Freeseas (FREEF) 20-F 15 May 18 2017 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2017shares
Document and Entity Information [Abstract]
Entity Registrant Name	FREESEAS INC.
Entity Central Index Key	1,325,159
Document Type	20-F
Trading Symbol	FREEF
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	Yes
Entity's Reporting Status Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,017

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 11	$ 52
Trade receivables, net of provision of nil and $3,073 for 2017 and 2016, respectively.	149	149
Inventories	4	235
Deferred charges - current portion		1
Prepayments and other	155	158
Guarantee Deposit	192	189
Other Current Assets	25	25
Total current assets	536	809
Vessels, net	2,009	2,122
Total assets	2,545	2,931
CURRENT LIABILITIES:
Accounts payable	7,412	8,127
Convertible notes, net	853	1,558
Derivative liability	1,624
Accrued liabilities	9,985	7,134
Due to related party	3,280	2,107
Bank loans - current portion	17,598	17,598
Total current liabilities	40,752	36,524
Total liabilities	40,752	36,524
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, 2017 and December 31, 2016.
Common stock, $0.001 par value; 10,000,000,000 shares authorized, 798,423 and 34 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively.	1
Additional paid-in capital	227,298	224,792
Accumulated deficit	(265,506)	(258,385)
Total shareholders' (deficit) equity	(38,207)	(33,593)
Total liabilities and shareholders' (deficit) equity	$ 2,545	$ 2,931

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Trade receivables, net of provision (in dollars)	$ 3,073	$ 3,073
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	798,423	34
Common stock, shares outstanding	798,423	34
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, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
OPERATING REVENUES		$ 506	$ 2,304
OPERATING EXPENSES:
Voyage expenses	(727)	(609)	(1,831)
Commissions		(18)	(174)
Vessel operating expenses	(1,148)	(2,183)	(4,967)
Depreciation expense (Note 5)	(113)	(1,939)	(3,585)
Management and other fees to a related party (Note 4)	(398)	(702)	(1,070)
General and administrative expenses	(1,545)	(3,049)	(4,252)
Provision and write-offs of insurance claims and bad debts		1,185	525
Loss on sale of vessels (Note 5)		(277)	(7,620)
Loss on commitment and contingency			(2,000)
Contractual derivative obligation		(5,442)	(3,300)
Bareboat Hire			(493)
Vessels impairment charge (Note 5)		(4,286)	(18,891)
Loss from operations	(3,931)	(16,814)	(45,354)
OTHER INCOME (EXPENSE):
Interest and finance costs	(3,031)	(3,632)	(5,026)
Loss on derivative liability (Note 8)	(1,491)
Loss on note issuance	(344)
Gain on settlement of liability (Note 6)	1,924
Gain on settlement of payable		(37)	313
Other income/ (expense)	(248)	(28)	177
Loss due to capital lease write-off (Note 6)			(3,058)
Other income (expense)	(3,190)	(3,697)	(7,595)
Net loss	$ (7,121)	$ (20,511)	$ (52,949)
Basic loss per share	$ (49)	$ (4,102,200)
Diluted loss per share	$ (49)	$ (4,102,200)
Basic weighted average number of shares	144,922	5
Diluted weighted average number of shares	144,922	5

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Beginning Balance at Dec. 31, 2014			$ 209,930	$ (184,927)	$ 25,004
Beginning Balance (in shares) at Dec. 31, 2014	8,160
Net loss				(52,949)	(52,949)
Stock compensation expense			898		898
Cashless warrants exercised
Stock issued in settlement of liabilities			1,004		1,004
Common stock issued for convertible notes			9,282		9,282
Ending Balance at Dec. 31, 2015			221,114	(237,874)	(16,760)
Ending Balance, Shares at Dec. 31, 2015	8,160
Net loss				(20,511)	(20,511)
Stock compensation expense			206		206
Cashless warrants exercised			214		214
Cashless warrants exercised, (in Shares)		4
Stock issued for Management			287		287
Stock issued in settlement of liabilities
Common stock issued for convertible notes			2,971		2,971
Common stock issued for convertible notes, shares		30
Ending Balance at Dec. 31, 2016			224,792	(258,385)	(33,593)
Ending Balance, Shares at Dec. 31, 2016	8,160	34
Net loss				(7,121)	(7,121)
Cashless warrants exercised
Stock issued in settlement of liabilities
Common stock issued for convertible notes		$ 1	2,506		2,507
Common stock issued for convertible notes, shares		798,389
Ending Balance at Dec. 31, 2017		$ 1	$ 227,298	$ (265,506)	$ (38,207)
Ending Balance, Shares at Dec. 31, 2017	8,160	798,423

