Document And Entity Information
Document And Entity Information - shares | 12 Months Ended | |
Dec. 31, 2015 | May. 13, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | NewLead Holdings Ltd. | |
Trading Symbol | newl | |
Document Type | 20-F | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 62,522,491 | |
Amendment Flag | false | |
Entity Central Index Key | 1,322,587 | |
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 | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 722 | $ 402 |
Trade receivables, net | 4,303 | 3,342 |
Other receivables | 1,947 | 2,083 |
Due from related parties | 5 | 5 |
Due from Joint Ventures | 1,408 | |
Inventories | 289 | 791 |
Prepaid expenses | 383 | 777 |
Current assets held for sale | 997 | 2,126 |
Deferred charges, net | 1,358 | 829 |
Total current assets | 10,004 | 11,763 |
Restricted cash | 31 | 31 |
Vessels and other fixed assets, net | 111,440 | 121,244 |
Deferred charges, net | 58 | |
Long-term assets held for sale | 56,572 | |
Goodwill | 236 | 236 |
Other non-current assets | 477 | |
Total non-current assets | 111,765 | 178,560 |
Total assets | 121,769 | 190,323 |
Current liabilities | ||
Current portion of long-term debt | 67,947 | 64,338 |
Accounts payable, trade | 15,149 | 14,210 |
Businness Acquisition Obligation | 5,026 | 5,682 |
Accrued interest | 17,421 | 12,957 |
Accrued liabilities | 8,253 | 7,503 |
Convertible notes, net | 85,143 | 85,685 |
Capital lease obligations | 37,219 | 5,225 |
Deferred income | 399 | 145 |
Financial instruments carried at fair value | 10,067 | 39,300 |
Due to related parties | 454 | 299 |
Current liabilities held for sale | 4,447 | 4,373 |
Investments in Joint Ventures | 2,158 | |
Other current liabilities | 37,352 | 7,745 |
Total current liabilities | 291,035 | 247,462 |
Non-current liabilities | ||
Capital lease obligations | 32,785 | |
Convertible notes, net | 5,706 | 11,436 |
Long-term liabilities held for sale | 1,050 | |
Dividends of Series A-1 Preference Shares | 235 | |
Long-term debt, net | 7,707 | |
Total non-current liabilities | 5,941 | 52,978 |
Total liabilities | 296,976 | 300,440 |
Shareholders' deficit | ||
Preferred Shares, $0.01 par value, 500 million shares authorized, no shares issued and outstanding as of December 31, 2015 and December 31, 2014, | 0 | |
respectively Series B Preference Shares, $0.01 par value face value $ 1,000 per share, 100,000 shares authorized, 35,317 and no shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively | ||
Preference Additional Paid-in Capital | 28,270 | |
Common Shares, $0.00001 par value, 50 billion shares authorized, 22.13 million and 1.03 million shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively | 0 | 0 |
Additional paid-in capital | 934,664 | 929,848 |
Accumulated deficit | (1,135,581) | (1,038,434) |
Total NewLead Holdings' shareholders' deficit | (172,647) | (108,586) |
Noncontrolling interest deficit | (2,560) | (1,531) |
Total shareholders' deficit | (175,207) | (110,117) |
Total liabilities and shareholders' deficit | $ 121,769 | $ 190,323 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred Shares, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred Shares,shares authorized | 500,000,000 | 500,000,000 |
Preferred Shares, shares issued | 0 | 0 |
Preferred Shares, shares outstanding | 0 | 0 |
Common Stock, par value (in Dollars per share) | $ 0.00001 | $ 0.00001 |
Common Stock, shares authorized | 50,000,000,000 | 50,000,000,000 |
Common Stock,shares issued | 22,130,000 | 1,030,000 |
Common Stock, shares outstanding | 22,130,000 | 1,030,000 |
Preferred Class A [Member] | ||
Preferred Shares, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred Shares,shares authorized | 7,000 | 7,000 |
Preferred Shares, shares issued | 2,827 | 0 |
Preferred Shares, shares outstanding | 2,827 | 0 |
Preferred Shares, face value per share (in Dollars per share) | $ 10,000 | $ 10,000 |
Preferred Class B [Member] | ||
Preferred Shares, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred Shares,shares authorized | 100,000 | 100,000 |
Preferred Shares, shares issued | 35,317 | 0 |
Preferred Shares, shares outstanding | 35,317 | 0 |
Preferred Shares, face value per share (in Dollars per share) | $ 1,000 | $ 1,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
EXPENSES: | |||
Commissions | $ (397) | $ (1,166) | $ (80) |
Voyage expenses | (5,150) | (1,640) | (1,006) |
Vessel operating expenses | (14,044) | (6,523) | (4,598) |
General and administrative expenses | (22,099) | (34,346) | (52,848) |
Depreciation and amortization expense | (6,152) | (3,789) | (2,806) |
Impairment losses | (1,214) | (209) | |
(49,056) | (47,673) | (61,338) | |
Operating loss from continuing operations | (21,246) | (35,596) | (54,198) |
OTHER (EXPENSES) / INCOME, NET: | |||
Interest and finance expense | (20,484) | (5,892) | (42,668) |
Gain on extinguishment of liabilities, net | 3,424 | ||
Loss on sale and leaseback transaction | (1,150) | ||
Interest income | 10 | 22 | |
Change in fair value of financial instruments | (127) | (5,231) | 262 |
Loss on sale of vessels and other fixed assets, net | (177) | ||
Other (expense) / income, net | (67) | 542 | 46 |
Total other expenses, net | (17,421) | (11,709) | (42,360) |
Loss before loss from Investments in Joint Ventures | (38,667) | (47,305) | (96,558) |
Loss from investments in Joint Ventures | (1,966) | (192) | (790) |
Loss from continuing operations | (40,633) | (47,497) | (97,348) |
Loss from discontinued operations | (57,308) | (17,850) | (60,876) |
Net loss | (97,941) | (65,347) | (158,224) |
Net loss / (income) attributable to the noncontrolling interest | 1,029 | 176 | (8) |
Net loss attributable to NewLead Holdings Ltd. | (96,912) | (65,171) | (158,232) |
Guaranteed dividends for preference shares | (235) | (35,052) | |
Net loss attributable to NewLead Holdings' Common Shareholders | $ (97,147) | $ (100,223) | $ (158,232) |
Basic and diluted | |||
Continuing operations (in Dollars per share) | $ (11) | $ (322) | $ (48,674,000) |
Discontinued operations (in Dollars per share) | (15) | (70) | (30,438,000) |
Total (in Dollars per share) | $ (26) | $ (392) | $ (79,112,000) |
Weighted average number of common shares: | |||
Basic and diluted (in Shares) | 3,874,684 | 256,653 | 2 |
Shipping [Member] | |||
REVENUES: | |||
Shipping | $ 27,810 | $ 12,077 | $ 7,140 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net loss | $ (97,941) | $ (65,347) | $ (158,224) |
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 | (97,941) | (65,381) | (158,190) |
Less: Comprehensive loss (income) attributable to noncontrolling interest | 176 | (8) | |
Comprehensive loss attributable to Newlead Holdings Ltd. | $ (97,941) | $ (65,205) | $ (158,198) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ Deficit - USD ($) shares in Thousands, $ in Thousands | Redeemable Convertible Preferred Stock [Member]Preferred Stock [Member] | Redeemable Convertible Preferred Stock [Member]Additional Paid-in Capital [Member] | Redeemable Convertible Preferred Stock [Member]Parent [Member] | Redeemable Convertible Preferred Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2012 | $ 700,767 | $ 0 | $ (815,031) | $ (114,264) | $ (1,363) | $ (115,627) | ||||||
Balance (in Shares) at Dec. 31, 2012 | 1 | |||||||||||
Net loss | (158,232) | (158,231) | 8 | (158,224) | ||||||||
Issuance of common shares - advance for acquisition of coal property | 50,419 | $ 0 | 50,419 | 50,419 | ||||||||
Issuance of common shares - advance for acquisition of coal property (in Shares) | 1 | |||||||||||
Issuance of common shares - settlement of liabilities | 44,656 | $ 0 | 44,656 | 44,656 | ||||||||
Issuance of common shares - settlement of liabilities (in Shares) | 1 | |||||||||||
Issuance of common shares - warrants exercise | 11,952 | $ 0 | 11,952 | 11,952 | ||||||||
Issuance of common shares - warrants exercise (in Shares) | 1 | |||||||||||
Beneficial conversion feature on the convertible senior notes | 248 | 248 | 248 | |||||||||
Share-based compensation | 25,193 | $ 0 | 25,193 | 25,193 | ||||||||
Share-based compensation (in Shares) | 1 | |||||||||||
Other comprhensive income | $ 34 | 34 | 34 | |||||||||
Balance at Dec. 31, 2013 | 833,235 | $ 0 | (973,263) | 34 | (139,994) | (1,355) | (141,349) | |||||
Balance (in Shares) at Dec. 31, 2013 | 5 | |||||||||||
Net loss | (65,171) | (65,171) | (176) | (65,347) | ||||||||
Issuance of common shares - advance for acquisition of coal property | 15,574 | $ 0 | 15,574 | 15,574 | ||||||||
Issuance of common shares - advance for acquisition of coal property (in Shares) | 89 | |||||||||||
Issuance of warrants | 1,661 | 1,661 | 1,661 | |||||||||
Issuance of common shares - settlement of liabilities | 75,385 | $ 0 | 75,385 | 75,385 | ||||||||
Issuance of common shares - settlement of liabilities (in Shares) | 683 | |||||||||||
Issuance of common shares - warrants exercise | 1,276 | $ 0 | 1,276 | 1,276 | ||||||||
Issuance of common shares - warrants exercise (in Shares) | 2 | |||||||||||
Conversion of convertible preference shares | 37,553 | $ 0 | 37,553 | 37,553 | ||||||||
Conversion of convertible preference shares (in Shares) | 103 | |||||||||||
Guaranteed dividends for preference shares | (35,052) | (35,052) | (35,052) | |||||||||
Share-based compensation | 216 | $ 0 | 216 | 216 | ||||||||
Share-based compensation (in Shares) | 149 | |||||||||||
Other comprhensive income | $ (34) | (34) | (34) | |||||||||
Balance at Dec. 31, 2014 | 929,848 | $ 0 | (1,038,434) | (108,586) | (1,531) | (110,117) | ||||||
Balance (in Shares) at Dec. 31, 2014 | 1,032 | |||||||||||
Net loss | (96,912) | (96,912) | (1,029) | (97,941) | ||||||||
Issuance of common shares - advance for acquisition of coal property | 28 | $ 0 | 28 | 28 | ||||||||
Issuance of common shares - advance for acquisition of coal property (in Shares) | 2,274 | |||||||||||
Issuance of common shares - settlement of liabilities | 4,715 | $ 0 | 4,715 | 4,715 | ||||||||
Issuance of common shares - settlement of liabilities (in Shares) | 16,607 | |||||||||||
Issuance of common shares - warrants exercise | 73 | $ 0 | 73 | 73 | ||||||||
Issuance of common shares - warrants exercise (in Shares) | 548 | |||||||||||
Issuance of preference shares | $ 0 | $ 28,270 | $ 28,270 | $ 28,270 | ||||||||
Issuance of preference shares (in Shares) | 3 | |||||||||||
Guaranteed dividends for preference shares | (235) | (235) | (235) | |||||||||
Share-based compensation | $ 0 | 0 | 0 | |||||||||
Share-based compensation (in Shares) | 1,667 | |||||||||||
Balance at Dec. 31, 2015 | $ 28,270 | $ 0 | $ 934,664 | $ 0 | $ (1,135,581) | $ (172,647) | $ (2,560) | $ (175,207) | ||||
Balance (in Shares) at Dec. 31, 2015 | 3 | 22,126 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
OPERATING ACTIVITIES: | ||||||
Net loss | $ (97,941) | $ (65,347) | $ (158,224) | |||
Non-cash adjustments | ||||||
Depreciation and amortization | 6,922 | 4,656 | 2,860 | |||
Impairment losses | 56,889 | 9,243 | ||||
Provision for doubtful receivables | 3,545 | 8,807 | 47 | |||
Amortization and write-off of deferred financing costs | 1,387 | 158 | 460 | |||
Amortization of the beneficial conversion feature | 18 | 258 | 264 | |||
Change in fair value of derivative financial instruments | 127 | 4,480 | (278) | |||
Gain on extinguishment of liabilities, net | (3,424) | |||||
Share-based compensation | 14,156 | 23,402 | 25,193 | |||
Warrants compensation expense | 7,104 | |||||
Loss / (Gain) on equity settlement | 5,212 | (7,960) | 83,786 | |||
Discounts from suppliers | (162) | |||||
Loss on sale of vessels and other fixed assets | 177 | 1,150 | ||||
Loss from investments in Joint Ventures | 1,966 | 192 | 790 | |||
Decrease (increase) in: | ||||||
-Trade receivables | (959) | (143) | 149 | |||
-Other receivables | (384) | 147 | 1,790 | |||
-Inventories | 503 | (432) | (207) | |||
-Prepaid expenses | 450 | 4 | (242) | |||
-Due from/to Joint Ventures | (342) | (156) | (118) | |||
-Due from/to related parties | 177 | 270 | 628 | |||
Increase (decrease) in: | ||||||
-Accounts payable, trade | 1,642 | 665 | 29,111 | |||
-Other current Liabilities | 7,745 | |||||
-Accrued liabilities | 6,559 | 7,459 | 4,718 | |||
-Deferred income | 731 | (266) | (174) | |||
Payments for dry-docking / special survey costs | (735) | (666) | (366) | |||
Net cash used in operating activities | (3,324) | (6,334) | (2,871) | |||
INVESTING ACTIVITIES: | ||||||
Vessel acquisitions | (36,775) | (390) | ||||
Cash acquired through business combination | 90 | |||||
Coal acquisition | (147) | (125) | ||||
Other fixed asset acquisitions | (9) | (191) | (1,156) | |||
Proceeds from sale of available for sale securities | 497 | |||||
Proceeds from the sale of vessels and other fixed assets | 3,002 | |||||
Net cash provided by / (used in) investing activities | 2,993 | (36,526) | (1,671) | |||
FINANCING ACTIVITIES: | ||||||
Principal repayments of long-term debt | (3,576) | (646) | (1,400) | |||
Proceeds from long-term debt | 300 | |||||
Proceeds from notes, net | 5,044 | 12,559 | 5,309 | |||
Proceeds from warrants issuance | 250 | |||||
Proceeds from preference shares | 2,500 | |||||
Restricted cash for debt repayment | 152 | (152) | 1,311 | |||
Proceeds from the sale and leaseback of vessels | 27,750 | |||||
Capital lease payments | (791) | (519) | ||||
Payments for deferred charges | (174) | (499) | ||||
Net cash provided by financing activities | 655 | 40,993 | 5,770 | |||
Net increase / (decrease) in cash and cash equivalents | 324 | (1,867) | 1,228 | |||
Cash and cash equivalents | ||||||
Beginning of period | 404 | 2,271 | 1,043 | |||
End of period | 728 | 404 | 2,271 | |||
Cash discontinued operations coal | 6 | 2 | 1,333 | |||
Cash continued operations | 722 | 402 | 938 | |||
Supplemental Cash Flow information: | ||||||
Interest paid, net of capitalised interest | 7,041 | 3,945 | 1,971 | |||
Issuance of warrants | 11,159 | |||||
Assets acquired and liabilities assumed under business acquisitions: | ||||||
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 | 17,033 | |||||
Settlement of Warrant Liabilities [Member] | ||||||
Supplemental Cash Flow information: | ||||||
Issuance of common shares | [1] | 1,330 | 139 | |||
Settlement of Interest Expense [Member] | ||||||
Supplemental Cash Flow information: | ||||||
Issuance of common shares | [1] | 2,619 | 1,187 | |||
Settlement of Convertible Notes [Member] | ||||||
Supplemental Cash Flow information: | ||||||
Issuance of common shares | [1] | $ 2,983 | 21,762 | |||
Settlement of Share Settled Debt [Member] | ||||||
Supplemental Cash Flow information: | ||||||
Issuance of common shares | [1] | 59,004 | ||||
Settlement of Liabilities [Member] | ||||||
Supplemental Cash Flow information: | ||||||
Issuance of common shares | $ 832 | [1] | 33,311 | [1] | $ 25,185 | |
Settlement of Derivative Liabilities [Member] | ||||||
Supplemental Cash Flow information: | ||||||
Issuance of common shares | [1] | $ 2,583 | $ 37,205 | |||
[1] | Amounts reflected at fair value |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Dec. 31, 2015 | |
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 is an international vertically intergrated shipping company. As of December 31, 2015, the Company’s fleet consists of four dry bulk vessels and five oil tanker / asphalt carriers (Note 5 and Note 14). In addition, under a specific management agreement, the Company undertakes the 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. For the period ending December 31, 2015, management intends to exit the coal business and sell Viking Prep Plant LLC (“VPP”), the Viking Acquisition Group LLC (“VAG”) and Five Mile Investment LLC (“Five Mile”) prior to the end of 2016. On October 17, 2013 and on December 6, 2013, a 1 for 15 and a 1 for 3 reverse stock splits of Company’s common shares were effected respectively, after the approval by its 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 its 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 its 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 its 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 its 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 its 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. On March 4, 2016, a consolidation of the Company’s common shares was effected at a ratio of a 1 for 300, following which a second reduction of the Company’s share capital was effected by reducing the par value of the common shares to $0.00001 by way of cancelling paid-up share capital to the extent of $0.00999 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, 1:50 ratio and 1:300 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, 2015, 2014 and 2013 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 filed a form 15c-211, through a market maker, with FINRA, which was cleared on November 24, 2015 and its common shares are now quoted on the OTC Pink Marketplace (the “OTC”) under the trading symbol “NEWLF”. 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 14). 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 the Company has the obligation to purchase the vessels in 2018, 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 additional oil tanker /asphalt carriers. The asphalt carriers are also commonly known as bitumen vessels (See Note 5). 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 12, 13 and 14, the Company is in default under various debt obligations which are currently due on demand. During 2015, charter rates for bulkers reached unprecedented historic lows. However, charter rates for the oil tanker/asphalt carriers are within expected levels. The coal business has experienced some of the lowest prices in coal history and the Company’s management intends to sell VAG, VPP and Five Mile prior to the end of 2016, although there can be no assurance that any such sale will occur. To date, the Company has also been unable to generate sustainable positive cash flows from operating activities. For the year ended December 31, 2015, the Company’s loss from continuing operations was $40,633. As of December 31, 2015, the Company’s cash and cash equivalents were $722 and the Company had current liabilities of $291,035, including $167,617 of debt, lease obligations and convertible notes in default due on demand, 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 would 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
Note 2 - Subsidiaries Included in the Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
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: Statement of operations Company Name Country of Incorporation Nature / Vessel Name 2015 2014 2013 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 Dissolved (4) — — — 6 Compassion Overseas Ltd. Bermuda Shipping type company (4) — — — 7 Australia Holdings Ltd. Liberia Annulled (5) — — — 8 Brazil Holdings Ltd. Liberia Shipping type company — — — 9 China Holdings Ltd. Liberia Dissolved (6) — — — 10 Curby Navigation Ltd. Liberia Annulled (7) — — — 11 Newlead Victoria Ltd. Liberia M/V Newlead Victoria 1/1/2015 — 12/31/2015 1/1/2014 — 12/31/2014 1/1/2013 — 12/31/2013 12 Grand Venetico Inc. Marshall Islands Annulled (8) — — — 13 Grand Oceanos Inc. Liberia Revoked (9) — — — 14 Grand Rodosi Inc. Liberia Annulled (10) — — — 15 Challenger Enterprises Ltd. Liberia Revoked (11) — — — 16 Crusader Enterprises Ltd. Liberia Revoked (11) — — — 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 (12) — — — 21 Leading Marine Consultants Inc. Marshall Islands Dissolved (13) — — — 22 Grand Esmeralda Inc. Liberia Revoked (14) — — — 23 Grand Markela Inc. Liberia Vessel Owning company (15) 1/1/2015— 12/31/2015 1/1/2014 — 12/31/2014 1/1/2013 — 12/31/2013 24 Grand Spartounta Inc. Marshall Islands Dissolved (16) — — — 25 Newlead Progress Inc. Marshall Islands Dissolved (17) — — — 26 Newlead Prosperity Inc. Marshall Islands Annulled (18) — — — 27 Grand Affection S.A. Marshall Islands Dissolved (19) — — — 28 Grand Affinity S.A. Marshall Islands Dissolved (20) — — — 29 Grand Victoria Pte Ltd. Singapore Dormant company — — — 30 Newlead Bulker Holdings Inc. Marshall Islands Sub-holding company — — — 31 Newlead Tanker Holdings Inc. Marshall Islands Dissolved (21) — — — 32 Trans Continent Navigation Ltd. Malta Dormant company — — — 33 Trans State Navigation Ltd. Malta Dormant company — — — 34 Bora Limited British Virgin Islands Dormant Company — — — 35 Newlead Trading Inc. Liberia Annulled (22) — — — 36 New Lead JMEG LLC Delaware, USA Trading company (23) — — — 37 Newleadjmeg Inc. Marshall Islands Dormant company (24) — — — 38 NewLead Mojave Holdings LLC Delaware, USA Operating company (25) — — — 39 Ocean Hope Shipping Ltd. Malta Dormant company — — — 40 Mines Investments Corp. Marshall Islands Sub-Holding company (26) 1/1/2015 — 12/31/2015 1/1/2014 — 12/31/2014 2/12/2013 — 12/31/2013 41 Mine Investments LLC Delaware, USA Coal operating company (27) 1/1/2015 — 12/31/2015 1/1/2014 — 12/31/2014 2/15/2013 — 12/31/2013 42 Five Mile Investment LLC Delaware, USA Coal operating company (27) 1/1/2015 — 12/31/2015 1/1/2014 — 12/31/2014 2/15/2013 —12/31/2013 43 Elk Valley Investment LLC Delaware, USA Coal operating company (27) 1/1/2015 — 12/31/2015 1/1/2014 — 12/31/2014 2/15/2013 — 12/31/2013 44 Viking Acquisition Group LLC Kentucky, USA Coal operating company (28) 1/1/2015 — 12/31/2015 1/1/2014 — 12/31/2014 9/13/2013 — 12/31/2013 45 Coal Essence Mine LLC Kentucky, USA Coal operating company (29) 1/1/2015 — 12/31/2015 1/1/2014 — 12/31/2014 12/10/2013 — 12/31/2013 46 Coal Essence Prep Plant LLC Kentucky, USA Coal operating company (30) 1/1/2015 — 12/31/2015 1/1/2014 — 12/31/2014 12/5/2013 — 12/31/2013 47 Viking Prep Plant LLC Kentucky, USA Coal operating company (31) 1/1/2015 — 12/31/2015 1/1/2014 — 12/31/2014 12/9/2013 —12/31/2013 48 Newlead Albion S.A. Marshall Islands Bareboat Charterer (32) 1/1/2015 — 12/31/2015 3/10/2014 — 12/31/2014 — 49 Newlead Handies Inc. Marshall Islands Sub-Holding Company 1/1/2015 — 12/31/2015 3/10/2014 — 12/31/2014 — 50 Newlead Venetico Ltd. Marshall Islands Bareboat Charterer (33) 1/1/2015 — 12/31/2015 3/10/2014 — 12/31/2014 — 51 NewLead Bitumen Tankers Ltd. Marshall Islands Sub-Holding Company (34) 1/1/2015 — 12/31/2015 10/10/2014 — 12/31/2014 — 52 Newlead Soltero Inc. Marshall Islands Bareboat Charterer (35) 1/1/2015 — 12/31/2015 11/11/2014 — 12/31/2014 — 53 Newlead Semillero Inc. Marshall Islands Bareboat Charterer (36) 1/1/2015 — 12/31/2015 11/11/2014 — 12/31/2014 — 54 Newlead Granadino Inc. Marshall Islands Shipping type company (37) 1/1/2015 — 12/31/2015 11/13/2014 — 12/31/2014 — 55 Newlead Hojuedo Inc. Marshall Islands Shipping type company (37) 1/1/2015 — 12/31/2015 11/13/2014 — 12/31/2014 — 56 Newlead Silletero Inc. Marshall Islands Shipping type company (37) 1/1/2015 — 12/31/2015 11/13/2014 — 12/31/2014 — 57 Nepheli Marine Company Liberia MT Sofia (38) 1/1/2015 — 12/31/2015 11/24/2014 — 12/31/2014 — 58 Kastro Compania Naviera S.A. Liberia MT Nepheli (38) 1/1/2015 — 12/31/2015 11/24/2014 — 12/31/2014 — 59 Aeolus Compania Naviera S.A. Liberia MT Newlead Granadino (38) 1/1/2015 — 12/31/2015 11/24/2014 — 12/31/2014 — 60 Newlead Castellano Ltd. Liberia M/V Newlead Castellano (39) 1/1/2015 — 12/31/2015 7/17/2014 — 12/31/2014 — 61 Newlead Shipping LLC State Nevada Operating company 8/25/2015 — 12/31/2015 — — 62 Newlead Bulkers LLC State Nevada Operating company 8/25/2015 — 12/31/2015 — — 63 Newlead Holdings LLC State Nevada Operating company 8/25/2015 — 12/31/2015 — — 1) The company was dissolved on September 2, 2013. 2) The company was dissolved on January 13, 2013. 3) The 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. The company Compass Overseas Ltd was dissolved on October 13, 2013. 5) The company was annulled on November 1, 2013. 6) The company was dissolved on November 1, 2013. 7) The company was annulled on March 1, 2014. 8) The company was annulled on January 15, 2014. 9) The company was revoked on September 15, 2015. 10) The company was annulled on February 1, 2015. 11) 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. The shipowning companies were revoked on December 15, 2015. 12) The Company controls 52% of NewLead Holdings (US) Corp. through NewLead Mojave Holdings LLC. 13) The company was dissolved on September 2, 2013. 14) The company was revoked on October 15, 2015. 15) M/V Newlead Markela was sold and delivered to its new owners on December 23, 2015. 16) The company Grand Spartounta Inc. was dissolved on May 1, 2014. 17) The company was dissolved on January 14, 2013. 18) The company was annulled on December 15, 2015. 19) The company was dissolved on January 15, 2014. 20) The company was dissolved on January 15, 2014. 21) The company was dissolved on January 14, 2013. 22) 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 (Refer to Note 5). 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 (Refer to Note 5). 32) The company as Bareboat Charter entered into a BIMCO Bareboat Charter dated May 12, 2014, with HandyMar as owners for the demise charter of MV Newlead Albion. 33) The company as Bareboat Charter entered into a BIMCO Bareboat Charter dated May 12, 2014, with HandyMar as owners for the demise charter of MV Newlead Venetico. 34) The company was established on October 10, 2014 under the name Newlead Tanker Acquisitions Inc. On May 21, 2015 the company changed its name to NewLead Tankers Ltd. and on December 2, 2015, changed its name to its current NewLead Bitumen Tankers Ltd. 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 24, 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 (Refer to Note 5). 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, 2015 | |
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 The Company currently has no variable interest entities. 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 fair value measurements, 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 Company’s accounting records 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. 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 discontinued coal business, restricted cash referred to standby letter and purchase cards (refer Note 22). 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, net of allowance for doubtful accounts. Accounts receivable involve risk, including the credit risk of nonpayment by the customer. Accounts receivable are considered past due based on contractual and invoice terms. An estimate is made of the allowance for doubtful accounts based on a review of all outstanding amounts at each period, and an allowance is made for any accounts which management believes are not recoverable. Bad debts are written off in the year in which they are identified. The allowance for doubtful accounts at December 31, 2015 and December 31, 2014 amounted to $2,573 and $2,429 respectively, related to the shipping business. Other receivables relate mainly to claims for hull and machinery and loss of hire insurers, guarantees, as well as to amounts to be received from Lemissoler Maritime Company W.L.L. (“Lemissoler”) for the settlement of outstanding liabilities relating to the four dry bulk vessels, as part of an agreement entered into with Lemissoler on November 28, 2012. For the discontinued coal business the amount included in trade receivables, net (refer Note 22) at each balance sheet date included estimated recoveries from customers, net of allowance for doubtful accounts. The allowance for doubtful accounts at December 31, 2015 and December 31, 2014 amounted to $396 and nil respectively. Other receivables relate mainly to notes receivable. The allowance for doubtful accounts at December 31, 2015 and December 31, 2014 amounted to $593 and $6,558 respectively (Refer to Note 19 and 22). 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 (FIFO) method or market value. For the discontinued coal business, 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 (Refer to Note 22). 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 2015, the Company recorded an allowance for doubtful accounts of $1,943 relating to the recoverability of part of the receivable amounts due from New Lead JMEG LLC. During 2014, the Company recorded an allowance for doubtful accounts of $2,249 relating to the recoverability of part of the receivable amounts due from New Lead JMEG LLC. During 2013, the 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. As of December 31, 2015 and 2014, the carrying amount of the investment in New Lead JMEG LLC was nil. 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 recorded 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 For the discontinued coal business, property, plant and equipment were recorded at cost. Depreciation was computed using the straight-line method based on the estimated useful lives, ranging from 3 years to 17 years, of the respective assets (Refer to Note 22). For the discontinued coal business, land and mining property were carried at cost. Expenditures that extend the useful lives of existing plant and equipment or increase productivity of the assets were capitalized. Maintenance and repair costs that do not extend the useful life or increase productivity of the asset were expensed as incurred (Refer to Note 22). 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, 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 component, 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. During the year ended December 31, 2015, management intends to sell VAG, VPP and Five Mile prior to the end of the fiscal year 2016. The financial statements have been reclassified in order to represent these operations as discontinued operations and their assets as held for sale for the all the periods of the financial statements (Refer to Note 22). 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 was considered to be an exploration stage company under SEC criteria because it had 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 were expensed and therefore did not appear as assets on its balance sheet. The Company therefore also had expensed exploration and development expenditures related to the properties. Certain expenditures, such as expenditures for general purpose equipment, may were 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 (refer to Note 22). Owned and Leased Mineral Rights, net: For the discontinued coal business, costs to obtain leased mineral rights were capitalized. Leased mineral rights were amortized as depletion expense using the units-of-production method. Only proven and probable reserves were included in the depletion base. Depletion expense was included in depreciation, depletion and amortization on the accompanying consolidated financial statements. The Company had no depletion expense (refer to Note 22). 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 Company’s impairment assessment as of December 31, 2015, 2014 and 2013, 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 37%, 45% and 55%, respectively. Moreover, the Company performed a sensitivity analysis as of December 31, 2015 for the dry bulk vessels, due to the deterioration in dry bulk spot market, on the most sensitive and/or subjective assumptions that have the potential to affect the outcome of the test, principally the projected charter rate used to forecast future cash flows for unchartered days. The sensitivity analysis did not result in an impairment to be recognized on any of the Company’s dry bulk vessels when assuming a significantly reduced rates for the next two fiscal years, in comparison with the ten-year average (of the one-year charter rate for similar vessels), which is the rate that the Company uses to forecast future cash flows for unchartered days. As of December 31, 2015, the fair value of all the bitumen vessels was higher than their carrying value. The vessel valuations, which represent the current fair value of the vessels considering the current historically low dry bulk charter rates, and the carrying value per vessel are as follows (as of December 31, 2015): Vessel Valuations Carrying Value NEWLEAD VICTORIA (Dry bulk) $ 5,580 $ 26,254 NEWLEAD ALBION (Dry bulk) $ 7,535 $ 16,748 NEWLEAD VENETICO (Dry bulk) $ 7,540 $ 16,966 NEWLEAD CASTELLANO (Dry bulk) $ 8,670 $ 21,723 MT SOFIA (Oil tanker/ Asphalt) $ 7,125 $ 5,204 NEWLEAD GRANADINO (Oil tanker/ Asphalt) $ 9,760 $ 8,134 NEPHELI (Oil tanker/ Asphalt) $ 7,770 $ 5,970 IOLI (Oil tanker/ Asphalt) $ 7,770 $ 5,128 KATERINA L. (Oil tanker/ Asphalt) $ 7,800 $ 5,307 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 during the years ended December 31, 2015, 2014, and 2013. For the year ended December 31, 2015, the Company recorded an impairment charge totaling $1,214 in continuing operations on one of its vessels that was sold on December 23, 2015 . 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. Discontinued Coal Segment Long-lived assets, such as owned and leased mineral rights and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset groups may not be recoverable. Recoverability of assets or asset groups to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. Assets to be disposed would separately be presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and would no longer be depreciated. The assets and liabilities of a disposal group classified as held for sale would be presented separately in the consolidated balance sheets (refer Note 22). 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 the fair value based on a discounted cash flow analysis or the recent acquisition prices 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 22). 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, 2015, due to the Company’s intention to sell VPP a goodwill impairment charge of $23,314 was recorded (Note 22). As of December 31, 2014, due to the sharp decrease in coal prices a goodwill impairment charge of $4,693 was recorded (Note 22). As of December 31, 2013, no triggering event had occurred requiring an impairment to be recorded. For the year ended December 31, 2015, the Company did not record a goodwill impairment charge in respect of the 100% acquisition of the companies Nepheli Marine Company, Aeolus Compania Naviera S.A. and Kastro Compania Naviera S.A.. 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. 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 Note19 “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. For the discontinued coal business, the Company’s asset retirement obligations consisted 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 recorded 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 was initially recorded for operations that were not reclaimed, the offset was capitalized by increasing the carrying amount of the related long-lived asset. When the liability was initially recorded at operations that were afterwards reclaimed, the offset was recorded to cost of coal sales. Over time, the liability was accreted and any capitalized cost was depreciated over the useful life of the related asset. To settle the liability, the obligation is paid, and to the extent there was a difference between the liability and the amount of cash paid, a gain or loss upon settlement was recorded. The Company annually reviewed 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. 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. General and Administrative expenses: 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, 2015, 2014 and 2013, total share based compensation was $14,156, $23,402, and $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), 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 was 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, which are included in discontinued operations. 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 has historically used 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 cha |
Note 4 - Recent Accounting Pron
Note 4 - Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 4. RECENT ACCOUNTING PRONOUNCEMENTS In February 2016, FASB issued an ASU that requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all lease agreements with terms of more than 12 months. The amendments of the ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. The adoption of the new standard is not expected to have a material impact on Company’s financial statements. In January 2016, FASB issued an ASU that require an entity (i) to measure equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) at fair value with changes in fair value recognized in net income; (ii) to perform a qualitative assessment to identify impairment in equity investments without readily determinable fair values; (iii) to present separately in other comprehensive income the fair value of a liability resulting from a change in the instrument-specific credit risk; and (iv) to present separately financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet. The amendments also eliminate the requirement to disclose the methods and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost on the balance sheet and clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The amendments in this ASU are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of the new standard is not expected to have a material impact on Company’s financial statements. In November 2015, FASB issued an ASU, which requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this ASU. The amendments in this ASU are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The adoption of the new standard is not expected to have a material impact on Company’s financial statements. In July 2015, FASB issued an ASU, which requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. The amendments in this ASU require an entity to measure inventory within the scope of this ASU at the lower of cost and net realizable value. The amendments in this ASU are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The adoption of the new standard is not expected to have a material impact on Company’s financial statements. 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 in the first quarter of 2016 and is required to be applied retrospectively. Early adoption is permitted. The adoption of the new standard is not expected to have a material impact on Company’s financial statements. 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 did not 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 did not have a material impact on Company’s financial statements. |
Note 5 - Acquisitions
Note 5 - Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
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 Share Purchase Agreement (“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 common 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 acquisition date (November 24, 2014). The number of the common shares to be issued to the Thalassa Holdings S.A. on the acquisition date would be determined by dividing the first completion amount, $3,180, by the stock price. The additional number of common shares to be issued to the Thalassa Holdings S.A. falling 20 business days from the acquisition date would be determined by dividing the remaining amount by the stock price. On December 19, 2014, the two parties of the SPA signed an agreement that the issuance of common shares shall be after demand from Thalassa Holdings S.A.. The Business acquisition outstanding obligation as December 31, 2015 was $5,026. For the year ended December 31, 2015, 1,231,356 shares have been issued in relation to the transaction above for the conversion of amount $422. However, the amount of $422 was included in Finacial intrumets carried at fair value as true up clause liability. For the year ended December 31, 2015, Thalassa Holdings S.A. collected amount of $87 from the sale of common shares issued and as a result the outstanding true up clause liability was $335 (Refer to Note 18). The remaining reduction of the Business acquisition obligation was due to working capital adjustment of amount $234. The true up clause liability expires on November 24, 2016. As of December 31, 2014, no shares had been issued in relation to the transaction above. 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 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 from the date of the acquisition. Year Ended December 31, 2014 Unaudited December 31, 2013 Unaudited (In thousands) Total Revenues As reported $ 12,077 $ 7,140 Pro forma $ 19,345 $ 16,624 Operating Loss As reported $ (35,596 ) $ (54,198 ) Pro forma $ (34,810 ) $ (53,966 ) 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 $ (392 ) $ (79,116,000 ) Pro forma $ (360 ) $ (79,232,000 ) Year ended December 31, 2014 Year ended December 31, 2013 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, included 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 was added to the December stipulation of settlement agreement (the “December Settlement Agreement”) between NewLead Holdings Ltd. and Hanover Holdings I, LLC, a New York limited liability company (“Hanover”). As part of the Williams-CCE-NewLead Holdings APA, the Company agreed to facilitate the December 31, 2012 closing of the Asset Purchase Agreement of the Kentucky property between Williams and Kentucky whereupon 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) following which the Company would acquire the Kentucky property from Williams. In connection with sale between William and Kentucky, on December 28, 2012, the Company issued promissory notes to each of 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 promissory notes were added to the December Settlement Agreement. As security for the issuance of the promissory notes, the Company received a security interest in the Kentucky property to secure the repayment of the promissory 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 therefore, the Company opted for the settlement of the promissory notes via the December Settlement Agreement and all three promissory notes were fully paid in 2014. Although the purchase price for the mine-related assets (including mineral rights, surface rights and mining permits) for 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. 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. In consideration for the assignment of the acquisition contracts to NewLead, the Company agreed to pay CCIM $3,000 worth of form of common shares of NewLead (one share were issued on March 28, 2013) and a ten-year warrant for $6,400 in common shares of NewLead, at an exercise price of $135,000,000 per share. These payments were 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 one common share as a prepayment for its assistance in supervising, securing and executing the acquisitions. The share was issued on March 28, 2013 and vested upon issuance. The share issued to J Mining & Energy Group was recorded in “Selling, general and administrative expenses” in the amount of $26,774 during 2013 in discontinued operations. Following management’s intention to sell the Five Mile prior to the end of 2016, the amount has been fully impaired (refer Note 22). Moreover, there were $8 other advances. As a result, the total amount of $21,855 was included in “Advance for acquisition of coal property” in discontinued operations. Acquisition of 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 should 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 one share 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 was 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. 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 included the remaining amount of $4,500 due under the senior secured promissory note 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 in discontinued operations 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 in 2014 in discontinued operations. The Company was discharged and released from any liabilities arising under the senior secured promissory note, the Pledge Agreement securing the payment of the senior secured promissory note by the sellers pledging the membership interests of VAG, was cancelled and consequently the membership interests of VAG were released to the Company. 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 a purchase price of $30,000 for the membership interests of VPP, which is paid by 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 one share 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 in equal quarterly commencing on December 31, 2013, with each quarterly payment to be a principal amount of $2,800 plus accrued but unpaid interest thereon. 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. 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, 2015, the balance of the senior secured promissory note is $8,153. As of December 31, 2014, the balance of the senior secured promissory note was $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 for common stock issued 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 Following management’s intention to sell VPP prior to the end of 2016, the assets and liabilities measured at the lower of their carrying amount or fair value less cost to sell has been classifies as held for sale and operating results of VAG and VPP are included in discontinued operations. Please see more in Note 22. |
Note 6 - Joint Ventures
