Freeseas (FREEF) 20-F 17 Aug 17 2016 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2016shares
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	FREEF
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding	168,212

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 52	$ 20
Trade receivables, net of provision of $3,073 and $3,263 for 2016 and 2015, respectively.	149	206
Due from related party
Inventories	235	476
Deferred charges - current portion	1	8
Prepayments and other	158	515
Guarantee Deposit	189	164
Other Current Assets	25	25
Total current assets	809	1,413
Vessels, net	2,122	10,305
Leased vessel, net		7,000
Total non-current assets	2,122	17,305
Total assets	2,931	18,718
CURRENT LIABILITIES:
Accounts payable	8,127	7,715
Convertible notes, net	1,558	930
Accrued liabilities	7,134	5,946
Due to related party	2,107	713
Put option liability		2,575
Bank loans - current portion	17,598	17,598
Total current liabilities	36,524	35,478
Total liabilities	36,524	35,478
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, 2016 and December 31, 2015.
Common stock, $0.001 par value; 10,000,000,000 shares authorized, 168,212 and 4 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively.
Additional paid-in capital	224,792	221,114
Accumulated deficit	(258,385)	(237,874)
Total shareholders' (deficit) equity	(33,593)	(16,760)
Total liabilities and shareholders' (deficit) equity	$ 2,931	$ 18,718

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Trade receivables, net of provision (in dollars)	$ 3,073	$ 3,263
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	10,000,000,000	10,000,000,000
Common stock, shares, issued	168,212	4
Common stock, shares outstanding	168,212	4
Series D Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
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, 2016	Dec. 31, 2015	Dec. 31, 2014
Consolidated Statement Of Operations [Abstract]
OPERATING REVENUES	$ 506	$ 2,304	$ 3,773
OPERATING EXPENSES:
Voyage expenses	(609)	(1,831)	(829)
Commissions	(18)	(174)	(274)
Vessel operating expenses	(2,183)	(4,967)	(16,131)
Depreciation expense (Note 5)	(1,939)	(3,585)	(5,320)
Management and other fees to a related party (Note 4)	(702)	(1,070)	(1,605)
General and administrative expenses	(3,049)	(4,252)	(4,104)
Provision and write-offs of insurance claims and bad debts	1,185	525	(872)
Loss on sale of vessels (Note 5)	(277)	(7,620)	(1,098)
Loss on commitment and contingency (Note 6)		(2,000)
Contractual derivative obligation (Note 6)	(5,442)	(3,300)
Bareboat Hire		(493)
Vessels impairment charge (Notes 5)	(4,286)	(18,891)
Loss from operations	(16,814)	(45,354)	(26,460)
OTHER INCOME (EXPENSE):
Interest and finance costs	(3,632)	(5,026)	(2,342)
Loss on derivative instruments (Note 8)			(21)
Loss on settlement of liability through stock issuance (Note 15)
Gain on settlement of payable	(37)	313
Other income/ (expense) (Note 15)	(28)	177	78
Gain on debt extinguishment			16,057
Loss due to capital lease write-off (Note 6)		(3,058)
Other income (expense)	(3,697)	(7,595)	13,772
Net loss	$ (20,511)	$ (52,949)	$ (12,688)
Basic loss per share	$ (850)	$ (111,139)	$ (55,758)
Diluted loss per share	$ (850)	$ (111,139)	$ (55,758)
Basic weighted average number of shares	24,140	476	228
Diluted weighted average number of shares	24,140	476	228

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Paid-in Capital	Accumulated deficit
Beginning Balance at Dec. 31, 2013	$ 12,793			$ 185,032	$ (172,239)
Beginning Balance (in shares) at Dec. 31, 2013		56,000	100
Net loss	(12,688)				(12,688)
Stock compensation expense	637			637
Cashless warrants exercised
Cashless warrants exercised, Shares
Beneficial conversion feature	164			164
Common stock issued for convertible notes	128			128
Common stock issued for convertible notes, shares			288
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
Series D Preferred stock converted into common stock, Shares		(241,840)
Series C Preferred stock converted into common stock
Series C Preferred stock converted into common stock, Shares		(56,000)
Ending Balance at Dec. 31, 2014	25,004			209,930	(184,927)
Ending Balance, Shares at Dec. 31, 2014		8,160	388
Net loss	(52,949)				(52,949)
Stock compensation expense	898			898
Cashless warrants exercised
Cashless warrants exercised, Shares			120
Stock issued in settlement of liabilities	1,004			1,004
Stock issued for settlement of liability, Shares
Common stock issued for convertible notes	9,282			9,282
Common stock issued for convertible notes, shares			120
Ending Balance at Dec. 31, 2015	(16,760)			221,114	(237,874)
Ending Balance, Shares at Dec. 31, 2015		8,160	628
Net loss	(20,511)				(20,511)
Stock compensation expense	206			206
Cashless warrants exercised	214			214
Cashless warrants exercised, Shares			23,020
Stock issued for Management	287			287
Common stock issued for convertible notes	2,971			2,971
Common stock issued for convertible notes, shares			144,564
Ending Balance at Dec. 31, 2016	$ (33,593)			$ 224,792	$ (258,385)
Ending Balance, Shares at Dec. 31, 2016		8,160	168,212

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Flows from Operating Activities:
Net loss	$ (20,511)	$ (52,949)	$ (12,688)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense (Note 5)	1,939	3,585	5,320
Loss on sale of vessel	277	7,620	1,098
Amortization of debt discount	1,550	3,515
Gain on debt extinguishment principal			(15,000)
Gain on debt extinguishment - accrued interest			(449)
Gain on debt extinguishment - accrued fees			(1,409)
Loss on debt extinguishment - deferred finance costs			801
Gain on settlement of payable	37	(313)
Shares issued to settle fees owed to the Manager	287
Amortization of deferred financing fees	6	8	226
Amortization of deferred dry-docking and special survey costs			167
Stock-based compensation charge (Note 14)	206	898	638
Loss on write off of capital lease		3,057
Loss on commitment and contingency (Note 6)		2,000
Change in fair value of derivatives (Note 8)			(200)
Vessel impairment loss (Note 5)	4,286	18,891
Changes in:
-Trade receivables	57	388	724
-Insurance claims			186
-Due from related party		433	734
-Inventories	241	(310)	(134)
-Prepayments and other	357	174	150
-Accounts payable	199	1,184	(1,362)
-Accrued liabilities	1,188	1,357	1,515
-Unearned revenue		(52)	52
-Due to related party	1,107	713
-Guarantee Deposits	(25)	(164)
Net Cash used in Operating Activities	(8,873)	(9,965)	(19,593)
Cash flows from Financing Activities:
Proceeds from convertible notes	1,533	6,489	304
Write-off of lease advance payments	7,000
Payments on capital lease	(1,300)
Repayment of bank loans			(27,089)
Issuance of convertible preferred stock for cash, net (Note 15)			23,970
Net Cash provided by Financing Activities	7,233	6,489	(2,815)
Cash flows from Investing Activities:
-Proceeds from sale of vessels, net	1,672	3,451	14,872
Net Cash provided by Investing Activities	1,672	3,451	14,872
Net increase (decrease) in cash and cash equivalents	32	(25)	(7,536)
Cash and cash equivalents, beginning of year	20	45	7,581
Cash and cash equivalents, end of year	52	20	45
Supplemental Cash Flow Information:
Cash paid for interest			960
Non-Cash Operating Activities:
Shares issued to settle fees owed to the Manager	287
Notes converted to common stock	2,971	5,389	129
Beneficial Conversion feature			164
Bareboat Charter Lease		(8,400)	12,250
Security deposit for charter terms			3,750
Convertible notes issued in settlement of accounts payable	526
Cashless warrants exercised	214
Adjustments for settlement of put option liability	$ 2,075
Stock issued in settlement of liabilities		$ 1,004