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash Flows from Operating Activities:
Net loss	$ (7,121)	$ (20,511)	$ (52,949)
Adjustments to reconcile net loss to net used in operating activities
Depreciation expense (Note 5)	113	1,939	3,585
Loss on sale of vessel		277	7,620
Amortization of debt discount	807	1,550	3,515
Loss on derivative liability (Note 8)	1,491
Loss on note issuance	344
Derivatives liability
Gain on settlement of payable		37	(313)
Gain on settlement of liability	(1,924)
Shares issued to settle fees owed to the Manager		287
Amortization of deferred financing fees	1	6	8
Stock-based compensation charge (Note 13)		206	898
Loss on write off of capital lease			3,057
Loss on commitment and contingency			2,000
Vessel impairment loss (Note 5)		4,286	18,891
Changes in:
-Trade receivables		57	388
-Insurance claims
-Due from related party			433
-Inventories	231	241	(310)
-Prepayments and other	3	357	174
-Accounts payable	1,209	199	1,184
-Accrued liabilities	2,851	1,188	1,357
-Unearned revenue			(52)
-Due to related party	1,173	1,107	713
-Guarantee Deposits	(3)	(25)	(164)
Net Cash used in Operating Activities	(825)	(8,873)	(9,965)
Cash flows from Financing Activities:
Proceeds from convertible notes	784	1,533	6,489
Write-off of lease advance payments		7,000
Payments on capital lease		(1,300)
Net Cash provided by Financing Activities	784	7,233	6,489
Cash flows from Investing Activities:
Proceeds from sale of vessels, net		1,672	3,451
Net Cash provided by Investing Activities		1,672	3,451
Net increase (decrease) in cash and cash equivalents	(41)	32	(25)
Cash and cash equivalents, beginning of year	52	20	45
Cash and cash equivalents, end of year	11	52	20
Non-Cash Operating Activities:
Shares issued to settle fees owed to the Manager		287
Notes converted to common stock	2,507	2,971	5,389
Beneficial Conversion feature
Bareboat Charter Lease			(8,400)
Convertible notes issued in settlement of accounts payable	214	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, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and General Information	1. Basis of Presentation and General Information The accompanying consolidated financial statements include the accounts of FreeSeas Inc. and its wholly owned subsidiaries (collectively, the “Company” or “FreeSeas”). FreeSeas, formerly known as Adventure Holdings S.A., was incorporated in the Marshall Islands on April 23, 2004 for the purpose of being the ultimate holding company of ship-owning companies. We have contracted the management of our fleet to entities controlled (our Managers) by Ion G. Varouxakis, our Chairman, President and Chief Executive Officer. 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, February 7, 2017 and February 6, 2018 the Company effectuated a 60-to-1, a 200-to-1, a 5,000-to-1 reverse stock split 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 timely file its 2016 annual report on Form 20-F, the Company’s common stock has been removed from the OTCQB market and is currently quoted 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). On September 30, 2017, the bareboat hire agreement in connection with the M/V Figaro was terminated. Subsequent to the termination of the hire, the vessel was sold to unrelated third parties. The Company realized the amount of $1,924 as gain on settlement of liability in the accompanying consolidated statement of operations for the year ended December 31, 2017, (Note 6). As of December 31, 2017, the Company owns and operates one Handysize dry bulk carrier. As of December 31, 2017, 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 09/30/17 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, 2017
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies a) Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (or “U.S. GAAP”) and include in each of the three years in the period ended December 31, 2017 the accounts and operating results of the Company and its wholly-owned subsidiaries referred to in Note 1 above. All inter-company balances and transactions have been eliminated upon consolidation. FreeSeas as the holding company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under ASC 810 “Consolidation” a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. The holding company consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%) of the voting interest. Variable interest entities (“VIE”) are entities as defined under ASC 810 that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. The determination of whether a reporting entity is required to consolidate another entity is based on, among other things, the other entity’s design and purpose and the reporting entity’s power, through voting or similar rights, to direct the activities of the other entity that most significantly impact the other entity’s economic performance. A controlling financial interest in a VIE is present when a company has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE, or both. Only one reporting entity, known as the primary beneficiary, is expected to be identified as having a controlling financial interest and thus is required to consolidate the VIE. The Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of December 31, 2017, and 2016, no such interest existed. b) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. c) Concentration of Credit Risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, trade accounts receivable, insurance claims, prepayments and advances, and derivative contracts (interest rate swaps). The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company monitors the credit risk regarding charterer’s turnover in order to review its reliance on individual charterers. The Company does not obtain rights to collateral to reduce its credit risk. The Company is exposed to credit risk in the event of non-performance by counter parties to derivative instruments; however, the Company limits its exposure by diversifying among counter parties with high credit ratings. Credit risk with respect to trade account receivable is considered high due to the fact that the Company’s total income is derived from a few charterers. For the year ended December 31, 2017, there were no charterers individually accounted for more than 10% of the Company’s voyage revenues, two charterers individually accounted for more than 10% of the Company’s voyage revenues for the year ended December 31, 2016, and two charterers individually accounted for more than 10% of the Company’s voyage revenues for the year ended December 31, 2015 as follows: Charterer 2017 2016 2015 A — 73 % 39 % B — 24 % 31 % d) Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar because the Company’s vessels operate in international shipping markets, and therefore primarily transact business in U.S. Dollars. The Company’s accounting records are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. Dollars at the year-end exchange rates. Resulting gains or losses are included in other income/loss in the accompanying consolidated statements of operations. e) Cash and Cash Equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. f) Trade Receivables, net: The amount shown as Trade Receivables at each balance sheet date includes receivables from charterers for hire, freight and demurrage billings, net of an allowance for doubtful debts. An estimate is made of the allowance for doubtful debts based on a review of all outstanding amounts at year end, and an allowance is made for any accounts which management believes are not recoverable. g) Insurance Claims: Insurance claims comprise claims submitted and/or claims in the process of compilation for submission (claims pending) relating to hull and machinery or protection and indemnity insurance coverage. They are recorded as incurred on the accrual basis and represent the claimable expenses incurred, net of deductibles, the recovery of which is probable under the related insurance policies and the Company can make an estimate of the amount to be reimbursed. Any non-recoverable amounts are included in accrued liabilities and depending on their nature, are classified as operating expenses or voyage expenses in the statements of operations. The classification of insurance claims (if any) into current and non-current assets is based on management’s expectations as to their collection dates. h) Inventories: Inventories, which are comprised of bunkers and lubricants remaining on board of the vessels at year end, are valued at the lower of cost, as determined on a first-in, first-out basis, or market. i) Vessels’ Cost: Vessels are stated at cost, which consists of the contract purchase price and any material expenses incurred upon acquisition (initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for her initial voyage). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Otherwise, these expenditures are charged to expense as incurred. j) Vessels’ Depreciation: The cost of the Company’s vessels is depreciated on a straight-line basis over the vessels’ remaining economic useful lives from the acquisition date, after considering the estimated residual value (vessel’s residual value is equal to the product of its lightweight tonnage and estimated scrap rate). Effective April 1, 2009 and following management’s reassessment of the useful lives of the Company’s assets, the fleets useful life was increased from 27 to 28 years since the date of initial delivery from the shipyard. Management’s estimate was based on the current vessels’ operating condition, as well as the conditions prevailing in the market for the same type of vessels. k) Vessels held for sale: It is the Company’s policy to dispose of vessels when suitable opportunities arise and not necessarily to keep them until the end of their useful life. The Company classifies assets and disposal groups of assets as being held for sale in accordance with ASC 360, “Property, Plant and Equipment,” when the following criteria are met: (i) management possessing the necessary authority has committed to a plan to sell the asset; (ii) the asset is immediately available for sale on an “as is” basis; (iii) an active program to find the buyer and other actions required to execute the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale and are classified in current assets on the consolidated balance sheet. l) Impairment of Long-lived Assets: The Company follows the guidance under ASC 360, “Property, Plant and Equipment,” which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The standard requires that, long-lived assets and certain identifiable intangibles held and used or disposed of by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company should evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset which is determined based on management estimates and assumptions and by making use of available market data. The fair values are determined through Level 2 inputs of the fair value hierarchy as defined in ASC 820 “Fair value measurements and disclosures” and are derived principally from or by corroborated or observable market data. Inputs, considered by management in determining the fair value, include independent broker’s valuations, FFA indices, average charter hire rates and other market observable data that allow value to be determined. The Company evaluates the carrying amounts and periods over which long-lived assets are depreciated to determine if events have occurred which would require modification to their carrying values or useful lives. In evaluating useful lives and carrying values of long-lived assets, management reviews certain indicators of potential impairment, such as future undiscounted net operating cash flows, vessel sales and purchases, business plans and overall market conditions. In performing the recoverability tests the Company determines future undiscounted net operating cash flows for each vessel and compares it to the vessel’s carrying value. The future undiscounted net operating cash flows are determined by considering the Company’s alternative courses of action, estimated vessel’s utilization, its scrap value, the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the unfixed days over the remaining estimated useful life of the vessel, net of vessel operating expenses adjusted for inflation, and cost of scheduled major maintenance. When the Company’s estimate of future undiscounted net operating cash flows for any vessel is lower than the vessel’s carrying value, the carrying value is written down, by recording a charge to operations, to the vessel’s fair market value. As of December 31, 2017, the Company did not perform an impairment assessment of its long-lived asset M/V Free Neptune, since the impairment charge of $4,286 recorded last year reduced the vessel’s carrying value below her scrap value of $2,756. m) Accounting for Special Survey and Dry-docking Costs: Effective as of January 1, 2014, the Company changed the deferral method of accounting for special survey and dry-docking costs whereby actual costs incurred were deferred and amortized over periods of five and two and a half years, respectively. The Company now follows the direct expense method of accounting for special survey and dry-docking costs whereby costs are expensed in the period incurred for the vessels. n) Financing Costs: Fees incurred for obtaining new loans are deferred and amortized over the loans’ respective repayment periods, using the effective interest rate method. These charges are included in the balance sheet line item Deferred Charges. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made, if the refinancing is deemed to be a debt extinguishment under the provision of ASC 470-50 “Debt: Modifications and Extinguishments.” o) Unearned Revenue: Unearned revenue includes cash received prior to the balance sheet date and is related to revenue earned after such date. These amounts are recognized as revenue over the voyage or charter period. p) Interest Rate Swaps: The Company used interest rate swaps to manage net exposure to interest rate changes related to its borrowings. Such swap agreements designated as “economic hedges” were recorded at fair value with changes in the derivatives’ fair value recognized in earnings unless specific hedge accounting criteria were met. During the years ended December 31, 2015, 2016 and 2017, there was no derivative transaction meeting such hedge accounting criteria; therefore, the change in their fair value was recognized in earnings. q) Financial Instruments: The principal financial assets of the Company consist of cash and cash equivalents, trade receivables (net of allowance), insurance claims, prepayments and advances. The principal financial liabilities of the Company consist of accounts payable, accrued liabilities and long-term debt. The carrying amounts reflected in the accompanying consolidated balance sheets of financial assets and liabilities, approximate their respective fair values. r) Fair Value Measurements: The Company follows the provisions of ASC 820, “Fair Value Measurements and Disclosures” which defines, and provides guidance as to the measurement of fair value. ASC 820 creates a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data, for example, the reporting entity’s own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy. ASC 820 applies when assets or liabilities in the financial statements are to be measured at fair value but does not require additional use of fair value beyond the requirements in other accounting principles. Derivatives are considered a Level 3 fair values. The fair values are determined through Level 3 inputs of