Note 6 - Joint Ventures | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 6. JOINT VENTURES On April 11, 2012, the Company entered into a Joint Venture Agreement with J Mining & Energy Group, through one of its wholly-owned subsidiaries, NewLead Holdings (US) Corp., to establish New Lead JMEG LLC as a joint venture company 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 one common share of the Company as a condition to the closing of the Joint Venture Agreement. 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, 2015, the Company has recorded an allowance for doubtful accounts of $1,943 related to its due from joint ventures, as a result of the Company’s assessment for the recoverability of this receivable. For the year ended December 31, 2015, New Lead JMEG LLC had net loss of $3,932. As of December 31, 2015, New Lead JMEG LLC’s current assets were $6 and its current liabilities were $6,187. The carrying value of the joint venture is nil at December 31, 2015. 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 was nil at December 31, 2014. 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, 2015, NewLead Mojave had a net loss of $2,146 which was comprised of $1,966 loss derived from its 50% investment in New Lead JMEG LLC and of $180 Interest and Finance Costs, respectively. No other transactions have taken place during this period. 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. |
Note 7 - Goodwill
Note 7 - Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Goodwill Disclosure [Text Block] | 7. GOODWILL As of December 31, 2014 Acquisitions Impairments As of December 31, 2015 Goodwill $ 236 $ - $ - $ 236 Accumulated impairment losses $ - $ - $ - $ - Goodwill, net $ 236 $ - $ - $ 236 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. 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. 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 for dry bulks (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) historical and 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 12%. As of December 31, 2015 and 2014, no impairment was recorded. For the year 2013 no goodwill existed. Refer to Note 22 with respect to goodwill and related impairment attributable to coal properties. |
Note 8 - Restricted Cash
Note 8 - Restricted Cash | 12 Months Ended |
Dec. 31, 2015 | |
Restricted Cash [Abstract] | |
Restricted Cash [Text Block] | 8. RESTRICTED CASH Restricted cash, as of December 31, 2015 and December 31, 2014, was as follows: As of December 31, As of December 31, 2015 2014 Letters of guarantee 31 31 Long term restricted cash accounts $ 31 $ 31 As of December 31, 2015 and 2014, the Company retained letters of guarantee in the amount of $31. As of December 31, 2015 and 2014, the Company is in default regarding the minimum liquidity of $250 for the Portigon AG Credit Facility. Please refer to Note 12 for further details in respect of minimum liquidity. |
Note 9 - Vessels and Other Fixe
Note 9 - Vessels and Other Fixed Assets, Net | 12 Months Ended |
Dec. 31, 2015 | |
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. 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 14). 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 14). Disposal of vessel On September 6, 2015, the Company signed a memorandum of agreement in respect of the Newlead Markela. On December 23, 2015, the Company delivered the Newlead Markela, to an unrelated party for the purchase price of approximately $3,200. The loss on the sale of the vessel amounted to $180 is included in Loss from continuing operations. The loss on the sale of the vessel includes the inventories on board and amount of $75 in relation to technical repairs undertaken on the vessel as a condition for the contemplation of the sale. The initial brokerage commission agreed between the parties for the sale of the vessel pursuant to the memorandum of agreement was $128. Impairment of vessels For the year ended December 31, 2015, the Company’s impairment tests indicated an amount of $1,214 impairment for Newlead Markela which was sold December 23, 2015. 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. Disposal of other fixed assets On December 9, 2015, the Company sold a vehicle that was fully depreciated for consideration price $3.2 (translation from €3 thousands). The total amount of the proceeds is included in the Loss from continuing operations. 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, 2012 $ 56,966 $ - $ 2,195 $ 1,024 $ 60,185 Additions - - 366 - 366 Balance at December 31, 2013 $ 56,966 $ - $ 2,561 $ 1,024 $ 60,551 Additions 43,097 47,554 668 10 91,329 Loss on sale and leaseback (Note 14) - (1,150 ) - - (1,150 ) Balance at December 31, 2014 $ 100,063 $ 46,404 $ 3,229 $ 1,034 $ 150,730 Additions - - 735 6 741 Disposals (Note 9) (20,215 ) - (575 ) (3 ) (20,793 ) Balance at December 31, 2015 $ 79,848 $ 46,404 $ 3,389 $ 1,037 $ 130,668 Accumulated Depreciation and Amortization Balance at December 31, 2012 $ (20,451 ) $ - $ (1,327 ) $ (904 ) $ (22,682 ) Depreciation and Amortization for the period (2,536 ) - (196 ) (74 ) (2,806 ) Balance at December 31, 2013 $ (22,987 ) $ - $ (1,523 ) $ (978 ) $ (25,488 ) Depreciation and Amortization for the period (2,719 ) (737 ) (285 ) (48 ) (3,789 ) Impairment loss (Note 3, 9) - - (209 ) - (209 ) Balance at December 31, 2014 $ (25,706 ) $ (737 ) $ (2,017 ) $ (1,026 ) $ (29,486 ) Depreciation and Amortization for the period (3,864 ) (1,717 ) (562 ) (9 ) (6,152 ) Impairment loss (Note 3, 9) (960 ) - (254 ) - (1,214 ) Disposals (Note 9) 17,036 - 575 3 17,614 Balance at December 31, 2015 $ (13,494 ) $ (2,454 ) $ (2,258 ) $ (1,032 ) $ (19,238 ) Net book value — December 31, 2013 $ 33,979 $ - $ 1,038 $ 46 $ 35,063 Net book value — December 31, 2014 $ 74,357 $ 45,667 $ 1,212 $ 8 $ 121,244 Net book value — December 31, 2015 $ 66,354 $ 43,950 $ 1,131 $ 5 $ 111,440 |
Note 10 - Deferred Charges, Net
Note 10 - Deferred Charges, Net | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Charges Net Disclosure [Abstract] | |
Deferred Charges Net Disclosure [Text Block] | 1 0 . DEFERRED CHARGES, NET The movement of the deferred charges, net, as of December 31, 2015 is as follows: Financing Costs Net Book Value at December 31, 2013 $ 489 Additions 498 Amortization (158 ) Net Book Value at December 31, 2014 $ 829 Additions 1,974 Amortization (1,387 ) Net Book Value at December 31, 2015 $ 1,416 December 31, 2014 $ 829 Current $ 829 December 31, 2015 $ 1,416 Current $ 1,358 Non current $ 58 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 senior secured convertible redeemable debenture was signed with TCA Global Credit Master Fund, LLP (“TCA debenture”) and has maturity date February 24, 2017. In addition, the Company has issued with the same third party three senior secured convertible redeemable debentures, each one of total amount of $600 (“$600 TCA”) with duration 12, 18 and 24 months respectively, in consideration of investment, banking and advisory services. Moreover, the Company paid $174 in relation to legal fees in the respect of the TCA debenture. The amount under the TCA debenture was used to refinance vessel Sofia (refer to Note 12 and 13). During 2014, the Company paid $498 in arrangement fees to acquire the Newlead Albion and the Newlead Venetico, under their respective sale and lease back agreements (refer to Note 14). The amount refers to arrangement fees of 1% of the purchase price pursuant to the lease back agreements and legal fees. |
Note 11 - Accounts Payable, Tra
Note 11 - Accounts Payable, Trade | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable Trade [Abstract] | |
Accounts Payable Trade [Text Block] | 11 . ACCOUNTS PAYABLE, TRADE Accounts payable, trade, as of December 31, 2015 and 2014 were as follows: As of December 31, As of December 31, 2015 2014 Suppliers $ 3,177 $ 3,751 Shipyards 346 223 Insurers 824 697 Agents 714 650 Other creditors 10,088 8,889 $ 15,149 $ 14,210 During the years ended December 31, 2015 and 2014, the Company issued approximately 3,849,982 common shares and 517 common shares, respectively, to various vendors and related parties in respect of account payable to settle outstanding invoices of approximately $1,219 and $13,295, respectively, including true up clauses. See further discussion at Note 18. |
Note 12 - Long-term Debt
Note 12 - Long-term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Long-term Debt [Text Block] | 1 2 . LONG-TERM DEBT Below is a summary of the long-term portion and current portion of long-term debt as at December 31, 2015 and 2014: December 31, 2015 December 31, 2014 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 - 24,215 24,215 Mojave Finance Inc - 3,000 3,000 - 3,000 3,000 Natixis - 8,207 8,207 7,707 4,598 12,305 Ending Balance $ - $ 67,947 $ 67,947 $ 7,707 $ 64,338 $ 72,045 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 Company 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. 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 outstanding loan fees. 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 not been formally discharged nor released of any and all of its obligations arising under the Syndicate Facility Agreement due to this outstanding liability. As of December 31, 2015 and 2014, 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 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. ( a ) 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 quarterly earnings from the related vessels. Borrowings under this loan facility bore an approximate effective interest rate of 6.31%, including the margin, during 2015. 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, which is the maturity date of the loan facility, the outstanding balance on such loan facility is $32,525. On December 23 2015, the Company, with the consent of Piraeus Bank, sold the Newlead Markela, for which Piraeus Bank had first mortgage. The proceeds in the amount of $3,081 were remitted to Piraeus Bank and have been applied against accrued interest. The outstanding balance on the loan as of December 31, 2015 is $32,525. (b ) 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 of the credit facility, which provide, 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). Borrowings under this loan facility bore an approximate effective interest rate of 5.53%, including the margin, during 2015. 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 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, 2015, 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, 2015, 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, 2015, 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, 2015, 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, 2015, the Company was in breach of this covenant). Amounts drawn under the Portigon AG is secured by first priority mortgage on Newlead Victoria and vessel-owning subsidiary. All the amounts are guaranteed by NewLead Holdings. As of December 31, 2015, the Company has defaulted on principal and interest payments. As of December 31, 2015, the outstanding balance of the loan was $24,215. (c ) 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, which is the maturity date of the loan facility, the outstanding balance on such loan facility is $3,000. Borrowings under this loan facility bore an approximate effective interest rate, including the margin, of 5.28%, during 2015. (d ) 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, Newlead Granadino and the Sofia. The loan was payable in quarterly intervals up to October 16, 2015 for the Sofia, up to March 16, 2016 for the Newlead Granadino 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 Newlead Granadino on the last payment date. On January 14, 2015 an amendment to the loan agreement with Natixis was signed in order to change the repayment schedule. In relation to the Sofia the outstanding loan as of December 31, 2014 would be paid in 10 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 Newlead Granadino, the outstanding balance as of December 31, 2014 will be paid in 15 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 Newlead Granadino deferred installments of $1,191). In relation to the Nepheli 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 was signed in order to repay the full amount of the Sofia and change the repayment schedule for the other two vessels. The full repayment of the Sofia was remitted on February 26, 2015 with the refinance from the TCA debenture (see Note 13), resulting in gain extinguishment of liabilities of amount $523. In relation to the Newlead Granadino, 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 Newlead Granadino deferred installments of $1,192). In addition, the Company 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 agreed to repay an amount of $205 by no later than December 31, 2015. The Company has paid all the monthly installments during 2015, however the Company did not pay the amounts of $295 and $205 in respect of vessels Newlead Granadino and Nepheli., respectively, prior to December 31, 2015. Natixis has agreed the payment of $500 in total to be on March 16, 2016 along with the full repayment of the Newlead Granadino. Borrowings under this loan facility bore an approximate effective interest rate of 3.11%, including the margin, during 2015. Amounts drawn under the Natixis are secured by first priority mortgages on the vessel Newlead Granadino and Nepheli and vessel-owning subsidiaries. All the amounts are guaranteed by NewLead Holdings. Total borrowing at December 31, 2015 were $8,207. (e ) 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 one common share. The company was fully released and discharged from any liability and obligations arising from the loan agreement upon the issuance of the share. 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 expired in December 2014 according to the terms of the agreement. (f ) 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, 2015 and 2014, 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. Other Information The amounts shown as interest and finance expense in the statements of operations include the following items: Year ended December 31, Year ended December 31, Year ended December 31, 2015 2014 2013 Interest expense $ 13,935 $ 10,662 $ 6,950 Amortization of deferred charges 1,387 159 460 Amortization of the beneficial conversion feature and warrant 18 258 264 Hanover Holdings I LLC commission - (9,739 ) 31,982 Other interest and finance expenses, net 5,144 4,552 3,012 $ 20,484 $ 5,892 $ 42,668 The effective interest rate at December 31, 2015 was approximately 6.40% per annum (December 31, 2014: 6.52% and December 31 2013: 4.95%). Capitalized interest for the year ended December 31, 2015, 2014 and 2013 amounted to nil. For the year ended December 31, 2015 and 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 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 13 - Convertible Notes
Note 13 - Convertible Notes | 12 Months Ended |
Dec. 31, 2015 | |
Convertible Notes [Abstract] | |
Convertible Notes [Text Block] | 13. CONVERTIBLE NOTES 7% Notes (1) 4.5% Note (2) 8% and 4.4% Notes (3) 12% Con.Deb and Notes (4) 10% Notes (5) VPP & VAG Note (6) Other Notes (7) Total 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 - - (2,360 ) - (250 ) - - (2,610 ) Warrants attached - - - (170 ) - - - (170 ) Notes Converted to common shares - - (3,323 ) (932 ) (14,027 ) (4,300 ) (693 ) (23,275 ) Balance at December 31, 2014 $ 82 $ 62,500 $ 8,200 $ 6,276 $ 11,663 $ 8,400 $ - $ 97,121 Convertible Notes Issued/ Transferred from Financial Instruments - - 3,964 449 2,700 - 7,268 14,381 Amortization of the Beneficial Conversion Feature & Warrant 18 - - - - - - 18 Notes Converted to preference shares - - (7,440 ) (475 ) (6,922 ) - - (14,837 ) Notes Converted to common shares - - (1,950 ) - (26 ) (247 ) (580 ) (2,803 ) Assignment to third parties - - (1,816 ) - (1,215 ) - - (3,031 ) Balance at December 31, 2015 $ 100 $ 62,500 $ 958 $ 6,250 $ 6,200 $ 8,153 $ 6,688 $ 90,849 Short term convertible notes 100 62,500 958 6,250 6,200 8,153 982 85,143 Long term convertible notes $ - $ - $ - $ - $ - $ - $ 5,706 $ 5,706 (1) Senior Convertible 7% Notes In connection with the recapitalization in 2009, the Company issued $145,000 in aggregate principal amount of 7% Notes on October 13, 2009. The issuance of the 7% Notes were made pursuant to an Indenture dated October 13, 2009, between the Company and Piraeus Bank S.A. (as the successor of Cyprus Popular Bank Public Co. Ltd.), and a Note Purchase Agreement, executed by each of the Investment Bank of Greece and Focus Maritime Corp., a company controlled by Michail Zolotas, President, the Company’s Chairman, Chief Executive Officer and member of the Company’s Board of Directors 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 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 a maturity date of October 13, 2015, in connection with advisory services provided by the Investment Bank of Greece to the Company. The warrants expired in October, 2015 without being exercised. Upon the issuance of the notes, the Company recorded a Beneficial Conversion Feature (“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. In November 2009, Focus converted $20,000 of the 7% Notes into one common share of the Company. On July 2, 2012, in connection with the restructuring of NewLead’s debt, 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 Maritime Corp. as an inducement for the conversion, into one common share of the Company. After the conversions in 2009 and 2012, $100 of the 7% Notes remained outstanding as of December 31, 2015 and 2014. For the year ended December 31, 2015, $18 of the BCF was amortized and reflected as interest expense in the statements of operations ($17 for the year ended December 31, 2014, and $13 for the year ended December 31 2013). The relative note was also transferred to Piraeus Bank S.A.. As of December 31, 2015, the Company was not in compliance with its financial covenants on this indebtedness, had defaulted on all coupon payments. The 7% Notes were not converted in October, 2015 and warrants expired in October, 2015 without being exercised. 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 including three Capesize vessels, ( the Brazil, the Australia, and the China), and one Panamax vessel (the Grand Rodosi). Total consideration for the sale was $86,800 and the bareboat leaseback charter period was eight years. Pursuant to the agreement, 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 treated the transaction as a financing, resulting in a 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 was being amortized over the life of each vessel. 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), 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 any existing or future liabilities under agreements relating to the operation of vessels chartered or assigned to Lemissoler. On January 30, 2013, the Company was formally released from all of its obligations and liabilities under the relevant finance lease documentation. Pursuant to the Settlement Agreement: (1) the Lemissoler Indebtedness was settled by the issuance of (i) one common share of the Company to Prime; and (ii) a $50,000 aggregate principal amount 4.5% Senior Convertible Note due in 2022 (“4.5% Note”) with such terms as described below; (2) all fees, costs and expenses incurred by Prime in connection with the transaction were paid by the Company with the issuance of one common share (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). 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). The $50,000 in aggregate principal amount 4.5% Senior Convertible Note due in 2022 issued to Prime was issued on December 31, 2012, and it bears interest at an annual rate of 4.5%, 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. 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 in the amount of 6.5% per annum during the period from the date of such Event of Default until the date no Event of Default is continuing. 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. Because the note is convertible into a variable number of common shares at the Company’s option, even upon an Event of Default, and mandatorily convertible into a variable number of common shares at maturity, the 4.5% Note 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 was calculated by dividing the principal amount of $50,000 divided by the contractual stock issuance price of 80% of market (calculated using the above VWAP methodology). On the date of the issuance and at December 31, 2015 and 2014, the fair value of the 4.5% Note amounted to $62,500. As of December 31, 2015 and 2014, the Company was not in compliance with the requirements of this indebtedness and the full amount outstanding was reclassified to current liabilities. ( 3 ) 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. As of December 31, 2014, the full amount of these 8% notes had been converted into shares and the Company has been fully released. 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. The note was collateralized by certain equipment. As of December 31, 2014, the full amount of the note had been paid in cash and the Company had been fully released. During January 2014, the Company issued convertible notes to Asher Enterprises Inc., for up to $207 (“Asher 8% notes”). These Asher 8% notes were due in October 2014 and November 2014 by the issuance of common shares, at 65% of the average of the lowest 3 trading prices during the 10 trading day period prior to the conversion date. The Asher 8% notes in substance represented 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 Asher 8% notes be carried at fair value, with any subsequent changes in fair value recognized in earnings. The Company determined the fair value for these Asher 8% notes using the discount share conversion price of 35%. The fair value at inception was the face amount of $207 divided by 65%. Moreover, according to the clauses of the specific agreements, the holder of the Asher 8% notes requested an additional default principal amount of $138. Borrowings under these notes bore a fixed interest rate of 8%. During July and August 2014, the notes were fully converted and the Company has been fully released. On February 26, 2014, May 12, 2014, August 4, 2014 and August 18, 2014, the Company issued convertible promissory notes to financial institutions totaling $7,736 (the "2014 8% notes"). These 2014 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 2014 8% notes bear a fixed interest rate of 8% per annum on the unpaid principal balance. These 2014 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 2014 8% notes has been converted into shares and $2,305 has been paid in cash. The remaining 2014 8% notes in substance represent 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 2014 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 2014 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 representing the outstanding balance of $5,273, $1,237 and $1,690 of the 2014 8% notes dated February 26, 2014, August 4, 2014 and August 18, 2014. On November 24, 2015, the outstanding balance of $5,273 of the 2014 8% note dated February 26, 2014 was settled with the issuance of Series A-1 Preference shares (please see Note 17). The 2014 8% note dated August 4, 2014 was converted to Company’s common shares of amount $739. On May 18, 2015, the holder of the 2014 8% note dated August 4, 2014 entered into a note purchase agreement with Toledo Advisors LLC, whereby Toledo Advisors LLC acquired a portion of $132 of the note. The new 8% note has the same clauses as the 8% note dated August 4, 2014. The Company determined the fair value for the new note using the discount share conversion price of 35%, at $203 at assignment date May 18, 2015. As of December 31, 2015 the note has been fully converted to Company’s common shares. The Company has been fully released. On April 20, 2015, the holder of the 2014 8% note dated August 4, 2014 entered into a note purchase agreement with Toledo Advisors LLC, whereby Toledo Advisors LLC acquired $100 of the note. The new note had the same clauses as the 2014 8% note dated August 4, 2014 and has maturity date April 20, 2016. The Company determined the fair value for the new note using the discount share conversion price of 35%, at $154 at assignment date April 20, 2015. As of December 31, 2015 the note has been fully converted to Company’s common shares. The Company has been fully released. On November 24, 2015, the outstanding balance of $142 of the 2014 8% note dated August 4, 2014 was settled with the issuance of Series A-1 Preference shares (please see Note. 17). The 2014 8% note dated August 18, 2014, has been converted to Company’s common shares of amount of $231. On May 15, 2015, the holder of 2014 8% note dated August 18, 2014 entered into a note purchase agreement with Atlas Long Term Growth Fund LLC, whereby Atlas Long Term Growth Fund LLC acquired $300 of the note. The new note has the same clauses as the 2014 8% note dated August 18, 2014 and has maturity date November 15, 2015. The Company determined the fair value for the new note using the discount share conversion price of 35%, at $462 at assignment date May 15, 2015. As of December 31, 2015, the outstanding balance of the new note dated May 15, 2015 is $322 at fair value since the amount of $262 has been converted to the Company’s common shares. Due the maturity date, the new note dated May 15, 2015 has an increase in the repayment amount of the note of the amount $122. On August 27, 2015, the holder of 2014 8% note dated August 18, 2014 entered into a note purchase agreement with Toledo Advisors LLC, whereby Toledo Advisors LLC acquired a portion of $350 of the note. The new note has the same clauses as the 2014 8% note dated August 18, 2014 and has maturity date August 27, 2016. The Company determined the fair value for the new note using the discount share conversion price of 35%, at $538 at assignment date August 27, 2015. As of December 31, 2015, the outstanding balance of the 8% note dated August 27, 2015 is $177 at fair value since the amount of $361 has been converted to the Company’s common shares. On December 14, 2015, the holder of 2014 8% note dated August 18, 2014 entered into a note purchase agreement with Toledo Advisors LLC, whereby Toledo Advisors LLC acquired a portion of $298. The new note has the same clauses as the 2014 8% note dated August 18, 2014 and has maturity date December 14, 2016. The Company determined the fair value for the new note using the discount share conversion price of 35%, at $459 at assignment date December 14, 2015. As of December 31, 2015, the outstanding balance of the new note dated December 14, 2015 is $459 at fair value. Following the three assignments above, the 2014 8% note dated August 18, 2014, had fully converted or assigned its principal except for the liability in respect of the accrued interest. Moreover, 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. Borrowings under this note bear a fixed interest rate of 8% per annum on the unpaid principal balance. This 8% note is convertible into common shares at a conversion price of the closing price the trading date immediately prior to the date of the issuance of the shares at holder’s option, at any time and from time to time until January 14, 2017. On November 24, 2015, the outstanding balance of this note was settled with the issuance of Series A-1 Preference shares (please see Note. 17). 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. This 8% note is convertible into common shares at a conversion price of the closing price the trading date immediately prior to the date of the issuance of the shares at holder’s option, at any time and from time to time. The Company has drawdown amount of $345 in respect of this note and on November 24, 2015, the outstanding balance of $345 was settled with the issuance of Series A-1 Preference shares (please see Note. 17). All the aforementioned settlement of convertible notes along with accumulated accrued interest with the issuance of 954 Series A-1 Preference shares along with a true up clause liability of $1,365 included in Financial instruments carried at fair value (Refer to Note 18), resulted in gain of extinguishment of liability of amount $320. (4 ) 12% Convertible Debentures and Notes On December 23, 2013 and January 3, 2014, the Company issued 12% convertible debentures to Dominion Capital LLC, for up to $500. The 12% convertible debentures were due on December 23, 2014 and January 3, 2015, respectively. Borrowings under these debentures bear a fixed interest rate of 12% per annum on the unpaid principal balance paid in cash. The 12% convertible debentures also contained interest and anti-dilution adjustments under certain circumstances and as a result the Company recorded financial instruments of $400. The 12% convertible debentures were convertible into common shares at a conversion price equal to the lesser of a) $10,125,000 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. The 12% convertible debentures had attached warrants that the Company measured them at fair value and reduced respectively the amount of each 12% convertible debenture. The Company amortized each warrant attached according the duration of the 12% convertible debentures. As of December 31, 2013, the full amount of the 12%convertible debenture dated December 23, 2013 along with the amortized portion of the warrant was outstanding. As of December 31, 2014, the full amounts of both the 12% convertible debentures have been converted into common shares. The Company was released for the 12% convertible debenture dated December 23, 2013 along with the related attached warrants, financial instrument and accrued interest. As of December 31, 2015 and 2014, the warrants attached to the January 3, 2014 12% convertible debenture are outstanding, please see Note 18. The 12% convertible debenture dated January 3, 2014 has matured on January 3, 2015 with the outstanding principal being fully converted to common shares, the financial instrument being expired and the remaining accrued interest without being converted to common shares or paid in cash. 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 promissory note is required to be carried at fair value pursuant to ASC 480. The Company determined the fair value by dividing the principal amount of $5,000 by 80%, being $6,250. As of December 31, 2014, the amount of $6,250 was outstanding. Since November 30, 2015, the promissory note is outstanding and bear default interest rate 22%. 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. On October 23, 2015, the Company signed an addendum with the holder of this 12% note, in order to extend the maturity date to October 23, 2016. On November 24, 2015, the outstanding balance of $475 was settled with the issuance of Series A-1 Preference shares (please see Note. 17). ( 5 ) 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 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 was equal to the closing price immediately prior to but not including the date of issuance of the shares and bore an interest rate of 10%. Any accrued and unpaid interest was payable in quarterly installments concluding with the final installment 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 full amount of $6,000 of the 10% note of the holder Ray Capital Inc. was fully converted into common shares. The holder sold the shares and after considering the proceeds from the sale of shares, the Company owned a true up clause liability of $1,542, which was included in financial instruments carried at fair value, refer to Note 18. As of December 31, 2014, the convertible note with Tiger Capital Partners Ltd. had an amount of $472, which was included in convertible notes, net in consolidated balance sheets and a true up clause liability of $4,747 which was included in financial instruments carried at fair value, refer to Note 18. As of December 31, 2014, the full amount of the convertible note with NM Dauphin & Company Limited remains outstanding. On April 8, 2015, the Company signed an addendum with NM Dauphin & Company Limited, in order to amend the quarterly installments of the accrued interest to payment of the accrued and unpaid interest on the maturity date of the note. On November 24, 2015 the outstanding balance of $5,500 of the 10% note of the holder NM Dauphin & Company Limited along with the accrued interest were settled with 535 A-1 Series Preference shares (refer Note. 17). On March 3 and April 8, 2015, the Company signed two addenda with Ray Capital Inc. in order to amend the maturity date of the 10% note to December 27, 2015, and to pay the accrued interest on the maturity date and not in quarterly installments. Moreover, the addenda amended the true up liability to be along with the maturity date and the holder of the note warranted the sale up to 20% of the monthly dollar volume of the Company’s common stock per month in order to reduce the Company’s outstanding obligations owned to the holder of the 10% note. As of December 31, 2015, the true up clause liability has been transferred from financial instruments carried at fair value to convertible notes, net of the consolidated balance sheets and it is payable in cash since the maturity date December 27, 2015 according to the clauses of the addenda. In respect of the 10% note with Ray Capital Inc, the Company issued 53,006 common shares and 124,536 common shares for the conversion of the note, accrued interest and true up clause liability, for the years ending December 31, 2015 and 2014, respectively. On March 17, 2015, the Company and Tiger Capital Partners Ltd. signed an addendum in order to amend the quarterly installments of the accrued interest to payment of the accrued and unpaid interest on the maturity date of the note. On November 24, 2015 the remaining balance of $447 of the initial balance $8,500 of the 10% note with the holder Tiger Capital Partners Ltd. along with the $4,874 financial instruments carried at fair value, which consists the remaining true up clause liability considering the proceeds from the sale of shares by the holder, and the accrued interest payable on that date, were settled with 600 Series A-1 Preference shares (refer Note 17). In respect of the 10% note with Tiger Capital Partners Ltd, the Company issued 53,112 common shares and 78,546 common shares for the conversion of the note, accrued interest and true up clause liability, for the years ending December 31, 2015 and 2014, respectively. 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, 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 installment on final repayment date. The 10% notes with Oppenheim Capital Ltd and Cheyenne Holding Ltd were amended to be guaranteed by one of the Company’s vessels, the Newlead Castellano. During 2014, amount of $250 was paid in cash in respect of the 10% note of the holder Cheyenne Holding Ltd. On March 3, 2015, the Company signed an addendum with Cheyenne Holding Ltd., in order to amend the quarterly installments of accrued interest to be payable on the maturity date of the note. On March 16 and November 18, 2015, the Company signed two addenda with Oppenheim Capital Ltd. in order to amend the quarterly installments of accrued interest to be payable on the maturity date of the note. Moreover, with the aforementioned addenda the holder of the note warranted the sale up to 20% of the monthly dollar volume of the Company’s common stock per month. On March 16, 2015, the Company signed addenda with Oppenheim & Co. Limited in order to amend the quarterly installments of accrued interest to be payable on the maturity date of the note. On May 26, 20 |
Note 14 - Lease Obligations
Note 14 - Lease Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Sale Leaseback Transaction Disclosure [Text Block] | 1 4 . LEASE OBLIGATIONS Sale and Lease back On March 10, 2014, the Company signed a memorandum of agreement with an unrelated third party (as amended on April 30, 2014 and May 19, 2014) to acquire Newlead Albion for a total purchase price of $18,275. In connection with the memorandum of agreement the Company paid an initial deposit 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 a leased asset and lease obligation of $14,060 representing the present value of the minimum lease obligation. 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). As of December 31, 2015 the outstanding lease obligation is $13,654. As of December 31, 2014 the outstanding lease obligation was $13,697. On March 10, 2014, the Company signed a memorandum of agreement with an unrelated third party (as amended April 30, 2014), to acquire Newlead Venetico for the purchase price of $18,500. In connection with the memorandum of agreement the Company paid an initial deposit 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 a leased asset and lease obligation of $14,097 representing the present value of the minimum lease obligation. 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, 2015, the outstanding lease obligation is $13,666. As of December 31, 2014, the outstanding lease obligation was $13,708. During 2015, the Company has defaulted in the installments under the sale and lease back obligations. 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 lease obligations at any given time, the Company reclassified its long term lease obligations 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, 2015 and 2014, the amount of the long term obligations in relation to the two sale lease back obligations was nil and $27,266, respectively. As of December 31, 2015 and 2014, the amount of the short term obligations in relation to the two sale lease back obligations was $27,320 and $138, respectively. Finance Leases On October 23, 2014 and November 13, 2014, the Company executed two bareboat charter agreements for the Ioli and the 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. Part of the monthly payment lease obligations to Frourio Compania Naviera S.A. and Flegra Compania S.A was a payment in respect of the vessels’ interest obligations to the mortgagee bank under the loan agreements between Frourio Compania Naviera S.A., Flegra Compania S.A. and the mortgagee bank. As such, the interest was due and payable in installments on a quarterly basis in arrears on the dates corresponding to the vessels’ loan repayment dates of the loan agreement between Frourio Compania Naviera S.A. and Flegra Compania S.A and the mortgagee bank. During 2015, the Company has defaulted in respect of these interest payments. 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 lease obligations at any given time, the Company reclassified its long term lease obligations 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, 2015, the amount of the long term and short terms obligations in relation to capital leases is nil and $9,899, respectively. As of December 31, 2014, the amount of the long term and short terms obligations in relation to capital leases was $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 and the obligations are not called or accelerated, are as follows: Description Amount December 31, 2016 $ 9,705 December 31, 2017 3,805 December 31, 2018 9,856 December 31, 2019 28,607 Total minimum lease payments 51,973 Less: imputed interest (14,754 ) Present value of minimum lease payments $ 37,219 |
Note 15 - Segment Information
Note 15 - Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 1 5 . SEGMENT INFORMATION The Company had three reportable segments from which it derived its revenues: Coal, wet and dry operations, which were believed to be the appropriate segregation as opposed to segregation per geographical area. For the period ended December 31, 2015, the management has the intention to sell VPP, VAG and Five Mile prior to the end of 2016. The coal segment typically consisted of coal processing services please see also Note 22. The dry operations consist of transportation and handling of bulk cargoes and the wet operations consist of transportation of 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 Total Year Ended December 31, 2015 Year Ended December 31, 2015 Year Ended December 31, 2015 Operating revenue $ 15,734 $ 12,076 $ 27,810 Commissions (230 ) (167 ) (397 ) Voyage expenses (3,130 ) (2,020 ) (5,150 ) Vessel operating expenses (6,079 ) (7,965 ) (14,044 ) General and administrative expenses (11,002 ) (11,097 ) (22,099 ) Operating loss before depreciation and amortization and impairment losses (4,708 ) (9,173 ) (13,880 ) Depreciation and amortization expense (1,464 ) (4,688 ) (6,152 ) Impairment losses - (1,214 ) (1,214 ) Segment operating loss (6,172 ) (15,075 ) (21,246 ) Interest and finance expense, net (7,992 ) (12,482 ) (20,474 ) Other (expense) / income, net 60 (127 ) (67 ) Gain on extinguishment of liabilities, net 523 2,901 3,424 Change in fair value of financial instruments (63 ) (64 ) (127 ) Loss on sale from vessels and other fixed assets, net - (177 ) (177 ) Loss before loss from Investments in Joint Ventures $ (13,644 ) $ (25,024 ) $ (38,667 ) Total assets $ 33,228 $ 87,544 $ 120,772 Goodwill $ 236 $ - $ 236 Long lived assets $ 29,745 $ 81,696 $ 111,440 Wet Dry Total Year Ended December 31, 2014 Year Ended December 31, 2014 Year Ended December 31, 2014 Operating revenue $ 1,352 $ 10,725 $ 12,077 Commissions (17 ) (1,149 ) (1,166 ) Voyage expenses (469 ) (1,171 ) (1,640 ) Vessel operating expenses (824 ) (5,699 ) (6,523 ) General and administrative expenses (2,835 ) (31,511 ) (34,346 ) Operating loss before depreciation and amortization and impairment losses (2,793 ) (28,805 ) (31,598 ) Depreciation and amortization expense (179 ) (3,610 ) (3,789 ) Impairment losses - (209 ) (209 ) Segment operating loss (2,972 ) (32,624 ) (35,596 ) Interest and finance expense, net (516 ) (5,354 ) (5,870 ) Other (expense) / income, net 22 520 542 Loss on sale and leaseback transaction - (1,150 ) (1,150 ) Change in fair value of financial instruments (247 ) (4,984 ) (5,231 ) Loss before loss from Investments in Joint Ventures $ (3,713 ) $ (43,592 ) $ (47,305 ) Total assets $ 31,825 $ 99,800 $ 131,625 Goodwill $ 236 $ - $ 236 Long lived assets $ 31,208 $ 90,036 $ 121,244 Segment Operating Revenue The Company reports financial information and evaluates its revenues by industry. During the year ended December 31, 2015, the Company derived 57% of its revenue from continuing operations from wet operations, 43% of its revenue from continuing operations from dry operations. During the year ended December 31, 2014, the Company derived 11% of its revenue from continuing operations from wet operations, 89% of its revenue from continuing operations from dry operations. During the year ended December 31, 2013, the Company derived 100% of its revenue of amount $7,140 from continuing operations from dry operations. |
Note 16 - Share Based Compensat
