | 72,595 |
Note_15_LongTerm_Debt_Tables
Note 15 - Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Description | Long-term | Current portion | Total | Long-term | Current portion | Total | |||||||||||||||||||
Piraeus Bank A.E. | $ | - | $ | 32,525 | $ | 32,525 | $ | - | $ | 32,525 | $ | 32,525 | |||||||||||||
Portigon AG | - | 24,215 | 24,215 | - | 24,781 | 24,781 | |||||||||||||||||||
Mojave Finance Inc | - | 3,000 | 3,000 | - | 3,000 | 3,000 | |||||||||||||||||||
Natixis | 7,707 | 4,598 | 12,305 | - | - | - | |||||||||||||||||||
Ending Balance | $ | 7,707 | $ | 64,338 | $ | 72,045 | $ | - | $ | 60,306 | $ | 60,306 | |||||||||||||
Schedule of Interest and Finance Expense [Table Text Block] | Year ended | Year ended | Year ended | ||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Interest expense | $ | 10,684 | $ | 6,952 | $ | 8,125 | |||||||||||||||||||
Amortization of deferred charges | 159 | 460 | 5,624 | ||||||||||||||||||||||
Amortization of the beneficial conversion feature and warrant | 258 | 264 | 71,561 | ||||||||||||||||||||||
Hanover Holdings I LLC commission | (9,739 | ) | 31,982 | - | |||||||||||||||||||||
Other interest and finance expenses, net | 4,552 | 23,012 | 1,239 | ||||||||||||||||||||||
$ | 5,914 | $ | 62,670 | $ | 86,549 |
Note_16_Convertible_Notes_Tabl
Note 16 - Convertible Notes (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Convertible Debt [Table Text Block] | 7% Notes | 4.5% Note | Tiger Equity Note | 15% Note | 8% and 4.4% Notes | 12% Con.Deb and Notes | 10% Notes | VPP & VAG Note | Other Notes | Total | |||||||||||||||||||||||||||||||
-1 | -2 | -3 | -4 | -5 | -6 | -7 | -8 | -9 | |||||||||||||||||||||||||||||||||
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 | 39,000 | - | 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 | ) | - | - | - | (21,675 | ) | - | (25,530 | ) | |||||||||||||||||||||||||||
Balance at December 31, 2013 | 65 | 62,500 | - | - | 1,525 | 361 | 20,000 | 17,200 | - | 101,651 | |||||||||||||||||||||||||||||||
Convertible Notes Issued / (Cancelled) | - | - | - | - | 12,358 | 6,776 | 5,940 | (4,500 | ) | 693 | 21,267 | ||||||||||||||||||||||||||||||
Amortization of the Beneficial Conversion Feature & Warrant | 17 | - | - | - | - | 241 | - | - | - | 258 | |||||||||||||||||||||||||||||||
Cash payments | - | - | - | (55 | ) | - | (250 | ) | - | - | (305 | ) | |||||||||||||||||||||||||||||
Warrants attached | - | - | - | - | - | (170 | ) | - | - | - | (170 | ) | |||||||||||||||||||||||||||||
Notes Converted to shares | - | - | - | (5,628 | ) | (932 | ) | (14,027 | ) | (4,300 | ) | (693 | ) | (25,580 | ) | ||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 82 | $ | 62,500 | $ | - | $ | - | $ | 8,200 | $ | 6,276 | $ | 11,663 | $ | 8,400 | $ | - | $ | 97,121 | |||||||||||||||||||||
Short term convertible notes | 82 | 62,500 | - | - | 2,927 | 6,276 | 5,500 | 8,400 | 85,685 | ||||||||||||||||||||||||||||||||
Long term convertible notes | $ | - | $ | - | $ | - | $ | - | $ | 5,273 | $ | - | $ | 6,163 | $ | - | $ | - | $ | 11,436 |
Note_17_Lease_Obligations_Tabl
Note 17 - Lease Obligations (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Description | Amount | |||
31-Dec-15 | $ | 9,245 | |||
31-Dec-16 | 4,204 | ||||
31-Dec-17 | 3,806 | ||||
31-Dec-18 | 9,856 | ||||
31-Dec-19 | 28,312 | ||||
Total minimum lease payments | 55,423 | ||||
Less: imputed interest | (17,413 | ) | |||
Present value of minimum lease payments | 38,010 | ||||
Current portion of capitalized lease obligations | 5,225 | ||||
Long term capitalized lease obligations | $ | 32,785 |
Note_18_Asset_Retirement_Oblig1
Note 18 - Asset Retirement Obligations (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Asset Retirement Obligation Disclosure [Abstract] | |||||
Schedule of Change in Asset Retirement Obligation [Table Text Block] | 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 | |||
Accretion for the period | 71 | ||||
Sites added during the period | - | ||||
Revisions in estimated cash flows | - | ||||
Expenditures for the period | - | ||||
Total asset retirement obligations at December 31, 2014 | $ | 1,050 | |||
Less current portion | - | ||||
Long-term portion | $ | 1,050 |
Note_19_Segment_Information_Ta
Note 19 - Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Wet | Dry | Coal | Total | |||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||
Operating revenue | $ | 1,352 | $ | - | $ | 10,725 | $ | 7,140 | $ | 532 | $ | 203 | $ | 12,609 | $ | 7,343 | |||||||||||||||||
Commissions | (17 | ) | - | (1,149 | ) | (80 | ) | - | - | (1,166 | ) | (80 | ) | ||||||||||||||||||||
Voyage expenses | (469 | ) | - | (1,171 | ) | (1,006 | ) | - | - | (1,640 | ) | (1,006 | ) | ||||||||||||||||||||
Vessel operating expenses | (824 | ) | - | (5,699 | ) | (4,598 | ) | - | - | (6,523 | ) | (4,598 | ) | ||||||||||||||||||||
Costs of coal processing and other related coal costs | - | - | - | - | (3,035 | ) | (75 | ) | (3,035 | ) | (75 | ) | |||||||||||||||||||||
Selling, general and administrative expenses | (210 | ) | - | (28,886 | ) | (79,622 | ) | (14,451 | ) | (2,271 | ) | (43,547 | ) | (81,893 | ) | ||||||||||||||||||
Operating loss before depreciation and amortization and impairment losses | (168 | ) | - | (26,180 | ) | (78,166 | ) | (16,954 | ) | (2,143 | ) | (43,302 | ) | (80,309 | ) | ||||||||||||||||||
Depreciation, depletion and amortization expense | (179 | ) | - | (3,610 | ) | (2,807 | ) | (867 | ) | (53 | ) | (4,656 | ) | (2,860 | ) | ||||||||||||||||||
Impairment losses | - | - | (209 | ) | - | (9,034 | ) | - | (9,243 | ) | - | ||||||||||||||||||||||
Segment operating loss | (347 | ) | - | (29,999 | ) | (80,973 | ) | (26,855 | ) | (2,196 | ) | (57,201 | ) | (83,169 | ) | ||||||||||||||||||
Interest and finance expense, net | (517 | ) | - | (5,354 | ) | (62,397 | ) | 22 | (273 | ) | (5,849 | ) | (62,670 | ) | |||||||||||||||||||
Other income, net | 22 | - | 520 | 47 | 318 | - | 860 | 47 | |||||||||||||||||||||||||
Loss on sale and leaseback transaction | - | - | (1,150 | ) | - | - | - | (1,150 | ) | - | |||||||||||||||||||||||
Change in fair value of derivatives | (6 | ) | - | (4,743 | ) | 262 | - | (482 | ) | (4,749 | ) | (220 | ) | ||||||||||||||||||||
Loss from continuing operations | $ | (848 | ) | $ | - | $ | (40,726 | ) | $ | (143,061 | ) | $ | (26,515 | ) | $ | (2,951 | ) | $ | (68,089 | ) | $ | (146,012 | ) | ||||||||||
Total assets | $ | 31,708 | $ | - | $ | 99,682 | $ | 133,705 | $ | 58,933 | $ | 17,626 | $ | 190,323 | $ | 151,331 | |||||||||||||||||
Goodwill | $ | 236 | $ | - | $ | - | $ | - | $ | 23,314 | $ | 28,007 | $ | 23,550 | $ | 28,007 | |||||||||||||||||
Long lived assets | $ | 31,208 | $ | - | $ | 90,036 | $ | 35,063 | $ | 11,251 | $ | 31,032 | $ | 132,495 | $ | 66,095 |
Note_20_Share_Based_Compensati1
Note 20 - Share Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number | Weighted Average | Weighted Average | ||||||||||
of Shares | Fair Values | Vesting Period (Years) | |||||||||||
Outstanding and non-vested shares, as of January 1, 2012 | 4,294 | $ | 414 | 2.4 | |||||||||
Forfeited (3), (5) | (1,151 | ) | 409.5 | - | |||||||||
Vested (1), (2), (3), (4), (5) | (1,311 | ) | 373.5 | - | |||||||||
Outstanding and non-vested shares, as of December 31, 2012 | 1,832 | 445.5 | 2.9 | ||||||||||
Granted (6) | 39,541 | 285.85 | 0.8 | ||||||||||
Forfeited (3), (5) | (334 | ) | 359.03 | - | |||||||||
Vested (1), (3), (5), (6) | (41,039 | ) | 292.27 | - | |||||||||
Outstanding and non-vested shares, as of December 31, 2013 | - | - | - | ||||||||||
Outstanding and non-vested shares, as of December 31, 2014 | - | $ | - | - |
Note_22_Financial_Instruments_1
Note 22 - Financial Instruments Carried at Fair Value (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying amount | Fair Value | Carrying amount | Fair Value | ||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||
Assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | 404 | $ | 404 | $ | 2,271 | $ | 2,271 | ||||||||||||||
Restricted cash | $ | 183 | $ | 183 | $ | 31 | $ | 31 | ||||||||||||||
Trade receivables, net | $ | 3,910 | $ | 3,910 | $ | 3,573 | $ | 3,573 | ||||||||||||||
Other receivables | $ | 3,520 | $ | 3,520 | $ | 3,224 | $ | 3,224 | ||||||||||||||
Liabilities | ||||||||||||||||||||||
Accounts payable, trade | $ | 23,876 | $ | 23,876 | $ | 21,451 | $ | 21,451 | ||||||||||||||
Current and Non Current portion of debt | $ | 72,045 | $ | 36,888 | $ | 60,306 | $ | 22,150 | ||||||||||||||
Current and Non Current portion of Convertible Notes | $ | 97,121 | $ | 97,121 | $ | 101,651 | $ | 101,651 | ||||||||||||||
Share settled debt | $ | - | $ | - | $ | 72,595 | $ | 72,595 | ||||||||||||||
Current and Non Current Capital lease obligations | $ | 38,010 | $ | 38,010 | $ | - | $ | - | ||||||||||||||
Financial instruments carried at fair value | $ | 39,300 | $ | 39,300 | $ | 20,491 | $ | 20,491 | ||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Quoted Prices | Significant | ||||||||||||||||||||
in Active | Other | Significant | ||||||||||||||||||||
Markets for | Observable | Unobservable | ||||||||||||||||||||
Total Carrying | Total Fair | Identical Assets | Inputs | Inputs | ||||||||||||||||||
amount | Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | 2,271 | $ | 2,271 | $ | 2,271 | $ | - | $ | - | ||||||||||||
Restricted cash | $ | 31 | $ | 31 | $ | 31 | $ | - | $ | - | ||||||||||||
Liabilities | ||||||||||||||||||||||
Current portion of long-term debt | $ | 60,306 | $ | 22,150 | $ | - | $ | 22,150 | $ | - | ||||||||||||
Current and Non Current portion of Convertible Notes | $ | 101,651 | $ | 101,651 | $ | - | $ | 101,651 | $ | - | ||||||||||||
Share settled debt | $ | 72,595 | $ | 72,595 | $ | - | $ | - | $ | 72,595 | ||||||||||||
Financial instruments | $ | 20,491 | $ | 20,491 | $ | - | $ | 269 | $ | 20,222 | ||||||||||||
31-Dec-14 | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | 404 | $ | 404 | $ | 404 | $ | - | $ | - | ||||||||||||
Restricted cash | $ | 183 | $ | 183 | $ | 183 | $ | - | $ | - | ||||||||||||
Liabilities | ||||||||||||||||||||||
Current and Non Current portion of debt | $ | 72,045 | $ | 36,888 | $ | - | $ | 36,888 | $ | - | ||||||||||||
Current and Non Current portion of Convertible Notes | $ | 97,121 | $ | 97,121 | $ | - | $ | 97,121 | $ | - | ||||||||||||
Current and Non Current Capital lease obligations | $ | 38,010 | $ | 38,010 | $ | - | $ | 38,010 | $ | - | ||||||||||||
Financial instruments | $ | 39,300 | $ | 39,300 | $ | - | $ | - | $ | 39,300 | ||||||||||||
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | Fair Value | |||||||||||||||||||||
Contract | As of | As of | ||||||||||||||||||||
Value | Termination | Notional | Fixed | Floating | December 31, | December 31, | ||||||||||||||||
Interest rate swaps | Date | Date | Amount | Rate | Rate | 2014 | 2013 | |||||||||||||||
Piraeus Bank | 9/2/09 | 9/2/14 | $ | 37,400 | 4.08% | 3-month LIBOR | $ | - | $ | 269 | ||||||||||||
- | 269 | |||||||||||||||||||||
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | Notional Amount | Fair Value | ||||||||||||||||||||
As of | As of | As of | As of | |||||||||||||||||||
Termination | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||
Financial Instruments | Date | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Vendors | From January 2015 through May, 2019 | $ | 13,378 | $ | 7,283 | $ | 13,378 | $ | 4,998 | |||||||||||||
Unsecured and Secured Convertible Notes | June, 2019 | 6,330 | - | 6,290 | - | |||||||||||||||||
Convertible Notes and Loans | December, 2014 | - | 500 | - | 200 | |||||||||||||||||
Convertible Notes and Loans | December, 2014 | - | 350 | - | 232 | |||||||||||||||||
Convertible Notes and Loans | December, 2023 | - | 3,051 | - | 3,018 | |||||||||||||||||
Stock based compensation | From March 2016 through June 2017 | 15,440 | - | 15,440 | - | |||||||||||||||||
Equity issuance related to VAG acquistion | 13-Sep-24 | - | 5,875 | - | 4,860 | |||||||||||||||||
Equity issuance related to VPP acquistion | 9-Dec-24 | 4,281 | 10,000 | 4,192 | 6,914 | |||||||||||||||||
$ | 39,429 | $ | 27,059 | $ | 39,300 | $ | 20,222 |
Note_23_Commitments_and_Contin1
Note 23 - Commitments and Contingent Liabilities (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 31-Dec-15 | $ | 443 | |||
31-Dec-16 | 450 | |||||
31-Dec-17 | 457 | |||||
31-Dec-18 | 464 | |||||
31-Dec-19 | 471 | |||||
Thereafter | 949 | |||||
$ | 3,234 |
Note_24_Taxation_Tables
Note 24 - Taxation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of | As of | |||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Net operating loss carryforwards | $ | 5,249 | $ | 275 | |||||
Property and Leased mineral rights | (486 | ) | (1,910 | ) | |||||
Goodwill | (684 | ) | - | ||||||
Acquisition Costs | 937 | 560 | |||||||
Interest payable | 660 | 158 | |||||||
Allowance for credit receivable | 2,551 | ||||||||
Notes payable | 2,194 | ||||||||
Financial instruments liability | - | 4,580 | |||||||
Asset retirement obligations | 83 | 381 | |||||||
Total deferred income tax assets, net | 10,504 | 4,044 | |||||||
Less valuation allowance | (10,504 | ) | (4,044 | ) | |||||
Net deferred income tax assets | $ | - | $ | - | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | As of | As of | |||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Tax benefit at federal statutory rate (35%) | $ | (8,042 | ) | $ | (1,080 | ) | |||
Goodwill amortization | - | (20 | ) | ||||||
Goodwill impairment | 1,826 | - | |||||||
State tax benefit, net of federal impact | (896 | ) | (123 | ) | |||||
Other | 652 | - | |||||||
Change in valuation allowance | 6,460 | 1,223 | |||||||
Net income tax provision (benefit) | $ | - | $ | - |
Note_26_Discontinued_Operation1
Note 26 - Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | Year Ended | Year Ended | Year Ended | ||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Operating Revenues | $ | - | $ | - | $ | 14,187 | |||||||
Net income / (loss) | $ | 2,934 | $ | (11,422 | ) | $ | (1,800 | ) |
Note_27_Subsequent_Events_Tabl
Note 27 - Subsequent Events (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Note 27 - Subsequent Events (Tables) [Line Items] | ||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 31-Dec-15 | $ | 443 | |||
31-Dec-16 | 450 | |||||
31-Dec-17 | 457 | |||||
31-Dec-18 | 464 | |||||
31-Dec-19 | 471 | |||||
Thereafter | 949 | |||||
$ | 3,234 | |||||
Subsequent Event [Member] | ||||||
Note 27 - Subsequent Events (Tables) [Line Items] | ||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 31-Dec-15 | $ | 271 | |||
31-Dec-16 | 250 | |||||
31-Dec-17 | 250 | |||||
31-Dec-18 | 437 | |||||
31-Dec-19 | 443 | |||||
Thereafter | 895 | |||||
$ | 2,546 |
Note_1_Description_of_Business1
Note 1 - Description of Business (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 02, 2012 | Nov. 30, 2009 | Jul. 15, 2014 | 15-May-14 | Mar. 06, 2014 | Dec. 06, 2013 | Oct. 17, 2013 | Oct. 24, 2014 | Jul. 14, 2014 | Jun. 14, 2014 | 14-May-14 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 13, 2009 |
Note 1 - Description of Business (Details) [Line Items] | ||||||||||||||||
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.5 | 5 | 0.1 | 0.01 | $0.01 | $0.01 | $0.01 | $0.10 | ||||||
Cancelled Paid-up Share Capital per Share | $0.49 | $4.99 | ||||||||||||||
Debt Instrument, Face Amount (in Dollars) | $21,267 | $64,880 | $62,500 | |||||||||||||
Debt Conversion, Converted Instrument, Amount (in Dollars) | -25,580 | -25,530 | ||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 89,426,125 | |||||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent (in Dollars) | -68,281 | |||||||||||||||
Cash and Cash Equivalents, at Carrying Value (in Dollars) | 404 | 2,271 | 1,043 | 5,119 | ||||||||||||
Liabilities, Current (in Dollars) | 247,462 | 291,701 | ||||||||||||||
Debt Instrument, Debt Default, Amount (in Dollars) | 122,322 | |||||||||||||||
Focus Maritime Corp. [Member] | Senior Unsecured Convertible Notes [Member] | ||||||||||||||||
Note 1 - Description of Business (Details) [Line Items] | ||||||||||||||||
Debt Conversion, Converted Instrument, Amount (in Dollars) | 124,900 | 20,000 | ||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 236 | 2 | ||||||||||||||
Focus Maritime Corp. [Member] | ||||||||||||||||
Note 1 - Description of Business (Details) [Line Items] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.00% | 18.00% | 67.00% | |||||||||||||
Investment Bank of Greece [Member] | Senior Unsecured Convertible Notes [Member] | ||||||||||||||||
Note 1 - Description of Business (Details) [Line Items] | ||||||||||||||||
Long-term Debt, Gross (in Dollars) | 100 | |||||||||||||||
Senior Unsecured Convertible Notes [Member] | ||||||||||||||||
Note 1 - Description of Business (Details) [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount (in Dollars) | $145,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |||||||||||||||
Reverse Stock Split [Member] | ||||||||||||||||
Note 1 - Description of Business (Details) [Line Items] | ||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 50 | 50 | 10 | 3 | 15 |
Note_2_Subsidiaries_Included_i2
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Newlead Holdings (US) Corp. (ex Newlead Holdings (ex Aries Maritime) (US) LLC) [Member] | |
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) [Line Items] | |
Percent of Owned Subsidiary | 52.00% |
Newlead Trading Inc. [Member] | |
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) [Line Items] | |
Percent of Owned Subsidiary | 50.00% |
New Lead JMEG LLC [Member] | |
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) [Line Items] | |
Percent of Owned Subsidiary | 50.00% |
NewLead Mojave Holdings LLC [Member] | |
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) [Line Items] | |
Percent of Owned Subsidiary | 52.00% |
Note_2_Subsidiaries_Included_i3
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Altius Marine S.A. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Dissolved (1) | [1] | ||
Fortius Marine S.A. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Dissolved (1) | [1] | ||
Ermina Marine Ltd. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Dissolved (2) | [2] | ||
Chinook Waves Corporation [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Dissolved (3) | [3] | ||
Compass Overseas Ltd. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Bermuda | |||
Nature / Vessel Name | Vessel owning company (4) | [4] | ||
Statement of Operations | 1/1/2012 - 01/31/2012 | |||
Compassion Overseas Ltd. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Bermuda | |||
Nature / Vessel Name | Vessel owning company (4) | [4] | ||
Statement of Operations | 1/1/2012 - 01/31/2012 | |||
Australia Holdings Ltd. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Liberia | |||
Nature / Vessel Name | Vessel owning company (5) | [5] | ||
Statement of Operations | 1/1/2012 - 01/31/2012 | |||
Brazil Holdings Ltd. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Liberia | |||
Nature / Vessel Name | Vessel owning company (6) | [6] | ||
Statement of Operations | 1/1/2012 - 03/19/2012 | |||
China Holdings Ltd. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Liberia | |||
Nature / Vessel Name | Dissolved (7) | [7] | ||
Statement of Operations | 1/1/2012 - 02/11/2012 | |||
Curby Navigation Ltd. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Liberia | |||
Nature / Vessel Name | Foreclosed / Dissolved (8) | [8] | ||
Statement of Operations | 1/1/2012 - 03/14/2012 | |||
Newlead Victoria Ltd. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Liberia | |||
Nature / Vessel Name | M/V Newlead Victoria | |||
Statement of Operations | 1/1/2014 - 12/31/2014 | 1/1/2013 - 12/31/2013 | 1/1/2012 - 12/31/2012 | |
Grand Venetico Inc. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Vessel owning company (9) | [9] | ||
Statement of Operations | 1/1/2012 - 05/08/2012 | |||
Grand Oceanos Inc. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Liberia | |||
Nature / Vessel Name | Vessel owning company (10) | [10] | ||
Statement of Operations | 1/1/2012 - 01/11/2012 | |||
Grand Rodosi Inc. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Liberia | |||
Nature / Vessel Name | Dissolved (11) | [11] | ||
Statement of Operations | 1/1/2012 - 02/07/2012 | |||
Challenger Enterprises Ltd. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Liberia | |||
Nature / Vessel Name | Vessel owning company (12) | [12] | ||
Statement of Operations | 1/1/2012 - 07/19/2012 | |||
Crusader Enterprises Ltd. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Liberia | |||
Nature / Vessel Name | Vessel owning company (12) | [12] | ||
Statement of Operations | 1/1/2012 - 07/27/2012 | |||
Newlead Shipping S.A. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Panama | |||
Nature / Vessel Name | Management company | |||
Newlead Bulkers S.A. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Liberia | |||
Nature / Vessel Name | Management company | |||
AMT Management Ltd. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Management company | |||
Newlead Holdings (US) Corp. (ex Newlead Holdings (ex Aries Maritime) (US) LLC) [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Delaware, USA | |||
Nature / Vessel Name | Operating company (13) | [13] | ||
Leading Marine Consultants Inc. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Dissolved (14) | [14] | ||
Ayasha Trading Corporation [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Liberia | |||
Nature / Vessel Name | Foreclosed (15) | [15] | ||
Statement of Operations | 1/1/2012 - 02/24/2012 | |||
Bethune Properties S.A. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Liberia | |||
Nature / Vessel Name | Foreclosed (16) | [16] | ||
Statement of Operations | 1/1/2012 - 02/24/2012 | |||
Grand Esmeralda Inc. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Liberia | |||
Nature / Vessel Name | Vessel owning company (17) | [17] | ||
Statement of Operations | 1/1/2012 - 02/16/2012 | |||
Grand Markela Inc. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Liberia | |||
Nature / Vessel Name | M/V Newlead Markela | |||
Statement of Operations | 1/1/2014 - 12/31/2014 | 1/1/2013 - 12/31/2013 | 1/1/2012 - 12/31/2012 | |
Grand Spartounta Inc. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Dissolved (18) | [18] | ||
Newlead Progress Inc. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Dissolved (19) | [19] | ||
Newlead Prosperity Inc. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Vessel owning company (18) | [18] | ||
Grand Affection S.A. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Dissolved (20) | [20] | ||
Statement of Operations | 1/1/2012 - 03/26/2012 | |||
Grand Affinity S.A. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Dissolved (21) | [21] | ||
Grand Victoria Pte Ltd. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Singapore | |||
Nature / Vessel Name | Dormant company | |||
Newlead Bulker Holdings Inc. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Sub-holding company | |||
Newlead Tanker Holdings Inc. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Dissolved (22) | [19] | ||
Trans Continent Navigation Ltd. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Malta | |||
Nature / Vessel Name | Dormant company | |||
Trans State Navigation Ltd. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Malta | |||
Nature / Vessel Name | Dormant company | |||