the fair value hierarchy as defined in ASC 820 “Fair value measurements and disclosures”. Level 3: Unobservable inputs that are not corroborated by market data and that are significant to the fair value of the assets or liabilities. s) Fair value option: In February, 2007, the FASB issued ASC 825, “Financial Instruments,” which permits companies to report certain financial assets and financial liabilities at fair value. ASC 825 was effective for the Company as of January 1, 2008 at which time the Company could elect to apply the standard prospectively and measure certain financial instruments at fair value. The Company evaluated the guidance contained in ASC 825 and elected not to report any existing financial assets or liabilities at fair value that are not already reported at fair value, therefore the adoption of the statement had no impact on its financial position and results of operations. The Company retains the ability to elect the fair value option for certain future assets and liabilities acquired under this pronouncement. t) Accounting for Revenue and Expenses: Revenue is recorded when services are rendered, the Company has a signed charter agreement or other evidence of an arrangement, the price is fixed or determinable, and collection is reasonably assured. A voyage charter involves the carriage of a specific amount and type of cargo from specific load port(s) to specific discharge port(s), subject to various cargo handling terms, in return for payment of an agreed upon freight rate per ton of cargo. A time charter involves placing a vessel at the charterers’ disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Short period charters for less than three months are referred to as spot charters. Time charters extending three months to a year are generally referred to as medium term charters. All other time charters are considered long term. Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence when a vessel is available for loading of its next fixed cargo and is deemed to end upon the completion of the discharge of the current cargo. Revenues from time chartering of vessels are accounted for as operating leases and are thus recognized on a straight line basis as the average revenue over the rental periods of such charter agreements, as service is provided. Voyage expenses, primarily consisting of port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under time charter arrangements or by the Company under voyage charter arrangements, except for commissions, which are always paid for by the Company, regardless of charter type. All voyage and vessel operating expenses are expensed as incurred, except for commissions. Commissions are deferred over the related voyage charter period to the extent revenue has been deferred since commissions are earned as the Company’s revenues are earned. Probable losses on voyages in progress are provided for in full at the time such losses can be estimated. u) Profit Sharing Arrangements: From time to time, the Company has entered into profit sharing arrangements with its charterers, whereby the Company may have received additional income at an agreed percentage of net earnings earned by such charterer, where those earnings are over the base rate of hire and settled periodically during the term of the charter agreement. Revenues generated from the profit sharing arrangements are recorded in the period they are earned. v) Repairs and Maintenance: All repair and maintenance expenses, including major overhauling and underwater inspection expenses, are charged against income as incurred and are included in vessel operating expenses in the accompanying consolidated statements of operations. w) Stock-Based Compensation: Following the provisions of ASC 718, “Compensation- Stock Compensation” the Company recognizes all share-based payments to employees, including grants of employee stock options, in the consolidated statements of operations based on their fair values on the grant date. Compensation cost on stock-based awards with graded vesting is recognized on an accelerated basis as though each separately vesting portion of the award was in substance, a separate award. x) Earnings/(Losses) per Share: Basic earnings/(losses) per share are computed by dividing net income (loss) by the weighted average number of common shares outstanding during the periods presented. Diluted earnings per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised. Dilution has been computed by the treasury stock method whereby all of the Company’s dilutive securities (warrants, options and restricted shares) are assumed to be exercised and the proceeds used to repurchase common shares at the weighted average market price of the Company’s common stock during the relevant periods. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings/(losses) per share computation unless such inclusion would be anti-dilutive. y) Segment Reporting: The Company reports financial information and evaluates its operations by total charter revenues. The Company does not have discrete financial information to evaluate the operating results for each type of charter. Although revenue can be identified for these types of charters, management does not identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision makers, review operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under one reportable segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. z) Subsequent Events: The Company evaluates subsequent events or transactions up to the date in which the financial statements are issued according to the requirements of ASC 855. aa) Convertible Debt Instruments: The Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with accounting standards for “Accounting for Derivative Instruments and Hedging Activities.” Accounting standards generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur, and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. Professional standards also provide an exception to this rule when the host instrument is deemed to be conventional as defined under professional standards as “The Meaning of Conventional Convertible Debt Instrument.” The Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from their host instruments) in accordance with professional standards when “Accounting for Convertible Securities with Beneficial Conversion Features,” as those professional standards pertain to “Certain Convertible 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. The Company has determined there are derivative liabilities as of December 31, 2017. As of December 31, 2016, was deemed immaterial to the financial statements. The following assumptions were used in the Black-Scholes option-pricing model to determine the fair value of the derivative liabilities at December 31, 2017: Market value of common stock on measurement date $0.0001 Discount 35%-54% Risk free interest rate (1) 2.40% Expected life in years 0.44 - 1 year Expected volatility (2) 711.17% Expected dividend yield (3) None (1) The risk-free interest rate was determined by management using the applicable Treasury Bill as of the measurement date. (2) The historical trading volatility was determined by calculating the volatility of the Company’s stock at December 31, 2017 (3) The Company does not expect to pay a dividend in the foreseeable future. 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. Adoption of ASU 2015-02 did not have a material impact on the Company’s 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. Adoption of ASU 2015-01 did not have a material impact on the Company’s consolidated financial statements. 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. Adoption of ASU 2015-03 did not have a material impact on the Company’s 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 aff