Note 16 - Share Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 16 . 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, 2015 and 2016 was 8,149 common shares, 51,576 common shares and 1,157,901 common shares, respectively. In addition, the Company may grant restricted common shares, Series B Preference Shares (refer Note 17) and share options to third parties and to employees outside of the Plan. During the years ended December 31, 2015, 2014 and 2013, the Company granted 4,672 Series B Preference Shares, 150,313 restricted common shares and one restricted common share, respectively, to former employees, officers, executive officers, members of the board of directors and consultants, which vested upon issuance. On May 12, 2014, the Company granted to its employees, directors, officers and consultants 260 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, 96,195 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 860 common shares, as equity bonus for 2013 out if which the Company issued 535 common shares in 2014, 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, 53,325 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 granted for the performance bonuses for the years 2013, 2012 and 2011. Accordingly, on August 4, 2014, the Company issued to its respective employees, consultants, officers and directors, ten-year warrants to purchase an 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. On November 24, 2015, the aggregate amount of $5,642 of the aforementioned warrants were settled with the issuance of 5,656 Series B Preference Shares. For the years ended December 31, 2015 and 2014, the amounts have been accounted as liability therefore the amount is included in the financial statement line other current liabilities. A warrant of $2,094 issued to the former CFO of the Company was not exchanged with Series B Preference Shares and it remains valid. During 2015, the aggregate of $68 of his warrant has been converted to 547,919 common shares. On December 15, 2015 the Company granted to its employees, consultants, officers and members of the board of directors the aggregate of $12,731 for the performance bonuses for the years 2014 and 2015. The performance bonuses were payable in 12,731 Series B Preference Shares issued on December 31, 2015. For the years ended December 31, 2015, pursuant to the terms of the certificate of designation of Series B preference shares, the Series B shares contain certain conversion mechanism clauses that result in the full amount of face value of the preference shares being fully paid in a variable number of shares, according to management's stated intentions. Because of these conversion mechanism clauses, the Series B preference shares represent freestanding financial instruments that meet the criteria of ASC 480 to be accounted for as variable share settled debt. Accordingly, the Series B shares are included in other current liabilities of the consolidated balance sheets. The aforementioned issuance of Series B Preference Shares along with the Series B Preference Shares issued to the Company’s CEO mentioned below, resulted in loss from extinguishment of liabilities of amount $20. As of December 31, As of December 31, 2015 2014 CEO Series B Preference shares $ 24,930 $ - Employees, directors, officers and consultants warrants 2,035 7,745 Employees, directors, officers and consultants Series B Preference shares 10,387 - Other current liabilities $ 37,352 $ 7,745 Employment and Severance Agreements The Company entered into an employment agreement with Michail Zolotas on January 1, 2013 as amended on January 10, 2014. Pursuant to the amended employment agreement, Michail Zolotas will be entitled, for the fiscal years 2013 through 2018, 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 2013 annual base salary to Michail Zolotas by May 30, 2013 and hence on May 31, 2013, 1 common share was 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 share was delivered to Michail Zolotas. On January 7, 2014, pursuant to the terms of his employment agreement, the Company issued one common share to Michail Zolotas for his 2014 annual base salary, which vested upon issuance. In accordance to addendum of his employment agreement dated January 10, 2014, it was agreed that the Company shall perform true up exercises every ninety days for a period of two years if the shares trading price is less than the share price at the date of the issuance of his salary shares, and upon such circumstances then additional shares be issued, o n March 11, 2014, the Company issued one additional common share of the Company as a true-up adjustment to his annual base salary. 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 ten days prior to the date on which the shares are delivered to the Michail Zolotas. During July 2015 and September 2015, the Company issued 1,666,667 common shares in respect of the 2015 annual salary. 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 January 1, 2016, an addendum number two was agreed with Michail Zolotas, whereby with effective date January 1, 2016 and until the expiration date of his employment agreement, his annual base salary is paid in Series B Preference Shares without being entitled to any true-up adjustment. 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. On November 24, 2015, the Company has settled all amounts due to Michail Zolotas with the issuance of 16,930 Series B Preference Shares. As of December 31, 2015, the outstanding balance in respect of the bonuses 2011, 2012, 2013, 2014 and 2015 to former employees, officers, executive officers, members of the board of directors and consultants and the outstanding balance under the employment agreement with Michail Zolotas, all of which payable in Series B Preference Shares is $35,317 shown as other current liabilities in the accompanying balance sheet. Preference Shares, 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, 2015, 2014 and 2013, the Company recognized total compensation cost related to the Company’s restricted shares of $14,156, $23,402 and $25,193, 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, July 15, 2014 and March 4, 2016, of 1−for−15, 1−for−3, 1−for−10, 1−for−50, 1−for−50 and 1−for−300, 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 337,500,000 and the weighted average fair values have been increased by the same multiplier. 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, 2015, 2014 and 2013 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 on May 15, 2014, July 15, 2014 and March 4, 2016, of 1−for−50, 1−for−50 and 1−for−300 is as follows: Number of Shares Weighted Average Fair Values Weighted Average Vesting Period (Years) Outstanding and non-vested shares, as of January 1, 2012 1,832 $ 445.50 2.9 Granted (4) 39,541 285.85 0.8 Forfeited (2), (3) (334 ) 359.03 - Vested (1), (2), (3), (4) (41,039 ) 292.27 - Outstanding and non-vested shares, as of December 31, 2013 - $ - - Outstanding and non-vested shares, as of December 31, 2014 - $ - - Outstanding and non-vested shares, as of December 31, 2015 - $ - - (1) 403 shares were granted on the date of the recapitalization; 370 shares had a two-year vesting schedule (at January 1, 2011 and 2012), of which 185 shares, with an original vesting date January 1, 2012, were vested in July 15, 2011 upon the resignation of the former Chief Financial Officer; and 33 shares had a three-year vesting schedule (at January 1, 2011, 2012 and 2013), of which 11 shares, with an original vesting date of January 1, 2012 and January 1, 2013, were forfeited on December 31, 2011 due to the resignation of two board members. The remaining 5 and 6 shares were fully vested on January 1, 2012 and 2013, respectively. (2) 812 shares were granted on April 1, 2011 to employees, officers and directors with original vesting date April 1, 2013. Of such shares, 118 shares were forfeited during 2011, 205 during 2012 and 37 during 2013. From the remaining, 113 were fully vested as of December 31, 2012 and 339 shares as of April 1, 2013. (3) 2,803 shares were granted on December 21, 2011 to employees, officers and directors which were to be vested as follows: (i) 700 shares, were to be vested over four years with 25% of the grants being vested on each of the first, second, third and fourth anniversary of the issuance date (February 15, 2013, February 15, 2014, February 15, 2015 and February 15, 2016, respectively); and (ii) 2,103 shares were to be vested on the third anniversary of the issuance date (February 15, 2015). During 2012 and 2013, 946 and 297 of such shares were forfeited and 407 and 1,100 were fully vested earlier than their original vesting date, upon approval from the Board of Directors. The remaining 53 shares were fully vested on their original vesting date. (4) On April 1, 2013, the Company granted in recognition of the significant work performed by these individuals in connection with the Restructuring of the Company 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 to vest 30% on April 1, 2014 and 30% on April 1, 2015; (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, July 15, 2014 and March 4, 2016, of 1−for−15, 1−for−3, 1−for−10, 1−for−50, 1−for−50 and 1−for−300, respectively, two options remain outstanding and exercisable as of January 1, 2012 and December 31, 2013, 2014 and 2015. The weighted average vesting period was 3 years. During years ended December 31, 2015, 2014 and 2013 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, 2015 was 3.6 years. As of December 31, 2015, the intrinsic value of the Company’s share options was nil, since the share price of the Company’s common shares was less than the exercise price. |
Note 17 - Common Shares, Prefer
Note 17 - Common Shares, Preference Shares and Dividends | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 17 . COMMON SHARES , PREFERENCE SHARES AND DIVIDENDS Common Shares As a result of the issuance of restricted shares and conversion of warrant shares to common shares to employees, former employees, officers, executive officers, directors and consultants during the years ended December 31, 2015, 2014 and 2013, the Company’s share capital was increased by approximately 2,214,549 common shares, 150,338 common shares and one common share, respectively (refer to Note 16). 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, 2015, 2014 and 2013 the Company’s share capital was increased by approximately 3,849,982 shares 383,675 common shares and one common share respectively (refer to Note 11). In relation to payments for the SPA for the acquisition of the Nepheli Marine Company, Aeolus Compania Naviera S.A. and Kastro Compania Naviera S.A. during the year ended December 31, 2015, the Company’s share capital was increased by approximately 1,231,356 common shares (refer to Note 5). As a result of the issuance of shares for warrants to third parties exercised during the year ended December 31, 2015, 2014 and 2013, the Company’s share capital was increased by approximately nil common shares, 2,983 common shares and one common share, respectively (refer to Note 18). In relation to payments for both VAG and VPP acquisitions and related true up clauses during the year ended December 31, 2015, 2014 and 2013, the Company’s share capital was increased by approximately 2,273,546 common shares, 90,032 common shares and four common shares, respectively (refer to Notes 5 and 13). In relation to payments for convertible notes and related true up clauses during the year ended December 31, 2015, the Company’s share capital was increased by approximately 11,525,582 common shares. 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 296,087 common shares (refer to Notes 13). During the year ended December 31, 2014, the Company issued 1,556 common shares to New Coal Holding LLC in respect of the true up liability (refer to Note 18).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 one common share (refer to Note 12). For the year ended December 31, 2014, the Company issued 468 common shares to Dominion Capital L.L.C in relation to the payment of the principal and accrued interest of the notes. 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 one common share (refer to Note 13). 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 2,563 common shares and one share, respectively. In relation to advances for coal property during the year ended December 31, 2013, the Company’s share capital was increased by approximately two common shares (refer to Notes 5). As of December 31, 2015, the Company has reserved 6,398,082,230 common 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”), related to $25,000 in convertible in Series A Preference Shares ( “Series A”). Pursuant to the Certificate of Designations with respect to the Preference Shares (the “Certificate of Designations”), the Series A 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 at the Company’s option and upon conversion of the entire dividend amount and Series A, such dividends have a guaranteed amount of dividends, 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 Series A into common shares at a price of $7,500,000 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 Series A to be converted has been paid. The Company received partial consideration of $2,500 in cash at the closing of the transaction. The Series A did not have any voting rights. Series A and its guaranteed dividend is related to equity classified preference shares. The Company issued 2,750 preference shares of its designated Series A to Ironridge Global IV Ltd, for the purchase amount of $25,000. Ironridge converted 750 preference shares into common shares. On or after seven years from the Effective Date, the Company had the right to redeem the Series A at the liquidation value of $10,000 per preference share (the “Liquidation Value”), plus accrued and unpaid dividends thereon. Prior to such time, the Company could redeem the Series A 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 Series A at the Early Redemption Price. The Series A were redeemable at Company’s election within seven years at a price equal to $10,000 per share. During 2014, the Company issued 103,832 common shares in relation to the conversion of Series A 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 the transaction described in SSA was terminated and had no further force and effect. Any share reserve accounts previously requested by Ironridge were cancelled, and the unconverted preference shares were surrendered by Ironridge. Pursuant to the resolutions of our Board of Directors dated October 5, 2015, the Company created two classes of preference shares, designated as Series A-1 Preference Shares (“Series A-1”) consisting of 7,000 preference shares of the Company with face value of $ 10,000 per preference share and Series B Preference Shares (“Series B”) consisting of 100,000 preference shares with face value $ 1,000 per preference share. The voting rights of the holders of the Series A-1 are limited only to two percent of the then outstanding common stock of the Company, as of such record date or at such date a vote is taken or any written consent of shareholders is solicited, as applicable, and when aggregated with the common stock owned by such individual holder of Series A-1, shall not exceed 4.99% of the then outstanding common stock. The Series A-1 is convertible in Company’s common shares equal to the face value of ten thousand dollars multiplied by the number of such Series A-1 divided by the applicable conversion price. The conversion price of Series A-1 is 300 dollars. In the event the Company issue additional common shares in a financing transaction for the sole purpose of which is to raise capital, at a price per share less than the conversion price then in effect, then the conversion price upon each such issuance shall be reduced to a price equal to the consideration paid for such additional common shares. The voting rights of the holders of the Series B when taken in the aggregate with all holders of Series B, shall not in the aggregate excess 34.0% of the then outstanding common stock of the Company, as of such record date or at such date a vote is taken or any written consent of shareholders is solicited, as applicable, and on individual basis, the voting rights of each holder when aggregated with the common stock, if any, owned by such individual holder of Series B, shall not excess of 4.99% of the then outstanding common stock. The Series B is convertible in Company’s common shares equal to the face value of one thousand dollars multiplied by the number of such Series B divided by the applicable conversion price. The conversion price of Series B is 300 dollars. In the event the Company issue additional common shares in a financing transaction for the sole purpose of which is to raise capital, at a price per share less than the conversion price then in effect, then the conversion price upon each such issuance shall be reduced to a price equal to the consideration paid for such additional common shares. Upon any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, after payment or provision for payment of debts and other liabilities of the Company, the holders of Series A-1 and Series B will be entitled to be paid out of the assets of the Company available for distribution to its shareholders an amount with respect to each Series A-1 equal to $10,000 plus any accrued but unpaid dividends thereon and $1,000 to each Series B. On November 24, 2015, the Company issued 2,725 shares of Series A-1in respect of the settlement of Company’s past liabilities (refer to Note 13 and 18) and 101 shares of Series A-1 in respect of financial advisory fees to non-affililated parties, namely Network 1Financial Securities Inc., Adam Pasholk and Damon Testaverde. On December 29, 2015, the Company issued an additional one share of Series A-1 to Network 1 Financial Securities Inc.. The issuance of Series A-1 in respect of financial advisory fees, resulted in loss on extinguishment of liabilities of amount $10. On November 24, 2015, the Company issued the aggregate of 22,586 shares of Series B to the Company’s employees, directors, officers and consultants in exchange and settlement of performance bonuses granted by the board of directors of the Company for the years 2013, 2012 and 2011 (refer to Note 16), including any obligations of the Company towards the CEO in terms of his remuneration for the years 2014 and 2015(refer to Note 16). On December 31, 2015, the Company authorized the issuance of 12,731 shares of Series B to Company’s employees, directors, officers and consultants as performance bonuses and remuneration for the policy years 2014 and 2015. Liabilities under Series B, are included in other current liabilities of consolidated balance sheets due to the guaranteed amount of payment. If the assets of the Company will be insufficient to make payment in full to all holders of Series A-1, then such assets will be distributed among the holders of Series A-1at the time outstanding, ratably in proportion to the full amounts to which they would otherwise be respectively entitled. If the assets of the Company will be insufficient to make payment in full to all holders of Series B, then such assets will be distributed among the holders of Series B at the time outstanding, ratably in proportion to the full amounts to which they would otherwise be respectively entitled. The Company has the right, in its sole discretion and option, to redeem all or a portion of the Series A-1 and Series B, at a price per preference share equal to $10,000 and $1,000, respectively, in cash. As of December 31, 2015, the Company has issued and outstanding of 2,827 shares of Series A-1of $10,000 each and 35,317 shares of Series B of $1,000 each. Dividends in cash During the years ended December 31, 2015, 2014, and 2013, 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. Dividends in preference shares On November 24, 2015, the Company issued the Series A-1 which accrue cumulative dividends at a rate of 8% per annum. Dividends will be payable with respect to any Series A-1 upon any of the following: (a) redemption of such shares; (b) conversion of such shares; and (c) when, as and if otherwise declared by the Board. Any calculation of the amount of such dividends accrued and payable will be made based on a 365-day year, annually. For the year ended December 31, 2015, the Company has accrued dividends for the Series A-1 amount of $235. During the year ended December 31, 2014, the Company paid dividends for the Series A 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 for 15 and a 1 for 3 reverse stock splits of Company’s common shares were effected respectively, after the approval by its 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 its 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 its 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 its 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 its 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 its 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. On March 4, 2016, a consolidation of the Company’s common shares was effected at a ratio of a 1 for 300, following which a second reduction of the Company’s share capital was effected by reducing the par value of the common shares to $0.00001 by way of cancelling paid-up share capital to the extent of $0.00999 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, 1:50 ratio and 1:300 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, 2015, 2014 and 2013 including the notes to financial statements reflect these aforementioned alterations of share capital. |
Note 18 - Financial Instruments
Note 18 - Financial Instruments Carried at Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Financial Instruments Disclosure [Text Block] | 18 . 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 equivalent 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 December 31, 2015 December 31, 2014 Assets Cash and cash equivalents $ 722 $ 722 $ 402 $ 402 Restricted cash $ 31 $ 31 $ 31 $ 31 Trade receivables, net $ 4,303 $ 4,303 $ 3,342 $ 3,342 Other receivables $ 1,947 $ 1,947 $ 2,083 $ 2,083 Liabilities Accounts payable, trade $ 15,149 $ 15,149 $ 14,210 $ 14,210 Current and Non Current portion of debt $ 67,947 $ 23,110 $ 72,045 $ 36,888 Current and Non Current portion of Convertible Notes $ 90,849 $ 90,849 $ 97,121 $ 97,121 Current and Non Current Capital lease obligations $ 37,219 $ 30,645 $ 38,010 $ 38,010 Financial instruments carried at fair value $ 10,067 $ 10,067 $ 39,300 $ 39,300 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 Identical Assets Inputs Inputs Total Carrying amount Total Fair Value (Level 1) (Level 2) (Level 3) December 31, 2014 Assets Cash and cash equivalents $ 402 $ 402 $ 402 $ - $ - Restricted cash $ 31 $ 31 $ 31 $ - $ - 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 carried at fair value $ 39,300 $ 39,300 $ - $ - $ 39,300 December 31, 2015 Assets Cash and cash equivalents $ 722 $ 722 $ 722 $ - $ - Restricted cash $ 31 $ 31 $ 31 $ - $ - Liabilities Current and Non Current portion of debt $ 67,947 $ 23,110 $ - $ 23,110 $ - Current and Non Current portion of Convertible Notes $ 90,849 $ 90,849 $ - $ 90,849 $ - Current and Non Current Capital lease obligations $ 37,219 $ 30,645 $ - $ 30,645 $ - Financial instruments carried at fair value $ 10,067 $ 10,067 $ - $ - $ 10,067 In relation to the current and non current portion of debt, convertible notes and capital lease obligations, 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. The Company’s financial instruments carried at fair value 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 dividends paid, 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 (a) in Note 12. The interest rate swaps allowed the Company to raise long-term borrowings at floating rates and swap them into effectively fixed rates. Under the interest rate swaps, the Company agreed 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. As of December 31, 2015 and 2014, 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 sheet of amount $1,562 and $1,475 at December 31, 2015 and 2014 respectively. 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. The total fair value change of the interest rate swaps were a gain of nil, $269 and $498 for the years ended December 31, 2015, 2014 and 2013, respectively and these are included in interest and finance expense in the consolidated statements of operations. The related asset or liability was shown under financial instruments in the balance sheet. As of December 31, 2015 and 2014 the respective financial instrument is zero due to the expiration of the agreement during September, 2014. Share Settled True Up Clauses During 2015, 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. The financial instruments in relation of convertible note to Ray Capital Inc. has been transferred to convertible notes, net and is payable in cash due to the maturity date of the true up liability December 27, 2015 (refer to Note 13). The financial instruments in relation of unsecured convertible note to Tiger Capital Partners Ltd has been settled with Series A-1 Preference shares (refer to Note 13). The remaining balance of $220 of the financial instruments represented below in the table in the line convertible notes, refers to the true up liability in relation to the senior convertible redeemable debenture with TCA Global Credit Master Fund, LLP (refer to Note 13). At December 31, 2015, the key inputs in the model in relation of the equity issuance related to VPP acquisition were: volatility of 318%, dividend rate of zero, a time at maturity 3 years, a stock price of $0.0001 and an average risk free rate of 1.31%. 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 December 9, 2018. At December 31, 2014, the key inputs in the model in relation of the equity issuance related to VPP and the convertible notes 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 during 2014 had a range from January 2015 to December 2024. During January 2014, a financial instrument of $200 has been recorded in relation with the 12% Debenture with Dominion Capital LLC dated January 3 2014. This financial instrument has expired on January 3, 2015. During June 2014 the financial instrument of $200 in relation with the 12% Debenture with Dominion Capital LLC dated December 23 2013 has been fully released by Dominion Capital LLC. The financial instrument recorded during 2013 in relation to the convertible note with notional amount $3,051, has been fully paid during 2014. The true up liability in relation to the loan agreement New Coal Holding LLC for a Loan Facility of up to $300 has expired during December 2014 according to the terms of the agreement. 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, 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. During 2015, new settlement agreements with true up clauses of amount $697 has been accounted for as financial instruments carried at fair value and remains outstanding for the year ended December 31, 2015. On November 24, 2015, the financial instrument carried at fair value in relation to the stock based compensation has been settled with Series B Preference shares (refer to Note 16). Financial instruments carried at fair valued issued to vendors equaled $6,829, excluding the settlement agreement of amount $1,365 that was incorporated in the settlement of the 8% Notes (Refer to Note 13) were settled with 536 Series A-1 Preference shares on November 24, 2015, resulting in gain of extinguishment of liabilities of amount $1,470. The total change in fair value of financial instruments included in the consolidated statements of operations loss of $127, $5,231 and gain of $262 for the years ended December 31, 2015, 2014 and 2013, respectively. Information with respect to outstanding financial instruments recorded at fair value follows: Notional Amount Fair Value Termination Date for the As of As of As of As of remaining financial instruments December 31, December 31, December 31, December 31, Financial Instruments as of December 31, 2015 2015 2014 2015 2014 Vendors From minimum January 2016 to indefinite $ 5,007 $ 13,378 $ 5,007 $ 13,378 Convertible Note February 24, 2016 220 6,330 220 6,290 Stock based compensation n/a - 15,440 - 15,440 Equity issuance related to VPP acquistion December 9, 2018 4,507 4,281 4,505 4,192 Thalassa Holdings SA-Business Acquisition November 24, 2016 335 - 335 - $ 10,069 $ 39,429 $ 10,067 $ 39,300 Warrants On October 13, 2009, in connection with the issuance of the 7% Notes, the Company issued to Investment Bank of Greece, a six-year warrant to purchase 1 common share at an exercise price of $3,240,000 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. On October 13, 2015, the warrant expired without being exercised. On January1, 2013, as 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 $135,000,000. The fair value of $6,122 of 1 warrant 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 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 January 3, 2014, Company issued to a third party a five-year warrant to purchase 1 common share, with an exercise price of $13,125,000. 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 1 common share, with an exercise price of $16,875,000. 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 9,000 common shares, with an exercise price of $6.6. 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. On November 24, 2015, the aggregate of $5,656 of the warrants were settled with Series B Preference Shares. A warrant of $2,094 issued to the former CFO of the Company was not exchanged with Series B Preference Shares and it remains valid. During 2015, the aggregate of $68 of his warrant has been converted to 547,919 common shares. 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 12, “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 was historically exposed to credit risk in the event of non-performance by counterparties to derivative instruments. 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 19 - Commitments and Conti
Note 19 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 19 . COMMITMENTS AND CONTINGENT LIABILITIES (1) Commitments 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 President, Company’s Chairman, Chief Executive Officer and member of the Company’s Board of Directors (see Note 21), (for amendments in these rental agreements refer to Note 23). These rental agreements vary in duration-the longest agreement will expire in April 2022. Future minimum rent payments due on these related party leases as of December 31, 2015 are as follows: December 31, 2016 $ 224 December 31, 2017 224 December 31, 2018 400 December 31, 2019 406 December 31, 2020 412 Thereafter 408 $ 2,074 Advisory agreements On October 13, 2015, the Company signed an advisory agreement with Pallas Consulting LLC in order to provide various services to the Company with respect to coal operations. The Company paid a retainer fee of $6,558 during 2014, through the reduction in purchase price for VAG (refer Note 5 ) and the consideration of the services to be provided until December 31, 2020 will be for a yearly fee of $2,950. The yearly fee shall be payable at the Company’s option, in cash and/ or common stock by dividing the amount payable by the closing price for the trading day immediately prior the payment date. The advisory agreement contains a five year true up liability clause from the final consulting payment. The expense for the year ended December 31, 2015 of amount $647 is included in discontinued operations (refer Note 22). On March 3, 2015, the Company has signed an advisory agreement with Harmonia Shipping Management Inc in order to act as commercial advisor for the commercial operation and trading of five bitumen tankers. In consideration of the above services, the Company agreed to pay the fee of $390 for the first year and $150 per year from the second year through March 2, 2018. The fee is payable in common shares by dividing the amount payable by the closing price for the trading day immediately prior to the payment date. Coal Sale Purchase Agreements (CPAs) New Lead JMEG LLC, a joint venture affiliate established in April 2012 , entered 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, 2015, the Company has provided in respect of all claims an amount equal to $3,641 ($3,457 as of December 31, 2014). 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 on about mid July 2013. Transasia was presented to be “a UK based company focused on trading commodities in niche markets, including coal, crude oil and oil products, throughout the world. The company is also involved in production, processing, transportation, and storage of energy commodities”. New Lead JMEG LLC failed to provide the coal, thus admitted being in breach of the CPA and requested Transasia to present their damages so as to proceed with remuneration. The estimated lost profit according to Transasia was about $290, yet their consequential commercial damages were alleged to be in excess of $6,000. New Lead JMEG LLC was requested to agree to this amount despite the lack of evidence, failing which, proceedings would be commenced. Transasia commenced proceedings before the Supreme Court of the State of New York against New Lead JMEG LLC, NewLead, NewLead Holdings (US) Corp., Mr. Zolotas and Mr. Jan Berkowitz, for nonperformance of the CPA. The requested amount of damages has measured to be $10,000, however, no evidence of damages are presented with any reasonable clarity. By way of background, Transasia was incorporated on September 7, 2012 as Zif Energy (UK) Limited. It was sold and renamed to its present name and ownership on February 12, 2013, when it started trading. For the period to September 30, 2013 which was about the time of the New Lead JMEG LLC contract, TransAsia Commodities reported a turnover of $82 and a net accumulated loss of GBP 134,635. No other revenue was reported and on the December 18, 2014 that company was placed into voluntary liquidation, having remained active for a total of 674 days. Two months before Transasia’s filing for liquidation, on September 19, 2014, a similar company named “Transasia Commodities Investment Corp Ltd” was incorporated and on October 10, 2014 was renamed to “Transasia Commodities Investment Ltd” (“new Transasia”). By way of a deed of assignment dated November 7, 2014 and with the liquidators’ approval, Transasia has sold to the new Transasia all its rights to the claim against New Lead JMEG LLC et al at an amount of GBP 10,000 and 25% of all sums that may be recovered after deduction of all legal costs incurred in conducting these proceedings. To date, the New Lead JMEG LLC has incurred legal costs in excess of $1,500 to defend this case. 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 20 - Taxation
Note 20 - Taxation | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 20. 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, 2015, the Company had net operating loss carryforwards totaling approximately $38,091 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, 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. The amount of $641 of operating loss carryforwards will expire in 2033, the amount of $25,434 of operating loss carryforwards will expire in 2034 and the amount of $12,982 of operating loss carryforwards will expire in 2035. The net operating loss carryforwards may be limited to use in any particular year based on Internal Revenue Code (“IRC”) Section 382 related to change of ownership restrictions. Section 382 of the IRC imposes an annual limitation on the utilization of NOL carryforwards based on long-term bond rates and the value of the corporation at the time of a change in ownership as defined by Section 382 of the IRC. In addition, future stock issuances may subject the Company to further limitations on the utilization of its net operating loss carryforwards under the same Internal Revenue Code provision. 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, 2015 and 2014 were as follows: As of December 31, 2015 As of December 31, 2014 Net operating loss carryforwards $ 14,817 $ 5,249 Property, Leased mineral rights and Mine development costs 3,801 (486 ) Goodwill 8,419 (684 ) Acquisitions Costs - 937 Provision for doubtful accounts 382 - Interest payable 1,086 660 Allowance for credit receivable 2,551 2,551 Notes payable 2,194 2,194 Asset retirement obligations - 83 Total deferred income tax assets, net 33,250 10,504 Less valuation allowance (33,250 ) (10,504 ) 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, 2015 and 2014 since management believes that it is more likely than not that these assets will not be realized. The reconciliation of the Company’s income taxes for the period ended December 31, 2015 and 2014 which would be determined by applying federal statutory rates to income before income taxes is as follows: As of December 31, 2015 As of December 31, 2014 Tax benefit at federal statutory rate (35%) $ (20,463 ) $ (8,042 ) Goodwill impairment - 1,826 State tax benefit, net of federal impact (2,280 ) (896 ) Other (3 ) 652 Change in valuation allowance 22,746 6,460 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, 2015 , the tax years ended December 31, 2015, 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, 2015, 2014 and 2013. |
Note 21 - Transactions Involvin
Note 21 - Transactions Involving Related Parties and Affiliates | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 2 1 . 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 President, 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 January 2015 regarding the monthly rent for the years of 2015, 2016 and 2017 and on April 28, 2010, the Company and Terra Stabile entered into a 12-year lease agreement for the warehouse space, which was also amended during January 2015 regarding the monthly rent for the years of 2015, 2016 and 2017 (Refer to Note 19). In January 2015, 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, 2015, 2014 and 2013 was approximately $241, $293 and $308, respectively. On August 19, 2015, the Company issued 141,667 common shares in order to settle amount of $121 in respect of a new settlement agreement signed on June, 1, 2015. On November 24, 2015, the Company issued 41 Series A-1 Preference shares in order to settle the true up clause obligations of 2013 liabilities with Terra Stabile and Terra Norma. During the year ended December 31, 2014, the Company issued, according to their respective settlement and subscription agreements, an aggregate of 15,401 common 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 one common share which vested upon issuance, to settle outstanding liabilities of $416 with Terra Stabile and Terra Norma. Aurora Properties Inc. On November 24, 2015, the Company issued 60 Series A-1 preference shares in order to settle the true up clause obligations 2013 and 2012. During the year ended December 31, 2014, the Company issued 10,287 common shares to settle true up clauses liabilities of 2013 and 2012. During the year ended December 31, 2013, the Company issued one common share to settle $548 for various administrative services provided by Aurora Properties Inc., which is directed by Michail Zolotas, the President, Company’s Chairman, Chief Executive Officer and member of the Company’s Board of Directors. 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 during 2012 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 On October 12, 2015, Mr. Jan M. Berkowitz, filed a voluntary petition for relief in the United States Bankruptcy Court for the Western District of North Carolina under Chapter 11 of Title 11 (the “Bankruptcy Code”) of the United States Code. Furthermore, pursuant to Section 362 of the Bankruptcy Code, the filing of the petition stays, among other matters, the initiation or continuation of judicial, administrative, or other actions or proceedings against the Debtor or any act to obtain possession of or exercise control over property of Jan M. Berkowitz. |
Note 22 - Discontinued Operatio
Note 22 - Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 2 2 . DISCONTINUED OPERATIONS Shipping 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. The net income from discontinued operations - Shipping was $ 711, 2,934, and net loss 11,422 for the years ended December 31, 2015, 2014 and 2013, respectively. Coal During late 2015, the management of the Company, in consultation with the Company’s Board of Directors, committed to a plan to sell the Company’s coal operations. The Company’s coal operations included in the plan are the Company’s VAG, VPP and Five Mile (the Five Mile was previously classified as Advances for acquisition of coal property since the titles of ownership have not been transferred to the Company as yet). As a result of this commitment to sell the coal operations, the Company’s consolidated financial statements present the coal assets and liabilities as held for sale. The Company’s coal operations are currently available for immediate sale in their present condition subject only to terms that are usual and customary for sales of such operations. The Company is currently in negotiations to sell all of its coal operations with an identified buyer and the Company believes it is currently probable that it will complete the sale of its coal operations prior to the end of 2016. The Company’s coal operations have experienced significant difficulties due to poor economic conditions, low coal prices, which also resulted in low demand for the Company’s coal processing plant (VPP) and limited working capital to fund the continued development of the company’s coal resources. After several months of marketing its coal operations, the Company is currently considering to sell its operations for all stock in a prospective buyer, with no up-front cash received. Because of the significant recent disruptions in the coal market, the anticipated fair value of any equity securities to be received from a prospective buyer is estimated to be zero due to the significant risks involving the possibility that any prospective buying entity would be able to turn the coal operations into a profitable business given the current market conditions. Given these considerations, and the recent bankruptcy of several significant entities in the coal industry, the Company has estimated the value of any consideration received in the form of equity to be zero when determining the fair value of the assets to be sold for impairment purposes. This assessment resulted in the full impairment of the Company’s coal operations during 2015 of $55,675. See the analysis below. As of December 31, As of December 31, 2015 2014 Cash and cash equivalents $ 6 $ 2 Trade receivables, net 11 568 Other receivables 911 1,437 Prepaid expenses 62 119 Other fixed assets 7 - Current assets held for sale $ 997 $ 2,126 Restricted cash - 152 Advances for acquisition of coal property - 21,855 Property, equipment and mine development costs, net - 9,469 Owned and leased mineral rights, land and building, net - 1,771 Other fixed assets - 11 Goodwill - 23,314 Long-term assets held for sale $ - $ 56,572 Accounts payable, trade 2,077 3,984 Accrued liabilities 1,293 389 Asset retirement obligations 1,077 - Current liabilities held for sale $ 4,447 $ 4,373 Asset retirement obligations - 1,050 Long-term liabilities held for sale $ - $ 1,050 Results of coal operations are included in discontinued operations as follows: For the year ended December 31, December 31, December 31, 2015 2014 2013 Coal Revenue $ 83 $ 532 $ 203 Cost of coal processing and other related coal costs (1,257 ) (3,035 ) (75 ) Selling, general and administrative expenses (1,990 ) (9,201 ) (29,045 ) Accretion (28 ) (71 ) (37 ) Depreciation and amortization expense (742 ) (796 ) (17 ) Impairment losses (55,675 ) (9,034 ) - Interest and finance expense (14 ) (22 ) (20,002 ) Interest income - 43 - Other income, net 1,604 318 1 Change in fair value of financial instruments - 482 (482 ) Loss from discontinued operations Coal $ (58,019 ) $ (20,784 ) $ (49,454 ) Net income / (loss) from discontinued operations Shipping $ 711 2,934 (11,422 ) Loss from discontinued operations $ (57,308 ) (17,850 ) (60,876 ) On January 1, 2013, the Company agreed to issue to J Mining & Energy Group one common share as a prepayment for its assistance in supervising, securing and executing the acquisitions of Five Mile (Note 5). The share was issued on March 28, 2013 and vested upon issuance. The share issued to J Mining & Energy Group was recorded in “Selling, general and administrative expenses” in the amount of $26,774 during 2013. Interest and finance expense include mainly financing expenses is related to coal acquisitions in the amount of $20,000 (Note 13). The restricted cash as of December 31, 2014 consisted of credit cards deposits of $50 and a standby letter of credit amount of $102. 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. The goodwill only relates to the Company’s coal processing plant, reporting unit. The Company’s intention to sell VPP resulted in impairment of goodwill of $23,314 for the year ended December 31, 2015. 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 in 2014. The future cash flows for the goodwill impairment test as of December 31, 2014 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 2014 impairment purposes, annual production for 2015 and 2016 was 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 the coal processing plant, 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 coal operation’s anticipated growth. The weighted average cost of capital (WACC) used was 12%. As of December 31, 2013, no triggering event had occurred requiring an impairment to be recorded. Property, equipment, and mine development costs consisted of the following: As of December 31, 2015 As of December 31, 2014 Production equipment $ - $ 9,198 Mine development - 1,052 Total property, equipment and mine development costs - 10,250 Less accumulated depreciation - (781 ) Total property, equipment and mine development costs, net $ - $ 9,469 Owned and leased mineral rights, land and building, net consisted of the following: As of December 31, 2015 As of December 31, 2014 Land $ - $ 490 Buildings - 266 Leased Mineral interests - 1,034 Total owned and leased mineral rights, land and building - 1,790 Less accumulated depreciation and depletion - (19 ) Total owned and leased mineral rights, land and building, net $ - $ 1,771 The Company’s management’s decision to sell VPP and VAG resulted in full impairment of the outstanding balances for the year ended December 31, 2015. 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. 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 included 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. 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 during 2014 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. In 2015, the Company assessed that significant indicators were present that indicated an impairment on long-lived assets. The indicators analyzed are as follows: ● A significant decrease in the market price of a long-lived asset (asset group) ● A significant adverse change in the extent or manner in which a long-lived asset (asset group) is being used or in its physical condition ● A significant adverse change in legal factors or in the business climate that could affect the value of a long-lived asset (asset group), including an adverse action or assessment by a regulator ● An accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset (asset group) ● A current-period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset (asset group) ● A current expectation that, more likely than not, a long-lived asset (asset group) will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. The term more likely than not refers to a level of likelihood that is more than 50 percent. Since the above indicators were present, the Company further assessed that the long-lived assets were not recoverable considering that there were no cash flows expected from the operation of the coal assets. Due to the current economic environment, the Company concluded from a market participants’ perspective, there would be no residual value, except for recovery of certain asset recovery obligations recovered. Therefore, the carrying amount of the assets would be written off and the company impaired 100% of the long-lived assets. For the year ended December 31, 2015, the Company recorded an impairment charge totaling $32,361 in discontinuing operations of coal segment. For the year ended December 31, 2013, the Company did not record an impairment charge in respect of its coal business operations. Asset Retirement Obligations The Company was subject to certain environmental and regulatory obligations which requires the Company to restore the mine properties after the mining has been completed. As a result, the Company had recognized an asset retirement obligation in the period in which the obligation was 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, respectively, the Company recorded an ARO in the amount of $1,077 and $1,050 at December 2015 and 2014, respectively. The ARO recorded in connection with the Viking mine acquisition represented the accumulated ARO related to mining activities performed by previous owners. The amounts were included in the liabilities held for sale. 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 from discontinued operations in shipping for years ended December 31, 2015 and 2014 was mainly due to claims and credit notes received by the Company for the discontinued vessels. |