Basis of Presentation and Gener

Basis of Presentation and General Information	12 Months Ended
	Dec. 31, 2016
Basis of Presentation and General Information [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 beneficially owned (our Managers) by Ion G. Varouxakis, our Chairman, President and Chief Executive Officer. 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 January 15, 2016, April 14, 2016 and February 7, 2017 the Company effectuated a 60-to-1, a 200-to-1 and a 5,000-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 April 21, 2016, the Company was notified by The NASDAQ Stock Market LLC (“NASDAQ”) that its pending appeal before the NASDAQ Listing Qualifications Hearing Panel had been denied, and that trading in the Company’s common stock was suspended on NASDAQ effective with the open of business on Monday April 25, 2016. On April 25, 2016, the Company’s common stock began trading on the OTCQB market operated by OTC Markets Group Inc. (“OTC Markets”) under the trading symbol “FREEF.” On June 15, 2017, the Company was notified by the OTC Markets that as a result of the Company’s failure to file its annual report on Form 20-F, the Company’s common stock would be removed from the OTCQB market and would be available for quotation on the OTC Pink market operated by the OTC Markets, effective June 16, 2017, under the same trading symbol of “FREEF”. 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 (not expressed in thousands). The vessels have been renamed to Fiorello and Figaro, respectively (Note 6). On June 15, 2016, the bareboat hire agreement in connection with the M/V Fiorello was terminated. Subsequent to the termination of the hire, the vessel was sold for a gross sale price of $1,490 with the sale proceeds being applied towards obligations to the Bareboat Owners of the vessel and trade creditors (Note 6). On September 26, 2016, the Company sold to unrelated third parties the M/V Free Maverick, a 1998-built, 23,994 dwt Handysize dry bulk carrier for a gross sale price of $1,925. As a result of the sale the Company recognized a loss of $277 (Note 5). As of December 31, 2016, the Company owns one and operates two Handysize dry bulk carriers. As of December 31, 2016, 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 09/26/16 N/A N/A Adventure Twelve S.A. 100 % Free Neptune Handysize 30,838 1996 08/25/09 N/A N/A N/A Largo Al Factotum 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 06/15/16 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, 2016
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 2016 2015 2014 A 73 % 39 % 39 % B 24 % 31 % 34 % 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, 2016, 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 adverse market conditions the dry bulk industry faces and the substantial decline in the vessel market values, recognized an impairment charge of $4,286 for the M/V Free Neptune during the year ended December 31, 2016, in the accompanying consolidated statement of operations. 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. bb) Recent Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers: Topic 606, or ASU 2014-09, to supersede nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing GAAP, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. Adoption of ASU 2014-09 was initially required for fiscal and interim reporting periods beginning after December 15, 2016 using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) retrospective with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined per ASU 2014-09. In February 2015, the FASB issued new guidance to improve consolidation guidance for legal entities ASU No. 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 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. In August 2015, FASB issued ASU No. 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date: Topic 606, or ASU 2015-14, that deferred the effective date of ASU 2014-09 by one year. Application of the new revenue standard is permitted for fiscal and interim reporting periods beginning after December 15, 2016 and required for fiscal and interim reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of the adoption of ASU 2014-09. The Company will be required to make additional disclosures under the new guidance. However, at this time, the Company does not expect adoption of ASU 2014-09 to have a material impact on its consolidated financial statements. In July 2015, FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory: Topic 330, or ASU 2015-11. Topic 330 previously required an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. ASU 2015-11 requires that inventory measured using either the first-in-first-out (FIFO) or average cost method now be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company adopted ASU 2015-11 at the beginning of the first quarter of 2017. Adoption of ASU 2015-11 did not have a material impact on the Company’s consolidated financial statements. In November 2015, FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes: Topic 740, or ASU 2015-17. Current GAAP requires the deferred taxes for each jurisdiction to be presented as a net current asset or liability and net noncurrent asset or liability. This requires a jurisdiction-by-jurisdiction analysis based on the classification of the assets and liabilities to which the underlying temporary differences relate, or, in the case of loss or credit carryforwards, based on the period in which the attribute is expected to be realized. Any valuation allowance is then required to be allocated on a pro rata basis, by jurisdiction, between current and noncurrent deferred tax assets. The new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. As a result, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. The guidance does not change the existing requirement that only permits offsetting within a jurisdiction. Adoption of ASU 2015-17 did not have a material impact on the Company’s consolidated financial statements. In February 2016, FASB issued ASU No. 2016-02, Leases: Topic 842, or ASU 2016-02, that replaces existing lease guidance. The new standard is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. Under the new guidance, leases will continue to be classified as either finance or operating, with classification affecting the pattern of expense recognition in the Consolidated Statements of Operations. Lessor accounting is largely unchanged under ASU 2016-02. Adoption of ASU 2016-02 is required for fiscal reporting periods beginning after December 15, 2018, including interim reporting periods within those fiscal years with early adoption being permitted. The new standard is required to be applied with a modified retrospective approach to each prior reporting period presented with various optional practical expedients. While the Company expects adoption to lead to a material increase in the assets and liabilities recorded on its Consolidated Balance Sheet, the Company is still evaluating the overall impact on its consolidated financial statements. In August 2016, FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, or ASU 2016-15. The updated guidance clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. Adoption of ASU 2016-15 is required for fiscal reporting periods beginning after December 15, 2017, including interim reporting periods within those fiscal years with early adoption being permitted. The Company does not expect the adoption of ASU 2016-15 to have a material impact on its consolidated financial statements. In November 2016, FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, or ASU 2016-18, which amends ASC 230 to add or clarify guidance on the classification and presentation of restricted cash in the statement of cash flows. The amended guidance requires that amounts that are deemed to be restricted cash and restricted cash equivalents be included in the cash and cash-equivalent balances in the statement of cash flows. A reconciliation between the consolidated balance sheet and the statement of cash flows must be disclosed when the consolidated balance sheet includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. The guidance also requires that changes in restricted cash and restricted cash equivalents that result from transfers between cash, cash equivalents, and restricted cash and restricted cash equivalents should not be presented as cash flow activities in the statement of cash flows. An entity with a material balance of amounts generally described as restricted cash and restricted cash equivalents must disclose information about the nature of the restrictions. Adoption of ASU 2016-18 is required for fiscal reporting periods beginning after December 15, 2017, including interim reporting periods within those fiscal years with early adoption being permitted. The Company does not expect the adoption of ASU 2016-18 to have a material impact on its consolidated financial statements. 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, 2016
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 seven 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 $20,511, $52,949 and $12,688 during the years ended December 31, 2016, 2015 and 2014, respectively. The Company’s cash flow projections for 2017, indicate that cash on hand will not be sufficient to cover debt repayments scheduled as of December 31, 2016, and operating expenses and capital expenditure requirements for at least twelve months from the balance sheet date. As of December 31, 2016, and 2015, the Company had working capital deficits of $35,715 and $34,065, 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. On February 22, 2014, the Company and certain of its subsidiaries entered into terms with the National Bank of Greece (“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 2016, the Company received notification from NBG that the Company has not paid the aggregate amount of $23,956 constituting repayment installments, accrued loan and default interest due on December 16, 2016. 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. 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, 2016, 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), 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, 2016, 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, 2016
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 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 $19 (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 (not expressed in thousands) for superintendent attendance and other direct expenses. The Company also pays Managers 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 the Managers. On February 18, 2014 the Company sold the M/V Free Knight, a 1998-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. In this respect, the Company paid the Managers $36 relating to the sale of the M/V Free Knight during the year ended December 31, 2014. On September 16, 2014, the Company sold the M/V Free Jupiter a 2002-built, 47,777 dwt Handymax dry bulk carrier for a gross sale price of $12,250 and subsequently entered into a long term bareboat charter with the vessel’s new owners. In this respect, the Company paid the Managers $122 relating to the sale of the M/V Free Jupiter during the year ended December 31, 2014.The vessel has been renamed to Nemorino and chartered by the Company for seven years at a rate of $5,325 per day on bareboat charter terms typical for this type of transaction which grant the Company the full commercial utilization of the vessel against payment of the charter rate to its owners. On September 9, 2015, a settlement agreement was executed by the Company and the owners of M/V Nemorino with regards to disputes that arose in connection with the bareboat charter dated September 11, 2014. 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. 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. Substantially all the proceeds have been used to reduce outstanding indebtedness with NBG, which had a mortgage on the vessel. In this respect, the Company paid the Managers $36 relating to the sale of the M/V Free Impala during the year ended December 31, 2014. On September 26, 2016, the Company sold to unrelated third parties the M/V Free Maverick, a 1998-built, 23,994 dwt Handysize dry bulk carrier for a gross sale price of $1,925. As a result of the sale the Company recognized a loss of $277 (Note 5). In this respect, the Company paid the Managers $19 relating to the sale of the M/V Free Maverick during the year ended December 31, 2016. In addition, the Company has incurred commission expenses relating to its commercial agreement with the Managers amounting to $35, and $36 for the year ended December 31, 2016, 2015 and 2014, respectively, included in “Commissions” in the accompanying consolidated statements of operations. 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, were 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. On June 15, 2016, the bareboat hire agreement in connection with the M/V Fiorello was terminated. Subsequent to the termination of the hire, the vessel was sold for a gross sale price of $1,490 with the sale proceeds being applied towards obligations to the Bareboat Owners of the vessel and trade creditors (Note 6). On March 14, 2016, the Company, pursuant to the unanimous written consent of the Board of Directors, issued 10 common shares to Free Bulkers S.A., one of the 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. The Company also pays, as per its services agreement with the Managers, a monthly fee of $136 up to May 31, 2017 and $50 commencing on June 1, 2017 (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. The Manager 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, 2016, would be approximately $59,959. 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, 2016, 2015, and 2014 amounted to $2,344 ($702 of management fees, $1,635 of services fees, $0 of superintendent fees and $7 for other expenses), $2,800 ($1,070 of management fees, $1,635 of services fees, $88 of superintendent fees and $7 for other expenses) and $3,528 ($1,605 of management fees, $1,650 of services fees, $265 of superintendent fees and $8 for other expenses), respectively. The balance due from the Managers as of December 31, 2016 and December 31, 2015 was $nil. The amount paid to the Manager for office space during the year ended December 31, 2016, 2015 and 2014 was $139, $140 and $148, respectively, and is included in “General and administrative expenses” in the consolidated statements of operations. The balance due to the Managers as December 31, 2016 and December 31, 2015 was $2,107 and $713, respectively, and is included in the “Management and other fees to a related party” 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, 2016, 2015 and 2014, such ship-brokering firm charged the Company commissions of $nil, $ nil and $6, respectively, which are included in “Commissions” in the accompanying consolidated statements of operations.

Vessels, Net

Vessels, Net	12 Months Ended
	Dec. 31, 2016
Vessels, Net [Abstract]
Vessels, net	5. Vessels, net Vessels Cost Accumulated Depreciation Net Book Value 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 Depreciation - (1,939 ) (1,939 ) Disposal of vessels (18,915 ) 16,956 (1,959 ) Leased vessels (7,000 ) - (7,000 ) Vessel impairment charge (4,286 ) (4,286 ) December 31, 2016 $ 3,312 $ (1,191 ) $ 2,121 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 Vessels disposed during the year ended December 31, 2016. On September 26, 2016, the Company sold to unrelated third parties the M/V Free Maverick, a 1998-built, 23,994 dwt Handysize dry bulk carrier for a gross sale price of $1,925. As a result of the sale the Company recognized a loss of $277. In this respect, the Company paid the Managers $19 relating to the sale of the M/V Free Maverick during the year ended December 31, 2016. As of December 31, 2016, the Company performed an impairment assessment of its long-lived asset M/V Free Neptune by comparing the undiscounted net operating cash flows for the 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 the 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 adverse market conditions the dry bulk industry faces and the substantial decline in the vessel market values, recognized an impairment charge of $4,286 for the M/V Free Neptune during the year ended December 31, 2016, in the accompanying consolidated statement of operations.

Options Advance Payments- Purch

Options Advance Payments- Purchase of Leased Vessels	12 Months Ended
	Dec. 31, 2016
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, (1995-built, 24,318 dwt) and the M/V Free Goddess, (1995-built, 22,051 dwt) both Handysize dry bulk carriers, were sold for a gross sale price of $5,500 each payable in tranches, with certain conditions precedent, and a seller’s credit of $4,500 per vessel. An amount of $725 of the sales price remains payable by the new owners. The vessels have been renamed M/V Fiorello and M/V Figaro, respectively. Concurrently, two of the Company’s subsidiaries entered five-year bareboat charter agreements with the new owners of these two vessels at a daily hire rate of $1,100 per vessel (not expressed in thousands) with purchase options at any time up to May 20, 2020. The sellers’ credit of $ 9,000 in the aggregate was agreed to be an Options Advance Payment of $ 4,500 per vessel to be netted against any of the Company’s options’ purchase prices under the bareboat charter agreement and any rightful claim of the owners in case of default or breach by the Company of the bareboat agreements’ terms. 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 was 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. Additionally, in accordance with U.S. GAAP, the Company, as of December 31, 2015, recognized a contingency loss of $2,000 on the repurchase commitment in the Options Advance Payment. On March 1, 2016, the Company received default notices from Fiorello Norge AS and Figaro Norge AS, owners of the M/V Fiorello and M/V Figaro, respectively, for the non-execution of the put option and the charter hires due in November, December 2015 and January, February 2016 under bareboat charters dated May 20, 2015. The Company started negotiations with the owners in order to find an amicable solution. On June 15, 2016, the bareboat hire agreement in connection with the M/V Fiorello was terminated. Subsequent to the termination of the hire, the vessel was sold for a gross sale price of $1,490 with the sale proceeds being applied towards obligations to the bareboat Owners of the vessel and trade creditors. The Company, as of December 31, 2016, recognized, as a contractual derivative obligation, an expense of $5,442 being the remaining balance of the carrying value of $3,500 for the vessel Figaro, plus $1,942 being expense realized for the sale of the M/V Fiorello and its bare boat charter termination on June 15, 2016. The following table summarizes the bareboat charter obligation in connection with the M/V Figaro as of December 31, 2016: Year Annual Operating Lease Payments 2017 $ 402 2018 402 2019 402 2020 154 Total $ 1,360

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2016
Accrued Liabilities [Abstract]
Accrued Liabilities	7. Accrued Liabilities As of December 31, 2016, the amount of $7,134 in the consolidated balance sheet, includes the NBG loan accrued interest of $6,358 (Note 11). The balance amount of $776 relates to operating accruals.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
Financial Instruments and Fair Value Measurements [Abstract]
Financial Instruments and Fair Value Measurements	8. 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 total of the change in fair value and settlements for the year ended December 31, 2016, 2015 and 2014 aggregate to losses of $nil, $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, December 31, December 31, December 31, 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, 2016, 2015 and 2014 Derivatives Not Designated as Hedging Instruments Amount Derivative Loss Recognized on Derivative Location 2016 2015 2014 Interest rate swaps Loss on derivative instruments $ - $ - $ 21 Total $ - $ - $ 21 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: 2016 (Level 1) (Level 2) (Level 3) Interest rate swap contracts $ — $ — $ — $ — Total $ — $ — $ — $ — As of December 31, 2016, the Company’s vessel was classified as “held and used”.

