Freeseas (FREEF) 20-F 17 May 16 2015 FY Annual report (foreign) Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2015shares
Document and Entity Information [Abstract]
Entity Registrant Name	FREESEAS INC.
Entity Central Index Key	1,325,159
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	FREE
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding	0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 20	$ 45
Trade receivables, net of provision of $3,263 and $3,263 for 2015 and 2014, respectively.	$ 206	594
Due from related party		433
Inventories	$ 476	166
Deferred charges - current portion	8	16
Prepayments and other	515	$ 664
Guarantee Deposit	164
Other Current Assets	25	$ 25
Total current assets	1,413	1,943
Vessels, net	17,305	62,310
Leased vessel, net	7,000	11,826
Total non-current assets	17,305	62,310
Total assets	18,718	64,253
CURRENT LIABILITIES:
Accounts payable	7,715	8,444
Convertible notes, net	930	166
Accrued liabilities	$ 5,946	4,588
Unearned revenue		$ 52
Due to related party	$ 713
Put option liability	$ 2,575
Lease - current portion		$ 1,944
Bank loans - current portion	$ 17,598	17,598
Total current liabilities	$ 35,478	32,792
LONG - TERM LIABILITIES:
Lease - net of current portion		6,457
Total long - term liabilities		6,457
Total liabilities	$ 35,478	$ 39,249
Commitments and Contingencies
SHAREHOLDERS' (DEFICIT) EQUITY:
Preferred Stock, $0.001 par value; 5,000,000 shares authorized, Series D Convertible Preferred Stock, $0.001 par value, 250,000 shares designated, 8,160 issued and outstanding at December 31, 2015 and December 31, 2014.
Common stock, $0.001 par value; 750,000,000 shares authorized, 18,629 and 25 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively.
Additional paid-in capital	$ 221,114	$ 209,931
Accumulated deficit	(237,874)	(184,927)
Total shareholders' (deficit) equity	(14,185)	25,004
Total liabilities and shareholders' (deficit) equity	$ 18,718	$ 64,253

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares, Issued	18,629	25
Common stock, shares outstanding	18,629	25
Series D Preferred Stock [Member]
Trade receivables, provision (in dollars)	$ 3,263	$ 3,263
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares designated	250,000	250,000
Preferred stock, shares issued	8,160	8,160
Preferred Stock, Shares Outstanding	8,160	8,160

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statement Of Operations [Abstract]
OPERATING REVENUES	$ 2,304	$ 3,773	$ 6,074
OPERATING EXPENSES:
Voyage expenses	(1,831)	(829)	(2,669)
Commissions	(174)	(274)	(517)
Vessel operating expenses	(4,967)	(16,131)	(10,865)
Depreciation expense (Note 5)	$ (3,585)	$ (5,320)	(5,728)
Amortization of deferred charges (Note 8)			(199)
Management and other fees to a related party (Note 4)	$ (1,070)	$ (1,605)	(1,490)
General and administrative expenses	(4,252)	(4,104)	(3,904)
Provision and write-offs of insurance claims and bad debts	525	(872)	$ (1,215)
Loss on sale of vessels (Note 5)	(7,620)	$ (1,098)
Loss on commitment and contingency (Note 6)	(2,000)
Contractual derivative obligation (Note 6)	(3,300)
Bareboat Hire	(493)
Vessels impairment charge (Notes 5)	(18,891)		$ (27,455)
Loss from operations	(45,354)	$ (26,460)	(47,968)
OTHER INCOME (EXPENSE):
Interest and finance costs	$ (5,026)	(2,342)	(2,381)
Loss on derivative instruments (Note 9)		$ (21)	(40)
Loss on settlement of liability through stock issuance (Note 16)			(3,914)
Gain on settlement of payable	$ 313		1,149
Other income/ (expense) (Note 16)	$ 177	$ 78	(5,184)
Gain on debt extinguishment		$ 16,057	$ 9,633
Loss due to capital lease write-off (Note 6)	$ (3,058)
Other income (expense)	(7,595)	$ 13,772	$ (737)
Net loss	$ (52,949)	$ (12,688)	$ (48,705)
Basic loss per share	$ (33,661.16)	$ (1,153,454.54)	$ (24,352,500)
Diluted loss per share	$ (33,661.16)	$ (1,153,454.54)	$ (24,352,500)
Basic weighted average number of shares	1,573	11	2
Diluted weighted average number of shares	1,573	11	2

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders Equity (Deficit) - USD ($) $ in Thousands	Total	Preferred Shares [Member]	Common Shares [Member]	Additional Paid-in Capital	Accumulated deficit [Member]
Beginning Balance at Dec. 31, 2012	$ 7,803			$ 131,337	$ (123,534)
Beginning Balance (in shares) at Dec. 31, 2012			272,566
Net loss	(48,705)				$ (48,705)
Stock compensation expense	42			$ 42
Stock issued pursuant to debt extinguishment (Exchange Agreement, (Note 16)	20,576			20,567
Stock issued pursuant to debt extinguishment (Exchange Agreement, (Note 16), Shares			3
Stock issued to Manager	2,837			2,837
Stock issued for settlement of liability	13,599			13,599
Stock issued for settlement of liability, Shares			2
Stock issued for cancellation of covenant	1,180			1,180
Stock issued to Company's officers, directors and employees	3,783			3,783
Beneficial conversion feature	262			262
Common stock issued for convertible notes	375			375
Preferred stock issued for cash	$ 10,000			10,000
Preferred stock issued for cash, Shares		100,000
Preferred stock converted into common stock
Preferred stock converted into common stock, Shares		(44,000)
Stock issued through equity lines	$ 1,041			1,041
Ending Balance at Dec. 31, 2013	12,793			$ 185,032	$ (172,239)
Ending Balance, Shares at Dec. 31, 2013		56,000	5
Net loss	(12,688)				$ (12,688)
Stock compensation expense	$ 637		$ 2	$ 637
Stock compensation expense, Shares
Cashless warrants exercised			$ 13
Cashless warrants exercised, Shares
Beneficial conversion feature	$ 164			$ 164
Common stock issued for convertible notes	128			128
Preferred stock issued for cash, Shares		250,000
Series D Preferred stock issued for cash	23,969			$ 23,969
Series D Preferred stock issued for cash, Shares		250,000
Series D Preferred stock converted into common stock	$ 23,969
Series D Preferred stock converted into common stock, Shares		(241,840)	5
Series C Preferred stock converted into common stock
Series C Preferred stock converted into common stock, Shares		(56,000)	1
Ending Balance at Dec. 31, 2014	$ 25,004			$ 209,930	$ (184,927)
Ending Balance, Shares at Dec. 31, 2014		8,160	26
Net loss	(52,949)				$ (50,374)
Stock compensation expense	$ 898			$ 898
Stock compensation expense, Shares			250
Cashless warrants exercised
Cashless warrants exercised, Shares			8,544
Stock issued for settlement of liability	$ 1,004			$ 1,004
Stock issued for settlement of liability, Shares			117
Common stock issued for convertible notes	9,282			9,282
Common stock issued for convertible notes, Shares			9,692
Ending Balance at Dec. 31, 2015	$ (14,185)			$ 221,114	$ (235,299)
Ending Balance, Shares at Dec. 31, 2015		8,160	18,629

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Flows from Operating Activities:
Net loss	$ (52,949)	$ (12,688)	$ (48,705)
Adjustments to reconcile net loss to net used in operating activities
Depreciation expense (Note 5)	3,585	5,320	$ 5,728
Loss on sale of vessel	7,620	1,098
Amortization of debt discount	$ 4,383	40	$ 249
Gain on debt extinguishment principal (Note 11)		(15,000)	$ (9,633)
Gain on debt extinguishment - accrued interest		(449)
Gain on debt extinguishment - accrued fees		(1,409)
Loss on debt extinguishment - deferred finance costs (Note 8)		$ 801
Gain on settlement of payable	$ (313)		$ (1,149)
Common stock issued to Manager (Note 16)			2,836
Common stock issued for cancellation of covenant (Note 16)			1,180
Common stock issued to Company's officers, directors and employees (Note 16)			3,783
Loss on settlement of liability through stock issuance (Note 16)			3,914
Amortization of deferred financing fees (Note 8)	$ 8	$ 226	904
Amortization of deferred dry-docking and special survey costs (Note 8)		$ 167	$ 199
Provision and write-offs of insurance claims and bad debts
Stock-based compensation charge (Note 15)	$ 898	$ 638	$ 42
Write off of deferred financing fees (Note 8)			$ 939
Write off of capital lease	$ 3,058
Loss on commitment and contingency (Note 6)	2,000
Contractual derivative liability (Note 6)	3,300
Other write offs	$ 525
Change in fair value of derivatives (Note 9)		$ (200)	$ (246)
Vessel impairment loss (Notes 5)	$ 18,891		27,455
Changes in:
-Trade receivables	$ 388	$ 724	(88)
-Insurance claims		186	90
-Due from related party	$ 433	734	(821)
-Inventories	(310)	(134)	489
-Prepayments and other	174	150	(450)
-Accounts payable	2,117	(1,362)	7,657
-Accrued liabilities	1,357	1,515	2,112
-Unearned revenue	(52)	$ 52	(204)
-Due to related party	$ (713)		(94)
-Dry-docking and special survey costs paid (Note 8)			$ (167)
(Increase) - decrease of deferred charges (Note 8)
Dry-docking and special survey costs for vessels held for sale (Note 8)
Net Cash used in Operating Activities	$ (8,175)	$ (19,593)	$ (3,978)
Cash flows from Financing Activities:
Increase in restricted cash
Proceeds from convertible notes (Note 10)	$ 7,172	$ 304	$ 489
Repayment of bank loans		(27,089)
Issuance of convertible preferred stock for cash, net (Note 16)		$ 23,970	$ 10,000
Proceeds from sale of common stock (Note 16)			$ 1,041
Proceeds from sale of vessels	$ 978	$ 14,872
Net Cash provided by Financing Activities	8,150	12,057	$ 11,530
Net increase (decrease) in cash and cash equivalents	(25)	(7,536)	7,552
Cash and cash equivalents, beginning of year	45	7,581	29
Cash and cash equivalents, end of year	$ 20	45	7,581
Supplemental Cash Flow Information:
Cash paid for interest		$ 960	$ 124
Cash paid for taxes
Non-Cash Operating Activities:
Shares issued to settle fees owed to the Manager (Note 4)			$ 2,559
Notes converted to common stock (Notes 10)	$ 5,389	$ 129	375
Common stock issued for current debt extinguishment			20,575
Common stock issued for repayment of payables			13,599
Beneficial Conversion feature		$ 164	$ 262
Bareboat Charter Lease		12,250
Security deposit for charter terms		$ 3,750

Basis of Presentation and Gener

Basis of Presentation and General Information	12 Months Ended
	Dec. 31, 2015
Basis of Presentation and General Information/Significant Accounting Policies [Abstract]
Basis of Presentation and General Information	1. Basis of Presentation and General Information The accompanying consolidated financial statements include the accounts of FreeSeas Inc. and its wholly owned subsidiaries (collectively, the “Company” or “FreeSeas”). FreeSeas, formerly known as Adventure Holdings S.A., was incorporated in the Marshall Islands on April 23, 2004 for the purpose of being the ultimate holding company of ship-owning companies. We have contracted the management of our fleet to entities controlled (our Managers) by Ion G. Varouxakis, our Chairman, President and Chief Executive Officer [and one of our principal shareholders]. Our Managers provide technical management of our fleet, commercial management of our fleet, financial reporting and accounting services and office space (see Note 4). Effective May 11, 2015 and June 26, 2015, the Company effectuated a 7.5-to-1 reverse stock split and a 50-to-1 reverse stock split, respectively, on its issued and outstanding common stock. Effective January 15, 2016, and April 14, 2016, the Company effectuated a 60-to-1 and a 200-to-1 reverse stock split respectively, on its issued and outstanding common stock (Note 14). All share and per share amounts disclosed in the financial statements give effect to the reverse stock splits retroactively, for all periods presented. On May 20, 2015, the M/V Free Hero, 1995-built, 24,318 dwt Handysize dry bulk carrier and the M/V Free Goddess, 1995-built, 22,051 dwt Handysize dry bulk carrier, have been sold for a gross sale price of $5,500 each, and the Company’s subsidiaries have entered into long-term bareboat agreements for such vessels with purchase options at a daily hire rate of $1,100 per vessel. The vessels have been renamed to Fiorello and Figaro, respectively (Note 6). On June 10, 2015 the Company acquired a 51% controlling stake in the newly formed Standcorp International Limited (“Standcorp”). The rest of the shares are owned by non-affiliated entities associated with the Marvin group of companies, whose extensive experience for over twenty years has focused in the operation and ownership of tanker vessels. Standcorp will engage in the commercial operation of product and crude oil tankers covering a large array of sizes, by contracting them through time charter or bareboat charter arrangements, and subsequently deploying them in the spot market or in fulfillment of contract cargoes. The Company intends to operate in generic markets but also to focus on a number of niche markets, such as West Africa. In addition, the Company shall, depending on market conditions, commercially operate dry-bulk carriers either chartered-in, acquired, or through services agreements with affiliated Owners, including the Company’s tonnage. During the year ended December 31, 2015, the Company owned two Handysize dry bulk carriers and operated four Handysize dry bulk carriers. As of December 31, 2015, FreeSeas is the owner of the outstanding shares of the following subsidiaries: Company % Owned M/V Type Dwt Year Built/ Date of Date of Date of Date of Adventure Two S.A. 100 % Free Destiny Handysize 25,240 1982 08/04/04 08/27/10 N/A N/A Adventure Three S.A. 100 % Free Envoy Handysize 26,318 1984 09/29/04 05/13/11 N/A N/A Adventure Four S.A. 100 % Free Fighter Handysize 38,905 1982 06/14/05 04/27/07 N/A N/A Adventure Five S.A. 100 % Free Goddess Handysize 22,051 1995 10/30/07 05/20/15 N/A N/A Adventure Six S.A. 100 % Free Hero Handysize 24,318 1995 07/03/07 05/20/15 N/A N/A Adventure Seven S.A. 100 % Free Knight Handysize 24,111 1998 03/19/08 02/18/14 N/A N/A Adventure Eight S.A. 100 % Free Jupiter Handymax 47,777 2002 09/05/07 09/16/14 N/A N/A Adventure Nine S.A. 100 % Free Impala Handysize 24,111 1997 04/02/08 09/24/14 N/A N/A Adventure Ten S.A. 100 % Free Lady Handymax 50,246 2003 07/07/08 11/08/11 N/A N/A Adventure Eleven S.A. 100 % Free Maverick Handysize 23,994 1998 09/01/08 N/A N/A N/A Adventure Twelve S.A. 100 % Free Neptune Handysize 30,838 1996 08/25/09 N/A N/A N/A Adventure Fourteen S.A. 100 % Hull 1 Handysize 33,600 2012 N/A N/A 04/28/12 N/A Adventure Fifteen S.A. 100 % Hull 2 Handysize 33,600 2012 N/A N/A 06/04/12 N/A Nemorino Shipping S.A. 100 % Nemorino Handymax 47,777 2002 N/A N/A 09/09/15 09/16/14 Fiorello Shipping S.A. 100 % Fiorello Handysize 24,318 1995 N/A N/A N/A 05/20/15 Figaro Shipping S.A. 100 % Figaro Handysize 22,051 1995 N/A N/A N/A 05/20/15 Standcorp International Limited 51 % N/A N/A N/A N/A N/A N/A N/A N/A

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Basis of Presentation and General Information/Significant Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies a) Principles of Consolidation: b) Use of Estimates: c) Concentration of Credit Risk: Charterer 2015 2014 2013 A 39 % 39 % 32 % B 31 % 34 % 12 % d) Foreign Currency Translation: e) Cash and Cash Equivalents: f) Trade Receivables, net: g) Insurance Claims: h) Inventories: i) Vessels’ Cost: j) Vessels’ Depreciation: k) Vessels held for sale: l) Impairment of Long-lived Assets: As of December 31, 2015, the Company performed an impairment assessment of its long-lived assets by comparing the undiscounted net operating cash flows for each vessel to its respective carrying value. The significant factors and assumptions the Company used in each future undiscounted net operating cash flow analysis included, among others, operating revenues, commissions, off-hire days, dry-docking costs, operating expenses and management fee estimates. Revenue assumptions were based on contracted time charter rates up to the end of life of the current contract of each vessel as well as Forward Freight Agreements (FFAs) and ten-year historical average time charter rates for the remaining life of the vessel after the completion of the current contracts. In addition, the Company used an annual operating expenses escalation factor and an estimate of off hire days. All estimates used and assumptions made were in accordance with the Company’s internal budgets and historical experience of the shipping industry. The Company, as a result of the current unprecedented adverse market conditions the dry bulk industry faces and the substantial decline in the vessel market values, concluded to recognize an impairment charge of $18,891 for the M/V Free Maverick m) Accounting for Special Survey and Dry-docking Costs: n) Financing Costs: o) Unearned Revenue: p) Interest Rate Swaps: q) Financial Instruments: r) Fair Value Measurements: s) Fair value option: t) Accounting for Revenue and Expenses: u) Profit Sharing Arrangements: v) Repairs and Maintenance: w) Stock-Based Compensation: x) Earnings/(Losses) per Share: y) Segment Reporting: z) Subsequent Events: aa) Convertible debt instruments: Accordingly, the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their earliest date of redemption. The Company also records when necessary deemed dividends for the intrinsic value of conversion options embedded in preferred shares based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. ASC 815-40 provides that, among other things, generally, if an event is not within the entity’s control could or require net cash settlement, then the contract shall be classified as an asset or a liability. Described below are the accounting standards that were adopted in the year ended December 31, 2015. bb) Recent Accounting Pronouncements: In February 2015, the FASB issued new guidance to improve consolidation guidance for legal entities (Accounting Standards Update (“ASU”) 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis), effective for fiscal years beginning after December 15, 2015 and interim periods within those years and early adoption is permitted. The new standard is intended to improve targeted areas of the consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The amendments in the ASU affect the consolidation evaluation for reporting organizations. In addition, the amendments in this ASU simplify and improve current GAAP by reducing the number of consolidation models. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01 "Income Statement-Extraordinary and Unusual Items: Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items". The concept of extraordinary items is removed and instead items that are both unusual in nature and infrequently occurring should be presented within income from continuing operations or disclosed in notes to financial statements because those items satisfy the conditions for an item that is unusual in nature or infrequently occurring. The new accounting guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early application is permitted. Companies have the option to apply the amendments of ASU No. 2015-01 either prospectively or retrospectively. In April 2015, FASB issued Accounting Standards Update (“ASU”) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, to simplify presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The ASU does not affect the recognition and measurement guidance for debt issuance costs. For public companies, the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early application is permitted. This updated guidance is not expected to have a material impact on our results of operations, cash flows or financial condition. Any new accounting standards, not disclosed above, that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption.