Note 23 - Subsequent Events
Note 23 - Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 2 3. SUBSEQUENT EVENTS a) Common Shares, Preference Shares, Reverse splits and Warrants During the period from January 1, 2016 until the date of this report, the Company issued an aggregate of 1,025,642 common shares for the conversion of two Series A-1. Due to a misinterpretation of the conversion mechanism of the Series A-1, there was an over issuance of common shares and the Company have come into an agreement with the holder to set off any future conversions until the excess shares are returned to the Company. During the period from January 1, 2016 until the date of this report, the Company issued an aggregate of 24,914,032 common shares for the partial conversion of the 8% note dated August 27, 2015 issued to Toledo Advisors LLC of notional amount $350. During the period from January 1, 2016 until the date of this report, the Company issued an aggregate of 4,986,667 common shares for the partial conversion of the $24,000 note issued to Pallas Highwall Mining, LLC. During the period from January 1, 2016 until the date of this report, the Company issued an aggregate of 3,600,000 common shares for the true up liability of the note dated March 2, 2015. During the period from January 1, 2016 until the date of this report, the Company issued an aggregate of 1,011,591 common shares for the partial conversion of the 8% note dated May 15, 2015 with Atlas Long Term Growth Fund LLC of notional amount of $300. Moreover, the aggregate of 334,909 common shares have been issued in respect of legal fees of this note. During the period from January 1, 2016 until the date of this report, the Company issued an aggregate of 4,516,111 common shares for the partial conversion of the TCA debenture with maturity date of February 24, 2017 and notional amount of $4,250. On March 4, 2016, a consolidation of the Company’s common shares was effected at a ratio of 1 for 300, following a second reduction of the Company’s share capital on March 28, 2016, that reduced the par value of the common shares to $0.00001 by way of cancelling paid-up share capital to the extent of $0.00999 on each issued common share. During the period from January 1, 2016 until the date of this report, the Company authorized to issue an aggregate of 1,500 Series B to Michail Zolotas in connection with his 2016 annual base salary under the terms of his employment agreement. b) Lease Agreements and Finance leases On January 1 and 11, 2016, the Company entered into two annual lease agreements with Terra Norma S.A. and Nouvelle Marine Ltd, respectively. The lease agreement entered into with Terra Norma S.A., which is controlled by Michail Zolotas, the Company’s President, Chairman, Chief Executive Officer and member of the Company’s Board of Directors, is in relation to office parking space at a monthly aggregate rate of approximately €1,540. The second lease agreement entered into with Nouvelle Marine Ltd is in relation to office parking space at a monthly aggregate rate of approximately €660. December 31, 2016 $ 233 December 31, 2017 224 December 31, 2018 400 December 31, 2019 406 December 31, 2020 412 Thereafter 408 $ 2,083 On April 15, 2016 the Company, Frourio Compania Naviera S.A. and Flegra Compania S.A., entered into two respective tripartite agreements with the National Bank of Greece (“NBG”), the bank that has first priority mortgage on the vessels Ioli and Katerina L, to assign to NBG all rights and interests which at any time has in connection with the insurances. c) Charter Agreements On January 1, 2016, came in effect a contract of affreightment for Katerina L that the Company signed on November 11, 2015 for the transportation of sixteen voyages, or at the Charterer’s option up to twenty-four voyages, for minimum of 3,100 tons per voyage within a twelve month period. On February 2, 2016 the Company entered into a four to seven months time charterer agreement, at the charterers' option, which commenced February 21, 2016, for vessel Newlead Victoria. On April 07, 2016 the Company entered into a six months time charterer agreement, which commenced April 22, 2016, for vessel Ioli. d) Acquisition of Companies On March 11, 2016 the Company entered into two transfer of shares agreements with Mr. Dimitrios Kritsas to acquire 100% of the share capital of two companies the Onyx Corporation S.A. and the Pearl Corporation S.A. together with assets and liabilities , that owned a Handymax dry bulk vessel MV Aurora Onyx built in 2002 of 47,305 dwt (the “Aurora Onyx”) and a Handymax dry bulk vessel MV Aurora Pearl built in 2000 of 46,709 dwt (the “Aurora Pearl”), respectively. The consideration was one dollar for each company. The Aurora Onyx and Aurora Pearl are mortgaged under two loan agreements with HSBC dated November 23, 2010 and October 8, 2010, respectively. On March 22, 2016, the Company entered into a transfer of shares agreement with Mr. Dimitrios Kritsas to acquire 100% of the share capital of Kritsas Shipping S.A., a ship management company, which undertakes the management of Aurora Onyx, Aurora Pearl and vessel Aurora Amethyst, a dry bulk carrier owned by an unrelated third party. Kritsas Shipping S.A. was renamed to Newlead Shipmanagement S.A. on April 21, 2016. e) Management of vessels On March 9, 2016, the Company and the owner of vessel Gema, mutually agreed to terminate the BIMCO management agreement dated March 10, 2014, pursuant to which the Company provided the technical management to the vessel. As of March 10, 2016, the Gema had been redelivered to her owner and was no longer under the management of the Company. f) Defaults and arrests According to the loan agreement of Onyx with HSBC, any change of the beneficial ownership or control of the borrower is not permitted unless the consent of the bank is provided. The seller of Onyx, Mr. Dimitrios Kritsas, failed to acquire the consent of HSBC for the change of the beneficial ownership of Onyx. To this end, the bank rendered Onyx and Kritsas in default under the loan agreement and by way of securing its’ interest, the bank on April 15, 2016 arrested the vessel Aurora Onyx due to non-performance of the contractual obligations of Onyx under the loan agreement with HSBC. In continuation of the arrest, on May 19, 2016 the court of South Africa ordered Aurora Onyx to be sold and as of May 25, 2016, the vessel was delivered to her new owners. The Company’s intention is to assist in all ways possible for the smooth conclusion of this matter. Based on representations made by representatives of the bank, the Company does not believe it will have any liability in connection with this matter. In accordance to the loan agreement of Pearl with HSBC dated October 8, 2010, any change of the beneficial ownership or control of the borrower is not permitted unless the consent of the bank is provided. The seller of Pearl, Mr. Dimitrios Kritsas, failed to acquire the consent of HSBC for the transfer of the beneficial ownership of Pearl to the Company. To this end, the bank rendered Pearl and Kritsas in default under the loan agreement. On April 26, 2016, Pearl was served with a notice of acceleration, termination and demand pursuant to the loan agreement with HSBC. As of the date of this report, the bank is seeking ways to exercise its’ rights against the vessel. The Company’s intention is to assist the bank in exercising its’ rights and remedies for the smooth conclusion of this matter. Based on representations made by representatives of the bank, the Company does not believe it will have any liability in connection with this matter. On January 8, 2016, the Company received a notice of default by the noteholder Ray Capital Inc. On April 19, 2016, the vessel Newlead Castellano was served with a warrant of arrest by the noteholders Ray Capital Inc, Cheyenne Holding Ltd, Oppenheim Capital Ltd and Labroy Shiptrade Limited. As of the date of this report, the vessel Newlead Castellano remains arrested at the port of Georgia in Savannah until the matter in dispute is resolved amicably between the concerned parties. g) New Debenture On March 02, 2016, the Company issued an extension debenture of the amount $452 to TCA Global Credit Master Fund LP with maturity date March 02, 2017. This extension debenture is issued pursuant to the second paragraph of clause 1.01 of the $600 senior secured convertible redeemable debenture with TCA Global Credit Master Fund LP with maturity date February 24, 2016. The extension debenture accumulated all the obligations under the $600 senior secured convertible redeemable debenture with maturity date February 24, 2016, true up clause and unconverted principal to this new extension debenture. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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 The Company currently has no variable interest entities. 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 fair value measurements, 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 Company’s accounting records 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. |
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 discontinued coal business, restricted cash referred to standby letter and purchase cards (refer Note 22). |
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, net of allowance for doubtful accounts. Accounts receivable involve risk, including the credit risk of nonpayment by the customer. Accounts receivable are considered past due based on contractual and invoice terms. An estimate is made of the allowance for doubtful accounts based on a review of all outstanding amounts at each period, and an allowance is made for any accounts which management believes are not recoverable. Bad debts are written off in the year in which they are identified. The allowance for doubtful accounts at December 31, 2015 and December 31, 2014 amounted to $2,573 and $2,429 respectively, related to the shipping business. Other receivables relate mainly to claims for hull and machinery and loss of hire insurers, guarantees, as well as to amounts to be received from Lemissoler Maritime Company W.L.L. (“Lemissoler”) for the settlement of outstanding liabilities relating to the four dry bulk vessels, as part of an agreement entered into with Lemissoler on November 28, 2012. For the discontinued coal business the amount included in trade receivables, net (refer Note 22) at each balance sheet date included estimated recoveries from customers, net of allowance for doubtful accounts. The allowance for doubtful accounts at December 31, 2015 and December 31, 2014 amounted to $396 and nil respectively. Other receivables relate mainly to notes receivable. The allowance for doubtful accounts at December 31, 2015 and December 31, 2014 amounted to $593 and $6,558 respectively (Refer to Note 19 and 22). |
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 (FIFO) method or market value. For the discontinued coal business, 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 (Refer to Note 22). |
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 2015, the Company recorded an allowance for doubtful accounts of $1,943 relating to the recoverability of part of the receivable amounts due from New Lead JMEG LLC. During 2014, the Company recorded an allowance for doubtful accounts of $2,249 relating to the recoverability of part of the receivable amounts due from New Lead JMEG LLC. During 2013, the 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. As of December 31, 2015 and 2014, the carrying amount of the investment in New Lead JMEG LLC was nil. |
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 recorded 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 For the discontinued coal business, property, plant and equipment were recorded at cost. Depreciation was computed using the straight-line method based on the estimated useful lives, ranging from 3 years to 17 years, of the respective assets (Refer to Note 22). For the discontinued coal business, land and mining property were carried at cost. Expenditures that extend the useful lives of existing plant and equipment or increase productivity of the assets were capitalized. Maintenance and repair costs that do not extend the useful life or increase productivity of the asset were expensed as incurred (Refer to Note 22). |
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, 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 component, 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. During the year ended December 31, 2015, management intends to sell VAG, VPP and Five Mile prior to the end of the fiscal year 2016. The financial statements have been reclassified in order to represent these operations as discontinued operations and their assets as held for sale for the all the periods of the financial statements (Refer to Note 22). |
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 was considered to be an exploration stage company under SEC criteria because it had 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 were expensed and therefore did not appear as assets on its balance sheet. The Company therefore also had expensed exploration and development expenditures related to the properties. Certain expenditures, such as expenditures for general purpose equipment, may were 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 (refer to Note 22) |
Explorationstage Company [Policy Text Block] | Exploration-Stage Company: The Company’s mining segment was considered to be an exploration stage company under SEC criteria because it had 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 were expensed and therefore did not appear as assets on its balance sheet. The Company therefore also had expensed exploration and development expenditures related to the properties. Certain expenditures, such as expenditures for general purpose equipment, may were 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: For the discontinued coal business, costs to obtain leased mineral rights were capitalized. Leased mineral rights were amortized as depletion expense using the units-of-production method. Only proven and probable reserves were included in the depletion base. Depletion expense was included in depreciation, depletion and amortization on the accompanying consolidated financial statements. |
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 Company’s impairment assessment as of December 31, 2015, 2014 and 2013, 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 37%, 45% and 55%, respectively. Moreover, the Company performed a sensitivity analysis as of December 31, 2015 for the dry bulk vessels, due to the deterioration in dry bulk spot market, on the most sensitive and/or subjective assumptions that have the potential to affect the outcome of the test, principally the projected charter rate used to forecast future cash flows for unchartered days. The sensitivity analysis did not result in an impairment to be recognized on any of the Company’s dry bulk vessels when assuming a significantly reduced rates for the next two fiscal years, in comparison with the ten-year average (of the one-year charter rate for similar vessels), which is the rate that the Company uses to forecast future cash flows for unchartered days. As of December 31, 2015, the fair value of all the bitumen vessels was higher than their carrying value. The vessel valuations, which represent the current fair value of the vessels considering the current historically low dry bulk charter rates, and the carrying value per vessel are as follows (as of December 31, 2015): Vessel Valuations Carrying Value NEWLEAD VICTORIA (Dry bulk) $ 5,580 $ 26,254 NEWLEAD ALBION (Dry bulk) $ 7,535 $ 16,748 NEWLEAD VENETICO (Dry bulk) $ 7,540 $ 16,966 NEWLEAD CASTELLANO (Dry bulk) $ 8,670 $ 21,723 MT SOFIA (Oil tanker/ Asphalt) $ 7,125 $ 5,204 NEWLEAD GRANADINO (Oil tanker/ Asphalt) $ 9,760 $ 8,134 NEPHELI (Oil tanker/ Asphalt) $ 7,770 $ 5,970 IOLI (Oil tanker/ Asphalt) $ 7,770 $ 5,128 KATERINA L. (Oil tanker/ Asphalt) $ 7,800 $ 5,307 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 during the years ended December 31, 2015, 2014, and 2013. For the year ended December 31, 2015, the Company recorded an impairment charge totaling $1,214 in continuing operations on one of its vessels that was sold on December 23, 2015 . 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. Discontinued Coal Segment Long-lived assets, such as owned and leased mineral rights and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset groups may not be recoverable. Recoverability of assets or asset groups to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. Assets to be disposed would separately be presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and would no longer be depreciated. The assets and liabilities of a disposal group classified as held for sale would be presented separately in the consolidated balance sheets (refer Note 22). |
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 the fair value based on a discounted cash flow analysis or the recent acquisition prices 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 22). 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, 2015, due to the Company’s intention to sell VPP a goodwill impairment charge of $23,314 was recorded (Note 22). As of December 31, 2014, due to the sharp decrease in coal prices a goodwill impairment charge of $4,693 was recorded (Note 22). As of December 31, 2013, no triggering event had occurred requiring an impairment to be recorded. For the year ended December 31, 2015, the Company did not record a goodwill impairment charge in respect of the 100% acquisition of the companies Nepheli Marine Company, Aeolus Compania Naviera S.A. and Kastro Compania Naviera S.A.. |
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. |
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 Note19 “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. For the discontinued coal business, the Company’s asset retirement obligations consisted 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 recorded 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 was initially recorded for operations that were not reclaimed, the offset was capitalized by increasing the carrying amount of the related long-lived asset. When the liability was initially recorded at operations that were afterwards reclaimed, the offset was recorded to cost of coal sales. Over time, the liability was accreted and any capitalized cost was depreciated over the useful life of the related asset. To settle the liability, the obligation is paid, and to the extent there was a difference between the liability and the amount of cash paid, a gain or loss upon settlement was recorded. The Company annually reviewed 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. |
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] | General and Administrative expenses: 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, 2015, 2014 and 2013, total share based compensation was $14,156, $23,402, and $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), 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 was 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, which are included in discontinued operations. |
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 has historically used 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 and revenue begins to be recognized 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 ($186, $449 and $591 during the years ended December 31, 2015, 2014 and 2013, 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 discontinued coal operations, the Company earned revenues primarily through the processing of coal. The Company recognized revenue from the processing of coal when the following general revenue recognition criteria exist: 1) persuasive evidence of an arrangement existed; 2) delivery had occurred or services had been rendered; 3) the price to the buyer was fixed or determinable; and 4) collectability was reasonably assured. Revenue from coal processing was recognized upon completion of the service, which generally occurred when the proceeded coal was delivered back to the customers. The coal sales, if any, were determined to be complete for revenue recognition purposes when title and risk of loss had passed to the customer in accordance with stated contractual terms and there were no other future obligations related to the shipment. For domestic shipments, title and risk of loss generally passed as the coal was loaded into transport carriers for delivery to the customer. For international shipments, title generally passed at the time coal was 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 charges, agency fees, canal tolls 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 hedging instrument. Historically, the Company has entered into various interest rate swap agreements (see Note 18) that did not qualify for hedge accounting. As such, the fair value of these agreements and changes therein was recognized in the balance sheets and statements of operations, respectively. As of December 31, 2014, the interest rate swap agreements had expired. The Company entered into several settlement agreements with various vendors, issued convertible notes and compensated employees containing true up clauses, or share sale proceeds guarantees and as a result the Company recorded such liabilities at fair value of $10,067, $39,300 and $20,222, at December 31, 2015, 2014 and 2013, respectively (see Note 18). |
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. 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. Refer to Note 15 and 22. |
Business Combinations Policy [Policy Text Block] | Business Combination: The Company uses the acquisition method of accounting for 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 expenses of the acquisition and any related restructuring costs are 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 in the consolidated statement of operations. |
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. Due to the Net Loss in the years ended December 31, 2015, 2014 and 2013 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 accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the consolidated financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent management believes these assets will more likely than not be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event management were to determine that the Company would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby the Company determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and if those tax positions meet that threshold, the Company recognizes the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company’s policy is to record interest and penalties related to uncertain tax positions as part of income tax expense. As of December 31, 2015 the Company has no uncertain tax positions recorded in any jurisdiction where it is subject to income tax.The Company recorded 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, 2015, the tax years ended December 31, 2015, 2014 and 2013 were open for potential examination by taxing authorities. No liabilities for uncertain income tax positions were recorded as of December 31, 2015, 2014 and 2013. |
Note 2 - Subsidiaries Include32
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Subsidiaries Included In Consolidated Financial Statements [Abstract] | |
Subsidiaries Included in the Consolidated Financial Statements [Table Text Block] | Statement of operations Company Name Country of Incorporation Nature / Vessel Name 2015 2014 2013 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 Dissolved (4) — — — 6 Compassion Overseas Ltd. Bermuda Shipping type company (4) — — — 7 Australia Holdings Ltd. Liberia Annulled (5) — — — 8 Brazil Holdings Ltd. Liberia Shipping type company — — — 9 China Holdings Ltd. Liberia Dissolved (6) — — — 10 Curby Navigation Ltd. Liberia Annulled (7) — — — 11 Newlead Victoria Ltd. Liberia M/V Newlead Victoria 1/1/2015 — 12/31/2015 1/1/2014 — 12/31/2014 1/1/2013 — 12/31/2013 12 Grand Venetico Inc. Marshall Islands Annulled (8) — — — 13 Grand Oceanos Inc. Liberia Revoked (9) — — — 14 Grand Rodosi Inc. Liberia Annulled (10) — — — 15 Challenger Enterprises Ltd. Liberia Revoked (11) — — — 16 Crusader Enterprises Ltd. Liberia Revoked (11) — — — 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 (12) — — — 21 Leading Marine Consultants Inc. Marshall Islands Dissolved (13) — — — 22 Grand Esmeralda Inc. Liberia Revoked (14) — — — 23 Grand Markela Inc. Liberia Vessel Owning company (15) 1/1/2015— 12/31/2015 1/1/2014 — 12/31/2014 1/1/2013 — 12/31/2013 24 Grand Spartounta Inc. Marshall Islands Dissolved (16) — — — 25 Newlead Progress Inc. Marshall Islands Dissolved (17) — — — 26 Newlead Prosperity Inc. Marshall Islands Annulled (18) — — — 27 Grand Affection S.A. Marshall Islands Dissolved (19) — — — 28 Grand Affinity S.A. Marshall Islands Dissolved (20) — — — 29 Grand Victoria Pte Ltd. Singapore Dormant company — — — 30 Newlead Bulker Holdings Inc. Marshall Islands Sub-holding company — — — 31 Newlead Tanker Holdings Inc. Marshall Islands Dissolved (21) — — — 32 Trans Continent Navigation Ltd. Malta Dormant company — — — 33 Trans State Navigation Ltd. Malta Dormant company — — — 34 Bora Limited British Virgin Islands Dormant Company — — — 35 Newlead Trading Inc. Liberia Annulled (22) — — — 36 New Lead JMEG LLC Delaware, USA Trading company (23) — — — 37 Newleadjmeg Inc. Marshall Islands Dormant company (24) — — — 38 NewLead Mojave Holdings LLC Delaware, USA Operating company (25) — — — 39 Ocean Hope Shipping Ltd. Malta Dormant company — — — 40 Mines Investments Corp. Marshall Islands Sub-Holding company (26) 1/1/2015 — 12/31/2015 1/1/2014 — 12/31/2014 2/12/2013 — 12/31/2013 41 Mine Investments LLC Delaware, USA Coal operating company (27) 1/1/2015 — 12/31/2015 1/1/2014 — 12/31/2014 2/15/2013 — 12/31/2013 42 Five Mile Investment LLC Delaware, USA Coal operating company (27) 1/1/2015 — 12/31/2015 1/1/2014 — 12/31/2014 2/15/2013 —12/31/2013 43 Elk Valley Investment LLC Delaware, USA Coal operating company (27) 1/1/2015 — 12/31/2015 1/1/2014 — 12/31/2014 2/15/2013 — 12/31/2013 44 Viking Acquisition Group LLC Kentucky, USA Coal operating company (28) 1/1/2015 — 12/31/2015 1/1/2014 — 12/31/2014 9/13/2013 — 12/31/2013 45 Coal Essence Mine LLC Kentucky, USA Coal operating company (29) 1/1/2015 — 12/31/2015 1/1/2014 — 12/31/2014 12/10/2013 — 12/31/2013 46 Coal Essence Prep Plant LLC Kentucky, USA Coal operating company (30) 1/1/2015 — 12/31/2015 1/1/2014 — 12/31/2014 12/5/2013 — 12/31/2013 47 Viking Prep Plant LLC Kentucky, USA Coal operating company (31) 1/1/2015 — 12/31/2015 1/1/2014 — 12/31/2014 12/9/2013 —12/31/2013 48 Newlead Albion S.A. Marshall Islands Bareboat Charterer (32) 1/1/2015 — 12/31/2015 3/10/2014 — 12/31/2014 — 49 Newlead Handies Inc. Marshall Islands Sub-Holding Company 1/1/2015 — 12/31/2015 3/10/2014 — 12/31/2014 — 50 Newlead Venetico Ltd. Marshall Islands Bareboat Charterer (33) 1/1/2015 — 12/31/2015 3/10/2014 — 12/31/2014 — 51 NewLead Bitumen Tankers Ltd. Marshall Islands Sub-Holding Company (34) 1/1/2015 — 12/31/2015 10/10/2014 — 12/31/2014 — 52 Newlead Soltero Inc. Marshall Islands Bareboat Charterer (35) 1/1/2015 — 12/31/2015 11/11/2014 — 12/31/2014 — 53 Newlead Semillero Inc. Marshall Islands Bareboat Charterer (36) 1/1/2015 — 12/31/2015 11/11/2014 — 12/31/2014 — 54 Newlead Granadino Inc. Marshall Islands Shipping type company (37) 1/1/2015 — 12/31/2015 11/13/2014 — 12/31/2014 — 55 Newlead Hojuedo Inc. Marshall Islands Shipping type company (37) 1/1/2015 — 12/31/2015 11/13/2014 — 12/31/2014 — 56 Newlead Silletero Inc. Marshall Islands Shipping type company (37) 1/1/2015 — 12/31/2015 11/13/2014 — 12/31/2014 — 57 Nepheli Marine Company Liberia MT Sofia (38) 1/1/2015 — 12/31/2015 11/24/2014 — 12/31/2014 — 58 Kastro Compania Naviera S.A. Liberia MT Nepheli (38) 1/1/2015 — 12/31/2015 11/24/2014 — 12/31/2014 — 59 Aeolus Compania Naviera S.A. Liberia MT Newlead Granadino (38) 1/1/2015 — 12/31/2015 11/24/2014 — 12/31/2014 — 60 Newlead Castellano Ltd. Liberia M/V Newlead Castellano (39) 1/1/2015 — 12/31/2015 7/17/2014 — 12/31/2014 — 61 Newlead Shipping LLC State Nevada Operating company 8/25/2015 — 12/31/2015 — — 62 Newlead Bulkers LLC State Nevada Operating company 8/25/2015 — 12/31/2015 — — 63 Newlead Holdings LLC State Nevada Operating company 8/25/2015 — 12/31/2015 — — |
Note 3 - Summary of Significa33
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 |
Schedule of Carrying Values and Valuation of Vessels [Table Text Block] | Vessel Valuations Carrying Value NEWLEAD VICTORIA (Dry bulk) $ 5,580 $ 26,254 NEWLEAD ALBION (Dry bulk) $ 7,535 $ 16,748 NEWLEAD VENETICO (Dry bulk) $ 7,540 $ 16,966 NEWLEAD CASTELLANO (Dry bulk) $ 8,670 $ 21,723 MT SOFIA (Oil tanker/ Asphalt) $ 7,125 $ 5,204 NEWLEAD GRANADINO (Oil tanker/ Asphalt) $ 9,760 $ 8,134 NEPHELI (Oil tanker/ Asphalt) $ 7,770 $ 5,970 IOLI (Oil tanker/ Asphalt) $ 7,770 $ 5,128 KATERINA L. (Oil tanker/ Asphalt) $ 7,800 $ 5,307 |
Note 5 - Acquisitions (Tables)
Note 5 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 consideration 5,682 Goodwill $ 236 |
Schedule of Business Acquisitions Purchase Price Allocation [Table Text Block] | Common Stock issued $ 10,000 Promissory Note 6,000 Senior Secured Note 14,000 Total purchase price $ 30,000 Fair value adjustment for common stock issued 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 December 31, 2014 Unaudited December 31, 2013 Unaudited (In thousands) Total Revenues As reported $ 12,077 $ 7,140 Pro forma $ 19,345 $ 16,624 Operating Loss As reported $ (35,596 ) $ (54,198 ) Pro forma $ (34,810 ) $ (53,966 ) 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 $ (392 ) $ (79,116,000 ) Pro forma $ (360 ) $ (79,232,000 ) Year ended December 31, 2014 Year ended December 31, 2013 Depreciation Expense $ (392 ) $ (114 ) |
Note 7 - Goodwill (Tables)
Note 7 - Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Goodwill [Table Text Block] | As of December 31, 2014 Acquisitions Impairments As of December 31, 2015 Goodwill $ 236 $ - $ - $ 236 Accumulated impairment losses $ - $ - $ - $ - Goodwill, net $ 236 $ - $ - $ 236 |
Note 8 - Restricted Cash (Table
Note 8 - Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restricted Cash [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents [Table Text Block] | As of December 31, As of December 31, 2015 2014 Letters of guarantee 31 31 Long term restricted cash accounts $ 31 $ 31 |
Note 9 - Vessels and Other Fi37
Note 9 - Vessels and Other Fixed Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2012 $ 56,966 $ - $ 2,195 $ 1,024 $ 60,185 Additions - - 366 - 366 Balance at December 31, 2013 $ 56,966 $ - $ 2,561 $ 1,024 $ 60,551 Additions 43,097 47,554 668 10 91,329 Loss on sale and leaseback (Note 14) - (1,150 ) - - (1,150 ) Balance at December 31, 2014 $ 100,063 $ 46,404 $ 3,229 $ 1,034 $ 150,730 Additions - - 735 6 741 Disposals (Note 9) (20,215 ) - (575 ) (3 ) (20,793 ) Balance at December 31, 2015 $ 79,848 $ 46,404 $ 3,389 $ 1,037 $ 130,668 Accumulated Depreciation and Amortization Balance at December 31, 2012 $ (20,451 ) $ - $ (1,327 ) $ (904 ) $ (22,682 ) Depreciation and Amortization for the period (2,536 ) - (196 ) (74 ) (2,806 ) Balance at December 31, 2013 $ (22,987 ) $ - $ (1,523 ) $ (978 ) $ (25,488 ) Depreciation and Amortization for the period (2,719 ) (737 ) (285 ) (48 ) (3,789 ) Impairment loss (Note 3, 9) - - (209 ) - (209 ) Balance at December 31, 2014 $ (25,706 ) $ (737 ) $ (2,017 ) $ (1,026 ) $ (29,486 ) Depreciation and Amortization for the period (3,864 ) (1,717 ) (562 ) (9 ) (6,152 ) Impairment loss (Note 3, 9) (960 ) - (254 ) - (1,214 ) Disposals (Note 9) 17,036 - 575 3 17,614 Balance at December 31, 2015 $ (13,494 ) $ (2,454 ) $ (2,258 ) $ (1,032 ) $ (19,238 ) Net book value — December 31, 2013 $ 33,979 $ - $ 1,038 $ 46 $ 35,063 Net book value — December 31, 2014 $ 74,357 $ 45,667 $ 1,212 $ 8 $ 121,244 Net book value — December 31, 2015 $ 66,354 $ 43,950 $ 1,131 $ 5 $ 111,440 |
Note 10 - Deferred Charges, N38
Note 10 - Deferred Charges, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Charges Net Disclosure [Abstract] | |
Schedule of Deferred Charges, Net Disclosure [Table Text Block] | Financing Costs Net Book Value at December 31, 2013 $ 489 Additions 498 Amortization (158 ) Net Book Value at December 31, 2014 $ 829 Additions 1,974 Amortization (1,387 ) Net Book Value at December 31, 2015 $ 1,416 December 31, 2014 $ 829 Current $ 829 December 31, 2015 $ 1,416 Current $ 1,358 Non current $ 58 |
Note 11 - Accounts Payable, T39
Note 11 - Accounts Payable, Trade (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable Trade [Abstract] | |
Accounts Payable, Trade [Table Text Block] | As of December 31, As of December 31, 2015 2014 Suppliers $ 3,177 $ 3,751 Shipyards 346 223 Insurers 824 697 Agents 714 650 Other creditors 10,088 8,889 $ 15,149 $ 14,210 |
Note 12 - Long-term Debt (Table
Note 12 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2015 December 31, 2014 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 - 24,215 24,215 Mojave Finance Inc - 3,000 3,000 - 3,000 3,000 Natixis - 8,207 8,207 7,707 4,598 12,305 Ending Balance $ - $ 67,947 $ 67,947 $ 7,707 $ 64,338 $ 72,045 |
Schedule of Interest and Finance Expense [Table Text Block] | Year ended December 31, Year ended December 31, Year ended December 31, 2015 2014 2013 Interest expense $ 13,935 $ 10,662 $ 6,950 Amortization of deferred charges 1,387 159 460 Amortization of the beneficial conversion feature and warrant 18 258 264 Hanover Holdings I LLC commission - (9,739 ) 31,982 Other interest and finance expenses, net 5,144 4,552 3,012 $ 20,484 $ 5,892 $ 42,668 |
Note 13 - Convertible Notes (Ta
Note 13 - Convertible Notes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Convertible Notes [Abstract] | |
Convertible Debt [Table Text Block] | 7% Notes (1) 4.5% Note (2) 8% and 4.4% Notes (3) 12% Con.Deb and Notes (4) 10% Notes (5) VPP & VAG Note (6) Other Notes (7) Total 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 - - (2,360 ) - (250 ) - - (2,610 ) Warrants attached - - - (170 ) - - - (170 ) Notes Converted to common shares - - (3,323 ) (932 ) (14,027 ) (4,300 ) (693 ) (23,275 ) Balance at December 31, 2014 $ 82 $ 62,500 $ 8,200 $ 6,276 $ 11,663 $ 8,400 $ - $ 97,121 Convertible Notes Issued/ Transferred from Financial Instruments - - 3,964 449 2,700 - 7,268 14,381 Amortization of the Beneficial Conversion Feature & Warrant 18 - - - - - - 18 Notes Converted to preference shares - - (7,440 ) (475 ) (6,922 ) - - (14,837 ) Notes Converted to common shares - - (1,950 ) - (26 ) (247 ) (580 ) (2,803 ) Assignment to third parties - - (1,816 ) - (1,215 ) - - (3,031 ) Balance at December 31, 2015 $ 100 $ 62,500 $ 958 $ 6,250 $ 6,200 $ 8,153 $ 6,688 $ 90,849 Short term convertible notes 100 62,500 958 6,250 6,200 8,153 982 85,143 Long term convertible notes $ - $ - $ - $ - $ - $ - $ 5,706 $ 5,706 |
Note 14 - Lease Obligations (Ta
Note 14 - Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Description Amount December 31, 2016 $ 9,705 December 31, 2017 3,805 December 31, 2018 9,856 December 31, 2019 28,607 Total minimum lease payments 51,973 Less: imputed interest (14,754 ) Present value of minimum lease payments $ 37,219 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Wet Dry Total Year Ended December 31, 2015 Year Ended December 31, 2015 Year Ended December 31, 2015 Operating revenue $ 15,734 $ 12,076 $ 27,810 Commissions (230 ) (167 ) (397 ) Voyage expenses (3,130 ) (2,020 ) (5,150 ) Vessel operating expenses (6,079 ) (7,965 ) (14,044 ) General and administrative expenses (11,002 ) (11,097 ) (22,099 ) Operating loss before depreciation and amortization and impairment losses (4,708 ) (9,173 ) (13,880 ) Depreciation and amortization expense (1,464 ) (4,688 ) (6,152 ) Impairment losses - (1,214 ) (1,214 ) Segment operating loss (6,172 ) (15,075 ) (21,246 ) Interest and finance expense, net (7,992 ) (12,482 ) (20,474 ) Other (expense) / income, net 60 (127 ) (67 ) Gain on extinguishment of liabilities, net 523 2,901 3,424 Change in fair value of financial instruments (63 ) (64 ) (127 ) Loss on sale from vessels and other fixed assets, net - (177 ) (177 ) Loss before loss from Investments in Joint Ventures $ (13,644 ) $ (25,024 ) $ (38,667 ) Total assets $ 33,228 $ 87,544 $ 120,772 Goodwill $ 236 $ - $ 236 Long lived assets $ 29,745 $ 81,696 $ 111,440 Wet Dry Total Year Ended December 31, 2014 Year Ended December 31, 2014 Year Ended December 31, 2014 Operating revenue $ 1,352 $ 10,725 $ 12,077 Commissions (17 ) (1,149 ) (1,166 ) Voyage expenses (469 ) (1,171 ) (1,640 ) Vessel operating expenses (824 ) (5,699 ) (6,523 ) General and administrative expenses (2,835 ) (31,511 ) (34,346 ) Operating loss before depreciation and amortization and impairment losses (2,793 ) (28,805 ) (31,598 ) Depreciation and amortization expense (179 ) (3,610 ) (3,789 ) Impairment losses - (209 ) (209 ) Segment operating loss (2,972 ) (32,624 ) (35,596 ) Interest and finance expense, net (516 ) (5,354 ) (5,870 ) Other (expense) / income, net 22 520 542 Loss on sale and leaseback transaction - (1,150 ) (1,150 ) Change in fair value of financial instruments (247 ) (4,984 ) (5,231 ) Loss before loss from Investments in Joint Ventures $ (3,713 ) $ (43,592 ) $ (47,305 ) Total assets $ 31,825 $ 99,800 $ 131,625 Goodwill $ 236 $ - $ 236 Long lived assets $ 31,208 $ 90,036 $ 121,244 |
Note 16 - Share Based Compens44
Note 16 - Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Other Current Liabilities [Table Text Block] | As of December 31, As of December 31, 2015 2014 CEO Series B Preference shares $ 24,930 $ - Employees, directors, officers and consultants warrants 2,035 7,745 Employees, directors, officers and consultants Series B Preference shares 10,387 - Other current liabilities $ 37,352 $ 7,745 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Shares Weighted Average Fair Values Weighted Average Vesting Period (Years) Outstanding and non-vested shares, as of January 1, 2012 1,832 $ 445.50 2.9 Granted (4) 39,541 285.85 0.8 Forfeited (2), (3) (334 ) 359.03 - Vested (1), (2), (3), (4) (41,039 ) 292.27 - Outstanding and non-vested shares, as of December 31, 2013 - $ - - Outstanding and non-vested shares, as of December 31, 2014 - $ - - Outstanding and non-vested shares, as of December 31, 2015 - $ - - |
Note 18 - Financial Instrumen45
Note 18 - Financial Instruments Carried at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying amount Fair Value Carrying amount Fair Value December 31, 2015 December 31, 2014 Assets Cash and cash equivalents $ 722 $ 722 $ 402 $ 402 Restricted cash $ 31 $ 31 $ 31 $ 31 Trade receivables, net $ 4,303 $ 4,303 $ 3,342 $ 3,342 Other receivables $ 1,947 $ 1,947 $ 2,083 $ 2,083 Liabilities Accounts payable, trade $ 15,149 $ 15,149 $ 14,210 $ 14,210 Current and Non Current portion of debt $ 67,947 $ 23,110 $ 72,045 $ 36,888 Current and Non Current portion of Convertible Notes $ 90,849 $ 90,849 $ 97,121 $ 97,121 Current and Non Current Capital lease obligations $ 37,219 $ 30,645 $ 38,010 $ 38,010 Financial instruments carried at fair value $ 10,067 $ 10,067 $ 39,300 $ 39,300 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Total Carrying amount Total Fair Value (Level 1) (Level 2) (Level 3) December 31, 2014 Assets Cash and cash equivalents $ 402 $ 402 $ 402 $ - $ - Restricted cash $ 31 $ 31 $ 31 $ - $ - 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 carried at fair value $ 39,300 $ 39,300 $ - $ - $ 39,300 December 31, 2015 Assets Cash and cash equivalents $ 722 $ 722 $ 722 $ - $ - Restricted cash $ 31 $ 31 $ 31 $ - $ - Liabilities Current and Non Current portion of debt $ 67,947 $ 23,110 $ - $ 23,110 $ - Current and Non Current portion of Convertible Notes $ 90,849 $ 90,849 $ - $ 90,849 $ - Current and Non Current Capital lease obligations $ 37,219 $ 30,645 $ - $ 30,645 $ - Financial instruments carried at fair value $ 10,067 $ 10,067 $ - $ - $ 10,067 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | Notional Amount Fair Value Termination Date for the As of As of As of As of remaining financial instruments December 31, December 31, December 31, December 31, Financial Instruments as of December 31, 2015 2015 2014 2015 2014 Vendors From minimum January 2016 to indefinite $ 5,007 $ 13,378 $ 5,007 $ 13,378 Convertible Note February 24, 2016 220 6,330 220 6,290 Stock based compensation n/a - 15,440 - 15,440 Equity issuance related to VPP acquistion December 9, 2018 4,507 4,281 4,505 4,192 Thalassa Holdings SA-Business Acquisition November 24, 2016 335 - 335 - $ 10,069 $ 39,429 $ 10,067 $ 39,300 |
Note 19 - Commitments and Con46
Note 19 - Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | December 31, 2016 $ 224 December 31, 2017 224 December 31, 2018 400 December 31, 2019 406 December 31, 2020 412 Thereafter 408 $ 2,074 |
Note 20 - Taxation (Tables)
Note 20 - Taxation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, 2015 As of December 31, 2014 Net operating loss carryforwards $ 14,817 $ 5,249 Property, Leased mineral rights and Mine development costs 3,801 (486 ) Goodwill 8,419 (684 ) Acquisitions Costs - 937 Provision for doubtful accounts 382 - Interest payable 1,086 660 Allowance for credit receivable 2,551 2,551 Notes payable 2,194 2,194 Asset retirement obligations - 83 Total deferred income tax assets, net 33,250 10,504 Less valuation allowance (33,250 ) (10,504 ) Net deferred income tax assets $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | As of December 31, 2015 As of December 31, 2014 Tax benefit at federal statutory rate (35%) $ (20,463 ) $ (8,042 ) Goodwill impairment - 1,826 State tax benefit, net of federal impact (2,280 ) (896 ) Other (3 ) 652 Change in valuation allowance 22,746 6,460 Net income tax provision (benefit) $ - $ - |
Note 22 - Discontinued Operat48
Note 22 - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | As of December 31, As of December 31, 2015 2014 Cash and cash equivalents $ 6 $ 2 Trade receivables, net 11 568 Other receivables 911 1,437 Prepaid expenses 62 119 Other fixed assets 7 - Current assets held for sale $ 997 $ 2,126 Restricted cash - 152 Advances for acquisition of coal property - 21,855 Property, equipment and mine development costs, net - 9,469 Owned and leased mineral rights, land and building, net - 1,771 Other fixed assets - 11 Goodwill - 23,314 Long-term assets held for sale $ - $ 56,572 Accounts payable, trade 2,077 3,984 Accrued liabilities 1,293 389 Asset retirement obligations 1,077 - Current liabilities held for sale $ 4,447 $ 4,373 Asset retirement obligations - 1,050 Long-term liabilities held for sale $ - $ 1,050 For the year ended December 31, December 31, December 31, 2015 2014 2013 Coal Revenue $ 83 $ 532 $ 203 Cost of coal processing and other related coal costs (1,257 ) (3,035 ) (75 ) Selling, general and administrative expenses (1,990 ) (9,201 ) (29,045 ) Accretion (28 ) (71 ) (37 ) Depreciation and amortization expense (742 ) (796 ) (17 ) Impairment losses (55,675 ) (9,034 ) - Interest and finance expense (14 ) (22 ) (20,002 ) Interest income - 43 - Other income, net 1,604 318 1 Change in fair value of financial instruments - 482 (482 ) Loss from discontinued operations Coal $ (58,019 ) $ (20,784 ) $ (49,454 ) Net income / (loss) from discontinued operations Shipping $ 711 2,934 (11,422 ) Loss from discontinued operations $ (57,308 ) (17,850 ) (60,876 ) |
Schedule of Property Plant and Equipment Including Development Costs [Table Text Block] | As of December 31, 2015 As of December 31, 2014 Production equipment $ - $ 9,198 Mine development - 1,052 Total property, equipment and mine development costs - 10,250 Less accumulated depreciation - (781 ) Total property, equipment and mine development costs, net $ - $ 9,469 |
Schedule of Owned and Leased Mineral Rights Land and Building [Table Text Block] | As of December 31, 2015 As of December 31, 2014 Land $ - $ 490 Buildings - 266 Leased Mineral interests - 1,034 Total owned and leased mineral rights, land and building - 1,790 Less accumulated depreciation and depletion - (19 ) Total owned and leased mineral rights, land and building, net $ - $ 1,771 |
Note 23 - Subsequent Events (Ta
Note 23 - Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Note 23 - Subsequent Events (Tables) [Line Items] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | December 31, 2016 $ 224 December 31, 2017 224 December 31, 2018 400 December 31, 2019 406 December 31, 2020 412 Thereafter 408 $ 2,074 |
Terra Norma S.A. and Nouvelle Marine Ltd. [Member] | |
Note 23 - Subsequent Events (Tables) [Line Items] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | December 31, 2016 $ 233 December 31, 2017 224 December 31, 2018 400 December 31, 2019 406 December 31, 2020 412 Thereafter 408 $ 2,083 |
Note 1 - Description of Busin50