Bora Limited [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | British Virgin Islands | |||
Nature / Vessel Name | Dormant Company | |||
Newlead Trading Inc. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Liberia | |||
Nature / Vessel Name | Dissolved (23) | [22] | ||
New Lead JMEG LLC [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Delaware, USA | |||
Nature / Vessel Name | Trading company (24) | [23] | ||
Newleadjmeg Inc. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Dormant company (25) | [24] | ||
NewLead Mojave Holdings LLC [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Delaware, USA | |||
Nature / Vessel Name | Operating company (26) | [25] | ||
Ocean Hope Shipping Ltd. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Malta | |||
Nature / Vessel Name | Dormant company | |||
Mines Investments Corp. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Coal operating company (27) | [26] | ||
Statement of Operations | 1/1/2014 - 12/31/2014 | 2/12/2013 - 12/31/2013 | ||
Mine Investments LLC [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Delaware, USA | |||
Nature / Vessel Name | Coal operating company (28) | [27] | ||
Statement of Operations | 1/1/2014 - 12/31/2014 | 2/15/2013 - 12/31/2013 | ||
Five Mile Investment LLC [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Delaware, USA | |||
Nature / Vessel Name | Coal operating company (28) | [27] | ||
Statement of Operations | 1/1/2014 - 12/31/2014 | 2/15/2013 -12/31/2013 | ||
Elk Valley Investment LLC [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Delaware, USA | |||
Nature / Vessel Name | Coal operating company (28) | [27] | ||
Statement of Operations | 1/1/2014 - 12/31/2014 | 2/15/2013 - 12/31/2013 | ||
Viking Acquisition Group LLC [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Kentucky, USA | |||
Nature / Vessel Name | Coal operating company (29) | [28] | ||
Statement of Operations | 1/1/2014 - 12/31/2014 | 9/13/2013 - 12/31/2013 | ||
Coal Essence Mine LLC [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Kentucky, USA | |||
Nature / Vessel Name | Coal operating company (30) | [29] | ||
Statement of Operations | 1/1/2014 - 12/31/2014 | 12/10/2013 - 12/31/2013 | ||
Coal Essence Prep Plant LLC [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Kentucky, USA | |||
Nature / Vessel Name | Coal operating company (31) | [30] | ||
Statement of Operations | 1/1/2014 - 12/31/2014 | 12/5/2013 - 12/31/2013 | ||
Viking Prep Plant LLC [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Kentucky, USA | |||
Nature / Vessel Name | Coal operating company (32) | [31] | ||
Statement of Operations | 1/1/2014 - 12/31/2014 | 12/9/2013 -12/31/2013 | ||
Newlead Albion S.A. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Bareboat Charterer (33) | [32] | ||
Statement of Operations | 3/10/2014 - 12/31/2014 | |||
Newlead Handies Inc. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Sub-Holding Company | |||
Statement of Operations | 3/10/2014 - 12/31/2014 | |||
Newlead Venetico Ltd. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Bareboat Charterer (34) | [33] | ||
Statement of Operations | 3/10/2014 - 12/31/2014 | |||
Newlead Tanker Acquisitions Inc. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Sub-Holding Company | |||
Statement of Operations | 10/10/2014 - 12/31/2014 | |||
Newlead Soltero Inc. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Bareboat Charterer (35) | [34] | ||
Statement of Operations | 11/11/2014 - 12/31/2014 | |||
Newlead Semillero Inc. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Bareboat Charterer (36) | [35] | ||
Statement of Operations | 11/11/2014 - 12/31/2014 | |||
Newlead Granadino Inc. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Shipping type company (37) | [36] | ||
Statement of Operations | 11/13/2014 - 12/31/2014 | |||
Newlead Hojuedo Inc. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Shipping type company (37) | [36] | ||
Statement of Operations | 11/13/2014 - 12/31/2014 | |||
Newlead Silletero Inc. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Marshall Islands | |||
Nature / Vessel Name | Shipping type company (37) | [36] | ||
Statement of Operations | 11/13/2014 - 12/31/2014 | |||
Nepheli Marine Company [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Liberia | |||
Nature / Vessel Name | MT Sofia (38) | [37] | ||
Statement of Operations | 11/24/2014 - 12/31/2014 | |||
Kastro Compania Naviera S.A. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Liberia | |||
Nature / Vessel Name | MT Nepheli (38) | [37] | ||
Statement of Operations | 11/24/2014 - 12/31/2014 | |||
Aeolus Compania Naviera S.A. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Liberia | |||
Nature / Vessel Name | MT Captain Nikolas I (38) | [37] | ||
Statement of Operations | 11/24/2014 - 12/31/2014 | |||
Newlead Castellano Ltd. [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | Liberia | |||
Nature / Vessel Name | M/V Newlead Castellano (39) | [38] | ||
Statement of Operations | 7/17/2014 - 12/31/2014 | |||
[1] | 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. | |||
[2] | M/T Nordanvind was sold and delivered to its new owners on September 7, 2010. The shipowning company was dissolved on January 13, 2013. | |||
[3] | M/T Chinook was sold and delivered to its new owners on April 15, 2010. The shipowning company was dissolved on January 13, 2013. | |||
[4] | M/T Newlead Compass and M/T Newlead Compassion were sold and delivered to their new owners on January 31, 2012. | |||
[5] | M/V Australia was delivered to its owner (an affiliate of Lemissoler Maritime Company W.L.L.) on January 31, 2012. | |||
[6] | M/V Brazil was delivered to its owner (an affiliate of Lemissoler Maritime Company W.L.L.) on March 19, 2012. | |||
[7] | 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. | |||
[8] | 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. The company was annulled on March 1, 2014. | |||
[9] | M/V Newlead Venetico was sold and delivered to its new owners on May 8, 2012. | |||
[10] | M/V Grand Ocean was sold and delivered to its new owners on January 11, 2012. | |||
[11] | 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 annulled on February 1, 2015. | |||
[12] | 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. | |||
[13] | The Company controls 52% of NewLead Holdings (US) Corp. through NewLead Mojave Holdings LLC. | |||
[14] | The company was dissolved on September 2, 2013. | |||
[15] | 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. | |||
[16] | 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. | |||
[17] | M/V Newlead Esmeralda was sold and delivered to its new owners on February 16, 2012. | |||
[18] | 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. The Company Grand Spartounta Inc. was annulled on May 1, 2014. | |||
[19] | The company was dissolved on January 14, 2013. | |||
[20] | 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. | |||
[21] | 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. | |||
[22] | 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 annulled on August 1, 2014. | |||
[23] | New Lead JMEG LLC was established on April 11, 2012 as a joint venture between the Company and J Mining & Energy Group. | |||
[24] | 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. | |||
[25] | 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. | |||
[26] | The company was established on February 12, 2013, for operation of coal business. | |||
[27] | The companies were established on February 15, 2013, for operation of coal business. | |||
[28] | The company was acquired on September 13, 2013. | |||
[29] | The company was established on December 10, 2013, for operation of coal business. | |||
[30] | The company was established on December 5, 2013, for operation of coal business. | |||
[31] | The company was acquired on December 9, 2013 (see Note 5). | |||
[32] | The company as Bareboat Charter entered into a BIMCO Bareboat Charter dated May 12, 2014, with HamdyMar AS owners of MV Newlead Albion. | |||
[33] | The company as Bareboat Charter entered into a BIMCO Bareboat Charter dated May 12, 2014, with HamdyMar AS owners of MV Newlead Venetico. | |||
[34] | The company was established on November 11, 2014, and was nominated by NewLead Holdings Ltd. as the Bareboat Charterer of MT Katerina L under the Bareboat Charter Agreement dated November 13, 2014 being effective of such even date. | |||
[35] | The company was established on November 11, 2014, and was nominated by NewLead Holdings Ltd. as the Bareboat Charterer of MT Ioli under the Bareboat Charter Agreement dated October 23, 2014 being effective as of November 11, 2014. | |||
[36] | The companies were established on November 13, 2014, for operation of shipping business. | |||
[37] | The companies were acquired as of November 14, 2014 via a Shares Purchase Agreement dated October 16 2014 and as amended by an Addendum no. 1 dated November 24, 2014. On March 30, 2015, the vessel captain Nikolas was renamed to Newlead Granadino. | |||
[38] | The company acquired MV Newlead Castellano ex Maple Draco on September 16, 2014. |
Note_3_Summary_of_Significant_2
Note 3 - Summary of Significant Accounting Policies (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 04, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Cash, Uninsured Amount | $2 | $1,542 | ||
Allowance for Doubtful Other Receivables, Current | 6,558 | |||
Depletion | 0 | |||
Impairment of Intangible Assets, Finite-lived | 1,143 | |||
Goodwill, Acquired During Period | 236 | 28,007 | ||
Goodwill, Impairment Loss | 4,693 | |||
Goodwill | 23,550 | 28,007 | 0 | |
Available-for-sale Securities, Gross Realized Losses | 31 | |||
Proceeds from Sale of Available-for-sale Securities | 497 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 6 | |||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | -28 | 34 | ||
Allocated Share-based Compensation Expense | 7,745 | |||
Derivative, Fair Value, Net | 39,300 | 20,222 | ||
Guaranty Liabilities | 39,300 | 20,222 | ||
Number of Reportable Segments | 3 | |||
Liability for Uncertain Tax Positions, Current | 0 | 0 | ||
Technical and Operational Management of Third-party Vessels [Member] | Shipping [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Sales Revenue, Services, Other | 449 | 591 | 474 | |
New Lead JMED LLC [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 2,249 | |||
Equity Method Investment, Other than Temporary Impairment | 1,077 | |||
Shipping [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Allowance for Doubtful Accounts Receivable | 2,429 | 2,429 | ||
Goodwill, Acquired During Period | 236 | |||
Goodwill | 236 | |||
Coal Washing [Member] | Mining Properties and Mineral Rights [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Impairment of Intangible Assets, Finite-lived | 4,341 | |||
Coal Washing [Member] | Minimum [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Coal Washing [Member] | Maximum [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 17 years | |||
Coal Washing [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Impairment of Long-Lived Assets Held-for-use | 0 | |||
Goodwill, Impairment Loss | 4,693 | |||
Goodwill | 23,314 | 28,007 | ||
Maritime Equipment [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 25 years | |||
Impairment of Long-Lived Assets Held-for-use | 209 | 0 | 5,911 | |
Impairment of Long-lived Assets Held-for-use, Percentage of Excess Carrying Value | 45.00% | 55.00% | 60.00% | |
Back Log Assets [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Impairment of Long-Lived Assets Held-for-use | 1,143 | |||
Interest Rate Swap [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Derivative, Fair Value, Net | 269 | |||
Selling, General and Administrative Expenses [Member] | Warrants Expense [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Professional Fees | 5,472 | |||
Selling, General and Administrative Expenses [Member] | Former Chairman and Former Chief Operating Officer [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Allocated Share-based Compensation Expense | 12,664 | |||
Selling, General and Administrative Expenses [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Allocated Share-based Compensation Expense | 23,402 | 25,193 | 2,412 | |
Professional Fees | 19,233 | |||
Five Mile and Tennessee Property [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Stock Issued During Period, Value, Acquisitions | $26,774 |
Note_3_Summary_of_Significant_3
Note 3 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives of Fixed Assets | 12 Months Ended |
Dec. 31, 2014 | |
Furniture and Fixtures [Member] | |
Note 3 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives of Fixed Assets [Line Items] | |
Property and equipment | 3 years |
Computer Equipment [Member] | |
Note 3 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives of Fixed Assets [Line Items] | |
Property and equipment | 3 years |
Note_5_Acquisitions_Details
Note 5 - Acquisitions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Nov. 24, 2014 | Dec. 28, 2012 | Dec. 31, 2013 | Mar. 28, 2013 | Jan. 01, 2013 | Dec. 18, 2012 | Sep. 13, 2013 | Dec. 09, 2013 | Jun. 30, 2014 | Oct. 21, 2013 |
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||
Advances for Acquisitions of Property | $21,855 | $21,855 | $10,847 | ||||||||
Allowance for Doubtful Other Receivables, Current | 6,558 | ||||||||||
Goodwill, Impairment Loss | 4,693 | ||||||||||
First Completion [Member] | Acquisition of Three Oil Tanker/Asphalt Carriers Vessels [Member] | |||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||
Payments to Acquire Businesses, Gross | 3,180 | ||||||||||
Mining Properties and Mineral Rights [Member] | Viking Acquisition Group LLC [Member] | |||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||
Impairment of Long-Lived Assets Held-for-use | 4,341 | ||||||||||
Selling, General and Administrative Expenses [Member] | J Mining & Energy Group [Member] | Kentucky Property [Member] | |||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 26,774 | ||||||||||
Selling, General and Administrative Expenses [Member] | Viking Acquisition Group LLC [Member] | |||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||
Allowance for Doubtful Other Receivables, Current | 6,558 | ||||||||||
RJLT Investments LLC [Member] | Kentucky Property [Member] | |||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 1,500 | 1,500 | 1,500 | ||||||||
Williams Industries LLC [Member] | Kentucky Property [Member] | |||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 2,000 | 2,000 | 2,000 | ||||||||
Kentucky Fuel Corporation [Member] | Kentucky Property [Member] | |||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 7,500 | 7,500 | 7,500 | ||||||||
CCIM [Member] | Kentucky Property [Member] | |||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||
Advances for Acquisitions of Property | 3,000 | ||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 7 | ||||||||||
Warrant, Term | 10 years | ||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 6,400 | ||||||||||
Share Price (in Dollars per share) | $450,000,000 | ||||||||||
J Mining & Energy Group [Member] | Kentucky Property [Member] | |||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 38 | ||||||||||
Acquisition of Three Oil Tanker/Asphalt Carriers Vessels [Member] | |||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||
Number of Businesses Acquired | 3 | ||||||||||
Business Combination, Consideration Transferred | 21,000 | ||||||||||
Number of Days Between First and Second Completion | 20 | ||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 745 | ||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 132 | ||||||||||
Kentucky Property [Member] | |||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||
Business Combination, Consideration Transferred | 21,855 | 21,855 | 11,000 | ||||||||
Viking Acquisition Group LLC [Member] | Senior Notes [Member] | |||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 5,875 | ||||||||||
Notes Payable | 9,000 | ||||||||||
Debt Instrument, Periodic Payment, Principal | 1,500 | ||||||||||
Viking Acquisition Group LLC [Member] | Other Convertible Notes [Member] | |||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||
Leased Mineral Interests, Reduction to Net Liabilities | 4,500 | ||||||||||
Viking Acquisition Group LLC [Member] | |||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||
Business Combination, Consideration Transferred | 15,000 | 15,000 | |||||||||
Payments to Acquire Businesses, Gross | 125 | ||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 9,000 | 15,000 | |||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 35 | ||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 4,238 | ||||||||||
Business Acquisition, Purchases Price Adjusted Amount | 3,300 | 13,363 | |||||||||
Leased Mineral Interests, Reduction to Net Liabilities | 8,444 | ||||||||||
Viking Prep Plant LLC [Member] | Senior Notes [Member] | |||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 14,000 | 24,000 | |||||||||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 10,000 | ||||||||||
Notes Payable | 8,400 | 14,000 | |||||||||
Debt Instrument, Periodic Payment, Principal | 2,800 | ||||||||||
Viking Prep Plant LLC [Member] | Promissory Note [Member] | |||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 6,000 | 6,000 | |||||||||
Viking Prep Plant LLC [Member] | |||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||
Business Combination, Consideration Transferred | 30,000 | 30,000 | |||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 207 | ||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 8,402 | ||||||||||
Business Acquisition, Purchases Price Adjusted Amount | 28,402 | ||||||||||
Promissory Note [Member] | |||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||
Notes Payable | 6,000 | ||||||||||
Repayments of Notes Payable | $6,000 |
Note_5_Acquisitions_Details_Fa
Note 5 - Acquisitions (Details) - Fair Value of Assets Acquired (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | |||
Goodwill | $23,550 | $28,007 | $0 |
Acquisition of Three Oil Tanker/Asphalt Carriers Vessels [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 91 | ||
Trade and other receivables, net | 244 | ||
Inventories | 71 | ||
Prepaid expenses | 8 | ||
Vessels | 20,350 | ||
Total assets | 20,764 | ||
Accounts payable | 2,556 | ||
Accrued liabilities | 267 | ||
Deferred income | 110 | ||
Bank debt | 12,385 | ||
Total liabilities | 15,318 | ||
Fair value of net assets | 5,446 | ||
Fair value of additional consideration | 5,682 | ||
Goodwill | $236 |
Note_5_Acquisitions_Details_Pr
Note 5 - Acquisitions (Details) - Pro Forma Consolidated Financial Information (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 5 - Acquisitions (Details) - Pro Forma Consolidated Financial Information [Line Items] | |||
As reported | $12,609 | $7,343 | $8,928 |
As reported | -57,201 | -83,169 | -16,470 |
As reported | -65,171 | -158,232 | -402,562 |
Acquisition of Three Oil Tanker/Asphalt Carriers Vessels [Member] | |||
Note 5 - Acquisitions (Details) - Pro Forma Consolidated Financial Information [Line Items] | |||
As reported | 12,609 | 7,343 | |
Pro forma | 19,877 | 16,827 | |
As reported | -57,201 | -83,169 | |
Pro forma | -56,415 | -82,937 | |
As reported | -100,223 | -158,232 | |
Pro forma | -92,518 | -158,464 | |
As reported (in Dollars per share) | ($1,300) | ($297,989,000) | |
Pro forma (in Dollars per share) | ($1,200) | ($298,426,000) | |
Depreciation Expense | ($392) | ($114) |
Note_5_Acquisitions_Details_De
Note 5 - Acquisitions (Details) - Detail of Amounts Related to Kentucky Property- Five Mile (Kentucky Property [Member], USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 28, 2012 | Dec. 18, 2012 | |
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Other | $8,000 | $8,000 | ||
Total advances for acquistion of coal property | 21,855,000 | 21,855,000 | 11,000,000 | |
Warrant [Member] | ||||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Shares | 6,122,000 | 6,122,000 | ||
Common Stock [Member] | ||||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Shares | 4,725,000 | 4,725,000 | ||
Kentucky Fuel Corporation [Member] | ||||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Promissory Note | 7,500,000 | 7,500,000 | 7,500,000 | |
Williams Industries LLC [Member] | ||||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Promissory Note | 2,000,000 | 2,000,000 | 2,000,000 | |
RJLT Investments LLC [Member] | ||||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Promissory Note | $1,500,000 | $1,500,000 | $1,500,000 |
Note_5_Acquisitions_Details_Ad
Note 5 - Acquisitions (Details) - Adjusted Purchased Price (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||
Sep. 13, 2013 | Dec. 31, 2014 | Dec. 09, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 5 - Acquisitions (Details) - Adjusted Purchased Price [Line Items] | |||||
Goodwill | $23,550,000 | $28,007,000 | $0 | ||
Viking Acquisition Group LLC [Member] | |||||
Note 5 - Acquisitions (Details) - Adjusted Purchased Price [Line Items] | |||||
Cash | 125,000 | ||||
Common Stock Issued | 5,875,000 | ||||
Notes Payable | 15,000,000 | 9,000,000 | |||
Total purchase price | 15,000,000 | 15,000,000 | |||
Fair value adjustment | 1,637,000 | ||||
Total adjusted purchase price | 13,363,000 | ||||
Accounts receivable | 16,000 | ||||
Leased mineral rights | 20,117,000 | ||||
Accounts payable | -1,007,000 | ||||
Royalties payable | -875,000 | ||||
Derivative | -4,052,000 | ||||
Asset retirement obligations | -836,000 | ||||
Total | 13,363,000 | ||||
Viking Prep Plant LLC [Member] | Promissory Note [Member] | |||||
Note 5 - Acquisitions (Details) - Adjusted Purchased Price [Line Items] | |||||
Notes Payable | 6,000,000 | 6,000,000 | |||
Viking Prep Plant LLC [Member] | Senior Notes [Member] | |||||
Note 5 - Acquisitions (Details) - Adjusted Purchased Price [Line Items] | |||||
Notes Payable | 14,000,000 | 24,000,000 | |||
Viking Prep Plant LLC [Member] | |||||
Note 5 - Acquisitions (Details) - Adjusted Purchased Price [Line Items] | |||||
Common Stock Issued | 10,000,000 | ||||
Total purchase price | 30,000,000 | 30,000,000 | |||
Fair value adjustment | 1,598,000 | ||||
Total adjusted purchase price | 28,402,000 | ||||
Accounts receivable | 166,000 | ||||
Property, Plant and Equipment | 9,650,000 | ||||
Goodwill | 28,007,000 | ||||
Accounts payable | -2,076,000 | ||||
Derivative | -7,239,000 | ||||
Asset retirement obligations | -106,000 | ||||
Total | $28,402,000 |
Note_5_Acquisitions_Details_Pr1
Note 5 - Acquisitions (Details) - Pro Forma Information for VAG and VPP (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 5 - Acquisitions (Details) - Pro Forma Information for VAG and VPP [Line Items] | |||
As reported | $12,609 | $7,343 | $8,928 |
As reported | -57,201 | -83,169 | -16,470 |
As reported | -65,171 | -158,232 | -402,562 |
Acquisition of VAG and VPP [Member] | |||
Note 5 - Acquisitions (Details) - Pro Forma Information for VAG and VPP [Line Items] | |||
As reported | 7,343 | 8,928 | |
Revenues | 11,938 | 13,420 | |
As reported | -83,169 | -16,470 | |
Operating Loss | -85,409 | -20,216 | |
As reported | -158,232 | -402,562 | |
Net loss applicable to common shareholders | -160,468 | -406,308 | |