Going Concern

Going Concern	12 Months Ended
	Dec. 31, 2015
Going Concern [Abstract]
Going Concern	3. Going Concern As a result of the historically low charter rates for drybulk vessels which have been affecting the Company for over five years, and the resulting material adverse impact on the Company’s results from operations, the accompanying consolidated financial statements have been prepared on a going concern basis. The Company has incurred net losses of $50,374, $12,688 and $48,705 during the years ended December 31, 2015, 2014 and 2013, respectively. The Company’s cash flow projections for 2016, indicate that cash on hand will not be sufficient to cover debt repayments scheduled as of December 31, 2015 and operating expenses and capital expenditure requirements for at least twelve months from the balance sheet date. As of December 31, 2015 and 2014, the Company had working capital deficits of $31,490 and $30,849, respectively. All of the above raises substantial doubt regarding the Company’s ability to continue as a going concern. Management plans to continue to provide for its capital requirements by issuing additional equity securities and debt in addition to executing their business plan. The Company’s ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal course of business operations when they come due and to generate profitable operations in the future. In January and April 2013, the Company received notifications from FBB that the Company is in default under its loan agreements as a result of the breach of certain covenants and the failure to pay principal and interest due under the loan agreements. Effective May 13, 2013, the bank’s deposits and loans other than the loans in definite delay and the bank’s network of nineteen branches were transferred to the National Bank of Greece (“NBG”). The license of FBB was revoked and the bank was placed under special liquidation. The Company’s loan facility and deposits have been transferred to NBG. On February 22, 2014, the Company and certain of its subsidiaries entered into terms with NBG for settlement of its obligations arising from the loan agreement with NBG. Pursuant to the terms, NBG agreed to accept a cash payment of $22,000 no later than December 31, 2014, in full and final settlement of all of the Company’s obligations to NBG and NBG would forgive the remaining outstanding balance of approximately $4,700. On September 17, 2014 the Company made a payment of $2,700 to reduce outstanding indebtedness with NBG. On September 24, 2014, the Company sold the M/V Free Impala, a 1997-built, 24,111 dwt Handysize dry bulk carrier for a gross sale price of $3,600 and the vessel was delivered to her new owners. Subsequently, the amount of $3,300 had been used to reduce outstanding indebtedness with NBG, which had a mortgage on the vessel. The agreed settlement of the Company’s obligations, arising from the loan agreement with NBG mentioned above, was not realized and negotiations have resumed for a new agreement. On June 18, 2015, the Company received from NBG a reservation of rights letter stating that the Bank may take any actions and may exercise all of their rights and remedies referred in the security documents. In December 2015, the Company received notification from NBG that the Company has not paid the aggregate amount of $13,551 constituting repayment installments, accrued loan and default interest due on December 16, 2015. If the Company is not able to reach an agreement with NBG, its standalone lender, this could lead to the acceleration of the outstanding debt under its debt agreement. The Company’s failure to satisfy its covenants under its debt agreement and any consequent acceleration of its outstanding indebtedness would have a material adverse effect on the Company’s business operations, financial condition and liquidity. In 2013, the Company did not pay the interest due in an aggregate amount of $354 or interest rate swap amounts in an aggregate of $256 pursuant to the Credit Suisse facility. On January 29, 2014, the Company entered into a deferral interest payment agreement with Credit Suisse, pursuant to which the interest payment of $115 due on January 31, 2014 was deferred to February 28, 2014. On February 3, 2014, the Company paid the amount of $201 to fully unwind the two interest rate swap agreements with Credit Suisse. On February 28, 2014, pursuant to the deferral interest payment agreement with Credit Suisse, the Company paid the deferred interest of $115.The Company received several reservation of right letters in 2013 stating that Credit Suisse may take any actions and may exercise all of their rights and remedies referred in the security documents. On January 30, 2014, the Company and certain of its subsidiaries entered into a term sheet with Credit Suisse in order to settle its obligations arising from the Loan Agreement with the Bank. Pursuant to the term sheet, Credit Suisse agreed to accept a cash payment of approximately $22,000 in full and final settlement of all of the Company’s obligations to the Bank and the Bank would forgive the remaining outstanding balance of approximately $15,000. Following the closing on May 28, 2014 of the $25,000 offering of Series D Convertible Preferred Stock and Series C Warrants (Note 16), the Company on May 30, 2014 paid the amount of $22,636 to Credit Suisse, and received the relative Waiver of Debt and Deed of Release and Reassignment, which included the release of all first preferred mortgages, general assignments of collateral and charter assignments (relating to the vessels M/V Free Jupiter Free Hero Free Goddess Generally accepted accounting principles require that long-term debt be classified as a current liability when a covenant violation gives the lender the right to call the debt at the balance sheet date, absent a waiver. As a result of the actual breach existing under the Company’s credit facility with NBG (Note 11) acceleration of such debt by its lender could result. Accordingly, as of December 31, 2015, the Company is required to reclassify its long term debt as current liability on its consolidated balance sheet since the Company has not received waiver in respect to the breach discussed above. The Company is currently exploring several alternatives aiming to manage its working capital requirements and other commitments, including offerings of securities through structured financing agreements (Note 10), sale and lease back of certain vessels (Note 6), disposition of certain vessels in its current fleet (Note 5) and additional reductions in operating and other costs. The consolidated financial statements as of December 31, 2015, were prepared assuming that the Company would continue as a going concern despite its significant losses and working capital deficit. Accordingly, the financial statements did not include any adjustments relating to the recoverability and classification of recorded asset amounts, the amounts and classification of liabilities, or any other adjustments that might result in the event the Company is unable to continue as a going concern, except for the classification of all debt, as current .

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	4. Related Party Transactions Managers The vessels owned and the vessels sold and leased back by the Company receive management services from the Managers (Free Bulkers S.A. and OpenSeas Maritime S.A., respectively), pursuant to ship management agreements between each of the subsidiaries and the Managers. Each of the Company’s subsidiaries pays, as per its management agreement with the Managers, a monthly management fee of $18,975 (on the basis that the $/Euro exchange rate is 1.30 or lower; if on the first business day of each month the $/Euro exchange rate exceeds 1.30 then the management fee payable will be increased for the month in question, so that the amount payable in $ will be the equivalent in Euro based on 1.30 $/Euro exchange rate) plus a fee of $400 per day for superintendent attendance and other direct expenses. The Company also pays Free Bulkers and OpenSeas Maritime a fee equal to 1.25% of the gross freight or hire from the employment of the Company’s vessels. In addition, the Company pays a 1% commission on the gross purchase price of any new vessel acquired or the gross sale price of any vessel sold by the Company with the assistance of Free Bulkers and OpenSeas Maritime. On February 18, 2014 the Company sold the M/V Free Knight Free Knight On September 16, 2014, the Company sold the M/V Free Jupiter Free Jupiter Nemorino Nemorino Nemorino Nemorino On September 24, 2014, the Company sold the M/V Free Impala Free Impala On May 20, 2015, the M/V Free Hero Free Goddess Fiorello Figaro Free Hero Free Goddess The Company also pays, as per its services agreement with Free Bulkers, a monthly fee of $136 (on the basis that the $/Euro exchange rate is 1.35 or lower; if on the last business day of each month the $/Euro exchange rate exceeds 1.35 then the service fee payable will be adjusted for the following month in question, so that the amount payable in dollars will be the equivalent in Euro based on 1.35 $/Euro exchange rate) as compensation for services related to accounting, financial reporting, implementation of Sarbanes-Oxley internal control over financial reporting procedures and general administrative and management services plus expenses. Free Bulkers is entitled to a termination fee if the agreement is terminated upon a “change of control” as defined in its services agreement with the Manager. The termination fee as of December 31, 2015 would be approximately $60,080. Fees and expenses charged by the Managers are included in the Company’s consolidated financial statements in “Management and other fees to a related party,” “General and administrative expenses,” “Operating expenses,” and “Gain on sale of vessel” . The total amounts charged for the year ended December 31, 2015, 2014, and 2013 amounted to $2,800 ($1,070 of management fees, $1,635 of services fees, $88 of superintendent fees and $7 for other expenses) $3,528 ($1,605 of management fees, $1,650 of services fees, $265 of superintendent fees and $8 for other expenses), $3,133 ($1,490 of management fees, $1,499 of services fees, $131 of superintendent fees and $13 for other expenses), and respectively. The “Management and other fees to a related party” and the “General and administrative expenses” for the year ended December 31, 2013 include the amount of $474 recognized as stock-based compensation expense for the issuance of 3 shares of the Company’s common stock to Free Bulkers in payment of $271 in unpaid fees due to Free Bulkers for January 2013 under the management and services agreements with the Company. In addition, the “Management and other fees to a related party” and the “General and administrative expenses” for the year ended December 31, 2013 include the amount of $954 recognized as gain for the issuance of 44 shares of the Company’s common stock to Free Bulkers in payment of $2,168 in unpaid fees due to Free Bulkers for the months of February through September 2013 and the issuance of 2 shares of the Company’s common stock to the non-executive members of its Board of Directors, in payment of $120 in unpaid Board fees for the first, second and third quarter of 2013. The balance due from the Manager as of December 31, 2015 and December 31, 2014 was $nil and $433 respectively. The amount paid to the Manager for office space during the year ended December 31, 2015, 2014 and 2013 was $140, $148 and $147, respectively, and is included in “General and administrative expenses” in the consolidated statements of operations. Other Related Parties The Company, through the Manager uses from time to time a ship-brokering firm associated with family members of the Company’s Chairman, Chief Executive Officer and President for certain of the charters of the Company’s fleet. During the years ended December 31, 2015, 2014 and 2013, such ship-brokering firm charged the Company commissions of $nil, $6 and $19, respectively, which are included in “Commissions” in the accompanying consolidated statements of operations.

Vessels, Net

Vessels, Net	12 Months Ended
	Dec. 31, 2015
Vessels, Net [Abstract]
Vessels, net	5. Vessels, net Vessels Cost Accumulated Depreciation Net Book Value December 31, 2012 $ 103,137 $ (27,447 ) $ 75,690 Depreciation — (5,727 ) (5,727 ) Reclassified to vessel held for sale (3,466 ) — (3,466 ) Vessel impairment charge (23,978 ) — (23,978 ) Reclassified to vessels, net 29,315 — 29,315 December 31, 2013 $ 105,008 $ (33,174 ) $ 71,834 Depreciation — (4,896 ) (4,896 ) Disposal of vessels (29,180 ) 12,726 (16,454 ) Leased vessel 12,250 (424 ) 11,826 December 31, 2014 $ 88,078 $ (25,768 ) $ 62,310 Depreciation — (3,585 ) (3,585 ) Disposal of vessels (42,674 ) 13,145 (29,529 ) Leased vessels 7,000 — 7,000 Vessel impairment charge (18,891 ) — (18,891 ) December 31, 2015 $ 33,513 $ (16,208 ) $ 17,305 Vessels disposed during the year ended December 31, 2013. During the year ended December 31, 2013, there were no vessel disposals. As of December 31, 2013, the Company, according to the guidance under ASC 360, decided to change in the accompanying consolidated balance sheet the classification of the “held for sale” vessels (M/V Free Hero Free Jupiter Free Impala Free Neptune Free Hero Free Jupiter Free Impala Free Knight Vessels disposed during the year ended December 31, 2014. On February 18, 2014 the Company sold the M/V Free Knight Free Jupiter Free Impala As of December 31, 2014, the Company performed an impairment assessment of its long-lived assets by comparing the undiscounted net operating cash flows for each vessel to its respective carrying value. The Company’s assessment concluded that no impairment existed as of December 31, 2014, as the vessels’ future undiscounted net operating cash flows exceeded their carrying value by $11,179. If the Company were to utilize the most recent five-year historical average rates, three-year historical average rates or one-year historical average rates, would recognize an impairment loss of $17,982 (using the most recent five-year historical average rates) and $27,077 (using the most recent three year or one-year historical average rates). Vessels disposed during the year ended December 31, 2015. On May 20, 2015, the M/V Free Hero Free Goddess Fiorello Figaro Free Hero Free Goddess As of December 31, 2015, the Company performed an impairment assessment of its long-lived assets (M/V Free Maverick Free Neptune

Options Advance Payments- Purch

Options Advance Payments- Purchase of Leased Vessels	12 Months Ended
	Dec. 31, 2015
Options Advance Payments- Purchase of Leased Vessels [Abstract]
Options Advance Payments- Purchase of Leased Vessels	6. Options Advance Payments- Purchase of Leased Vessels On May 20, 2015, the M/V Free Hero Free Goddess Fiorello Figaro On November 22, 2015 the owners of these two vessels exercised their put-option rights, pursuant to the terms of the bareboat charters. Consequently, the Company recognized, as a contractual obligation, an expense of additional $3,300 as part of the put-option price. As of December 31, 2015 the Company is in default as regards the execution of such put- option as well as the charter hire payments due to the Owners for November and December 2015. In Additionally, in accordance with U.S. GAAP, the Company, as of December 31, 2015, has recognized a contingency loss of $2,000 on the repurchase commitment in the Options Advance Payment. The following table summarizes our bareboat charter obligation of the operating lease p.a.: Year Annual Operating Lease Payments 1 $ 803 2 803 3 803 4 803 5 803 Total $ 4,015 On September 9, 2015, a settlement agreement was executed by the Company and the owners of M/V Nemorino Nemorino Nemorino

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2015
Accrued Liabilities [Abstract]
Accrued Liabilities	7. Accrued Liabilities As of December 31, 2015, the amount of $5,946 in the consolidated balance sheets, includes the NBG loan accrued interest of $4,994 (Note 11). The balance amount of $952 relates to operating accruals.

Deferred Charges

Deferred Charges	12 Months Ended
	Dec. 31, 2015
Deferred Charges [Abstract]
Deferred Charges	8. Deferred Charges Dry Docking Costs– Non Current Special Costs – Non Current Financing Costs- Current Total December 31, 2012 $ 15 $ 184 $ 2,887 $ 3,086 Additions 167 — — 167 Write-offs — — (939 ) (939 ) Vessels held for sale — — — — Amortization (16 ) (184 ) (904 ) (1,104 ) December 31, 2013 $ 166 $ — $ 1,044 $ 1,210 Additions - - - - Write-offs (166 ) - (801 ) (967 ) Amortization - - (226 ) (226 ) December 31, 2014 $ - $ - $ 16 $ 16 Additions - - - - Write-offs - - - - Amortization - - (8 ) (8 ) December 31, 2015 $ - $ - $ 8 $ 8 As of December 31, 2014, the unamortized deferred amendment and restructuring fee of $801 related to the Credit Suisse loan facility, was written off, as a result of the Company’s Settlement Agreement with Credit Suisse and the relative Waiver of Debt and Deed of Release and Reassignment in May 2014. As of December 31, 2013, the unamortized deferred amendment and restructuring fees of $939 related to the Deutsche Bank loan facilities, were expensed, since Deutsche Bank, in accordance with the Settlement Agreement, forgave the outstanding indebtedness and overdue interest owed by the Company of approximately $30 million in total and released all collateral associated with the loan, including the lifting of the mortgages over the M/V Free Knight Free Maverick