Note 1 - Description of Business (Details) $ / shares in Units, $ in Thousands | Mar. 04, 2016$ / shares | Jul. 15, 2014$ / shares | May. 15, 2014$ / shares | Mar. 06, 2014$ / shares | Dec. 06, 2013 | Oct. 17, 2013$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | Oct. 24, 2014$ / shares | Jul. 14, 2014$ / shares | Jun. 14, 2014$ / shares | May. 14, 2014$ / shares |
Note 1 - Description of Business (Details) [Line Items] | ||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.50 | $ 5 | $ 0.10 | $ 0.01 | $ 0.00001 | $ 0.00001 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.10 | ||
Cancelled Paid-up Share Capital per Share | $ / shares | $ 0.49 | $ 4.99 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent (in Dollars) | $ | $ (40,633) | |||||||||||
Cash and Cash Equivalents, at Carrying Value (in Dollars) | $ | 722 | $ 402 | ||||||||||
Liabilities, Current (in Dollars) | $ | 291,035 | $ 247,462 | ||||||||||
Debt and Capital Lease Obligations (in Dollars) | $ | $ 167,617 | |||||||||||
Subsequent Event [Member] | ||||||||||||
Note 1 - Description of Business (Details) [Line Items] | ||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 300 | |||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.00001 | |||||||||||
Cancelled Paid-up Share Capital per Share | $ / shares | $ 0.00999 | |||||||||||
Reverse Stock Split [Member] | ||||||||||||
Note 1 - Description of Business (Details) [Line Items] | ||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 50 | 50 | 10 | 3 | 15 | |||||||
Reverse Stock Split [Member] | Subsequent Event [Member] | ||||||||||||
Note 1 - Description of Business (Details) [Line Items] | ||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 300 |
Note 2 - Subsidiaries Include51
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) | 12 Months Ended |
Dec. 31, 2015 | |
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% |
New Lead JMEG LLC [Member] | |
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) [Line Items] | |
Percent of Owned Affiliate | 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 Include52
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
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 | [1] | Dissolved (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 | [1] | Dissolved (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 | [2] | Dissolved (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 | [2] | Dissolved (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 | [3] | Dissolved (4) | ||
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 | [3] | Shipping type company (4) | ||
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 | [4] | Annulled (5) | ||
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 | Shipping type company | |||
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 | [5] | Dissolved (6) | ||
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 | [6] | Annulled (7) | ||
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 | 1/1/2015 - 12/31/2015 | 1/1/2014 - 12/31/2014 | 1/1/2013 - 12/31/2013 | |
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 | [7] | Annulled (8) | ||
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 | [8] | Revoked (9) | ||
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 | [9] | Annulled (10) | ||
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 | [10] | Revoked (11) | ||
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 | [10] | Revoked (11) | ||
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 | [11] | Operating company (12) | ||
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 | [1] | Dissolved (13) | ||
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 | [12] | Revoked (14) | ||
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 | [13] | Vessel Owning company (15) | ||
Statement of Operations | 1/1/2015- 12/31/2015 | 1/1/2014 - 12/31/2014 | 1/1/2013 - 12/31/2013 | |
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 | [14] | Dissolved (16) | ||
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 | [15] | Dissolved (17) | ||
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 | [16] | Annulled (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 | [17] | Dissolved (19) | ||
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 | [17] | Dissolved (20) | ||
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 | [15] | Dissolved (21) | ||
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 | [18] | Annulled (22) | ||
Newlead 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 | [19] | Trading company (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 | [20] | Dormant company (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 | [21] | Operating company (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 | [22] | Sub-Holding company (26) | ||
Statement of Operations | 1/1/2015 - 12/31/2015 | 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 | [23] | Coal operating company (27) | ||
Statement of Operations | 1/1/2015 - 12/31/2015 | 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 | [23] | Coal operating company (27) | ||
Statement of Operations | 1/1/2015 - 12/31/2015 | 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 | [23] | Coal operating company (27) | ||
Statement of Operations | 1/1/2015 - 12/31/2015 | 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 | [24] | Coal operating company (28) | ||
Statement of Operations | 1/1/2015 - 12/31/2015 | 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 | [25] | Coal operating company (29) | ||
Statement of Operations | 1/1/2015 - 12/31/2015 | 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 | [26] | Coal operating company (30) | ||
Statement of Operations | 1/1/2015 - 12/31/2015 | 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 | [27] | Coal operating company (31) | ||
Statement of Operations | 1/1/2015 - 12/31/2015 | 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 | [28] | Bareboat Charterer (32) | ||
Statement of Operations | 1/1/2015 - 12/31/2015 | 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 | 1/1/2015 - 12/31/2015 | 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 | [29] | Bareboat Charterer (33) | ||
Statement of Operations | 1/1/2015 - 12/31/2015 | 3/10/2014 - 12/31/2014 | ||
NewLead Bitumen Tankers 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 | [30] | Sub-Holding Company (34) | ||
Statement of Operations | 1/1/2015 - 12/31/2015 | 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 | [31] | Bareboat Charterer (35) | ||
Statement of Operations | 1/1/2015 - 12/31/2015 | 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 | [32] | Bareboat Charterer (36) | ||
Statement of Operations | 1/1/2015 - 12/31/2015 | 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 | [33] | Shipping type company (37) | ||
Statement of Operations | 1/1/2015 - 12/31/2015 | 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 | [33] | Shipping type company (37) | ||
Statement of Operations | 1/1/2015 - 12/31/2015 | 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 | [33] | Shipping type company (37) | ||
Statement of Operations | 1/1/2015 - 12/31/2015 | 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 | [34] | MT Sofia (38) | ||
Statement of Operations | 1/1/2015 - 12/31/2015 | 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 | [34] | MT Nepheli (38) | ||
Statement of Operations | 1/1/2015 - 12/31/2015 | 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 | [34] | MT Newlead Granadino (38) | ||
Statement of Operations | 1/1/2015 - 12/31/2015 | 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 | [35] | M/V Newlead Castellano (39) | ||
Statement of Operations | 1/1/2015 - 12/31/2015 | 7/17/2014 - 12/31/2014 | ||
Newlead Shipping LLC [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | State Nevada | |||
Nature / Vessel Name | Operating company | |||
Statement of Operations | 8/25/2015 - 12/31/2015 | |||
Newlead Bulkers LLC [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | State Nevada | |||
Nature / Vessel Name | Operating company | |||
Statement of Operations | 8/25/2015 - 12/31/2015 | |||
Newlead Holdings LLC [Member] | ||||
Note 2 - Subsidiaries Included in the Consolidated Financial Statements (Details) - Summary of Subsidiaries [Line Items] | ||||
Country of Incorporation | State Nevada | |||
Nature / Vessel Name | Operating company | |||
Statement of Operations | 8/25/2015 - 12/31/2015 | |||
[1] | The company was dissolved on September 2, 2013. | |||
[2] | The company was dissolved on January 13, 2013. | |||
[3] | M/T Newlead Compass and M/T Newlead Compassion were sold and delivered to their new owners on January 31, 2012. The company Compass Overseas Ltd was dissolved on October 13, 2013. | |||
[4] | The company was annulled on November 1, 2013. | |||
[5] | The company was dissolved on November 1, 2013. | |||
[6] | The company was annulled on March 1, 2014. | |||
[7] | The company was annulled on January 15, 2014. | |||
[8] | The company was revoked on September 15, 2015. | |||
[9] | The company was annulled on February 1, 2015. | |||
[10] | 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. The shipowning companies were revoked on December 15, 2015. | |||
[11] | The Company controls 52% of NewLead Holdings (US) Corp. through NewLead Mojave Holdings LLC. | |||
[12] | The company was revoked on October 15, 2015. | |||
[13] | M/V Newlead Markela was sold and delivered to its new owners on December 23, 2015. | |||
[14] | The company Grand Spartounta Inc. was dissolved on May 1, 2014. | |||
[15] | The company was dissolved on January 14, 2013. | |||
[16] | The company was annulled on December 15, 2015. | |||
[17] | The company was dissolved on January 15, 2014. | |||
[18] | The company was annulled on August 1, 2014. | |||
[19] | New Lead JMEG LLC was established on April 11, 2012 as a joint venture between the Company and J Mining & Energy Group. | |||
[20] | 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. | |||
[21] | 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. | |||
[22] | The company was established on February 12, 2013, for operation of coal business. | |||
[23] | The companies were established on February 15, 2013, for operation of coal business. | |||
[24] | The company was acquired on September 13, 2013 (Refer to Note 5). | |||
[25] | The company was established on December 10, 2013, for operation of coal business. | |||
[26] | The company was established on December 5, 2013, for operation of coal business. | |||
[27] | The company was acquired on December 9, 2013 (Refer to Note 5). | |||
[28] | The company as Bareboat Charter entered into a BIMCO Bareboat Charter dated May 12, 2014, with HandyMar as owners for the demise charter of MV Newlead Albion. | |||
[29] | The company as Bareboat Charter entered into a BIMCO Bareboat Charter dated May 12, 2014, with HandyMar as owners for the demise charter of MV Newlead Venetico. | |||
[30] | The company was established on October 10, 2014 under the name Newlead Tanker Acquisitions Inc. On May 21, 2015 the company changed its name to NewLead Tankers Ltd. and on December 2, 2015, changed its name to its current NewLead Bitumen Tankers Ltd. | |||
[31] | 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. | |||
[32] | 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. | |||
[33] | The companies were established on November 13, 2014, for operation of shipping business. | |||
[34] | The companies were acquired as of November 24, 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 (Refer to Note 5). | |||
[35] | The company acquired MV Newlead Castellano ex Maple Draco on September 16, 2014. |
Note 3 - Summary of Significa53
Note 3 - Summary of Significant Accounting Policies (Details) - USD ($) | Aug. 04, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Goodwill, Acquired During Period | $ 236,000 | $ 28,007,000 | ||
Goodwill, Impairment Loss | 1,826,000 | |||
Available-for-sale Securities, Gross Realized Losses | 31,000 | |||
Proceeds from Sale of Available-for-sale Securities | 497,000 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 6,000 | |||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (28,000) | 34,000 | ||
Allocated Share-based Compensation Expense | $ 7,745,000 | |||
Stock Issued During Period, Value, Acquisitions | $ 28,000 | 15,574,000 | 50,419,000 | |
Guaranty Liabilities | 10,067,000 | 39,300,000 | 20,222,000 | |
Liability for Uncertainty in Income Taxes, Current | $ 0 | $ 0 | $ 0 | |
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, Percentage of Excess Carrying Value | 37.00% | 45.00% | 55.00% | |
Impairment of Long-Lived Assets Held-for-use | $ 1,214,000 | $ 209,000 | $ 0 | |
Nepheli Marine Company, Aeolus Compania Naviera S.A. and Kastro Compania Naviera S.A. [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Goodwill, Impairment Loss | 0 | |||
Five Mile and Tennessee Property [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Stock Issued During Period, Value, Acquisitions | 26,774,000 | |||
New Lead JMED LLC [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Allowance for Doubtful Accounts Receivable, Current | 2,249,000 | |||
Financing Receivable, Allowance for Credit Losses | 1,943,000 | |||
Equity Method Investment, Other than Temporary Impairment | 1,077,000 | |||
Selling, General and Administrative Expenses [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Allocated Share-based Compensation Expense | 14,156,000 | 23,402,000 | 25,193,000 | |
Professional Fees | 19,233,000 | |||
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 | 12,664,000 | |||
Selling, General and Administrative Expenses [Member] | Warrants Expense [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Professional Fees | 5,472,000 | |||
Selling, General and Administrative Expenses [Member] | Viking Acquisition Group LLC [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Allowance for Doubtful Accounts Receivable, Current | 593,000 | 6,558,000 | ||
Shipping [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Allowance for Doubtful Accounts Receivable | 2,573,000 | 2,429,000 | ||
Shipping [Member] | Technical and Operational Management of Third-party Vessels [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Sales Revenue, Services, Other | 186,000 | 449,000 | $ 591,000 | |
Coal Business [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Goodwill, Impairment Loss | 23,314,000 | 4,693,000 | ||
Coal Washing [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Goodwill, Impairment Loss | 23,314,000 | 4,693,000 | ||
Discontinued Operations [Member] | Selling, General and Administrative Expenses [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Allowance for Doubtful Accounts Receivable | 6,558,000 | |||
Discontinued Operations [Member] | Coal Business [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Allowance for Doubtful Accounts Receivable | $ 396,000 | $ 396,000 | ||
Minimum [Member] | Dry Docking and Special Survey [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Amortization Period of Other Costs | 30 months | |||
Minimum [Member] | Coal Washing [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Maximum [Member] | Dry Docking and Special Survey [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Amortization Period of Other Costs | 60 months | |||
Maximum [Member] | Coal Washing [Member] | ||||
Note 3 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 17 years |
Note 3 - Summary of Significa54
Note 3 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives of Fixed Assets | 12 Months Ended |
Dec. 31, 2015 | |
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 3 - Summary of Significa55
Note 3 - Summary of Significant Accounting Policies (Details) - Summary of Independent Vessel Valuations and Carrying Value Per Vessel - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 3 - Summary of Significant Accounting Policies (Details) - Summary of Independent Vessel Valuations and Carrying Value Per Vessel [Line Items] | ||
Vessel Carrying Value | $ 9,469 | |
Newlead Victoria Ltd. [Member] | ||
Note 3 - Summary of Significant Accounting Policies (Details) - Summary of Independent Vessel Valuations and Carrying Value Per Vessel [Line Items] | ||
Vessel Valuations | $ 5,580 | |
Vessel Carrying Value | 26,254 | |
Newlead Albion [Member] | ||
Note 3 - Summary of Significant Accounting Policies (Details) - Summary of Independent Vessel Valuations and Carrying Value Per Vessel [Line Items] | ||
Vessel Valuations | 7,535 | |
Vessel Carrying Value | 16,748 | |
Newlead Venetico [Member] | ||
Note 3 - Summary of Significant Accounting Policies (Details) - Summary of Independent Vessel Valuations and Carrying Value Per Vessel [Line Items] | ||
Vessel Valuations | 7,540 | |
Vessel Carrying Value | 16,966 | |
Newlead Castellano [Member] | ||
Note 3 - Summary of Significant Accounting Policies (Details) - Summary of Independent Vessel Valuations and Carrying Value Per Vessel [Line Items] | ||
Vessel Valuations | 8,670 | |
Vessel Carrying Value | 21,723 | |
Sofia [Member] | ||
Note 3 - Summary of Significant Accounting Policies (Details) - Summary of Independent Vessel Valuations and Carrying Value Per Vessel [Line Items] | ||
Vessel Valuations | 7,125 | |
Vessel Carrying Value | 5,204 | |
Newlead Granadino [Member] | ||
Note 3 - Summary of Significant Accounting Policies (Details) - Summary of Independent Vessel Valuations and Carrying Value Per Vessel [Line Items] | ||
Vessel Valuations | 9,760 | |
Vessel Carrying Value | 8,134 | |
Nepheli [Member] | ||
Note 3 - Summary of Significant Accounting Policies (Details) - Summary of Independent Vessel Valuations and Carrying Value Per Vessel [Line Items] | ||
Vessel Valuations | 7,770 | |
Vessel Carrying Value | 5,970 | |
Vessel Ioli [Member] | ||
Note 3 - Summary of Significant Accounting Policies (Details) - Summary of Independent Vessel Valuations and Carrying Value Per Vessel [Line Items] | ||
Vessel Valuations | 7,770 | |
Vessel Carrying Value | 5,128 | |
Vessel Katerina L [Member] | ||
Note 3 - Summary of Significant Accounting Policies (Details) - Summary of Independent Vessel Valuations and Carrying Value Per Vessel [Line Items] | ||
Vessel Valuations | 7,800 | |
Vessel Carrying Value | $ 5,307 |
Note 5 - Acquisitions (Details)
Note 5 - Acquisitions (Details) | Jan. 14, 2015USD ($) | Dec. 31, 2014USD ($) | Nov. 24, 2014USD ($) | Dec. 09, 2013USD ($)shares | Dec. 09, 2013USD ($) | Sep. 13, 2013USD ($)shares | Mar. 28, 2013USD ($)$ / sharesshares | Jan. 01, 2013USD ($)shares | Dec. 28, 2012USD ($) | Dec. 18, 2012USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | Oct. 21, 2013USD ($) |
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||||||
True up Clause Liability | $ 1,365 | ||||||||||||||
Advances for Acquisitions of Property | $ 10,847,000 | ||||||||||||||
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 | $ 21,000,000 | ||||||||||||||
Number of Days Between First and Second Completion | 20 | ||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Capital Lease Obligation | $ 5,026,000 | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | shares | 1,231,356 | 422 | |||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 87,000 | ||||||||||||||
True up Clause Liability | 335,000 | ||||||||||||||
Business Combination, Working Capital Adjustment | 234,000 | ||||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 745,000 | ||||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 132,000 | ||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1,680,000 | ||||||||||||||
Acquisition of Three Oil Tanker/Asphalt Carriers Vessels [Member] | First Completion [Member] | |||||||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||||||
Payments to Acquire Businesses, Gross | $ 3,180,000 | ||||||||||||||
Kentucky Property [Member] | |||||||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||||||
Business Combination, Consideration Transferred | $ 11,000,000 | ||||||||||||||
Advances for Acquisitions of Property | $ 21,855,000 | ||||||||||||||
Other Advances for Acquisition of Property | $ 8,000 | ||||||||||||||
Viking Acquisition Group LLC [Member] | |||||||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||
Business Combination, Consideration Transferred | $ 15,000,000 | ||||||||||||||
Payments to Acquire Businesses, Gross | $ 125,000 | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | shares | 1 | ||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 15,000,000 | $ 15,000,000 | |||||||||||||
Business Acquisition, Purchases Price Adjusted Amount | 3,300,000 | 3,300,000 | |||||||||||||
Leased Mineral Interests, Reduction to Net Liabilities | 8,444,000 | 8,444,000 | |||||||||||||
Viking Acquisition Group LLC [Member] | Mining Properties and Mineral Rights [Member] | |||||||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||||||
Impairment of Long-Lived Assets Held-for-use | 4,341,000 | 4,341,000 | |||||||||||||
Viking Prep Plant LLC [Member] | |||||||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | |||||||||||||
Business Combination, Consideration Transferred | $ 30,000,000 | 30,000,000 | |||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | shares | 1 | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 8,402,000 | $ 8,402,000 | |||||||||||||
Business Acquisition, Purchases Price Adjusted Amount | $ 28,402,000 | ||||||||||||||
Selling, General and Administrative Expenses [Member] | Viking Acquisition Group LLC [Member] | |||||||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||||||
Allowance for Doubtful Other Receivables, Current | 6,558,000 | 6,558,000 | |||||||||||||
RJLT Investments LLC [Member] | Kentucky Property [Member] | |||||||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1,500,000 | ||||||||||||||
Williams Industries LLC [Member] | Kentucky Property [Member] | |||||||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 2,000,000 | ||||||||||||||
Kentucky Fuel Corporation [Member] | Kentucky Property [Member] | |||||||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 7,500,000 | ||||||||||||||
CCIM [Member] | Kentucky Property [Member] | |||||||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | shares | 1 | ||||||||||||||
Advances for Acquisitions of Property | $ 3,000,000 | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 6,400,000 | ||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 135,000,000 | ||||||||||||||
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) | shares | 1 | ||||||||||||||
J Mining & Energy Group [Member] | Selling, General and Administrative Expenses [Member] | Kentucky Property [Member] | |||||||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 26,774,000 | $ 26,774,000 | |||||||||||||
Senior Notes [Member] | Viking Acquisition Group LLC [Member] | |||||||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||||||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 5,875,000 | ||||||||||||||
Notes Payable | 9,000,000 | ||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 1,500,000 | ||||||||||||||
Senior Notes [Member] | Viking Prep Plant LLC [Member] | |||||||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 24,000,000 | 14,000,000 | |||||||||||||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 10,000,000 | ||||||||||||||
Notes Payable | 8,400,000 | 14,000,000 | 14,000,000 | 8,153,000 | 8,400,000 | ||||||||||
Debt Instrument, Periodic Payment, Principal | $ 2,800,000 | ||||||||||||||
Other Convertible Notes [Member] | Viking Acquisition Group LLC [Member] | |||||||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||||||
Leased Mineral Interests, Reduction to Net Liabilities | $ 4,500,000 | $ 4,500,000 | |||||||||||||
Promissory Note [Member] | |||||||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||||||
Notes Payable | $ 6,000,000 | ||||||||||||||
Repayments of Notes Payable | $ 6,000,000 | ||||||||||||||
Promissory Note [Member] | Viking Prep Plant LLC [Member] | |||||||||||||||
Note 5 - Acquisitions (Details) [Line Items] | |||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 6,000,000 | $ 6,000,000 |
Note 5 - Acquisitions (Detail57
Note 5 - Acquisitions (Details) - Fair Value of Assets Acquired - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||
Goodwill | $ 236 | $ 236 | $ 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 consideration | 5,682 | ||
Goodwill | $ 236 |
Note 5 - Acquisitions (Detail58
Note 5 - Acquisitions (Details) - Pro Forma Consolidated Financial Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss | |||
As reported | $ (21,246) | $ (35,596) | $ (54,198) |
Net loss applicable to common shareholders | |||
As reported | $ (96,912) | (65,171) | (158,232) |
Acquisition of Three Oil Tanker/Asphalt Carriers Vessels [Member] | |||
Total Revenues | |||
As reported | 12,077 | 7,140 | |
Pro forma | 19,345 | 16,624 | |
Operating Loss | |||
As reported | (35,596) | (54,198) | |
Pro forma | (34,810) | (53,966) | |
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 | (392) | (79,116,000) | |
Pro forma | (360) | (79,232,000) | |
Depreciation Expense | $ (392) | $ (114) |
Note 5 - Acquisitions (Detail59
Note 5 - Acquisitions (Details) - Adjusted Purchased Price - USD ($) $ in Thousands | Dec. 09, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Note 5 - Acquisitions (Details) - Adjusted Purchased Price [Line Items] | ||||
Goodwill | $ 236 | $ 236 | $ 0 | |
Viking Prep Plant LLC [Member] | ||||
Note 5 - Acquisitions (Details) - Adjusted Purchased Price [Line Items] | ||||
Common Stock issued | 10,000 | |||
Total purchase price | $ 30,000 | 30,000 | ||
Fair value adjustment for common stock issued | 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) | |||
Viking Prep Plant LLC [Member] | Promissory Note [Member] | ||||
Note 5 - Acquisitions (Details) - Adjusted Purchased Price [Line Items] | ||||
Notes Payable | 6,000 | 6,000 | ||
Viking Prep Plant LLC [Member] | Senior Notes [Member] | ||||
Note 5 - Acquisitions (Details) - Adjusted Purchased Price [Line Items] | ||||
Notes Payable | $ 24,000 | $ 14,000 |
Note 6 - Joint Ventures (Detail
Note 6 - Joint Ventures (Details) - USD ($) $ in Thousands | Apr. 30, 2012 | Apr. 11, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Note 6 - Joint Ventures (Details) [Line Items] | |||||
Assets, Current | $ 10,004 | $ 11,763 | |||
Liabilities, Current | 291,035 | $ 247,462 | |||
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 | ||||
Joint Venture Ownership Percentage | 100.00% | ||||
Long-term Line of Credit | $ 3,000 | ||||
Newlead Holdings (US) Corp. (ex Newlead Holdings (ex Aries Maritime) (US) LLC) [Member] | Coal Sales Agreements [Member] | |||||
Note 6 - Joint Ventures (Details) [Line Items] | |||||
Payments to Acquire Interest in Joint Venture | 1,000 | ||||
NewLead Mojave Holdings LLC [Member] | |||||
Note 6 - Joint Ventures (Details) [Line Items] | |||||
Joint Venture Ownership Percentage | 52.00% | ||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | $ (2,146) | $ (16) | |||
Joint Venture Investment Percentage | 50.00% | 50.00% | 50.00% | ||
Interest and Finance Cost | $ 180 | $ 174 | $ 271 | ||
Corporate Joint Venture [Member] | |||||
Note 6 - Joint Ventures (Details) [Line Items] | |||||
Allowance for Doubtful Accounts Receivable | 1,943 | ||||
New Lead JMEG LLC [Member] | |||||
Note 6 - Joint Ventures (Details) [Line Items] | |||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | (3,932) | (192) | 574 | ||
Assets, Current | 6 | 2,832 | 2,493 | ||
Liabilities, Current | 6,187 | 5,081 | 4,358 | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 2,249 | 1,077 | |||
Proceeds from Divestiture of Interest in Joint Venture | 384 | ||||
J Mining & Energy Group [Member] | |||||
Note 6 - Joint Ventures (Details) [Line Items] | |||||
Payment of Fee for Acquisition of Interest in Joint Venture | $ 300 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 1 | ||||
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 | $ (1,966) | $ (366) | $ 287 |
Note 7 - Goodwill (Details)
Note 7 - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Nov. 24, 2014 | Dec. 31, 2013 | |
Note 7 - Goodwill (Details) [Line Items] | ||||
Weighted Average Discount Rate, Percent | 12.00% | |||
Goodwill (in Dollars) | $ 236 | $ 236 | $ 0 | |
Shipping [Member] | ||||
Note 7 - Goodwill (Details) [Line Items] | ||||
Operating Expenses Forecasted by Inflation Rate Percentage | 2.00% | |||
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 |
Note 7 - Goodwill (Details) - G
Note 7 - Goodwill (Details) - Goodwill - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill [Line Items] | ||
Goodwill, net | $ 236 | $ 0 |
Goodwill, net | 236 | 236 |
Coal Washing [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 236 | |
Goodwill | $ 236 | $ 236 |
Note 8 - Restricted Cash (Detai
Note 8 - Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 8 - Restricted Cash (Details) [Line Items] | ||
Restricted Cash and Cash Equivalents, Noncurrent | $ 31 | $ 31 |
Restricted Cash and Cash Equivalents | 31 | 31 |
Letters of Guarantee [Member] | ||
Note 8 - Restricted Cash (Details) [Line Items] | ||
Restricted Cash and Cash Equivalents, Noncurrent | 31 | 31 |
Minimum Liquidity [Member] | ||
Note 8 - Restricted Cash (Details) [Line Items] | ||
Restricted Cash and Cash Equivalents | $ 250 | $ 250 |
Note 8 - Restricted Cash (Det64
Note 8 - Restricted Cash (Details) - Restricted Cash - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Long term restricted cash accounts | $ 31 | $ 31 |
Letters of Guarantee [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Long term restricted cash accounts | $ 31 | $ 31 |
Note 9 - Vessels and Other Fi65
Note 9 - Vessels and Other Fixed Assets, Net (Details) € in Thousands | Dec. 23, 2015USD ($) | Dec. 09, 2015USD ($) | Dec. 09, 2015EUR (€) | Sep. 15, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Note 9 - Vessels and Other Fixed Assets, Net (Details) [Line Items] | |||||||
Property, Plant and Equipment, Additions | $ 19,500,000 | ||||||
Discontinued Operation Sales Address Commission Percentage | 1.00% | ||||||
Business Combination, Acquisition Related Costs | $ 3,052,000 | ||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ (177,000) | ||||||
Asset Impairment Charges | 1,214,000 | $ 209,000 | |||||
Newlead Markela [Member] | |||||||
Note 9 - Vessels and Other Fixed Assets, Net (Details) [Line Items] | |||||||
Proceeds from Sale of Productive Assets | $ 3,200,000 | ||||||
Gain (Loss) on Disposition of Property Plant Equipment | (180,000) | ||||||
Sales Commissions and Fees | 128,000 | ||||||
Newlead Markela, Technical Repairs Incurred [Member] | |||||||
Note 9 - Vessels and Other Fixed Assets, Net (Details) [Line Items] | |||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 75,000 | ||||||
Vessels [Member] | |||||||
Note 9 - Vessels and Other Fixed Assets, Net (Details) [Line Items] | |||||||
Asset Impairment Charges | 1,214,000 | $ 209,000 | $ 0 | ||||
Property, Plant and Equipment, Disposals | $ 17,036,000 | ||||||
Vehicle, Fully Depreciated [Member] | |||||||
Note 9 - Vessels and Other Fixed Assets, Net (Details) [Line Items] | |||||||
Property, Plant and Equipment, Disposals | $ 3,200 | € 3 |
Note 9 - Vessels and Other Fi66
Note 9 - Vessels and Other Fixed Assets, Net (Details) - Movement of Vessels and Other Fixed Assets, Net - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ||||
Cost | $ 10,250 | |||
Accumulated Depreciation and Amortization | ||||
Accumulated Depreciation and Amortization | $ (781) | |||
Depreciation and Amortization for the Period | (6,922) | (4,656) | $ (2,860) | |
Net Book Value | 9,469 | |||
Loss on sale and leaseback (Note 14) | (177) | |||
Cost | 10,250 | |||
Vessels [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | 100,063 | 56,966 | 56,966 | |
Accumulated Depreciation and Amortization | ||||
Accumulated Depreciation and Amortization | (13,494) | (25,706) | (22,987) | $ (20,451) |
Depreciation and Amortization for the Period | (3,864) | (2,719) | (2,536) | |
Impairment Loss | (960) | |||
Disposals (Note 9) | 17,036 | |||
Net Book Value | 66,354 | 74,357 | 33,979 | |
Period Increase (Decrease) | 43,097 | |||
Cost | 79,848 | 100,063 | 56,966 | |
Leased Vessels [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | 46,404 | |||
Accumulated Depreciation and Amortization | ||||
Accumulated Depreciation and Amortization | (2,454) | (737) | ||
Depreciation and Amortization for the Period | (1,717) | (737) | ||
Net Book Value | 43,950 | 45,667 | ||
Period Increase (Decrease) | 47,554 | |||
Loss on sale and leaseback (Note 14) | (1,150) | |||
Cost | 46,404 | 46,404 | ||
Dry Docking and Special Survey [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | 3,229 | 2,561 | 2,195 | |
Accumulated Depreciation and Amortization | ||||
Accumulated Depreciation and Amortization | (2,258) | (2,017) | (1,523) | (1,327) |
Depreciation and Amortization for the Period | (562) | (285) | (196) | |
Impairment Loss | (254) | (209) | ||
Disposals (Note 9) | 575 | |||
Net Book Value | 1,131 | 1,212 | 1,038 | |
Period Increase (Decrease) | 735 | 668 | 366 | |
Cost | 3,389 | 3,229 | 2,561 | |
Other Capitalized Property Plant and Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | 1,034 | 1,024 | 1,024 | |
Accumulated Depreciation and Amortization | ||||
Accumulated Depreciation and Amortization | (1,032) | (1,026) | (978) | (904) |
Depreciation and Amortization for the Period | (9) | (48) | (74) | |
Disposals (Note 9) | 3 | |||
Net Book Value | 5 | 8 | 46 | |
Period Increase (Decrease) | 6 | 10 | ||
Cost | 1,037 | 1,034 | 1,024 | |
Vessels and Other Fixed Assets [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | 150,730 | 60,551 | 60,185 | |
Accumulated Depreciation and Amortization | ||||
Accumulated Depreciation and Amortization | (19,238) | (29,486) | (25,488) | $ (22,682) |
Depreciation and Amortization for the Period | (6,152) | (3,789) | (2,806) | |
Impairment Loss | (1,214) | (209) | ||
Disposals (Note 9) | 17,614 | |||
Net Book Value | 111,440 | 121,244 | 35,063 | |
Period Increase (Decrease) | 741 | 91,329 | 366 | |
Loss on sale and leaseback (Note 14) | (1,150) | |||
Cost | 130,668 | $ 150,730 | $ 60,551 | |
Discontinued Operations [Member] | Vessels [Member] | ||||
Accumulated Depreciation and Amortization | ||||
Period Increase (Decrease) | (20,215) | |||
Discontinued Operations [Member] | Dry Docking and Special Survey [Member] | ||||
Accumulated Depreciation and Amortization | ||||
Period Increase (Decrease) | (575) | |||
Discontinued Operations [Member] | Other Capitalized Property Plant and Equipment [Member] | ||||
Accumulated Depreciation and Amortization | ||||
Period Increase (Decrease) | (3) | |||
Discontinued Operations [Member] | Vessels and Other Fixed Assets [Member] | ||||
Accumulated Depreciation and Amortization | ||||
Period Increase (Decrease) | $ (20,793) |
Note 10 - Deferred Charges, N67
Note 10 - Deferred Charges, Net (Details) $ in Thousands | Feb. 26, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Note 10 - Deferred Charges, Net (Details) [Line Items] | |||
Proceeds from Convertible Debt | $ 4,250 | ||
Debt Instrument, Face Amount | $ 14,381 | $ 21,267 | |
Senior Secured Convertible Redeemable Debentures [Member] | |||
Note 10 - Deferred Charges, Net (Details) [Line Items] | |||
Debt Instrument, Number | 3 | ||
Debt Instrument, Face Amount | $ 600 | ||
Debt Instrument, Term | 12 months | ||
Senior Secured Convertible Redeemable Debenture 2 [Member] | |||
Note 10 - Deferred Charges, Net (Details) [Line Items] | |||
Debt Instrument, Face Amount | $ 600 | ||
Debt Instrument, Term | 18 months | ||
Senior Secured Convertible Redeemable Debenture 3 [Member] | |||
Note 10 - Deferred Charges, Net (Details) [Line Items] | |||
Debt Instrument, Face Amount | $ 600 | ||
Debt Instrument, Term | 24 months | ||
TCA Senior Secured Convertible Redeemable Debenture [Member] | |||
Note 10 - Deferred Charges, Net (Details) [Line Items] | |||
Proceeds from Convertible Debt | $ 4,250 | ||
Payments of Debt Issuance Costs | $ 174 | ||
Newlead Albion and Newlead Venetico [Member] | |||
Note 10 - Deferred Charges, Net (Details) [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 498 | ||
Business Combination, Acquisition Related Costs, Percent | 1.00% |
Note 10 - Deferred Charges, N68
Note 10 - Deferred Charges, Net (Details) - Deferred Charges, Net - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Charges, Net [Abstract] | ||
Deferred Charges | $ 829 | $ 489 |
Additions, Deferred Charges | 1,974 | 498 |
Amortization, Deferred Charges | (1,387) | (158) |
Current Deferred Charges | 1,358 | 829 |
Non current | 58 | |
Deferred Charges | $ 1,416 | $ 829 |
Note 11 - Accounts Payable, T69
Note 11 - Accounts Payable, Trade (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts Payable Trade [Abstract] | ||
Stock Issued During Period, Shares, Other | 3,849,982 | 517 |
Stock Issued During Period, Value, Other | $ 1,219 | $ 13,295 |
Note 11 - Accounts Payable, T70
Note 11 - Accounts Payable, Trade (Details) - Accounts Payable, Trade - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 11 - Accounts Payable, Trade (Details) - Accounts Payable, Trade [Line Items] | ||
Accounts payable, trade | $ 15,149 | $ 14,210 |
Suppliers [Member] | ||
Note 11 - Accounts Payable, Trade (Details) - Accounts Payable, Trade [Line Items] | ||
Accounts payable, trade | 3,177 | 3,751 |
Shipyards [Member] | ||
Note 11 - Accounts Payable, Trade (Details) - Accounts Payable, Trade [Line Items] | ||
Accounts payable, trade | 346 | 223 |
Insurers [Member] | ||
Note 11 - Accounts Payable, Trade (Details) - Accounts Payable, Trade [Line Items] | ||
Accounts payable, trade | 824 | 697 |
Agents [Member] | ||
Note 11 - Accounts Payable, Trade (Details) - Accounts Payable, Trade [Line Items] | ||
Accounts payable, trade | 714 | 650 |
Other Creditors [Member] | ||
Note 11 - Accounts Payable, Trade (Details) - Accounts Payable, Trade [Line Items] | ||
Accounts payable, trade | $ 10,088 | $ 8,889 |
Note 12 - Long-term Debt (Detai
Note 12 - Long-term Debt (Details) | Mar. 16, 2016USD ($) | Dec. 23, 2015USD ($) | Nov. 24, 2015USD ($) | Feb. 26, 2015USD ($) | Feb. 20, 2015USD ($) | Jan. 14, 2015USD ($) | May. 08, 2012USD ($) | Apr. 10, 2012USD ($) | Nov. 24, 2014USD ($) | Jan. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Jun. 30, 2013USD ($) | Jun. 30, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Oct. 31, 2013USD ($) | Sep. 03, 2013USD ($) | Mar. 28, 2013USD ($) | Jul. 09, 2012USD ($) | Nov. 30, 2010USD ($) | Apr. 01, 2010USD ($) | Dec. 31, 2009USD ($) |
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300 | ||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 3,002,000 | ||||||||||||||||||||||||
Debt Instrument, Interest Rate During Period | 6.40% | 6.52% | 4.95% | ||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 1,470,000 | $ 3,424,000 | |||||||||||||||||||||||
Loans Payable, Current | 67,947,000 | $ 64,338,000 | $ 64,338,000 | $ 67,947,000 | |||||||||||||||||||||
Long-term Debt | 67,947,000 | 72,045,000 | 72,045,000 | 67,947,000 | |||||||||||||||||||||
Convertible Note, Fair Value Adjustment | $ 513 | ||||||||||||||||||||||||
Shipping Sector [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Other Expenses | $ 2,510,000 | ||||||||||||||||||||||||
Newlead Venetico [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 9,450,000 | ||||||||||||||||||||||||
Newlead Markela [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 3,081,000 | ||||||||||||||||||||||||
Avra and Fortune [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 80,159,000 | $ 64,532,000 | |||||||||||||||||||||||
Syndicate Facility Agreement [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Loans Payable to Bank, Current | $ 129,000 | $ 221,400 | |||||||||||||||||||||||
Notes and Loans Payable, Current | 129,000 | 129,000 | $ 129,000 | 129,000 | |||||||||||||||||||||
Piraeus Bank Credit Facility [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 62,000,000 | 62,000,000 | |||||||||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 6.31% | ||||||||||||||||||||||||
Repayments of Lines of Credit | $ 6,736,000 | ||||||||||||||||||||||||
Long-term Line of Credit | $ 32,525,000 | $ 32,525,000 | $ 32,525,000 | 32,525,000 | |||||||||||||||||||||
Portigon AG Credit Facility [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 27,500,000 | ||||||||||||||||||||||||
Line of Credit Facility, Interest Rate During Period | 5.53% | ||||||||||||||||||||||||
Long-term Line of Credit | $ 24,215,000 | 24,215,000 | $ 25,250,000 | ||||||||||||||||||||||
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 | |||||||||||||||||||||||
Minimum Interest Coverage Ratio | 2.00% | 2.50% | |||||||||||||||||||||||
Portigon AG Credit Facility [Member] | In Compliance [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Percent of Proceeds from Sale of the Vessel | 50.00% | ||||||||||||||||||||||||
Portigon AG Credit Facility [Member] | Not in Compliance [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Percent of Proceeds from Sale of the Vessel | 100.00% | ||||||||||||||||||||||||
Portigon AG Credit Facility [Member] | Reduced Balloon Payment [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | $ 6,000,000 | ||||||||||||||||||||||||
3 Quarterly Installments [Member] | Portigon AG Credit Facility [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | 300,000 | ||||||||||||||||||||||||
5 Quarterly Installments [Member] | Portigon AG Credit Facility [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | 375,000 | ||||||||||||||||||||||||
15 Quarterly Installments [Member] | Portigon AG Credit Facility [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | 475,000 | ||||||||||||||||||||||||
Balloon Payment [Member] | Portigon AG Credit Facility [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | $ 15,350,000 | ||||||||||||||||||||||||
Variable Rate A [Member] | Portigon AG Credit Facility [Member] | |||||||||||||||||||||||||
Note 12 - 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 12 - 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 12 - 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 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||||||||||||||||||
Natixis [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.11% | 3.11% | |||||||||||||||||||||||
Long-term Debt | $ 8,207 | $ 8,207 | |||||||||||||||||||||||
Natixis [Member] | Sofia [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Number of Installments | 10 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 23,000 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Final Installment | 3,327,000 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 2,439,000 | ||||||||||||||||||||||||
Debt Instrument, Deferred Installments | $ 865,000 | ||||||||||||||||||||||||
Natixis [Member] | Nepheli [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Number of Installments | 16 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment | $ 25,000 | $ 21,000 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Final Installment | 3,072,000 | 3,253,000 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 2,265,000 | 2,425,000 | |||||||||||||||||||||||
Debt Instrument, Deferred Installments | 807,000 | $ 807,000 | |||||||||||||||||||||||
Loans Payable, Current | 205,000 | 205,000 | |||||||||||||||||||||||
Natixis [Member] | Nikolas Vessel [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Number of Installments | 15 | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment | 35,000 | $ 31,000 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Final Installment | 4,490,000 | 4,767,000 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 3,263,000 | 3,545,000 | |||||||||||||||||||||||
Debt Instrument, Deferred Installments | $ 1,192,000 | $ 1,191,000 | |||||||||||||||||||||||
Loans Payable, Current | $ 295,000 | 295,000 | |||||||||||||||||||||||
Natixis [Member] | Nepheli and Sofia [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Long-term Debt, Agreed Amount | $ 500,000 | ||||||||||||||||||||||||
Sofia [Member] | Sofia Vessel [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 523,000 | ||||||||||||||||||||||||
Mojave Finance Inc. [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Loans Payable to Bank | $ 3,000,000 | $ 3,000,000 | $ 3,000,000 | ||||||||||||||||||||||
Debt Instrument, Term | 3 months | ||||||||||||||||||||||||
Debt Instrument, Interest Rate During Period | 5.28% | ||||||||||||||||||||||||
Loans Payable, Current | $ 3,000,000 | 3,000,000 | $ 3,000,000 | 3,000,000 | |||||||||||||||||||||
Mojave Finance Inc. [Member] | NewLead Mojave Holdings LLC [Member] | |||||||||||||||||||||||||
Note 12 - 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 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Percent of Interest to Secure a Loan | 50.00% | ||||||||||||||||||||||||
Natixis [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Loans Payable, Current | 8,207,000 | $ 4,598,000 | $ 4,598,000 | $ 8,207,000 | |||||||||||||||||||||
Natixis [Member] | Nepheli and Others [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 12,385,000 | ||||||||||||||||||||||||
Natixis [Member] | Balloon Payment [Member] | Sofia [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | 1,976,000 | ||||||||||||||||||||||||
Natixis [Member] | Balloon Payment [Member] | Nepheli [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | 1,844,000 | ||||||||||||||||||||||||
Natixis [Member] | Balloon Payment [Member] | Nikolas [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | $ 2,722,000 | ||||||||||||||||||||||||
Maximum [Member] | Portigon AG Credit Facility [Member] | |||||||||||||||||||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||||||||||||||||||
Direct Sale Costs and Trade Debt | $ 500,000 |
Note 12 - Long-term Debt (Det72
Note 12 - Long-term Debt (Details) - Long-term Portion and Current Portion of Long-term Debt - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt, non-current | $ 7,707 | |