As reported (in Dollars per share) | ($297,989) | ($2,795,569) | |
Net loss per share applicable to common shareholders (in Dollars per share) | ($302,200) | ($2,821,583) | |
Depreciation Expense | 452 | 483 | |
Depletion Expense | 57 | 95 | |
Interest Expense | 1,017 | 1,266 | |
Viking Acquisition Group LLC [Member] | |||
Note 5 - Acquisitions (Details) - Pro Forma Information for VAG and VPP [Line Items] | |||
Revenues | 7,984 | 9,311 | |
Operating Loss | -82,818 | -17,084 | |
Net loss applicable to common shareholders | -157,881 | -403,176 | |
Net loss per share applicable to common shareholders (in Dollars per share) | ($297,328) | ($2,799,835) | |
Viking Prep Plant LLC [Member] | |||
Note 5 - Acquisitions (Details) - Pro Forma Information for VAG and VPP [Line Items] | |||
Revenues | 11,297 | 13,037 | |
Operating Loss | -83,723 | -17,069 | |
Net loss applicable to common shareholders | ($158,786) | ($403,161) | |
Net loss per share applicable to common shareholders (in Dollars per share) | ($299,032) | ($2,799,731) |
Note_6_Joint_Ventures_Details
Note 6 - Joint Ventures (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 11, 2012 | Apr. 30, 2012 | |
Note 6 - Joint Ventures (Details) [Line Items] | |||||
Payments to Acquire Interest in Joint Venture | $2,486,000 | ||||
Assets, Current | 11,763,000 | 12,422,000 | |||
Liabilities, Current | 247,462,000 | 291,701,000 | |||
New Lead JMEG LLC [Member] | NewLead Mojave Holdings LLC [Member] | |||||
Note 6 - Joint Ventures (Details) [Line Items] | |||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | -2,469,000 | -192,000 | 16,000 | ||
J Mining & Energy Group [Member] | |||||
Note 6 - Joint Ventures (Details) [Line Items] | |||||
Payment of Fee for Acquisition of Interest in Joint Venture | 300,000 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 1 | ||||
Coal Sales Agreements [Member] | Newlead Holdings (US) Corp. (ex Newlead Holdings (ex Aries Maritime) (US) LLC) [Member] | |||||
Note 6 - Joint Ventures (Details) [Line Items] | |||||
Payments to Acquire Interest in Joint Venture | 1,000,000 | ||||
Newlead Holdings (US) Corp. (ex Newlead Holdings (ex Aries Maritime) (US) LLC) [Member] | |||||
Note 6 - Joint Ventures (Details) [Line Items] | |||||
Payments to Acquire Interest in Joint Venture | 2,500,000 | ||||
Joint Venture Ownership Percentage | 100.00% | ||||
Long-term Line of Credit | 3,000,000 | ||||
New Lead JMEG LLC [Member] | |||||
Note 6 - Joint Ventures (Details) [Line Items] | |||||
Marketing and Administrative Services Monthly Fee | 1,387,000 | 1,810,000 | 160,000 | ||
Third Party Aggregate Amount Relating to Start-up Fees | 3,280,000 | ||||
Related Party Transaction, Amounts of Transaction | 1,980,000 | ||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | -4,939,000 | -384,000 | 287,000 | ||
Assets, Current | 2,380,000 | 2,832,000 | 2,493,000 | ||
Liabilities, Current | 4,819,000 | 5,081,000 | 4,358,000 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 1,077,000 | ||||
Proceeds from Divestiture of Interest in Joint Venture | 574,000 | ||||
Corporate Joint Venture [Member] | |||||
Note 6 - Joint Ventures (Details) [Line Items] | |||||
Allowance for Doubtful Accounts Receivable | 2,249,000 | ||||
NewLead Mojave Holdings LLC [Member] | |||||
Note 6 - Joint Ventures (Details) [Line Items] | |||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | -2,838,000 | -366,000 | |||
Joint Venture Ownership Percentage | 52.00% | ||||
Joint Venture Investment Percentage | 50.00% | 50.00% | 50.00% | ||
Interest and Finance Cost | $369,000 | $174,000 | $271,000 |
Note_7_Goodwill_Details
Note 7 - Goodwill (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 24, 2014 | Dec. 09, 2013 |
Note 7 - Goodwill (Details) [Line Items] | |||||
Goodwill (in Dollars) | $23,550 | $28,007 | $0 | ||
Goodwill, Impairment Loss (in Dollars) | 4,693 | ||||
Shipping [Member] | Minimum [Member] | |||||
Note 7 - Goodwill (Details) [Line Items] | |||||
Weighted Average Discount Rate, Percent | 9.00% | ||||
Shipping [Member] | |||||
Note 7 - Goodwill (Details) [Line Items] | |||||
Operating Expenses Forecasted by Inflation Rate Percentage | 2.00% | ||||
Goodwill (in Dollars) | 236 | ||||
Coal Washing [Member] | |||||
Note 7 - Goodwill (Details) [Line Items] | |||||
Weighted Average Discount Rate, Percent | 12.00% | ||||
Goodwill (in Dollars) | 23,314 | 28,007 | |||
Fair Value Inputs, Discount Rate | 2.00% | ||||
Goodwill, Impairment Loss (in Dollars) | 4,693 | ||||
Maximum [Member] | |||||
Note 7 - Goodwill (Details) [Line Items] | |||||
Weighted Average Discount Rate, Percent | 12.00% | ||||
NMC, ACN and KCN [Member] | |||||
Note 7 - Goodwill (Details) [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Business Acquisition Purchases Price Allocation, Premium (Goodwill) Amount (in Dollars) | 236 | ||||
VPP [Member] | |||||
Note 7 - Goodwill (Details) [Line Items] | |||||
Business Acquisition Purchases Price Allocation, Premium (Goodwill) Amount (in Dollars) | $28,007 |
Note_7_Goodwill_Details_Goodwi
Note 7 - Goodwill (Details) - Goodwill (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill: | |||
Goodwill | $28,243 | $28,007 | |
Acquisitions | 236 | 28,007 | |
Accumulated impairment losses: | |||
Goodwill | -4,693 | ||
Impairments | -4,693 | ||
Goodwill, net: | |||
Goodwill | 23,550 | 28,007 | 0 |
Acquisitions | 236 | 28,007 | |
Impairments | -4,693 | ||
Shipping [Member] | |||
Goodwill: | |||
Goodwill | 236 | ||
Acquisitions | 236 | ||
Goodwill, net: | |||
Goodwill | 236 | ||
Acquisitions | 236 | ||
Coal Washing [Member] | |||
Goodwill: | |||
Goodwill | 28,007 | 28,007 | |
Accumulated impairment losses: | |||
Goodwill | -4,693 | ||
Impairments | -4,693 | ||
Goodwill, net: | |||
Goodwill | 23,314 | 28,007 | |
Impairments | ($4,693) |
Note_8_Restricted_Cash_Details
Note 8 - Restricted Cash (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 8 - Restricted Cash (Details) [Line Items] | ||
Restricted Cash and Cash Equivalents, Noncurrent | $183 | $31 |
Restricted Cash and Cash Equivalents | 183 | 31 |
Letters of Guarantee [Member] | ||
Note 8 - Restricted Cash (Details) [Line Items] | ||
Restricted Cash and Cash Equivalents, Noncurrent | 31 | 31 |
Purchase Cards to Banks [Member] | ||
Note 8 - Restricted Cash (Details) [Line Items] | ||
Restricted Cash and Cash Equivalents, Noncurrent | 50 | |
Minimum Liquidity [Member] | ||
Note 8 - Restricted Cash (Details) [Line Items] | ||
Restricted Cash and Cash Equivalents | 250 | |
Waiver on Minimum Liquidity [Member] | ||
Note 8 - Restricted Cash (Details) [Line Items] | ||
Restricted Cash and Cash Equivalents | 250 | |
Letter of Credit [Member] | ||
Note 8 - Restricted Cash (Details) [Line Items] | ||
Restricted Cash and Cash Equivalents, Noncurrent | $102 |
Note_8_Restricted_Cash_Details1
Note 8 - Restricted Cash (Details) - Restricted Cash (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Long term restricted cash accounts | $183 | $31 |
Purchase Cards to Banks [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Long term restricted cash accounts | 50 | |
Letters of Guarantee [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Long term restricted cash accounts | 31 | 31 |
Standby Letters of Credit [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Long term restricted cash accounts | $102 |
Note_9_Vessels_and_Other_Fixed2
Note 9 - Vessels and Other Fixed Assets, Net (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 15, 2013 | Dec. 31, 2014 | Dec. 31, 2012 |
Note 9 - Vessels and Other Fixed Assets, Net (Details) [Line Items] | |||
Property, Plant and Equipment, Additions | $19,500 | ||
Discontinued Operation Sales Address Commission Percentage | 1.00% | ||
Business Combination, Acquisition Related Costs | 3,052 | ||
Asset Impairment Charges | 9,243 | 7,054 | |
Vessels [Member] | |||
Note 9 - Vessels and Other Fixed Assets, Net (Details) [Line Items] | |||
Asset Impairment Charges | $209 | $5,911 |
Note_9_Vessels_and_Other_Fixed3
Note 9 - Vessels and Other Fixed Assets, Net (Details) - Movement of Vessels and Other Fixed Assets, Net (USD $) | 0 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 11, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | |||||
Cost | $10,250 | $10,082 | |||
Accumulated Depreciation and Amortization | |||||
Accumulated Depreciation and Amortization | -781 | -31 | |||
Depreciation and Amortization for the Period | -4,656 | -2,860 | -5,989 | ||
Net Book Value | 9,469 | 10,051 | |||
Loss on sale and leaseback | -457 | -1,150 | 16,258 | ||
Vessels [Member] | Discontinued Operations [Member] | |||||
Accumulated Depreciation and Amortization | |||||
Period Increase (Decrease) | -376,517 | ||||
Vessels [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 100,063 | 56,966 | 56,966 | 433,483 | |
Accumulated Depreciation and Amortization | |||||
Accumulated Depreciation and Amortization | -25,706 | -22,987 | -20,451 | -238,502 | |
Depreciation and Amortization for the Period | -2,719 | -2,536 | -5,168 | ||
Impairment Loss | -5,075 | ||||
Disposals b Discontinued operations | 228,294 | ||||
Net Book Value | 74,357 | 33,979 | 36,515 | ||
Period Increase (Decrease) | 43,097 | ||||
Leased Vessels [Member] | Discontinued Operations [Member] | |||||
Accumulated Depreciation and Amortization | |||||
Period Increase (Decrease) | -101,500 | ||||
Leased Vessels [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 46,404 | 101,500 | |||
Accumulated Depreciation and Amortization | |||||
Accumulated Depreciation and Amortization | -737 | -28,474 | |||
Depreciation and Amortization for the Period | -737 | -209 | |||
Disposals b Discontinued operations | 28,683 | ||||
Net Book Value | 45,667 | ||||
Period Increase (Decrease) | 47,554 | ||||
Loss on sale and leaseback | -1,150 | ||||
Dry Docking and Special Survey [Member] | Discontinued Operations [Member] | |||||
Accumulated Depreciation and Amortization | |||||
Period Increase (Decrease) | -7,759 | ||||
Dry Docking and Special Survey [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 3,229 | 2,561 | 2,195 | 8,969 | |
Accumulated Depreciation and Amortization | |||||
Accumulated Depreciation and Amortization | -2,017 | -1,523 | -1,327 | -7,761 | |
Depreciation and Amortization for the Period | -285 | -196 | -428 | ||
Impairment Loss | -209 | -836 | |||
Disposals b Discontinued operations | 7,698 | ||||
Net Book Value | 1,212 | 1,038 | 868 | ||
Period Increase (Decrease) | 668 | 366 | 985 | ||
Other Capitalized Property Plant and Equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 1,048 | 1,029 | 1,024 | 1,024 | |
Accumulated Depreciation and Amortization | |||||
Accumulated Depreciation and Amortization | -1,029 | -979 | -904 | -720 | |
Depreciation and Amortization for the Period | -50 | -75 | -184 | ||
Net Book Value | 19 | 50 | 120 | ||
Period Increase (Decrease) | 19 | 5 | |||
Vessels and Other Fixed Assets [Member] | Discontinued Operations [Member] | |||||
Accumulated Depreciation and Amortization | |||||
Period Increase (Decrease) | -485,776 | ||||
Vessels and Other Fixed Assets [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 150,744 | 60,556 | 60,185 | 544,976 | |
Accumulated Depreciation and Amortization | |||||
Accumulated Depreciation and Amortization | -29,489 | -25,489 | -22,682 | -275,457 | |
Depreciation and Amortization for the Period | -3,791 | -2,807 | -5,989 | ||
Impairment Loss | -209 | -5,911 | |||
Disposals b Discontinued operations | 264,675 | ||||
Net Book Value | 121,255 | 35,067 | 37,503 | ||
Period Increase (Decrease) | 91,338 | 371 | 985 | ||
Loss on sale and leaseback | ($1,150) |
Note_10_Property_Equipment_Min2
Note 10 - Property, Equipment, Mine Development Costs, Owned and Leased Mineral Rights, Land and Buildings (Details) (USD $) | 0 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 13, 2013 | Dec. 31, 2014 |
Note 10 - Property, Equipment, Mine Development Costs, Owned and Leased Mineral Rights, Land and Buildings (Details) [Line Items] | ||
Allowance for Doubtful Other Receivables, Current | $6,558 | |
Mining Properties and Mineral Rights [Member] | Viking Acquisition Group LLC [Member] | ||
Note 10 - Property, Equipment, Mine Development Costs, Owned and Leased Mineral Rights, Land and Buildings (Details) [Line Items] | ||
Impairment of Long-Lived Assets Held-for-use | 4,341 | |
Selling, General and Administrative Expenses [Member] | Viking Acquisition Group LLC [Member] | ||
Note 10 - Property, Equipment, Mine Development Costs, Owned and Leased Mineral Rights, Land and Buildings (Details) [Line Items] | ||
Allowance for Doubtful Other Receivables, Current | 6,558 | |
Viking Acquisition Group LLC [Member] | Other Convertible Notes [Member] | ||
Note 10 - Property, Equipment, Mine Development Costs, Owned and Leased Mineral Rights, Land and Buildings (Details) [Line Items] | ||
Leased Mineral Interests, Reduction to Net Liabilities | 4,500 | |
Viking Acquisition Group LLC [Member] | ||
Note 10 - Property, Equipment, Mine Development Costs, Owned and Leased Mineral Rights, Land and Buildings (Details) [Line Items] | ||
Business Acquisition, Purchases Price Adjusted Amount | 13,363 | 3,300 |
Leased Mineral Interests, Reduction to Net Liabilities | 8,444 | |
Business Combination, Consideration Transferred, Liabilities Incurred | $15,000 | $9,000 |
Note_10_Property_Equipment_Min3
Note 10 - Property, Equipment, Mine Development Costs, Owned and Leased Mineral Rights, Land and Buildings (Details) - Property, Equipment, and Mine Development Costs (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 10 - Property, Equipment, Mine Development Costs, Owned and Leased Mineral Rights, Land and Buildings (Details) - Property, Equipment, and Mine Development Costs [Line Items] | ||
Property, equipment and mine development costs | $10,250 | $10,082 |
Less accumulated depreciation | -781 | -31 |
Total property, equipment and mine development costs, net | 9,469 | 10,051 |
Exploration and Production Equipment [Member] | ||
Note 10 - Property, Equipment, Mine Development Costs, Owned and Leased Mineral Rights, Land and Buildings (Details) - Property, Equipment, and Mine Development Costs [Line Items] | ||
Property, equipment and mine development costs | 9,198 | 9,030 |
Mine Development [Member] | ||
Note 10 - Property, Equipment, Mine Development Costs, Owned and Leased Mineral Rights, Land and Buildings (Details) - Property, Equipment, and Mine Development Costs [Line Items] | ||
Property, equipment and mine development costs | $1,052 | $1,052 |
Note_10_Property_Equipment_Min4
Note 10 - Property, Equipment, Mine Development Costs, Owned and Leased Mineral Rights, Land and Buildings (Details) - Owned and Leased Mineral Rights, Land and Buildings Net of Accumulated Depreciation (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 10 - Property, Equipment, Mine Development Costs, Owned and Leased Mineral Rights, Land and Buildings (Details) - Owned and Leased Mineral Rights, Land and Buildings Net of Accumulated Depreciation [Line Items] | ||
Owned and leased mineral rights, land and building | $1,790 | $20,999 |
Less accumulated depreciation and depletion | -19 | -22 |
Total owned and leased mineral rights, land and building, net | 1,771 | 20,977 |
Land [Member] | ||
Note 10 - Property, Equipment, Mine Development Costs, Owned and Leased Mineral Rights, Land and Buildings (Details) - Owned and Leased Mineral Rights, Land and Buildings Net of Accumulated Depreciation [Line Items] | ||
Owned and leased mineral rights, land and building | 490 | 490 |
Building [Member] | ||
Note 10 - Property, Equipment, Mine Development Costs, Owned and Leased Mineral Rights, Land and Buildings (Details) - Owned and Leased Mineral Rights, Land and Buildings Net of Accumulated Depreciation [Line Items] | ||
Owned and leased mineral rights, land and building | 266 | 132 |
Mining Properties and Mineral Rights [Member] | ||
Note 10 - Property, Equipment, Mine Development Costs, Owned and Leased Mineral Rights, Land and Buildings (Details) - Owned and Leased Mineral Rights, Land and Buildings Net of Accumulated Depreciation [Line Items] | ||
Owned and leased mineral rights, land and building | $1,034 | $20,377 |
Note_11_Deferred_Charges_Net_D
Note 11 - Deferred Charges, Net (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 28, 2013 |
Note 11 - Deferred Charges, Net (Details) [Line Items] | ||||
Amortization of Financing Costs | $159 | $460 | $5,624 | |
Deferred Finance Costs, Write Offs | 3,952 | |||
Deferred Finance Charges [Member] | ||||
Note 11 - Deferred Charges, Net (Details) [Line Items] | ||||
Interest and Finance Cost | 3,882 | |||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | -70 | |||
Mojave Finance Inc. [Member] | ||||
Note 11 - Deferred Charges, Net (Details) [Line Items] | ||||
Amortization of Financing Costs | 126 | |||
Newlead Albion and Newlead Venetico [Member] | ||||
Note 11 - Deferred Charges, Net (Details) [Line Items] | ||||
Payments to Acquire Businesses, Gross | 498 | |||
Business Combination, Acquisition Related Costs, Percent | 1.00% | |||
Portigon Ag Credit Facility Amendment [Member] | ||||
Note 11 - Deferred Charges, Net (Details) [Line Items] | ||||
Deferred Finance Costs Additions | $250 |
Note_11_Deferred_Charges_Net_D1
Note 11 - Deferred Charges, Net (Details) - Deferred Charges, Net (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred Charges, Net [Abstract] | ||||
Current Deferred Charges | $829 | $489 | $573 | $5,742 |
Current and Non-current Deferred Charges | 829 | 489 | ||
Additions, Deferred Charges | 498 | 376 | 564 | |
Amortization, Deferred Charges | -158 | -460 | -1,781 | |
Write-offs | ($3,952) |
Note_12_Accounts_Payable_Trade2
Note 12 - Accounts Payable, Trade (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts Payable Trade [Abstract] | ||
Stock Issued During Period, Shares, Other | 154,835 | 187 |
Stock Issued During Period, Value, Other | $13,295 | $9,700 |
Note_12_Accounts_Payable_Trade3
Note 12 - Accounts Payable, Trade (Details) - Accounts Payable, Trade (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 12 - Accounts Payable, Trade (Details) - Accounts Payable, Trade [Line Items] | ||
Accounts payable, trade | $23,876 | $21,451 |
Business Acquisition Obligation | 5,682 | |
Suppliers [Member] | ||
Note 12 - Accounts Payable, Trade (Details) - Accounts Payable, Trade [Line Items] | ||
Accounts payable, trade | 7,735 | 4,944 |
Shipyards [Member] | ||
Note 12 - Accounts Payable, Trade (Details) - Accounts Payable, Trade [Line Items] | ||
Accounts payable, trade | 223 | 22 |
Insurers [Member] | ||
Note 12 - Accounts Payable, Trade (Details) - Accounts Payable, Trade [Line Items] | ||
Accounts payable, trade | 697 | 1,516 |
Agents [Member] | ||
Note 12 - Accounts Payable, Trade (Details) - Accounts Payable, Trade [Line Items] | ||
Accounts payable, trade | 650 | 575 |
Other Creditors [Member] | ||
Note 12 - Accounts Payable, Trade (Details) - Accounts Payable, Trade [Line Items] | ||
Accounts payable, trade | $8,889 | $14,394 |
Note_13_Accrued_Liabilities_De
Note 13 - Accrued Liabilities (Details) - Accrued Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ||
Accrued interest | $12,957 | $6,650 |
Accrued claims | 3,457 | 3,441 |
Other accrued expenses | 4,435 | 5,082 |
$20,849 | $15,173 |
Note_14_Share_Settled_Debt_Det
Note 14 - Share Settled Debt (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 05, 2013 | Jun. 19, 2013 | Jun. 19, 2013 | Dec. 06, 2013 | Jul. 09, 2013 | Jul. 10, 2013 | Oct. 16, 2013 | Dec. 02, 2013 |
Note 14 - Share Settled Debt (Details) [Line Items] | |||||||||||
Operating Income (Loss) | ($57,201) | ($83,169) | ($16,470) | ||||||||
Due to Related Parties, Current | 299 | 34 | |||||||||
Additional Settlement Shares [Member] | Past Due Accounts Payable [Member] | Hanover [Member] | |||||||||||
Note 14 - Share Settled Debt (Details) [Line Items] | |||||||||||
Stock Issued During Period, Settlement of Liabilities (in Shares) | 7 | ||||||||||
Additional Settlement Shares [Member] | Hanover [Member] | July Action [Member] | |||||||||||
Note 14 - Share Settled Debt (Details) [Line Items] | |||||||||||
Litigation Settlement, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 18 | ||||||||||
VWAP [Member] | Past Due Accounts Payable [Member] | Hanover [Member] | |||||||||||
Note 14 - Share Settled Debt (Details) [Line Items] | |||||||||||
Litigation Settlement, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 11 | 11 | |||||||||
VWAP [Member] | Hanover [Member] | July Action [Member] | |||||||||||
Note 14 - Share Settled Debt (Details) [Line Items] | |||||||||||
Litigation Settlement, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 75 | ||||||||||
Past Due Accounts Payable [Member] | Hanover [Member] | |||||||||||
Note 14 - Share Settled Debt (Details) [Line Items] | |||||||||||
Loss Contingency, Damages Sought, Value | 2,412 | ||||||||||
Stock Issued During Period, Settlement of Liabilities (in Shares) | 6 | 12 | |||||||||
Adjustment Period for Settlement Shares, Consecutive Trading Days | 50 days | ||||||||||
Loss Contingency, Damages Awarded, Value | 3,135 | ||||||||||
Claim Amount, Percentage | 130.00% | ||||||||||
Legal Fees | 10 | ||||||||||
Trading Volume Weighted Average Price, Percentage | 70.00% | ||||||||||
Legal Expenses Incurred By Plaintiff, Maximum | 50 | ||||||||||
Ownership Percentage, Maximum | 4.99% | ||||||||||
Maximum Ownership of Common Shares | 9.99% | ||||||||||
Shares Returned (in Shares) | 1 | ||||||||||
Operating Income (Loss) | -1,051 | ||||||||||
MGP [Member] | December Action [Member] | |||||||||||
Note 14 - Share Settled Debt (Details) [Line Items] | |||||||||||
Claim Amount, Percentage | 20.00% | ||||||||||
Due to Related Parties, Current | 295 | ||||||||||
Hanover [Member] | July Action [Member] | |||||||||||
Note 14 - Share Settled Debt (Details) [Line Items] | |||||||||||
Loss Contingency, Damages Sought, Value | 7,206 | ||||||||||
Stock Issued During Period, Settlement of Liabilities (in Shares) | 55 | ||||||||||
Loss Contingency, Damages Awarded, Value | 9,727 | ||||||||||
Claim Amount, Percentage | 135.00% | ||||||||||
Legal Expenses Incurred By Plaintiff, Maximum | 50 | ||||||||||
Maximum Ownership of Common Shares | 9.99% | ||||||||||
Litigation Settlement, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 55 | ||||||||||
Shares Returned (in Shares) | 3 | ||||||||||
Operating Income (Loss) | -3,907 | ||||||||||
Settlement Agreement on Share Value | 65.00% | ||||||||||
Settlement Agreement on Common Shares, Maximum Threshold for Offering Shares, Percentage of Worldwide Average Daily Trading Volume | 15.00% | ||||||||||
Settlement Agreement on Common Shares, Maximum Threshold for Offering Shares, Value of Shares | 65 | ||||||||||
Hanover [Member] | December Action [Member] | |||||||||||
Note 14 - Share Settled Debt (Details) [Line Items] | |||||||||||
Loss Contingency, Damages Sought, Value | 44,649 | ||||||||||
Loss Contingency, Damages Awarded, Value | 61,631 | ||||||||||
Claim Amount, Percentage | 137.50% | ||||||||||
Maximum Ownership of Common Shares | 9.99% | ||||||||||
Litigation Settlement, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 70 | ||||||||||
Operating Income (Loss) | 26,864 | ||||||||||
Settlement Agreement on Share Value | 62.00% | ||||||||||
Due to Related Parties, Current | 125 | ||||||||||
Hanover [Member] | |||||||||||