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Financial Instruments and Fair Value Measurements [Abstract]
Financial Instruments and Fair Value Measurements	9. Financial Instruments and Fair Value Measurements The Company is exposed to interest rate fluctuations associated with its variable rate borrowings and its objective is to manage the impact of such fluctuations on earnings and cash flows of its borrowings. In this respect, the Company partially uses interest rate swaps to manage net exposure to interest rate fluctuations related to its borrowings. The Company was party of two interest rate swap agreements which were fully unwound on February 3, 2014. The change in fair value on the Company’s two interest rate swaps for the year ended December 31, 2013 resulted in unrealized gains of $246. The settlements on the interest rate swaps for the year ended December 31, 2013 resulted in realized losses of $286. The total of the change in fair value and settlements for the year ended December 31, 2015 and 2014 aggregate to losses of $nil and $21, respectively, which is separately reflected in “Loss on derivative instruments” in the accompanying consolidated statements of operations. Tabular Disclosure of Derivatives Location Derivatives are recorded in the balance sheet on a net basis by counterparty when a legal right of setoff exists. The following tables present information with respect to the fair values of derivatives reflected in the balance sheet on a gross basis by transaction. The tables also present information with respect to gains and losses on derivative positions reflected in the Statement of Operations. Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives not designated as hedging instruments Interest rate swaps Derivative financial instruments - current portion $ — $ — $ — $ — Derivative financial instruments - net of current portion — — — — Total derivatives $ — $ — $ — $ — The Effect of Derivative Instruments on the Statement of Operations for the Years Ended December 31, 2015, 2014 and 2013 Derivatives Not Designated as Hedging Instruments Amount Derivative Loss Recognized on Derivative Location 2015 2014 2013 Interest rate swaps Loss on derivative instruments $ - $ 21 $ 40 Total $ - $ 21 $ 40 The following methods and assumptions were used to estimate the fair value of each class of financial instrument: ● Cash and cash equivalents, restricted cash, accounts receivable and accounts payable: ● Long-term debt: ● Derivative financial instruments: The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This statement enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted market prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Unobservable inputs that are not corroborated by market data and that are significant to the fair value of the assets or liabilities. The Company’s derivative financial instruments are valued using pricing models that are used to value similar instruments by market participants. Where possible, the Company verifies the values produced by its pricing models to market prices. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit spreads, measures of volatility and correlations of such inputs. The Company’s derivatives trade in liquid markets, and as such, model inputs can generally be verified and do not involve significant management judgment. Such instruments are typically classified within Level 2 of the fair value hierarchy. The following table summarizes the valuation of liabilities measured at fair value on a recurring basis as of the valuation date: December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Recurring measurements: 2015 (Level 1) (Level 2) (Level 3) Interest rate swap contracts $ — $ — $ — $ — Total $ — $ — $ — $ — As of December 31, 2015 all the Company’s vessels were classified as “held and used”.	9. Financial Instruments and Fair Value Measurements The Company is exposed to interest rate fluctuations associated with its variable rate borrowings and its objective is to manage the impact of such fluctuations on earnings and cash flows of its borrowings. In this respect, the Company partially uses interest rate swaps to manage net exposure to interest rate fluctuations related to its borrowings. The Company was party of two interest rate swap agreements which were fully unwound on February 3, 2014. The change in fair value on the Company’s two interest rate swaps for the year ended December 31, 2013 resulted in unrealized gains of $246. The settlements on the interest rate swaps for the year ended December 31, 2013 resulted in realized losses of $286. The total of the change in fair value and settlements for the year ended December 31, 2015 and 2014 aggregate to losses of $nil and $21, respectively, which is separately reflected in “Loss on derivative instruments” in the accompanying consolidated statements of operations. Tabular Disclosure of Derivatives Location Derivatives are recorded in the balance sheet on a net basis by counterparty when a legal right of setoff exists. The following tables present information with respect to the fair values of derivatives reflected in the balance sheet on a gross basis by transaction. The tables also present information with respect to gains and losses on derivative positions reflected in the Statement of Operations. Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives not designated as hedging instruments Interest rate swaps Derivative financial instruments - current portion $ — $ — $ — $ — Derivative financial instruments - net of current portion — — — — Total derivatives $ — $ — $ — $ — The Effect of Derivative Instruments on the Statement of Operations for the Years Ended December 31, 2015, 2014 and 2013 Derivatives Not Designated as Hedging Instruments Amount Derivative Loss Recognized on Derivative Location 2015 2014 2013 Interest rate swaps Loss on derivative instruments $ - $ 21 $ 40 Total $ - $ 21 $ 40 The following methods and assumptions were used to estimate the fair value of each class of financial instrument: ● Cash and cash equivalents, restricted cash, accounts receivable and accounts payable: ● Long-term debt: ● Derivative financial instruments: The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This statement enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted market prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Unobservable inputs that are not corroborated by market data and that are significant to the fair value of the assets or liabilities. The Company’s derivative financial instruments are valued using pricing models that are used to value similar instruments by market participants. Where possible, the Company verifies the values produced by its pricing models to market prices. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit spreads, measures of volatility and correlations of such inputs. The Company’s derivatives trade in liquid markets, and as such, model inputs can generally be verified and do not involve significant management judgment. Such instruments are typically classified within Level 2 of the fair value hierarchy. The following table summarizes the valuation of liabilities measured at fair value on a recurring basis as of the valuation date: December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Recurring measurements: 2015 (Level 1) (Level 2) (Level 3) Interest rate swap contracts $ — $ — $ — $ — Total $ — $ — $ — $ — As of December 31, 2015 all the Company’s vessels were classified as “held and used”.

Convertible Notes Payable

Convertible Notes Payable	12 Months Ended
	Dec. 31, 2015
Bank Loan current portion [Abstract]
Convertible Notes Payable	10. Convertible Notes Payable On February 6, 2014, the Company issued 3 shares of common stock to Asher upon conversion of $75 principal of a convertible promissory note dated July 29, 2013 plus accrued interest. On February 7, 2014, the Company issued 2 shares of common stock to Asher upon conversion of the remaining principal of $53.5 convertible promissory note dated July 29, 2013 plus accrued interest. In February 2014, the Company issued 5 shares of common stock upon conversion of convertible debt amounting to $129 and accrued interest of $5. As of December 31, 2014, 100% of the balance of the convertible notes with Asher has been converted into common shares. On November 17, 2014, the Company sold to KBM WORLDWIDE, Inc. (“KBM”) an 8% interest bearing convertible note for $304 due in nine months subject to the restrictions of Rule 144 promulgated under the 1933 Act. One hundred eighty days following the date of this note, the holder has the right to convert all or any part of the outstanding and unpaid principal amount and accrued interest of the note into Company’s common stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the 65% of the average of the lowest five trading prices of the Company’s common stock on any trading day during the ten trading days prior to the conversion. Upon written notice, during the first six months the Company could prepay the note with amounts ranging from 110% of principal plus interest (during days 1-30) to 135% of principal plus interest (during days 121-180). On June 1, 2015, upon full conversion of the convertible note plus accrued interest, the Company has issued in aggregate 10 shares of common stock to KBM. On January 5, 2015, the Company sold to Himmil Investments Ltd., a non-U.S. investor, (“Himmil”), a $500 convertible promissory note, which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the lower of (i) $10,170 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the Investor in cash, for 127.5% of any outstanding principal and interest remaining on the note. On March 24, 2015, upon full conversion of this convertible promissory note plus accrued interest, the Company has issued in aggregate 4 shares of common stock to Himmil. On January 21, 2015, the Company sold to KBM WORLDWIDE, Inc. (“KBM”) an 8% interest bearing convertible note for $154 due in nine months subject to the restrictions of Rule 144 promulgated under the 1933 Act. One hundred eighty days following the date of this note, the holder has the right to convert all or any part of the outstanding and unpaid principal amount and accrued interest of the note into Company’s common stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the 65% of the average of the lowest five trading prices of the Company’s common stock on any trading day during the ten trading days prior to the conversion. Upon written notice, during the first six months the Company could prepay the note with amounts ranging from 110% of principal plus interest (during days 1-30) to 135% of principal plus interest (during days 121-180). As of August 12, 2015 upon full conversion of all principal and interest due under the note the Company has issued in aggregate 27 shares of common stock to KBM. On February 5, 2015, the Company sold to Himmil a $500 convertible promissory note, which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the lower of (i) $13,950 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the Investor in cash, for 127.5% of any outstanding principal and interest remaining on the note. On April 29, 2015, upon full conversion of this convertible promissory note plus accrued interest, the Company has issued in aggregate 4 shares of common stock to Himmil. On March 5, 2015, the Company sold to Glengrove Small Cap Value, Ltd., a non-U.S. investor (“Glengrove”), a $750 convertible promissory note, which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the lower of (i) $10,170 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the Investor in cash, for 127.5% of any outstanding principal and interest remaining on the note. On June 10, 2015, upon full conversion of this convertible promissory note plus accrued interest, the Company has issued in aggregate 22 shares of common stock to Glengrove. On April 16, 2015, the Company sold to Alderbrook Ship Finance Ltd., a non-U.S. investor (“Alderbrook”), a $500 convertible promissory note, which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the lower of (i) $5,400 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the investor in cash, for 127.5% of any outstanding principal and interest remaining on the note. On July 29, 2015, upon full conversion of the $500 convertible promissory note to Alderbrook, plus accrued interest, the Company has issued in aggregate 31 shares of common stock to the note holder. On May 6, 2015, the Company sold to LG CAPITAL FUNDING, LLC (“LG CAPITAL”) an 8% interest bearing convertible note, which contained an 8% OID, for $56.5 due in twelve months subject to the restrictions of Rule 144 promulgated under the 1933 Act. The holder of this note is entitled, at its option, at any time to convert all or any amount outstanding into shares of the Company’s Common Stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the 65% of the lowest trading price of the Company’s common stock on any trading day for the twenty prior trading days including the day upon which a notice of conversion is received by the Company. During the first six months, the Company may prepay the note with amounts ranging from 118% of principal plus interest (during days 1-30) to 148% of principal plus interest (during days 121-180). On December 9, 2015, upon full conversion of the convertible promissory note, plus accrued interest, the Company has issued in aggregate 350 shares of common stock to the note holder. On May 7, 2015, the Company sold to JSJ Investments Inc. (“JSJ”) an 8% interest bearing convertible note, which contained an 5% OID, for $150 due in twelve months subject to the restrictions of Rule 144 promulgated under the 1933 Act. The investor is entitled at any time on or after issuance date to convert all or any part of the outstanding and unpaid principal amount and accrued interest of the note into Company’s common stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the lesser of $37.5 or a 35% discount to the lowest VWAP during the twenty one trading days prior to the conversion. On December 21, 2015, upon full conversion of the convertible promissory note, plus accrued interest, the Company has issued in aggregate 841 shares of common stock to the note holder. On May 12, 2015, the Company sold to VIS VIRES GROUP, INC. (“VIS VIRES”) an 8% interest bearing convertible note for $154 due in nine months subject to the restrictions of Rule 144 promulgated under the 1933 Act. One hundred eighty days following the date of this note, the holder has the right to convert all or any part of the outstanding and unpaid principal amount and accrued interest of the note into Company’s common stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the 65% of the average of the lowest five trading prices of the Company’s common stock on any trading day during the ten trading days prior to the conversion. Upon written notice, during the first six months the Company may prepay the note with amounts ranging from 110% of principal plus interest (during days 1-30) to 135% of principal plus interest (during days 121-180). On November 30, 2015, upon full conversion of the convertible promissory note, plus accrued interest, the Company has issued in aggregate 766 shares of common stock to the note holder. On May 19, 2015, the Company sold to AUCTUS FUND LLC. (“AUCTUS”) an 8% interest bearing convertible note for $105 due in nine months subject to the restrictions of Rule 144 promulgated under the 1933 Act. One hundred eighty days following the date of this note, the holder has the right to convert all or any part of the outstanding and unpaid principal amount and accrued interest of the note into Company’s common stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the 65% of the two lowest trading prices of the Company’s common stock on any trading day during the twenty trading days prior to the conversion. During the first six months, the Company may prepay the note with amounts ranging from 125% of principal plus interest (during days 1-30) to 150% of principal plus interest (during days 121-180). On December 1, 2015, upon full conversion of the convertible promissory note, plus accrued interest, the Company has issued in aggregate 543 shares of common stock to the note holder. On June 3, 2015, the Company sold to Bas Cole Value Fund Ltd., a non-U.S. investor (“Bas Cole”), a $500 convertible promissory note, which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the lower of (i) $14.97 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the investor in cash, for 127.5% of any outstanding principal and interest remaining on the note. On August 18, 2015, upon full conversion of the convertible promissory note, plus accrued interest, the Company has issued in aggregate 147 shares of common stock to the note holder. On June 16, 2015, the Company sold to VIS VIRES GROUP, INC. (“VIS VIRES”) an 8% interest bearing convertible note for $104 due in nine months subject to the restrictions of Rule 144 promulgated under the 1933 Act. One hundred eighty days following the date of this note, the holder has the right to convert all or any part of the outstanding and unpaid principal amount and accrued interest of the note into Company’s common stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the 65% of the average of the lowest five trading prices of the Company’s common stock on any trading day during the ten trading days prior to the conversion. Upon written notice, during the first six months the Company may prepay the note with amounts ranging from 110% of principal plus interest (during days 1-30) to 135% of principal plus interest (during days 121-180). On December 23, 2015, upon full conversion of the convertible promissory note, plus accrued interest, the Company has issued in aggregate 791 shares of common stock to the note holder. On July 13, 2015, the Company sold to AMVS Value Fund Ltd., a non-U.S. investor (“AMVS”), a $600 convertible promissory note, which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the lower of (i) $928.86 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the investor in cash, for 127.5% of any outstanding principal and interest remaining on the note. On October 23, 2015, upon full conversion of the convertible promissory note, plus accrued interest, the Company has issued in aggregate 572 shares of common stock to the note holder. On July 17, 2015, the Company sold to Black Mountain Equities Inc., (“Black Mountain”) an 8% interest bearing convertible note subject to the restrictions of Rule 144 promulgated under the 1933 Act, which contained a 10% OID, for $110 due in twelve months. One hundred eighty days following the date of this note, the holder has the right to convert all or any part of the outstanding and unpaid principal amount and accrued interest of the note into Company’s common stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the lesser of (i) $165 and (ii) and 65% of the lowest VWAP for the 20 trading days prior to the date of conversion. At any time prior to the maturity date, the Company shall have the option, upon ten business days’ notice to the holder, to pre-pay the entire remaining outstanding principal amount of this note in cash, provided that the Company shall pay the holder one hundred twenty percent (120%) of the principal plus interest outstanding in repayment hereof (see Note 18). On July 17, 2015, the Company sold to Gemini Master Fund Ltd., (“Gemini”) an 8% interest bearing convertible note subject to the restrictions of Rule 144 promulgated under the 1933 Act, which contained a 10% OID, for $165 due in twelve months. One hundred eighty days following the date of this note, the holder has the right to convert all or any part of the outstanding and unpaid principal amount and accrued interest of the note into Company’s common stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the lesser of (i) $165 and (ii) and 65% of the lowest VWAP for the 20 trading days prior to the date of conversion. At any time prior to the maturity date, the Company shall have the option, upon ten business days’ notice to the holder, to pre-pay the entire remaining outstanding principal amount of this note in cash, provided that the Company shall pay the holder 120% of the principal plus interest outstanding in repayment hereof (see Note 18). On July 27, 2015, the Company sold to VIS VIRES GROUP, INC. (“VIS VIRES”) an 8% interest bearing convertible note for $154 due in nine months subject to the restrictions of Rule 144 promulgated under the 1933 Act. One hundred eighty days following the date of this note, the holder has the right to convert all or any part of the outstanding and unpaid principal amount and accrued interest of the note into Company’s common stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the 65% of the average of the lowest five trading prices of the Company’s common stock on any trading day during the ten trading days prior to the conversion. Upon written notice, during the first six months the Company may prepay the note with amounts ranging from 110% of principal plus interest (during days 1-30) to 135% of principal plus interest (during days 121-180) (see Note 18). On September 2, 2015, the Company sold to Bas Cole Value Fund Ltd., a non-U.S. investor (“Bas Cole”), a $600 convertible promissory note, which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the lower of (i) $130.8 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the investor in cash, for 127.5% of any outstanding principal and interest remaining on the note. On December 2, 2015, upon full conversion of the convertible promissory note, plus accrued interest, the Company has issued in aggregate 2,961 shares of common stock to the note holder. On September 4, 2015, the Company sold to Service Trading Company, LLC, (“Service Trading Co.”) an 8% interest bearing convertible note subject to the restrictions of Rule 144 promulgated under the 1933 Act, which contained an 8% OID, for $37.8 due in twelve months. One hundred eighty days following the date of this note, the holder has the right to convert all or any part of the outstanding and unpaid principal amount and accrued interest of the note into Company’s common stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price equals 65% of the lowest trading price of the Common Stock for the twenty prior trading days including the day upon which a Notice of Conversion is received by the Company. Upon written notice, during the first six months the Company may prepay the note with amounts ranging from 118% of principal plus interest (during days 1-30) to 148% of principal plus interest (during days 151-180). On September 15, 2015, the Company sold to Mordechai Vizel, a non-U.S. investor, a $75 convertible promissory note, which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the lower of (i) $86.4 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the investor in cash, for 127.5% of any outstanding principal and interest remaining on the note (see Note 18). On October 7, 2015, the Company sold to SICHENZIA ROSS FRIEDMAN FERENCE LLP, a $92 convertible promissory note in connection with a debt settlement agreement entered into, of the same aggregate amount of outstanding invoices, which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor, subject to the restrictions of Rule 144 promulgated under the 1933 Act, is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the lower of (i) $54.24 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the investor in cash, for 127.5% of any outstanding principal and interest remaining on the note. On October 15, 2015, the Company sold to MARVIN SHIPPING SERVICES INC., a non-U.S. investor, a $82 convertible promissory note in connection with a debt settlement agreement entered into, of the same aggregate amount of outstanding invoices, which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the lower of (i) $54.24 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the investor in cash, for 127.5% of any outstanding principal and interest remaining on the note. On December 3, 2015, upon full conversion of the convertible promissory note, plus accrued interest, the Company has issued in aggregate 471 shares of common stock to the note holder. On October 26, 2015, the Company sold to ALSA HOLDINGS INC., a non-U.S. investor (“Alsa”), a $500 convertible promissory note, which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the lower of (i) $27.93 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the investor in cash, for 127.5% of any outstanding principal and interest remaining on the note (see Note 18). On December 8, 2015, the Company sold to MTR3S HOLDING LTD., a non-U.S. investor (“MTR3S”), a $600 convertible promissory note, which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the lower of (i) $11.97 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the investor in cash, for 127.5% of any outstanding principal and interest remaining on the note (see Note 18). During the year ended December 31, 2015, the Company has fully converted convertible debt and related accrued interest amounting to $ by issuing to note holders 7,528 shares of common stock in the aggregate. As of December 31, 2015, pursuant to the issued convertible notes above, the Company has received the aggregate amount of $7,172. In connection with the issuance of convertible instruments, the Company has recorded a debt discount in additional paid in capital related to the beneficial conversion feature amounting to $4,383 and amortization of $3,577 which is included in “other expense” in the accompanying consolidated statements of operations. As of December 31, 2015 the net balance outstanding amounted to $930 net of remaining unamortized debt discount of $805. If converted prior to issuance and filing of 20-F – disclose dates converted or reference to subsequent event footnote