Long-term debt, current | $ 67,947 | 64,338 |
Long-term debt | 67,947 | 72,045 |
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 | 24,215 |
Long-term debt | 24,215 | 24,215 |
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 | 8,207 | 4,598 |
Long-term debt | $ 8,207 | $ 12,305 |
Note 12 - Long-term Debt (Det73
Note 12 - Long-term Debt (Details) - Interest and Finance Expense - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest and Finance Expense [Abstract] | |||
Interest expense | $ 13,935 | $ 10,662 | $ 6,950 |
Amortization of deferred charges | 1,387 | 159 | 460 |
Amortization of the beneficial conversion feature and warrant | 18 | 258 | 264 |
Hanover Holdings I LLC commission | (9,739) | 31,982 | |
Other interest and finance expenses, net | 5,144 | 4,552 | 3,012 |
$ 20,484 | $ 5,892 | $ 42,668 |
Note 13 - Convertible Notes (De
Note 13 - Convertible Notes (Details) | Nov. 24, 2015USD ($)shares | May. 26, 2015USD ($)shares | May. 18, 2015USD ($) | Mar. 02, 2015USD ($)shares | Feb. 26, 2015USD ($)shares | Jan. 14, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 09, 2014USD ($) | Aug. 18, 2014USD ($) | May. 14, 2014USD ($) | Jan. 03, 2014USD ($)$ / shares | Dec. 27, 2013USD ($) | Sep. 13, 2013USD ($) | Jul. 02, 2012USD ($)shares | Nov. 30, 2010USD ($) | Nov. 30, 2009USD ($)shares | Oct. 13, 2009USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Feb. 28, 2014USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Dec. 31, 2012USD ($)shares | Dec. 31, 2011USD ($)shares | Dec. 14, 2015USD ($) | Nov. 30, 2015 | Aug. 27, 2015USD ($) | May. 15, 2015USD ($) | Apr. 30, 2015USD ($) | Apr. 20, 2015USD ($) | Oct. 24, 2014USD ($) | Sep. 30, 2014USD ($) | Aug. 14, 2014USD ($) | Jan. 31, 2014USD ($) | Jan. 01, 2014USD ($) | Dec. 09, 2013USD ($) | |||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 21,267,000 | $ 21,267,000 | $ 14,381,000 | $ 21,267,000 | ||||||||||||||||||||||||||||||||||||||
Proceeds from Convertible Debt | $ 4,250,000 | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Noncurrent | 11,436,000 | 11,436,000 | 5,706,000 | 11,436,000 | ||||||||||||||||||||||||||||||||||||||
Amortization of Beneficial Conversion Feature | 18,000 | 258,000 | ||||||||||||||||||||||||||||||||||||||||
Repayments of Convertible Debt | (2,610,000) | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | 97,121,000 | 97,121,000 | 90,849,000 | 97,121,000 | $ 101,651,000 | |||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 37,553,000 | |||||||||||||||||||||||||||||||||||||||||
True up Clause Liability | 1,365 | |||||||||||||||||||||||||||||||||||||||||
Gain of Extinguishment of Liability | 320 | |||||||||||||||||||||||||||||||||||||||||
Interest Expense, Debt | 13,935,000 | 10,662,000 | 6,950,000 | |||||||||||||||||||||||||||||||||||||||
Convertible Debt | 97,121,000 | 97,121,000 | 90,849,000 | 97,121,000 | ||||||||||||||||||||||||||||||||||||||
Viking Prep Plant LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Purchases Price Adjusted Amount | $ 28,402,000 | |||||||||||||||||||||||||||||||||||||||||
Acquisition of Three Oil Tanker/Asphalt Carriers Vessels [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1,680,000 | |||||||||||||||||||||||||||||||||||||||||
True up Clause Liability | $ 335,000 | |||||||||||||||||||||||||||||||||||||||||
Viking Acquisition Group LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 15,000,000 | $ 15,000,000 | ||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Purchases Price Adjusted Amount | 3,300,000 | 3,300,000 | ||||||||||||||||||||||||||||||||||||||||
Lemissoler Maritime Company WLL [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - 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 (Loss) Recognized | 2,728,000 | |||||||||||||||||||||||||||||||||||||||||
Sale Leaseback Transaction, Deferred Gain, Gross | $ 10,540,000 | |||||||||||||||||||||||||||||||||||||||||
Pallas Highwall Mining LLC [Member] | Viking Prep Plant LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 100.00% | |||||||||||||||||||||||||||||||||||||||||
Discontinued Operations [Member] | Selling, General and Administrative Expenses [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Allowance for Doubtful Accounts Receivable | $ 6,558,000 | $ 6,558,000 | $ 6,558,000 | |||||||||||||||||||||||||||||||||||||||
Senior Convertible 7% Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | [1] | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Noncurrent | [1] | |||||||||||||||||||||||||||||||||||||||||
Amortization of Beneficial Conversion Feature | [1] | $ 18,000 | $ 17,000 | |||||||||||||||||||||||||||||||||||||||
Repayments of Convertible Debt | [1] | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | [1] | $ 82,000 | $ 82,000 | $ 100,000 | $ 82,000 | 65,000 | ||||||||||||||||||||||||||||||||||||
Senior Convertible 4.5% Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | [2] | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Noncurrent | [2] | |||||||||||||||||||||||||||||||||||||||||
Amortization of Beneficial Conversion Feature | [2] | |||||||||||||||||||||||||||||||||||||||||
Repayments of Convertible Debt | [2] | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | [2] | $ 62,500,000 | $ 62,500,000 | $ 62,500,000 | $ 62,500,000 | 62,500,000 | ||||||||||||||||||||||||||||||||||||
Convertible 8% Note [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 1,470,000 | $ 500,000 | $ 7,736,000 | |||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 207,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Percentage | 65.00% | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Trading Prices | 3 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Business Days Before Maturity | 10 days | |||||||||||||||||||||||||||||||||||||||||
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 | 8,200,000 | |||||||||||||||||||||||||||||||||||||||
Convertible Promissory 4.4% Note [Member] | Viking Prep Plant LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 55,000 | |||||||||||||||||||||||||||||||||||||||||
12% Convertible Debentures and Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | [3] | 6,776,000 | 6,776,000 | $ 449,000 | 6,776,000 | |||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Noncurrent | [3] | |||||||||||||||||||||||||||||||||||||||||
Amortization of Beneficial Conversion Feature | [3] | $ 241,000 | ||||||||||||||||||||||||||||||||||||||||
Repayments of Convertible Debt | [3] | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | [3] | 6,276,000 | 6,276,000 | $ 6,250,000 | $ 6,276,000 | 361,000 | ||||||||||||||||||||||||||||||||||||
10% Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | [4] | 5,940,000 | 5,940,000 | $ 2,700,000 | $ 5,940,000 | |||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Noncurrent | [4] | |||||||||||||||||||||||||||||||||||||||||
Amortization of Beneficial Conversion Feature | [4] | |||||||||||||||||||||||||||||||||||||||||
Repayments of Convertible Debt | [4],[5] | $ (250,000) | ||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | [4] | 11,663,000 | 11,663,000 | $ 6,200,000 | 11,663,000 | $ 20,000,000 | ||||||||||||||||||||||||||||||||||||
Consecutive Trading Days | 10 days | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, True-up Period | 5 years | |||||||||||||||||||||||||||||||||||||||||
Warranted Parcentage for Sale of Stock Owned by Holders | 20.00% | |||||||||||||||||||||||||||||||||||||||||
Pallas Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | [5] | (4,500,000) | (4,500,000) | $ (4,500,000) | ||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 1 | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Noncurrent | [5] | |||||||||||||||||||||||||||||||||||||||||
Amortization of Beneficial Conversion Feature | [5] | |||||||||||||||||||||||||||||||||||||||||
Repayments of Convertible Debt | [5],[6] | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | [5] | 8,400,000 | 8,400,000 | $ 8,153,000 | $ 8,400,000 | $ 17,200,000 | ||||||||||||||||||||||||||||||||||||
Interest Expense, Debt | 2,872,000 | $ 2,834,000 | ||||||||||||||||||||||||||||||||||||||||
Pallas Notes [Member] | Pallas Holding LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - 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 Notes [Member] | Pallas Highwall Mining LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | |||||||||||||||||||||||||||||||||||||||||
Consecutive Trading Days | 10 days | |||||||||||||||||||||||||||||||||||||||||
Other Convertible Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 693,000 | [6] | $ 693,000 | [6] | $ 450,000 | 7,268,000 | [6] | $ 693,000 | [6] | |||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Noncurrent | [6] | $ 5,706,000 | ||||||||||||||||||||||||||||||||||||||||
Amortization of Beneficial Conversion Feature | [6] | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Percentage | 65.00% | |||||||||||||||||||||||||||||||||||||||||
Repayments of Convertible Debt | [6] | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | [6] | $ 6,688,000 | ||||||||||||||||||||||||||||||||||||||||
Consecutive Trading Days | 20 days | |||||||||||||||||||||||||||||||||||||||||
TCA Senior Secured Convertible Redeemable Debenture [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.50% | |||||||||||||||||||||||||||||||||||||||||
Proceeds from Convertible Debt | $ 4,250,000 | |||||||||||||||||||||||||||||||||||||||||
Convertible Debt, Fair Value Disclosures | $ 5,000,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Percentage | 85.00% | |||||||||||||||||||||||||||||||||||||||||
Senior Secured Convertible Redeemable Debentures [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 600,000 | |||||||||||||||||||||||||||||||||||||||||
Convertible Debt, Fair Value Disclosures | $ 2,118,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Percentage | 85.00% | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Number | 3 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 12 months | |||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.00% | |||||||||||||||||||||||||||||||||||||||||
Convertible Debt | $ 1,800,000 | |||||||||||||||||||||||||||||||||||||||||
Senior Secured Convertible Redeemable Debenture 1 [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 600,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 430,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 1,380,875 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 12 months | |||||||||||||||||||||||||||||||||||||||||
Senior Secured Convertible Redeemable Debenture 2 [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 600,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 18 months | |||||||||||||||||||||||||||||||||||||||||
Senior Secured Convertible Redeemable Debenture 3 [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 600,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 24 months | |||||||||||||||||||||||||||||||||||||||||
Unsecured Convertible Note [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 150,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 281,019 | |||||||||||||||||||||||||||||||||||||||||
True up Clause Liability | $ 127,000 | |||||||||||||||||||||||||||||||||||||||||
If Common Stock is Traded on NASDAQ, NYSE MKT or NYSE [Member] | TCA Senior Secured Convertible Redeemable Debenture [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Percentage | 95.00% | |||||||||||||||||||||||||||||||||||||||||
Preferred Class A [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
True up Clause Liability | 4,874 | |||||||||||||||||||||||||||||||||||||||||
Gain of Extinguishment of Liability | $ 1,141 | |||||||||||||||||||||||||||||||||||||||||
Shares, Issued (in Shares) | shares | 1,235 | |||||||||||||||||||||||||||||||||||||||||
Capesize Vessels [Member] | Lemissoler Maritime Company WLL [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Sale Leaseback Transaction, Number of Assets | 3 | |||||||||||||||||||||||||||||||||||||||||
Panamax Vessel [Member] | Lemissoler Maritime Company WLL [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Sale Leaseback Transaction, Number of Assets | 1 | |||||||||||||||||||||||||||||||||||||||||
Piraeus Bank A.E. [Member] | Senior Convertible 7% Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - 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 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 100,536,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 124,900,000 | $ 20,000,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable, Noncurrent | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | |||||||||||||||||||||||||||||||||||||
Amortization of Beneficial Conversion Feature | $ 18,000 | 17,000 | $ 13,000 | |||||||||||||||||||||||||||||||||||||||
Prime Shipping Holding Ltd [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Stock Issued to Settle Indebtedness (in Shares) | shares | 1 | |||||||||||||||||||||||||||||||||||||||||
Prime Shipping Holding Ltd [Member] | Senior Convertible 4.5% Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 50,000,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||||||||||||||||||||||||||||||||||||||||
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, Percentage Used to Determine Fair Value | 80.00% | |||||||||||||||||||||||||||||||||||||||||
Convertible Debt, Fair Value Disclosures | 62,500,000 | 62,500,000 | $ 62,500,000 | 62,500,000 | ||||||||||||||||||||||||||||||||||||||
Prime Shipping Holding Ltd [Member] | Senior Convertible 4.5% Notes [Member] | Fees, Costs and Expenses [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Stock Issued to Settle Indebtedness (in Shares) | shares | 1 | |||||||||||||||||||||||||||||||||||||||||
Stock Issued to Settle Indebtedness, Value | $ 400,000 | |||||||||||||||||||||||||||||||||||||||||
Prime Shipping Holding Ltd [Member] | Minimum [Member] | Senior Convertible 4.5% Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - 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 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |||||||||||||||||||||||||||||||||||||||||
Asher Enterprises Inc. [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Additional Default Principal Amount | $ 138,000 | |||||||||||||||||||||||||||||||||||||||||
Asher Enterprises Inc. [Member] | Convertible 8% Note [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - 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, Trading Prices | 3 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Business Days Before Maturity | 10 days | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Discount Share Conversion Price, Percent | 35.00% | |||||||||||||||||||||||||||||||||||||||||
Toledo Advisors [Member] | Convertible 8% Note [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||
Convertible Debt, Fair Value Disclosures | $ 142,000 | $ 203,000 | $ 154,000 | |||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Discount Share Conversion Price, Percent | 35.00% | |||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 231,000 | |||||||||||||||||||||||||||||||||||||||||
Third Party, Due Date April 30, 2017 [Member] | Convertible 8% Note [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | 345,000 | |||||||||||||||||||||||||||||||||||||||||
Dominion Capital LLC [Member] | 12% Convertible Debentures and Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - 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 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Percentage | 70.00% | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Trading Prices | 3 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $ / shares | $ 10,125,000 | |||||||||||||||||||||||||||||||||||||||||
Consecutive Trading Days | 15 days | |||||||||||||||||||||||||||||||||||||||||
Pallas Management LLC [Member] | 12% Convertible Debentures and Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 5,000,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 22.00% | ||||||||||||||||||||||||||||||||||||||||
Proceeds from Convertible Debt | 5,000,000 | |||||||||||||||||||||||||||||||||||||||||
Convertible Debt, Fair Value Disclosures | $ 6,250,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price, Percentage | 80.00% | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | 6,250,000 | 6,250,000 | 6,250,000 | |||||||||||||||||||||||||||||||||||||||
Consecutive Trading Days | 10 days | |||||||||||||||||||||||||||||||||||||||||
F&S Capital Partners Ltd. [Member] | 12% Convertible Debentures and Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - 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 13 - 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 13 - 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 | |||||||||||||||||||||||||||||||||||||||||
Ray Capital Inc. [Member] | 10% Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | 6,000,000 | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | $ 1,485,000 | |||||||||||||||||||||||||||||||||||||||||
True up Clause Liability | $ 1,542,000 | |||||||||||||||||||||||||||||||||||||||||
Stock Issued For Repayment of True-up Mechanism, Accrued Interest and Conversion of Convertible Notes, Shares (in Shares) | shares | 53,006 | 124,536 | ||||||||||||||||||||||||||||||||||||||||
Tiger Capital Partners Ltd [Member] | 10% Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 8,500,000 | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | 447,000 | 472,000 | 472,000 | $ 472,000 | ||||||||||||||||||||||||||||||||||||||
True up Clause Liability | $ 4,874,000 | $ 4,747,000 | ||||||||||||||||||||||||||||||||||||||||
Stock Issued For Repayment of True-up Mechanism, Accrued Interest and Conversion of Convertible Notes, Shares (in Shares) | shares | 53,112 | 78,546 | ||||||||||||||||||||||||||||||||||||||||
Tiger Capital Partners Ltd [Member] | Preferred Class A [Member] | 10% Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Preferred Shares Issued to Settle Accrued Interest Payable (in Shares) | shares | 600 | |||||||||||||||||||||||||||||||||||||||||
NM Dauphin & Company Limited [Member] | 10% Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | $ 5,500,000 | |||||||||||||||||||||||||||||||||||||||||
Oppenheim & Co. Limited [Member] | 10% Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 2,190,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 975,000 | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | $ 2,500,000 | |||||||||||||||||||||||||||||||||||||||||
Oppenheim & Co. Limited [Member] | Preferred Class A [Member] | 10% Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 100 | |||||||||||||||||||||||||||||||||||||||||
Oppenheim Capital Ltd [Member] | 10% Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 2,500,000 | |||||||||||||||||||||||||||||||||||||||||
Cheyenne Holding Ltd [Member] | 10% Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 1,250,000 | |||||||||||||||||||||||||||||||||||||||||
Repayments of Convertible Debt | $ 250,000 | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||
Warranted Parcentage for Sale of Stock Owned by Holders | 20.00% | |||||||||||||||||||||||||||||||||||||||||
Labroy Shiptrade Limited. [Member] | 10% Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 1,215,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | 1,215,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 5 years | |||||||||||||||||||||||||||||||||||||||||
Warranted Parcentage for Sale of Stock Owned by Holders | 20.00% | |||||||||||||||||||||||||||||||||||||||||
Pallas Highwall Mining LLC [Member] | Pallas Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 24,000,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 86,186 | 1 | ||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | 8,400,000 | $ 14,000,000 | 8,400,000 | 8,153,000 | $ 8,400,000 | |||||||||||||||||||||||||||||||||||||
Repayments of Senior Debt | 10,000,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 2,800,000 | |||||||||||||||||||||||||||||||||||||||||
Interest Expense, Debt | $ 3,187 | |||||||||||||||||||||||||||||||||||||||||
Pallas Holding LLC [Member] | Pallas Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 852 | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | $ 9,000,000 | |||||||||||||||||||||||||||||||||||||||||
Repayments of Senior Debt | 125,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | 5,875,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 1,500,000 | |||||||||||||||||||||||||||||||||||||||||
Note Dated February 26, 2014 [Member] | Convertible 8% Note [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | 5,273,000 | 5,273,000 | $ 5,273,000 | |||||||||||||||||||||||||||||||||||||||
Note Dated August 4, 2014 [Member] | Convertible 8% Note [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | 1,237,000 | 1,237,000 | 1,237,000 | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 739,000 | |||||||||||||||||||||||||||||||||||||||||
Note Dated August 4, 2014 [Member] | Toledo Advisors [Member] | Convertible 8% Note [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 132,000 | |||||||||||||||||||||||||||||||||||||||||
Note Dated August 18, 2014 [Member] | Convertible 8% Note [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | $ 1,690,000 | $ 1,690,000 | 1,690,000 | |||||||||||||||||||||||||||||||||||||||
Note Dated August 18, 2014 [Member] | Toledo Advisors [Member] | Convertible 8% Note [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 298,000 | $ 350,000 | ||||||||||||||||||||||||||||||||||||||||
Convertible Debt, Fair Value Disclosures | $ 459,000 | $ 538,000 | ||||||||||||||||||||||||||||||||||||||||
Note Dated August 18, 2014 [Member] | Atlas Long Term Growth Fund LLC [Member] | Convertible 8% Note [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 300,000 | |||||||||||||||||||||||||||||||||||||||||
Convertible Debt, Fair Value Disclosures | $ 462,000 | |||||||||||||||||||||||||||||||||||||||||
Note Dated May 15, 2015 [Member] | Atlas Long Term Growth Fund LLC [Member] | Convertible 8% Note [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Repayments of Convertible Debt | 122,000 | |||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | 322,000 | |||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 262,000 | |||||||||||||||||||||||||||||||||||||||||
Note Dated August 27, 2015 [Member] | Toledo Advisors [Member] | Convertible 8% Note [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | 177,000 | |||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 361,000 | |||||||||||||||||||||||||||||||||||||||||
Note Dated December 14, 2015 [Member] | Toledo Advisors [Member] | Convertible 8% Note [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Convertible Notes Payable | 459,000 | |||||||||||||||||||||||||||||||||||||||||
Promissory Note [Member] | Pallas Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 6,000,000 | |||||||||||||||||||||||||||||||||||||||||
Holder of the $15,000 Senior Secured Note [Member] | Pallas Holding LLC [Member] | Pallas Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from Sale of Stock | 9,733,000 | |||||||||||||||||||||||||||||||||||||||||
Holder of the $24,000 Senior Secured Note [Member] | Pallas Holding LLC [Member] | Pallas Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from Sale of Stock | $ 11,424,000 | |||||||||||||||||||||||||||||||||||||||||
Holder of the $24,000 Senior Secured Note [Member] | Pallas Holding LLC [Member] | Pallas Notes [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 247,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 2,273,546 | |||||||||||||||||||||||||||||||||||||||||
True up Clause Liability | $ 4,505,000 | |||||||||||||||||||||||||||||||||||||||||
True-up Liability Clause [Member] | Unsecured Convertible Note [Member] | ||||||||||||||||||||||||||||||||||||||||||
Note 13 - Convertible Notes (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 500,000,000 | |||||||||||||||||||||||||||||||||||||||||
[1] | In connection with the recapitalization in 2009, the Company issued $145,000 in aggregate principal amount of 7% Notes on October 13, 2009. The issuance of the 7% Notes were made pursuant to an Indenture dated October 13, 2009, between the Company and Piraeus Bank S.A. (as the successor of Cyprus Popular Bank Public Co. Ltd.), and a Note Purchase Agreement, executed by each of the Investment Bank of Greece and Focus Maritime Corp., a company controlled by Michail Zolotas, President, the Company's Chairman, Chief Executive Officer and member of the Company's Board of Directors 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 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 a maturity date of October 13, 2015, in connection with advisory services provided by the Investment Bank of Greece to the Company. The warrants expired in October, 2015 without being exercised. Upon the issuance of the notes, the Company recorded a Beneficial Conversion Feature ("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. In November 2009, Focus converted $20,000 of the 7% Notes into one common share of the Company. On July 2, 2012, in connection with the restructuring of NewLead's debt, 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 Maritime Corp. as an inducement for the conversion, into one common share of the Company. After the conversions in 2009 and 2012, $100 of the 7% Notes remained outstanding as of December 31, 2015 and 2014. For the year ended December 31, 2015, $18 of the BCF was amortized and reflected as interest expense in the statements of operations ($17 for the year ended December 31, 2014, and $13 for the year ended December 31 2013). The relative note was also transferred to Piraeus Bank S.A.. As of December 31, 2015, the Company was not in compliance with its financial covenants on this indebtedness, had defaulted on all coupon payments. The 7% Notes were not converted in October, 2015 and warrants expired in October, 2015 without being exercised. 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 including three Capesize vessels, ( the Brazil, the Australia, and the China), and one Panamax vessel (the Grand Rodosi). Total consideration for the sale was $86,800 and the bareboat leaseback charter period was eight years. Pursuant to the agreement, 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 treated the transaction as a financing, resulting in a 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 was being amortized over the life of each vessel. 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), 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 includesany existing or future liabilities under agreements relating to the operation of vessels chartered or assigned to Lemissoler. On January 30, 2013, the Company was formally released from all of its obligations and liabilities under the relevant finance lease documentation. Pursuant to the Settlement Agreement: (1) the Lemissoler Indebtedness was settled by the issuance of (i) one common share of the Company to Prime; and (ii) a $50,000 aggregate principal amount 4.5% Senior Convertible Note due in 2022 ("4.5% Note") with such terms as described below; (2) all fees, costs and expenses incurred by Prime in connection with the transaction were paid by the Company with the issuance of one common share (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). 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). The $50,000 in aggregate principal amount 4.5% Senior Convertible Note due in 2022 issued to Prime was issued on December 31, 2012, and it bears interest at an annual rate of 4.5%, 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. 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 in the amount of 6.5% per annum during the period from the date of such Event of Default until the date no Event of Default is continuing. 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. Because the note is convertible into a variable number of common shares at the Company's option, even upon an Event of Default, and mandatorily convertible into a variable number of common shares at maturity, the 4.5% Note 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 was calculated by dividing the principal amount of $50,000 divided by the contractual stock issuance price of 80% of market (calculated using the above VWAP methodology). On the date of the issuance and at December 31, 2015 and 2014, the fair value of the 4.5% Note amounted to $62,500. As of December 31, 2015 and 2014, the Company was not in compliance with the requirements of this indebtedness and the full amount outstanding was reclassified to current liabilities. | |||||||||||||||||||||||||||||||||||||||||
[3] | On December 23, 2013 and January 3, 2014, the Company issued 12% convertible debentures to Dominion Capital LLC, for up to $500. The 12% convertible debentures were due on December 23, 2014 and January 3, 2015, respectively. Borrowings under these debentures bear a fixed interest rate of 12% per annum on the unpaid principal balance paid in cash. The 12% convertible debentures also contained interest and anti-dilution adjustments under certain circumstances and as a result the Company recorded financial instruments of $400. The 12% convertible debentures were convertible into common shares at a conversion price equal to the lesser of a) $10,125,000 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. The 12% convertible debentures had attached warrants that the Company measured them at fair value and reduced respectively the amount of each 12% convertible debenture. The Company amortized each warrant attached according the duration of the 12% convertible debentures. As of December 31, 2013, the full amount of the 12%convertible debenture dated December 23, 2013 along with the amortized portion of the warrant was outstanding. As of December 31, 2014, the full amounts of both the 12% convertible debentures have been converted into common shares. The Company was released for the 12% convertible debenture dated December 23, 2013 along with the related attached warrants, financial instrument and accrued interest. As of December 31, 2015 and 2014, the warrants attached to the January 3, 2014 12% convertible debenture are outstanding, please see Note 18. The 12% convertible debenture dated January 3, 2014 has matured on January 3, 2015 with the outstanding principal being fully converted to common shares, the financial instrument being expired and the remaining accrued interest without being converted to common shares or paid in cash. 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 promissory note is required to be carried at fair value pursuant to ASC 480. The Company determined the fair value by dividing the principal amount of $5,000 by 80%, being $6,250. As of December 31, 2014, the amount of $6,250 was outstanding. Since November 30, 2015, the promissory note is outstanding and bear default interest rate 22%. 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. On October 23, 2015, the Company signed an addendum with the holder of this 12% note, in order to extend the maturity date to October 23, 2016. On November 24, 2015, the outstanding balance of $475 was settled with the issuance of Series A-1 Preference shares (please see Note. 17). | |||||||||||||||||||||||||||||||||||||||||
[4] | 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 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 was equal to the closing price immediately prior to but not including the date of issuance of the shares and bore an interest rate of 10%. Any accrued and unpaid interest was payable in quarterly installments concluding with the final installment 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 full amount of $6,000 of the 10% note of the holder Ray Capital Inc. was fully converted into common shares. The holder sold the shares and after considering the proceeds from the sale of shares, the Company owned a true up clause liability of $1,542, which was included in financial instruments carried at fair value, refer to Note 18.As of December 31, 2014, the convertible note with Tiger Capital Partners Ltd. had an amount of $472, which was included in convertible notes, net in consolidated balance sheets and a true up clause liability of $4,747 which was included in financial instruments carried at fair value, refer to Note 18. As of December 31, 2014, the full amount of the convertible note with NM Dauphin & Company Limited remains outstanding. On April 8, 2015, the Company signed an addendum with NM Dauphin & Company Limited, in order to amend the quarterly installments of the accrued interest to payment of the accrued and unpaid interest on the maturity date of the note. On November 24, 2015 the outstanding balance of $5,500 of the 10% note of the holder NM Dauphin & Company Limited along with the accrued interest were settled with 535 A-1 Series Preference shares (refer Note. 17). On March 3 and April 8, 2015, the Company signed two addenda with Ray Capital Inc. in order to amend the maturity date of the 10% note to December 27, 2015, and to pay the accrued interest on the maturity date and not in quarterly installments. Moreover, the addenda amended the true up liability to be along with the maturity date and the holder of the note warranted the sale up to 20% of the monthly dollar volume of the Company's common stock per month in order to reduce the Company's outstanding obligations owned to the holder of the 10% note. As of December 31, 2015, the true up clause liability has been transferred from financial instruments carried at fair value to convertible notes, net of the consolidated balance sheets and it is payable in cash since the maturity date December 27, 2015 according to the clauses of the addenda. In respect of the 10% note with Ray Capital Inc, the Company issued 53,006 common shares and 124,536 common shares for the conversion of the note, accrued interest and true up clause liability, for the years ending December 31, 2015 and 2014, respectively. On March 17, 2015, the Company and Tiger Capital Partners Ltd. signed an addendum in order to amend the quarterly installments of the accrued interest to payment of the accrued and unpaid interest on the maturity date of the note. On November 24, 2015 the remaining balance of $447 of the initial balance $8,500 of the 10% note with the holder Tiger Capital Partners Ltd. along with the $4,874 financial instruments carried at fair value, which consists the remaining true up clause liability considering the proceeds from the sale of shares by the holder, and the accrued interest payable on that date, were settled with 600 Series A-1 Preference shares (refer Note 17). In respect of the 10% note with Tiger Capital Partners Ltd, the Company issued 53,112 common shares and 78,546 common shares for the conversion of the note, accrued interest and true up clause liability, for the years ending December 31, 2015 and 2014, respectively. 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, 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 installment on final repayment date. The 10% notes with Oppenheim Capital Ltd and Cheyenne Holding Ltd were amended to be guaranteed by one of the Company's vessels, the Newlead Castellano. During 2014, amount of $250 was paid in cash in respect of the 10% note of the holder Cheyenne Holding Ltd. On March 3, 2015, the Company signed an addendum with Cheyenne Holding Ltd., in order to amend the quarterly installments of accrued interest to be payable on the maturity date of the note. On March 16 and November 18, 2015, the Company signed two addenda with Oppenheim Capital Ltd. in order to amend the quarterly installments of accrued interest to be payable on the maturity date of the note. Moreover, with the aforementioned addenda the holder of the note warranted the sale up to 20% of the monthly dollar volume of the Company's common stock per month. On March 16, 2015, the Company signed addenda with Oppenheim & Co. Limited in order to amend the quarterly installments of accrued interest to be payable on the maturity date of the note. On May 26, 2015 amount of $1,215 of the convertible note of Oppenheim & Co. Limited was assigned to Labroy Shiptrade Limited. Borrowings under this convertible note bear a fixed interest rate of 10% per annum on the unpaid principal balance. The new convertible note has maturity date August 1, 2016. The new 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. The note included true up liability for a period of five years and the holder of the note warranted the sale up to 20% of the monthly dollar volume of the Company's common stock per month. The note is guaranteed by one of the Company's vessels, Newlead Castellano. Following the aforementioned assignment of $1,215, the remaining balance of $975 of the 10% note with the holder Oppenheim & Co. Limited had been settled with 100 Series A-1 Preference shares. All the aforementioned settlement of convertible notes along with accumulated accrued interest with the issuance of 1,235 Series A-1 Preference shares along with a true up clause of $4,874 included in Financial instruments carried at fair value (Refer to Note 18), resulted in gain of extinguishment of liability of amount $1,141. As of December 31, 2015, the 10% notes balance consists of $1,485 of the 10% note with the holder Ray Capital Inc, $1,000 of the 10% note with the holder Cheyenne Holding Ltd, $2,500 of the 10% note with the holder Oppenheim Capital Ltd and $1,215 of the 10% note with the holder Labroy Shiptrade Limited, all of which are guaranteed by one of the Company's vessels, Newlead Castellano. Refer to Note 23 for subsequent events. | |||||||||||||||||||||||||||||||||||||||||
[5] | Pursuant to two unit purchase agreements (please see note 5), 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 ("VAG note") and $24,000 ("VPP note") respectively. In respect of the unit purchase agreement dated December 9, 2013 the Company had previously issued a $6,000 promissory note, which was due and payable in one balloon payment on October 21, 2013. This promissory note was included in the December Settlement Agreement (please see note 5) and during June 2014, the full amount of $6,000 had been fully repaid in cash through the December Settlement Agreement and the Company had been released. The remaining senior secured notes were due on December 31, 2014 at the Company's option, in cash by the option of wire transfer or by issuance of common shares. Borrowings under the VAG note bear fixed interest rate of 8% and under VPP note bear fixed interest rate of 3.9%. VAG note was convertible into common shares at a conversion price equal to the average of the 60 trading days and VPP note was convertible into common shares at a conversion price equal to the average of the 10 trading days. On January 5, 2015 the conversion price of the VPP note was amended to be the closing price of the trading day immediately prior to the date of issuance of shares. As security for the VPP note Pallas Highwall Mining LLC pledged the 100% of the membership interest in Viking Prep Plant LLC, which were acquired through VPP note until the full value of the VPP note is received. In relation to VAG 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 one common share of the Company's common stock. Accordingly, immediately following the closing, the remaining balance on the VAG note was $9,000, which amount was 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. During 2013, the Company issued one common share for the total amount of installments and accrued interest of $3,187. During 2014, the Company issued 852 shares for the total amount of installments of $1,500 and true up liability. During the fiscal year 2014, the holder of the note has sold the shares issued upon conversion of the note and collected from the share sale proceeds amount of $9,733, including interest. With effective date 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. 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 included in discontinued operations. The result of the amendment was to settle the remaining balance of the VAG note and the Company was released and discharged from any liabilities whatsoever under the VAG note. In relation to VPP note, the Company paid $10,000 of principal on the VPP note through issuing one common share of the Company's common stock. Accordingly, immediately following the closing, the remaining balance on the VPP note was $14,000, which amount was 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 outstanding amount of VPP note was $8,400. During 2013, the Company issued one common share for the total amount of installments and accrued interest of $2,834. During 2014, the Company issued 86,186 shares for the total amount of installments and accrued interest of $2,872 and true up liability. Following the conversion of the VPP note to common shares, the holder of the VPP note collected from the sale of the common shares amount of $11,424, including interest. On January 5, 2015, the Company signed an addendum to the VPP note, in order to extend the maturity date to August 31, 2015.On August 28, 2015, the Company signed an addendum to the VPP note, in order to extend the maturity date to June 30, 2016. During 2015, the Company issued 2,273,546 common shares for the total amount of principal of $247. As of December 31, 2015, the outstanding balance of the VPP note is $8,153. However, there is a true up clause liability of $4,505, please see Note18. | |||||||||||||||||||||||||||||||||||||||||
[6] | 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 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 common shares and the Company has been fully released.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 senior secured convertible redeemable debenture was signed with TCA Global Credit Master Fund, LLP ("TCA debenture") and has maturity date February 24, 2017. The TCA debenture is payable in immediately available and lawful money of United States dollars by later than February 24, 2017. The TCA 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 TCA debenture bear a fixed interest rate of 10.5% per annum on the unpaid principal balance. Part of the specific TCA debenture has been used for the repayment of the loan facility with Natixis in respect of vessel Sofia. As the TCA debenture is convertible into a variable number of shares, the TCA debenture is required to be carried at fair value pursuant to ASC 480. Therefore, its fair value is determined by dividing the principal amount of $4,250 by 85%, being $5,000. In addition, the Company has issued with the same third party three senior secured convertible redeemable debentures, each one of total amount of $600 ("$600 TCA") with duration 12, 18 and 24 months respectively, in consideration of investment, banking and advisory services. The three $600 TCA 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%.The three $600 TCA bear no fixed interest rate per annum on the unpaid principal balance. Because these $600 TCA are convertible into a variable number of shares, these$600 TCA are required to be carried at fair value pursuant to ASC 480. Therefore, its fair value is determined by dividing the principal amount of $1,800 by 85%, being $2,118. As of December 31, 2015, in respect of the $600 TCA with maturity period 12 months, the aggregate of 1,380,875 common shares were issued for the conversion of principal of amount $430.The converted balance contains a true up liability clause. Amounts drawn under TCA Global Credit Master Fund, LLP is secured by first priority mortgage on Sofia and vessel-owning subsidiary. Please refer to Note 18. 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. The unsecured convertible note can be converted into Company's common shares in an amount of shares equal to the converted amount divided by the closing price the trading date immediately prior to the date of issuance of shares. The third party has converted the full amount of $150 into 281,019 common shares including interest. This note contains true up liability clause and as a result the third party requested additionally 500,000 common shares in order to collect the amount of $150 including interest. The remaining true up liability of $127 including accrued interest, is included in financial instruments measured at fair value (please see Note 18), after considering the proceeds of the sale of the shares issued. |
Note 13 - Convertible Notes (75
Note 13 - Convertible Notes (Details) - Convertible Notes - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Feb. 28, 2014 | ||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Balance | $ 97,121 | $ 101,651 | ||||
Long term convertible notes | 5,706 | 11,436 | ||||
Convertible Notes Issued (Cancelled) | 14,381 | 21,267 | ||||
Amortization of the Beneficial Conversion Feature | 18 | 258 | ||||
Cash payments | (2,610) | |||||
Warrants attached | (170) | |||||
Assignment to third parties | (3,031) | |||||
Short term convertible notes | 85,143 | 85,685 | ||||
Balance | 90,849 | 97,121 | ||||
Common Stock [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Notes Converted to shares | (2,803) | (23,275) | ||||
Preferred Stock [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Notes Converted to shares | (14,837) | |||||
Senior Convertible 7% Notes [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Balance | [1] | $ 82 | $ 65 | |||
Long term convertible notes | [1] | |||||
Convertible Notes Issued (Cancelled) | [1] | |||||
Amortization of the Beneficial Conversion Feature | [1] | $ 18 | $ 17 | |||
Cash payments | [1] | |||||
Warrants attached | [1] | |||||
Assignment to third parties | [1] | |||||
Short term convertible notes | [1] | $ 100 | ||||
Balance | [1] | $ 100 | $ 82 | |||