Note 14 - Share Settled Debt (Details) [Line Items] | |||||||||||
Litigation Settlement, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 768,752 | ||||||||||
Operating Income (Loss) | 9,739 | ||||||||||
Payments for Legal Settlements | $61,574 |
Note_14_Share_Settled_Debt_Det1
Note 14 - Share Settled Debt (Details) - Share Settled Debt (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Share Settled Debt [Abstract] | |
Hanover Holdings I, LLC | $68,743 |
Accounts payable | 3,852 |
$72,595 |
Note_15_LongTerm_Debt_Details
Note 15 - Long-Term Debt (Details) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 21 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 18 Months Ended | |||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Apr. 11, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2012 | 8-May-12 | Jan. 21, 2012 | Jan. 11, 2012 | Nov. 02, 2012 | Jul. 31, 2012 | Feb. 10, 2012 | Mar. 21, 2012 | Feb. 20, 2012 | Nov. 24, 2014 | Dec. 31, 2014 | Feb. 24, 2012 | 22-May-12 | Apr. 10, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | Apr. 01, 2010 | Jul. 09, 2010 | Apr. 15, 2010 | Jul. 09, 2012 | Sep. 03, 2013 | Mar. 08, 2013 | Mar. 04, 2013 | Nov. 30, 2010 | Dec. 31, 2009 | Mar. 28, 2013 |
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $85,172 | |||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 42 | |||||||||||||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 2,934 | -11,422 | -1,800 | |||||||||||||||||||||||||||||
Debt Instrument, Interest Rate During Period | 6.52% | 4.95% | 4.31% | |||||||||||||||||||||||||||||
Interest Costs Capitalized | 0 | 0 | 20 | |||||||||||||||||||||||||||||
In Compliance [Member] | Portigon AG Credit Facility [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Percent of Proceeds from Sale of the Vessel | 50.00% | |||||||||||||||||||||||||||||||
Not in Compliance [Member] | Portigon AG Credit Facility [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Percent of Proceeds from Sale of the Vessel | 100.00% | |||||||||||||||||||||||||||||||
Reduced Balloon Payment [Member] | Portigon AG Credit Facility [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | 6,000 | |||||||||||||||||||||||||||||||
Avra and Fortune [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 64,532 | |||||||||||||||||||||||||||||||
Compass and Compassion [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 80,159 | |||||||||||||||||||||||||||||||
Newlead Venetico [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 9,450 | |||||||||||||||||||||||||||||||
Grand Ocean [Member] | Piraeus Bank A.E. [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 21,000 | |||||||||||||||||||||||||||||||
Repayments of Lines of Credit | 490 | 6,510 | ||||||||||||||||||||||||||||||
Grand Ocean [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 8,150 | |||||||||||||||||||||||||||||||
Hiona and Hiotissa [Member] | Piraeus Bank A.E. [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 57,000 | |||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 76,000 | |||||||||||||||||||||||||||||||
Repayments of Lines of Credit | 271 | 51,100 | ||||||||||||||||||||||||||||||
Newlead Esmeralda [Member] | Eurobank [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 11,400 | |||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 32,000 | |||||||||||||||||||||||||||||||
Navios Serenity [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 26,000 | |||||||||||||||||||||||||||||||
Handysize Hull 4029 [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Disposals | 7,240 | |||||||||||||||||||||||||||||||
Nepheli and Others [Member] | Natixis [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 12,385 | |||||||||||||||||||||||||||||||
Sofia [Member] | Balloon Payment [Member] | Natixis [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | 1,976 | |||||||||||||||||||||||||||||||
Nepheli [Member] | Balloon Payment [Member] | Natixis [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | 1,844 | |||||||||||||||||||||||||||||||
Nikolas [Member] | Balloon Payment [Member] | Natixis [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | 2,722 | |||||||||||||||||||||||||||||||
3 Quarterly Installments [Member] | Portigon AG Credit Facility [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | 300 | |||||||||||||||||||||||||||||||
5 Quarterly Installments [Member] | Portigon AG Credit Facility [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | 375 | |||||||||||||||||||||||||||||||
15 Quarterly Installments [Member] | Portigon AG Credit Facility [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | 475 | |||||||||||||||||||||||||||||||
Balloon Payment [Member] | Portigon AG Credit Facility [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | 15,350 | |||||||||||||||||||||||||||||||
Bank of Scotland and Others [Member] | Senior Facility [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Loans Payable to Bank | 66,667 | |||||||||||||||||||||||||||||||
Loss Contingency, Damages Sought, Value | 62,684 | |||||||||||||||||||||||||||||||
Bank of Scotland and Others [Member] | Junior Facility [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Loans Payable to Bank | 13,333 | |||||||||||||||||||||||||||||||
Loss Contingency, Damages Sought, Value | 13,938 | |||||||||||||||||||||||||||||||
Bank of Scotland and Others [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 24,576 | |||||||||||||||||||||||||||||||
DVB Bank and Others[Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 48,000 | |||||||||||||||||||||||||||||||
Loss Contingency, Damages Sought, Value | 7,400 | |||||||||||||||||||||||||||||||
Extinguishment of Debt, Amount | 5,492 | |||||||||||||||||||||||||||||||
Mojave Finance Inc. [Member] | NewLead Mojave Holdings LLC [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Percent of Interest to Secure a Loan | 52.00% | |||||||||||||||||||||||||||||||
Mojave Finance Inc. [Member] | New Lead JMEG LLC [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Percent of Interest to Secure a Loan | 50.00% | |||||||||||||||||||||||||||||||
Mojave Finance Inc. [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Loans Payable to Bank | 3,000 | 3,000 | 3,000 | 3,000 | ||||||||||||||||||||||||||||
Debt Instrument, Term | 3 months | |||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate During Period | 5.10% | |||||||||||||||||||||||||||||||
New Coal Holding LLC [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 300 | |||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 10 | |||||||||||||||||||||||||||||||
Natixis [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Line of Credit, Current | 4,598 | 4,598 | 4,598 | |||||||||||||||||||||||||||||
Long-term Line of Credit, Noncurrent | 7,707 | 7,707 | 7,707 | |||||||||||||||||||||||||||||
Oppenheim Capital Ltd [Member] | New Lead JMEG LLC [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 24.00% | |||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,350 | |||||||||||||||||||||||||||||||
Swanbury Investments SA [Member] | New Lead JMEG LLC [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 24.00% | |||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 500 | |||||||||||||||||||||||||||||||
Maximum [Member] | Portigon AG Credit Facility [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Direct Sale Costs and Trade Debt | 500 | |||||||||||||||||||||||||||||||
Coal Acquisition [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Other Expenses | 20,000 | |||||||||||||||||||||||||||||||
Shipping Sector [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Other Expenses | 2,510 | |||||||||||||||||||||||||||||||
Convertible Notes [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Other Expenses | 513 | |||||||||||||||||||||||||||||||
Variable Rate A [Member] | Portigon AG Credit Facility [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||||||||||||||||||||||||||
Variable Rate B [Member] | Portigon AG Credit Facility [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||||||||||||||||||||||||||
Variable Rate C [Member] | Portigon AG Credit Facility [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||||||||||||||||||||||||
Variable Rate D [Member] | Portigon AG Credit Facility [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||||||||||||||||||||||||
Senior Convertible 7% Notes [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | 7.00% | |||||||||||||||||||||||||||||
Syndicate Facility Agreement [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Loans Payable to Bank, Current | 129 | 221,400 | ||||||||||||||||||||||||||||||
Notes and Loans Payable, Current | 129 | 129 | 129 | 129 | 129 | |||||||||||||||||||||||||||
Piraeus Bank Credit Facility [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 62,000 | 62,000 | 62,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 6.32% | |||||||||||||||||||||||||||||||
Repayments of Lines of Credit | 6,736 | |||||||||||||||||||||||||||||||
Long-term Line of Credit | 32,525 | 32,525 | 32,525 | 32,525 | 32,525 | |||||||||||||||||||||||||||
Portigon AG Credit Facility [Member] | ||||||||||||||||||||||||||||||||
Note 15 - Long-Term Debt (Details) [Line Items] | ||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 27,500 | |||||||||||||||||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 3.40% | |||||||||||||||||||||||||||||||
Long-term Line of Credit | 24,215 | 24,215 | 24,215 | 25,250 | ||||||||||||||||||||||||||||
Security Cover Ratio | 125.00% | |||||||||||||||||||||||||||||||
Percent of Proceeds from Sale of the Vessel | 75.00% | |||||||||||||||||||||||||||||||
Minimum Market Adjusted Equity Ratio | 25.00% | 30.00% | ||||||||||||||||||||||||||||||
Minimum Liquidity Ratio | 5.00% | |||||||||||||||||||||||||||||||
Minimum Working Capital | $0 | $0 | $0 | |||||||||||||||||||||||||||||
Minimum Interest Coverage Ratio | 2.00% | 2.50% |
Note_15_LongTerm_Debt_Details_
Note 15 - Long-Term Debt (Details) - Long-term Portion and Current Portion of Long-term Debt (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term debt, non-current | $7,707 | |
Long-term debt, current | 64,338 | 60,306 |
Long-term debt | 72,045 | 60,306 |
Piraeus Bank A.E. [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, current | 32,525 | 32,525 |
Long-term debt | 32,525 | 32,525 |
Portigon AG [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, current | 24,215 | 24,781 |
Long-term debt | 24,215 | 24,781 |
Mojave Finance Inc. [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, current | 3,000 | 3,000 |
Long-term debt | 3,000 | 3,000 |
Natixis [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, non-current | 7,707 | |
Long-term debt, current | 4,598 | |
Long-term debt | $12,305 |
Note_15_LongTerm_Debt_Details_1
Note 15 - Long-Term Debt (Details) - Interest and Finance Expense (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest and Finance Expense [Abstract] | |||
Interest expense | $10,684 | $6,952 | $8,125 |
Amortization of deferred charges | 159 | 460 | 5,624 |
Amortization of the beneficial conversion feature and warrant | 258 | 264 | 71,561 |
Hanover Holdings I LLC commission | -9,739 | 31,982 | |
Other interest and finance expenses, net | 4,552 | 23,012 | 1,239 |
$5,914 | $62,670 | $86,549 |
Note_16_Convertible_Notes_Deta
Note 16 - Convertible Notes (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2010 | Sep. 13, 2013 | Dec. 09, 2014 | Oct. 13, 2009 | Jul. 02, 2012 | Nov. 30, 2009 | Dec. 31, 2011 | Feb. 05, 2013 | Jan. 31, 2014 | Jan. 03, 2014 | 14-May-14 | Dec. 27, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 19, 2013 | Dec. 31, 2014 | Feb. 28, 2014 | Oct. 24, 2014 | Jul. 15, 2014 | Jul. 14, 2014 | Jun. 14, 2014 | 15-May-14 | Mar. 06, 2014 | Oct. 17, 2013 | Sep. 30, 2014 | Aug. 14, 2014 | Jan. 01, 2014 | |||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Current | $85,685,000 | $101,651,000 | $101,651,000 | $85,685,000 | ||||||||||||||||||||||||||||||||
Convertible Notes Payable, Noncurrent | 11,436,000 | 11,436,000 | ||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 21,267,000 | 64,880,000 | 62,500,000 | 64,880,000 | 21,267,000 | |||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | -124,900,000 | |||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 89,426,125 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | -248,000 | |||||||||||||||||||||||||||||||||||
Amortization of Beneficial Conversion Feature | 258,000 | 264,000 | 71,561,000 | |||||||||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | -293,109,000 | |||||||||||||||||||||||||||||||||||
Repayments of Convertible Debt | -305,000 | -125,000 | ||||||||||||||||||||||||||||||||||
Convertible Notes Payable | 97,121,000 | 101,651,000 | 62,552,000 | 53,391,000 | 101,651,000 | 97,121,000 | ||||||||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | $0.01 | $0.10 | $0.01 | $0.01 | $0.01 | $0.50 | $0.01 | $0.01 | $5 | $0.10 | $0.01 | ||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | -25,580,000 | -25,530,000 | ||||||||||||||||||||||||||||||||||
Interest Expense, Debt | 10,684,000 | 6,952,000 | 8,125,000 | |||||||||||||||||||||||||||||||||
Interest on Unpaid Principal Balance [Member] | Good Faith [Member] | Senior Convertible Promissory 15% Note [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||||||||||||||||||||||
Interest on Outstanding Principal Balance and Accrued Interest [Member] | Good Faith [Member] | Senior Convertible Promissory 15% Note [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||||||||||||||||||||||||||||||||
Capesize Vessels [Member] | Lemissoler Maritime Company WLL [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Sale Leaseback Transaction, Number of Assets | 3 | |||||||||||||||||||||||||||||||||||
Lemissoler Maritime Company WLL [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Sale Leaseback Transaction, Number of Assets | 4 | |||||||||||||||||||||||||||||||||||
Sale Leaseback Transaction, Net Book Value | 86,800,000 | |||||||||||||||||||||||||||||||||||
Sale Leaseback Transaction, Leaseback Charter Period | 8 years | |||||||||||||||||||||||||||||||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | 40,000,000 | |||||||||||||||||||||||||||||||||||
Sale Leaseback Transaction, Current Period Gain Recognized | -2,728,000 | |||||||||||||||||||||||||||||||||||
Sale Leaseback Transaction, Deferred Gain, Gross | 10,540,000 | |||||||||||||||||||||||||||||||||||
Sale Leaseback Transaction, Unamortized Portion | 9,083,000 | |||||||||||||||||||||||||||||||||||
Pallas Holding LLC [Member] | Pallas Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 15,000,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||||||||||||||||||||||||||||
Consecutive Trading Days | 60 days | |||||||||||||||||||||||||||||||||||
Pallas Highwall Mining LLC [Member] | Viking Prep Plant LLC [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 100.00% | |||||||||||||||||||||||||||||||||||
Pallas Highwall Mining LLC [Member] | Pallas Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | |||||||||||||||||||||||||||||||||||
Consecutive Trading Days | 10 days | |||||||||||||||||||||||||||||||||||
Piraeus Bank A.E. [Member] | Senior Convertible 7% Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 145,000,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |||||||||||||||||||||||||||||||||||
Proceeds from Convertible Debt | 20,000,000 | |||||||||||||||||||||||||||||||||||
Focus Maritime Corp. [Member] | Senior Convertible 7% Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Noncurrent | 100,000 | 100,000 | 100,000 | 100,000 | ||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | 124,900,000 | 20,000,000 | ||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 236 | 2 | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | 100,536,000 | |||||||||||||||||||||||||||||||||||
Amortization of Beneficial Conversion Feature | 17,000 | 13,000 | 71,561,000 | |||||||||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | -293,109,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Coupon Payments | 5 | |||||||||||||||||||||||||||||||||||
Prime Shipping Holding Ltd [Member] | Minimum [Member] | Senior Convertible 4.5% Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | 1,000 | |||||||||||||||||||||||||||||||||||
Prime Shipping Holding Ltd [Member] | Maximum [Member] | Senior Convertible 4.5% Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | ||||||||||||||||||||||||||||||||||
Prime Shipping Holding Ltd [Member] | Fees, Costs and Expenses [Member] | Senior Convertible 4.5% Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Stock Issued to Settle Indebtedness (in Shares) | 1 | |||||||||||||||||||||||||||||||||||
Stock Issued to Settle Indebtedness, Value | 400,000 | |||||||||||||||||||||||||||||||||||
Prime Shipping Holding Ltd [Member] | Senior Convertible 4.5% Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 50,000,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||||||||||||||||||||||||||||||||||
Trading Volume Weighted Average Price, Percentage | 80.00% | |||||||||||||||||||||||||||||||||||
Consecutive Trading Days | 30 days | |||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | |||||||||||||||||||||||||||||||||||
Debt Instrument, Repurchase Period | 5 days | |||||||||||||||||||||||||||||||||||
Debt Instrument, Repurchase Price, Percentage of Principal Amount Redeemed | 100.00% | |||||||||||||||||||||||||||||||||||
Debt Instrument, Amount Used To Determine Fair Value | 50,000,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Percentage Used to Determine Fair Value | 80.00% | |||||||||||||||||||||||||||||||||||
Convertible Debt, Fair Value Disclosures | 62,500,000 | |||||||||||||||||||||||||||||||||||
Prime Shipping Holding Ltd [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Stock Issued to Settle Indebtedness (in Shares) | 98 | |||||||||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 50,574,000 | |||||||||||||||||||||||||||||||||||
Good Faith [Member] | Maximum [Member] | Senior Convertible Promissory 15% Note [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 1,000,000 | |||||||||||||||||||||||||||||||||||
Good Faith [Member] | Senior Convertible Promissory 15% Note [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 15 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $922,500 | |||||||||||||||||||||||||||||||||||
Asher Enterprises Inc. [Member] | Convertible 8% Note [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 207,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Percentage | 65.00% | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Business Days Before Maturity | 10 days | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $0.01 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Trading Prices | 3 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Discount Share Conversion Price, Percent | 35.00% | |||||||||||||||||||||||||||||||||||
Asher Enterprises Inc. [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Additional Default Principal Amount | 138,000 | |||||||||||||||||||||||||||||||||||
Dominion Capital LLC [Member] | 12% Convertible Debentures and Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 500,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | 400,000 | |||||||||||||||||||||||||||||||||||
Consecutive Trading Days | 15 days | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Percentage | 70.00% | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $33,750,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Trading Prices | 3 | |||||||||||||||||||||||||||||||||||
Pallas Management LLC [Member] | 12% Convertible Debentures and Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 5,000,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||||||||||||||||||||||||||||||||||
Proceeds from Convertible Debt | 5,000,000 | |||||||||||||||||||||||||||||||||||
Consecutive Trading Days | 10 days | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Percentage | 80.00% | |||||||||||||||||||||||||||||||||||
F&S Capital Partners Ltd. [Member] | 12% Convertible Debentures and Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 475,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||||||||||||||||||||||||||||||||||
Proceeds from Convertible Debt | 26,000 | |||||||||||||||||||||||||||||||||||
F&S Capital Partners Ltd. [Member] | 10% Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Number | 3 | |||||||||||||||||||||||||||||||||||
NM Dauphin & Company Limited, Ray Capital Inc. and Tiger Capital Partners Ltd. [Member] | 10% Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 20,000,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 60 days | |||||||||||||||||||||||||||||||||||
Tiger Capital Partners Ltd [Member] | 10% Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | 472,000 | 472,000 | ||||||||||||||||||||||||||||||||||
Oppenheim & Co. Limited [Member] | 10% Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 2,190,000 | |||||||||||||||||||||||||||||||||||
Oppenheim Capital Ltd [Member] | 10% Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 2,500,000 | |||||||||||||||||||||||||||||||||||
Cheyenne Holding Ltd [Member] | 10% Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 1,250,000 | |||||||||||||||||||||||||||||||||||
Pallas Highwall Mining LLC [Member] | Pallas Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 24,000,000 | |||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 35 | 207 | ||||||||||||||||||||||||||||||||||
Convertible Notes Payable | 8,400,000 | 11,200,000 | 14,000,000 | 11,200,000 | 8,400,000 | |||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | 10,000,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | 2,800,000 | |||||||||||||||||||||||||||||||||||
Pallas Holding LLC [Member] | Pallas Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | 0 | 6,000,000 | 9,000,000 | 6,000,000 | 0 | |||||||||||||||||||||||||||||||
Repayments of Senior Debt | 125,000 | |||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | 5,875,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | 1,500,000 | |||||||||||||||||||||||||||||||||||
Minimum [Member] | Tiger Note [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||||||||||||||||||||||||||||
Maximum [Member] | Tiger Note [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 1,670,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 15.00% | |||||||||||||||||||||||||||||||||||
Viking Prep Plant LLC [Member] | Convertible Promissory 4.4% Note [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 55,000 | 55,000 | ||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | 4.40% | ||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment | 5,000 | |||||||||||||||||||||||||||||||||||
Viking Prep Plant LLC [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Business Acquisition, Purchases Price Adjusted Amount | 28,402,000 | |||||||||||||||||||||||||||||||||||
Viking Acquisition Group LLC [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Business Acquisition, Purchases Price Adjusted Amount | 3,300,000 | 13,363,000 | ||||||||||||||||||||||||||||||||||
Senior Convertible 7% Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Current | 82,000 | [1] | 82,000 | [1] | ||||||||||||||||||||||||||||||||