Bank Loan - current portion

Bank Loan - current portion	12 Months Ended
	Dec. 31, 2015
Bank Loan current portion [Abstract]
Bank Loan - current portion	11. Bank Loan – current portion As of December 31, 2014, the Company’s bank debt is as follows: NBG Credit Suisse December 31, 2013 $ 23,237 $ 36,450 Additions $ - $ - Payments $ (5,639 ) $ (21,450 ) Debt forgiveness $ - $ (15,000 ) December 31, 2014 $ 17,598 $ - As of December 31, 2015, the Company’s bank debt is as follows: NBG December 31, 2014 $ 17,598 Additions $ - Payments $ - December 31, 2015 $ 17,598 The remaining repayment terms of the loan outstanding as of December 31, 2015 is as follows: Lender Vessel Remaining Repayment Terms National Bank of Greece M/V Free Neptune Four quarterly installments of $837.5 and a balloon payment of $14,248, payable together with the last installment due on December 16, 2016. The vessel indicated in the above table is pledged as collateral for the respective loan. The Company’s credit facility with NBG bears interest at LIBOR plus a margin of 4%, and is secured by mortgage on the financed vessel (M/V Free Neptune The weighted average interest rate for the year ended December 31, 2015 and 2014 was 4% and 3%, respectively. Interest expense incurred under the above loan agreements amounted to $1,237, $1,655 and $1,946 for the years ended December 31, 2015, 2014 and 2013, respectively, and is included in “Interest and Finance Costs” in the accompanying consolidated statements of operations. Credit Suisse Facility Following the term sheet on January 30, 2014, the Company and certain of its subsidiaries entered into an agreement with Credit Suisse, on May 28, 2014, whereby the Company agreed to pay to Credit Suisse approximately $22,636 from the offering proceeds (Note 16) to eliminate all of its debt obligations owed to Credit Suisse, amounting to $37,636 as of that date, and be discharged and released from any and all payment obligations (actual and contingent) owed and payable by the Company in respect of all amounts of principal, interest thereon, fees, costs and expenses under the credit Facility Agreement and Master Swap Agreement, both dated December 24, 2007 (as amended and/or supplemented and/or restated from time to time). Under the terms of this agreement Credit Suisse undertook, upon receipt of such payment, to cancel all the remaining debt of $15,000 owed by the Company and to release (i) any and all liens it has on the assets of the Company and (ii) all corporate guarantees received from the Company’s subsidiaries. On May 30, 2014, the Company paid the amount of $22,636 to Credit Suisse, as per the agreement above and received the relative Waiver of Debt and Deed of Release and Reassignment, which included the release of all first preferred mortgages, general assignments of collateral and charter assignments (relating to its vessels M/V Free Jupiter Free Hero Free Goddess NBG Facility On February 22, 2014, the Company and certain of its subsidiaries entered into terms with NBG for settlement of its obligations arising from the loan agreement with NBG. Pursuant to the terms, NBG agreed to accept a cash payment of $22,000 no later than December 31, 2014, in full and final settlement of all of the Company’s obligations to NBG and NBG would forgive the remaining outstanding balance of approximately $4,700. On September 17, 2014 the Company made a payment of $2,700 to reduce outstanding indebtedness with NBG. On September 24, 2014, the Company sold the M/V Free Impala Loan Covenants As of December 31, 2014 and December 31, 2015, the Company was in breach of certain of its financial covenants for its loan agreement with NBG, including the loan-to-value ratio, interest cover ratio, minimum liquidity requirements and leverage ratio. Thus, in accordance with guidance related to classification of obligations that are callable by the creditor, the Company has classified all of the related long-term debt amounting to $17,598 as current at December 31, 2015. NBG loan agreement: ● Average corporate liquidity: the Company is required to maintain an average corporate liquidity of at least $3,000; ● Leverage ratio: the corporate guarantor’s leverage ratio shall not at any time exceed 55%; ● Ratio of EBITDA to net interest expense shall not be less than 3; and ● Value to loan ratio: the fair market value of the financed vessels shall be at least (a) 115% for the period July 1, 2010 to June 30, 2011 and (b) 125% thereafter. The covenants described above are tested annually on December 31st.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies The following table summarizes our contractually committed obligations and their maturity dates as of December 31, 2015: Payments Due by Period (Dollars in thousands) Total Less than 1 year 2-year 3-year 4-year 5-year More than 5 years (U.S. dollars in thousands) Interest on variable-rate debt 339 339 - - - - - Services fees to the Manager 4,502 1,635 1,635 1,232 - - - Management fees to the Managers 7,952 911 911 911 911 911 3,397 Hire on Leased Vessels 3,524 803 803 803 803 312 - Total obligations $ 16,317 $ 3,688 $ 3,349 $ 2,946 $ 1,714 $ 1,223 $ 3,397 The above table does not include our share of the monthly rental expenses for our offices of approximately 8.7 Euro (in thousands) Claims Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. 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 is a member of a protection and indemnity association, or P&I Club that is a member of the International Group of P&I Clubs, which covers its third party liabilities in connection with its shipping activities. A member of a P&I Club that is a member of the International Group is typically subject to possible supplemental amounts or calls, payable to its P&I Club based on its claim records as well as the claim records of all other members of the individual associations, and members of the International Group. Although there is no cap on its liability exposure under this arrangement, historically supplemental calls have ranged from 25%-40% of the Company’s annual insurance premiums, and in no year have exceeded $1 million. The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Company’s protection and indemnity (P&I) insurance coverage for pollution is $1 billion per vessel. The M/V Free Goddess was hijacked by Somali pirates on February 7, 2012 while transiting the Indian Ocean eastbound. On October 11, 2012, we announced that all 21 crew members of the M/V Free Goddess were reported safe and well after the vessel’s release by the pirates. At the time of the hijacking the vessel was on time charter in laden condition. Since the release from the pirates, she has been laying at the port of Salalah, Oman, having undertaken lengthy repairs funded mostly by insurers. Discussions have been ongoing since between all interested parties for a commercial settlement enabling the vessel to resume its trade. The outstanding balance of the Company’s claims as of December 31, 2015 stands at $nil related to Company’s insurance claims for vessel incidents arising in the ordinary course of business.

Loss per Share and Series A, B

Loss per Share and Series A, B & C Warrants	12 Months Ended
	Dec. 31, 2015
Loss per Share and Series A, B & C Warrants [Abstract]
Loss per Share and Series A, B & C Warrants	13. Loss per Share and Series A, B & C Warrants The computation of basic earnings/loss per share is based on the weighted average number of common shares outstanding during the period, as adjusted to reflect the 7.5-to-1 reverse stock split, the 50-to-1 reverse stock split, the 60-to-1 reverse stock split and the 200-to-1 reverse stock split, effective on May 11, 2015, on June 26, 2015, January 15, 2016, and April 14, 2016, respectively, on its issued and outstanding common stock. The computation of the dilutive common shares outstanding does not include the 7.94 Series C Warrants (adjusted to reflect the four reverse splits) outstanding as of December 31, 2015, as the average stock price during the year ended December 31, 2015 was less than their exercise price, thus resulting in an antidilutive effect. Presented below is a table reflecting the activity in the Series A Warrants, Series B Warrants and Series C Warrants from January 1, 2015 through December 31, 2015: Series A Warrants Series B Warrants Series C Warrants Total Exercise Price January 1, 2014 1.11 0.56 - 1.67 $11,700,000 (Series A&B) Series C warrants issued with $25,000 offering - 10.23 10.23 $6,390,000 (Series C) Warrants cashless exercised - (0.34 ) (2.23 ) (2.57 ) December 31, 2014 1.11 0.22 8.00 9.33 Warrants cashless exercised (1.11 ) (0.22 ) (0.06 ) (1.39 ) December 31, 2015 - - 7.94 7.94 As of December 31, 2015, pursuant to the cashless exercise formula set forth in the Series A, B & C warrants, the Company has issued to warrant holders 8,544 shares of common stock in the aggregate. The components of the denominator for the calculation of basic loss per share and diluted loss per share for the years ended December 31, 2015, 2014 and 2013, respectively, are as follows: For the year ended December 31, 2015 For the year ended December 31, 2014 For the year ended December 31, 2013 Numerator Net loss – basic and diluted $ (52,949 ) $ (12,688 ) $ (48,705 ) Basic earnings per share denominator: Weighted average common shares outstanding 1,573 11 2 Diluted earnings per share denominator: Weighted average common shares outstanding 1,573 11 2 Dilutive common shares: Options — — — Warrants — — — Restricted shares — — — Dilutive effect — — — Weighted average common shares – diluted 1,573 11 2 Basic loss per common share $ (33,661.16 ) $ (1,153,454.54 ) $ (24,352,500 ) Diluted loss per common share $ (33,661.16 ) $ (1,153,454.54 ) $ (24,352,500 )

Reverse Stock Splits

Reverse Stock Splits	12 Months Ended
	Dec. 31, 2015
Reverse stock splits and Shareholders' Equity [Abstract]
Reverse Stock Splits	14. Reverse Stock Splits Effective May 11, 2015, June 26, 2015, January 15, 2016 and April 14, 2016 the Company effectuated a 7.5-to-1 reverse stock split, a 50-to-1 reverse stock split, a 60-to-1 reverse stock split and a 200-to-1 reverse stock split, respectively, on its issued and outstanding common stock. The reverse stock splits did not affect any shareholder’s ownership percentage of the Company’s common shares, except to the limited extent that the reverse stock splits resulted in any shareholder owning a fractional share. Fractional shares of common stock were rounded up to the nearest whole share.

Equity Incentive Plan

Equity Incentive Plan	12 Months Ended
	Dec. 31, 2015
Equity Incentive Plan [Abstract]
Equity Incentive Plan	15. Equity Incentive Plan On July 30, 2014, the Company’s Board of Directors approved the Company’s 2014 Equity Incentive Plan (the “2014 Plan”). Under the terms of the 2014 Plan, the Company may issue (1) stock options (incentive and non-statutory), (2) restricted stock, (3) stock appreciation rights, or SARs, (4) restricted stock units, or RSUs, (5) other stock-based awards, and (6) cash-based awards. The 2014 Plan provided for the issuance of up to 1 share of common stock. The Board determines the exercise price, vesting and expiration period of the grants under the 2014 Plan. However, the exercise price of an incentive stock option may not be less than 110% of fair value of the common stock at the date of the grant for a 10% or more shareholder and 100% of fair value for a grantee who is not a 10% shareholder. The fair value of the common stock is determined based on quoted market price or in absence of such quoted market price, by the Board in good faith. Additionally, the vesting period of the grants under the 2014 Plan may not be more than five years and expiration period not more than ten years. On November 5, 2014, the Company amended the 2014 Plan, which increased the authorized number of shares of common stock issuable thereunder from 1 to 3. On November 10, 2014, the Company pursuant to the recommendation of the Company’s Compensation Committee and the Board of Directors’ approval, issued an aggregate of 2 shares of its common stock to officers, directors and employees as an incentive for their commitment and hard work during adverse market conditions. In addition, the Company issued an aggregate of nil shares of its common stock to its non-executive members of its Board of Directors in payment of $80 in unpaid Board fees for the second and third quarters of 2014. Subject to the provisions of a restricted stock award granted to the holders by the Company pursuant to its Amended 2014 Plan, nil shares of its common stock were vested on May 10, 2015, 1 shares of its common stock were vested on November 10, 2015 and 1 shares of its common stock will vest on November 10, 2016. On October 12, 2015, the Company amended the 2014 Plan, which increased the authorized number of shares of common stock issuable thereunder to 250. On November 12, 2015, pursuant to the unanimous written consent of the Company’s Compensation Committee, as a result of the Company’s ongoing liquidity issues, the non-executive Board members agreed to accept a reduction in payment for the outstanding Board fees as well as to reduce the ongoing fee to the non-executive board members; upon the Company’s next capital raise, each non-executive Board member will be paid $15 in settlement of the outstanding Board fees; effective with the fourth quarter of 2015, the fee to be paid to each non-executive Board member should be reduced to $3 per quarter. On November 17, 2015, the Company pursuant to the recommendation of the Company’s Compensation Committee, issued an aggregate of 250 shares of its common stock to officers and employees as an incentive for their commitment and hard work during adverse market conditions. The stock based compensation expense recognized in the fourth quarter of 2015 in relation to these common shares granted is $120. Pursuant to the plan, there are no shares of the Company’s common stock available for grant as of December 31, 2015. For the year ended December 31, 2015, the total recognized stock based compensation expense in relation to the common shares granted on November 10, 2014 and November 17, 2015, is $898. The total unrecognized compensation cost of the non-vested restricted shares granted under the Plan is $416. The cost is expected to be recognized over a period of approximately 12 months.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2015
Reverse stock splits and Shareholders' Equity [Abstract]
Shareholders' Equity	16. Shareholders’ Equity On May 28, 2014 the Company closed on the $25,000 offering of Series D Convertible Preferred Stock and Series C Warrants, following the execution of a Placement Agent agreement with Dawson James Securities, Inc. on May 21, 2014. The securities sold were 250,000 units, at a purchase price of $100 per unit, with each unit consisting of one share of the Company’s Series D Convertible Preferred Stock and 0.0000408 Series C Warrants, exercisable for five years at an initial price of $6,390,000 per share. Each share of Series D Preferred Stock sold has a stated value of $100 and is initially convertible into 92 shares of common stock at the fixed conversion price of $1.09. As a result, the Company received proceeds of $24,070, net of fees amounting to $930. On June 3, 2014, we issued an aggregate of 7,212,081 shares of common stock upon conversion of 78,612 shares of Series D Preferred Stock (no adjustment for reverse splits because of the fixed conversion price). On June 18, 2014, we issued 2,800,000 shares of common stock to Crede upon conversion of 30,520 shares of Series D Preferred Stock (no adjustment for reverse splits because of the fixed conversion price). On June 20, 2014, we issued an aggregate of 165,881 shares of common stock upon conversion of 1,808 shares of Series D Preferred Stock (no adjustment for reverse splits because of the fixed conversion price). On June 30, 2014, we issued an aggregate of 9,176 shares of common stock upon conversion of 100 shares of Series D Preferred Stock (no adjustment for reverse splits because of the fixed conversion price). On July 15, 2014, we received a letter from NASDAQ, notifying us that for the last 30 consecutive business days, the closing bid price of the Company’s common stock has been below $1.00 per share, the minimum closing bid price required by the continued listing requirements of NASDAQ set forth in Listing Rule 5550(a)(2). We have 180 calendar days, or until January 12, 2015, to regain compliance with Rule 5550(a)(2) (the "Compliance Period"). To regain compliance, the closing bid price of the Company’s common stock must be at least $1.00 per share for a minimum of 10 consecutive business days during the Compliance Period. The NASDAQ notification has no effect at this time on the listing of the Company's common stock on The NASDAQ Capital Market. On July 16, 2014, we received a letter from NASDAQ indicating that we were not in compliance with the applicable $2.5 million stockholders’ equity requirement, as set forth in Listing Rule 5550(b)(1) (the “Stockholders’ Equity Requirement”). The letter indicated that we had 45 days, or until September 2, 2014, to submit a plan to regain compliance. If our plan is accepted, NASDAQ has the discretion to grant us up to 180 days from July 16, 2014 to regain compliance. If NASDAQ does not accept our plan, we would have the opportunity to appeal that decision to a hearings panel. On August 13, 2014, we received a letter from NASDAQ indicating that we had achieved compliance with the Stockholders’ Equity Requirement for continued listing on The NASDAQ Capital Market and that the matter was closed. On August 27, 2014, the Company issued to Crede 2,000,000 shares of common stock upon conversion of 21,800 shares of Series D Preferred Stock (no adjustment for reverse splits because of the fixed conversion price). On September 11, 2014, the Company issued to Crede 2,000,000 shares of common stock upon conversion of 21,800 shares of Series D Preferred Stock (no adjustment for reverse splits because of the fixed conversion price). On September 18, 2014, the Company issued to Crede 4,000,000 shares of common stock upon conversion of 43,600 shares of Series D Preferred Stock (no adjustment for reverse splits because of the fixed conversion price). On October 6, 2014, the Company issued to Crede 4,000,000 shares of common stock upon conversion of 43,600 shares of Series D Preferred Stock (no adjustment for reverse splits because of the fixed conversion price). On January 13, 2015, the Company received a letter from NASDAQ notifying that it has been provided an additional 180 calendar day period, or until July 13, 2015, to regain compliance with the minimum $1 bid price per share requirement. The Company’s eligibility for the additional period was based on meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the NASDAQ Capital Market with the exception of the bid price requirement, and the Company’s written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If at any time during this additional time period the closing bid price of the Company’s common stock is at least $1 per share for a minimum of 10 consecutive business days, NASDAQ will provide written confirmation of compliance and this matter will be closed. If compliance cannot be demonstrated by July 13, 2015, NASDAQ will provide written notification that the Company’s common stock will be delisted. At that time, the Company may appeal NASDAQ’s determination to a Hearings Panel (the “Panel”). If the Company appeals, it will be asked to provide a plan to regain compliance to the Panel. On July 13, 2015, NASDAQ notified the Company that it had regained compliance with Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 for continued listing on the NASDAQ Stock Market and that the matter is now closed. On September 18, 2015, the Company received from The NASDAQ Stock Market a letter, dated September 14, 2015, stating that, for the previous 30 consecutive business days, the bid price of the Company's common stock closed below the minimum $1.00 per share. This is a requirement for continued listing on the NASDAQ Capital Market pursuant to NASDAQ Marketplace Rule 5550(a)(2) (the "Minimum Bid Price Rule"). The NASDAQ letter has no immediate effect on the listing of the Company's common stock, which will continue to trade on the NASDAQ Capital Market under the symbol "FREE". In accordance with NASDAQ Marketplace Rule 5810(c)(3)(A), the Company has a grace period of 180 calendar days, which expires on March 14, 2016 (the “Compliance Period”), to regain compliance with the "Minimum Bid Price Rule", by maintaining a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days during the Compliance Period. In the event the Company does not regain compliance, the Company may be eligible for an additional grace period of 180 calendar days if it satisfies the continued listing requirement for market value of publicly held shares and all other initial listing standards (with the exception of the Bid Price Rule) for listing on the NASDAQ Capital Market, and submits a timely notification to NASDAQ of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split of the shares of its Common Stock, if necessary. If the Company meets these requirements, the NASDAQ will inform the Company that it has been granted an additional 180 calendar days. However, if it appears to NASDAQ’s Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, the NASDAQ will provide notice that its securities will be subject to delisting. At that time, the Company may also appeal NASDAQ's delisting determination to a NASDAQ Hearings Panel. The Company intends to evaluate available options to resolve the deficiency and regain compliance with the Minimum Bid Price Rule (see Note 18). As of December 31, 2015, pursuant to the full conversion of the convertible notes (Note 10), the Company has issued to note holders 7,528 shares of common stock in the aggregate. As of December 31, 2015, pursuant to the cashless exercise formula set forth in the Series A, B & C warrants, the Company has issued to warrant holders 8,544 shares of common stock in the aggregate (Note 13). As of December 31, 2015, following the settlement agreements the Company entered with fourteen vendors, non-U.S. creditors, the Company has issued 117 common shares in the aggregate as payment in full of unpaid invoices of the aggregate amount of $1,317. 8,160 shares of Series D Preferred Stock are outstanding as of December 31, 2015. Common Stock Dividends During the year ended December 31, 2015, 2014 and 2013, the Company did not declare or pay any dividends.