Senior Convertible 7% Notes [Member] | Common Stock [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Notes Converted to shares | [1] | |||||
Senior Convertible 7% Notes [Member] | Preferred Stock [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Notes Converted to shares | [1] | |||||
Senior Convertible 4.5% Notes [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Balance | [2] | $ 62,500 | $ 62,500 | |||
Long term convertible notes | [2] | |||||
Convertible Notes Issued (Cancelled) | [2] | |||||
Amortization of the Beneficial Conversion Feature | [2] | |||||
Cash payments | [2] | |||||
Warrants attached | [2] | |||||
Assignment to third parties | [2] | |||||
Short term convertible notes | [2] | $ 62,500 | ||||
Balance | [2] | $ 62,500 | $ 62,500 | |||
Senior Convertible 4.5% Notes [Member] | Common Stock [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Notes Converted to shares | [2] | |||||
Senior Convertible 4.5% Notes [Member] | Preferred Stock [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Notes Converted to shares | [2] | |||||
8% and 4.4% Notes [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Balance | [3] | $ 8,200 | $ 1,525 | |||
Long term convertible notes | [3] | |||||
Convertible Notes Issued (Cancelled) | [3] | $ 3,964 | $ 12,358 | |||
Amortization of the Beneficial Conversion Feature | [3] | |||||
Cash payments | [3] | $ (2,360) | ||||
Warrants attached | [3] | |||||
Assignment to third parties | [3] | $ (1,816) | ||||
Short term convertible notes | [3] | 958 | ||||
Balance | [3] | 958 | $ 8,200 | |||
8% and 4.4% Notes [Member] | Common Stock [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Notes Converted to shares | [3] | (1,950) | (3,323) | [4] | ||
8% and 4.4% Notes [Member] | Preferred Stock [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Notes Converted to shares | [3] | (7,440) | ||||
12% Convertible Debentures and Notes [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Balance | [4] | $ 6,276 | 361 | |||
Long term convertible notes | [4] | |||||
Convertible Notes Issued (Cancelled) | [4] | $ 449 | 6,776 | |||
Amortization of the Beneficial Conversion Feature | [4] | $ 241 | ||||
Cash payments | [4] | |||||
Warrants attached | [4] | $ (170) | ||||
Assignment to third parties | [4] | |||||
Short term convertible notes | [4] | $ 6,250 | ||||
Balance | [4] | $ 6,250 | 6,276 | |||
12% Convertible Debentures and Notes [Member] | Common Stock [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Notes Converted to shares | [4] | (932) | ||||
12% Convertible Debentures and Notes [Member] | Preferred Stock [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Notes Converted to shares | [4] | $ (475) | ||||
10% Notes [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Balance | [5] | $ 11,663 | 20,000 | |||
Long term convertible notes | [5] | |||||
Convertible Notes Issued (Cancelled) | [5] | $ 2,700 | $ 5,940 | |||
Amortization of the Beneficial Conversion Feature | [5] | |||||
Cash payments | [5],[6] | $ (250) | ||||
Warrants attached | [5] | |||||
Assignment to third parties | [5] | $ (1,215) | ||||
Short term convertible notes | [5] | 6,200 | ||||
Balance | [5] | 6,200 | $ 11,663 | |||
10% Notes [Member] | Common Stock [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Notes Converted to shares | [5] | (26) | (14,027) | |||
10% Notes [Member] | Preferred Stock [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Notes Converted to shares | [5] | (6,922) | ||||
Pallas Notes [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Balance | [6] | $ 8,400 | 17,200 | |||
Long term convertible notes | [6] | |||||
Convertible Notes Issued (Cancelled) | [6] | $ (4,500) | ||||
Amortization of the Beneficial Conversion Feature | [6] | |||||
Cash payments | [6],[7] | |||||
Warrants attached | [6] | |||||
Assignment to third parties | [6] | |||||
Short term convertible notes | [6] | $ 8,153 | ||||
Balance | [6] | 8,153 | $ 8,400 | |||
Pallas Notes [Member] | Common Stock [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Notes Converted to shares | [6] | $ (247) | $ (4,300) | |||
Pallas Notes [Member] | Preferred Stock [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Notes Converted to shares | [6] | |||||
Other Convertible Notes [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Balance | [7] | |||||
Long term convertible notes | [7] | $ 5,706 | ||||
Convertible Notes Issued (Cancelled) | $ 7,268 | [7] | $ 693 | [7] | $ 450 | |
Amortization of the Beneficial Conversion Feature | [7] | |||||
Cash payments | [7] | |||||
Warrants attached | [7] | |||||
Assignment to third parties | [7] | |||||
Short term convertible notes | [7] | $ 982 | ||||
Balance | [7] | 6,688 | ||||
Other Convertible Notes [Member] | Common Stock [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Notes Converted to shares | [7] | $ (580) | $ (693) | |||
Other Convertible Notes [Member] | Preferred Stock [Member] | ||||||
Note 13 - Convertible Notes (Details) - Convertible Notes [Line Items] | ||||||
Notes Converted to shares | [7] | |||||
[1] | In connection with the recapitalization in 2009, the Company issued $145,000 in aggregate principal amount of 7% Notes on October 13, 2009. The issuance of the 7% Notes were made pursuant to an Indenture dated October 13, 2009, between the Company and Piraeus Bank S.A. (as the successor of Cyprus Popular Bank Public Co. Ltd.), and a Note Purchase Agreement, executed by each of the Investment Bank of Greece and Focus Maritime Corp., a company controlled by Michail Zolotas, President, the Company's Chairman, Chief Executive Officer and member of the Company's Board of Directors 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 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 a maturity date of October 13, 2015, in connection with advisory services provided by the Investment Bank of Greece to the Company. The warrants expired in October, 2015 without being exercised. Upon the issuance of the notes, the Company recorded a Beneficial Conversion Feature ("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. In November 2009, Focus converted $20,000 of the 7% Notes into one common share of the Company. On July 2, 2012, in connection with the restructuring of NewLead's debt, 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 Maritime Corp. as an inducement for the conversion, into one common share of the Company. After the conversions in 2009 and 2012, $100 of the 7% Notes remained outstanding as of December 31, 2015 and 2014. For the year ended December 31, 2015, $18 of the BCF was amortized and reflected as interest expense in the statements of operations ($17 for the year ended December 31, 2014, and $13 for the year ended December 31 2013). The relative note was also transferred to Piraeus Bank S.A.. As of December 31, 2015, the Company was not in compliance with its financial covenants on this indebtedness, had defaulted on all coupon payments. The 7% Notes were not converted in October, 2015 and warrants expired in October, 2015 without being exercised. 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 including three Capesize vessels, ( the Brazil, the Australia, and the China), and one Panamax vessel (the Grand Rodosi). Total consideration for the sale was $86,800 and the bareboat leaseback charter period was eight years. Pursuant to the agreement, 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 treated the transaction as a financing, resulting in a 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 was being amortized over the life of each vessel. 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), 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 includesany existing or future liabilities under agreements relating to the operation of vessels chartered or assigned to Lemissoler. On January 30, 2013, the Company was formally released from all of its obligations and liabilities under the relevant finance lease documentation. Pursuant to the Settlement Agreement: (1) the Lemissoler Indebtedness was settled by the issuance of (i) one common share of the Company to Prime; and (ii) a $50,000 aggregate principal amount 4.5% Senior Convertible Note due in 2022 ("4.5% Note") with such terms as described below; (2) all fees, costs and expenses incurred by Prime in connection with the transaction were paid by the Company with the issuance of one common share (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). 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). The $50,000 in aggregate principal amount 4.5% Senior Convertible Note due in 2022 issued to Prime was issued on December 31, 2012, and it bears interest at an annual rate of 4.5%, 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. 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 in the amount of 6.5% per annum during the period from the date of such Event of Default until the date no Event of Default is continuing. 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. Because the note is convertible into a variable number of common shares at the Company's option, even upon an Event of Default, and mandatorily convertible into a variable number of common shares at maturity, the 4.5% Note 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 was calculated by dividing the principal amount of $50,000 divided by the contractual stock issuance price of 80% of market (calculated using the above VWAP methodology). On the date of the issuance and at December 31, 2015 and 2014, the fair value of the 4.5% Note amounted to $62,500. As of December 31, 2015 and 2014, the Company was not in compliance with the requirements of this indebtedness and the full amount outstanding was reclassified to current liabilities. | |||||
[3] | 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. As of December 31, 2014, the full amount of these 8% notes had been converted into shares and the Company has been fully released. 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. The note was collateralized by certain equipment. As of December 31, 2014, the full amount of the note had been paid in cash and the Company had been fully released. During January 2014, the Company issued convertible notes to Asher Enterprises Inc., for up to $207 ("Asher 8% notes"). These Asher 8% notes were due in October 2014 and November 2014 by the issuance of common shares, at 65% of the average of the lowest 3 trading prices during the 10 trading day period prior to the conversion date. The Asher 8% notes in substance represented 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 Asher 8% notes be carried at fair value, with any subsequent changes in fair value recognized in earnings. The Company determined the fair value for these Asher 8% notes using the discount share conversion price of 35%. The fair value at inception was the face amount of $207 divided by 65%. Moreover, according to the clauses of the specific agreements, the holder of the Asher 8% notes requested an additional default principal amount of $138. Borrowings under these notes bore a fixed interest rate of 8%. During July and August 2014, the notes were fully converted and the Company has been fully released.On February 26, 2014, May 12, 2014, August 4, 2014 and August 18, 2014, the Company issued convertible promissory notes to financial institutions totaling $7,736 (the "2014 8% notes"). These 2014 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 2014 8% notes bear a fixed interest rate of 8% per annum on the unpaid principal balance. These 2014 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 2014 8% notes has been converted into shares and $2,305 has been paid in cash. The remaining 2014 8% notes in substance represent 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 2014 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 2014 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 representing the outstanding balance of $5,273, $1,237 and $1,690 of the 2014 8% notes dated February 26, 2014, August 4, 2014 and August 18, 2014. On November 24, 2015, the outstanding balance of $5,273 of the 2014 8% note dated February 26, 2014 was settled with the issuance of Series A-1 Preference shares (please see Note 17). The 2014 8% note dated August 4, 2014 was converted to Company's common shares of amount $739. On May 18, 2015, the holder of the 2014 8% note dated August 4, 2014 entered into a note purchase agreement with Toledo Advisors LLC, whereby Toledo Advisors LLC acquired a portion of $132 of the note. The new 8% note has the same clauses as the 8% note dated August 4, 2014. The Company determined the fair value for the new note using the discount share conversion price of 35%, at $203 at assignment date May 18, 2015. As of December 31, 2015 the note has been fully converted to Company's common shares. The Company has been fully released. On April 20, 2015, the holder of the 2014 8% note dated August 4, 2014 entered into a note purchase agreement with Toledo Advisors LLC, whereby Toledo Advisors LLC acquired $100 of the note. The new note had the same clauses as the 2014 8% note dated August 4, 2014 and has maturity date April 20, 2016. The Company determined the fair value for the new note using the discount share conversion price of 35%, at $154 at assignment date April 20, 2015. As of December 31, 2015 the note has been fully converted to Company's common shares. The Company has been fully released. On November 24, 2015, the outstanding balance of $142 of the 2014 8% note dated August 4, 2014 was settled with the issuance of Series A-1 Preference shares (please see Note. 17). The 2014 8% note dated August 18, 2014, has been converted to Company's common shares of amount of $231. On May 15, 2015, the holder of 2014 8% note dated August 18, 2014 entered into a note purchase agreement with Atlas Long Term Growth Fund LLC, whereby Atlas Long Term Growth Fund LLC acquired $300 of the note. The new note has the same clauses as the 2014 8% note dated August 18, 2014 and has maturity date November 15, 2015. The Company determined the fair value for the new note using the discount share conversion price of 35%, at $462 at assignment date May 15, 2015. As of December 31, 2015, the outstanding balance of the new note dated May 15, 2015 is $322 at fair value since the amount of $262 has been converted to the Company's common shares. Due the maturity date, the new note dated May 15, 2015 has an increase in the repayment amount of the note of the amount $122. On August 27, 2015, the holder of 2014 8% note dated August 18, 2014 entered into a note purchase agreement with Toledo Advisors LLC, whereby Toledo Advisors LLC acquired a portion of $350 of the note. The new note has the same clauses as the 2014 8% note dated August 18, 2014 and has maturity date August 27, 2016. The Company determined the fair value for the new note using the discount share conversion price of 35%, at $538 at assignment date August 27, 2015. As of December 31, 2015, the outstanding balance of the 8% note dated August 27, 2015 is $177 at fair value since the amount of $361 has been converted to the Company's common shares. On December 14, 2015, the holder of 2014 8% note dated August 18, 2014 entered into a note purchase agreement with Toledo Advisors LLC, whereby Toledo Advisors LLC acquired a portion of $298. The new note has the same clauses as the 2014 8% note dated August 18, 2014 and has maturity date December 14, 2016. The Company determined the fair value for the new note using the discount share conversion price of 35%, at $459 at assignment date December 14, 2015. As of December 31, 2015, the outstanding balance of the new note dated December 14, 2015 is $459 at fair value. Following the three assignments above, the 2014 8% note dated August 18, 2014, had fully converted or assigned its principal except for the liability in respect of the accrued interest. Moreover, 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. Borrowings under this note bear a fixed interest rate of 8% per annum on the unpaid principal balance. This 8% note is convertible into common shares at a conversion price of the closing price the trading date immediately prior to the date of the issuance of the shares at holder's option, at any time and from time to time until January 14, 2017. On November 24, 2015, the outstanding balance of this note was settled with the issuance of Series A-1 Preference shares (please see Note. 17).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. This 8% note is convertible into common shares at a conversion price of the closing price the trading date immediately prior to the date of the issuance of the shares at holder's option, at any time and from time to time. The Company has drawdown amount of $345 in respect of this note and on November 24, 2015, the outstanding balance of $345 was settled with the issuance of Series A-1 Preference shares (please see Note. 17). | |||||
[4] | On December 23, 2013 and January 3, 2014, the Company issued 12% convertible debentures to Dominion Capital LLC, for up to $500. The 12% convertible debentures were due on December 23, 2014 and January 3, 2015, respectively. Borrowings under these debentures bear a fixed interest rate of 12% per annum on the unpaid principal balance paid in cash. The 12% convertible debentures also contained interest and anti-dilution adjustments under certain circumstances and as a result the Company recorded financial instruments of $400. The 12% convertible debentures were convertible into common shares at a conversion price equal to the lesser of a) $10,125,000 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. The 12% convertible debentures had attached warrants that the Company measured them at fair value and reduced respectively the amount of each 12% convertible debenture. The Company amortized each warrant attached according the duration of the 12% convertible debentures. As of December 31, 2013, the full amount of the 12%convertible debenture dated December 23, 2013 along with the amortized portion of the warrant was outstanding. As of December 31, 2014, the full amounts of both the 12% convertible debentures have been converted into common shares. The Company was released for the 12% convertible debenture dated December 23, 2013 along with the related attached warrants, financial instrument and accrued interest. As of December 31, 2015 and 2014, the warrants attached to the January 3, 2014 12% convertible debenture are outstanding, please see Note 18. The 12% convertible debenture dated January 3, 2014 has matured on January 3, 2015 with the outstanding principal being fully converted to common shares, the financial instrument being expired and the remaining accrued interest without being converted to common shares or paid in cash. 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 promissory note is required to be carried at fair value pursuant to ASC 480. The Company determined the fair value by dividing the principal amount of $5,000 by 80%, being $6,250. As of December 31, 2014, the amount of $6,250 was outstanding. Since November 30, 2015, the promissory note is outstanding and bear default interest rate 22%. 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. On October 23, 2015, the Company signed an addendum with the holder of this 12% note, in order to extend the maturity date to October 23, 2016. On November 24, 2015, the outstanding balance of $475 was settled with the issuance of Series A-1 Preference shares (please see Note. 17). | |||||
[5] | 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 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 was equal to the closing price immediately prior to but not including the date of issuance of the shares and bore an interest rate of 10%. Any accrued and unpaid interest was payable in quarterly installments concluding with the final installment 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 full amount of $6,000 of the 10% note of the holder Ray Capital Inc. was fully converted into common shares. The holder sold the shares and after considering the proceeds from the sale of shares, the Company owned a true up clause liability of $1,542, which was included in financial instruments carried at fair value, refer to Note 18.As of December 31, 2014, the convertible note with Tiger Capital Partners Ltd. had an amount of $472, which was included in convertible notes, net in consolidated balance sheets and a true up clause liability of $4,747 which was included in financial instruments carried at fair value, refer to Note 18. As of December 31, 2014, the full amount of the convertible note with NM Dauphin & Company Limited remains outstanding. On April 8, 2015, the Company signed an addendum with NM Dauphin & Company Limited, in order to amend the quarterly installments of the accrued interest to payment of the accrued and unpaid interest on the maturity date of the note. On November 24, 2015 the outstanding balance of $5,500 of the 10% note of the holder NM Dauphin & Company Limited along with the accrued interest were settled with 535 A-1 Series Preference shares (refer Note. 17). On March 3 and April 8, 2015, the Company signed two addenda with Ray Capital Inc. in order to amend the maturity date of the 10% note to December 27, 2015, and to pay the accrued interest on the maturity date and not in quarterly installments. Moreover, the addenda amended the true up liability to be along with the maturity date and the holder of the note warranted the sale up to 20% of the monthly dollar volume of the Company's common stock per month in order to reduce the Company's outstanding obligations owned to the holder of the 10% note. As of December 31, 2015, the true up clause liability has been transferred from financial instruments carried at fair value to convertible notes, net of the consolidated balance sheets and it is payable in cash since the maturity date December 27, 2015 according to the clauses of the addenda. In respect of the 10% note with Ray Capital Inc, the Company issued 53,006 common shares and 124,536 common shares for the conversion of the note, accrued interest and true up clause liability, for the years ending December 31, 2015 and 2014, respectively. On March 17, 2015, the Company and Tiger Capital Partners Ltd. signed an addendum in order to amend the quarterly installments of the accrued interest to payment of the accrued and unpaid interest on the maturity date of the note. On November 24, 2015 the remaining balance of $447 of the initial balance $8,500 of the 10% note with the holder Tiger Capital Partners Ltd. along with the $4,874 financial instruments carried at fair value, which consists the remaining true up clause liability considering the proceeds from the sale of shares by the holder, and the accrued interest payable on that date, were settled with 600 Series A-1 Preference shares (refer Note 17). In respect of the 10% note with Tiger Capital Partners Ltd, the Company issued 53,112 common shares and 78,546 common shares for the conversion of the note, accrued interest and true up clause liability, for the years ending December 31, 2015 and 2014, respectively. 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, 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 installment on final repayment date. The 10% notes with Oppenheim Capital Ltd and Cheyenne Holding Ltd were amended to be guaranteed by one of the Company's vessels, the Newlead Castellano. During 2014, amount of $250 was paid in cash in respect of the 10% note of the holder Cheyenne Holding Ltd. On March 3, 2015, the Company signed an addendum with Cheyenne Holding Ltd., in order to amend the quarterly installments of accrued interest to be payable on the maturity date of the note. On March 16 and November 18, 2015, the Company signed two addenda with Oppenheim Capital Ltd. in order to amend the quarterly installments of accrued interest to be payable on the maturity date of the note. Moreover, with the aforementioned addenda the holder of the note warranted the sale up to 20% of the monthly dollar volume of the Company's common stock per month. On March 16, 2015, the Company signed addenda with Oppenheim & Co. Limited in order to amend the quarterly installments of accrued interest to be payable on the maturity date of the note. On May 26, 2015 amount of $1,215 of the convertible note of Oppenheim & Co. Limited was assigned to Labroy Shiptrade Limited. Borrowings under this convertible note bear a fixed interest rate of 10% per annum on the unpaid principal balance. The new convertible note has maturity date August 1, 2016. The new 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. The note included true up liability for a period of five years and the holder of the note warranted the sale up to 20% of the monthly dollar volume of the Company's common stock per month. The note is guaranteed by one of the Company's vessels, Newlead Castellano. Following the aforementioned assignment of $1,215, the remaining balance of $975 of the 10% note with the holder Oppenheim & Co. Limited had been settled with 100 Series A-1 Preference shares. All the aforementioned settlement of convertible notes along with accumulated accrued interest with the issuance of 1,235 Series A-1 Preference shares along with a true up clause of $4,874 included in Financial instruments carried at fair value (Refer to Note 18), resulted in gain of extinguishment of liability of amount $1,141. As of December 31, 2015, the 10% notes balance consists of $1,485 of the 10% note with the holder Ray Capital Inc, $1,000 of the 10% note with the holder Cheyenne Holding Ltd, $2,500 of the 10% note with the holder Oppenheim Capital Ltd and $1,215 of the 10% note with the holder Labroy Shiptrade Limited, all of which are guaranteed by one of the Company's vessels, Newlead Castellano. Refer to Note 23 for subsequent events. | |||||
[6] | Pursuant to two unit purchase agreements (please see note 5), 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 ("VAG note") and $24,000 ("VPP note") respectively. In respect of the unit purchase agreement dated December 9, 2013 the Company had previously issued a $6,000 promissory note, which was due and payable in one balloon payment on October 21, 2013. This promissory note was included in the December Settlement Agreement (please see note 5) and during June 2014, the full amount of $6,000 had been fully repaid in cash through the December Settlement Agreement and the Company had been released. The remaining senior secured notes were due on December 31, 2014 at the Company's option, in cash by the option of wire transfer or by issuance of common shares. Borrowings under the VAG note bear fixed interest rate of 8% and under VPP note bear fixed interest rate of 3.9%. VAG note was convertible into common shares at a conversion price equal to the average of the 60 trading days and VPP note was convertible into common shares at a conversion price equal to the average of the 10 trading days. On January 5, 2015 the conversion price of the VPP note was amended to be the closing price of the trading day immediately prior to the date of issuance of shares. As security for the VPP note Pallas Highwall Mining LLC pledged the 100% of the membership interest in Viking Prep Plant LLC, which were acquired through VPP note until the full value of the VPP note is received. In relation to VAG 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 one common share of the Company's common stock. Accordingly, immediately following the closing, the remaining balance on the VAG note was $9,000, which amount was 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. During 2013, the Company issued one common share for the total amount of installments and accrued interest of $3,187. During 2014, the Company issued 852 shares for the total amount of installments of $1,500 and true up liability. During the fiscal year 2014, the holder of the note has sold the shares issued upon conversion of the note and collected from the share sale proceeds amount of $9,733, including interest. With effective date 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. 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 included in discontinued operations. The result of the amendment was to settle the remaining balance of the VAG note and the Company was released and discharged from any liabilities whatsoever under the VAG note. In relation to VPP note, the Company paid $10,000 of principal on the VPP note through issuing one common share of the Company's common stock. Accordingly, immediately following the closing, the remaining balance on the VPP note was $14,000, which amount was 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 outstanding amount of VPP note was $8,400. During 2013, the Company issued one common share for the total amount of installments and accrued interest of $2,834. During 2014, the Company issued 86,186 shares for the total amount of installments and accrued interest of $2,872 and true up liability. Following the conversion of the VPP note to common shares, the holder of the VPP note collected from the sale of the common shares amount of $11,424, including interest. On January 5, 2015, the Company signed an addendum to the VPP note, in order to extend the maturity date to August 31, 2015.On August 28, 2015, the Company signed an addendum to the VPP note, in order to extend the maturity date to June 30, 2016. During 2015, the Company issued 2,273,546 common shares for the total amount of principal of $247. As of December 31, 2015, the outstanding balance of the VPP note is $8,153. However, there is a true up clause liability of $4,505, please see Note18. | |||||
[7] | 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 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 common shares and the Company has been fully released.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 senior secured convertible redeemable debenture was signed with TCA Global Credit Master Fund, LLP ("TCA debenture") and has maturity date February 24, 2017. The TCA debenture is payable in immediately available and lawful money of United States dollars by later than February 24, 2017. The TCA 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 TCA debenture bear a fixed interest rate of 10.5% per annum on the unpaid principal balance. Part of the specific TCA debenture has been used for the repayment of the loan facility with Natixis in respect of vessel Sofia. As the TCA debenture is convertible into a variable number of shares, the TCA debenture is required to be carried at fair value pursuant to ASC 480. Therefore, its fair value is determined by dividing the principal amount of $4,250 by 85%, being $5,000. In addition, the Company has issued with the same third party three senior secured convertible redeemable debentures, each one of total amount of $600 ("$600 TCA") with duration 12, 18 and 24 months respectively, in consideration of investment, banking and advisory services. The three $600 TCA 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%.The three $600 TCA bear no fixed interest rate per annum on the unpaid principal balance. Because these $600 TCA are convertible into a variable number of shares, these$600 TCA are required to be carried at fair value pursuant to ASC 480. Therefore, its fair value is determined by dividing the principal amount of $1,800 by 85%, being $2,118. As of December 31, 2015, in respect of the $600 TCA with maturity period 12 months, the aggregate of 1,380,875 common shares were issued for the conversion of principal of amount $430.The converted balance contains a true up liability clause. Amounts drawn under TCA Global Credit Master Fund, LLP is secured by first priority mortgage on Sofia and vessel-owning subsidiary. Please refer to Note 18. 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. The unsecured convertible note can be converted into Company's common shares in an amount of shares equal to the converted amount divided by the closing price the trading date immediately prior to the date of issuance of shares. The third party has converted the full amount of $150 into 281,019 common shares including interest. This note contains true up liability clause and as a result the third party requested additionally 500,000 common shares in order to collect the amount of $150 including interest. The remaining true up liability of $127 including accrued interest, is included in financial instruments measured at fair value (please see Note 18), after considering the proceeds of the sale of the shares issued. |
Note 14 - Lease Obligations (De
Note 14 - Lease Obligations (Details) - USD ($) $ in Thousands | May. 12, 2014 | Mar. 10, 2014 | Dec. 31, 2014 | Dec. 31, 2015 | Nov. 13, 2014 | Oct. 23, 2014 |
Note 14 - Lease Obligations (Details) [Line Items] | ||||||
Capital Lease Obligations, Current | $ 5,225 | $ 37,219 | ||||
Capital Lease Obligations, Noncurrent | 32,785 | |||||
HandyMar AS [Member] | ||||||
Note 14 - Lease Obligations (Details) [Line Items] | ||||||
Minimum Lease Payments, Sale Leaseback Transactions | 27,266 | |||||
Minimum Lease Payments, Sale Leaseback Transactions, Next Twelve Months | 138 | 27,320 | ||||
Vessel Newlead Albion [Member] | ||||||
Note 14 - Lease Obligations (Details) [Line Items] | ||||||
Purchase Obligation | $ 18,275 | |||||
Minimum Lease Payments, Sale Leaseback Transactions | 13,697 | 13,654 | ||||
Vessel Newlead Albion [Member] | HandyMar AS [Member] | ||||||
Note 14 - 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 | |||||
Loss on Sale Leaseback Transaction | 525 | |||||
Vessel Newlead Venetico [Member] | ||||||
Note 14 - Lease Obligations (Details) [Line Items] | ||||||
Minimum Lease Payments, Sale Leaseback Transactions | 13,708 | $ 13,666 | ||||
Vessel Newlead Venetico [Member] | HandyMar AS [Member] | ||||||
Note 14 - 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 | |||||
Loss on Sale Leaseback Transaction | $ 625 | |||||
Transportation Equipment [Member] | ||||||
Note 14 - Lease Obligations (Details) [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | 4,625 | |||||
Transportation Equipment [Member] | Vessel Newlead Albion [Member] | ||||||
Note 14 - Lease Obligations (Details) [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | 4,400 | |||||
Transportation Equipment [Member] | Vessel Newlead Venetico [Member] | ||||||
Note 14 - Lease Obligations (Details) [Line Items] | ||||||
Purchase Obligation | $ 18,500 | |||||
Vessel Katerina L [Member] | Flegra Compania S.A. [Member] | ||||||
Note 14 - Lease Obligations (Details) [Line Items] | ||||||
Capital Leases, Future Minimum Payments Due | $ 5,372 | |||||
Vessel Ioli [Member] | Frourio Compania S.A. [Member] | ||||||
Note 14 - Lease Obligations (Details) [Line Items] | ||||||
Capital Leases, Future Minimum Payments Due | $ 5,407 |
Note 14 - Lease Obligations (77
Note 14 - Lease Obligations (Details) - Future Minimum Lease Payments $ in Thousands | Dec. 31, 2015USD ($) |
Future Minimum Lease Payments [Abstract] | |
December 31, 2016 | $ 9,705 |
December 31, 2017 | 3,805 |
December 31, 2018 | 9,856 |
December 31, 2019 | 28,607 |
Total minimum lease payments | 51,973 |
Less: imputed interest | (14,754) |
Present value of minimum lease payments | $ 37,219 |
Note 15 - Segment Information78
Note 15 - Segment Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013USD ($) | |
Note 15 - Segment Information (Details) [Line Items] | |||
Number of Reportable Segments | 3 | ||
Dry Operations [Member] | |||
Note 15 - Segment Information (Details) [Line Items] | |||
Sales Revenue, Goods, Net (in Dollars) | $ 7,140 | ||
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | Wet Operations [Member] | |||
Note 15 - Segment Information (Details) [Line Items] | |||
Concentration Risk, Percentage | 57.00% | 11.00% | |
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | Dry Operations [Member] | |||
Note 15 - Segment Information (Details) [Line Items] | |||
Concentration Risk, Percentage | 43.00% | 89.00% | 100.00% |
Note 15 - Segment Information79
Note 15 - Segment Information (Details) - Summarized Financial Information by Segment - USD ($) $ in Thousands | Nov. 24, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ||||
Voyage expenses | $ (5,150) | $ (1,640) | $ (1,006) | |
Vessel operating expenses | (14,044) | (6,523) | (4,598) | |
Selling, general and administrative expenses | (22,099) | (34,346) | (52,848) | |
Depreciation, depletion and amortization expense | (6,922) | (4,656) | (2,860) | |
Segment operating loss | (21,246) | (35,596) | (54,198) | |
Other (expense) / income, net | (67) | 542 | 46 | |
Gain on extinguishment of liabilities, net | $ 1,470 | 3,424 | ||
Loss on sale from vessels and other fixed assets, net | (177) | |||
Loss from continuing operations | (40,633) | |||
Total assets | 121,769 | 190,323 | ||
Goodwill | 236 | 236 | $ 0 | |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 27,810 | 12,077 | ||
Commissions | (397) | (1,166) | ||
Voyage expenses | (5,150) | (1,640) | ||
Vessel operating expenses | (14,044) | (6,523) | ||
Selling, general and administrative expenses | (22,099) | (34,346) | ||
Operating loss before depreciation and amortization and impairment losses | (13,880) | (31,598) | ||
Depreciation, depletion and amortization expense | (6,152) | (3,789) | ||
Impairment losses | (1,214) | (209) | ||
Segment operating loss | (21,246) | (35,596) | ||
Interest and finance expense, net | (20,474) | (5,870) | ||
Other (expense) / income, net | (67) | 542 | ||
Loss on sale and leaseback transaction | (1,150) | |||
Gain on extinguishment of liabilities, net | 3,424 | |||
Change in fair value of financial instruments | (127) | (5,231) | ||
Loss on sale from vessels and other fixed assets, net | (177) | |||
Loss from continuing operations | (38,667) | (47,305) | ||
Total assets | 120,772 | 131,625 | ||
Goodwill | 236 | 236 | ||
Long lived assets | 111,440 | 121,244 | ||
Wet Operations [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 15,734 | 1,352 | ||
Commissions | (230) | (17) | ||
Voyage expenses | (3,130) | (469) | ||
Vessel operating expenses | (6,079) | (824) | ||
Selling, general and administrative expenses | (11,002) | (2,835) | ||
Operating loss before depreciation and amortization and impairment losses | (4,708) | (2,793) | ||
Depreciation, depletion and amortization expense | (1,464) | (179) | ||
Segment operating loss | (6,172) | (2,972) | ||
Interest and finance expense, net | (7,992) | (516) | ||
Other (expense) / income, net | 60 | 22 | ||
Gain on extinguishment of liabilities, net | 523 | |||
Change in fair value of financial instruments | (63) | (247) | ||
Loss from continuing operations | (13,644) | (3,713) | ||
Total assets | 33,228 | 31,825 | ||
Goodwill | 236 | 236 | ||
Long lived assets | 29,745 | 31,208 | ||
Dry Operations [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 12,076 | 10,725 | ||
Commissions | (167) | (1,149) | ||
Voyage expenses | (2,020) | (1,171) | ||
Vessel operating expenses | (7,965) | (5,699) | ||
Selling, general and administrative expenses | (11,097) | (31,511) | ||
Operating loss before depreciation and amortization and impairment losses | (9,173) | (28,805) | ||
Depreciation, depletion and amortization expense | (4,688) | (3,610) | ||
Impairment losses | (1,214) | (209) | ||
Segment operating loss | (15,075) | (32,624) | ||
Interest and finance expense, net | (12,482) | (5,354) | ||
Other (expense) / income, net | (127) | 520 | ||
Loss on sale and leaseback transaction | (1,150) | |||
Gain on extinguishment of liabilities, net | 2,901 | |||
Change in fair value of financial instruments | (64) | (4,984) | ||
Loss on sale from vessels and other fixed assets, net | (177) | |||
Loss from continuing operations | (25,024) | (43,592) | ||
Total assets | 87,544 | 99,800 | ||
Long lived assets | $ 81,696 | $ 90,036 |
Note 16 - Share Based Compens80
Note 16 - Share Based Compensation (Details) $ / shares in Units, $ in Thousands | Mar. 04, 2016 | Dec. 15, 2015shares | Nov. 24, 2015USD ($)shares | Jul. 15, 2015shares | Aug. 04, 2014USD ($)$ / sharesshares | Jul. 15, 2014 | May. 15, 2014 | May. 12, 2014shares | Mar. 11, 2014shares | Mar. 06, 2014 | Jan. 07, 2014shares | Dec. 06, 2013 | Oct. 17, 2013 | Sep. 06, 2013USD ($) | May. 31, 2013shares | Apr. 01, 2013shares | Jan. 02, 2013shares | Jan. 02, 2012shares | Dec. 21, 2011shares | Oct. 13, 2009shares | Sep. 30, 2015shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2014shares | Jan. 10, 2014USD ($) | Dec. 31, 2013USD ($)shares | Dec. 31, 2012shares | Dec. 31, 2011shares | May. 16, 2016shares | Apr. 10, 2014$ / sharesshares | Jan. 03, 2014$ / sharesshares | Jun. 30, 2013$ / shares | Jan. 01, 2012shares | |
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,666,667 | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 150,313 | |||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 547,919 | 9,000 | 1 | |||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 0.0001 | $ 6.6 | $ 13,125,000 | $ 135,000,000 | ||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities (in Dollars) | $ | $ 37,553 | |||||||||||||||||||||||||||||||||
Share-Based Compensation, Employment Agreement, Shares Issued | 1 | |||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt (in Dollars) | $ | $ 1,470 | $ 3,424 | ||||||||||||||||||||||||||||||||
Allocated Share-based Compensation Expense (in Dollars) | $ | $ 7,745 | |||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Reverse Stock Splits | 300 | 337,500,000 | ||||||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2 | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 219 days | |||||||||||||||||||||||||||||||||
Employees, Directors, Officers and Consultants [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 7,745,000 | |||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 0.0001 | |||||||||||||||||||||||||||||||||
Executive Officer One [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Share-Based Compensation, Employment Agreement, Shares Issued | 12,731 | |||||||||||||||||||||||||||||||||
Executive Offcer Two [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Share-Based Compensation, Employment Agreement, Base Salary (in Dollars) | $ | $ 1,500 | |||||||||||||||||||||||||||||||||
Share-Based Compensation, Employment Agreement, Trading Days | 60 days | |||||||||||||||||||||||||||||||||
Share-Based Compensation, Employment Agreement, Bonus (in Dollars) | $ | $ 4,500 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Severance Agreement, Executive Compensation, Minimum (in Dollars) | $ | $ 1,500 | |||||||||||||||||||||||||||||||||
Executives [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Severance Agreement, Executive Compensation, Maximum (in Dollars) | $ | $ 5,000 | |||||||||||||||||||||||||||||||||
First Amendment [Member] | Executive Offcer Two [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Share-Based Compensation, Employment Agreement, Shares Issued | 1 | 1 | ||||||||||||||||||||||||||||||||
Share-Based Compensation, Employment Agreement, Trading Days | 30 days | |||||||||||||||||||||||||||||||||
Second Amendment [Member] | Executive Offcer Two [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - 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 Per Person [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Reverse Stock Splits | 300 | |||||||||||||||||||||||||||||||||
Series B Preference Shares [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 16,930 | 4,672 | ||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exchanged During Period, Value (in Dollars) | $ | $ 5,642 | |||||||||||||||||||||||||||||||||
Class of Warrant, Shares Issued from Exercise of Warrants | 5,656 | |||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities (in Dollars) | $ | $ 68 | |||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt (in Dollars) | $ | $ 20 | |||||||||||||||||||||||||||||||||
Stock Granted, Value, Share-based Compensation, Gross (in Dollars) | $ | 35,317 | |||||||||||||||||||||||||||||||||
Series B Preference Shares [Member] | Chief Financial Officer [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Issued During Period, Value (in Dollars) | $ | $ 2,094 | |||||||||||||||||||||||||||||||||
Series B Preference Shares [Member] | Two Executive Officers [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 547,919 | |||||||||||||||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 300 | |||||||||||||||||||||||||||||||||
Performance Bonuses, True-up Adjustments [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 96,195 | 53,325 | ||||||||||||||||||||||||||||||||
Performance Bonuses, True-up Adjustments [Member] | Employees, Directors, Officers and Consultants [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 260 | 860 | ||||||||||||||||||||||||||||||||
Performance Bonuses, True-up Adjustments [Member] | Employees, Officers and Directors [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 535 | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 12,731,000 | |||||||||||||||||||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 403 | 39,541 | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | [1],[2],[3],[4] | 41,039 | ||||||||||||||||||||||||||||||||
Allocated Share-based Compensation Expense (in Dollars) | $ | $ 14,156 | $ 23,402 | $ 25,193 | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | [1],[3] | 334 | ||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Employees, Officers and Directors [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - 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 16 - 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 16 - 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] | Employees and Consultants [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - 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 | |||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Non-executive Directors [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,556 | |||||||||||||||||||||||||||||||||