Convertible Notes Payable, Noncurrent | [1] | [1] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | [1] | [1] | [1] | [1] | [1] | |||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | -124,900,000 | [1] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | [1] | |||||||||||||||||||||||||||||||||||
Amortization of Beneficial Conversion Feature | 17,000 | [1] | 13,000 | [1] | 71,561,000 | [1] | ||||||||||||||||||||||||||||||
Repayments of Convertible Debt | [1] | [1] | ||||||||||||||||||||||||||||||||||
Convertible Notes Payable | 82,000 | [1] | 65,000 | [1] | 52,000 | [1] | 53,391,000 | [1] | 65,000 | [1] | 82,000 | [1] | ||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | [1] | [1] | ||||||||||||||||||||||||||||||||||
Senior Convertible 4.5% Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Current | 62,500,000 | [2] | 62,500,000 | [2] | ||||||||||||||||||||||||||||||||
Convertible Notes Payable, Noncurrent | [2] | [2] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | [2] | [2] | 62,500,000 | [2] | [2] | [2] | ||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | [2] | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | [2] | |||||||||||||||||||||||||||||||||||
Amortization of Beneficial Conversion Feature | [2] | [2] | [2] | |||||||||||||||||||||||||||||||||
Repayments of Convertible Debt | [2] | [2] | ||||||||||||||||||||||||||||||||||
Convertible Notes Payable | 62,500,000 | [2] | 62,500,000 | [2] | 62,500,000 | [2] | [2] | 62,500,000 | [2] | 62,500,000 | [2] | |||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | [2] | [2] | ||||||||||||||||||||||||||||||||||
Tiger Note [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Current | [3] | [3] | ||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Noncurrent | [3] | [3] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | [3] | 2,855,000 | [3] | [3] | 2,855,000 | [3] | [3] | |||||||||||||||||||||||||||||
Proceeds from Convertible Debt | 1,185,000 | |||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | [3] | |||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 85 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | [3] | |||||||||||||||||||||||||||||||||||
Amortization of Beneficial Conversion Feature | [3] | [3] | [3] | |||||||||||||||||||||||||||||||||
Debt Instrument, Additional Financial Option | 2,330,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Percentage | 95.00% | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 5 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Business Days Before Maturity | 2 days | |||||||||||||||||||||||||||||||||||
Repayments of Convertible Debt | [3] | [3] | ||||||||||||||||||||||||||||||||||
Convertible Notes Payable | [3] | [3] | [3] | [3] | [3] | [3] | ||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | -2,855,000 | [3] | ||||||||||||||||||||||||||||||||||
Senior Convertible Promissory 15% Note [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Current | [4] | [4] | ||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Noncurrent | [4] | [4] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | [4] | 1,000,000 | [4] | [4] | 1,000,000 | [4] | [4] | |||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | [4] | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | -248,000 | [4] | ||||||||||||||||||||||||||||||||||
Amortization of Beneficial Conversion Feature | [4] | 248,000 | [4] | [4] | ||||||||||||||||||||||||||||||||
Repayments of Convertible Debt | [4] | |||||||||||||||||||||||||||||||||||
Convertible Notes Payable | [4] | [4] | [4] | [4] | [4] | [4] | ||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | [4] | -1,000,000 | [4] | |||||||||||||||||||||||||||||||||
Convertible 8% Note [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 1,470,000 | 1,470,000 | 7,736,000 | |||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | 8.00% | 8.00% | ||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | 207,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Percentage | 65.00% | 65.00% | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 10 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Business Days Before Maturity | 10 days | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Trading Prices | 3 | 3 | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Discount Share Conversion Price, Percent | 35.00% | |||||||||||||||||||||||||||||||||||
Repayments of Convertible Debt | 2,305,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Fair Value Disclosure | 11,901,000 | |||||||||||||||||||||||||||||||||||
Convertible Notes Payable | 8,200,000 | 8,200,000 | ||||||||||||||||||||||||||||||||||
12% Convertible Debentures and Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Current | 6,276,000 | [5] | 6,276,000 | [5] | ||||||||||||||||||||||||||||||||
Convertible Notes Payable, Noncurrent | [5] | [5] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 6,776,000 | [5] | 500,000 | [5] | [5] | 500,000 | [5] | 6,776,000 | [5] | |||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | [5] | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | [5] | |||||||||||||||||||||||||||||||||||
Amortization of Beneficial Conversion Feature | 241,000 | [5] | 3,000 | [5] | [5] | |||||||||||||||||||||||||||||||
Repayments of Convertible Debt | [5] | [5] | ||||||||||||||||||||||||||||||||||
Convertible Notes Payable | 6,276,000 | [5] | 361,000 | [5] | [5] | [5] | 361,000 | [5] | 6,276,000 | [5] | ||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | -932,000 | [5] | [5] | |||||||||||||||||||||||||||||||||
10% Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Current | 5,500,000 | [6] | 5,500,000 | [6] | ||||||||||||||||||||||||||||||||
Convertible Notes Payable, Noncurrent | 6,163,000 | [6] | 6,163,000 | [6] | ||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 5,940,000 | [6] | 20,000,000 | [6] | [6] | 20,000,000 | [6] | 5,940,000 | [6] | |||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | [6] | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | [6] | |||||||||||||||||||||||||||||||||||
Amortization of Beneficial Conversion Feature | [6] | [6] | [6] | |||||||||||||||||||||||||||||||||
Consecutive Trading Days | 10 days | |||||||||||||||||||||||||||||||||||
Repayments of Convertible Debt | -250,000 | [6] | [6] | |||||||||||||||||||||||||||||||||
Convertible Notes Payable | 11,663,000 | [6] | 20,000,000 | [6] | [6] | [6] | 20,000,000 | [6] | 11,663,000 | [6] | ||||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | 0.01 | $0.01 | ||||||||||||||||||||||||||||||||||
Debt Instrument, True-up Period | 5 years | |||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | -14,027,000 | [6] | [6] | |||||||||||||||||||||||||||||||||
Pallas Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Current | 8,400,000 | [7] | 8,400,000 | [7] | ||||||||||||||||||||||||||||||||
Convertible Notes Payable, Noncurrent | [7] | [7] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | -4,500,000 | [7] | 39,000,000 | [7] | [7] | 39,000,000 | [7] | -4,500,000 | [7] | |||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | [7] | |||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 27,009,348 | 114 | ||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | [7] | |||||||||||||||||||||||||||||||||||
Amortization of Beneficial Conversion Feature | [7] | [7] | [7] | |||||||||||||||||||||||||||||||||
Repayments of Convertible Debt | [7] | -125,000 | [7] | |||||||||||||||||||||||||||||||||
Convertible Notes Payable | 8,400,000 | [7] | 17,200,000 | [7] | [7] | [7] | 17,200,000 | [7] | 8,400,000 | [7] | ||||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | 0.01 | |||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | -4,300,000 | [7] | -21,675,000 | [7] | ||||||||||||||||||||||||||||||||
Interest Expense, Debt | 4,372,000 | 6,020,000 | ||||||||||||||||||||||||||||||||||
Other Convertible Notes [Member] | ||||||||||||||||||||||||||||||||||||
Note 16 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Noncurrent | [8] | [8] | ||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 693,000 | [8] | [8] | [8] | [8] | 693,000 | [8] | 450,000 | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | [8] | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | [8] | |||||||||||||||||||||||||||||||||||
Amortization of Beneficial Conversion Feature | [8] | [8] | [8] | |||||||||||||||||||||||||||||||||
Consecutive Trading Days | 20 days | |||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Percentage | 65.00% | |||||||||||||||||||||||||||||||||||
Repayments of Convertible Debt | [8] | [8] | ||||||||||||||||||||||||||||||||||
Convertible Notes Payable | [8] | [8] | [8] | [8] | [8] | [8] | ||||||||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | |||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | ($693,000) | [8] | [8] | |||||||||||||||||||||||||||||||||
[1] | 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 which after the reverse splits performed since the agreement date, the exercise price has been increased significantly in line with the reverse splits ("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 as purchasers. All of the outstanding 7% Notes owned by Focus 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 with maturity date October 13, 2015, which after the reverse splits performed since the grant date, the exercise price has been increased significantly in line with the reverse splits, 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 2 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 236 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, 2014, $17 of the BCF was amortized and reflected as interest expense in the statements of operations ($13 for the year ended December 31, 2013, and $71,561 for the year ended December 31 2012). In addition, as a result of the agreement with Focus, the Company recorded an inducement loss of $293,109, which is included in Loss on extinguishment of convertible notes in 2012. Accordingly, in the aggregate, $100 of the 7% Notes remained outstanding as of December 31, 2014 and 2013. As of December 31, 2014, the Company was not in compliance with its financial covenants on this indebtedness and had defaulted on five coupon payments. As such, the full amount outstanding was reclassified to current liabilities. | |||||||||||||||||||||||||||||||||||
[2] | 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. 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 Shipping Holding Ltd ("Prime")(an affiliate of Lemissoler Maritime Company W.L.L. ("Lemissoler") ), 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) 98 common shares of the Company to Prime; and (ii) $50,000 aggregate principal amount of the Company's 4.5% Senior Convertible Note due in 2022 issued to Prime ("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 common share 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 98 common shares of the Company for the outstanding balance and 1 common share 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 in 2012, which is included in Loss from discontinued operations. 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 4.5% Note above in substance represents 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. Because of this, ASC 480 requires the 4.5% Note be carried at fair value, with any subsequent changes in fair value recognized in 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 and at December 31, 2014 and 2013, the fair value of the 4.5% Note amounted to $62,500. As of December 31, 2014, the Company was not in compliance with the requirements of this indebtedness. | |||||||||||||||||||||||||||||||||||
[3] | 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 was 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 85 common shares, including outstanding accrued interest. However, there was a true up clause obligation regarding the fair value of the shares issued. During 2014 the Company has repaid the true up clause obligation of the relative note. Refer to Note 22 for further details. The Company has been fully released. | |||||||||||||||||||||||||||||||||||
[4] | 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 $922,500 per share at holder's option, at any time and from time to time. During September, 2013 the Good Faith Note converted into 15 common shares, including outstanding accrued interest. The Company has been fully released. | |||||||||||||||||||||||||||||||||||
[5] | On December 23, 2013 and January 3, 2014, the Company issued convertible debentures to Dominion Capital LLC, for up to $500. The Dominion debenture was due on December 23, 2014 and January 3, 2015. 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) $33,750 per share 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 debentures was outstanding. As of December 31, 2014, the full amount of both the Dominion debentures have been converted into shares. In addition the financial instruments of $400 that the Company recorded associated with the convertible debentures has been released according to the agreement with Dominion Capital LLC, refer also to Note 22. The Company has been released for the 12% convertible debenture dated December 23, 2013 along with the related attached warrants and the financial instrument. As of December 31, 2014, the warrants attached to the January 3, 2014 Dominion debenture are still outstanding, refer also to Note 22. On May 14, 2014, the Company issued a promissory note to Pallas Management LLC for up to $5,000. Borrowings under this promissory note bear a fixed interest rate of 12% per annum on the unpaid principal balance. The promissory note has a maturity date of November 30, 2014, which was amended on November 14, 2014 to mature on November 30, 2015. This unsecured convertible note is converted into common shares at a conversion price 80% the average of the closing prices for the 10 trading days immediately prior but not including the date of issuance of the shares. As of December 31, 2014 the amount received from this unsecured convertible note was $5,000. Because the note is convertible into a variable number of shares, the Note is required to be carried at fair value pursuant to ASC 480 Fair value is determined by dividing the principal amount of $5,000 by 80%. On October 24, 2014, the Company issued an unsecured convertible note to F&S Capital Partners Ltd. for up to $475. Borrowings under this unsecured convertible note bear a fixed interest rate of 12% per annum on the unpaid principal balance. The unsecured convertible note has maturity date October 23, 2015. This unsecured convertible note is convertible into common shares at a conversion price of the closing price the trading date immediately prior but not including the date of issuance of the shares. As of December 31, 2014 the amount received and outstanding of this unsecured convertible note was $26. | |||||||||||||||||||||||||||||||||||
[6] | 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 were due in 60 days by issuance of common shares par value $0.01 at a conversion price equal to the average of the closing prices for the 10 trading days immediately prior to but not including the date of issuance of the shares. The three notes were amended and the conversion price is equal to the closing price immediately prior to but not including the date of issuance of the shares and bear an interest rate of 10% and any accrued and unpaid interest is payable in quarterly installments concluding with the final instalments on final repayment date. Moreover, these unsecured convertible notes contain a true up clause for a period of five years. During 2014, the convertible note with Ray Capital Inc. was amended to be guaranteed by one of the Company's vessels, Newlead Castellano. As of December 31, 2014, the convertible note with Ray Capital Inc has been fully converted and the true up clause liability is still outstanding, refer to Note 22. As of December 31, 2014, the convertible note with Tiger Capital Partners Ltd. has an amount of $472 still not converted in shares and a true up clause liability is still outstanding, refer to Note 22. As of December 31, 2014, the full amount of the convertible note with NM Dauphin & Company Limited remains outstanding. During August and September 2014, the Company issued convertible notes to Oppenheim & Co. Limited, Oppenheim Capital Ltd and Cheyenne Holding Ltd, for up to $2,190, $2,500 and $1,250, respectively. These notes are due in August 2016 and September 2017 by the issuance of common shares, par value $0.01, at the trading price of the common shares prior to issuance. Borrowings under these 10% notes bear a fixed interest rate of 10% per annum on the unpaid principal balance and any accrued and unpaid interest is payable in quarterly installments concluding with the final installments on final repayment date. The notes with Oppenheim Capital Ltd and Cheyenne Holding Ltd were amended to be guaranteed by one of the Company's vessels, Newlead Castellano. | |||||||||||||||||||||||||||||||||||
[7] | 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 were due on December 31, 2014 by the option of wire transfer or issuance of common shares, par value $0.01. Borrowings under the Pallas Notes bear fixed interest rate of 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. On January 5, 2015 the conversion price of the $24,000 note was amended to be the closing price of the trading day immediately prior to the date of issuance of shares for the note of $24,000. As security for the $24,000 senior secured note Pallas Highwall Mining LLC pledged the 100% of the membership interest in Viking Prep Plant LLC, which were acquired through this senior secured note, has been pledged back to Pallas Highwall Mining LLC, until the full value of the note is received. 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 35 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. Effective December 31, 2014, an amendment to the VAG unit purchase agreement was executed with the seller which reduced the purchase price for the VAG membership interest to $3,300, as a result of the inability of the seller to extend the mineral lease that covered a significant portion of the subject minerals, which was one of the post-closing conditions of the acquisition, and due to a downturn in market conditions. During the fiscal year 2014, the obligations in respect of the note issued for the VAG acquisition, had been fully repaid and as a consequence the Company was released. In relation to $24,000 senior secured note, the Company paid $10,000 of principal on the senior secured promissory note through issuing 207 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, 2014, the amount of the outstanding Pallas Notes outstanding is $0 and $8,400 respectively. During 2014, the Company issued 27,009,348 shares for the total amount of installments and accrued interest of $4,372. However, there is a true up clause regarding the fair value of the shares issued related to $24,000 senior secured note. Refer to Note 22 for further details. As of December 31, 2013, the amount of the outstanding Pallas Notes outstanding was $6,000 and $11,200, respectively. During 2013, the Company issued 114 shares for the total amount of installments and accrued interest of $6,020. | |||||||||||||||||||||||||||||||||||
[8] | During February 2014, the Company issued convertible notes to various financial institutions, for up to $450. These notes were due in February 2015 by the issuance of common shares, par value $0.01, at the 65% of the lowest reported sale price of the common stock for the twenty trading business days immediately prior to voluntary conversion date. Borrowings under these notes bore fixed interest rate of 10%. Because of this, ASC 480 requires these notes be carried at fair value, with any subsequent changes in fair value recognized in earnings. The Company determined the fair value for these notes by dividing the par amount of $450 by 65%. During October through December 2014, the notes were fully converted into shares and the Company has been fully released. |
Note_16_Convertible_Notes_Deta1
Note 16 - Convertible Notes (Details) - Convertible Notes (USD $) | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2014 | Dec. 31, 2011 | ||||
Note 16 - Convertible Notes (Details) - Convertible Notes [Line Items] | |||||||||
Balance | $97,121 | $101,651 | $62,552 | $53,391 | |||||
Long term convertible notes | 11,436 | ||||||||
Amortization of the Beneficial Conversion Feature | 258 | 264 | 71,561 | ||||||
Cash payments | -305 | -125 | |||||||
Warrants attached | -170 | -142 | |||||||
Notes Converted to shares | -25,580 | -25,530 | |||||||
Partial Conversion of the Convertible Senior Notes | -124,900 | ||||||||
Convertible Notes Issued (Cancelled) | 21,267 | 64,880 | 62,500 | ||||||
Beneficial Conversion Feature | -248 | ||||||||
Short term convertible notes | 85,685 | 101,651 | |||||||
Senior Convertible 7% Notes [Member] | |||||||||
Note 16 - Convertible Notes (Details) - Convertible Notes [Line Items] | |||||||||
Balance | 82 | [1] | 65 | [1] | 52 | [1] | 53,391 | [1] | |
Long term convertible notes | [1] | ||||||||
Amortization of the Beneficial Conversion Feature | 17 | [1] | 13 | [1] | 71,561 | [1] | |||
Cash payments | [1] | [1] | |||||||
Warrants attached | [1] | [1] | |||||||
Notes Converted to shares | [1] | [1] | |||||||
Partial Conversion of the Convertible Senior Notes | -124,900 | [1] | |||||||
Convertible Notes Issued (Cancelled) | [1] | [1] | [1] | ||||||
Beneficial Conversion Feature | [1] | ||||||||
Short term convertible notes | 82 | [1] | |||||||
Senior Convertible 4.5% Notes [Member] | |||||||||
Note 16 - Convertible Notes (Details) - Convertible Notes [Line Items] | |||||||||
Balance | 62,500 | [2] | 62,500 | [2] | 62,500 | [2] | [2] | ||
Long term convertible notes | [2] | ||||||||
Amortization of the Beneficial Conversion Feature | [2] | [2] | [2] | ||||||
Cash payments | [2] | [2] | |||||||
Warrants attached | [2] | [2] | |||||||
Notes Converted to shares | [2] | [2] | |||||||
Partial Conversion of the Convertible Senior Notes | [2] | ||||||||
Convertible Notes Issued (Cancelled) | [2] | [2] | 62,500 | [2] | |||||
Beneficial Conversion Feature | [2] | ||||||||
Short term convertible notes | 62,500 | [2] | |||||||
Tiger Note [Member] | |||||||||
Note 16 - Convertible Notes (Details) - Convertible Notes [Line Items] | |||||||||
Balance | [3] | [3] | [3] | [3] | |||||
Long term convertible notes | [3] | ||||||||
Amortization of the Beneficial Conversion Feature | [3] | [3] | [3] | ||||||
Cash payments | [3] | [3] | |||||||
Warrants attached | [3] | [3] | |||||||
Notes Converted to shares | -2,855 | [3] | |||||||
Partial Conversion of the Convertible Senior Notes | [3] | ||||||||
Convertible Notes Issued (Cancelled) | [3] | 2,855 | [3] | [3] | |||||
Beneficial Conversion Feature | [3] | ||||||||
Short term convertible notes | [3] | ||||||||
Senior Convertible Promissory 15% Note [Member] | |||||||||
Note 16 - Convertible Notes (Details) - Convertible Notes [Line Items] | |||||||||
Balance | [4] | [4] | [4] | [4] | |||||
Long term convertible notes | [4] | ||||||||
Amortization of the Beneficial Conversion Feature | [4] | 248 | [4] | [4] | |||||
Cash payments | [4] | ||||||||
Warrants attached | [4] | [4] | |||||||
Notes Converted to shares | [4] | -1,000 | [4] | ||||||
Partial Conversion of the Convertible Senior Notes | [4] | ||||||||