Going Concern

Going Concern	12 Months Ended
	Dec. 31, 2017
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 eight 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 $7,121, $20,511and $52,949 during the years ended December 31, 2017, 2016 and 2015, respectively. The Company’s cash flow projections for 2018, indicate that cash on hand will not be sufficient to cover debt repayment as of December 31, 2017, and operating expenses and capital expenditure requirements for at least twelve months from the balance sheet date. As of December 31, 2017, and 2016, the Company had working capital deficits of $40,216 and $35,715, 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 2017, the Company received notification from NBG that the Company has not paid the aggregate amount of $25,788 constituting repayment installments, accrued loan and default interest due on December 15, 2017. 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 9) acceleration of such debt by its lender could result. Accordingly, as of December 31, 2017, 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 8), 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, 2017, 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, 2017
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 Free Bulkers S.A. and OpenSeas Maritime S.A., “the Managers”. Each of the Company’s subsidiaries pays, as per its ship management agreement with Free Bulkers and OpenSeas Maritime, 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 the 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. The Company also pays, as per its services agreement with Free Bulkers, a monthly fee of $136 until May 31, 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. On June 1, 2017, the Company entered into a management services agreement with Prodigy Inc., “the 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 20, Amerikis St., 10671, Athens, Greece. Our Chairman, Chief Executive Officer and President, Ion G. Varouxakis, is a shareholder of Prodigy Inc. As of June 1, 2017, Free Bulkers is no longer required to provide any of the management services, except for those concerning the ship management agreement with M/V Free Neptune and the Company is no longer required to pay any remuneration, fees, bonuses or premises fee as of June 1, 2017 and beyond. 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 Free Bulkers $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 $nil, $6 and $35 for the year ended December 31, 2017, 2016 and 2015, 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 September 30, 2017, the bareboat hire agreement in connection with the M/V Figaro was terminated. Subsequent to the termination of the hire, the vessel was sold to unrelated third parties. The Company realized the amount of $1,924 as gain on settlement of liability in the accompanying consolidated statement of operations for the year ended December 31, 2017, (Note 6). Fees and expenses charged by the Managers and the Manager 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, 2017, 2016, and 2015 amounted to $1,431 ($398 of management fees, $1,031 of services fees, $nil of superintendent fees and $2 for other expenses), $2,344 ($702 of management fees, $1,635 of services fees, $0 of superintendent fees and $7 for other expenses) and $2,800 ($1,070 of management fees, $1,635 of services fees, $88 of superintendent fees and $7 for other expenses), respectively. The balance due from the Managers and the Manager as of December 31, 2017 and December 31, 2016 was $nil. The amount paid to the Managers and Manager for office space during the year ended December 31, 2017, 2016 and 2015 was $51, $139 and $140, respectively, and is included in “General and administrative expenses” in the consolidated statements of operations. The balance due to the Managers and the Manager as December 31, 2017 and December 31, 2016 was $3,280 and $2,107, respectively, and is included in the “Management and other fees to a related party” in the consolidated statements of operations.

Vessels, Net

Vessels, Net	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Vessels, net	5. Vessels, net Vessels Cost Accumulated Net Book 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 — (1,938 ) (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 $ (1,190 ) $ 2,122 Depreciation — (113 ) (113 ) December 31, 2017 $ 3,312 $ (1,303 ) $ 2,009 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. Vessels disposed during the year ended December 31, 2017. During the year ended December 31, 2017, there were no vessel disposals. As of December 31, 2017, the Company did not perform an impairment assessment of its long-lived asset, M/V Free Neptune since the vessel’s carrying value (Note 5) was below her scrap value of $2,756.

Options Advance Payments- Purch

Options Advance Payments- Purchase of Leased Vessels	12 Months Ended
	Dec. 31, 2017
Leases [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. On September 30, 2017, the bareboat hire agreement in connection with the M/V Figaro was terminated. Subsequent to the termination of the hire, the vessel was sold to unrelated third parties. The Company realized the amount of $1,924 as gain on settlement of liability in the accompanying consolidated statement of operations for the year ended December 31, 2017.

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2017
Payables and Accruals [Abstract]
Accrued Liabilities	7. Accrued Liabilities As of December 31, 2017, the amount of $9,985 in the consolidated balance sheet, includes the NBG loan accrued interest of $8,189 (Note 9). The balance amount of $1,796 relates to operating accruals.