Taxes

Taxes	12 Months Ended
	Dec. 31, 2015
Taxes [Abstract]
Taxes	17. Taxes Under the laws of the Countries of the Company and its subsidiaries incorporation and/or vessels’ registration, the Company is not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which have been included in Vessel operating expenses in the accompanying consolidated statements of operations. Pursuant to the Internal Revenue Code of the United States (the “Code”), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the company operating the ships meets both of the following requirements, (a) the Company is organized in a foreign country that grants an equivalent exemption to corporations organized in the United States, and (b) either (i) more than 50% of the value of the Company’s stock is owned, directly or indirectly, by individuals who are “residents” of the Company’s country of organization or of another foreign country that grants an “equivalent exemption” to corporations organized in the United States (the “50% Ownership Test”) or (ii) the Company’s stock is “primarily and regularly traded on an established securities market” in its country of organization, in another country that grants an “equivalent exemption” to United States corporations, or in the United States (the “Publicly-Traded Test”). To complete the exemption process, the Company’s ship owning subsidiaries must file a U.S. tax return, state the basis of their exemption and obtain and retain documentation attesting to the basis of their exemptions. The Company’s subsidiaries completed the filing process for 2014 on or prior to the applicable tax filing deadline. All the Company’s ship-operating subsidiaries currently satisfy the Publicly-Traded Test based on the trading volume and the 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 the Company’s control. Based on its U.S. source Shipping Income for 2013, 2014 and 2015, the Company would be subject to U.S. federal income tax of approximately $nil, $23 and $5, respectively, in the absence of an exemption under Section 883.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events On January 6, 2016, the Company sold to Alpha Capital Anstalt, an accredited investor, a $250 convertible promissory note, which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the Investor in cash, for 127.5% of any outstanding principal and interest remaining on the note. On January 13, 2016, upon full conversion of the $75 Mordechai Vizel convertible promissory note dated September 15, 2015, plus accrued interest, the Company has issued in aggregate 812 shares of common stock to the note holder. Effective January 15, 2016, the Company effectuated a sixty-to-one reverse stock split on its issued and outstanding common stock. On January 19, 2016, the Company sold to Mordechai Vizel, a non-U.S. investor, a $112 convertible promissory note, which contained a 12% OID, which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the lower of (i) $288 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the investor in cash, for 127.5% of any outstanding principal and interest remaining on the note. On January 19, 2016, the Company sold to Intermodal Shipbrokers Co., a non-U.S. investor, an $84 convertible promissory note in connection with a debt settlement agreement entered into, of the same aggregate amount of outstanding invoice, which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the investor in cash, for 127.5% of any outstanding principal and interest remaining on the note. On February 4, 2016, upon full conversion of the ALSA Holdings Inc. convertible promissory note, dated October 26, 2015, plus accrued interest, the Company has issued in aggregate 9,942 shares of common stock to the note holder. On February 18, 2016, upon full conversion of the Vis Vires Group, Inc. convertible promissory note dated July 27, 2015, plus accrued interest, the Company has issued in aggregate 16,530 shares of common stock to the note holder. On February 22, 2016, upon full conversion of the Black Mountain Equities Inc. convertible promissory note dated July 17, 2015, plus accrued interest, the Company has issued in aggregate 12,850 shares of common stock to the note holder. On March 1, 2016, the Company sold to MTR3S Holding Ltd., a non-U.S. person, a $500 convertible promissory note, which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the lesser of (i) $39.90 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion, provided, however, that the total number of shares of Common Stock issuable upon conversion of the note shall not exceed 225,225. Upon prior notice, the Company may prepay the Investor in cash, for 127.5% of any outstanding principal and interest remaining on the note. On March 1, 2016 the Company received default notices from Fiorello Norge AS and Figaro Norge AS, owners of the M/V Fiorello Figaro On March 2, 2016, the Company received notice from the Staff indicating that unless the Company timely requests a hearing before the Panel, its securities would be subject to delisting from The NASDAQ Capital Market based upon its non-compliance with the minimum bid price requirement, as set forth in NASDAQ Listing Rule 5550(a)(2), and concerns raised by the Staff, pursuant to the Staff’s discretionary authority under NASDAQ Listing Rule 5101, regarding the Company’s ability to remedy the bid price deficiency in light of dilution that may occur from financing transactions. The Company requested a hearing before the Panel, at which hearing it presented its plan to regain and sustain compliance with the bid price requirement and otherwise address the Staff’s concerns in connection therewith. The Company’s request for a hearing stayed any delisting action and the Company’s common stock continued to trade on The NASDAQ Capital Market pending the issuance of the Panel’s decision following the hearing. On March 8, 2016, upon full conversion of the Gemini Master Fund Ltd convertible promissory note dated July 17, 2015, plus accrued interest, the Company has issued in aggregate 35,458 shares of common stock to the note holder. On March 8, 2016, upon full conversion of the MTR3S Holding Ltd. promissory note dated December 8, 2015, plus accrued interest, the Company has issued in aggregate 132,118 shares of common stock to the note holder. On March 14, 2016, the Company, pursuant to the unanimous written consent of the Board of Directors, issued 47,893 common shares to Free Bulkers S.A., one of our Managers, for settling $250, part of unpaid amount due in connection with services provided to the Company by Free Bulkers. The common shares issued were valued at the consolidated closing bid price of the common stock at the day of the issuance. At the Special Meeting of the Company’s shareholders held on April 8, 2016, the shareholders approved three proposals, as follows: 1) granted discretionary authority to the Company’s board of directors to first, (A) amend the Amended and Restated Articles of Incorporation of the Company to effect one or more consolidations of the issued and outstanding shares of common stock, pursuant to which the shares of common stock would be combined and reclassified into one share of common stock at a ratio within the range from 1-for-2 up to 1-for-200 (the “Reverse Stock Split”) and (B) determine whether to arrange for the disposition of fractional interests by shareholder entitled thereto, to pay in cash the fair value of fractions of a share of common stock as of the time when those entitled to receive such fractions are determined, or to entitle shareholder to receive from the Company’s transfer agent, in lieu of any fractional share, the number of shares of common stock rounded up to the next whole number, provided that, (X) that the Company shall not effect Reverse Stock Splits that, in the aggregate, exceeds 1-for-200, and (Y) any Reverse Stock Split is completed no later than the first anniversary of the date of the special meeting; 2) ratified the potential issuance of more than 20% of the Company’s issued and outstanding common stock at a price that is less than the greater of book or market value in accordance with (i) a securities purchase agreement between the Company and MTR3S Holding Ltd., dated March 1, 2016; (ii) a debt settlement agreement and release between the Company and Intermodal Shipbrokers Co., dated January 19, 2016; (iii) a securities purchase agreement between the Company and Mordechai Vizel, dated January 19, 2016; (iv) a securities purchase agreement between the Company and Alpha Capital Anstalt, dated January 6, 2016; (v) a debt settlement agreement between the Company and Sichenzia Ross Friedman Ference LLP, dated October 7, 2015; and (vi) a securities purchase agreement between the Company and Service Trading Company, LLC, dated August 20, 2015; and 3) approved the potential issuance of more than 20% of the Company’s issued and outstanding common stock at a price that is less than the greater of book or market value in accordance with the following potential future transactions: (i) one or multiple purchase agreements for the sale of common stock or securities convertible into common stock up to $2 million for working capital at a discount to the market price of up to 50%, to be entered into within 180 days of the Special Meeting, (ii) one or multiple debt settlement agreements for the sale of common stock or securities convertible into common stock of up to $6 million for the settlement of trade or bank debt at a discount to the market price of up to 50%, to be entered into within 180 days of the Special Meeting, and (iii) a purchase agreement for the sale of common stock or securities convertible into common stock up to $15 million for asset acquisitions at a discount to the market price of up to 65%, to be entered into within 180 days of the Special Meeting. On April 11, 2016, upon full conversion of the $112 convertible promissory to Mordechai Vizel, dated January 19, 2016, plus accrued interest, the Company has issued in aggregate 62,880 shares of common stock to the note holder. Effective April 14, 2016, the Company effectuated a two hundred-to-one reverse stock split on its issued and outstanding common stock. On April 21, 2016, the Company was notified by NASDAQ that its pending appeal before the Panel had been denied, and that trading in the Company's common stock will be suspended on NASDAQ effective with the open of business on Monday April 25, 2016. The Company was approved for trading on the OTCQB® Venture Market, operated by OTC Markets Group Inc., and its common stock began trading on OTCQB effective April 25, 2016 under the trading symbol "FREEF." On April 21, 2016, the Company sold to LG Capital Funding, LLC, an accredited investor, a $150 convertible promissory note, which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor subject to the restrictions of Rule 144 promulgated under the 1933 Act, is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is 65% of the lowest trading price of the Common Stock as reported by the Trading Market on which the Company’s shares are traded, for the twenty prior trading days. Upon written notice, during the first six months the Company may prepay the note with amounts ranging from 118% of principal plus interest (during days 1-30) to 148% of principal plus interest (during days 151-180). On May 4, 2016, the Company sold to APG Capital Holdings, LLC, a $32 convertible promissory note, which contained a 12% OID and matures a year from issuance and accrues interest at the rate of 8% per annum. The investor subject to the restrictions of Rule 144 promulgated under the 1933 Act, is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is 65% of the lowest trading price of the Common Stock as reported by the Trading Market on which the Company’s shares are traded, for the twenty prior trading days. Upon written notice, during the first six months the Company may prepay the note to 150% of principal plus interest. On May 6, 2016, upon full conversion of the $84 convertible promissory note in connection with a debt settlement agreement entered into with Intermodal Shipbrokers Co, plus accrued interest, the Company has issued in aggregate 69,406 shares of common stock to the note holder. On May 9, 2016, the Company issued to Sichenzia Ross Friedman Ference LLP, a $137 convertible promissory note in connection with a debt settlement agreement entered into, of the same aggregate amount of outstanding invoices, which note matures a year from issuance and accrues interest at the rate of 8% per annum. The holder, subject to the restrictions of Rule 144 promulgated under the 1933 Act, is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the lower of (i) $0.60 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the holder in cash, for 127.5% of any outstanding principal and interest remaining on the note. On May 10, 2016, the Company sold to Mordechai Vizel., a non-U.S. person, a $112 convertible promissory note, which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock. The conversion price is the lesser of (i) $1.53 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the Investor in cash, for 127.5% of any outstanding principal and interest remaining on the note.

Significant Accounting Polici25

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Basis of Presentation and General Information/Significant Accounting Policies [Abstract]
Principles of Consolidation	a) Principles of Consolidation:
Use of Estimates	b) Use of Estimates:
Concentration of Credit Risk	c) Concentration of Credit Risk: Charterer 2015 2014 2013 A 39 % 39 % 32 % B 31 % 34 % 12 %
Foreign Currency Translation	d) Foreign Currency Translation:
Cash and Cash Equivalents	e) Cash and Cash Equivalents:
Trade Receivables, net	f) Trade Receivables, net:
Insurance Claims	g) Insurance Claims:
Inventories	h) Inventories:
Vessels' Cost	i) Vessels’ Cost:
Vessels' Depreciation	j) Vessels’ Depreciation:
Vessels held for sale	k) Vessels held for sale:
Impairment of Long-lived Assets	l) Impairment of Long-lived Assets: As of December 31, 2015, the Company performed an impairment assessment of its long-lived assets by comparing the undiscounted net operating cash flows for each vessel to its respective carrying value. The significant factors and assumptions the Company used in each future undiscounted net operating cash flow analysis included, among others, operating revenues, commissions, off-hire days, dry-docking costs, operating expenses and management fee estimates. Revenue assumptions were based on contracted time charter rates up to the end of life of the current contract of each vessel as well as Forward Freight Agreements (FFAs) and ten-year historical average time charter rates for the remaining life of the vessel after the completion of the current contracts. In addition, the Company used an annual operating expenses escalation factor and an estimate of off hire days. All estimates used and assumptions made were in accordance with the Company’s internal budgets and historical experience of the shipping industry. The Company, as a result of the current unprecedented adverse market conditions the dry bulk industry faces and the substantial decline in the vessel market values, concluded to recognize an impairment charge of $18,891 for the M/V Free Maverick
Accounting for Special Survey and Dry-docking Costs	m) Accounting for Special Survey and Dry-docking Costs:
Financing Costs	n) Financing Costs:
Unearned Revenue	o) Unearned Revenue:
Interest Rate Swaps	p) Interest Rate Swaps:
Financial Instruments	q) Financial Instruments:
Fair Value Measurements	r) Fair Value Measurements:
Fair value option	s) Fair value option:
Accounting for Revenue and Expenses	t) Accounting for Revenue and Expenses:
Profit Sharing Arrangements	u) Profit Sharing Arrangements:
Repairs and Maintenance	v) Repairs and Maintenance:
Stock-Based Compensation	w) Stock-Based Compensation:
Earnings/(Losses) per Share	x) Earnings/(Losses) per Share:
Segment Reporting	y) Segment Reporting:
Subsequent Events	z) Subsequent Events:
Convertible debt instruments	aa) Convertible debt instruments: Accordingly, the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their earliest date of redemption. The Company also records when necessary deemed dividends for the intrinsic value of conversion options embedded in preferred shares based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. ASC 815-40 provides that, among other things, generally, if an event is not within the entity’s control could or require net cash settlement, then the contract shall be classified as an asset or a liability. Described below are the accounting standards that were adopted in the year ended December 31, 2015.
Recent Accounting Pronouncements	bb) Recent Accounting Pronouncements: In February 2015, the FASB issued new guidance to improve consolidation guidance for legal entities (Accounting Standards Update (“ASU”) 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis), effective for fiscal years beginning after December 15, 2015 and interim periods within those years and early adoption is permitted. The new standard is intended to improve targeted areas of the consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The amendments in the ASU affect the consolidation evaluation for reporting organizations. In addition, the amendments in this ASU simplify and improve current GAAP by reducing the number of consolidation models. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01 "Income Statement-Extraordinary and Unusual Items: Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items". The concept of extraordinary items is removed and instead items that are both unusual in nature and infrequently occurring should be presented within income from continuing operations or disclosed in notes to financial statements because those items satisfy the conditions for an item that is unusual in nature or infrequently occurring. The new accounting guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early application is permitted. Companies have the option to apply the amendments of ASU No. 2015-01 either prospectively or retrospectively. In April 2015, FASB issued Accounting Standards Update (“ASU”) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, to simplify presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The ASU does not affect the recognition and measurement guidance for debt issuance costs. For public companies, the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early application is permitted. This updated guidance is not expected to have a material impact on our results of operations, cash flows or financial condition. Any new accounting standards, not disclosed above, that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption.

Basis of Presentation and Gen26

Basis of Presentation and General Information (Tables)	12 Months Ended
	Dec. 31, 2015
Basis of Presentation and General Information/Significant Accounting Policies [Abstract]
Summary of owners interest and outstanding shares of subsidiaries	Company % Owned M/V Type Dwt Year Built/ Date of Date of Date of Date of Adventure Two S.A. 100 % Free Destiny Handysize 25,240 1982 08/04/04 08/27/10 N/A N/A Adventure Three S.A. 100 % Free Envoy Handysize 26,318 1984 09/29/04 05/13/11 N/A N/A Adventure Four S.A. 100 % Free Fighter Handysize 38,905 1982 06/14/05 04/27/07 N/A N/A Adventure Five S.A. 100 % Free Goddess Handysize 22,051 1995 10/30/07 05/20/15 N/A N/A Adventure Six S.A. 100 % Free Hero Handysize 24,318 1995 07/03/07 05/20/15 N/A N/A Adventure Seven S.A. 100 % Free Knight Handysize 24,111 1998 03/19/08 02/18/14 N/A N/A Adventure Eight S.A. 100 % Free Jupiter Handymax 47,777 2002 09/05/07 09/16/14 N/A N/A Adventure Nine S.A. 100 % Free Impala Handysize 24,111 1997 04/02/08 09/24/14 N/A N/A Adventure Ten S.A. 100 % Free Lady Handymax 50,246 2003 07/07/08 11/08/11 N/A N/A Adventure Eleven S.A. 100 % Free Maverick Handysize 23,994 1998 09/01/08 N/A N/A N/A Adventure Twelve S.A. 100 % Free Neptune Handysize 30,838 1996 08/25/09 N/A N/A N/A Adventure Fourteen S.A. 100 % Hull 1 Handysize 33,600 2012 N/A N/A 04/28/12 N/A Adventure Fifteen S.A. 100 % Hull 2 Handysize 33,600 2012 N/A N/A 06/04/12 N/A Nemorino Shipping S.A. 100 % Nemorino Handymax 47,777 2002 N/A N/A 09/09/15 09/16/14 Fiorello Shipping S.A. 100 % Fiorello Handysize 24,318 1995 N/A N/A N/A 05/20/15 Figaro Shipping S.A. 100 % Figaro Handysize 22,051 1995 N/A N/A N/A 05/20/15 Standcorp International Limited 51 % N/A N/A N/A N/A N/A N/A N/A N/A

Significant Accounting Polici27

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Basis of Presentation and General Information/Significant Accounting Policies [Abstract]
Summary of concentration of credit risk	Charterer 2015 2014 2013 A 39 % 39 % 32 % B 31 % 34 % 12 %

Vessels, Net (Tables)