Convertible Notes Issued (Cancelled) | [4] | 1,000 | [4] | [4] | |||||
Beneficial Conversion Feature | -248 | [4] | |||||||
Short term convertible notes | [4] | ||||||||
8% and 4.4% Notes [Member] | |||||||||
Note 16 - Convertible Notes (Details) - Convertible Notes [Line Items] | |||||||||
Balance | 8,200 | [5] | 1,525 | [5] | [5] | [5] | |||
Long term convertible notes | 5,273 | [5] | |||||||
Amortization of the Beneficial Conversion Feature | [5] | [5] | [5] | ||||||
Cash payments | -55 | [5] | [5] | ||||||
Warrants attached | [5] | [5] | |||||||
Notes Converted to shares | -5,628 | [5] | [5] | ||||||
Partial Conversion of the Convertible Senior Notes | [5] | ||||||||
Convertible Notes Issued (Cancelled) | 12,358 | [5] | 1,525 | [5] | [5] | ||||
Beneficial Conversion Feature | [5] | ||||||||
Short term convertible notes | 2,927 | [5] | |||||||
12% Convertible Debentures and Notes [Member] | |||||||||
Note 16 - Convertible Notes (Details) - Convertible Notes [Line Items] | |||||||||
Balance | 6,276 | [6] | 361 | [6] | [6] | [6] | |||
Long term convertible notes | [6] | ||||||||
Amortization of the Beneficial Conversion Feature | 241 | [6] | 3 | [6] | [6] | ||||
Cash payments | [6] | [6] | |||||||
Warrants attached | -170 | [6] | -142 | [6] | |||||
Notes Converted to shares | -932 | [6] | [6] | ||||||
Partial Conversion of the Convertible Senior Notes | [6] | ||||||||
Convertible Notes Issued (Cancelled) | 6,776 | [6] | 500 | [6] | [6] | ||||
Beneficial Conversion Feature | [6] | ||||||||
Short term convertible notes | 6,276 | [6] | |||||||
10% Notes [Member] | |||||||||
Note 16 - Convertible Notes (Details) - Convertible Notes [Line Items] | |||||||||
Balance | 11,663 | [7] | 20,000 | [7] | [7] | [7] | |||
Long term convertible notes | 6,163 | [7] | |||||||
Amortization of the Beneficial Conversion Feature | [7] | [7] | [7] | ||||||
Cash payments | -250 | [7] | [7] | ||||||
Warrants attached | [7] | [7] | |||||||
Notes Converted to shares | -14,027 | [7] | [7] | ||||||
Partial Conversion of the Convertible Senior Notes | [7] | ||||||||
Convertible Notes Issued (Cancelled) | 5,940 | [7] | 20,000 | [7] | [7] | ||||
Beneficial Conversion Feature | [7] | ||||||||
Short term convertible notes | 5,500 | [7] | |||||||
Pallas Notes [Member] | |||||||||
Note 16 - Convertible Notes (Details) - Convertible Notes [Line Items] | |||||||||
Balance | 8,400 | [8] | 17,200 | [8] | [8] | [8] | |||
Long term convertible notes | [8] | ||||||||
Amortization of the Beneficial Conversion Feature | [8] | [8] | [8] | ||||||
Cash payments | [8] | -125 | [8] | ||||||
Warrants attached | [8] | [8] | |||||||
Notes Converted to shares | -4,300 | [8] | -21,675 | [8] | |||||
Partial Conversion of the Convertible Senior Notes | [8] | ||||||||
Convertible Notes Issued (Cancelled) | -4,500 | [8] | 39,000 | [8] | [8] | ||||
Beneficial Conversion Feature | [8] | ||||||||
Short term convertible notes | 8,400 | [8] | |||||||
Other Convertible Notes [Member] | |||||||||
Note 16 - Convertible Notes (Details) - Convertible Notes [Line Items] | |||||||||
Balance | [9] | [9] | [9] | [9] | |||||
Long term convertible notes | [9] | ||||||||
Amortization of the Beneficial Conversion Feature | [9] | [9] | [9] | ||||||
Cash payments | [9] | [9] | |||||||
Warrants attached | [9] | [9] | |||||||
Notes Converted to shares | -693 | [9] | [9] | ||||||
Partial Conversion of the Convertible Senior Notes | [9] | ||||||||
Convertible Notes Issued (Cancelled) | 693 | [9] | [9] | [9] | 450 | ||||
Beneficial Conversion Feature | [9] | ||||||||
[1] | 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 which after the reverse splits performed since the agreement date, the exercise price has been increased significantly in line with the reverse splits ("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 as purchasers. All of the outstanding 7% Notes owned by Focus 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 with maturity date October 13, 2015, which after the reverse splits performed since the grant date, the exercise price has been increased significantly in line with the reverse splits, 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 2 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 236 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, 2014, $17 of the BCF was amortized and reflected as interest expense in the statements of operations ($13 for the year ended December 31, 2013, and $71,561 for the year ended December 31 2012). In addition, as a result of the agreement with Focus, the Company recorded an inducement loss of $293,109, which is included in Loss on extinguishment of convertible notes in 2012. Accordingly, in the aggregate, $100 of the 7% Notes remained outstanding as of December 31, 2014 and 2013. As of December 31, 2014, the Company was not in compliance with its financial covenants on this indebtedness and had defaulted on five coupon payments. As such, the full amount outstanding was reclassified to current liabilities. | ||||||||
[2] | 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. 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 Shipping Holding Ltd ("Prime")(an affiliate of Lemissoler Maritime Company W.L.L. ("Lemissoler") ), 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) 98 common shares of the Company to Prime; and (ii) $50,000 aggregate principal amount of the Company's 4.5% Senior Convertible Note due in 2022 issued to Prime ("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 common share 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 98 common shares of the Company for the outstanding balance and 1 common share 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 in 2012, which is included in Loss from discontinued operations. 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 4.5% Note above in substance represents 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. Because of this, ASC 480 requires the 4.5% Note be carried at fair value, with any subsequent changes in fair value recognized in 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 and at December 31, 2014 and 2013, the fair value of the 4.5% Note amounted to $62,500. As of December 31, 2014, the Company was not in compliance with the requirements of this indebtedness. | ||||||||
[3] | 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 was 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 85 common shares, including outstanding accrued interest. However, there was a true up clause obligation regarding the fair value of the shares issued. During 2014 the Company has repaid the true up clause obligation of the relative note. Refer to Note 22 for further details. The Company has been fully released. | ||||||||
[4] | 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 $922,500 per share at holder's option, at any time and from time to time. During September, 2013 the Good Faith Note converted into 15 common shares, including outstanding accrued interest. The Company has been fully released. | ||||||||
[5] | During December 2013, the Company issued convertible promissory notes to financial institutions totaling $1,470 (the "8% notes"). These 8% notes were due in one balloon payment during September 2014. Borrowings under these 8% notes bore a fixed interest rate of 8% per annum on the unpaid principal balance. These 8% notes were 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 were outstanding .As of December 31, 2014 the full amount of these 8% notes has been converted into shares. The Company has been fully released. During January 2014, the Company issued convertible notes to Asher Enterprises Inc., for up to $207. These notes were due in October 2014 and November 2014 by the issuance of common shares, par value $0.01, at 65% of the average of the lowest 3 trading prices during 10 trading day period prior to the conversion date. The notes above in substance represents 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. Because of this, ASC 480 requires these notes be carried at fair value, with any subsequent changes in fair value recognized in earnings. The Company determined the fair value for these notes using the discount share conversion price of 35%. The fair value at inception will be the amount of $207 divided by 65%. Moreover, according to the clauses of the specific agreements, the holder of the note requested an additional default principal amount of $138. Borrowings under these notes bore fixed interest rate 8%. During July and August 2014, the notes have been fully converted. The Company has been fully released.On February 26, 2014, May 12, 214, August 4, 2014 and August 18, 2014, the Company issued convertible promissory notes to financial institutions totaling $7,736 (the "8% notes"). These 8% notes are each due in one balloon payment on February 26, 2016, May 12, 2015, August 4, 2015 and August 18, 2015. 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, 2014 an amount of $207 of these 8% notes has been converted into shares and $2,305 has been paid in cash. The 8% notes above in substance represents 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. Because of this, ASC 480 requires the 8% notes be carried at fair value, with any subsequent changes in fair value recognized in earnings. The Company determined the fair value for the 8% notes using the discount share conversion price of 35%, the price at December 31, 2014 and the variable number of shares to be received. The fair value at inception was $11,901 based on dividing $7,736 by 65%. As of December 31, 2014, the amount of $8,200 is still outstanding to be converted. 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 was 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 was payable in monthly installments of $5 including interest. The note was collateralized by certain equipment. As of December 31, 2014, the full amount of the note has been paid and the Company has been fully released. | ||||||||
[6] | On December 23, 2013 and January 3, 2014, the Company issued convertible debentures to Dominion Capital LLC, for up to $500. The Dominion debenture was due on December 23, 2014 and January 3, 2015. 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) $33,750 per share 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 debentures was outstanding. As of December 31, 2014, the full amount of both the Dominion debentures have been converted into shares. In addition the financial instruments of $400 that the Company recorded associated with the convertible debentures has been released according to the agreement with Dominion Capital LLC, refer also to Note 22. The Company has been released for the 12% convertible debenture dated December 23, 2013 along with the related attached warrants and the financial instrument. As of December 31, 2014, the warrants attached to the January 3, 2014 Dominion debenture are still outstanding, refer also to Note 22. On May 14, 2014, the Company issued a promissory note to Pallas Management LLC for up to $5,000. Borrowings under this promissory note bear a fixed interest rate of 12% per annum on the unpaid principal balance. The promissory note has a maturity date of November 30, 2014, which was amended on November 14, 2014 to mature on November 30, 2015. This unsecured convertible note is converted into common shares at a conversion price 80% the average of the closing prices for the 10 trading days immediately prior but not including the date of issuance of the shares. As of December 31, 2014 the amount received from this unsecured convertible note was $5,000. Because the note is convertible into a variable number of shares, the Note is required to be carried at fair value pursuant to ASC 480 Fair value is determined by dividing the principal amount of $5,000 by 80%. On October 24, 2014, the Company issued an unsecured convertible note to F&S Capital Partners Ltd. for up to $475. Borrowings under this unsecured convertible note bear a fixed interest rate of 12% per annum on the unpaid principal balance. The unsecured convertible note has maturity date October 23, 2015. This unsecured convertible note is convertible into common shares at a conversion price of the closing price the trading date immediately prior but not including the date of issuance of the shares. As of December 31, 2014 the amount received and outstanding of this unsecured convertible note was $26. | ||||||||
[7] | 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 were due in 60 days by issuance of common shares par value $0.01 at a conversion price equal to the average of the closing prices for the 10 trading days immediately prior to but not including the date of issuance of the shares. The three notes were amended and the conversion price is equal to the closing price immediately prior to but not including the date of issuance of the shares and bear an interest rate of 10% and any accrued and unpaid interest is payable in quarterly installments concluding with the final instalments on final repayment date. Moreover, these unsecured convertible notes contain a true up clause for a period of five years. During 2014, the convertible note with Ray Capital Inc. was amended to be guaranteed by one of the Company's vessels, Newlead Castellano. As of December 31, 2014, the convertible note with Ray Capital Inc has been fully converted and the true up clause liability is still outstanding, refer to Note 22. As of December 31, 2014, the convertible note with Tiger Capital Partners Ltd. has an amount of $472 still not converted in shares and a true up clause liability is still outstanding, refer to Note 22. As of December 31, 2014, the full amount of the convertible note with NM Dauphin & Company Limited remains outstanding. During August and September 2014, the Company issued convertible notes to Oppenheim & Co. Limited, Oppenheim Capital Ltd and Cheyenne Holding Ltd, for up to $2,190, $2,500 and $1,250, respectively. These notes are due in August 2016 and September 2017 by the issuance of common shares, par value $0.01, at the trading price of the common shares prior to issuance. Borrowings under these 10% notes bear a fixed interest rate of 10% per annum on the unpaid principal balance and any accrued and unpaid interest is payable in quarterly installments concluding with the final installments on final repayment date. The notes with Oppenheim Capital Ltd and Cheyenne Holding Ltd were amended to be guaranteed by one of the Company's vessels, Newlead Castellano. | ||||||||
[8] | 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 were due on December 31, 2014 by the option of wire transfer or issuance of common shares, par value $0.01. Borrowings under the Pallas Notes bear fixed interest rate of 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. On January 5, 2015 the conversion price of the $24,000 note was amended to be the closing price of the trading day immediately prior to the date of issuance of shares for the note of $24,000. As security for the $24,000 senior secured note Pallas Highwall Mining LLC pledged the 100% of the membership interest in Viking Prep Plant LLC, which were acquired through this senior secured note, has been pledged back to Pallas Highwall Mining LLC, until the full value of the note is received. 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 35 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. Effective December 31, 2014, an amendment to the VAG unit purchase agreement was executed with the seller which reduced the purchase price for the VAG membership interest to $3,300, as a result of the inability of the seller to extend the mineral lease that covered a significant portion of the subject minerals, which was one of the post-closing conditions of the acquisition, and due to a downturn in market conditions. During the fiscal year 2014, the obligations in respect of the note issued for the VAG acquisition, had been fully repaid and as a consequence the Company was released. In relation to $24,000 senior secured note, the Company paid $10,000 of principal on the senior secured promissory note through issuing 207 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, 2014, the amount of the outstanding Pallas Notes outstanding is $0 and $8,400 respectively. During 2014, the Company issued 27,009,348 shares for the total amount of installments and accrued interest of $4,372. However, there is a true up clause regarding the fair value of the shares issued related to $24,000 senior secured note. Refer to Note 22 for further details. As of December 31, 2013, the amount of the outstanding Pallas Notes outstanding was $6,000 and $11,200, respectively. During 2013, the Company issued 114 shares for the total amount of installments and accrued interest of $6,020. | ||||||||
[9] | During February 2014, the Company issued convertible notes to various financial institutions, for up to $450. These notes were due in February 2015 by the issuance of common shares, par value $0.01, at the 65% of the lowest reported sale price of the common stock for the twenty trading business days immediately prior to voluntary conversion date. Borrowings under these notes bore fixed interest rate of 10%. Because of this, ASC 480 requires these notes be carried at fair value, with any subsequent changes in fair value recognized in earnings. The Company determined the fair value for these notes by dividing the par amount of $450 by 65%. During October through December 2014, the notes were fully converted into shares and the Company has been fully released. |
Note_17_Lease_Obligations_Deta
Note 17 - Lease Obligations (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 11, 2011 | Mar. 10, 2014 | 12-May-14 | Dec. 31, 2014 | Nov. 13, 2014 |
Note 17 - Lease Obligations (Details) [Line Items] | |||||
Loss on Sale Leaseback Transaction | $208 | ||||
Capital Lease Obligations, Noncurrent | 32,785 | ||||
Capital Lease Obligations, Current | 5,225 | ||||
Transportation Equipment [Member] | Vessel Newlead Albion [Member] | |||||
Note 17 - Lease Obligations (Details) [Line Items] | |||||
Payments to Acquire Property, Plant, and Equipment | 4,400 | ||||
Transportation Equipment [Member] | Vessel Newlead Venetico [Member] | |||||
Note 17 - Lease Obligations (Details) [Line Items] | |||||
Payments to Acquire Property, Plant, and Equipment | 4,625 | ||||
Vessel Katerina L [Member] | Flegra Compania S.A. [Member] | |||||
Note 17 - Lease Obligations (Details) [Line Items] | |||||
Capital Leases, Future Minimum Payments Due | 5,372 | ||||
Vessel Ioli [Member] | Frourio Compania S.A. [Member] | |||||
Note 17 - Lease Obligations (Details) [Line Items] | |||||
Capital Leases, Future Minimum Payments Due | 5,407 | ||||
HandyMar AS [Member] | Vessel Newlead Albion [Member] | |||||
Note 17 - Lease Obligations (Details) [Line Items] | |||||
Sale Leaseback Transaction, Net Proceeds, Financing Activities | 13,875 | ||||
Sale Leaseback Transaction, Call Option Amount | 13,488 | ||||
Sale Leaseback Transaction, Net Book Value | 14,060 | ||||
Minimum Lease Payments, Sale Leaseback Transactions | 13,697 | ||||
Loss on Sale Leaseback Transaction | 525 | ||||
HandyMar AS [Member] | Vessel Newlead Venetico [Member] | |||||
Note 17 - Lease Obligations (Details) [Line Items] | |||||
Sale Leaseback Transaction, Net Proceeds, Financing Activities | 13,875 | ||||
Sale Leaseback Transaction, Call Option Amount | 13,485 | ||||
Sale Leaseback Transaction, Net Book Value | 14,097 | ||||
Minimum Lease Payments, Sale Leaseback Transactions | 13,708 | ||||
Loss on Sale Leaseback Transaction | 625 | ||||
HandyMar AS [Member] | |||||
Note 17 - Lease Obligations (Details) [Line Items] | |||||
Minimum Lease Payments, Sale Leaseback Transactions | 27,266 | ||||
Minimum Lease Payments, Sale Leaseback Transactions, Next Twelve Months | 138 | ||||
Vessel Newlead Albion [Member] | |||||
Note 17 - Lease Obligations (Details) [Line Items] | |||||
Purchase Obligation | 18,275 | ||||
Vessel Newlead Venetico [Member] | |||||
Note 17 - Lease Obligations (Details) [Line Items] | |||||
Purchase Obligation | $18,500 |
Note_17_Lease_Obligations_Deta1
Note 17 - Lease Obligations (Details) - Future Minimum Lease Payments (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Minimum Lease Payments [Abstract] | |
31-Dec-15 | $9,245 |
31-Dec-16 | 4,204 |
31-Dec-17 | 3,806 |
31-Dec-18 | 9,856 |
31-Dec-19 | 28,312 |
Total minimum lease payments | 55,423 |
Less: imputed interest | -17,413 |
Present value of minimum lease payments | 38,010 |
Current portion of capitalized lease obligations | 5,225 |
Long term capitalized lease obligations | $32,785 |
Note_18_Asset_Retirement_Oblig2
Note 18 - Asset Retirement Obligations (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Asset Retirement Obligation Disclosure [Abstract] | ||
Asset Retirement Obligation | $1,050 | $979 |
Note_18_Asset_Retirement_Oblig3
Note 18 - Asset Retirement Obligations (Details) - Changes in Asset Retirement Obligations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in Asset Retirement Obligations [Abstract] | |||
Total asset retirement obligations | $979 | ||
Long-term portion | 1,050 | 979 | |
Accretion for the period | 71 | 37 | |
Sites added during the period | 942 | ||
Total asset retirement obligations | $1,050 | $979 |
Note_19_Segment_Information_De
Note 19 - Segment Information (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 19 - Segment Information (Details) [Line Items] | |||
Number of Reportable Segments | 3 | ||
Wet Operations [Member] | Sales Revenue, Net [Member] | |||
Note 19 - Segment Information (Details) [Line Items] | |||
Concentration Risk, Percentage | 11.00% | ||
Dry Operations [Member] | Sales Revenue, Net [Member] | |||
Note 19 - Segment Information (Details) [Line Items] | |||
Concentration Risk, Percentage | 85.00% | 97.00% | |
Coal Washing [Member] | Sales Revenue, Net [Member] | |||
Note 19 - Segment Information (Details) [Line Items] | |||
Concentration Risk, Percentage | 4.00% | 3.00% | |
Shipping [Member] | Sales Revenue, Net [Member] | |||
Note 19 - Segment Information (Details) [Line Items] | |||
Concentration Risk, Percentage | 100.00% |
Note_19_Segment_Information_De1
Note 19 - Segment Information (Details) - Summarized Financial Information by Segment (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 11, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ||||
Operating revenue | $12,609 | $7,343 | $8,928 | |
Voyage expenses | -1,640 | -1,006 | -158 | |
Vessel operating expenses | -6,523 | -4,598 | -3,266 | |
Selling, general and administrative expenses | -43,547 | -81,893 | -8,249 | |
Depreciation, depletion and amortization expense | -4,656 | -2,860 | -5,989 | |
Segment operating loss | -57,201 | -83,169 | -16,470 | |
Other income, net | 860 | 47 | -3,528 | |
Loss on sale and leaseback transaction | -208 | |||
Loss from continuing operations | -68,281 | |||
Total assets | 190,323 | 151,331 | ||
Goodwill | 23,550 | 28,007 | 0 | |
Wet Operations [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 1,352 | |||
Commissions | -17 | |||
Voyage expenses | -469 | |||
Vessel operating expenses | -824 | |||
Selling, general and administrative expenses | -210 | |||
Operating loss before depreciation and amortization and impairment losses | -168 | |||
Depreciation, depletion and amortization expense | -179 | |||
Segment operating loss | -347 | |||