Employee Stock Option [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||||||||||||||||||
Second Amended and Restated 2005 Equity Incentive Plan [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - 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 | 51,576 | 8,149 | 8,149 | |||||||||||||||||||||||||||||||
Second Amended and Restated 2005 Equity Incentive Plan [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,157,901 | |||||||||||||||||||||||||||||||||
Vesting on January 1, 2011 and January 1, 2012 [Member] | Restricted Stock [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 370 | |||||||||||||||||||||||||||||||||
Vesting on January 1, 2012 [Member] | Restricted Stock [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 185 | |||||||||||||||||||||||||||||||||
Three-year Vesting Schedule [Member] | Restricted Stock [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - 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 | ||||||||||||||||||||||||||||||||
Three-year Vesting Schedule [Member] | Restricted Stock [Member] | Employees, Officers and Directors [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - 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 | |||||||||||||||||||||||||||||||||
Vesting on January 1, 2012 and January 1, 2013 [Member] | Restricted Stock [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 11 | |||||||||||||||||||||||||||||||||
Vesting on April 1, 2013 [Member] | Restricted Stock [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 339 | 113 | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 37 | 205 | 118 | |||||||||||||||||||||||||||||||
Four-year Vesting Schedule [Member] | Restricted Stock [Member] | Employees, Officers and Directors [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - 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% | |||||||||||||||||||||||||||||||||
Share-based Compensation Award, Tranche One [Member] | Restricted Stock [Member] | Chairman and Management [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 40.00% | |||||||||||||||||||||||||||||||||
Share-based Compensation Award, Tranche Two [Member] | Restricted Stock [Member] | Chairman and Management [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 30.00% | |||||||||||||||||||||||||||||||||
Share-based Compensation Award, Tranche Three [Member] | Restricted Stock [Member] | Chairman and Management [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 30.00% | |||||||||||||||||||||||||||||||||
Reverse Stock Split [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 50 | 50 | 10 | 3 | 15 | |||||||||||||||||||||||||||||
Reverse Stock Split [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||
Note 16 - Share Based Compensation (Details) [Line Items] | ||||||||||||||||||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 300 | |||||||||||||||||||||||||||||||||
[1] | 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. | |||||||||||||||||||||||||||||||||
[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] | On April 1, 2013, the Company granted in recognition of the significant work performed by these individuals in connection with the Restructuring of the Company 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 to vest 30% on April 1, 2014 and 30% on April 1, 2015; (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. |
Note 16 - Share Based Compens81
Note 16 - Share Based Compensation (Details) - Summary of Other Current Liabilities - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Note 16 - Share Based Compensation (Details) - Summary of Other Current Liabilities [Line Items] | ||
Other current liabilities | $ 37,352 | $ 7,745 |
Chief Executive Officer [Member] | Series B Preference Shares [Member] | ||
Note 16 - Share Based Compensation (Details) - Summary of Other Current Liabilities [Line Items] | ||
Other Current Liabilities | 24,930 | |
Employees, Directors, Officers and Consultants [Member] | Series B Preference Shares [Member] | ||
Note 16 - Share Based Compensation (Details) - Summary of Other Current Liabilities [Line Items] | ||
Other Current Liabilities | 10,387 | |
Employees, Directors, Officers and Consultants [Member] | Stock Warrants [Member] | ||
Note 16 - Share Based Compensation (Details) - Summary of Other Current Liabilities [Line Items] | ||
Other Current Liabilities | $ 2,035 | $ 7,745 |
Note 16 - Share Based Compens82
Note 16 - Share Based Compensation (Details) - Summary of Activity Relating to Restricted Common Shares - $ / shares | Oct. 13, 2009 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 16 - Share Based Compensation (Details) - Summary of Activity Relating to Restricted Common Shares [Line Items] | ||||||
Granted (4) | 1,666,667 | |||||
Vested (1), (2), (3), (4) | (150,313) | |||||
Restricted Stock [Member] | ||||||
Note 16 - Share Based Compensation (Details) - Summary of Activity Relating to Restricted Common Shares [Line Items] | ||||||
Number of Shares, Outstanding | 1,832 | |||||
Weighted Average Fair Values, Outstanding | $ 445.50 | |||||
Weighted Average Vesting Period (Years), Outstanding | 2 years 328 days | |||||
Granted (4) | 403 | 39,541 | ||||
Granted (4) | $ 285.85 | |||||
Granted (4) | 292 days | |||||
Forfeited (2), (3) | [1],[2] | (334) | ||||
Forfeited (2), (3) | [1],[2] | $ 359.03 | ||||
Vested (1), (2), (3), (4) | [1],[2],[3],[4] | (41,039) | ||||
Vested (1), (2), (3), (4) | [1],[2],[3],[4] | $ 292.27 | ||||
Number of Shares, Outstanding | ||||||
Weighted Average Fair Values, Outstanding | ||||||
[1] | 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. | |||||
[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] | 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. | |||||
[4] | On April 1, 2013, the Company granted in recognition of the significant work performed by these individuals in connection with the Restructuring of the Company 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 to vest 30% on April 1, 2014 and 30% on April 1, 2015; (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. |
Note 17 - Common Shares, Pref83
Note 17 - Common Shares, Preference Shares and Dividends (Details) | Mar. 04, 2016$ / shares | Dec. 31, 2015$ / sharesshares | Dec. 29, 2015shares | Nov. 24, 2015USD ($)shares | Oct. 05, 2015USD ($)shares | Aug. 04, 2014USD ($) | Jul. 15, 2014$ / shares | May. 15, 2014$ / shares | Mar. 06, 2014$ / shares | Mar. 04, 2014USD ($)$ / sharesshares | Dec. 06, 2013 | Oct. 17, 2013$ / shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013shares | Oct. 24, 2014$ / shares | Jul. 14, 2014$ / shares | Jun. 14, 2014$ / shares | May. 14, 2014$ / shares |
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 2,214,549 | 150,338 | 1 | ||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 3,849,982 | 383,675 | 1 | ||||||||||||||||
Stock Issued During Period, Shares, Other | 3,849,982 | 517 | |||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock (in Dollars) | $ | $ 2,500,000 | ||||||||||||||||||
Number of Preference Shares | 2 | ||||||||||||||||||
Gain (Loss) on Extinguishment of Liabilities (in Dollars) | $ | $ 10 | ||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ / shares | $ 0.00001 | $ 0.50 | $ 5 | $ 0.10 | $ 0.01 | $ 0.00001 | $ 0.00001 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.10 | ||||||||
Cancelled Paid-up Share Capital per Share (in Dollars per share) | $ / shares | $ 0.49 | $ 4.99 | |||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 300 | ||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ / shares | $ 0.00001 | ||||||||||||||||||
Cancelled Paid-up Share Capital per Share (in Dollars per share) | $ / shares | $ 0.00999 | ||||||||||||||||||
Nepheli Marine Company, Aeolus Compania Naviera S.A. and Kastro Compania Naviera S.A. [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 1,231,356 | ||||||||||||||||||
Acquisition of VAG and VPP [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 2,273,546 | 90,032 | 4 | ||||||||||||||||
Warrant [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,983 | 1 | |||||||||||||||||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants (in Dollars) | $ | $ 7,745,000 | ||||||||||||||||||
Hanover [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 1 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,563 | ||||||||||||||||||
Convertible Debt [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 6,398,082,230 | 6,398,082,230 | |||||||||||||||||
Preferred Class A [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants (in Dollars) | $ | $ 35,052,000 | ||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 10.75% | ||||||||||||||||||
Preferred Stock, Conversion Price Per Share (in Dollars per share) | $ / shares | $ 7,500,000 | ||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock (in Dollars) | $ | $ 2,500 | ||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 103,832 | ||||||||||||||||||
Preferred Stock, Redemption Price per Share plus Accrued and Unpaid Didvidends (in Dollars per share) | $ / shares | $ 10,000 | ||||||||||||||||||
Preferred Stock, Redemption Price Per Share (in Dollars per share) | $ / shares | $ 10,000 | ||||||||||||||||||
Shares, Issued | 1,235 | 1,235 | |||||||||||||||||
Preferred Class A [Member] | Ironridge Global IV Ltd [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference 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 | ||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 750 | ||||||||||||||||||
Series A-1 Preference Shares [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,725 | ||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.00% | ||||||||||||||||||
Preference Shares, Numbers | 7,000 | ||||||||||||||||||
Preference Shares, Fair Value (in Dollars) | $ | $ 10,000,000 | ||||||||||||||||||
Preference Shares, Voting Right, Percent of Then Outstanding Common Stock | 2.00% | ||||||||||||||||||
Perference Shares, Face Value (in Dollars) | $ | $ 10,000 | ||||||||||||||||||
Preference Shares, Conversion Price (in Dollars per share) | $ / shares | $ 300 | ||||||||||||||||||
Shares, Issued | 2,827 | 2,827 | |||||||||||||||||
Shares, Outstanding | 2,827 | ||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 10,000 | $ 10,000 | |||||||||||||||||
Dividends (in Dollars) | $ | $ 235,000 | ||||||||||||||||||
Series A-1 Preference Shares [Member] | Network 1Financial Securities Inc., Adam Pasholk, and Damon Testaverde [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 101 | ||||||||||||||||||
Series A-1 Preference Shares [Member] | Maximum [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Percentage of Ownership, Common Stock, Per Preference Shares Holder (in Dollars) | $ | 0.0499 | ||||||||||||||||||
Series B Preference Shares [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 22,586 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1 | ||||||||||||||||||
Preference Shares, Numbers | 100,000 | ||||||||||||||||||
Preference Shares, Fair Value (in Dollars) | $ | $ 1,000,000 | ||||||||||||||||||
Perference Shares, Face Value (in Dollars) | $ | $ 1,000 | ||||||||||||||||||
Preference Shares, Conversion Price (in Dollars per share) | $ / shares | $ 300 | ||||||||||||||||||
Shares, Issued | 35,317 | 35,317 | |||||||||||||||||
Shares, Outstanding | 35,317 | 35,317 | |||||||||||||||||
Series B Preference Shares [Member] | Maximum [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Preference Shares, Voting Right, Percent of Then Outstanding Common Stock | 34.00% | ||||||||||||||||||
Percentage of Ownership, Common Stock, Per Preference Shares Holder (in Dollars) | $ | $ 0.0499 | ||||||||||||||||||
Series B Preference Shares [Member] | Employees, Directors, Officers and Consultants [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 12,731 | ||||||||||||||||||
Coal Acquisition [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued | 2 | ||||||||||||||||||
Dominion Capital LLC [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 1 | ||||||||||||||||||
Stock Issued During Period, Shares, Other | 468 | ||||||||||||||||||
Loans Payable [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Other | 1,556 | ||||||||||||||||||
Loans Payable [Member] | Good Faith [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 11,525,582 | ||||||||||||||||||
Loans Payable [Member] | Tiger Equity Partners LTD [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 296,087 | ||||||||||||||||||
Loans Payable [Member] | New Coal Holding LLC [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1 | ||||||||||||||||||
Reverse Stock Split [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 50 | 50 | 10 | 3 | 15 | ||||||||||||||
Reverse Stock Split [Member] | Subsequent Event [Member] | |||||||||||||||||||
Note 17 - Common Shares, Preference Shares and Dividends (Details) [Line Items] | |||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 300 |
Note 18 - Financial Instrumen84
Note 18 - Financial Instruments Carried at Fair Value (Details) - USD ($) | Nov. 24, 2015 | Nov. 24, 2014 | Aug. 04, 2014 | Apr. 10, 2014 | Jan. 03, 2014 | Dec. 10, 2013 | Jun. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jan. 31, 2014 | Sep. 03, 2013 | Oct. 13, 2009 |
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | $ (127,000) | $ (4,480,000) | $ 278,000 | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | |||||||||||||
Derivative, Fair Value, Net | $ 10,067,000 | $ 39,300,000 | |||||||||||||
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% | 1.31% | 1.78% | ||||||||||||
Derivative, Notional Amount | $ 10,069,000 | $ 39,429,000 | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300 | ||||||||||||||
Accounts Payable, Trade, Current | 15,149,000 | 14,210,000 | |||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 1,470,000 | 3,424,000 | |||||||||||||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ (127,000) | $ (5,231,000) | 262,000 | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 9,000 | 1 | 547,919 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 0.0001 | $ 6.6 | $ 13,125,000 | $ 135,000,000 | |||||||||||
Proceeds from Issuance of Warrants | $ 6,400,000 | 250,000 | |||||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 7,745,000 | $ 1,492,000 | $ 113,000 | $ 6,122,000 | |||||||||||
Class of Warrant or Right, Outstanding (in Shares) | 1 | ||||||||||||||
Allocated Share-based Compensation Expense | 7,745,000 | ||||||||||||||
Director [Member] | |||||||||||||||
Note 18 - 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 | ||||||||||||||
Proceeds from Issuance of Warrants | $ 217,000 | ||||||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 217,000 | ||||||||||||||
Second Issuance [Member] | |||||||||||||||
Note 18 - 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) | $ 16,875,000 | ||||||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 56,000 | ||||||||||||||
Series B Preference Shares [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 20,000 | ||||||||||||||
Class of Warrant or Right, Exchanged During Period, Value | 5,642,000 | ||||||||||||||
Series B Preference Shares [Member] | Chief Financial Officer [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Class of Warrant or Right, Issued During Period, Value | $ 2,094,000 | ||||||||||||||
Series A-1 Preference Shares [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Share Price (in Dollars per share) | $ 10,000 | ||||||||||||||
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Number of Shares (in Shares) | 536,000 | ||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Class of Warrant or Right, Exchanged During Period, Value | $ 5,656,000 | ||||||||||||||
Series B Preferred Stock [Member] | Chief Financial Officer [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Class of Warrant or Right, Issued During Period, Value | $ 2,094,000 | ||||||||||||||
Convertible Common Stock [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Class of Warrant or Right, Exchanged During Period, Value | $ 68,000 | ||||||||||||||
Fair Value Option, Other Eligible Items [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 318.00% | 309.00% | |||||||||||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | |||||||||||||
Fair Value Assumptions, Expected Term | 3 years | ||||||||||||||
Share Price (in Dollars per share) | $ 0.0001 | $ 0.03 | |||||||||||||
Warrant [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 200.00% | ||||||||||||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 2.65% | ||||||||||||||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | $ 7,745,000 | ||||||||||||||
Warrant [Member] | First Issuance [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 183.00% | ||||||||||||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.73% | ||||||||||||||
Warrant [Member] | Second Issuance [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 183.00% | ||||||||||||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.73% | ||||||||||||||
Vendors [Member] | Series B Preference Shares [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Derivative, Notional Amount | $ 6,829,000 | ||||||||||||||
Dominion Capital LLC [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ (127,000) | $ (5,231,000) | |||||||||||||
New Coal Holding LLC [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 300,000 | ||||||||||||||
Investment Bank of Greece [Member] | |||||||||||||||
Note 18 - 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) | $ 3,240,000 | ||||||||||||||
Debt Issuance Costs, Net | $ 3,940,000 | ||||||||||||||
Deferred Finance Costs, Write Offs | $ 1,860,000 | ||||||||||||||
Interest Rate Swap [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Interest Rate Derivative Liabilities, at Fair Value | 269 | ||||||||||||||
Interest Rate Derivatives, at Fair Value, Net | 269,000 | ||||||||||||||
Derivative, Gain (Loss) on Derivative, Net | 498,000 | ||||||||||||||
Interest Rate Swap [Member] | Accrued Liabilities, Current [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Interest Rate Derivative Liabilities, at Fair Value | 1,562 | 1,475 | |||||||||||||
Convertible Notes and Loans 1 [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Derivative, Fair Value, Net | 220,000 | ||||||||||||||
Dominion Capital LLC [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Derivative Liability, Notional Amount | $ 200,000 | ||||||||||||||
Derivative, Fixed Interest Rate | 12.00% | 12.00% | |||||||||||||
Dominion Capital LLC [Member] | Dominion Capital LLC [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Derivative Liability, Notional Amount | $ 200,000 | ||||||||||||||
Convertible Notes and Loans 3 [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Derivative, Fair Value, Net | 220,000 | 6,290,000 | |||||||||||||
Derivative, Notional Amount | 220,000 | 6,330,000 | $ 3,051,000 | ||||||||||||
Vendors [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Derivative, Fair Value, Net | 5,007,000 | 13,378,000 | |||||||||||||
Derivative, Notional Amount | 5,007,000 | $ 13,378,000 | |||||||||||||
Accounts Payable, Trade, Current | $ 697,000 | ||||||||||||||
Settlement Agreement [Member] | Vendors [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Derivative, Notional Amount | $ 1,365,000 | ||||||||||||||
Minimum [Member] | Fair Value Option, Other Eligible Items [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Fair Value Assumptions, Expected Term | 4 years 146 days | ||||||||||||||
Maximum [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Fair Value Assumptions, Expected Term | 10 years | ||||||||||||||
Maximum [Member] | Fair Value Option, Other Eligible Items [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Fair Value Assumptions, Expected Term | 10 years | ||||||||||||||
Maximum [Member] | Warrant [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Fair Value Assumptions, Expected Term | 10 years | 5 years | |||||||||||||
Maximum [Member] | Warrant [Member] | Second Issuance [Member] | |||||||||||||||
Note 18 - Financial Instruments Carried at Fair Value (Details) [Line Items] | |||||||||||||||
Fair Value Assumptions, Expected Term | 5 years |
Note 18 - Financial Instrumen85
Note 18 - Financial Instruments Carried at Fair Value (Details) - Financial Instruments at Fair Value - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 722 | $ 402 |
Cash and cash equivalents | 722 | 402 |
Restricted cash | 31 | 31 |
Restricted cash | 31 | 31 |
Trade receivables, net | 4,303 | 3,342 |
Trade receivables, net | 4,303 | 3,342 |
Other receivables | 1,947 | 2,083 |
Other receivables | 1,947 | 2,083 |
Liabilities | ||
Accounts payable, trade | 15,149 | 14,210 |
Accounts payable, trade | 15,149 | 14,210 |
Current and Non Current portion of debt | 67,947 | 72,045 |
Current and Non Current portion of debt | 23,110 | 36,888 |
Current and Non Current portion of Convertible Notes | 90,849 | 97,121 |
Current and Non Current portion of Convertible Notes | 90,849 | 97,121 |
Current and Non Current Capital lease obligations | 37,219 | 38,010 |
Current and Non Current Capital lease obligations | 30,645 | 38,010 |
Financial instruments carried at fair value | 10,067 | 39,300 |
Financial instruments carried at fair value | $ 10,067 | $ 39,300 |
Note 18 - Financial Instrumen86
Note 18 - Financial Instruments Carried at Fair Value (Details) - Fair Value Hierarchy - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | |||
Cash and cash equivalents - Fair Value | $ 722 | $ 402 | |
Cash and cash equivalents - Carrying Amount | 722 | 402 | |
Restricted cash - Fair Value | 31 | 31 | |
Restricted cash- Carrying Amount | 31 | 31 | |
Liabilities | |||
Current and Non Current portion of debt - Fair Value | 23,110 | 36,888 | |
Current and Non Current portion of debt - Carrying Amount | 67,947 | 72,045 | |
Current and Non Current portion of Convertible Notes - Fair Value | 90,849 | 97,121 | |
Current and Non Current portion of Convertible Notes - Carrying Amount | 90,849 | 97,121 | $ 101,651 |
Current and Non Current Capital lease obligations - Fair Value | 30,645 | 38,010 | |
Current and Non Current Capital lease obligations - Carrying Amount | 37,219 | 38,010 | |
Financial instruments - Fair Value | 10,067 | 39,300 | |
Financial instruments - Carrying Amount | 10,067 | 39,300 | |
Fair Value, Inputs, Level 1 [Member] | |||
Assets | |||
Cash and cash equivalents - Fair Value | 722 | 402 | |
Restricted cash - Fair Value | 31 | 31 | |
Fair Value, Inputs, Level 2 [Member] | |||
Liabilities | |||
Current and Non Current portion of debt - Fair Value | 23,110 | 36,888 | |
Current and Non Current portion of Convertible Notes - Fair Value | 90,849 | 97,121 | |
Current and Non Current Capital lease obligations - Fair Value | 30,645 | 38,010 | |
Fair Value, Inputs, Level 3 [Member] | |||
Liabilities | |||
Financial instruments - Fair Value | $ 10,067 | $ 39,300 |
Note 18 - Financial Instrumen87
Note 18 - Financial Instruments Carried at Fair Value (Details) - Derivatives - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Note 18 - Financial Instruments Carried at Fair Value (Details) - Derivatives [Line Items] | |||
Notional Amount | $ 10,069 | $ 39,429 | |
Fair Value | 10,067 | 39,300 | |
Vendors [Member] | |||
Note 18 - Financial Instruments Carried at Fair Value (Details) - Derivatives [Line Items] | |||
Notional Amount | 5,007 | 13,378 | |
Fair Value | 5,007 | 13,378 | |
Convertible Notes and Loans 3 [Member] | |||
Note 18 - Financial Instruments Carried at Fair Value (Details) - Derivatives [Line Items] | |||
Notional Amount | 220 | 6,330 | $ 3,051 |
Fair Value | 220 | 6,290 | |
Share-based Compensation [Member] | |||
Note 18 - Financial Instruments Carried at Fair Value (Details) - Derivatives [Line Items] | |||
Notional Amount | 15,440 | ||
Fair Value | 15,440 | ||
VPP Acquisition [Member] | |||
Note 18 - Financial Instruments Carried at Fair Value (Details) - Derivatives [Line Items] | |||
Notional Amount | 4,507 | 4,281 | |
Fair Value | 4,505 | $ 4,192 | |
Thalassa Holdings SA-business Acquisition [Member] | |||
Note 18 - Financial Instruments Carried at Fair Value (Details) - Derivatives [Line Items] | |||
Notional Amount | 335 | ||
Fair Value | $ 335 |
Note 19 - Commitments and Con88
Note 19 - Commitments and Contingent Liabilities (Details) £ in Thousands, $ in Thousands | Oct. 13, 2015USD ($) | Mar. 03, 2015USD ($) | Jun. 21, 2013USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015GBP (£) | Dec. 18, 2014USD ($) | Sep. 30, 2013GBP (£) |
Note 19 - Commitments and Contingent Liabilities (Details) [Line Items] | |||||||||||
Advisory Agreements, Discontinued Operations, Expense | $ 647 | ||||||||||
Loss Contingency, Loss in Period | $ 3,641 | $ 3,457 | |||||||||
Protection and Indemnity Insurance Coverage | 1,000,000 | ||||||||||
Retained Earnings (Accumulated Deficit) (in Pounds) | (1,135,581) | $ (1,135,581) | (1,135,581) | $ (1,038,434) | |||||||
Pallas Consulting LLC [Member] | |||||||||||
Note 19 - Commitments and Contingent Liabilities (Details) [Line Items] | |||||||||||
Professional and Contract Services Expense | $ 6,558 | ||||||||||
Professional and Contract Services Fee Per Year | $ 2,950 | ||||||||||
Advisory Agreement, True up Liability Clause Term | 5 years | ||||||||||
Harmonia Shipping Management Inc [Member] | |||||||||||
Note 19 - Commitments and Contingent Liabilities (Details) [Line Items] | |||||||||||
Professional and Contract Services Expense | $ 390 | ||||||||||
Number of Bitumen Tankers | 5 | ||||||||||
Professional and Contract Services Fee, Due from the Sceonf Year, Per Year | $ 150 | ||||||||||
Transasia Commodities Limited [Member] | |||||||||||
Note 19 - Commitments and Contingent Liabilities (Details) [Line Items] | |||||||||||
Revenues | $ 82 | $ 0 | |||||||||
Retained Earnings (Accumulated Deficit) (in Pounds) | £ | £ (134,635) | ||||||||||
Transasia Commodities Limited [Member] | |||||||||||
Note 19 - Commitments and Contingent Liabilities (Details) [Line Items] | |||||||||||
Loss Contingency, Estimate of Lost Profit | $ 290 | ||||||||||
Loss Contingency, Damages Sought, Value | 10,000 | £ 10,000 | |||||||||
Loss Contingency, Damages Sought, Percentage | 25.00% | ||||||||||
Legal Fees | $ 1,500 | ||||||||||
Minimum [Member] | Transasia Commodities Limited [Member] | |||||||||||
Note 19 - Commitments and Contingent Liabilities (Details) [Line Items] | |||||||||||
Loss Contingency, Damages Sought, Value | $ 6,000 |
Note 19 - Commitments and Con89
Note 19 - Commitments and Contingent Liabilities (Details) - Committed Rent Payments - USD ($) $ in Thousands | Jan. 11, 2016 | Dec. 31, 2015 |
Note 19 - Commitments and Contingent Liabilities (Details) - Committed Rent Payments [Line Items] | ||
December 31, 2017 | $ 224 | |
December 31, 2018 | 400 | |
December 31, 2019 | 406 | |
December 31, 2020 | 412 | |
Thereafter | 408 | |
$ 2,083 | ||
Terra Norma and Terra Stabile [Member] | ||
Note 19 - Commitments and Contingent Liabilities (Details) - Committed Rent Payments [Line Items] | ||
December 31, 2016 | $ 224 | |
December 31, 2017 | 224 | |
December 31, 2018 | 400 | |
December 31, 2019 | 406 | |
December 31, 2020 | 412 | |
Thereafter | 408 | |
$ 2,074 |
Note 20 - Taxation (Details)
Note 20 - Taxation (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2035 | Dec. 31, 2034 | Dec. 31, 2033 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 20 - Taxation (Details) [Line Items] | ||||||
Minimum Stock Ownership Percentage For Tax Exemption | 50.00% | |||||
Beneficial Ownership Requirement, Percentage | 50.00% | |||||
Liability for Uncertainty in Income Taxes, Noncurrent | $ 0 | $ 0 | $ 0 | |||
Coal Washing [Member] | ||||||
Note 20 - Taxation (Details) [Line Items] | ||||||
Operating Loss Carryforwards | $ 38,091,000 | $ 13,494,000 | ||||
Scenario, Forecast [Member] | Coal Washing [Member] | ||||||
Note 20 - Taxation (Details) [Line Items] | ||||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 12,982,000 | $ 25,434,000 | $ 641,000 |
Note 20 - Taxation (Details) -
Note 20 - Taxation (Details) - Deferred Tax Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets and Liabilities [Abstract] | ||
Net operating loss carryforwards | $ 14,817 | $ 5,249 |
Property, Leased mineral rights and Mine development costs | 3,801 | (486) |
Goodwill | 8,419 | (684) |
Acquisitions Costs | 937 | |
Provision for doubtful accounts | 382 | |
Interest payable | 1,086 | 660 |
Allowance for credit receivable | 2,551 | 2,551 |
Notes payable | 2,194 | 2,194 |
Asset retirement obligations | 83 | |
Total deferred income tax assets, net | 33,250 | 10,504 |
Less valuation allowance | $ (33,250) | $ (10,504) |
Note 20 - Taxation (Details) 92
Note 20 - Taxation (Details) - Reconciliation of Company's Income Taxes - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Company's Income Taxes [Abstract] | ||
Tax benefit at federal statutory rate (35%) | $ (20,463) | $ (8,042) |
Goodwill impairment | 1,826 | |
State tax benefit, net of federal impact | (2,280) | (896) |
Other | (3) | 652 |
Change in valuation allowance | $ 22,746 | $ 6,460 |
Note 20 - Taxation (Details) 93
Note 20 - Taxation (Details) - Reconciliation of Company's Income Taxes (Parentheticals) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Company's Income Taxes [Abstract] | ||
Federal statutory rate | 35.00% | 35.00% |
Note 21 - Transactions Involv94
Note 21 - Transactions Involving Related Parties and Affiliates (Details) - USD ($) $ in Thousands | Nov. 24, 2015 | Aug. 19, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 21 - Transactions Involving Related Parties and Affiliates (Details) [Line Items] | ||||||
Stock Issued During Period, Shares, Issued for Services | 3,849,982 | 383,675 | 1 | |||
Terra Norma and Terra Stabile [Member] | ||||||
Note 21 - Transactions Involving Related Parties and Affiliates (Details) [Line Items] | ||||||
Operating Leases, Rent Expense (in Dollars) | $ 241 | $ 293 | $ 308 | |||
Stock Issued During Period, Shares, Issued for Services | 141,667 | 41 | 15,401 | 1 | ||
Related Party Transaction, Amounts of Transaction (in Dollars) | $ 121 | |||||
Issuance of Stock and Warrants for Services or Claims (in Dollars) | $ 416 | |||||
Aurora Properties Inc. [Member] | ||||||
Note 21 - Transactions Involving Related Parties and Affiliates (Details) [Line Items] | ||||||
Stock Issued During Period, Shares, Issued for Services | 10,287 | 1 | ||||
Stock Issued During Period, Value, Issued for Services (in Dollars) | $ 548 | |||||
Preferred Class A [Member] | Aurora Properties Inc. [Member] | ||||||
Note 21 - Transactions Involving Related Parties and Affiliates (Details) [Line Items] | ||||||
Stock Issued During Period, Shares, Issued for Services | 60 |
Note 22 - Discontinued Operat95
Note 22 - Discontinued Operations (Details) - USD ($) | Dec. 31, 2014 | Sep. 13, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 09, 2013 | Jan. 01, 2013 |
Note 22 - Discontinued Operations (Details) [Line Items] | |||||||
Restricted Cash and Cash Equivalents, Noncurrent | $ 31,000 | $ 31,000 | $ 31,000 | ||||
Goodwill, Impairment Loss | 1,826,000 | ||||||
Asset Retirement Obligations, Noncurrent | 1,050,000 | 1,050,000 | |||||
Coal Acquisition [Member] | |||||||
Note 22 - Discontinued Operations (Details) [Line Items] | |||||||
Other Expenses | $ 20,000,000 | ||||||
VPP [Member] | |||||||
Note 22 - Discontinued Operations (Details) [Line Items] | |||||||
Business Acquisition Purchases Price Allocation, Premium (Goodwill) Amount | $ 28,007,000 | ||||||
Viking Acquisition Group LLC [Member] | |||||||
Note 22 - Discontinued Operations (Details) [Line Items] | |||||||
Business Acquisition, Purchases Price Adjusted Amount | 3,300,000 | 3,300,000 | |||||
Leased Mineral Interests, Reduction to Net Liabilities | 8,444,000 | 8,444,000 | |||||
Business Combination, Consideration Transferred, Liabilities Incurred | 15,000,000 | $ 15,000,000 | |||||
Viking Acquisition Group LLC [Member] | Mining Properties and Mineral Rights [Member] | |||||||
Note 22 - Discontinued Operations (Details) [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 4,341,000 | 4,341,000 | |||||
Letter of Credit [Member] | |||||||
Note 22 - Discontinued Operations (Details) [Line Items] | |||||||
Restricted Cash and Cash Equivalents, Noncurrent | 102,000 | 102,000 | |||||
Selling, General and Administrative Expenses [Member] | Viking Acquisition Group LLC [Member] | |||||||
Note 22 - Discontinued Operations (Details) [Line Items] | |||||||
Allowance for Doubtful Other Receivables, Current | 6,558,000 | 6,558,000 | |||||
Coal Washing [Member] | |||||||
Note 22 - Discontinued Operations (Details) [Line Items] | |||||||
Anticipated Fair Value of Equity Securities | 0 | ||||||
Anticipated Value of Any Consideration to be Received in Form of Equity | 0 | ||||||
Impairment of Long-Lived Assets to be Disposed of | 55,675,000 | ||||||
Goodwill, Impairment Loss | $ 23,314,000 | 4,693,000 | |||||
Projected Inflation Rate | 2.00% | ||||||
Weighted Average Cost of Capital | 12.00% | ||||||
J Mining & Energy Group [Member] | Selling, General and Administrative Expenses [Member] | Kentucky Property [Member] | |||||||
Note 22 - Discontinued Operations (Details) [Line Items] | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 26,774,000 | $ 26,774,000 | |||||
Prime Mountain Shipping Ltd. [Member] | |||||||
Note 22 - Discontinued Operations (Details) [Line Items] | |||||||
Asset Retirement Obligations, Noncurrent | $ 1,077,000 | ||||||
Other Convertible Notes [Member] | Viking Acquisition Group LLC [Member] | |||||||
Note 22 - Discontinued Operations (Details) [Line Items] | |||||||
Leased Mineral Interests, Reduction to Net Liabilities | 4,500,000 | 4,500,000 | |||||
Purchase Cards to Banks [Member] | |||||||
Note 22 - Discontinued Operations (Details) [Line Items] | |||||||
Restricted Cash and Cash Equivalents, Noncurrent | $ 50,000 | 50,000 | |||||
Shipping [Member] | |||||||
Note 22 - Discontinued Operations (Details) [Line Items] | |||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 711,000 | $ 2,934,000 | $ 11,422,000 | ||||
Coal Business [Member] | |||||||
Note 22 - Discontinued Operations (Details) [Line Items] | |||||||
Impairment of Long-Lived Assets to be Disposed of | $ 32,361,000 |
Note 22 - Discontinued Operat96
Note 22 - Discontinued Operations (Details) - Summary of Assets and Liabilities as Held for Sale - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 28, 2013 | |
Long Lived Assets Held-for-sale [Line Items] | ||||
Cash and cash equivalents | $ 722 | $ 402 | ||
Trade receivables, net | 4,303 | 3,342 | ||
Other receivables | 1,947 | 2,083 | ||
Prepaid expenses | 383 | 777 | ||
Current assets held for sale | 10,004 | 11,763 | ||
Restricted cash | 31 | 31 | ||
Advances for acquisition of coal property | $ 10,847 | |||
Property, equipment and mine development costs, net | 9,469 | |||
Owned and leased mineral rights, land and building, net | 1,771 | |||
Other fixed assets | 477 | |||
Goodwill | 236 | 236 | $ 0 | |
Long-term assets held for sale | 111,765 | 178,560 | ||
Accounts payable, trade | 15,149 | 14,210 | ||
Accrued liabilities | 8,253 | 7,503 | ||
Current liabilities held for sale | 291,035 | 247,462 | ||
Asset retirement obligations | 1,050 | |||
Long-term liabilities held for sale | 5,941 | 52,978 | ||
Selling, general and administrative expenses | (22,099) | (34,346) | (52,848) | |
Depreciation and amortization expense | (6,922) | (4,656) | (2,860) | |
Impairment losses | 1,214 | 209 | ||
Interest and finance expense | 20,484 | 5,892 | 42,668 | |
Interest income | 10 | 22 | ||
Other income, net | (67) | 542 | 46 | |
Change in fair value of financial instruments | (127) | (5,231) | 262 | |
Net income (loss) from discontinued operations | (57,308) | (17,850) | (60,876) | |
Discontinued Operations, Held-for-sale [Member] | Coal Business [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Cash and cash equivalents | 6 | 2 | ||
Trade receivables, net | 11 | 568 | ||
Other receivables | 911 | 1,437 | ||
Prepaid expenses | 62 | 119 | ||
Other fixed assets | 7 | |||
Current assets held for sale | 997 | 2,126 | ||
Restricted cash | 152 | |||
Advances for acquisition of coal property | 21,855 | |||
Property, equipment and mine development costs, net | 9,469 | |||
Owned and leased mineral rights, land and building, net | 1,771 | |||
Other fixed assets | 11 | |||
Goodwill | 23,314 | |||
Long-term assets held for sale | 56,572 | |||
Accounts payable, trade | 2,077 | 3,984 | ||
Accrued liabilities | 1,293 | 389 | ||
Asset retirement obligations | 1,077 | |||
Current liabilities held for sale | 4,447 | 4,373 | ||
Asset retirement obligations | 1,050 | |||
Long-term liabilities held for sale | 1,050 | |||
Coal Revenue | 83 | 532 | 203 | |
Cost of coal processing and other related coal costs | (1,257) | (3,035) | (75) | |
Selling, general and administrative expenses | (1,990) | (9,201) | (29,045) | |
Accretion | (28) | (71) | (37) | |
Depreciation and amortization expense | (742) | (796) | (17) | |
Impairment losses | (55,675) | (9,034) | ||
Interest and finance expense | (14) | (22) | (20,002) | |
Interest income | 43 | |||
Other income, net | 1,604 | 318 | 1 | |
Change in fair value of financial instruments | 482 | (482) | ||
Net income (loss) from discontinued operations | (58,019) | (20,784) | (49,454) | |
Discontinued Operations, Held-for-sale [Member] | Shipping [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Net income (loss) from discontinued operations | $ 711 | $ 2,934 | $ (11,422) |
Note 22 - Discontinued Operat97
Note 22 - Discontinued Operations (Details) - Property, Equipment, and Mine Development Costs $ in Thousands | Dec. 31, 2014USD ($) |
Note 22 - Discontinued Operations (Details) - Property, Equipment, and Mine Development Costs [Line Items] | |
Property, equipment and mine development costs | $ 10,250 |
Less accumulated depreciation | (781) |
Total property, equipment and mine development costs, net | 9,469 |
Exploration and Production Equipment [Member] | |
Note 22 - Discontinued Operations (Details) - Property, Equipment, and Mine Development Costs [Line Items] | |
Property, equipment and mine development costs | 9,198 |
Mine Development [Member] | |
Note 22 - Discontinued Operations (Details) - Property, Equipment, and Mine Development Costs [Line Items] | |
Property, equipment and mine development costs | $ 1,052 |
Note 22 - Discontinued Operat98
Note 22 - Discontinued Operations (Details) - Owned and Leased Mineral Rights, Land and Buildings Net of Accumulated Depreciation $ in Thousands | Dec. 31, 2014USD ($) |
Note 22 - Discontinued Operations (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 |
Less accumulated depreciation and depletion | (19) |
Total owned and leased mineral rights, land and building, net | 1,771 |
Land [Member] | |
Note 22 - Discontinued Operations (Details) - Owned and Leased Mineral Rights, Land and Buildings Net of Accumulated Depreciation [Line Items] | |
Owned and leased mineral rights, land and building | 490 |
Building [Member] | |
Note 22 - Discontinued Operations (Details) - Owned and Leased Mineral Rights, Land and Buildings Net of Accumulated Depreciation [Line Items] | |
Owned and leased mineral rights, land and building | 266 |
Mining Properties and Mineral Rights [Member] | |
Note 22 - Discontinued Operations (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 |
Note 23 - Subsequent Events (De
Note 23 - Subsequent Events (Details) $ / shares in Units, € in Thousands, $ in Thousands | Apr. 07, 2016 | Mar. 22, 2016 | Mar. 11, 2016$ / shares | Mar. 04, 2016$ / shares | Feb. 02, 2016 | Jan. 11, 2016EUR (€) | Jan. 01, 2016EUR (€) | May. 13, 2016USD ($)shares | Mar. 02, 2016USD ($) | Dec. 31, 2015USD ($)$ / shares | Feb. 26, 2015USD ($) | Dec. 31, 2014USD ($)$ / shares | Oct. 24, 2014$ / shares | Jul. 15, 2014$ / shares | Jul. 14, 2014$ / shares | Jun. 14, 2014$ / shares | May. 15, 2014$ / shares | May. 14, 2014$ / shares | Mar. 06, 2014$ / shares | Oct. 17, 2013$ / shares | Nov. 23, 2010 | Oct. 08, 2010 |
Note 23 - Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||
Common Share Ratio | 300 | |||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.01 | $ 0.50 | $ 0.01 | $ 0.01 | $ 5 | $ 0.10 | $ 0.10 | $ 0.01 | ||||||||||||
Debt Instrument, Face Amount (in Dollars) | $ | $ 14,381 | $ 21,267 | ||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||
Note 23 - Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ / shares | $ 0.00001 | |||||||||||||||||||||
Paid-up Share Capital, Per Share (in Dollars per share) | $ / shares | $ 0.00999 | |||||||||||||||||||||
Shares Authorized in Connection with Annual Base Salary (in Shares) | 1,500 | |||||||||||||||||||||
Term of Time Charterer Agreement | 6 months | |||||||||||||||||||||
Aurora Onyx and Aurora Pearl [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Note 23 - Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||
Number of Transfer of Shares Agreements | 2 | |||||||||||||||||||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% | |||||||||||||||||||||
Transfer of Shares Agreement, Consideration of Per Share for Share Capital (in Dollars per share) | $ / shares | $ 1 | |||||||||||||||||||||
Kristas Shipping S.A. [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Note 23 - Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% | |||||||||||||||||||||
Conversion of Series A-1 Preferred Stock to Common Stock [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Note 23 - Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||
Conversion of Stock, Shares Issued (in Shares) | 1,025,642 | |||||||||||||||||||||
Conversion of Stock, Shares Converted (in Shares) | 2 | |||||||||||||||||||||
Aurora Onyx and Aurora Pearl [Member] | HSBC [Member] | ||||||||||||||||||||||
Note 23 - Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||
Number of Loan Agreements | 2 | 2 | ||||||||||||||||||||
Terra Norma S.A. and Nouvelle Marine Ltd. [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Note 23 - Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||
Number of Lease Agreements | 2 | 2 | ||||||||||||||||||||
Terra Norma S.A. [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Note 23 - Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||
Operating Leases, Rent Expense, Monthly Rate (in Euro) | € | € 1,540 | |||||||||||||||||||||
Nouvelle Marine Ltd. [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Note 23 - Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||
Operating Leases, Rent Expense, Monthly Rate (in Euro) | € | € 660 | |||||||||||||||||||||
Senior Secured Convertible Redeemable Debentures [Member] | ||||||||||||||||||||||
Note 23 - Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||
Debt Instrument, Face Amount (in Dollars) | $ | $ 600 | |||||||||||||||||||||
Conversion of Toledo Advisors LLC Note to Common Stock [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Note 23 - Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 24,914,032 | |||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||||||||||||||
Debt Conversion, Original Debt, Amount (in Dollars) | $ | $ 350 | |||||||||||||||||||||
Conversion of Pallas Highwall Mining, LLC Note to Common Stock [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Note 23 - Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 4,986,667 | |||||||||||||||||||||
Debt Conversion, Original Debt, Amount (in Dollars) | $ | $ 24,000 | |||||||||||||||||||||
Conversion of True Up Liability of Note to Common Stock [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Note 23 - Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 3,600,000 | |||||||||||||||||||||
Conversion of Atlas Long Term Growth Fund LLC Note to Common Stock [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Note 23 - Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 1,011,591 | |||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||||||||||||||
Debt Conversion, Original Debt, Amount (in Dollars) | $ | $ 300 | |||||||||||||||||||||
Conversion of Atlas Long Term Growth Fund LLC Note to Common Stock in Respect of Legal Fees [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Note 23 - Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 334,909 | |||||||||||||||||||||
Conversion of TCA Debenture to Common Stock [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Note 23 - Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 4,516,111 | |||||||||||||||||||||
Debt Conversion, Original Debt, Amount (in Dollars) | $ | $ 4,250 | |||||||||||||||||||||
Minimum [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Note 23 - Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||
Term of Time Charterer Agreement | 4 months | |||||||||||||||||||||
Maximum [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Note 23 - Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||
Term of Time Charterer Agreement | 7 months | |||||||||||||||||||||
Extension Debenture [Member] | Senior Secured Convertible Redeemable Debentures [Member] | TCA Global Credit Master Fund LP [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Note 23 - Subsequent Events (Details) [Line Items] | ||||||||||||||||||||||
Debt Instrument, Face Amount (in Dollars) | $ | $ 452 |
Note 23 - Subsequent Events 100
Note 23 - Subsequent Events (Details) - Schedule of Future Minimum Lease Payments $ in Thousands | Jan. 11, 2016USD ($) |
Schedule of Future Minimum Lease Payments [Abstract] | |
December 31, 2016 | $ 233 |
December 31, 2017 | 224 |
December 31, 2018 | 400 |
December 31, 2019 | 406 |
December 31, 2020 | 412 |
Thereafter | 408 |
$ 2,083 |