Vessels, Net (Tables)	12 Months Ended
	Dec. 31, 2015
Vessels, Net [Abstract]
Schedule of vessels, net	Vessels Cost Accumulated Depreciation Net Book Value December 31, 2012 $ 103,137 $ (27,447 ) $ 75,690 Depreciation — (5,727 ) (5,727 ) Reclassified to vessel held for sale (3,466 ) — (3,466 ) Vessel impairment charge (23,978 ) — (23,978 ) Reclassified to vessels, net 29,315 — 29,315 December 31, 2013 $ 105,008 $ (33,174 ) $ 71,834 Depreciation — (4,896 ) (4,896 ) Disposal of vessels (29,180 ) 12,726 (16,454 ) Leased vessel 12,250 (424 ) 11,826 December 31, 2014 $ 88,078 $ (25,768 ) $ 62,310 Depreciation — (3,585 ) (3,585 ) Disposal of vessels (42,674 ) 13,145 (29,529 ) Leased vessels 7,000 — 7,000 Vessel impairment charge (18,891 ) — (18,891 ) December 31, 2015 $ 33,513 $ (16,208 ) $ 17,305

Options Advance Payments- Pur29

Options Advance Payments- Purchase of Leased Vessels (Tables)	12 Months Ended
	Dec. 31, 2015
Options Advance Payments- Purchase of Leased Vessels [Abstract]
Schedule of charter obligation of the operating lease	Year Annual Operating Lease Payments 1 $ 803 2 803 3 803 4 803 5 803 Total $ 4,015

Deferred Charges (Tables)

Deferred Charges (Tables)	12 Months Ended
	Dec. 31, 2015
Deferred Charges [Abstract]
Schedule of deferred charges	Dry Docking Costs– Non Current Special Costs – Non Current Financing Costs- Current Total December 31, 2012 $ 15 $ 184 $ 2,887 $ 3,086 Additions 167 — — 167 Write-offs — — (939 ) (939 ) Vessels held for sale — — — — Amortization (16 ) (184 ) (904 ) (1,104 ) December 31, 2013 $ 166 $ — $ 1,044 $ 1,210 Additions - - - - Write-offs (166 ) - (801 ) (967 ) Amortization - - (226 ) (226 ) December 31, 2014 $ - $ - $ 16 $ 16 Additions - - - - Write-offs - - - - Amortization - - (8 ) (8 ) December 31, 2015 $ - $ - $ 8 $ 8

Financial Instruments and Fai31

Financial Instruments and Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Financial Instruments and Fair Value Measurements [Abstract]
Schedule tabular disclosure of derivatives location	Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Derivative Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Derivatives not designated as hedging instruments Interest rate swaps Derivative financial instruments - current portion $ — $ — $ — $ — Derivative financial instruments - net of current portion — — — — Total derivatives $ — $ — $ — $ — Derivatives Not Designated as Hedging Instruments Amount Derivative Loss Recognized on Derivative Location 2015 2014 2013 Interest rate swaps Loss on derivative instruments $ - $ 21 $ 40 Total $ - $ 21 $ 40
Schedule of fair value liabilities measured on recurring basis	December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Recurring measurements: 2015 (Level 1) (Level 2) (Level 3) Interest rate swap contracts $ — $ — $ — $ — Total $ — $ — $ — $ —

Bank Loan - current portion (Ta

Bank Loan - current portion (Tables)	12 Months Ended
	Dec. 31, 2015
Bank Loan current portion [Abstract]
Schedule of bank debt	NBG Credit Suisse December 31, 2013 $ 23,237 $ 36,450 Additions $ - $ - Payments $ (5,639 ) $ (21,450 ) Debt forgiveness $ - $ (15,000 ) December 31, 2014 $ 17,598 $ - NBG December 31, 2014 $ 17,598 Additions $ - Payments $ - December 31, 2015 $ 17,598
Schedule of repayment terms of the loan outstanding	Lender Vessel Remaining Repayment Terms National Bank of Greece M/V Free Neptune Four quarterly installments of $837.5 and a balloon payment of $14,248, payable together with the last installment due on December 16, 2016.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies [Abstract]
Summary of contractually committed obligations and their maturity dates	Payments Due by Period (Dollars in thousands) Total Less than 1 year 2-year 3-year 4-year 5-year More than 5 years (U.S. dollars in thousands) Interest on variable-rate debt 339 339 - - - - - Services fees to the Manager 4,502 1,635 1,635 1,232 - - - Management fees to the Managers 7,952 911 911 911 911 911 3,397 Hire on Leased Vessels 3,524 803 803 803 803 312 - Total obligations $ 16,317 $ 3,688 $ 3,349 $ 2,946 $ 1,714 $ 1,223 $ 3,397

Loss per Share and Series A, 34

Loss per Share and Series A, B & C Warrants (Tables)	12 Months Ended
	Dec. 31, 2015
Loss per Share and Series A, B & C Warrants [Abstract]
Schedule of warrant activity	Series A Warrants Series B Warrants Series C Warrants Total Exercise Price January 1, 2014 1.11 0.56 - 1.67 $11,700,000 (Series A&B) Series C warrants issued with $25,000 offering - 10.23 10.23 $6,390,000 (Series C) Warrants cashless exercised - (0.34 ) (2.23 ) (2.57 ) December 31, 2014 1.11 0.22 8.00 9.33 Warrants cashless exercised (1.11 ) (0.22 ) (0.06 ) (1.39 ) December 31, 2015 - - 7.94 7.94
Schedule of components of the denominator for the calculation of basic loss per share and diluted loss per share	For the year ended December 31, 2015 For the year ended December 31, 2014 For the year ended December 31, 2013 Numerator Net loss – basic and diluted $ (52,949 ) $ (12,688 ) $ (48,705 ) Basic earnings per share denominator: Weighted average common shares outstanding 1,573 11 2 Diluted earnings per share denominator: Weighted average common shares outstanding 1,573 11 2 Dilutive common shares: Options — — — Warrants — — — Restricted shares — — — Dilutive effect — — — Weighted average common shares – diluted 1,573 11 2 Basic loss per common share $ (33,661.16 ) $ (1,153,454.54 ) $ (24,352,500 ) Diluted loss per common share $ (33,661.16 ) $ (1,153,454.54 ) $ (24,352,500 )

Basis of Presentation and Gen35

Basis of Presentation and General Information (Details) - Metric	Jun. 10, 2015	Dec. 31, 2015
% Owned	51.00%
Adventure Two S.A. [Member]
% Owned		100.00%
Type of Motor Vessel		Free Destiny
Type of Ship		Handysize
Year Built/Expected Year of Delivery		1,982
Date of Acquisition		Aug. 4, 2004
Date of Disposal		Aug. 27, 2010
Adventure Three S.A [Member]
% Owned		100.00%
Type of Motor Vessel		Free Envoy
Type of Ship		Handysize
Year Built/Expected Year of Delivery		1,984
Date of Acquisition		Sep. 29, 2004
Date of Disposal		May 13, 2011
Adventure Four S.A. [Member]
% Owned		100.00%
Type of Motor Vessel		Free Fighter
Type of Ship		Handysize
Year Built/Expected Year of Delivery		1,982
Date of Acquisition		Jun. 14, 2005
Date of Disposal		Apr. 27, 2007
Adventure Five S.A. [Member]
% Owned		100.00%
Type of Motor Vessel		Free Goddess
Type of Ship		Handysize
Year Built/Expected Year of Delivery		1,995
Date of Acquisition		Oct. 30, 2007
Date of Disposal		May 20, 2015
Adventure Six S.A. [Member]
% Owned		100.00%
Type of Motor Vessel		Free Hero
Type of Ship		Handysize
Year Built/Expected Year of Delivery		1,995
Date of Acquisition		Jul. 3, 2007
Date of Disposal		May 20, 2015
Adventure Seven S.A. [Member]
% Owned		100.00%
Type of Motor Vessel		Free Knight
Type of Ship		Handysize
Year Built/Expected Year of Delivery		1,998
Date of Acquisition		Mar. 19, 2008
Date of Disposal		Feb. 18, 2014
Adventure Eight S.A. [Member]
% Owned		100.00%
Type of Motor Vessel		Free Jupiter
Type of Ship		Handymax
Year Built/Expected Year of Delivery		2,002
Date of Acquisition		Sep. 5, 2007
Date of Disposal		Sep. 16, 2014
Adventure Nine S.A. [Member]
% Owned		100.00%
Type of Motor Vessel		Free Impala
Type of Ship		Handysize
Year Built/Expected Year of Delivery		1,997
Date of Acquisition		Apr. 2, 2008
Date of Disposal		Sep. 24, 2014
Adventure Ten S.A. [Member]
% Owned		100.00%
Type of Motor Vessel		Free Lady
Type of Ship		Handymax
Year Built/Expected Year of Delivery		2,003
Date of Acquisition		Jul. 7, 2009
Date of Disposal		Nov. 8, 2011
Adventure Eleven S.A. [Member]
% Owned		100.00%
Type of Motor Vessel		Free Maverick
Type of Ship		Handysize
Year Built/Expected Year of Delivery		1,998
Date of Acquisition		Sep. 1, 2008
Adventure Twelve S.A. [Member]
% Owned		100.00%
Type of Motor Vessel		Free Neptune
Type of Ship		Handysize
Year Built/Expected Year of Delivery		1,996
Date of Acquisition		Aug. 25, 2009
Adventure Fourteen S.A. [Member]
% Owned		100.00%
Type of Motor Vessel		Hull 1
Type of Ship		Handysize
Year Built/Expected Year of Delivery		2,012
Adventure Fifteen S.A. [Member]
% Owned		100.00%
Type of Motor Vessel		Hull 2
Type of Ship		Handysize
Year Built/Expected Year of Delivery		2,012
Date of Contract/Bareboat Charter Termination		Apr. 28, 2012
Nemorino Shipping [Member]
% Owned		100.00%
Type of Motor Vessel		Nemorino
Type of Ship		Handymax
Year Built/Expected Year of Delivery		2,002
Date of Contract/Bareboat Charter Termination		Jun. 4, 2012
Date of Initiation of Bareboat Charter		Sep. 16, 2014
Fiorello Shipping [Member]
% Owned		100.00%
Type of Motor Vessel		Fiorello
Type of Ship		Handysize
Dead weight tonnage		24,318
Year Built/Expected Year of Delivery		1,995
Date of Contract/Bareboat Charter Termination		Sep. 9, 2015
Date of Initiation of Bareboat Charter		May 20, 2015
Figaro Shipping [Member]
% Owned		100.00%
Type of Motor Vessel		Figaro
Type of Ship		Handysize
Year Built/Expected Year of Delivery		1,995
Date of Initiation of Bareboat Charter		May 20, 2015
Standcorp International Limited [Member]
% Owned		51.00%
Type of Motor Vessel		N/A
Type of Ship		N/A

Basis of Presentation and Gen36

Basis of Presentation and General Information (Details Textual) - USD ($) $ in Thousands	Jun. 26, 2015	Jun. 10, 2015	May. 11, 2015	Dec. 31, 2015
Entity Incorporation, Date of Incorporation				Apr. 23, 2004
Reverse stock split, Description	50-to-1 reverse stock split		7.5-to-1 reverse stock split	Effective May 11, 2015, June 26, 2015, January 15, 2016 and April 14, 2016 the Company effectuated a 7.5-to-1 reverse stock split, a 50-to-1 reverse stock split, a 60-to-1 reverse stock split and a 200-to-1 reverse stock split, respectively, on its issued and outstanding common stock.
Gross sale price				$ 5,500
Daily hire rate of vessel				$ 1,100
Percentage of controlling stake		51.00%
Adventure Five S.A. [Member]
Date of Disposal				May 20, 2015
Year Built/Expected Year of Delivery				1,995
Percentage of controlling stake				100.00%
Adventure Six S.A. [Member]
Date of Disposal				May 20, 2015
Year Built/Expected Year of Delivery				1,995
Percentage of controlling stake				100.00%
Standcorp International Limited [Member]
Percentage of controlling stake				51.00%

Significant Accounting Polici37

Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Charterer A [Member]
Concentration risk, percentage	39.00%	39.00%	32.00%
Charterer B [Member]
Concentration risk, percentage	31.00%	34.00%	12.00%

Significant Accounting Polici38

Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Percentage of charterers revenue in voyage revenue	more than 10	more than 10	more than 10
Impairment charges	$ 18,891		$ 3,477
Minimum [Member]
Finite-lived intangible asset, useful life	27 years
Maximum [Member]
Finite-lived intangible asset, useful life	28 years
M V Free Maverick [Member]
Impairment charges	$ 18,891

Going Concern (Details)

Going Concern (Details) - USD ($) $ in Thousands	Jan. 31, 2014	Sep. 24, 2014	Sep. 17, 2014	May. 30, 2014	May. 28, 2014	Feb. 22, 2014	Jan. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net losses								$ 52,949	$ 12,688	$ 48,705
Working capital deficits								$ 31,490	30,849
Deferred interest paid									960	124
Gross sale price								$ 5,500
Offering Series D Convertible Preferred Stock and Series C Warrants					$ 25,000
Repayments of Long-term Debt				$ 22,636
National Bank of Greece [Member]
Payment of outstanding indebtedness		$ 3,300	$ 2,700						(5,639)
Gross sale price		$ 3,600
Repayment installments and accrued interest								$ 13,551
Description of cash payment in final settlement of obligations						Pursuant to the terms, NBG agreed to accept a cash payment of $22,000 no later than December 31, 2014, in full and final settlement of all of the Company's obligations to NBG and NBG would forgive the remaining outstanding balance of approximately $4,700.
Credit Suisse Facility [Member]
Credit facility interest due in an aggregate amount										354
Credit Suisse facility interest rate swap										256
Deferred interest paid	$ 960						$ 115
Payment of outstanding indebtedness									$ (21,450)
Repayments of Long-term Debt				$ 22,636
Credit Suisse Facility [Member] | February 3 2014 [Member]
Credit Suisse facility interest rate swap										$ 201

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Sep. 09, 2015	May. 20, 2015	Sep. 24, 2014	Sep. 16, 2014	Feb. 18, 2014	Mar. 31, 2013	Jun. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transactions (Textual)
Monthly management fee										$ 136
Foreign exchange rate description										The Company also pays, as per its services agreement with Free Bulkers, a monthly fee of $136 (on the basis that the $/Euro exchange rate is 1.35 or lower; if on the last business day of each month the $/Euro exchange rate exceeds 1.35 then the service fee payable will be adjusted for the following month in question, so that the amount payable in dollars will be the equivalent in Euro based on 1.35 $/Euro exchange rate) as compensation for services related to accounting, financial reporting, implementation of Sarbanes-Oxley internal control over financial reporting procedures and general administrative and management services plus expenses.
Other direct expenses										$ 3,577
Gross sale price										$ 5,500
Net sale proceeds	$ 7,000
Commission expenses											$ 6	$ 19
Termination fees										$ 60,080
Stock based compensation expense										898	638	42
Unpaid fees						$ 120	$ 120	$ 120	$ 120
General and administrative expenses										4,252	4,104	3,904
Manager [Member]
Related Party Transactions (Textual)
Monthly management fee										$ 18,975
Foreign exchange rate description										Each of the Company's subsidiaries pays, as per its management agreement with the Managers, a monthly management fee of $18,975 (on the basis that the $/Euro exchange rate is 1.30 or lower; if on the first business day of each month the $/Euro exchange rate exceeds 1.30 then the management fee payable will be increased for the month in question, so that the amount payable in $ will be the equivalent in Euro based on 1.30 $/Euro exchange rate) plus a fee of $400 per day for superintendent attendance and other direct expenses.
Other direct expenses										$ 400
Manager fee percentage on gross freight										1.25%
Manager commission percentage on gross purchase sale price										1.00%
Operating expenses										$ 2,800	3,528	3,133
Management fees										1,070	1,605	1,490
Services fees										1,635	1,650	1,499
Other fees and expenses										7	8	13
Superintendent fees										$ 88	265	131
Stock based compensation expense												474
Unpaid fees								$ 2,168	$ 2,168		433	$ 271
Common stock shares issued						2	2	44	2			3
General and administrative expenses										$ 140	148	$ 147
Recognized gain for issuance of shares												954
Manager [Member] | M/V Free Jupiter [Member]
Related Party Transactions (Textual)
Gross sale price				$ 12,250
Related party sale price											122
Related party transaction rate											5,325
Manager [Member] | M/V Free Knight [Member]
Related Party Transactions (Textual)
Gross sale price					$ 3,600
Related party sale price											36
Manager [Member] | M/V Free Impala [Member]
Related Party Transactions (Textual)
Gross sale price			$ 3,600
Related party sale price											36
Commission expenses										$ 35	$ 36	$ 104
Manager [Member] | M/V Free Hero [Member]
Related Party Transactions (Textual)
Gross sale price		$ 5,500
Related party sale price		110
Related party transaction rate		1,100
Manager [Member] | M/V Free Goddess [Member]
Related Party Transactions (Textual)
Gross sale price		5,500
Related party sale price		110
Related party transaction rate		$ 1,100

Vessels, Net (Details)

Vessels, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Vessels, Net [Abstract]
Vessels Cost, Beginning Balance	$ 88,078	$ 105,008	$ 103,137	$ 103,137
Vessels Cost, Depreciation
Vessels Cost, Reclassified to vessel held for sale			$ 3,466
Vessels cost, Vessel impairment charge	$ (18,891)		(27,455)	12,480
Vessels Cost, Reclassified to vessels, net			29,315
Vessels Cost, Disposal of vessels	(42,674)	$ (29,180)
Vessels Cost, Leased vessel	7,000	12,250
Vessels Cost, Ending Balance	33,513	88,078	105,008	103,137
Accumulated Depreciation, Beginning Balance	(25,768)	(33,174)	(27,447)	(21,718)
Accumulated Depreciation, Depreciation	(3,585)	(4,896)	$ (5,727)
Accumulated Depreciation, Reclassified to vessel held for sale
Accumulated Depreciation, Vessel impairment charge
Accumulated Depreciation, Disposal of vessels	13,145	12,726
Accumulated Depreciation, Leased vessel		424
Accumulated Depreciation, Ending Balance	(16,208)	(25,768)	$ (33,174)	(27,447)
Net Book Value, Beginning Balance	62,310	71,834	75,690	81,419
Net Book Value, Depreciation	(3,585)	(4,896)	(5,727)
Net Book Value, Disposal of vessels	29,529	$ 16,454
Net Book Value, Reclassified to vessel held for sale			3,466
Net Book Value, Vessel impairment charge	(18,891)		(23,978)
Net Book Value, Reclassified to vessels, net	18,891		27,455
Net Book Value, Leased vessel	7,000	$ 11,826
Net Book Value, Ending Balance	$ 17,305	$ 62,310	$ 71,834	$ 75,690