Convertible Notes Payable_Deriv

Convertible Notes Payable/Derivative Liability	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Convertible Notes Payable/Derivative Liability	8. Convertible Notes Payable/Derivative Liability 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. As of December 31, 2017, the outstanding principal of the convertible promissory note is $153 plus accrued interest. 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. On April 6, 2017, upon full conversion of the $137 convertible promissory note to Sichenzia Ross Friedman Ference LLP, dated May 9, 2016, plus accrued interest, the Company has issued in aggregate 822 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 tr ading 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 September 14, 2017, upon full conversion of the $55 convertible promissory note to CROWN BRIDGE PARTNERS, LLC, dated May 25, 2016, plus accrued interest, the Company has issued in aggregate 2,079 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 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. As of December 31, 2017, the outstanding principal of the convertible promissory note is $18 plus accrued interest. 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. As of December 31, 2017, the outstanding principal of the convertible promissory note is $71 plus accrued interest. 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 agjreement 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 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 3 shares of common stock to the note holder. 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 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. As of December 31, 2017, the outstanding principal of the convertible promissory note is $2.6 plus accrued interest. 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 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. As of December 31, 2017, the outstanding principal of the convertible promissory note is $31 plus accrued 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. As of December 31, 2017, the outstanding principal of the convertible promissory note is $32 plus accrued 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). As of December 31, 2017, the outstanding principal of the convertible promissory note is $50 plus accrued interest. 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 October 23, 2017, upon full conversion of the $25 convertible promissory note issued to ADAR BAYS, LLC, plus accrued interest, the Company has issued in aggregate 28,099 shares of common stock to the note holder. As of December 31, 2017, the outstanding principal of the second back end note is $18 plus accrued interest. 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. As of December 31, 2017, the outstanding principal of the convertible promissory note is $85 plus accrued interest. 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). As of December 31, 2017, the outstanding principal of the convertible promissory note is $45 plus accrued interest. 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. On February 13, 2017, the Company sold to Jabro Funding Corp., 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). As of December 31, 2017, the outstanding principal of the convertible promissory note is $8 plus accrued interest. 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 November 27, 2017, upon full conversion of the $45 convertible promissory note issued to CROWN BRIDGE PARTNERS, LLC, plus accrued interest, the Company has issued in aggregate 224,941shares of common stock to the note holder. 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 3 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. As of December 31, 2017, the outstanding principal of the convertible promissory note is $68 plus accrued interest. 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. As of December 31, 2017, the outstanding principal of the convertible promissory note is $18 plus accrued interest. 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. As of December 31, 2017, the outstanding principal of the convertible promissory note is $15 plus accrued 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. As of December 31, 2017, the outstanding principal of the convertible promissory note is $36 plus accrued interest. 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. As of December 31, 2017, the outstanding principal of the convertible promissory note is $47 plus accrued interest. 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. As of December 31, 2017, the outstanding principal of the convertible promissory note is $72 plus accrued interest. 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. As of December 31, 2017, the outstanding principal of the convertible promissory note is $31 plus accrued interest. 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). As of December 31, 2017, the outstanding principal of the convertible promissory note is $45 plus accrued interest. 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 June 8, 2017, upon full conversion of the $22 convertible promissory note issued to E. STAVROPOULOS & CO O.E. “Hydra Travel”, plus accrued interest, the Company has issued in aggregate 1,220 shares of common stock to the note holder. 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. As of December 31, 2017, the outstanding principal of the convertible promissory note is $25 plus accrued interest. 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 822 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 November 14, 2017, upon full conversion of the $30 convertible promissory note issued to GS Capital Partners, plus accrued interest, the Company has issued in aggregate 100,777 shares of common stock to the note holder. 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. The second back end note has been cancelled. As of December 31, 2017, the outstanding principal of the convertible promissory note is $39.5 plus accrued interest. 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. As of December 31, 2017, the outstanding principal of the convertible promissory note is $39.5 plus accrued interest. 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 restrict

Bank Loan - Current Portion

Bank Loan - Current Portion	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Bank Loan - current portion	9. Bank Loan – current portion As of December 31, 2016, and 2017, the Company’s bank debt is as follows: NBG December 31, 2015 $ 17,598 Additions $ — Payments $ — December 31, 2016 $ 17,598 Additions $ — Payments $ — December 31, 2017 $ 17,598 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, 2017 and 2016 was 4%. Interest expense incurred under the above loan agreement amounted to $1,935, $1,467 and $1,237 for the years ended December 31, 2017, 2016 and 2015, respectively, and is included in “Interest and Finance Costs” in the accompanying consolidated statements of operations. 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 2017, the Company received notification from NBG that the Company has not paid the aggregate amount of $25,788 constituting repayment installments, accrued loan and default interest due on December 15, 2017. Loan Covenants As of December 31, 2016, and December 31, 2017, 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, 2017. 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, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies The following table summarizes our contractually committed obligations and their maturity dates as of December 31, 2017: Payments Due by Period (Dollars in thousands) Total Less 2-year 3-year 4-year 5-year More (U.S. dollars in thousands) Services fees to the Manager 3,000 600 600 600 600 600 They will be renewed each anniversary date Management fees to the Managers 1,595 228 228 228 228 228 455 Total obligations $ 4,595 $ 828 $ 828 $ 828 $ 828 $ 828 $ 455 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 Company is no longer the Bareboat Charterers of the M/V Figaro. On September 30, 2017, the bareboat hire agreement in connection with the M/V Figaro was terminated. Subsequent to the termination of the hire, the vessel was sold to unrelated third parties. The outstanding balance of the Company’s claims as of December 31, 2017, 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, 2017
Earnings Per Share [Abstract]
Loss per Share and Series A, B & C Warrants	11. 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, the 5,000-to-1 reverse stock split and the 5,000-to-1 reverse split, effective on January 15, 2016, April 14, 2016, February 7, 2017 and February 6, 2018, respectively, on its issued and outstanding common stock. The computation of the dilutive common shares outstanding does not include the 0.0000002908 Series C Warrants (adjusted to reflect the recent reverse split) outstanding as of December 31, 2017, as the average stock price during the year ended December 31, 2017 was less than their exercise price, thus resulting in an antidilutive effect. Presented below is a table reflecting the activity in the Series A Warrants, Series B Warrants and Series C Warrants from January 1, 2015 through December 31, 2017: Series A Warrants Series B Warrants Series C Warrants Total Exercise Price December 31, 2014 0.0000000444 0.0000000088 0.00000032 0.0000003732 Warrants cashlessexercised (0.0000000444 ) (0.0000000088 ) (0.0000000024 ) (0.0000000556 ) $58,500,000,000,000 (Series A&B) December 31, 2015 — — 0.0000003176 0.0000003176 $159,750,000,000,000 (Series C) Warrants cashless exercised — — (0.0000000268 ) (0.0000000268 ) December 31, 2016 — — 0.0000002908 0.0000002908 Warrants cashless exercised — — — — December 31, 2017 — — 0.0000002908 0.0000002908 During the year ended December 31, 2017, there were no warrants cashless exercised. The components of the denominator for the calculation of basic loss per share and diluted loss per share for the years ended December 31, 2017, 2016 and 2015, respectively, are as follows: For the year ended December 31, 2017 For the year ended December 31, 2016 For the year ended December 31, 2015 Numerator Net loss - basic and diluted $ 7,121 $ (20,511 ) $ (52,949 ) Basic earnings per share denominator: Weighted average common shares outstanding 144,922 5 — Diluted earnings per share denominator: Weighted average common shares outstanding 144,922 5 — Dilutive common shares: Options — — — Warrants — — — Restricted shares — — — Dilutive effect — — — Weighted average common shares - diluted 144,922 5 — Basic loss per common share $ (49 ) $ (4,102,200 ) $ — Diluted loss per common share $ (49 ) $ (4,102,200 ) $ —