Convertible Notes Payable

Convertible Notes Payable	12 Months Ended
	Dec. 31, 2016
Convertible Notes Payable / Bank Loan - Current Portion [Abstract]
Convertible Notes Payable	9. Convertible Notes Payable 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) $825,000 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. 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 3 shares of common stock to the note holder. 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) $825,000 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. 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 7 shares of common stock to the note holder. 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). 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 3 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 July 13, 2016, upon full conversion of the Service Trading Company convertible promissory note dated September 4, 2015, plus accrued interest, the Company has issued in aggregate 203 shares of common stock to the note holder. 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) $432,000 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 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 1 share of common stock to the note holder. 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) $271,200 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 27, 2016, upon full conversion of the $92 SICHENZIA ROSS FRIEDMAN FERENCE convertible promissory note dated October 7, 2015, plus accrued interest, the Company has issued in aggregate 326 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 subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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) $139,650 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 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 2 shares of common stock to the note holder. 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 subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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) $59,850 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 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 26 shares of common stock to the note holder. 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 subject to the restrictions of Rule 144 promulgated under the 1933 Act, and 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 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 subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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) $1,440,000 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 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 13 shares of common stock to the note holder. On January 19, 2016, the Company sold to Intermodal Shipbrokers Co., a non-U.S. creditor, 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 note holder is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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 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 14 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 subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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) $199,500 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 August 18, 2016, upon full conversion of the $500 convertible promissory note to MTR3S Holding, plus accrued interest, the Company has issued in aggregate 3,129 shares of common stock to the note holder. On April 21, 2016, the Company sold to LG Capital Funding, LLC, an accredited investor, a $50 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 9.9% 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 December 28, 2016, upon full conversion of the $50 convertible promissory note to LG Capital Funding, plus accrued interest, the Company has issued in aggregate 32,915 shares of common stock to the note holder. 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 12% 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 November 11, 2016, upon full conversion of the $32 convertible promissory note to APG Capital Holdings, plus accrued interest, the Company has issued in aggregate 25,269 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) $3,000 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. (See Note 18). 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 subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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) $7,650 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 May 10, 2016, the Company sold to M.I.E. Co Ltd., a non-U.S. creditor, an $59 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 note holder is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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 September 19, 2016, upon full conversion of the $59 convertible promissory note in connection with a debt settlement agreement entered into with M.I.E. Co Ltd., plus accrued interest, the Company has issued in aggregate 1,716 shares of common stock to the note holder. On May 25, 2016, the Company sold to CROWN BRIDGE PARTNERS, LLC, a $55 convertible promissory note, which contained a $5 OID and matures a year from issuance and accrues interest at the rate of 6% 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 60% 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 120% of principal plus interest (during days 1-60) to 145% of principal plus interest (during days 121-180). On June 27, 2016, the Company sold to E. STAVROPOULOS & CO O.E. “Hydra Travel”, a non-U.S. creditor, a $80 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 note holder is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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 September 20, 2016, upon full conversion of the $80 convertible promissory note in connection with a debt settlement agreement entered into with E. STAVROPOULOS & CO O.E. “Hydra Travel”, plus accrued interest, the Company has issued in aggregate 2,891 shares of common stock to the note holder. On June 27, 2016, the Company sold to MARINE PLUS S.A., a non-U.S. creditor, a $60 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 note holder is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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 June 27, 2016, the Company sold to MEDPOOL LTD, a non-U.S. creditor, a $80 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 note holder is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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 December 29, 2016, upon full conversion of the $80 convertible promissory note in connection with a debt settlement agreement entered into with MEDPOOL LTD, plus accrued interest, the Company has issued in aggregate 10,146 shares of common stock to the note holder. On July 11, 2016, the Company issued to Sichenzia Ross Ference Kesner LLP, a $100 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) $100 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 August 16, 2016, the Company sold to ANYLAND TRAVEL LTD, a non-U.S. creditor, a $30 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 note holder is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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. (Please see note 18) On August 16, 2016, the Company sold to M. DALAKOS – I. FASSOLIS – N. THEOFANOPOULOS & PARTNERS LAW FIRM, a non-U.S. creditor, a $108 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 note holder is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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) $232.5 and (ii) 75% 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 August 16, 2016, the Company sold to YES Properties Inc., a non-U.S. investor, a $35 convertible promissory note which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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 9.9% of the common stock of the Company, into shares of Common Stock. The conversion price is 60% 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 fifteen prior trading days. Upon written notice, during the first 39 days the Company may prepay the note to 125% of principal plus interest. On November 21, 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 12% 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 9.9% 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 November 21, 2016, the Company sold to Crede CG III, Ltd, a $50 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 9.9% 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 November 30, 2016, the Company sold to, ADAR BAYS, LLC four 8% convertible notes of the Company, in the aggregate principal amount of $100 (with the First Note being in the amount of $25 and each of the following notes being in the amount of $25, which mature a year from issuance. The Company may reject the closing of the back-end financing by giving the buyer written notice at least 30 days prior to the 6-month anniversary of the First Note of its intent to reject the funding of the Back-End Notes. In such case the Buyer Notes and the Back-End Notes shall be terminated. 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 9.9% of the common stock of the Company, into shares of Common Stock. The conversion price is 58% 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 December 30, 2016, the Company sold to MTR3S Holding Ltd., a non-U.S. person, a $100 convertible promissory note, which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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) $199,500 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. During the year ended December 31, 2016, the Company has fully converted convertible debt and related accrued interest amounting to $2,018 by issuing to note holders of fully convertible debt 76,664 shares of common stock in the aggregate. As of December 31, 2016, pursuant to the issued convertible notes during the year, the Company has received the aggregate amount of $3,828. 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 $1,135 and amortization of $796 which is included in “other expense” in the accompanying consolidated statements of operations. As of December 31, 2016, the net balance outstanding amounted to $1,558 net of remaining unamortized debt discount of $339.

Bank Loan - Current Portion

Bank Loan - Current Portion	12 Months Ended
	Dec. 31, 2016
Convertible Notes Payable / Bank Loan - Current Portion [Abstract]
Bank Loan - current portion	10. 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 and 2016, the Company’s bank debt is as follows: NBG December 31, 2014 $ 17,598 Additions $ - Payments $ - December 31, 2015 $ 17,598 Additions $ - Payments $ - December 31, 2016 $ 17,598 The remaining repayment terms of the loan outstanding as of December 31, 2016, is as follows: Lender Vessel Remaining Repayment Terms National Bank of Greece M/V Free Neptune The loan matured on December 16, 2016. The indicated vessel 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, 2016 and 2015 was 4% and 4%, respectively. Interest expense incurred under the above loan agreements amounted to $1,467, $1,237 and $1,655 for the years ended December 31, 2016, 2015 and 2014, 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, M/V Free Hero and M/V Free Goddess) together with each vessel’s release and reassignment of insurance, as well as the release of all first priority account pledges and guarantee agreements executed by its subsidiaries owning these vessels. NBG Facility On February 22, 2014, the Company and certain of its subsidiaries entered into terms with the National Bank of Greece (“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 2016, the Company received notification from NBG that the Company has not paid the aggregate amount of $23,956 constituting repayment installments, accrued loan and default interest due on December 16, 2016. The Company is currently in negotiations with the Bank to find an amicable solution for full and final settlement of all its obligations to the Bank. Loan Covenants As of December 31, 2015, and December 31, 2016, 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, 2016. 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, 2016
Commitments and Contingencies [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies The following table summarizes our contractually committed obligations and their maturity dates as of December 31, 2016: 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) Services fees to the Manager* 4,031 1,031 600 600 600 600 600 Management fees to the Managers 3,319 455 455 455 455 455 1,044 Hire on Leased Vessel 1,360 402 402 402 154 - - Total obligations $ 8,710 $ 1,888 $ 1,457 $ 1,457 $ 1,209 $ 1,055 $ 1,644 *As of June 1, 2017, the services fees were reduced to $50 per month from $136. The above table does not include our share of the monthly rental expenses for our offices of Euro 1.5 (in thousands) compared to Euro 8.7 (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 The outstanding balance of the Company’s claims as of December 31, 2016, 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, 2016
Loss per Share and Series A, B & C Warrants [Abstract]
Loss per Share and Series A, B & C Warrants	12. 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 60-to-1 reverse stock split, the 200-to-1 reverse stock split and the 5,000-to-1 reverse stock split, effective on January 15, 2016, April 14, 2016 and February 7, 2017, respectively, on its issued and outstanding common stock. The computation of the dilutive common shares outstanding does not include the 0.001454 Series C Warrants (adjusted to reflect the three reverse splits) outstanding as of December 31, 2016, as the average stock price during the year ended December 31, 2016 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, 2014 through December 31, 2016: Series A Warrants Series B Warrants Series C Warrants Total January 1, 2014 0.000222 0.000112 - 0.000334 Series C warrants issued with $25,000 offering 0.002046 0.002046 Warrants cashless exercised - (0.000068 ) (0.000446 ) (0.000514 ) December 31, 2014 0.000222 0.000044 0.0016 0.001866 Warrants cashless exercised (0.000222 ) (0.000044 ) (0.000012 ) (0.000278 ) December 31, 2015 - - 0.001588 0.001588 Warrants cashless exercised - - (0.000134 ) (0.000134 ) December 31, 2016 - - 0.001454 0.001454 During the year ended December 31, 2016, pursuant to the cashless exercise formula set forth in the Series A, B & C warrants, the Company has issued to warrant holders 23,020 shares of common stock in the aggregate. As of July 24, 2017, there are only 0.001454 Series Type C warrants outstanding with an exercise price of $31,950,000. The components of the denominator for the calculation of basic loss per share and diluted loss per share for the years ended December 31, 2016, 2015 and 2014, respectively, are as follows: For the year ended December 31, 2016 For the year ended December 31, 2015 For the year ended December 31, 2014 Numerator Net loss - basic and diluted $ (20,511 ) $ (52,949 ) $ (12,688 ) Basic earnings per share denominator: Weighted average common shares outstanding 24,140 - - Diluted earnings per share denominator: Weighted average common shares outstanding 24,140 - - Dilutive common shares: Options - - - Warrants - - - Restricted shares - - - Dilutive effect - - - Weighted average common shares - diluted 24,140 476 228 Basic loss per common share $ (850 ) $ (111,139 ) $ (55,758 ) Diluted loss per common share $ (850 ) $ (111,139 ) $ (55,758 )