Vessels, Net (Details Textual)

Vessels, Net (Details Textual) - USD ($) $ in Thousands	May. 20, 2015	Sep. 24, 2014	Sep. 16, 2014	Feb. 18, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Repayments of bank debt						$ 27,089
Impairment charges					$ 18,891		$ 3,477
Other operating activities, Cash flow statement						11,179	$ 10,014
Recognized gain and loss on sale of vessel					$ (7,620)	(1,098)
Impairment loss description					If the Company were to utilize the most recent five-year historical average rates, three-year historical average rates or one-year historical average rates, would recognize an impairment loss of $17,982 (using the most recent five-year historical average rates) and $27,077 (using the most recent three year or one-year historical average rates).
NBG loan facility [Member]
Property, Plant and Equipment [Line Items]
Repayments of bank debt						$ 3,300
M/V Free Knight [Member]
Property, Plant and Equipment [Line Items]
Impairment charges							$ 23,978
Proceeds from sale of productive assets				$ 3,600
M/V Free Jupiter [Member]
Property, Plant and Equipment [Line Items]
Impairment charges							455
Proceeds from sale of productive assets			$ 12,250
M/V Free Impala [Member]
Property, Plant and Equipment [Line Items]
Impairment charges							2,087
Proceeds from sale of productive assets		$ 3,600
M/V Free Hero [Member]
Property, Plant and Equipment [Line Items]
Impairment charges							$ 935
Proceeds from sale of productive assets	$ 5,500
Hire charges on disposition	1,100
Recognized gain and loss on sale of vessel					$ 950
M V Free Goddess [Member]
Property, Plant and Equipment [Line Items]
Proceeds from sale of productive assets	5,500
Hire charges on disposition	$ 1,100
Recognized gain and loss on sale of vessel					$ 8,571

Options Advance Payments- Pur43

Options Advance Payments- Purchase of Leased Vessels (Details) $ in Thousands	Dec. 31, 2015USD ($)
Options Advance Payments- Purchase of Leased Vessels [Abstract]
1	$ 803
2	803
3	803
4	803
5	803
Total	$ 4,015

Options Advance Payments- Pur44

Options Advance Payments- Purchase of Leased Vessels (Details Textual) $ in Thousands	May. 20, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2014EUR (€)	Dec. 31, 2013USD ($)
Options Advance Payments- Purchase of Leased Vessels (Textual)
Gross sale price		$ 5,500
Sellers credit	$ 9,000
Hire rate of vessels | €				€ 8,700
Short term obligation			$ 11,826
Long term obligation			8,401
Operating lease description		According to the terms of the settlement agreement, both the Company and the owners of M/V Nemorino released each other from any claim, discontinued the arbitration proceedings and agreed that the Company is entitled to receive, upon sale of the M/V Nemorino by its owners to a buyer acting in cooperation or associated with the Company, 20% of any net sale proceeds above $7,000 such milestone amount to be reduced by any net profits resulting from any operations of the vessel prior to a sale.
Loss on sale of vessel		$ (7,620)	$ (1,098)
Options Advance Payment		2,000
Contractual derivative obligation		3,300
M V Free Goddess [Member]
Options Advance Payments- Purchase of Leased Vessels (Textual)
Gross sale price	5,500
Related party sale price	725
Sellers credit	4,500
Hire rate of vessels	1,100
M V Free Hero [Member]
Options Advance Payments- Purchase of Leased Vessels (Textual)
Gross sale price	5,500
Related party sale price	725
Sellers credit	4,500
Hire rate of vessels	$ 1,100
M/V Nemorino [Member]
Options Advance Payments- Purchase of Leased Vessels (Textual)
Loss on sale of vessel		$ 3,058

Accrued Liabilities (Details)

Accrued Liabilities (Details) $ in Thousands	Dec. 31, 2015USD ($)
Accrued Liabilities (Textual)
Accrued liabilities	$ 5,946
NBG loan accrued interest	4,994
Operating accruals	$ 952

Deferred Charges (Details)

Deferred Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Beginning balance	$ 16	$ 1,210	$ 3,086
Additions			167
Write-offs		$ (967)	$ (939)
Vessels held for sale
Amortization	$ (8)	(226)	$ (1,104)
Ending balance	$ 8	16	1,210
Dry Docking Costs- Non Current [Member]
Beginning balance		$ 166	15
Additions			$ 167
Write-offs		$ (166)
Vessels held for sale
Amortization			$ (16)
Ending balance			166
Special Survey Costs - Non Current [Member]
Beginning balance			$ 184
Additions
Write-offs
Vessels held for sale
Amortization			$ (184)
Ending balance
Financing Costs- Current [Member]
Beginning balance	$ 16	$ 1,044	$ 2,887
Additions
Write-offs		$ (801)	$ (939)
Vessels held for sale
Amortization	$ (8)	(226)	$ (904)
Ending balance	$ 8	$ 16	$ 1,044

Deferred Charges (Details Textu

Deferred Charges (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
M V Free Knight [Member]
Schedule of Restructuring and Deferred Charges [Line Items]
Debt instrument outstanding		$ 30,000
M V Free Maverick [Member]
Schedule of Restructuring and Deferred Charges [Line Items]
Debt instrument outstanding		30,000
Deutsche Bank [Member] 0000
Schedule of Restructuring and Deferred Charges [Line Items]
Unamortized deferred amendment and restructuring fees	$ 166	$ 939
Credit Suisse Loan Facility [Member]
Schedule of Restructuring and Deferred Charges [Line Items]
Unamortized deferred amendment and restructuring fees	$ 801

Financial Instruments and Fai48

Financial Instruments and Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate of derivative instruments assets
Interest rate of derivative instruments liabilities
Gain loss on interest rate derivative instruments		$ 21	$ 40
Loss on derivative instruments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gain loss on interest rate derivative instruments		$ 21	$ 40
Derivative financial instruments current portion [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate of derivative instruments assets
Interest rate of derivative instruments liabilities
Derivative financial instruments, net of current portion [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate of derivative instruments assets
Interest rate of derivative instruments liabilities

Financial Instruments and Fai49

Financial Instruments and Fair Value Measurements (Details 1)	Dec. 31, 2015USD ($)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value of liabilities disclosure recurring
Fair value inputs level 1 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value of liabilities disclosure recurring
Fair value inputs level 2 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value of liabilities disclosure recurring
Fair value inputs level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value of liabilities disclosure recurring
Interest rate swap [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value of liabilities disclosure recurring
Interest rate swap [Member] | Fair value inputs level 1 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value of liabilities disclosure recurring
Interest rate swap [Member] | Fair value inputs level 2 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value of liabilities disclosure recurring
Interest rate swap [Member] | Fair value inputs level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value of liabilities disclosure recurring

Financial Instruments and Fai50

Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Unrealized gain loss on derivatives		$ 200	$ 246
Loss on derivative instruments		$ (21)	(40)
Interest rate swap one [Member]
Unrealized gain loss on derivatives			246
Interest rate swap [Member]
Interest rate of realized losses			$ 286

Convertible Notes Payable (Deta

Convertible Notes Payable (Details Textual) - USD ($)

Dec. 23, 2015

Dec. 21, 2015

Dec. 09, 2015

Dec. 08, 2015

Dec. 03, 2015

Dec. 02, 2015

Dec. 01, 2015

Nov. 30, 2015

Oct. 26, 2015

Oct. 23, 2015

Oct. 15, 2015

Oct. 07, 2015

Sep. 15, 2015

Sep. 04, 2015

Sep. 02, 2015

Aug. 18, 2015

Aug. 12, 2015

Jul. 29, 2015

Jul. 27, 2015

Jul. 17, 2015

Jul. 13, 2015

Jun. 15, 2015

Jun. 10, 2015

Jun. 03, 2015

Jun. 01, 2015

May. 19, 2015

May. 12, 2015

May. 07, 2015

May. 06, 2015

Apr. 29, 2015

Mar. 24, 2015

Mar. 05, 2015

Feb. 05, 2015

Jan. 05, 2015

Feb. 07, 2014

Feb. 06, 2014

Apr. 16, 2015

Jan. 21, 2015

Nov. 17, 2014

Feb. 28, 2014

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

8.00%

Proceeds from convertible notes

$ 500,000

$ 7,172,000

$ 304,000

$ 489,000

Debt Instrument, Payment Terms

Twelve months

Twelve months

Common stock issued for convertible notes, Value

9,282,000

128,000

375,000

Conversion of stock description

The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment description

The conversion price is the lower of (i) $11.97 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion.

The conversion price is the lower of (i) $27.93 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion.

Convertible Notes Payable

930,000

Amortization of debt discount

4,383,000

$ 40,000

$ 249,000

Other Expenses

3,577,000

Unamortized debt discount

$ 805,000

KBM WORLDWIDE, Inc [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

8.00%

Proceeds from convertible notes

$ 154,000

$ 304,000

Debt Instrument, Payment Terms

Nine months

Nine months

Common stock issued for convertible notes, Shares

16

10

Percentage of conversion stock

65.00%

65.00%

Conversion of stock description

The holder has the right to convert all or any part of the outstanding and unpaid principal amount and accrued interest of the note into Company's common stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment description

Upon written notice, during the first six months the Company could prepay the note with amounts ranging from 110% of principal plus interest (during days 1-30) to 135% of principal plus interest (during days 121-180).

Upon written notice, during the first six months the Company could prepay the note with amounts ranging from 110% of principal plus interest (during days 1-30) to 135% of principal plus interest (during days 121-180).

Glengrove Small Cap Value, Ltd [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 750,000

Debt Instrument, Payment Terms

Twelve months

Common stock issued for convertible notes, Shares

22

Conversion of stock description

The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment description

Upon prior notice, the Company may prepay the Investor in cash, for 127.5% of any outstanding principal and interest remaining on the note.

LG CAPITAL FUNDING, LLC [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 56,500

Debt Instrument, Payment Terms

Twelve months

Common stock issued for convertible notes, Shares

350

Percentage of conversion stock

65.00%

Conversion of stock description

The holder of this note is entitled, at its option, at any time to convert all or any amount outstanding into shares of the Company's Common Stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment description

During the first six months, the Company may prepay the note with amounts ranging from 118% of principal plus interest (during days 1-30) to 148% of principal plus interest (during days 121-180).

JSJ Investments Inc. [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 150,000

Debt Instrument, Payment Terms

Twelve months

Common stock issued for convertible notes, Shares

841

Conversion of stock description

The investor is entitled at any time on or after issuance date to convert all or any part of the outstanding and unpaid principal amount and accrued interest of the note into Company's common stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment description

The conversion price is the lesser of $37.5 or a 35% discount to the lowest VWAP during the twenty one trading days prior to the conversion.

VIS VIRES GROUP, INC. [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

8.00%

8.00%

Proceeds from convertible notes

$ 154,000

$ 104,000

$ 154,000

Debt Instrument, Payment Terms

Nine months

Nine months

Common stock issued for convertible notes, Shares

791

766

Percentage of conversion stock

65.00%

65.00%

Conversion of stock description

The holder has the right to convert all or any part of the outstanding and unpaid principal amount and accrued interest of the note into Company's common stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

The holder has the right to convert all or any part of the outstanding and unpaid principal amount and accrued interest of the note into Company's common stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

The holder has the right to convert all or any part of the outstanding and unpaid principal amount and accrued interest of the note into Company's common stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment description

Upon written notice, during the first six months the Company may prepay the note with amounts ranging from 110% of principal plus interest (during days 1-30) to 135% of principal plus interest (during days 121-180).

Upon written notice, during the first six months the Company may prepay the note with amounts ranging from 110% of principal plus interest (during days 1-30) to 135% of principal plus interest (during days 121-180).

Upon written notice, during the first six months the Company may prepay the note with amounts ranging from 110% of principal plus interest (during days 1-30) to 135% of principal plus interest (during days 121-180).

AUCTUS FUND LLC. [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 105,000

Debt Instrument, Payment Terms

Nine months

Common stock issued for convertible notes, Shares

543

Percentage of conversion stock

65.00%

Conversion of stock description

The holder has the right to convert all or any part of the outstanding and unpaid principal amount and accrued interest of the note into Company's common stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment description

During the first six months, the Company may prepay the note with amounts ranging from 125% of principal plus interest (during days 1-30) to 150% of principal plus interest (during days 121-180).

Black Mountain Equities Inc. [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 110,000

Debt Instrument, Payment Terms

Twelve months

Conversion of stock description

The holder has the right to convert all or any part of the outstanding and unpaid principal amount and accrued interest of the note into Company's common stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment description

The conversion price is the lesser of (i) $165 and (ii) and 65% of the lowest VWAP for the 20 trading days prior to the date of conversion.

Gemini Master Fund Ltd .[Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 165,000

Conversion of stock description

The holder has the right to convert all or any part of the outstanding and unpaid principal amount and accrued interest of the note into Company's common stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment description

The conversion price is the lesser of (i) $165 and (ii) and 65% of the lowest VWAP for the 20 trading days prior to the date of conversion.

Service Trading Company, LLC [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 37,800

Debt Instrument, Payment Terms

Twelve months

Percentage of conversion stock

65.00%

Conversion of stock description

The holder has the right to convert all or any part of the outstanding and unpaid principal amount and accrued interest of the note into Company's common stock, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment description

Upon written notice, during the first six months the Company may prepay the note with amounts ranging from 118% of principal plus interest (during days 1-30) to 148% of principal plus interest (during days 151-180).

SICHENZIA ROSS FRIEDMAN FERENCE LLP [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 92,000

Debt Instrument, Payment Terms

Twelve months

Conversion of stock description

The investor, subject to the restrictions of Rule 144 promulgated under the 1933 Act, is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment description

The conversion price is the lower of (i) $54.24 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the investor in cash, for 127.5% of any outstanding principal and interest remaining on the note.

Asher [Member]

Short-term Debt [Line Items]

Common stock issued for convertible notes, Shares

2

3

Common stock issued for convertible notes, Value

$ 53,500

$ 75,000

Himmil Investments Ltd [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

8.00%

Proceeds from convertible notes

$ 500,000

$ 500,000

Debt Instrument, Payment Terms

Twelve months

Twelve months

Common stock issued for convertible notes, Shares

4

3

Conversion of stock description

The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock

The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment description

Upon prior notice, the Company may prepay the Investor in cash, for 127.5% of any outstanding principal and interest remaining on the note.

The conversion price is the lower of (i) $10,170 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the Investor in cash, for 127.5% of any outstanding principal and interest remaining on the note.

Alderbrook Ship Finance Ltd [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 500,000

Debt Instrument, Payment Terms

Twelve months

Common stock issued for convertible notes, Shares

31

Common stock issued for convertible notes, Value

$ 500,000

Conversion of stock description

The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment description

Upon prior notice, the Company may prepay the investor in cash, for 127.5% of any outstanding principal and interest remaining on the note.

Bas Cole Value Fund Ltd [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

8.00%

Proceeds from convertible notes

$ 600,000

$ 500,000

Debt Instrument, Payment Terms

Twelve months

Twelve months

Common stock issued for convertible notes, Shares

2,961

147

Conversion of stock description

The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment description

The conversion price is the lower of (i) $130.8 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the investor in cash, for 127.5% of any outstanding principal and interest remaining on the note.

The conversion price is the lower of (i) $14.97 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the investor in cash, for 127.5% of any outstanding principal and interest remaining on the note.

AMVS Value Fund Ltd. [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 600,000

Debt Instrument, Payment Terms

Twelve months

Common stock issued for convertible notes, Shares

572

Conversion of stock description

The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment description

The conversion price is the lower of (i) $928.86 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the investor in cash, for 127.5% of any outstanding principal and interest remaining on the note.

Mordechai Vizel [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 75,000

Debt Instrument, Payment Terms

Twelve months

Conversion of stock description

The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment description

The conversion price is the lower of (i) $86.4 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the investor in cash, for 127.5% of any outstanding principal and interest remaining on the note (see Note 18).

MARVIN SHIPPING SERVICES INC. [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 82,000

Debt Instrument, Payment Terms

Twelve months

Common stock issued for convertible notes, Shares

471

Conversion of stock description

The investor is entitled at any time to convert into common stock any portion of the outstanding and unpaid principal and accrued interest, provided that such conversion does not cause it to own more than 4.99% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment description

The conversion price is the lower of (i) $54.24 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion. Upon prior notice, the Company may prepay the investor in cash, for 127.5% of any outstanding principal and interest remaining on the note.