Reverse Stock Splits

Reverse Stock Splits	12 Months Ended
	Dec. 31, 2017
Minimum [Member]
Reverse Stock Splits	12. Reverse Stock Splits Effective January 15, 2016, April 14, 2016, February 7, 2017 and February 6, 2018, the Company effectuated a 60-to-1 reverse stock split, a 200-to-1 reverse stock split, a 5,000-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_Board of

Equity Incentive Plan/Board of Directors Fees	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Plan/Board of Directors Fees	13. Equity Incentive Plan/Board of Directors Fees Pursuant to the equity incentive plan, there are no shares of the Company’s common stock available for grant as of December 31, 2017. 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; 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. On February 9, 2017, the Company’s Board of Directors agreed to the reduction of the five-member Board to a three-member Board. Thus, Mr. Galinas and Mr. Panagiotopoulos resigned, and they nominated Mr. Filippas to fill their vacancy. Mr. Filippas, who had served as deputy Chief Financial Officer of the Company, accepted the nomination and was elected as a member of the Board and Treasurer. Effective October 3, 2017, Mr. Dimitris Papadopoulos resigned for personal reasons, effective immediately, as Chief Financial Officer and a member of the Board of Directors of the Company. Effective October 3, 2017, the Company appointed Mr. Dimitrios Filippas as the Company’s Chief Financial Officer. Effective October 3, 2017, the Company appointed Ms. Argyro Fonia to the Board of Directors to fill the vacancy created by Mr. Papadopoulos’ resignation. For the year ended December 31, 2017, the stock-based compensation expense in relation to the common shares granted on November 10, 2014 and November 17, 2015 has been fully recognized.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Shareholders' Equity	14. Shareholders’ Equity Effective February 7, 2017, the Company effectuated a five thousand to-one reverse stock split on its issued and outstanding common stock. On May 23, 2017, the Company received a letter from OTCQB that the Company’s 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 was granted a period of 90 calendar days in which to regain compliance with Section 4.1. On June 15, 2017, the Company was notified by the OTC Markets that as a result of the Company’s failure to timely file its annual report on Form 20-F for the fiscal year ended December 31, 2016, the Company’s common stock was removed from the OTCQB market and was 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 August 17, 2017, the Company filed with SEC its annual report on Form 20-F for the fiscal year ended December 31, 2016. At the Annual Meeting of the Company’s shareholders held on December 19, 2017, the shareholders approved the following: (i) elected Mr. Ion G. Varouxakis to the Board of Directors for a three year term; (ii) ratified the appointment of Fruci & Associates II, PLLC, as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2017; and (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-20,000 (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-20,000, and (Y) any Reverse Stock Split is completed no later than the first anniversary of the date of the Annual Meeting. As of December 31, 2017, pursuant to the full conversion of the convertible notes (Note 8), the Company has issued to note holders of fully convertible debt 798,389 shares of common stock in the aggregate. 8,160 shares of Series D Preferred Stock are outstanding as of December 31, 2017. Common Stock Dividends During the year ended December 31, 2017, 2016 and 2015, the Company did not declare or pay any dividends.

Taxes

Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Taxes	15. 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 2015, 2016 and 2017, the Company would be subject to U.S. federal income tax of approximately $5, $nil and $nil, respectively, in the absence of an exemption under Section 883.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events ● Effective February 6, 2018, the Company effectuated a five thousand to-one reverse stock split on its issued and outstanding common stock. ● On February 14, 2018, the Company sold to M. DALAKOS - I. FASSOLIS - N. THEOFANOPOULOS & PARTNERS LAW FIRM, a non-U.S. creditor, a $92.6 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) $0.00065 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 February 16, 2018, the Company sold to GENEVA ROTH REMARK HOLDINGS, INC., a $53 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 March 1, 2018, the Company sold to MARINE PLUS S.A., a non-U.S. creditor, a $148 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 April 17, 2018, upon full conversion of the $93 convertible promissory note to Jabro Funding Corp. plus accrued interest, the Company has issued an aggregate 1,455,083 shares of common stock to the note holder.