Interest and finance expense, net | -517 | |||
Other income, net | 22 | |||
Change in fair value of derivatives | -6 | |||
Loss from continuing operations | -848 | |||
Total assets | 31,708 | |||
Goodwill | 236 | |||
Long lived assets | 31,208 | |||
Dry Operations [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 10,725 | 7,140 | ||
Commissions | -1,149 | -80 | ||
Voyage expenses | -1,171 | -1,006 | ||
Vessel operating expenses | -5,699 | -4,598 | ||
Selling, general and administrative expenses | -28,886 | -79,622 | ||
Operating loss before depreciation and amortization and impairment losses | -26,180 | -78,166 | ||
Depreciation, depletion and amortization expense | -3,610 | -2,807 | ||
Impairment losses | -209 | |||
Segment operating loss | -29,999 | -80,973 | ||
Interest and finance expense, net | -5,354 | -62,397 | ||
Other income, net | 520 | 47 | ||
Loss on sale and leaseback transaction | -1,150 | |||
Change in fair value of derivatives | -4,743 | 262 | ||
Loss from continuing operations | -40,726 | -143,061 | ||
Total assets | 99,682 | 133,705 | ||
Long lived assets | 90,036 | 35,063 | ||
Coal Washing [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 532 | 203 | ||
Costs of coal processing and other related coal costs | -3,035 | -75 | ||
Selling, general and administrative expenses | -14,451 | -2,271 | ||
Operating loss before depreciation and amortization and impairment losses | -16,954 | -2,143 | ||
Depreciation, depletion and amortization expense | -867 | -53 | ||
Impairment losses | -9,034 | |||
Segment operating loss | -26,855 | -2,196 | ||
Interest and finance expense, net | 22 | -273 | ||
Other income, net | 318 | |||
Change in fair value of derivatives | -482 | |||
Loss from continuing operations | -26,515 | -2,951 | ||
Total assets | 58,933 | 17,626 | ||
Goodwill | 23,314 | 28,007 | ||
Long lived assets | 11,251 | 31,032 | ||
Coal Washing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 532 | 203 | ||
Impairment losses | 0 | |||
Goodwill | 23,314 | 28,007 | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 12,609 | 7,343 | ||
Commissions | -1,166 | -80 | ||
Voyage expenses | -1,640 | -1,006 | ||
Vessel operating expenses | -6,523 | -4,598 | ||
Costs of coal processing and other related coal costs | -3,035 | -75 | ||
Selling, general and administrative expenses | -43,547 | -81,893 | ||
Operating loss before depreciation and amortization and impairment losses | -43,302 | -80,309 | ||
Depreciation, depletion and amortization expense | -4,656 | -2,860 | ||
Impairment losses | -9,243 | |||
Segment operating loss | -57,201 | -83,169 | ||
Interest and finance expense, net | -5,849 | -62,670 | ||
Other income, net | 860 | 47 | ||
Loss on sale and leaseback transaction | -1,150 | |||
Change in fair value of derivatives | -4,749 | -220 | ||
Loss from continuing operations | -68,089 | -146,012 | ||
Total assets | 190,323 | 151,331 | ||
Goodwill | 23,550 | 28,007 | ||
Long lived assets | $132,495 | $66,095 |
Note_20_Share_Based_Compensati2
Note 20 - Share Based Compensation (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||
Aug. 04, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 07, 2014 | 31-May-13 | Mar. 11, 2014 | Jun. 04, 2014 | 12-May-14 | Dec. 31, 2012 | Feb. 15, 2012 | Feb. 01, 2011 | Dec. 31, 2011 | Dec. 21, 2011 | Apr. 01, 2013 | Oct. 13, 2009 | Jul. 15, 2011 | Jan. 02, 2013 | Jan. 02, 2012 | Dec. 31, 2011 | Apr. 01, 2011 | Jan. 02, 2012 | Jan. 10, 2014 | Sep. 06, 2013 | Jul. 15, 2014 | 15-May-14 | Mar. 06, 2014 | Dec. 06, 2013 | Oct. 17, 2013 | Aug. 10, 2014 | Apr. 10, 2014 | Jan. 02, 2014 | Oct. 01, 2013 | Jul. 01, 2013 | Jun. 30, 2013 | 16-May-13 | Jan. 01, 2012 | Dec. 31, 2010 | Dec. 10, 2013 | |||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 45,093,715 | 20 | 34 | ||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 45,093,715 | 20 | 34 | ||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2 | 2 | 4 | 2,700,000 | 819,670 | 9,800,000 | 8 | 2 | 1 | ||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $281,250 | 281,250 | 13,050 | $0.00 | $0.02 | $0.03 | $0.01 | $6,300 | $450,000 | $168,750 | $3,375,000 | ||||||||||||||||||||||||||||||
Allocated Share-based Compensation Expense (in Dollars) | $7,745,000 | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Reverse Stock Splits | 1,125,000 | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2 | 2 | 2 | 2 | 2 | ||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $36,137,142 | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $7,828,531 | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 219 days | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value (in Dollars) | 0 | ||||||||||||||||||||||||||||||||||||||||
First Amendment [Member] | Executive Offcer Two [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation, Employment Agreement, Shares Issued | 4 | 5 | |||||||||||||||||||||||||||||||||||||||
Share-Based Compensation, Employment Agreement, Trading Days | 10 days | 30 days | |||||||||||||||||||||||||||||||||||||||
Second Amendment [Member] | Executive Offcer Two [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Adjustment Frequency | 90 days | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award,Adjustment Period | 2 years | ||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation, Employment Agreement, Shares Issued | 33 | ||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation, Employment Agreement, Trading Days | 365 days | ||||||||||||||||||||||||||||||||||||||||
Share Per Person [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Reverse Stock Splits | 1 | ||||||||||||||||||||||||||||||||||||||||
Performance Bonuses, True-up Adjustments [Member] | Employees, Directors, Officers and Consultants [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 28,858,203 | 257,770 | 77,856 | ||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 160,217 | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Adjustment Frequency | 90 days | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award,Adjustment Period | 3 years | ||||||||||||||||||||||||||||||||||||||||
Performance Bonuses, True-up Adjustments [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 15,997,437 | ||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Director [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 19 | 778 | |||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 8 | 467 | 311 | ||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 11 | ||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Employees, Officers and Directors [Member] | Three-year Vesting Schedule [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,103 | ||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Employees, Officers and Directors [Member] | Four-year Vesting Schedule [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 700 | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Employees, Officers and Directors [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,803 | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 53 | 1,100 | 407 | ||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 297 | 946 | |||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Board of Directors Chairman [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 29,894 | ||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Management [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 5,274 | ||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Chairman and Management [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 40.00% | ||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Chairman and Management [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 30.00% | ||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Chairman and Management [Member] | Share-based Compensation Award, Tranche Three [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 30.00% | ||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Employees and Consultants [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,817 | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 2,817 | ||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Non-executive Directors [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,556 | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,556 | ||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Vesting on January 1, 2011 and January 1, 2012 [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 370 | ||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Vesting on January 1, 2012 [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 185 | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 185 | ||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Three-year Vesting Schedule [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 33 | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 6 | 5 | |||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Vesting on January 1, 2012 and January 1, 2013 [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 11 | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 11 | ||||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Vesting on April 1, 2013 [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 812 | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 113 | 339 | |||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 37 | 205 | 118 | ||||||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 39,541 | [1] | 403 | |||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 41,039 | [1],[2],[3],[4] | 1,311 | [2],[3],[4],[5],[6] | |||||||||||||||||||||||||||||||||||||
Allocated Share-based Compensation Expense (in Dollars) | 23,402,000 | 25,193,000 | 2,412,000 | ||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 0 | 1,832 | 1,832 | 4,294 | |||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 334 | [3],[4] | 1,151 | [3],[4] | |||||||||||||||||||||||||||||||||||||
Employee Stock Option [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Allocated Share-based Compensation Expense (in Dollars) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||||||||||||||||||||||||||||||||
Second Amended and Restated 2005 Equity Incentive Plan [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Annual Increase As Percentage of Outstanding Stock | 5.00% | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 15,472,765 | 2,444,477 | |||||||||||||||||||||||||||||||||||||||
Employees, Directors, Officers and Consultants [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Adjustment Frequency | 90 days | ||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award,Adjustment Period | 3 years | ||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 7,745 | ||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $0.00 | ||||||||||||||||||||||||||||||||||||||||
Two Executive Officers [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation, Employment Agreement, Base Salary (in Dollars) | 1,450,000 | ||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation, Employment Agreement, Bonus (in Dollars) | 1,450,000 | ||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation, Employment Agreement, Value of Shares (in Dollars) | 2,250,000,000 | ||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation, Employment Agreement, Shares Issued | 2 | ||||||||||||||||||||||||||||||||||||||||
Executive Officer One [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation, Employment Agreement, Shares Issued | 1 | ||||||||||||||||||||||||||||||||||||||||
Executive Offcer Two [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation, Employment Agreement, Base Salary (in Dollars) | 1,500 | ||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation, Employment Agreement, Bonus (in Dollars) | 4,500,000 | ||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation, Employment Agreement, Shares Issued | 1 | ||||||||||||||||||||||||||||||||||||||||
Employment Agreement, Number of Amendmends | 2 | ||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation, Employment Agreement, Trading Days | 60 days | ||||||||||||||||||||||||||||||||||||||||
Employement Agreement, Period | 60 days | ||||||||||||||||||||||||||||||||||||||||
Employment Agreement, Termination Cash Payment, Base Salary Multiplier | 20 | ||||||||||||||||||||||||||||||||||||||||
Employment Agreement, Termination Cash Payment, Annual Bonus Multiplier | 20 | ||||||||||||||||||||||||||||||||||||||||
Employment Agreement, Termination Cash Payment, Period | 30 days | ||||||||||||||||||||||||||||||||||||||||
Executives [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Severance Agreement, Executive Compensation, Minimum (in Dollars) | 1,500,000 | ||||||||||||||||||||||||||||||||||||||||
Severance Agreement, Executive Compensation, Maximum (in Dollars) | $5,000,000 | ||||||||||||||||||||||||||||||||||||||||
Director [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $0.01 | ||||||||||||||||||||||||||||||||||||||||
Reverse Stock Split [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 20 - Share Based Compensation (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 50 | 50 | 10 | 3 | 15 | ||||||||||||||||||||||||||||||||||||
[1] | 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. | ||||||||||||||||||||||||||||||||||||||||
[2] | 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. | ||||||||||||||||||||||||||||||||||||||||
[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] | 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. | ||||||||||||||||||||||||||||||||||||||||
[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. |
Note_20_Share_Based_Compensati3
Note 20 - Share Based Compensation (Details) - Summary of Activity Relating to Restricted Common Shares (USD $) | 0 Months Ended | 12 Months Ended | ||||||
Jan. 01, 2012 | Oct. 13, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 01, 2012 | |||
Note 20 - Share Based Compensation (Details) - Summary of Activity Relating to Restricted Common Shares [Line Items] | ||||||||
Granted (6) | 45,093,715 | 20 | 34 | |||||
Number of Shares, Vested | -45,093,715 | -20 | -34 | |||||
Restricted Stock [Member] | ||||||||
Note 20 - Share Based Compensation (Details) - Summary of Activity Relating to Restricted Common Shares [Line Items] | ||||||||
Number of Shares, Outstanding | 4,294 | 0 | 1,832 | 4,294 | ||||
Weighted Average Fair Values, Outstanding | $414 | $445.50 | $414 | |||||
Weighted Average Vesting Period (Years), Outstanding | 2 years 146 days | 2 years 328 days | ||||||
Granted (6) | 403 | 0 | 39,541 | [1] | ||||
Granted (6) | $285.85 | [1] | ||||||
Granted (6) | 292 days | [1] | ||||||
Number of Shares, Forfeited | -334 | [2],[3] | -1,151 | [2],[3] | ||||
Weighted Average Fair Values, Forfeited | $359.03 | [2],[3] | $409.50 | [2],[3] | ||||
Number of Shares, Vested | -41,039 | [1],[2],[3],[4] | -1,311 | [2],[3],[4],[5],[6] | ||||
Weighted Average Fair Values, Vested | $292.27 | [1],[2],[3],[4] | $373.50 | [2],[3],[4],[5],[6] | ||||
[1] | 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. | |||||||
[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] | 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. | |||||||
[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. |
Note_21_Common_Shares_and_Divi1
Note 21 - Common Shares and Dividends (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||||
Apr. 11, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 10, 2014 | Sep. 24, 2013 | Jan. 31, 2013 | Mar. 04, 2014 | Jan. 31, 2012 | Jan. 31, 2011 | Dec. 31, 2013 | Apr. 30, 2012 | Jul. 15, 2014 | 15-May-14 | Mar. 06, 2014 | Dec. 06, 2013 | Oct. 17, 2013 | Oct. 24, 2014 | Jul. 14, 2014 | Jun. 14, 2014 | 14-May-14 | |
Note 21 - Common Shares and Dividends (Details) [Line Items] | |||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 45,101,260 | 40 | 3 | ||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 115,102,465 | 187 | 10 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 42 | ||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 89,426,125 | ||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock (in Dollars) | $2,500,000 | ||||||||||||||||||||
Payments of Dividends (in Dollars) | 0 | 0 | 0 | ||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | $0.01 | 0.01 | 0.5 | 5 | 0.1 | 0.01 | $0.01 | $0.01 | $0.01 | $0.10 | ||||||||||
Cancelled Paid-up Share Capital per Share (in Dollars per share) | $0.49 | $4.99 | |||||||||||||||||||
Notes Payable, Other Payables [Member] | Preferred Class A [Member] | Ironridge Global IV Ltd [Member] | |||||||||||||||||||||
Note 21 - Common Shares and Dividends (Details) [Line Items] | |||||||||||||||||||||
Promissory Notes Receivable, Stated Interest Rate | 1.00% | ||||||||||||||||||||
Coal Acquisition [Member] | |||||||||||||||||||||
Note 21 - Common Shares and Dividends (Details) [Line Items] | |||||||||||||||||||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued | 45 | ||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||
Note 21 - Common Shares and Dividends (Details) [Line Items] | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 894,633 | 11 | 10 | 1 | |||||||||||||||||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants (in Dollars) | 7,745,000 | ||||||||||||||||||||
Preferred Class A [Member] | Ironridge Global IV Ltd [Member] | |||||||||||||||||||||
Note 21 - Common Shares and Dividends (Details) [Line Items] | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,750 | ||||||||||||||||||||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants (in Dollars) | 25,000,000 | ||||||||||||||||||||
Stock Issued During Period, Value, New Issues (in Dollars) | 25,000,000 | ||||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 750 | ||||||||||||||||||||
Preferred Class A [Member] | |||||||||||||||||||||
Note 21 - Common Shares and Dividends (Details) [Line Items] | |||||||||||||||||||||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants (in Dollars) | 35,052 | ||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 10.75% | ||||||||||||||||||||
Preferred Stock, Conversion Price Per Share (in Dollars per share) | $25,000 | ||||||||||||||||||||
Preferred Stock, Redemption Price Per Share (in Dollars per share) | $10,000 | $10,000 | |||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock (in Dollars) | $2,500,000 | ||||||||||||||||||||
Convertible Preferred Stock, Conversion Price per Share (in Dollars per share) | $25,000 | ||||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 31,149,301 | ||||||||||||||||||||
Hanover [Member] | |||||||||||||||||||||
Note 21 - Common Shares and Dividends (Details) [Line Items] | |||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 768,682 | 156 | |||||||||||||||||||
Prime [Member] | |||||||||||||||||||||
Note 21 - Common Shares and Dividends (Details) [Line Items] | |||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 98 | ||||||||||||||||||||
Lemissoler Maritime Company WLL [Member] | Sale Leaseback Transaction [Member] | |||||||||||||||||||||
Note 21 - Common Shares and Dividends (Details) [Line Items] | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1 | 1 | |||||||||||||||||||
Piraeus Bank A.E. [Member] | Loans Payable [Member] | |||||||||||||||||||||
Note 21 - Common Shares and Dividends (Details) [Line Items] | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 42 | ||||||||||||||||||||
Good Faith [Member] | Loans Payable [Member] | |||||||||||||||||||||
Note 21 - Common Shares and Dividends (Details) [Line Items] | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 15 | ||||||||||||||||||||
Tiger Equity Partners LTD [Member] | Loans Payable [Member] | |||||||||||||||||||||
Note 21 - Common Shares and Dividends (Details) [Line Items] | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 85 | ||||||||||||||||||||
New Coal Holding LLC [Member] | Loans Payable [Member] | |||||||||||||||||||||
Note 21 - Common Shares and Dividends (Details) [Line Items] | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 10 | ||||||||||||||||||||
New Coal Holding LLC [Member] | |||||||||||||||||||||
Note 21 - Common Shares and Dividends (Details) [Line Items] | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 10 | ||||||||||||||||||||
Dominion Capital LLC [Member] | |||||||||||||||||||||
Note 21 - Common Shares and Dividends (Details) [Line Items] | |||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 1 | ||||||||||||||||||||
Focus Maritime Corp. [Member] | Notes Payable, Other Payables [Member] | |||||||||||||||||||||
Note 21 - Common Shares and Dividends (Details) [Line Items] | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 236 | ||||||||||||||||||||
Acquisition of VAG and VPP [Member] | |||||||||||||||||||||
Note 21 - Common Shares and Dividends (Details) [Line Items] | |||||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 27,009,348 | 357 | |||||||||||||||||||
Convertible Debt [Member] | |||||||||||||||||||||
Note 21 - Common Shares and Dividends (Details) [Line Items] | |||||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 690,547,557 | ||||||||||||||||||||
Joint Venture Arrangement [Member] | |||||||||||||||||||||
Note 21 - Common Shares and Dividends (Details) [Line Items] | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1 | ||||||||||||||||||||
Reverse Stock Split [Member] | |||||||||||||||||||||
Note 21 - Common Shares and Dividends (Details) [Line Items] | |||||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 50 | 50 | 10 | 3 | 15 |
Note_22_Financial_Instruments_2
Note 22 - Financial Instruments Carried at Fair Value (Details) (USD $) | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||||||||
Aug. 04, 2014 | 16-May-13 | Apr. 11, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 03, 2014 | Dec. 23, 2013 | Mar. 31, 2014 | Apr. 10, 2014 | Dec. 31, 2013 | Oct. 01, 2013 | Aug. 10, 2014 | Sep. 24, 2013 | Jan. 31, 2013 | Dec. 10, 2013 | Jan. 02, 2014 | Jul. 01, 2013 | Apr. 01, 2013 | Apr. 09, 2012 | Dec. 31, 2010 | Jan. 31, 2014 | Dec. 31, 2009 | Dec. 27, 2013 | |
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Derivative Liability, Fair Value, Gross Liability | $0 | $269,000 | 269,000 | ||||||||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | -4,480,000 | 278,000 | 564,000 | ||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 176.00% | ||||||||||||||||||||||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||||||||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.78% | 1.78% | |||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 2 | 2 | 2,700,000 | 9,800,000 | 819,670 | 8 | 4 | 1 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $168,750 | $450,000 | $281,250 | 0.022 | 0.005 | $0.00 | $0.03 | $6,300 | $13,050 | $3,375,000 | |||||||||||||||
Deferred Finance Costs, Write Offs | 3,952,000 | ||||||||||||||||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | 427,000 | 6,122,000 | 7,745,000 | 1,415,000 | 509,000 | 1,492,000 | 1,415,000 | 1,333,000 | 1,000,000 | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 42 | ||||||||||||||||||||||||
Proceeds from Issuance of Warrants | 250,000 | 6,400,000 | 250,000 | ||||||||||||||||||||||
Class of Warrant or Right, Outstanding (in Shares) | 15 | ||||||||||||||||||||||||
Debt Instrument, Face Amount | 21,267,000 | 64,880,000 | 62,500,000 | 64,880,000 | |||||||||||||||||||||
Allocated Share-based Compensation Expense | 7,745,000 | ||||||||||||||||||||||||