Reverse Stock Splits

Reverse Stock Splits	12 Months Ended
	Dec. 31, 2016
Reverse stock splits and Shareholders' Equity [Abstract]
Reverse Stock Splits	13. Reverse Stock Splits Effective January 15, 2016, April 14, 2016 and February 7, 2017, the Company effectuated a 60-to-1 reverse stock split, a 200-to-1 reverse stock split and a 5,000-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, 2016
Equity Incentive Plan [Abstract]
Equity Incentive Plan	14. 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 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 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 has been reduced to $3 per quarter. Pursuant to the plan, there are no shares of the Company’s common stock available for grant as of December 31, 2016. For the year ended December 31, 2016, the total recognized stock based compensation expense in relation to the common shares granted on November 10, 2014 and November 17, 2015, is $206. The cost has been fully recognized.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2016
Reverse stock splits and Shareholders' Equity [Abstract]
Shareholders' Equity	15. Shareholders’ Equity On January 13, 2015, the Company received a letter from NASDAQ notifying that it was 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 was 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. Effective January 15, 2016, the Company effectuated a 60-to-1 reverse stock split on its issued and outstanding common stock (Note 14). 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. At the Special Meeting of the Company’s shareholders held on April 8, 2016, the shareholders approved the following three proposals: 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. Effective April 14, 2016, the Company effectuated a 200-to-1 reverse stock split on its issued and outstanding common stock (Note 14). On April 21, 2016, the Company was notified by The NASDAQ Stock Market LLC (“NASDAQ”) that its pending appeal before the NASDAQ Listing Qualifications Hearing Panel had been denied, and that trading in the Company’s common stock was suspended on NASDAQ effective with the open of business on Monday April 25, 2016. The Company has been 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 its current trading symbol “FREEF.” On August 30, 2016, the Company received a letter from OTCQB that the Company’s (FREEF) bid price closed below $0.01 for more than 30 consecutive calendar days and no longer meets the Standards for Continued Eligibility for OTCQB as per the OTCQB Standards, section 2.3(2). To remain eligible for trading on the OTCQB marketplace, the Company must have proprietary priced quotations published by a Market Maker in OTC Link with a minimum closing bid price of $0.01 per share on at least one of the prior thirty consecutive calendar days. In the event that the minimum closing bid price for the Company’s common stock falls below $0.01 per share, a grace period of 180 calendar days to regain compliance shall begin, during which the minimum closing bid price for the Company’s common stock must be $0.01 or greater for ten consecutive trading days; Pursuant to these OTCQB Standards, the Company has been granted a period of 180 calendar days in which to regain compliance with Section 2.3.(2). The grace period expires February 26, 2017 and at that time if the Company’s bid price has not closed at or above $0.01 for any ten consecutive trading days then the security will be removed from the OTCQB. (please see Note 18) On March 15, 2017, the Company has received a note from OTCQB that the Company has cured its previous bid price deficiency. At the Annual Meeting of the Company’s shareholders held on December 22, 2016, the shareholders approved the following: (i) elected Mr. Dimitris Papadopoulos to the Board of Directors for a three year term; (ii) ratified the appointment of RBSM LLP, as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2016; (iii) granted discretionary authority to the Company’s board of directors to (A) amend the Amended and Restated Articles of Incorporation of the Corporation 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-10,000 (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 Corporation’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 Corporation shall not effect Reverse Stock Splits that, in the aggregate, exceeds 1-for-10,000, and (Y) any Reverse Stock Split is completed no later than the first anniversary of the date of the Annual Meeting; and (iv) approved an amendment to the Amended and Restated Articles of Incorporation of the Company to increase the Company’s authorized shares of common stock from 750,000,000 to 10,000,000,000. Following the Annual Meeting of the Company’s shareholders, on December 22, 2016, the Company increased its authorized shares of common stock from 750,000,000 to 10,000,000,000. As of December 31, 2016, pursuant to the full conversion of the convertible notes (Note 9), the Company has issued to note holders of fully convertible debt 76,664 shares of common stock in the aggregate. As of December 31, 2016, pursuant to the cashless exercise formula set forth in the Series A, B & C warrants, the Company has issued to warrant holders 23,020 shares of common stock in the aggregate (Note 12). 8,160 shares of Series D Preferred Stock are outstanding as of December 31, 2016. Common Stock Dividends During the year ended December 31, 2016, 2015 and 2014, the Company did not declare or pay any dividends.

Taxes

Taxes	12 Months Ended
	Dec. 31, 2016
Taxes [Abstract]
Taxes	16. 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 2014, 2015 and 2016, the Company would be subject to U.S. federal income tax of approximately $23 $5 and $nil, respectively, in the absence of an exemption under Section 883.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events ● On January 20, 2017, the Company sold to LG CAPITAL FUNDING, LLC, a $45 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 9.9% 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 January and March 20, 2017, debt purchase agreements were executed between LG Capital Funding, LLC, a US investor, the buyer and M. DALAKOS – I. FASSOLIS – N. THEOFANOPOULOS & PARTNERS LAW FIRM, a non-US creditor, the seller of the $108 Reg. S convertible promissory note plus accrued interest, issued on August 16, 2016. Two replacement notes were issued on January and March 20, 2017, respectively, aggregating the total amount of the convertible promissory note outstanding plus accrued interest. ● Effective February 7, 2017, the Company effectuated a five thousand to-one reverse stock split on its issued and outstanding common stock. ● On February 9 2017, the Company’s Board of Directors agreed the reduction of the five-member Board to a three-member Board. Thus, Mr. Galinas and Mr. Panagiotopoulos resigned and they nominated Mr. Dimitrios Filippas to fill their vacancy. Mr. Dimitrios Filippas, currently serving as deputy Chief Financial Officer of the Company, accepted the nomination and elected as member of the Board and Treasurer. ● On February 13, 2017, the Company sold to POWER UP LENDING GROUP LTD., a $93 12% interest bearing convertible note 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 58% of the average of the lowest three 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 115% of principal plus interest (during days 1-30) to 140% of principal plus interest (during days 151-180). ● On February 16, 2017, the Company sold to CROWN BRIDGE PARTNERS, LLC, a $45 convertible promissory note, which contained a $5 original issue discount (OID) and matures a year from issuance and accrues interest at the rate of 6% 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 60% 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 120% of principal plus interest (during days 1-60) to 145% of principal plus interest (during days 121-180). ● On February 16, 2017, upon full conversion of the $30 convertible promissory note in connection with a debt settlement agreement entered into with ANYLAND TRAVEL LTD, plus accrued interest, the Company has issued in aggregate 17,242 shares of common stock to the note holder. ● On February 17, 2017, the Company issued to Brighton Capital Ltd., a $68 convertible promissory note in connection with a debt settlement agreement entered into, of the same amount of outstanding invoice, 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) $0.02 and (ii) 65% 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 February 22, 2017, a debt purchase agreement was executed between APG Capital Holdings, LLC, a US investor, the buyer and Marine Plus S.A a non-US creditor, the seller of the outstanding $45 convertible promissory note issued on June 27, 2016. A replacement note was issued for the amount of the outstanding convertible promissory note. ● On February 22, 2017, the Company sold to APG Capital Holdings, LLC, a $37 convertible promissory note, which contained a $3.6 original issue discount (OID) and matures a year from issuance and accrues interest at the rate of 10% 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 9.9% of the common stock of the Company, into shares of Common Stock. The conversion price is 46% 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 February 24, 2017, the Company sold to OAKMORE OPPORUTNITY FUND I, LP, a $50 convertible promissory note, which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor is subject to the restrictions of Rule 144 promulgated under the 1933 Act, and 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 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 14, 2017, the Company issued to SICHENZIA ROSS FERENCE KESNER LLP, a $47 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) $0.06 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 March 15, 2017, the Company sold to MARINE PLUS S.A., a non-U.S. investor, an $72 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 note holder is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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) $0.403 (as adjusted for stock splits, stock dividends, stock combinations or other similar transactions) and (ii) 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 15, 2017, a debt purchase agreement was executed between Yoshar Trading LLC, a US investor, the buyer and YES Properties Inc the seller of the $35 convertible promissory note, issued on August 16, 2016. The purchase price for the note was the Buyer’s payment of $40 to the seller. ● On March 20, 2017, the Company sold to LG CAPITAL FUNDING, LLC, a $45 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 9.9% 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 March 22, 2017, the Company sold to E. STAVROPOULOS & CO O.E. “Hydra Travel”, a non-U.S. investor, a $22 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 note holder is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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) $0.2394 (as adjusted for stock splits, stock dividends, stock combinations or other similar transactions) and (ii) 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 28, 2017, the Company sold to CERBERUS FINANCE GROUP LTD, a non-U.S. investor, a $25 convertible promissory note which matures a year from issuance and accrues interest at the rate of 8% per annum. The investor is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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 9.9% of the common stock of the Company, into shares of Common Stock. The conversion price is 60% 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 fifteen prior trading days. Upon written notice, during the first 39 days the Company may prepay the investor in cash, for 125% of any outstanding principal and interest remaining on the note. ● On April 6, 2017, upon full conversion of the $137 convertible promissory note to SICHENZIA ROSS FERENCE KESNER LLP, dated May 9, 2016, plus accrued interest, the Company has issued in aggregate 4,109,800 shares of common stock to the note holder. ● On April 7, 2017, the Company sold to GS Capital Partners, a $30 convertible promissory note, which matures a year from issuance and accrues interest at the rate of 10% 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 9.9% of the common stock of the Company, into shares of Common Stock. The conversion price is 60% 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 at 150% of principal plus interest. ● On May 23, 2017, the Company received a letter from OTCQB that the Company’s (FREEF) bid price closed below $0.01 for more than 30 consecutive calendar days and no longer meets the Standards for Continued Eligibility for OTCQB as per the OTCQB Standards, section 2.3(2). To remain eligible for trading on the OTCQB marketplace, the Company must have proprietary priced quotations published by a Market Maker in OTC Link with a minimum closing bid price of $0.01 per share on at least one of the prior thirty consecutive calendar days. As per the OTCQB Standards, section 4.1, in the event that the minimum closing bid price for the Company’s common stock falls below $0.01 per share, a grace period of 90 calendar days to regain compliance shall begin, during which the minimum closing bid price for the Company’s common stock must be $0.01 or greater for ten consecutive trading days; Pursuant to these OTCQB Standards, the Company has been granted a period of 90 calendar days in which to regain compliance with Section 4.1. The grace period expires August 21, 2017 and at that time if the Company’s bid price has not closed at or above $0.01 for any ten consecutive trading days then the Company will be removed from the OTCQB. In addition, in the event that the Company’s closing bid price falls below $0.001 at any time for five consecutive trading days, the Company will be immediately removed from OTCQB. ● On June 1, 2017, the Company entered into a management services agreement with Prodigy Inc., a Manager, for the provision of financial services, including all of our accounting, financial reporting and internal controls, and other back-office services, as well as the provision of use of space for the Company’s offices at 6, Loukianou St. Athens Greece. Our Chairman, Chief Executive Officer and President, Ion G. Varouxakis, is shareholder of Prodigy Inc. ● On June 15, 2017, the Company was notified by the OTC Markets that as a result of the Company’s failure to file its annual report on Form 20-F, the Company’s common stock would be removed from the OTCQB market and would be available for quotation on the OTC Pink market operated by the OTC Markets, effective June 16, 2017, under the same trading symbol of “FREEF”. ● On July 21, 2017, the Company sold to L.G. CAPITAL FUNDING, LLC two 8% convertible notes of the Company, in the aggregate principal amount of $79 (each Note being in the amount of $39.5) which mature a year from issuance. The second such Note is initially paid by a same amount and maturity note collateralized by liquid assets of equal value, it is not repayable, except that if the first Note is redeemed within 6 months from issuance then the second note and its collateral note are automatically cancelled, and it can only be converted when the collateral is liquidated by the Company. 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 9.9% of the common stock of the Company, into shares of Common Stock. The conversion price for both Notes 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. ● On July 24, 2017 , the Company sold to, ADAR BAYS, LLC a 8% convertible note of the Company in the principal amount of $39.5 which matures a year from issuance paid for by a same amount and maturity note collateralized by liquid assets of equal value, it is not repayable, and it can only be converted when the collateral is liquidated by the Company. The investor subject to the restrictions of Rule 144 promulgated under the 1933 Act, is entitled at any time after 6 months from issuance 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 9.9% of the common stock of the Company, into shares of Common Stock. The conversion price for both Notes 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. ● On August 17, 2017, the Company sold to L.G. CAPITAL FUNDING, LLC two 8% convertible notes of the Company, in the aggregate principal amount of $75 (each Note being in the amount of $37.5) which mature a year from issuance. The second such Note is initially paid by a same amount and maturity note collateralized by liquid assets of equal value, it is not repayable, except that if the first Note is redeemed within 6 months from issuance then the second note and its collateral note are automatically cancelled, and it can only be converted when the collateral is liquidated by the Company. 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 9.9% of the common stock of the Company, into shares of Common Stock. The conversion price for both Notes 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.