Convertible Notes Payable

Short-term Debt [Line Items]

Accrued Interest

$ 5,000

Common stock issued for convertible notes, Shares

5

Common stock issued for convertible notes, Value

$ 129,000

$ 7,528,000

Percentage of conversion stock

100.00%

Bank Loan - current portion (De

Bank Loan - current portion (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Sep. 24, 2014	Sep. 17, 2014	Dec. 31, 2015	Dec. 31, 2014
Credit Suisse Facility [Member]
Short-term Debt [Line Items]
Balance				$ 36,450
Additions
Payments				$ (21,450)
Debt forgiveness				$ (15,000)
Balance
NBG [Member]
Short-term Debt [Line Items]
Balance			$ 17,598	$ 23,237
Additions
Payments	$ 3,300	$ 2,700		$ (5,639)
Debt forgiveness
Balance			$ 17,598	$ 17,598

Bank Loan - current portion (53

Bank Loan - current portion (Details 1) - M V Free Neptune [Member]	12 Months Ended
	Dec. 31, 2015USD ($)
Short-term Debt [Line Items]
Payment of loans	$ 837,500
Installments of loans	Four quarterly
Balloon Payments	$ 14,248,000
Maturity date of loans	Dec. 16, 2016
Bank loans issuer	National Bank of Greece

Bank Loan - current portion (54

Bank Loan - current portion (Details Textual) - USD ($) $ in Thousands	1 Months Ended				12 Months Ended
	Sep. 24, 2014	Sep. 17, 2014	May. 30, 2014	Feb. 22, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	May. 28, 2014	Jan. 30, 2014
Bank Loan Current Portion (Textual)
Weighted average interest rate					4.00%	3.00%
Interest expense					$ 1,237	$ 1,655	$ 1,946
Paid amount to Credit Suisse			$ 22,636
Sales revenue					$ 5,500
M V Free Neptune [Member]
Bank Loan Current Portion (Textual)
Bank loans issuer					National Bank of Greece
Credit Suisse Facility [Member]
Bank Loan Current Portion (Textual)
Long-term Debt							36,450
Debt cancellation									$ 15,000
Agreed to pay to Credit Suisse from offering proceeds								$ 22,636
Bank loans current portion								$ 37,636
Paid amount to Credit Suisse			$ 22,636
Repayment of debt						$ (21,450)
NBG [Member]
Bank Loan Current Portion (Textual)
Long-term Debt					$ 17,598	17,598	$ 23,237
Interest rate					4.00%
Description of cash payment in final settlement of obligations				Pursuant to the terms, NBG agreed to accept a cash payment of $22,000 no later than December 31, 2014, in full and final settlement of all of the Company's obligations to NBG and NBG would forgive the remaining outstanding balance of approximately $4,700.
Repayment installments and accrued interest					$ 13,551
Sales revenue	$ 3,600
Repayment of debt	$ 3,300	$ 2,700				$ (5,639)
First Business Bank [Member] | Criteria One [Member]
Bank Loan Current Portion (Textual)
Loan agreement description						Average corporate liquidity: the Company is required to maintain an average corporate liquidity of at least $3,000
First Business Bank [Member] | Criteria Two [Member]
Bank Loan Current Portion (Textual)
Loan agreement description						Leverage ratio: the corporate guarantors leverage ratio shall not at any time exceed 55
First Business Bank [Member] | Criteria Three [Member]
Bank Loan Current Portion (Textual)
Loan agreement description						Ratio of EBITDA to net interest expense shall not be less than 3
First Business Bank [Member] | Criteria Four [Member]
Bank Loan Current Portion (Textual)
Loan agreement description						Value to loan ratio: the fair market value of the financed vessels shall be at least (a) 115% for the period July 1, 2010 to June 30, 2011 and (b) 125% thereafter

Commitments and Contingencies55

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2015USD ($)
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Payments due by period, total	$ 16,317
Payments due by period, less than 1-year	3,688
Payments due by period, 2-year	3,349
Payments due by period, 3-year	2,946
Payments due by period, 4-year	1,714
Payments due by period, 5-year	1,223
Payments due by period, more than 5-years	3,397
Services fees to the Manager [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Payments due by period, total	4,502
Payments due by period, less than 1-year	1,635
Payments due by period, 2-year	1,635
Payments due by period, 3-year	$ 1,232
Payments due by period, 4-year
Payments due by period, 5-year
Payments due by period, more than 5-years
Management fees to the Managers [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Payments due by period, total	$ 7,952
Payments due by period, less than 1-year	911
Payments due by period, 2-year	911
Payments due by period, 3-year	911
Payments due by period, 4-year	911
Payments due by period, 5-year	911
Payments due by period, more than 5-years	3,397
Interest on variable rate debt [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Payments due by period, total	339
Payments due by period, less than 1-year	$ 339
Payments due by period, 2-year
Payments due by period, 3-year
Payments due by period, 4-year
Payments due by period, 5-year
Payments due by period, more than 5-years
Hire on Leased Vessels [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Payments due by period, total	$ 3,524
Payments due by period, less than 1-year	803
Payments due by period, 2-year	803
Payments due by period, 3-year	803
Payments due by period, 4-year	803
Payments due by period, 5-year	$ 312
Payments due by period, more than 5-years

Commitments and Contingencies56

Commitments and Contingencies (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015EUR (€)
Commitments And Contingencies Textual [Abstract]
Annual insurance premiums	$ 1
General insurance expense	$ 1,000
Office space expenses | €		€ 8,700
Maximum [Member]
Commitments And Contingencies Textual [Abstract]
Supplemental information for property, casualty insurance underwriters, interest rate in range	40.00%	40.00%
Minimum [Member]
Commitments And Contingencies Textual [Abstract]
Supplemental information for property, casualty insurance underwriters, interest rate in range	25.00%	25.00%

Loss per Share and Series A, 57

Loss per Share and Series A, B & C Warrants (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Class of Warrant or Right [Line Items]
Beginning Warrants Price	$ 9.33	$ 1.67
Series C warrants issued with $25,000 offering		10.23
Warrants cashless exercised	(1.39)	(2.57)
Ending Warrants Price	7.94	9.33
Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Beginning Warrants Price	1.11	$ 1.11
Series C warrants issued with $25,000 offering
Warrants cashless exercised	$ (1.11)
Ending Warrants Price		$ 1.11
Exercise Price	$ 11,700,000
Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Beginning Warrants Price	$ 0.22	$ 0.56
Series C warrants issued with $25,000 offering
Warrants cashless exercised	$ (0.22)	$ (0.34)
Ending Warrants Price		$ 0.22
Exercise Price	$ 11,700,000
Series C Warrants [Member]
Class of Warrant or Right [Line Items]
Beginning Warrants Price	$ 8
Series C warrants issued with $25,000 offering		$ 10.23
Warrants cashless exercised	(0.06)	(2.23)
Ending Warrants Price	$ 7.94	$ 8
Exercise Price	$ 6,390,000

Loss per Share and Series A, 58

Loss per Share and Series A, B & C Warrants (Details 1) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator
Net loss - basic and diluted	$ (52,949)	$ (12,688)	$ (48,705)
Basic earnings per share denominator:
Weighted average common shares outstanding	1,573	11	2
Diluted earnings per share denominator:
Weighted average common shares outstanding	1,573	11	2
Dilutive effect
Weighted average common shares - diluted	1,573	11	2
Basic loss per common share	$ (33,661.16)	$ (1,153,454.54)	$ (24,352,500)
Diluted loss per common share	$ (33,661.16)	$ (1,153,454.54)	$ (24,352,500)
Options [Member]
Diluted earnings per share denominator:
Dilutive effect
Warrants [Member]
Diluted earnings per share denominator:
Dilutive effect
Restricted shares [Member]
Diluted earnings per share denominator:
Dilutive effect

Loss per Share and Series A, 59

Loss per Share and Series A, B & C Warrants (Details Textual) - USD ($) $ in Thousands	Apr. 14, 2016	Jan. 15, 2016	Jun. 26, 2015	May. 11, 2015	May. 28, 2014	Dec. 31, 2015
Loss per Share and Series A, B and C Warrants (Textual)
Reverse stock split			50-to-1 reverse stock split	7.5-to-1 reverse stock split		Effective May 11, 2015, June 26, 2015, January 15, 2016 and April 14, 2016 the Company effectuated a 7.5-to-1 reverse stock split, a 50-to-1 reverse stock split, a 60-to-1 reverse stock split and a 200-to-1 reverse stock split, respectively, on its issued and outstanding common stock.
Stock units issued during period, Value					$ 25,000
Subsequent Event [Member]
Loss per Share and Series A, B and C Warrants (Textual)
Reverse stock split	200-to-1 reverse stock split	60-to-1 reverse stock split
Series A Warrants [Member]
Loss per Share and Series A, B and C Warrants (Textual)
Cashless warrants exercised, Shares						8,544
Series B Warrants [Member]
Loss per Share and Series A, B and C Warrants (Textual)
Cashless warrants exercised, Shares						8,544
Series C Warrants [Member]
Loss per Share and Series A, B and C Warrants (Textual)
Cashless warrants exercised, Shares						8,544

Reverse Stock Splits (Details)

Reverse Stock Splits (Details)	Apr. 14, 2016	Jan. 15, 2016	Jun. 26, 2015	May. 11, 2015	Dec. 31, 2015
Reverse Stock Splits (Textual)
Reverse stock split, Description			50-to-1 reverse stock split	7.5-to-1 reverse stock split	Effective May 11, 2015, June 26, 2015, January 15, 2016 and April 14, 2016 the Company effectuated a 7.5-to-1 reverse stock split, a 50-to-1 reverse stock split, a 60-to-1 reverse stock split and a 200-to-1 reverse stock split, respectively, on its issued and outstanding common stock.
Subsequent Event [Member]
Reverse Stock Splits (Textual)
Reverse stock split, Description	200-to-1 reverse stock split	60-to-1 reverse stock split

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - USD ($)	Nov. 12, 2015	Nov. 10, 2014	Nov. 17, 2014	Jul. 30, 2014	Dec. 31, 2015	Oct. 12, 2015	Nov. 05, 2014
Equity Incentive Plan [Line Items]
Share-based payment award, description				The exercise price of an incentive stock option may not be less than 110% of fair value of the common stock at the date of the grant for a 10% or more shareholder and 100% of fair value for a grantee who is not a 10% shareholder.
Award vesting and expiration period description				Vesting period of the grants under the 2014 Plan may not be more than five years and expiration period not more than ten years.
Share-based payment award, Number of shares authorized				1		250	3
Issuance of aggregate amount of common stock			250
Share-based compensation expense					$ 898,000
Stock Will Vest on May 10, 2015 [Member]
Equity Incentive Plan [Line Items]
Common stock vested, shares
Stock Will Vest on November 10, 2015 [Member]
Equity Incentive Plan [Line Items]
Common stock vested, shares		1
Stock Will Vest on November 10, 2016 [Member]
Equity Incentive Plan [Line Items]
Common stock vested, shares		1
Officers Directors And Employees [Member]
Equity Incentive Plan [Line Items]
Issuance of aggregate amount of common stock		2
Non Executive [Member]
Equity Incentive Plan [Line Items]
Issuance of aggregate amount of common stock
Unpaid board fees		$ 80,000
Board Fees	$ 15,000				3
Restricted Stock [Member]
Equity Incentive Plan [Line Items]
Share-based compensation expense					120,000
Compensation cost not yet recognized					$ 416,000
Compensation cost not yet recognized, Period for recognition					12 months

Shareholders' Equity (Details)

Shareholders' Equity (Details)	Sep. 18, 2015Number	Oct. 06, 2014shares	Sep. 11, 2014shares	Jul. 16, 2014	Jun. 03, 2014shares	Sep. 18, 2014shares	Aug. 27, 2014shares	Jun. 30, 2014shares	Jun. 20, 2014shares	Jun. 18, 2014shares	Jun. 15, 2014Number	May. 28, 2014USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)shares	Jul. 13, 2015$ / shares
Shareholders Equity [Line Items]
Common stock issued for convertible notes, Value | $													$ 9,282,000	$ 128,000	$ 375,000
Preferred stock converted into common stock | $
Consecutive Business Days | Number	30										30
Common stock per share | $ / shares													$ 0.001	$ 0.001
Conversion description				The applicable $2.5 million stockholders' equity requirement, as set forth in Listing Rule 5550(b)(1) (the "Stockholders' Equity Requirement"). The letter indicated that we had 45 days, or until September 2, 2014, to submit a plan to regain compliance. If our plan is accepted, NASDAQ has the discretion to grant us up to 180 days from July 16, 2014 to regain compliance. If NASDAQ does not accept our plan, we would have the opportunity to appeal that decision to a hearings panel.							The minimum closing bid price required by the continued listing requirements of NASDAQ set forth in Listing Rule 5550(a)(2). We have 180 calendar days, or until January 12, 2015, to regain compliance with Rule 5550(a)(2) (the "Compliance Period"). To regain compliance, the closing bid price of the Company's common stock must be at least $1.00 per share for a minimum of 10 consecutive business days during the Compliance Period. The NASDAQ notification has no effect at this time on the listing of the Company's common stock on The NASDAQ Capital Market.
Minimum bid price per share | $ / shares																$ 1
Stock units issued during period, Value | $												$ 25,000,000
Conversion of convertible promissory note, Shares | shares													7,528
Placement Agent Agreement [Member]
Shareholders Equity [Line Items]
Stock units issued during period, Value | $												$ 25,000
Stock units issued during period, Shares | shares												250,000
Purchase price per share | $ / shares												$ 100
Series D Preferred Stock [Member]
Shareholders Equity [Line Items]
Conversion of stock, shares converted | shares		43,600	21,800		78,612	43,600	21,800	100	1,808	30,520
Preferred Stock, Shares Outstanding | shares													8,160	8,160
Preferred stock converted into common stock | $												$ 100,000
Preferred stock converted into common stock, Shares | shares												92
Conversion price | $ / shares												$ 1.09
Proceeds from issuance of preferred stock value | $												$ 24,070,000
Payments of fees | $												930,000
Series C Preferred Stock [Member]
Shareholders Equity [Line Items]
Common stock issued for convertible notes, Value | $												$ 6,390,000,000
Conversion price | $ / shares												$ 0.0000408
Common Stock [Member]
Shareholders Equity [Line Items]
Conversion of stock, shares issued | shares		4,000,000	2,000,000		7,212,081	4,000,000	2,000,000	9,176	165,881	2,800,000
Common stock issued for convertible notes, Value | $
Common stock issued for convertible notes, Shares | shares													9,692
Preferred stock converted into common stock, Shares | shares
Conversion of convertible promissory note, Shares | shares													117
Conversion of converted promissory note, Amount | $													$ 1,317
Preferred Stock [Member]
Shareholders Equity [Line Items]
Preferred stock converted into common stock | $
Preferred stock converted into common stock, Shares | shares															(44,000)
Warrant [Member]
Shareholders Equity [Line Items]
Conversion of convertible promissory note, Shares | shares													8,544

Taxes (Details)

Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Taxes (Textual)
Stock owned by residents of company	more than 50
Federal income tax	$ 5	$ 23

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands

May. 10, 2016

May. 09, 2016

May. 06, 2016

May. 04, 2016

Apr. 14, 2016

Mar. 14, 2016

Mar. 08, 2016

Mar. 01, 2016

Feb. 04, 2016

Jan. 15, 2016

Jan. 13, 2016

Jan. 06, 2016

Jun. 26, 2015

May. 11, 2015

Apr. 21, 2016

Feb. 22, 2016

Feb. 18, 2016

Dec. 31, 2015

Subsequent Events (Textual)

Conversion of convertible promissory note, Shares

7,528

Reverse stock split, Description

50-to-1 reverse stock split

7.5-to-1 reverse stock split

Effective May 11, 2015, June 26, 2015, January 15, 2016 and April 14, 2016 the Company effectuated a 7.5-to-1 reverse stock split, a 50-to-1 reverse stock split, a 60-to-1 reverse stock split and a 200-to-1 reverse stock split, respectively, on its issued and outstanding common stock.

Subsequent Event [Member]

Subsequent Events (Textual)

Conversion of converted promissory note, Amount

$ 84

$ 75

Conversion of convertible promissory note, Shares

69,406

812

Reverse stock split, Description

200-to-1 reverse stock split

60-to-1 reverse stock split

Subsequent Event [Member] | Board of directors [Member]

Subsequent Events (Textual)

Conversion of converted promissory note, Amount

$ 250

Conversion of convertible promissory note, Shares

47,893

Subsequent Event [Member] | Mordechai Vizel [Member]

Subsequent Events (Textual)

Accrued interest rate

8.00%

Convertible promissory note

$ 112

Debt instrument, term

1 year

Conversion price, description

The conversion price is the lesser of (i) $1.53 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion.

Cash prepayment

127.50%

Equity method investment, ownership percentage

4.99%

Subsequent Event [Member] | Alpha Capital Anstalt [Member]

Subsequent Events (Textual)

Accrued interest rate

8.00%

Convertible promissory note

$ 250

Debt instrument, term

1 year

Conversion price, description

The conversion price is 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion.

Cash prepayment

127.50%

Equity method investment, ownership percentage

4.99%

Subsequent Event [Member] | ALSA HOLDINGS INC. [Member]

Subsequent Events (Textual)

Conversion of convertible promissory note, Shares

9,942

Subsequent Event [Member] | VIS VIRES GROUP, INC. [Member]

Subsequent Events (Textual)

Conversion of convertible promissory note, Shares

16,530

Subsequent Event [Member] | Black Mountain Equities Inc. [Member]

Subsequent Events (Textual)

Conversion of convertible promissory note, Shares

12,850

Subsequent Event [Member] | LG CAPITAL FUNDING, LLC [Member]

Subsequent Events (Textual)

Accrued interest rate

8.00%

Convertible promissory note

$ 150

Debt instrument, term

1 year

Conversion price, description

Upon written notice, during the first six months the Company may prepay the note with amounts ranging from 118% of principal plus interest (during days 1-30) to 148% of principal plus interest (during days 151-180).

Equity method investment, ownership percentage

4.99%

Subsequent Event [Member] | Gemini Master Fund Ltd .[Member]

Subsequent Events (Textual)

Conversion of convertible promissory note, Shares

35,458

Subsequent Event [Member] | Mtr3s Holding Ltd [Member]

Subsequent Events (Textual)

Accrued interest rate

8.00%

Convertible promissory note

$ 500

Debt instrument, term

1 year

Conversion price, description

The conversion price is the lesser of (i) $39.90 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion, provided, however, that the total number of shares of Common Stock issuable upon conversion of the note shall not exceed 225,225.

Cash prepayment

127.50%

Equity method investment, ownership percentage

4.99%

Conversion of convertible promissory note, Shares

132,118

Subsequent Event [Member] | SICHENZIA ROSS FRIEDMAN FERENCE LLP [Member]

Subsequent Events (Textual)

Accrued interest rate

8.00%

Convertible promissory note

$ 137

Debt instrument, term

1 year

Conversion price, description

The conversion price is the lower of (i) $0.60 and (ii) 60% of the lowest daily VWAP on any trading day during the twenty-one consecutive trading days prior to conversion.

Cash prepayment

127.50%

Equity method investment, ownership percentage

4.99%

Subsequent Event [Member] | APG Capital Holdings, LLC [Member]

Subsequent Events (Textual)

Accrued interest rate

8.00%

Convertible promissory note

$ 32

Debt instrument, term

1 year

Conversion price, description

The conversion price is 65% of the lowest trading price of the Common Stock as reported by the Trading Market on which the Company's shares are traded, for the twenty prior trading days.

Cash prepayment

150.00%

Equity method investment, ownership percentage

4.99%