First Issuance [Member] | Warrant [Member] | Maximum [Member] | |||||||||||||||||||||||||
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 5 years | 5 years | |||||||||||||||||||||||
First Issuance [Member] | Warrant [Member] | |||||||||||||||||||||||||
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 183.00% | 181.00% | |||||||||||||||||||||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | |||||||||||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.73% | 1.68% | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 79,419 | ||||||||||||||||||||||||
First Issuance [Member] | |||||||||||||||||||||||||
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 3 | 3 | |||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | 43,750 | 43,750 | |||||||||||||||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | 113,000 | 93,000 | |||||||||||||||||||||||
Second Issuance [Member] | Warrant [Member] | Maximum [Member] | |||||||||||||||||||||||||
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 5 years | 5 years | |||||||||||||||||||||||
Second Issuance [Member] | Warrant [Member] | |||||||||||||||||||||||||
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 183.00% | 181.00% | |||||||||||||||||||||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | |||||||||||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.73% | ||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 815,214 | ||||||||||||||||||||||||
Second Issuance [Member] | |||||||||||||||||||||||||
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 2 | 2 | |||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | 56,250 | 56,250 | |||||||||||||||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | 56,000 | 46,000 | |||||||||||||||||||||||
Warrant [Member] | Maximum [Member] | |||||||||||||||||||||||||
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 10 years | 10 years | 9 years 6 months | ||||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||||||
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 200.00% | 183.00% | 180.00% | ||||||||||||||||||||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% | ||||||||||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 2.65% | 3.04% | 2.50% | ||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 894,633 | 11 | 10 | 1 | |||||||||||||||||||||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | 7,745,000 | ||||||||||||||||||||||||
Interest Rate Swap [Member] | |||||||||||||||||||||||||
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | 269,000 | 498,000 | |||||||||||||||||||||||
Dominion Capital LLC [Member] | |||||||||||||||||||||||||
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | -4,749,000 | -220,000 | |||||||||||||||||||||||
Derivative Liability, Notional Amount | 200,000 | ||||||||||||||||||||||||
Investment Bank of Greece [Member] | |||||||||||||||||||||||||
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 1 | ||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $10,800 | ||||||||||||||||||||||||
Deferred Finance Costs, Net | 3,940,000 | ||||||||||||||||||||||||
Deferred Finance Costs, Write Offs | 1,860,000 | ||||||||||||||||||||||||
Minimum [Member] | Fair Value Option, Other Eligible Items [Member] | |||||||||||||||||||||||||
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 4 years 146 days | ||||||||||||||||||||||||
Maximum [Member] | Fair Value Option, Other Eligible Items [Member] | |||||||||||||||||||||||||
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 10 years | ||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 10 years | ||||||||||||||||||||||||
Director [Member] | |||||||||||||||||||||||||
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $0.01 | ||||||||||||||||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | 217,000 | ||||||||||||||||||||||||
Proceeds from Issuance of Warrants | 217,000 | ||||||||||||||||||||||||
Notes Payable, Other Payables [Member] | |||||||||||||||||||||||||
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Face Amount | 250,000 | ||||||||||||||||||||||||
Fair Value Option, Other Eligible Items [Member] | |||||||||||||||||||||||||
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 309.00% | ||||||||||||||||||||||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||||||||||||||||||||
Share Price (in Dollars per share) | $0.03 | ||||||||||||||||||||||||
Convertible Notes and Loans 1 [Member] | |||||||||||||||||||||||||
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Derivative Liability, Notional Amount | 500,000 | 500,000 | |||||||||||||||||||||||
Convertible Notes and Loans 2 [Member] | |||||||||||||||||||||||||
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Derivative Liability, Notional Amount | 350,000 | 350,000 | |||||||||||||||||||||||
Convertible Notes and Loans 3 [Member] | |||||||||||||||||||||||||
Note 22 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||||||||||||
Derivative Liability, Notional Amount | $3,051,000 | 3,051,000 |
Note_22_Financial_Instruments_3
Note 22 - Financial Instruments Carried at Fair Value (Details) - Financial Instruments at Fair Value (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents | $404 | $2,271 | $1,043 | $5,119 |
Cash and cash equivalents | 404 | 2,271 | ||
Restricted cash | 183 | 31 | ||
Restricted cash | 183 | 31 | ||
Trade receivables, net | 3,910 | 3,573 | ||
Trade receivables, net | 3,910 | 3,573 | ||
Other receivables | 3,520 | 3,224 | ||
Other receivables | 3,520 | 3,224 | ||
Liabilities | ||||
Accounts payable, trade | 23,876 | 21,451 | ||
Accounts payable, trade | 23,876 | 21,451 | ||
Current and Non Current portion of debt | 72,045 | 60,306 | ||
Current and Non Current portion of debt | 36,888 | 22,150 | ||
Current and Non Current portion of Convertible Notes | 97,121 | 101,651 | ||
Current and Non Current portion of Convertible Notes | 97,121 | 101,651 | ||
Share settled debt | 72,595 | |||
Share settled debt | 72,595 | |||
Current and Non Current Capital lease obligations | 38,010 | |||
Current and Non Current Capital lease obligations | 38,010 | |||
Financial instruments carried at fair value | 39,300 | 20,491 | ||
Financial instruments carried at fair value | $39,300 | $20,491 |
Note_22_Financial_Instruments_4
Note 22 - Financial Instruments Carried at Fair Value (Details) - Fair Value Hierarchy (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents - Fair Value | $404 | $2,271 | ||
Cash and cash equivalents - Carrying Amount | 404 | 2,271 | 1,043 | 5,119 |
Restricted cash - Fair Value | 183 | 31 | ||
Restricted cash- Carrying Amount | 183 | 31 | ||
Liabilities | ||||
Current portion of long-term debt | 22,150 | |||
Current portion of long-term debt | 60,306 | |||
Current and Non Current portion of debt | 36,888 | 22,150 | ||
Current and Non Current portion of debt | 72,045 | 60,306 | ||
Current and Non Current portion of Convertible Notes - Fair Value | 97,121 | 101,651 | ||
Current and Non Current portion of Convertible Notes - Carrying Amount | 97,121 | 101,651 | 62,552 | 53,391 |
Current and Non Current Capital lease obligations | 38,010 | |||
Current and Non Current Capital lease obligations | 38,010 | |||
Share settled debt | 72,595 | |||
Share settled debt | 72,595 | |||
Financial instruments - Fair Value | 39,300 | 20,491 | ||
Financial instruments - Carrying Amount | 39,300 | 20,491 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Assets | ||||
Cash and cash equivalents - Fair Value | 404 | 2,271 | ||
Restricted cash - Fair Value | 183 | 31 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Liabilities | ||||
Current portion of long-term debt | 22,150 | |||
Current and Non Current portion of debt | 36,888 | |||
Current and Non Current portion of Convertible Notes - Fair Value | 97,121 | 101,651 | ||
Current and Non Current Capital lease obligations | 38,010 | |||
Financial instruments - Fair Value | 269 | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Liabilities | ||||
Share settled debt | 72,595 | |||
Financial instruments - Fair Value | $39,300 | $20,222 |
Note_22_Financial_Instruments_5
Note 22 - Financial Instruments Carried at Fair Value (Details) - Details of Companybs Swap Agreement (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 22 - Financial Instruments Carried at Fair Value (Details) - Details of Companybs Swap Agreement [Line Items] | ||
Contract Notional Amount | $39,429 | $27,059 |
Fair Value | 39,300 | 20,222 |
Interest Rate Swap [Member] | Piraeus Bank A.E. [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Note 22 - Financial Instruments Carried at Fair Value (Details) - Details of Companybs Swap Agreement [Line Items] | ||
Fixed Rate | 4.08% | |
Interest Rate Swap [Member] | Piraeus Bank A.E. [Member] | ||
Note 22 - Financial Instruments Carried at Fair Value (Details) - Details of Companybs Swap Agreement [Line Items] | ||
Contract Notional Amount | 37,400 | |
Fair Value | 269 | |
Interest Rate Swap [Member] | ||
Note 22 - Financial Instruments Carried at Fair Value (Details) - Details of Companybs Swap Agreement [Line Items] | ||
Fair Value | $269 |
Note_22_Financial_Instruments_6
Note 22 - Financial Instruments Carried at Fair Value (Details) - Derivatives (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 22 - Financial Instruments Carried at Fair Value (Details) - Derivatives [Line Items] | ||
Notional Amount | $39,429 | $27,059 |
Fair Value | 39,300 | 20,222 |
Vendors [Member] | ||
Note 22 - Financial Instruments Carried at Fair Value (Details) - Derivatives [Line Items] | ||
Notional Amount | 13,378 | 7,283 |
Fair Value | 13,378 | 4,998 |
Unsecured and Secured Convertible Notes [Member] | ||
Note 22 - Financial Instruments Carried at Fair Value (Details) - Derivatives [Line Items] | ||
Notional Amount | 6,330 | |
Fair Value | 6,290 | |
Convertible Notes and Loans 1 [Member] | ||
Note 22 - Financial Instruments Carried at Fair Value (Details) - Derivatives [Line Items] | ||
Notional Amount | 500 | |
Fair Value | 200 | |
Convertible Notes and Loans 2 [Member] | ||
Note 22 - Financial Instruments Carried at Fair Value (Details) - Derivatives [Line Items] | ||
Notional Amount | 350 | |
Fair Value | 232 | |
Convertible Notes and Loans 3 [Member] | ||
Note 22 - Financial Instruments Carried at Fair Value (Details) - Derivatives [Line Items] | ||
Notional Amount | 3,051 | |
Fair Value | 3,018 | |
Share-based Compensation [Member] | ||
Note 22 - Financial Instruments Carried at Fair Value (Details) - Derivatives [Line Items] | ||
Notional Amount | 15,440 | |
Fair Value | 15,440 | |
VAG Acquisition [Member] | ||
Note 22 - Financial Instruments Carried at Fair Value (Details) - Derivatives [Line Items] | ||
Notional Amount | 5,875 | |
Fair Value | 4,860 | |
VPP Acquisition [Member] | ||
Note 22 - Financial Instruments Carried at Fair Value (Details) - Derivatives [Line Items] | ||
Notional Amount | 4,281 | 10,000 |
Fair Value | $4,192 | $6,914 |
Note_23_Commitments_and_Contin2
Note 23 - Commitments and Contingent Liabilities (Details) (USD $) | 12 Months Ended | 0 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 21, 2013 |
Note 23 - Commitments and Contingent Liabilities (Details) [Line Items] | |||
Asset Retirement Obligations, Noncurrent | $1,050 | $979 | |
Loss Contingency, Loss in Period | 3,457 | 3,441 | |
Protection and Indemnity Insurance Coverage | 1,000,000 | ||
Transasia Commodities Limited [Member] | |||
Note 23 - Commitments and Contingent Liabilities (Details) [Line Items] | |||
Loss Contingency, Damages Sought, Value | $6,500 |
Note_23_Commitments_and_Contin3
Note 23 - Commitments and Contingent Liabilities (Details) - Committed Rent Payments (Terra Norma and Terra Stabile [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Terra Norma and Terra Stabile [Member] | |
Note 23 - Commitments and Contingent Liabilities (Details) - Committed Rent Payments [Line Items] | |
31-Dec-15 | $443 |
31-Dec-16 | 450 |
31-Dec-17 | 457 |
31-Dec-18 | 464 |
31-Dec-19 | 471 |
Thereafter | 949 |
$3,234 |
Note_24_Taxation_Details
Note 24 - Taxation (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Note 24 - Taxation (Details) [Line Items] | ||
Minimum Stock Ownership Percentage For Tax Exemption | 50.00% | |
Beneficial Ownership Requirement, Percentage | 50.00% | |
Operating Loss Carryforwards | $707 | |
Deferred Tax Assets, Net of Valuation Allowance, Current | 142 | |
Liability for Uncertain Tax Positions, Noncurrent | 0 | 0 |
Coal Washing [Member] | ||
Note 24 - Taxation (Details) [Line Items] | ||
Operating Loss Carryforwards | $13,494 |
Note_24_Taxation_Details_Defer
Note 24 - Taxation (Details) - Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets and Liabilities [Abstract] | ||
Net operating loss carryforwards | $5,249 | $275 |
Property and Leased mineral rights | -486 | -1,910 |
Goodwill | -684 | |
Acquisition Costs | 937 | 560 |
Interest payable | 660 | 158 |
Allowance for credit receivable | 2,551 | |
Notes payable | 2,194 | |
Financial instruments liability | 4,580 | |
Asset retirement obligations | 83 | 381 |
Total deferred income tax assets, net | 10,504 | 4,044 |
Less valuation allowance | ($10,504) | ($4,044) |
Note_24_Taxation_Details_Recon
Note 24 - Taxation (Details) - Reconciliation of Company's Income Taxes (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Reconciliation of Company's Income Taxes [Abstract] | ||
Tax benefit at federal statutory rate (35%) | ($8,042) | ($1,080) |
Goodwill amortization | -20 | |
Goodwill impairment | 4,693 | |
State tax benefit, net of federal impact | -896 | -123 |
Other | 652 | |
Change in valuation allowance | $6,460 | $1,223 |
Note_24_Taxation_Details_Recon1
Note 24 - Taxation (Details) - Reconciliation of Company's Income Taxes (Parentheticals) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Company's Income Taxes [Abstract] | ||
Federal statutory rate | 35.00% | 35.00% |
Note_25_Transactions_Involving1
Note 25 - Transactions Involving Related Parties and Affiliates (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 25 - Transactions Involving Related Parties and Affiliates (Details) [Line Items] | |||
Stock Issued During Period, Shares, Issued for Services (in Shares) | 115,102,465 | 187 | 10 |
Terra Norma and Terra Stabile [Member] | |||
Note 25 - Transactions Involving Related Parties and Affiliates (Details) [Line Items] | |||
Operating Leases, Rent Expense | 293 | 308 | 346 |
Stock Issued During Period, Shares, Issued for Services (in Shares) | 4,620,108 | 9 | 1 |
Issuance of Stock and Warrants for Services or Claims | 416 | 553 | |
Aurora Properties Inc. [Member] | |||
Note 25 - Transactions Involving Related Parties and Affiliates (Details) [Line Items] | |||
Stock Issued During Period, Shares, Issued for Services (in Shares) | 3,085,819 | 8 | |
Stock Issued During Period, Value, Issued for Services | 548 |
Note_26_Discontinued_Operation2
Note 26 - Discontinued Operations (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | 22-May-12 | Feb. 24, 2012 | Jan. 11, 2012 | Jun. 11, 2011 | Dec. 31, 2014 | Dec. 31, 2012 | Jul. 27, 2012 | Jul. 19, 2012 | 8-May-12 | Mar. 26, 2012 | Feb. 16, 2012 | Jan. 31, 2012 | Dec. 22, 2011 | Feb. 20, 2012 | Oct. 21, 2011 | Dec. 31, 2011 |
Note 26 - Discontinued Operations (Details) [Line Items] | ||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | ($457) | ($1,150) | $16,258 | |||||||||||||
Disposal of Property, Plant and Equipment, Sales Commission, Rate | 2.00% | |||||||||||||||
Gain on Release of Liabilities | 24,576 | |||||||||||||||
Disposal of Property, Plant and Equipment, Brokerage Commission, Rate | 1.00% | |||||||||||||||
Contractual Obligation, Default, Purchase Option Liability | 1,779 | |||||||||||||||
Contractual Obligation, Default, Gain on Default and Sale | 7,424 | |||||||||||||||
Loss on Sale Leaseback Transaction | 208 | |||||||||||||||
Maritime Equipment [Member] | ||||||||||||||||
Note 26 - Discontinued Operations (Details) [Line Items] | ||||||||||||||||
Proceeds from Sale of Productive Assets | 8,150 | 28,500 | 28,500 | 9,450 | 26,000 | 11,400 | 64,532 | |||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 18,011 | -1,268 | -49 | -28 | 14,267 | 8,640 | ||||||||||
Disposal of Property, Plant and Equipment, Sales Commission, Rate | 1.50% | 4.25% | ||||||||||||||
Disposal Group, Including Discontinued Operation, Assets | 55,171 | 64,712 | ||||||||||||||
Proceeds from Sale of Property Held-for-sale | 80,159 | |||||||||||||||
SPP Shipbuilding Co. Ltd. [Member] | ||||||||||||||||
Note 26 - Discontinued Operations (Details) [Line Items] | ||||||||||||||||
Contractual Obligation, Default | 7,400 | |||||||||||||||
Contractual Obligation, Default, Write Off | 7,240 | |||||||||||||||
Contracutal Obligation, Default, Capitalized Expenses | 185 | |||||||||||||||
Contractual Obligation, Release from Obligation, Amount | 5,492 | |||||||||||||||
Northern Shipping Fund LLC [Member] | ||||||||||||||||
Note 26 - Discontinued Operations (Details) [Line Items] | ||||||||||||||||
Sale Leaseback Transaction, Net Proceeds, Financing Activities | 26,600 | |||||||||||||||
Sale Leaseback Transaction, Call Option Amount | 26,500 | |||||||||||||||
Endurance Shipping LLC [Member] | ||||||||||||||||
Note 26 - Discontinued Operations (Details) [Line Items] | ||||||||||||||||
Loss on Contract Termination | 5,645 | |||||||||||||||
Prime Mountain Shipping Ltd. [Member] | ||||||||||||||||
Note 26 - Discontinued Operations (Details) [Line Items] | ||||||||||||||||
Disposal of Property, Plant and Equipment, Sales Commission, Rate | 3.50% | |||||||||||||||
Extinguishment of Debt, Amount | 13,220 | |||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $669 |
Note_26_Discontinued_Operation3
Note 26 - Discontinued Operations (Details) - Revenues and Net Loss from Discontinued Operations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues and Net Loss from Discontinued Operations [Abstract] | |||
Operating Revenues | $14,187 | ||
Net income / (loss) | $2,934 | ($11,422) | ($1,800) |
Note_27_Subsequent_Events_Deta
Note 27 - Subsequent Events (Details) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 4 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 4 Months Ended | 4 Months Ended | 1 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 26, 2015 | Feb. 04, 2015 | Feb. 04, 2015 | Feb. 24, 2015 | Jan. 15, 2015 | Jan. 15, 2015 | Feb. 20, 2015 | Jan. 15, 2015 | Feb. 20, 2015 | Jan. 15, 2015 | Feb. 20, 2015 | Jan. 15, 2015 | Feb. 20, 2015 | Jan. 15, 2015 | Apr. 20, 2015 | Apr. 04, 2014 | Jul. 07, 2015 | Jan. 07, 2015 | Dec. 31, 2014 | Jan. 14, 2015 | 13-May-15 | 13-May-15 | Apr. 30, 2015 | Feb. 26, 2015 | Feb. 26, 2015 | Feb. 26, 2015 | Feb. 26, 2015 | Feb. 26, 2015 | Mar. 02, 2015 | Feb. 26, 2015 | 13-May-15 | Feb. 26, 2015 | 13-May-15 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 01, 2014 | |
USD ($) | USD ($) | USD ($) | 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] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Toledo Advisors [Member] | Convertible 8% Note [Member] | Convertible 8% Note [Member] | Convertible 8% Note [Member] | |
If Common Stock is Traded on NASDAQ, NYSE MKT or NYSE [Member] | Vessel Katerina L [Member] | Vessel Katerina L [Member] | Newlead Markela [Member] | Sofia [Member] | Sofia [Member] | Nikolas Vessel [Member] | Nikolas Vessel [Member] | Nikolas Vessel [Member] | Nikolas Vessel [Member] | Nepheli [Member] | Nepheli [Member] | Nepheli [Member] | Nepheli [Member] | Toledo Advisors [Member] | F&S Capital Partners Ltd. [Member] | Terra Norma and Terra Stabile [Member] | Terra Stabile [Member] | Terra Stabile [Member] | Acquisition of Three Oil Tanker/Asphalt Carriers Vessels [Member] | Acquisition of Three Oil Tanker/Asphalt Carriers Vessels [Member] | Convertible 8% Note [Member] | Convertible 8% Note [Member] | Senior Secured Convertible Redeemable Debentures [Member] | Senior Secured Convertible Redeemable Debentures [Member] | Senior Secured Convertible Redeemable Debenture 1 [Member] | Senior Secured Convertible Redeemable Debenture 2 [Member] | Senior Secured Convertible Redeemable Debenture 3 [Member] | Unsecured Convertible Note [Member] | USD ($) | Convertible 8% Note [Member] | USD ($) | USD ($) | |||||||
Maximum [Member] | Natixis [Member] | Natixis [Member] | Natixis [Member] | Natixis [Member] | Natixis [Member] | Natixis [Member] | Natixis [Member] | Natixis [Member] | Natixis [Member] | Natixis [Member] | Convertible 8% Note [Member] | Convertible 8% Note [Member] | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||
Note 27 - Subsequent Events (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Stock Issued For Repayment of True-up Mechanism and Conversion of Convertible Notes, Shares (in Shares) | 84,201,648 | ||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions (in Shares) | 15,902,150 | ||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Cancelled (in Shares) | 10,934 | ||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 89,426,125 | 16,122,606 | |||||||||||||||||||||||||||||||||||||
Number of Lease Agreements | 2 | ||||||||||||||||||||||||||||||||||||||
Operating Leases, Rent Expense, Monthly Rate | € 1,500 | $17,131 | € 30,267 | ||||||||||||||||||||||||||||||||||||
Number of Consecutive Voyages | 16 | 10 | 11 | ||||||||||||||||||||||||||||||||||||
Contract of Affreightment, Minimum Tons | 3,100 | 64,000 | |||||||||||||||||||||||||||||||||||||
Contract of Affreightment, Period For Voyages | 10 months | 12 months | |||||||||||||||||||||||||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 1,680,000 | ||||||||||||||||||||||||||||||||||||||
Proceeds from Convertible Debt | 150 | 4,250,000 | |||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Percentage | 95.00% | 85.00% | 65.00% | 65.00% | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 2.00% | 10.50% | 8.00% | 8.00% | ||||||||||||||||||||||||||||||||||
Debt Instrument, Number | 3 | ||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 21,267,000 | 64,880,000 | 62,500,000 | 100,000 | 1,010,000 | 500,000 | 1,800,000 | 150,000 | 1,470,000 | 7,736,000 | |||||||||||||||||||||||||||||
Debt Instrument, Term | 12 months | 18 months | 24 years | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment | 23,000 | 35,000 | 31,000 | 25,000 | 21,000 | ||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Final Installment | 3,327,000 | 4,490,000 | 4,767,000 | 3,072,000 | 3,253,000 | ||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 2,439,000 | 3,263,000 | 3,545,000 | 2,265,000 | 2,425,000 | ||||||||||||||||||||||||||||||||||
Debt Instrument, Deferred Installments | 865,000 | 1,192,000 | 1,191,000 | 807,000 | 807,000 | ||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Installments | 16 | ||||||||||||||||||||||||||||||||||||||
Loans Payable, Current | $64,338,000 | $60,306,000 | $295,000 | $205,000 |
Note_27_Subsequent_Events_Deta1
Note 27 - Subsequent Events (Details) - Committed Rent Payments, Agreement Amendments (Subsequent Event [Member], Terra Stabile [Member], USD $) | Jan. 07, 2015 |
In Thousands, unless otherwise specified | |
Subsequent Event [Member] | Terra Stabile [Member] | |
Note 27 - Subsequent Events (Details) - Committed Rent Payments, Agreement Amendments [Line Items] | |
31-Dec-15 | $271 |
31-Dec-16 | 250 |
31-Dec-17 | 250 |
31-Dec-18 | 437 |
31-Dec-19 | 443 |
Thereafter | 895 |
$2,546 |