Significant Accounting Polici24

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
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 2016 2015 2014 A 73 % 39 % 39 % B 24 % 31 % 34 %
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, 2016, 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 adverse market conditions the dry bulk industry faces and the substantial decline in the vessel market values, recognized an impairment charge of $4,286 for the M/V Free Neptune during the year ended December 31, 2016, in the accompanying consolidated statement of operations.
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.
Recent Accounting Pronouncements	bb) Recent Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers: Topic 606, or ASU 2014-09, to supersede nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing GAAP, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. Adoption of ASU 2014-09 was initially required for fiscal and interim reporting periods beginning after December 15, 2016 using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) retrospective with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined per ASU 2014-09. In February 2015, the FASB issued new guidance to improve consolidation guidance for legal entities ASU No. 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 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. In August 2015, FASB issued ASU No. 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date: Topic 606, or ASU 2015-14, that deferred the effective date of ASU 2014-09 by one year. Application of the new revenue standard is permitted for fiscal and interim reporting periods beginning after December 15, 2016 and required for fiscal and interim reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of the adoption of ASU 2014-09. The Company will be required to make additional disclosures under the new guidance. However, at this time, the Company does not expect adoption of ASU 2014-09 to have a material impact on its consolidated financial statements. In July 2015, FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory: Topic 330, or ASU 2015-11. Topic 330 previously required an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. ASU 2015-11 requires that inventory measured using either the first-in-first-out (FIFO) or average cost method now be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company adopted ASU 2015-11 at the beginning of the first quarter of 2017. Adoption of ASU 2015-11 did not have a material impact on the Company’s consolidated financial statements. In November 2015, FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes: Topic 740, or ASU 2015-17. Current GAAP requires the deferred taxes for each jurisdiction to be presented as a net current asset or liability and net noncurrent asset or liability. This requires a jurisdiction-by-jurisdiction analysis based on the classification of the assets and liabilities to which the underlying temporary differences relate, or, in the case of loss or credit carryforwards, based on the period in which the attribute is expected to be realized. Any valuation allowance is then required to be allocated on a pro rata basis, by jurisdiction, between current and noncurrent deferred tax assets. The new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. As a result, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. The guidance does not change the existing requirement that only permits offsetting within a jurisdiction. Adoption of ASU 2015-17 did not have a material impact on the Company’s consolidated financial statements. In February 2016, FASB issued ASU No. 2016-02, Leases: Topic 842, or ASU 2016-02, that replaces existing lease guidance. The new standard is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. Under the new guidance, leases will continue to be classified as either finance or operating, with classification affecting the pattern of expense recognition in the Consolidated Statements of Operations. Lessor accounting is largely unchanged under ASU 2016-02. Adoption of ASU 2016-02 is required for fiscal reporting periods beginning after December 15, 2018, including interim reporting periods within those fiscal years with early adoption being permitted. The new standard is required to be applied with a modified retrospective approach to each prior reporting period presented with various optional practical expedients. While the Company expects adoption to lead to a material increase in the assets and liabilities recorded on its Consolidated Balance Sheet, the Company is still evaluating the overall impact on its consolidated financial statements. In August 2016, FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, or ASU 2016-15. The updated guidance clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. Adoption of ASU 2016-15 is required for fiscal reporting periods beginning after December 15, 2017, including interim reporting periods within those fiscal years with early adoption being permitted. The Company does not expect the adoption of ASU 2016-15 to have a material impact on its consolidated financial statements. In November 2016, FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, or ASU 2016-18, which amends ASC 230 to add or clarify guidance on the classification and presentation of restricted cash in the statement of cash flows. The amended guidance requires that amounts that are deemed to be restricted cash and restricted cash equivalents be included in the cash and cash-equivalent balances in the statement of cash flows. A reconciliation between the consolidated balance sheet and the statement of cash flows must be disclosed when the consolidated balance sheet includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. The guidance also requires that changes in restricted cash and restricted cash equivalents that result from transfers between cash, cash equivalents, and restricted cash and restricted cash equivalents should not be presented as cash flow activities in the statement of cash flows. An entity with a material balance of amounts generally described as restricted cash and restricted cash equivalents must disclose information about the nature of the restrictions. Adoption of ASU 2016-18 is required for fiscal reporting periods beginning after December 15, 2017, including interim reporting periods within those fiscal years with early adoption being permitted. The Company does not expect the adoption of ASU 2016-18 to have a material impact on its consolidated financial statements. 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 Gen25

Basis of Presentation and General Information (Tables)	12 Months Ended
	Dec. 31, 2016
Basis of Presentation and General Information [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 09/26/16 N/A N/A Adventure Twelve S.A. 100 % Free Neptune Handysize 30,838 1996 08/25/09 N/A N/A N/A Largo Al Factotum 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 06/15/16 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 Polici26

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Significant Accounting Policies [Abstract]
Summary of concentration of credit risk	Charterer 2016 2015 2014 A 73 % 39 % 39 % B 24 % 31 % 34 %

Vessels, Net (Tables)

Vessels, Net (Tables)	12 Months Ended
	Dec. 31, 2016
Vessels, Net [Abstract]
Schedule of vessels, net	Vessels Cost Accumulated Depreciation Net Book Value 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 Depreciation - (1,939 ) (1,939 ) Disposal of vessels (18,915 ) 16,956 (1,959 ) Leased vessels (7,000 ) - (7,000 ) Vessel impairment charge (4,286 ) (4,286 ) December 31, 2016 $ 3,312 $ (1,191 ) $ 2,121

Options Advance Payments- Pur28

Options Advance Payments- Purchase of Leased Vessels (Tables)	12 Months Ended
	Dec. 31, 2016
Options Advance Payments- Purchase of Leased Vessels [Abstract]
Schedule of charter obligation of the operating lease	Year Annual Operating Lease Payments 2017 $ 402 2018 402 2019 402 2020 154 Total $ 1,360

Financial Instruments and Fai29

Financial Instruments and Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2016
Financial Instruments and Fair Value Measurements [Abstract]
Schedule tabular disclosure of derivatives location	Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives December 31, December 31, December 31, December 31, 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 2016 2015 2014 Interest rate swaps Loss on derivative instruments $ - $ - $ 21 Total $ - $ - $ 21
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: 2016 (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, 2016
Convertible Notes Payable / 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 Additions $ - Payments $ - December 31, 2016 $ 17,598
Schedule of repayment terms of the loan outstanding	Lender Vessel Remaining Repayment Terms National Bank of Greece M/V Free Neptune The loan matured on December 16, 2016.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
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) Services fees to the Manager* 4,031 1,031 600 600 600 600 600 Management fees to the Managers 3,319 455 455 455 455 455 1,044 Hire on Leased Vessel 1,360 402 402 402 154 - - Total obligations $ 8,710 $ 1,888 $ 1,457 $ 1,457 $ 1,209 $ 1,055 $ 1,644 *As of June 1, 2017, the services fees were reduced to $50 per month from $136.

Loss per Share and Series A, 32

Loss per Share and Series A, B & C Warrants (Tables)	12 Months Ended
	Dec. 31, 2016
Loss per Share and Series A, B & C Warrants [Abstract]
Schedule of warrant activity	Series A Warrants Series B Warrants Series C Warrants Total January 1, 2014 0.000222 0.000112 - 0.000334 Series C warrants issued with $25,000 offering 0.002046 0.002046 Warrants cashless exercised - (0.000068 ) (0.000446 ) (0.000514 ) December 31, 2014 0.000222 0.000044 0.0016 0.001866 Warrants cashless exercised (0.000222 ) (0.000044 ) (0.000012 ) (0.000278 ) December 31, 2015 - - 0.001588 0.001588 Warrants cashless exercised - - (0.000134 ) (0.000134 ) December 31, 2016 - - 0.001454 0.001454
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, 2016 For the year ended December 31, 2015 For the year ended December 31, 2014 Numerator Net loss - basic and diluted $ (20,511 ) $ (52,949 ) $ (12,688 ) Basic earnings per share denominator: Weighted average common shares outstanding 24,140 - - Diluted earnings per share denominator: Weighted average common shares outstanding 24,140 - - Dilutive common shares: Options - - - Warrants - - - Restricted shares - - - Dilutive effect - - - Weighted average common shares - diluted 24,140 476 228 Basic loss per common share $ (850 ) $ (111,139 ) $ (55,758 ) Diluted loss per common share $ (850 ) $ (111,139 ) $ (55,758 )

Basis of Presentation and Gen33

Basis of Presentation and General Information (Details)	12 Months Ended
	Dec. 31, 2016MetricTonTDWNumber
Adventure Two S.A. [Member]
% Owned	100.00%
Type of Motor Vessel	Free Destiny
Type of Ship	Handysize
Dead weight tonnage	25,240
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
Dead weight tonnage	26,318
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
Dead weight tonnage	38,905
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
Dead weight tonnage	22,051
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
Dead weight tonnage	24,318
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
Dead weight tonnage	24,111
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
Dead weight tonnage	47,777
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
Dead weight tonnage	24,111
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
Dead weight tonnage	50,246
Year Built/Expected Year of Delivery	2,003
Date of Acquisition	Jul. 7, 2008
Date of Disposal	Nov. 8, 2011
Adventure Eleven S.A. [Member]
% Owned	100.00%
Type of Motor Vessel	Free Maverick
Type of Ship	Handysize
Dead weight tonnage	23,994
Year Built/Expected Year of Delivery	1,998
Date of Acquisition	Sep. 1, 2008
Date of Disposal	Sep. 26, 2016
Adventure Twelve S.A. [Member]
% Owned	100.00%
Type of Motor Vessel	Free Neptune
Type of Ship	Handysize
Dead weight tonnage	30,838
Year Built/Expected Year of Delivery	1,996
Date of Acquisition	Aug. 25, 2009
Largo Al Factotum S.A. [Member]
% Owned	100.00%
Type of Motor Vessel	Hull 1
Type of Ship	Handysize
Dead weight tonnage	33,600
Year Built/Expected Year of Delivery	2,012
Date of Contract/Bareboat Charter Termination	Apr. 28, 2012
Adventure Fifteen S.A. [Member]
% Owned	100.00%
Type of Motor Vessel	Hull 2
Type of Ship	Handysize
Dead weight tonnage	33,600
Year Built/Expected Year of Delivery	2,012
Date of Contract/Bareboat Charter Termination	Jun. 4, 2012
Nemorino Shipping S.A. [Member]
% Owned	100.00%
Type of Motor Vessel	Nemorino
Type of Ship	Handymax
Dead weight tonnage | TDW	47,777
Year Built/Expected Year of Delivery	2,002
Date of Contract/Bareboat Charter Termination	Sep. 9, 2015
Date of Initiation of Bareboat Charter	Sep. 16, 2014
Fiorello Shipping S.A. [Member]
% Owned	100.00%
Type of Motor Vessel	Fiorello
Type of Ship	Handysize
Dead weight tonnage | Number	24,318
Year Built/Expected Year of Delivery	1,995
Date of Contract/Bareboat Charter Termination	Jun. 15, 2016
Date of Initiation of Bareboat Charter	May 20, 2015
Figaro Shipping S.A. [Member]
% Owned	100.00%
Type of Motor Vessel	Figaro
Type of Ship	Handysize
Dead weight tonnage	22,051
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 Gen34

Basis of Presentation and General Information (Details Textual) $ in Thousands	Feb. 07, 2017	Apr. 14, 2016	Jan. 15, 2016	May 20, 2015USD ($)MetricTon	Sep. 26, 2016USD ($)MetricTon	Jun. 15, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Basis of Presentation and General Information (Textual)
Entity Incorporation, Date of Incorporation							Apr. 23, 2004
Reverse stock split, description		200-to-1 reverse stock split	60-to-1 reverse stock split				1-for-10,000
Loss on sale of vessel							$ (277)	$ (7,620)	$ (1,098)
M/V Free Maverick [Member]
Basis of Presentation and General Information (Textual)
Dead weight tonnage | MetricTon					23,994
Gross sale price					$ 1,925
M/V Fiorello [Member]
Basis of Presentation and General Information (Textual)
Gross sale price						$ 1,490
M/V Free Hero [Member]
Basis of Presentation and General Information (Textual)
Dead weight tonnage | MetricTon				24,318
Gross sale price				$ 5,500
Daily hire rate of vessel				$ 1,100
M/V Free Goddess [Member]
Basis of Presentation and General Information (Textual)
Dead weight tonnage | MetricTon				22,051
Gross sale price				$ 5,500
Daily hire rate of vessel				$ 1,100
Subsequent Event [Member]
Basis of Presentation and General Information (Textual)
Reverse stock split, description	5,000-to-1 reverse stock split

Significant Accounting Polici35

Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Charterer A [Member]
Concentration risk, percentage	73.00%	39.00%	39.00%
Charterer B [Member]
Concentration risk, percentage	24.00%	31.00%	34.00%

Significant Accounting Polici36

Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 18, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 09, 2015
Significant Accounting Policies (Textual)
Ownership percentage		50.00%			20.00%
Percentage of charterers revenue in voyage revenue		More than 10	More than 10	More than 10
Impairment charges	$ 23,978			$ 17,982
Minimum [Member]
Significant Accounting Policies (Textual)
Finite-lived intangible asset, useful life		27 years
Maximum [Member]
Significant Accounting Policies (Textual)
Finite-lived intangible asset, useful life		28 years
M/V Free Neptune [Member]
Significant Accounting Policies (Textual)
Impairment charges		$ 4,286

Going Concern (Details)

Going Concern (Details) $ in Thousands	1 Months Ended				12 Months Ended
	Sep. 24, 2014USD ($)MetricTon	Sep. 17, 2014USD ($)	May 30, 2014USD ($)	Feb. 22, 2014USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Going Concern (Textual)
Incurred net losses					$ (20,511)	$ (52,949)	$ (12,688)
Working capital deficits					35,715	34,065
Aggregate amount			$ 22,636
M/V Free Impala [Member]
Going Concern (Textual)
Dead weight tonnage | MetricTon	24,111
Payment of outstanding indebtedness	$ 3,300
Gross sale price	3,600
National Bank of Greece [Member]
Going Concern (Textual)
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.
Cash payment				$ 22,000
Payment of outstanding indebtedness		$ 2,700					$ (5,639)
Aggregate amount					$ 23,956
Outstanding balance	$ 3,300

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Mar. 14, 2016	Sep. 09, 2015	May 20, 2015	Sep. 26, 2016	Jun. 15, 2016	Sep. 24, 2014	Sep. 16, 2014	Feb. 18, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transactions (Textual)
Monthly management fee									$ 136
Foreign exchange rate description									The Company also pays, as per its services agreement with the Managers, a monthly fee of $136 up to May 31, 2017 and $50 commencing on June 1, 2017 (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. The Manager 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, 2016, would be approximately $59,959.
Ownership percentage		20.00%							50.00%
Net sale proceeds		$ 7,000
Loss on sale of vessel									$ (277)	$ (7,620)	$ (1,098)
Commission expenses
Common stock shares issued	10
Termination fees									59,959
Managers due
General and administrative expenses									3,049	4,252	4,104
M/V Free Jupiter [Member]
Related Party Transactions (Textual)
Gross sale price							$ 12,250
M/V Free Knight [Member]
Related Party Transactions (Textual)
Gross sale price								$ 3,600
M/V Free Impala [Member]
Related Party Transactions (Textual)
Gross sale price						$ 3,600
M/V Free Hero [Member]
Related Party Transactions (Textual)
Gross sale price			$ 5,500
Loss on sale of vessel			1,100							950
M/V Free Goddess [Member]
Related Party Transactions (Textual)
Gross sale price			5,500
Loss on sale of vessel			1,100							8,571
M/V Free Maverick [Member]
Related Party Transactions (Textual)
Gross sale price				$ 1,925
Loss on sale of vessel				277
M V Fiorello [Member]
Related Party Transactions (Textual)
Gross sale price					$ 1,490
Ship-Brokering Firm [Member]
Related Party Transactions (Textual)
Commission expenses											6
Manager [Member]
Related Party Transactions (Textual)
Monthly management fee									$ 19
Foreign exchange rate description									Each of the Company's subsidiaries pays, as per its management agreement with the Managers, a monthly management fee of $19 (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 (not expressed in thousands) 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%
Commission expenses									$ 35	35	36
Unpaid amount	$ 250
Managers due									2,107	713
Operating expenses									2,344	2,800	3,528
Management fees									702	1,070	1,605
Services fees									1,635	1,635	1,650
Other fees and expenses									7	7	8
Superintendent fees									0	88	265
General and administrative expenses									$ 139	$ 140	148
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
Manager [Member] | M/V Free Goddess [Member]
Related Party Transactions (Textual)
Gross sale price			5,500
Related party transaction rate			$ 1,100
Manager [Member] | M/V Free Maverick [Member]
Related Party Transactions (Textual)
Gross sale price				$ 1,925
Related party sale price											$ 19

Vessels, Net (Details)

Vessels, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Vessels, Net [Abstract]
Vessels Cost, Beginning Balance	$ 33,513	$ 88,078	$ 105,008
Vessels Cost, Depreciation
Vessels Cost, Disposal of vessels	(18,915)	(42,674)	(29,180)
Vessels Cost, Leased vessels	(7,000)	7,000	12,250
Vessels cost, Vessel impairment charge	(4,286)	(18,891)
Vessels Cost, Ending Balance	3,312	33,513	88,078
Accumulated Depreciation, Beginning Balance	(16,208)	(25,768)	(33,174)
Accumulated Depreciation, Depreciation	(1,939)	(3,585)	(4,896)
Accumulated Depreciation, Disposal of vessels	16,956	13,145	12,726
Accumulated Depreciation, Leased vessels			(424)
Accumulated Depreciation, Vessel impairment charge
Accumulated Depreciation, Ending Balance	(1,191)	(16,208)	(25,768)
Net Book Value, Beginning Balance	10,305	62,310	71,834
Net Book Value, Depreciation	(1,939)	(3,585)	(4,896)
Net Book Value, Disposal of vessels	(1,959)	(29,529)	(16,454)
Net Book Value, Leased vessels		7,000	11,826
Net Book Value, Vessel impairment charge	(4,286)	(18,891)
Net Book Value, Ending Balance	$ 2,122	$ 10,305	$ 62,310

Vessels, Net (Details Textual)

Vessels, Net (Details Textual) - USD ($) $ in Thousands	May 20, 2015	Sep. 26, 2016	Sep. 24, 2014	Sep. 16, 2014	Feb. 18, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Vessel, Net (Textual)
Impairment charges					$ 23,978			$ 17,982
Other operating activities								11,179
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).
Loss on sale of vessels						$ (277)	$ (7,620)	$ (1,098)
National Bank of Greece [Member]
Vessel, Net (Textual)
Outstanding balance			$ 3,300
M/V Free Knight [Member]
Vessel, Net (Textual)
Gross sale price					$ 3,600
M/V Free Goddess [Member]
Vessel, Net (Textual)
Gross sale price	$ 5,500
Loss on sale of vessels	1,100						8,571
M/V Free Hero [Member]
Vessel, Net (Textual)
Gross sale price	5,500
Loss on sale of vessels	$ 1,100						950
M/V Free Maverick [Member]
Vessel, Net (Textual)
Gross sale price		$ 1,925
Impairment charges							18,891
Loss on sale of vessels		$ 277
M/V Free Impala [Member]
Vessel, Net (Textual)
Gross sale price			$ 3,600
M/V Free Jupiter [Member]
Vessel, Net (Textual)
Gross sale price				$ 12,250
M/V Free Neptune [Member]
Vessel, Net (Textual)
Impairment charges						$ 4,286	$ 18,891

Options Advance Payments- Pur41

Options Advance Payments- Purchase of Leased Vessels (Details) $ in Thousands	Dec. 31, 2016USD ($)
Options Advance Payments- Purchase of Leased Vessels [Abstract]
2,017	$ 402
2,018	402
2,019	402
2,020	154
Total	$ 1,360

Options Advance Payments- Pur42

Options Advance Payments- Purchase of Leased Vessels (Details Textual) - USD ($) $ in Thousands	May 20, 2015	Jun. 15, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Options Advance Payments- Purchase of Leased Vessels (Textual)
Sellers credit	$ 9,000
Loss on sale of vessel			$ (277)	$ (7,620)	$ (1,098)
Options advance payment				2,000
Contractual derivative obligation			$ 5,442	$ 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 Fiorello [Member]
Options Advance Payments- Purchase of Leased Vessels (Textual)
Gross sale price		$ 1,490
Loss on sale of vessel		$ 1,942

Accrued Liabilities (Details)

Accrued Liabilities (Details) $ in Thousands	Dec. 31, 2016USD ($)
Accrued Liabilities (Textual)
Accrued liabilities	$ 7,134
NBG loan accrued interest	6,358
Operating accruals	$ 776

Financial Instruments and Fai44

Financial Instruments and Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate of derivative instruments assets
Interest rate of derivative instruments liabilities
Loss on interest rate derivative instruments			$ 21
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
Loss on derivative instruments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loss on interest rate derivative instruments			$ 21

Financial Instruments and Fai45

Financial Instruments and Fair Value Measurements (Details 1)	Dec. 31, 2016USD ($)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value of liabilities disclosure recurring
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value of liabilities disclosure recurring
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value of liabilities disclosure recurring
Significant Unobservable Inputs (Level 3) [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value of liabilities disclosure recurring
Interest rate swap contracts [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value of liabilities disclosure recurring
Interest rate swap contracts [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value of liabilities disclosure recurring
Interest rate swap contracts [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value of liabilities disclosure recurring
Interest rate swap contracts [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value of liabilities disclosure recurring

Financial Instruments and Fai46

Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Loss on derivative instruments			$ (21)

Convertible Notes Payable (Deta

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

Nov. 11, 2016

Jul. 13, 2016

Jul. 11, 2016

May 10, 2016

May 09, 2016

May 06, 2016

May 04, 2016

Apr. 11, 2016

Mar. 08, 2016

Mar. 01, 2016

Feb. 04, 2016

Jan. 13, 2016

Jan. 06, 2016

Dec. 08, 2015

Oct. 26, 2015

Oct. 07, 2015

Sep. 15, 2015

Sep. 04, 2015

Jul. 27, 2015

Jul. 17, 2015

Dec. 30, 2016

Dec. 29, 2016

Dec. 28, 2016

Nov. 30, 2016

Sep. 20, 2016

Sep. 19, 2016

Aug. 18, 2016

Aug. 16, 2016

Jun. 27, 2016

May 25, 2016

Apr. 21, 2016

Feb. 22, 2016

Jan. 19, 2016

Feb. 18, 2016

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Convertible Notes Payable (Textual)

Proceeds from convertible notes

$ 1,533,000

$ 6,489,000

$ 304,000

Common stock issued for convertible notes, value

2,971,000

9,282,000

$ 128,000

Amortization of debt discount

1,550,000

$ 3,515,000

Convertible Notes Payable [Member]

Convertible Notes Payable (Textual)

Proceeds from convertible notes

3,828,000

Common stock issued for convertible notes, value

$ 2,018,000

Common stock issued for convertible notes, shares

76,664

Net balance outstanding amount

$ 1,558,000

Amortization of debt discount

1,135,000

Other expenses

796,000

Unamortized debt discount

$ 339,000

Black Mountain Equities Inc. [Member]

Convertible Notes Payable (Textual)

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) $825,000 and (ii) and 65% of the lowest VWAP for the 20 trading days prior to the date of conversion.

Common stock issued for convertible notes, shares

3

Gemini Master Fund Ltd . [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 165,000

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) $825,000 and (ii) and 65% of the lowest VWAP for the 20 trading days prior to the date of conversion.

Common stock issued for convertible notes, shares

7

VIS VIRES GROUP, INC. [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 154,000

Debt instrument, payment terms

Nine 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

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).

Percentage of conversion stock

65.00%

Common stock issued for convertible notes, shares

3

Service Trading Company, LLC [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 37,800

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

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).

Percentage of conversion stock

65.00%

Common stock issued for convertible notes, shares

203

Mordechai Vizel [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

8.00%

8.00%

8.00%

Proceeds from convertible notes

$ 112,000

$ 75,000

$ 112,000

Debt instrument, payment terms

Twelve months

Twelve months

Twelve months

Conversion of stock description

The investor is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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.

The investor is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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 lesser of (i) $7,650 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) $432,000 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) $1,440,000 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.

Common stock issued for convertible notes, value

$ 112,000

$ 75,000

Common stock issued for convertible notes, shares

13

1

SICHENZIA ROSS FRIEDMAN FERENCE LLP [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

8.00%

8.00%

Proceeds from convertible notes

$ 137,000

$ 92,000

Debt instrument, payment terms

Twelve months

Twelve months

Conversion of stock description

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 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) $3,000 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.

The conversion price is the lower of (i) $271,200 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.

Common stock issued for convertible notes, value

$ 92,000

Common stock issued for convertible notes, shares

326

ALSA HOLDINGS INC. [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 500,000

Debt instrument, payment terms

Twelve months

Conversion of stock description

The investor is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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) $139,650 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.

Common stock issued for convertible notes, shares

2

MTR3S HOLDING LTD. [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

8.00%

8.00%

8.00%

Proceeds from convertible notes

$ 500,000

$ 600,000

$ 100,000

Debt instrument, payment terms

Twelve months

Twelve months

Twelve months

Conversion of stock description

The investor is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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 subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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 subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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 lesser of (i) $199,500 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.

The conversion price is the lower of (i) $59,850 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 lesser of (i) $199,500 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.

Common stock issued for convertible notes, value

$ 500,000

Common stock issued for convertible notes, shares

26

3,129

Alpha Capital Anstalt [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 250,000

Debt instrument, payment terms

Twelve months

Conversion of stock description

The investor is subject to the restrictions of Rule 144 promulgated under the 1933 Act, and 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 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.

Intermodal Shipbrokers Co., [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 84,000

Debt instrument, payment terms

Twelve months

Conversion of stock description

The note holder is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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 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.

Common stock issued for convertible notes, value

$ 84,000

Common stock issued for convertible notes, shares

14

LG Capital Funding, LLC [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 50,000

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 9.9% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment 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. 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).

Common stock issued for convertible notes, value

$ 50,000

Common stock issued for convertible notes, shares

32,915

APG Capital Holdings, LLC [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

12.00%

Proceeds from convertible notes

$ 32,000

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

Upon written notice, during the first six months the Company may prepay the note to 150% of principal plus interest.

Percentage of conversion stock

65.00%

Common stock issued for convertible notes, value

$ 32,000

Common stock issued for convertible notes, shares

25,269

M. I. E. Co Ltd [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 59,000

Debt instrument, payment terms

Twelve months

Conversion of stock description

The note holder is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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 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.

Common stock issued for convertible notes, value

$ 59,000

Common stock issued for convertible notes, shares

1,716

CROWN BRIDGE PARTNERS, LLC [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

6.00%

Proceeds from convertible notes

$ 55,000

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

Upon written notice, during the first six months the Company may prepay the note with amounts ranging from 120% of principal plus interest (during days 1-60) to 145% of principal plus interest (during days 121-180).

Percentage of conversion stock

60.00%

E. STAVROPOULOS & CO O.E [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 80,000

Debt instrument, payment terms

Twelve months

Conversion of stock description

The note holder is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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 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.

Common stock issued for convertible notes, value

$ 80,000

Common stock issued for convertible notes, shares

2,891

MARINE PLUS S.A [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 60,000

Debt instrument, payment terms

Twelve months

Conversion of stock description

The note holder is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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 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.

MEDPOOL LTD [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 80,000

Debt instrument, payment terms

Twelve months

Conversion of stock description

The note holder is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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 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.

Common stock issued for convertible notes, value

$ 80,000

Common stock issued for convertible notes, shares

10,146

Sichenzia Ross Ference Kesner LLP [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 100,000

Debt instrument, payment terms

Twelve months

Conversion of stock description

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.

Conversion of stock payment description

The conversion price is the lower of (i) $100 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.

ANYLAND TRAVEL LTD [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 30,000

Debt instrument, payment terms

Twelve months

Conversion of stock description

The note holder is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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 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.

M. DALAKOS - I. FASSOLIS - N. THEOFANOPOULOS & PARTNERS LAW FIRM [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 108,000

Debt instrument, payment terms

Twelve months

Conversion of stock description

The note holder is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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) $232.5 and (ii) 75% 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.

YES Properties Inc. [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 35,000

Debt instrument, payment terms

Twelve months

Conversion of stock description

The investor is subject to the restrictions of Regulation S promulgated under the 1933 Act, and 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 9.9% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment description

The conversion price is 60% 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 fifteen prior trading days. Upon written notice, during the first 39 days the Company may prepay the note to 125% of principal plus interest.

Percentage of conversion stock

60.00%

Crede CG III, Ltd [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 50,000

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 9.9% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment 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. 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).

Percentage of conversion stock

65.00%

ADAR BAYS, LLC [Member]

Convertible Notes Payable (Textual)

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 100,000

Notes being amount

$ 25,000

Debt instrument, payment terms

The First Note being in the amount of $25 and each of the following notes being in the amount of $25, which mature a year from issuance. The Company may reject the closing of the back-end financing by giving the buyer written notice at least 30 days prior to the 6-month anniversary of the First Note of its intent to reject the funding of the Back-End Notes. In such case the Buyer Notes and the Back-End Notes shall be terminated.

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 9.9% of the common stock of the Company, into shares of Common Stock.

Conversion of stock payment description

The conversion price is 58% 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).

Percentage of conversion stock

58.00%

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, 2016	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	17,598	23,237
Additions
Payments		$ 2,700			(5,639)
Debt forgiveness
Balance	$ 3,300		$ 17,598	$ 17,598	$ 17,598

Bank Loan - Current Portion (49

Bank Loan - Current Portion (Details 1) - M/V Free Neptune [Member]	12 Months Ended
	Dec. 31, 2016
Short-term Debt [Line Items]
Bank loans issuer	National Bank of Greece
Maturity date of loans	Dec. 16, 2016

Bank Loan - Current Portion (50

Bank Loan - Current Portion (Details Textual) - USD ($) $ in Thousands	1 Months Ended			12 Months Ended
	Sep. 17, 2014	May 30, 2014	Feb. 22, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 24, 2014	May 28, 2014	Jan. 30, 2014	Dec. 31, 2013
Bank Loan - Current Portion (Textual)
Weighted average interest rate				4.00%	4.00%
Interest expense				$ 1,467	$ 1,237	$ 1,655
Paid amount to Credit Suisse		$ 22,636
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
Payment of outstanding indebtedness						(21,450)
NBG [Member]
Bank Loan - Current Portion (Textual)
Long-term Debt			$ 4,700	17,598	17,598	17,598	$ 3,300			$ 23,237
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				23,956
Paid amount to Credit Suisse				23,956
Payment of outstanding indebtedness	$ 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 guarantor's 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 Contingencies51

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2016USD ($)
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Payments due by period, total	$ 8,710
Payments due by period, less than 1-year	1,888
Payments due by period, 2-year	1,457
Payments due by period, 3-year	1,457
Payments due by period, 4-year	1,209
Payments due by period, 5-year	1,055
Payments due by period, more than 5-years	1,644
Hire on Leased Vessel [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Payments due by period, total	1,360
Payments due by period, less than 1-year	402
Payments due by period, 2-year	402
Payments due by period, 3-year	402
Payments due by period, 4-year	154
Payments due by period, 5-year
Payments due by period, more than 5-years
Service Fee To Manager [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Payments due by period, total	4,031	[1]
Payments due by period, less than 1-year	1,031	[1]
Payments due by period, 2-year	600	[1]
Payments due by period, 3-year	600	[1]
Payments due by period, 4-year	600	[1]
Payments due by period, 5-year	600	[1]
Payments due by period, more than 5-years	600	[1]
Management Fee To Manager [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Payments due by period, total	3,319
Payments due by period, less than 1-year	455
Payments due by period, 2-year	455
Payments due by period, 3-year	455
Payments due by period, 4-year	455
Payments due by period, 5-year	455
Payments due by period, more than 5-years	$ 1,044
[1]	As of June 1, 2017, the services fees were reduced to $50 per month from $136.

Commitments and Contingencies52

Commitments and Contingencies (Details Textual) $ in Thousands	Jun. 01, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2016EUR (€)	Dec. 31, 2015EUR (€)
Commitments and Contingencies (Textual)
Annual insurance premiums		$ 1,000
General insurance expense		1,000,000
Monthly rental expenses | €			€ 1,500	€ 8,700
Outstanding balance of claims
Services fees per month		$ 136
Forecast [Member]
Commitments and Contingencies (Textual)
Services fees were reduced per month	$ 50
Maximum [Member]
Commitments and Contingencies (Textual)
Supplemental information for property, casualty insurance underwriters, interest rate in range		40.00%	40.00%
Minimum [Member]
Commitments and Contingencies (Textual)
Supplemental information for property, casualty insurance underwriters, interest rate in range		25.00%	25.00%

Loss per Share and Series A, 53

Loss per Share and Series A, B & C Warrants (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class of Warrant or Right [Line Items]
Beginning Warrants Price	$ 0.001588	$ 0.001866	$ 0.000334
Series C warrants issued with $25,000 offering			0.002046
Warrants cashless exercised	(0.000134)	(0.000278)	(0.000514)
Ending Warrants Price	0.001454	0.001588	0.001866
Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Beginning Warrants Price		0.000222	0.000222
Warrants cashless exercised		(0.000222)
Ending Warrants Price			0.000222
Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Beginning Warrants Price		0.000044	0.000112
Warrants cashless exercised		(0.000044)	(0.000068)
Ending Warrants Price			0.000044
Series C Warrants [Member]
Class of Warrant or Right [Line Items]
Beginning Warrants Price	0.001588	0.0016
Series C warrants issued with $25,000 offering			0.002046
Warrants cashless exercised	(0.000134)	(0.000012)	(0.000446)
Ending Warrants Price	$ 0.001454	$ 0.001588	$ 0.0016

Loss per Share and Series A, 54

Loss per Share and Series A, B & C Warrants (Details 1) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator
Net loss - basic and diluted	$ (20,511)	$ (52,949)	$ (12,688)
Basic earnings per share denominator:
Weighted average common shares outstanding	24,140	476	228
Diluted earnings per share denominator:
Weighted average common shares outstanding	24,140	476	228
Dilutive effect
Weighted average common shares - diluted	24,140	476	228
Basic loss per common share	$ (850)	$ (111,139)	$ (55,758)
Diluted loss per common share	$ (850)	$ (111,139)	$ (55,758)
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, 55

Loss per Share and Series A, B & C Warrants (Details Textual) - USD ($)	Feb. 07, 2017	Apr. 14, 2016	Jan. 15, 2016	Dec. 31, 2016	Dec. 31, 2014	Jul. 24, 2017	Dec. 31, 2015	Dec. 31, 2013
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	1-for-10,000
Warrants exercise price				$ 0.001454	$ 0.001866		$ 0.001588	$ 0.000334
Subsequent Event [Member]
Loss per Share and Series A, B and C Warrants (Textual)
Reverse stock split	5,000-to-1 reverse stock split
Series A Warrants [Member]
Loss per Share and Series A, B and C Warrants (Textual)
Cashless warrants exercised, Shares				23,020
Warrants exercise price					0.000222			0.000222
Series B Warrants [Member]
Loss per Share and Series A, B and C Warrants (Textual)
Cashless warrants exercised, Shares				23,020
Warrants exercise price					$ 0.000044			0.000112
Series C Warrants [Member]
Loss per Share and Series A, B and C Warrants (Textual)
Warrants issued with offering				$ 1.454	$ 25,000,000
Cashless warrants exercised, Shares				23,020
Warrants exercise price				$ 0.001454	$ 0.0016		$ 0.001588
Series C Warrants [Member] | Scenario, Forecast [Member]
Loss per Share and Series A, B and C Warrants (Textual)
Warrants exercise price						$ 0.001454
Class of warrants execrised						$ 31,950,000

Reverse Stock Splits (Details)

Reverse Stock Splits (Details)	Feb. 07, 2017	Apr. 14, 2016	Jan. 15, 2016	Dec. 31, 2016
Reverse Stock Splits (Textual)
Reverse stock split, description		200-to-1 reverse stock split	60-to-1 reverse stock split	1-for-10,000
Subsequent Event [Member]
Reverse Stock Splits (Textual)
Reverse stock split, description	5,000-to-1 reverse stock split

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - USD ($) $ in Thousands	Nov. 12, 2015	Jul. 30, 2014	Dec. 31, 2015	Dec. 31, 2016
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		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.
Granted on November 10, 2014 and November 17, 2015 [Member]
Equity Incentive Plan [Line Items]
Share-based compensation expense				$ 206
Non Executive [Member]
Equity Incentive Plan [Line Items]
Board Fees	$ 15		$ 3

Shareholders' Equity (Details)

Shareholders' Equity (Details) $ / shares in Units, $ in Thousands

Apr. 14, 2016

Apr. 08, 2016

Jan. 15, 2016

Sep. 18, 2015Number$ / shares

Jan. 13, 2013Number

Aug. 30, 2016Number$ / shares

Jun. 15, 2014Number

Dec. 31, 2016USD ($)$ / sharesshares

Dec. 31, 2015USD ($)$ / sharesshares

Dec. 31, 2014USD ($)

Dec. 22, 2016shares

Sep. 09, 2015

Jul. 13, 2015$ / shares

Jan. 13, 2015$ / shares

Shareholders' Equity (Textual)

Minimum bid price per share | $ / shares

$ 0.01

$ 1

$ 1

Closing bid price per share | $ / shares

$ 1

0.01

Common stock per share | $ / shares

$ 1

$ 0.01

$ 0.001

$ 0.001

$ 1

$ 1

Ownership percentage

50.00%

20.00%

Conversion description

(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.

Discount of market price

50.00%

Reverse stock split

200-to-1 reverse stock split

60-to-1 reverse stock split

1-for-10,000

Common stock, shares authorized

10,000,000,000

10,000,000,000

Conversion of convertible promissory note, Shares

76,664

Common stock issued for convertible notes, value | $

$ 2,971

$ 9,282

$ 128

Consecutive business days | Number

30

10

30

30

Minimum [Member]

Shareholders' Equity (Textual)

Reverse stock split

1-for-2

1-for-2

Common stock, shares authorized

750,000,000

750,000,000

Maximum [Member]

Shareholders' Equity (Textual)

Reverse stock split

1-for-200 (the “Reverse Stock Split”)

1-for-10,000 (the “Reverse Stock Split”)

Common stock, shares authorized

10,000,000,000

10,000,000,000

Series D Preferred Stock [Member]

Shareholders' Equity (Textual)

Preferred Stock, shares outstanding

8,160

8,160

Warrants [Member]

Shareholders' Equity (Textual)

Conversion of convertible promissory note, Shares

23,020

Taxes (Details)

Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Taxes (Textual)
Stock owned by residents of company	More than 50%
Federal income tax		$ 5	$ 23

Subsequent Events (Details)

Subsequent Events (Details)

Apr. 07, 2017USD ($)

Apr. 06, 2017USD ($)shares

Mar. 28, 2017USD ($)

Mar. 20, 2017USD ($)MetricTon

Mar. 20, 2017USD ($)

Mar. 15, 2017USD ($)

Mar. 14, 2017USD ($)

Feb. 24, 2017USD ($)

Feb. 22, 2017USD ($)

Feb. 16, 2017USD ($)shares

Feb. 07, 2017

Apr. 14, 2016

Jan. 15, 2016

Aug. 17, 2017USD ($)

Jul. 24, 2017USD ($)

Jul. 21, 2017USD ($)

May 23, 2017

Mar. 22, 2017USD ($)

Feb. 17, 2017USD ($)

Feb. 13, 2017

Jan. 31, 2017USD ($)MetricTon

Jan. 20, 2017USD ($)

Dec. 31, 2016shares

Sep. 09, 2015

Subsequent Events (Textual)

Equity method investment, ownership percentage

50.00%

20.00%

Reverse stock split, description

200-to-1 reverse stock split

60-to-1 reverse stock split

1-for-10,000

Conversion of convertible promissory note, Shares | shares

76,664

Subsequent Events [Member]

Subsequent Events (Textual)

Conversion price, description

The Company received a letter from OTCQB that the Company's (FREEF) bid price closed below $0.01 for more than 30 consecutive calendar days and no longer meets the Standards for Continued Eligibility for OTCQB as per the OTCQB Standards, section 2.3(2). To remain eligible for trading on the OTCQB marketplace, the Company must have proprietary priced quotations published by a Market Maker in OTC Link with a minimum closing bid price of $0.01 per share on at least one of the prior thirty consecutive calendar days. As per the OTCQB Standards, section 4.1, in the event that the minimum closing bid price for the Company's common stock falls below $0.01 per share, a grace period of 90 calendar days to regain compliance shall begin, during which the minimum closing bid price for the Company's common stock must be $0.01 or greater for ten consecutive trading days; Pursuant to these OTCQB Standards, the Company has been granted a period of 90 calendar days in which to regain compliance with Section 4.1. The grace period expires August 21, 2017 and at that time if the Company's bid price has not closed at or above $0.01 for any ten consecutive trading days then the Company will be removed from the OTCQB. In addition, in the event that the Company's closing bid price falls below $0.001 at any time for five consecutive trading days, the Company will be immediately removed from OTCQB.

Reverse stock split, description

5,000-to-1 reverse stock split

Subsequent Events [Member] | MARINE PLUS S.A [Member]

Subsequent Events (Textual)

Accrued interest rate

8.00%

Convertible promissory note

$ 72,000

Debt instrument, term

1 year

Conversion price, description

The conversion price is the lower of (i) $0.403 (as adjusted for stock splits, stock dividends, stock combinations or other similar transactions) and (ii) 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.

Equity method investment, ownership percentage

4.99%

Subsequent Events [Member] | ANYLAND TRAVEL LTD [Member]

Subsequent Events (Textual)

Convertible promissory note

$ 30,000

Aggregate shares of common stock | shares

17,242

Subsequent Events [Member] | CERBERUS FINANCE GROUP LTD [Member]

Subsequent Events (Textual)

Accrued interest rate

8.00%

Convertible promissory note

$ 25,000

Debt instrument, term

1 year

Conversion price, description

The conversion price is 60% 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 fifteen prior trading days. Upon written notice, during the first 39 days the Company may prepay the investor in cash, for 125% of any outstanding principal and interest remaining on the note.

Equity method investment, ownership percentage

9.90%

Subsequent Events [Member] | E Stavro Poulos [Member]

Subsequent Events (Textual)

Accrued interest rate

8.00%

Convertible promissory note

$ 22,000

Debt instrument, term

1 year

Conversion price, description

The conversion price is the lower of (i) $0.2394 (as adjusted for stock splits, stock dividends, stock combinations or other similar transactions) and (ii) 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.

Equity method investment, ownership percentage

4.99%

Subsequent Events [Member] | GS Capital Partners [Member]

Subsequent Events (Textual)

Accrued interest rate

10.00%

Convertible promissory note

$ 30,000

Debt instrument, term

1 year

Conversion price, description

The conversion price is 60% 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 at 150% of principal plus interest.

Equity method investment, ownership percentage

9.90%

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

Subsequent Events (Textual)

Accrued interest rate

8.00%

8.00%

8.00%

8.00%

8.00%

8.00%

Convertible promissory note

$ 45,000

$ 45,000

$ 75,000

$ 39,500

$ 79,000

$ 108,000

$ 45,000

Debt instrument, term

1 year

1 year

1 year

1 year

Number of replacement notes | MetricTon

2

2

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. 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).

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).

The conversion price for both Notes 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.

The conversion price for both Notes 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.

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).

Equity method investment, ownership percentage

9.90%

9.90%

9.90%

9.90%

9.90%

9.90%

Debt conversion original amount

$ 37,500

$ 39,500

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

Subsequent Events (Textual)

Accrued interest rate

8.00%

Convertible promissory note

$ 137,000

$ 47,000

Debt instrument, term

1 year

Conversion price, description

The conversion price is the lower of (i) $0.06 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.

Equity method investment, ownership percentage

4.99%

Aggregate shares of common stock | shares

4,109,800

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

Subsequent Events (Textual)

Accrued interest rate

10.00%

Convertible promissory note

$ 37,000

Debt instrument, term

1 year

Conversion price, description

The conversion price is 46% 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.

Equity method investment, ownership percentage

9.90%

Debt conversion original amount

$ 3,600

Subsequent Events [Member] | APG Capital Holdings, LLC [Member] | US investor [Member]

Subsequent Events (Textual)

Convertible promissory note

$ 45,000

Subsequent Events [Member] | POWER UP LENDING GROUP LTD. [Member]

Subsequent Events (Textual)

Accrued interest rate

9312.00%

Debt instrument, term

9 months

Conversion price, description

The conversion price is the 58% of the average of the lowest three 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 115% of principal plus interest (during days 1-30) to 140% of principal plus interest (during days 151-180).

Equity method investment, ownership percentage

4.99%

Subsequent Events [Member] | CROWN BRIDGE PARTNERS, LLC [Member]

Subsequent Events (Textual)

Accrued interest rate

6.00%

Convertible promissory note

$ 45,000

Conversion price, description

The conversion price is 60% 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 120% of principal plus interest (during days 1-60) to 145% of principal plus interest (during days 121-180).

Equity method investment, ownership percentage

4.99%

Subsequent Events [Member] | Brighton Capital Ltd [Member]

Subsequent Events (Textual)

Accrued interest rate

8.00%

Convertible promissory note

$ 68,000

Conversion price, description

The conversion price is the lower of (i) $0.02 and (ii) 65% 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.

Equity method investment, ownership percentage

4.99%

Subsequent Events [Member] | OAKMORE OPPORUTNITY FUND I, LP [Member]

Subsequent Events (Textual)

Accrued interest rate

8.00%

Convertible promissory note

$ 50,000

Debt instrument, term

1 year

Conversion price, description

The conversion price is the 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.

Equity method investment, ownership percentage

4.99%

Subsequent Events [Member] | Yoshar Trading LLC [Member]

Subsequent Events (Textual)

Convertible promissory note

$ 35,000

Purchase price for buyer's payment to seller

$ 40,000

Subsequent Events [Member] | ADAR BAYS, LLC [Member]

Subsequent Events (Textual)

Debt instrument, term

1 year

Conversion price, description

The conversion price for both Notes 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.