Significant Accounting Polici23

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Principles of Consolidation	a) Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (or “U.S. GAAP”) and include in each of the three years in the period ended December 31, 2017 the accounts and operating results of the Company and its wholly-owned subsidiaries referred to in Note 1 above. All inter-company balances and transactions have been eliminated upon consolidation. FreeSeas as the holding company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under ASC 810 “Consolidation” a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. The holding company consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%) of the voting interest. Variable interest entities (“VIE”) are entities as defined under ASC 810 that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. The determination of whether a reporting entity is required to consolidate another entity is based on, among other things, the other entity’s design and purpose and the reporting entity’s power, through voting or similar rights, to direct the activities of the other entity that most significantly impact the other entity’s economic performance. A controlling financial interest in a VIE is present when a company has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE, or both. Only one reporting entity, known as the primary beneficiary, is expected to be identified as having a controlling financial interest and thus is required to consolidate the VIE. The Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of December 31, 2017, and 2016, no such interest existed.
Use of Estimates	b) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Concentration of Credit Risk	c) Concentration of Credit Risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, trade accounts receivable, insurance claims, prepayments and advances, and derivative contracts (interest rate swaps). The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company monitors the credit risk regarding charterer’s turnover in order to review its reliance on individual charterers. The Company does not obtain rights to collateral to reduce its credit risk. The Company is exposed to credit risk in the event of non-performance by counter parties to derivative instruments; however, the Company limits its exposure by diversifying among counter parties with high credit ratings. Credit risk with respect to trade account receivable is considered high due to the fact that the Company’s total income is derived from a few charterers. For the year ended December 31, 2017, there were no charterers individually accounted for more than 10% of the Company’s voyage revenues, two charterers individually accounted for more than 10% of the Company’s voyage revenues for the year ended December 31, 2016, and two charterers individually accounted for more than 10% of the Company’s voyage revenues for the year ended December 31, 2015 as follows: Charterer 2017 2016 2015 A — 73 % 39 % B — 24 % 31 %
Foreign Currency Translation	d) Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar because the Company’s vessels operate in international shipping markets, and therefore primarily transact business in U.S. Dollars. The Company’s accounting records are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. Dollars at the year-end exchange rates. Resulting gains or losses are included in other income/loss in the accompanying consolidated statements of operations.
Cash and Cash Equivalents	e) Cash and Cash Equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.
Trade Receivables, net	f) Trade Receivables, net: The amount shown as Trade Receivables at each balance sheet date includes receivables from charterers for hire, freight and demurrage billings, net of an allowance for doubtful debts. An estimate is made of the allowance for doubtful debts based on a review of all outstanding amounts at year end, and an allowance is made for any accounts which management believes are not recoverable.
Insurance Claims	g) Insurance Claims: Insurance claims comprise claims submitted and/or claims in the process of compilation for submission (claims pending) relating to hull and machinery or protection and indemnity insurance coverage. They are recorded as incurred on the accrual basis and represent the claimable expenses incurred, net of deductibles, the recovery of which is probable under the related insurance policies and the Company can make an estimate of the amount to be reimbursed. Any non-recoverable amounts are included in accrued liabilities and depending on their nature, are classified as operating expenses or voyage expenses in the statements of operations. The classification of insurance claims (if any) into current and non-current assets is based on management’s expectations as to their collection dates.
Inventories	h) Inventories: Inventories, which are comprised of bunkers and lubricants remaining on board of the vessels at year end, are valued at the lower of cost, as determined on a first-in, first-out basis, or market.
Vessels' Cost	i) Vessels’ Cost: Vessels are stated at cost, which consists of the contract purchase price and any material expenses incurred upon acquisition (initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for her initial voyage). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Otherwise, these expenditures are charged to expense as incurred.
Vessels' Depreciation	j) Vessels’ Depreciation: The cost of the Company’s vessels is depreciated on a straight-line basis over the vessels’ remaining economic useful lives from the acquisition date, after considering the estimated residual value (vessel’s residual value is equal to the product of its lightweight tonnage and estimated scrap rate). Effective April 1, 2009 and following management’s reassessment of the useful lives of the Company’s assets, the fleets useful life was increased from 27 to 28 years since the date of initial delivery from the shipyard. Management’s estimate was based on the current vessels’ operating condition, as well as the conditions prevailing in the market for the same type of vessels.
Vessels held for sale	k) Vessels held for sale: It is the Company’s policy to dispose of vessels when suitable opportunities arise and not necessarily to keep them until the end of their useful life. The Company classifies assets and disposal groups of assets as being held for sale in accordance with ASC 360, “Property, Plant and Equipment,” when the following criteria are met: (i) management possessing the necessary authority has committed to a plan to sell the asset; (ii) the asset is immediately available for sale on an “as is” basis; (iii) an active program to find the buyer and other actions required to execute the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale and are classified in current assets on the consolidated balance sheet.
Impairment of Long-lived Assets	l) Impairment of Long-lived Assets: The Company follows the guidance under ASC 360, “Property, Plant and Equipment,” which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The standard requires that, long-lived assets and certain identifiable intangibles held and used or disposed of by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company should evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset which is determined based on management estimates and assumptions and by making use of available market data. The fair values are determined through Level 2 inputs of the fair value hierarchy as defined in ASC 820 “Fair value measurements and disclosures” and are derived principally from or by corroborated or observable market data. Inputs, considered by management in determining the fair value, include independent broker’s valuations, FFA indices, average charter hire rates and other market observable data that allow value to be determined. The Company evaluates the carrying amounts and periods over which long-lived assets are depreciated to determine if events have occurred which would require modification to their carrying values or useful lives. In evaluating useful lives and carrying values of long-lived assets, management reviews certain indicators of potential impairment, such as future undiscounted net operating cash flows, vessel sales and purchases, business plans and overall market conditions. In performing the recoverability tests the Company determines future undiscounted net operating cash flows for each vessel and compares it to the vessel’s carrying value. The future undiscounted net operating cash flows are determined by considering the Company’s alternative courses of action, estimated vessel’s utilization, its scrap value, the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the unfixed days over the remaining estimated useful life of the vessel, net of vessel operating expenses adjusted for inflation, and cost of scheduled major maintenance. When the Company’s estimate of future undiscounted net operating cash flows for any vessel is lower than the vessel’s carrying value, the carrying value is written down, by recording a charge to operations, to the vessel’s fair market value. As of December 31, 2017, the Company did not perform an impairment assessment of its long-lived asset M/V Free Neptune, since the impairment charge of $4,286 recorded last year reduced the vessel’s carrying value below her scrap value of $2,756.
Accounting for Special Survey and Dry-docking Costs	m) Accounting for Special Survey and Dry-docking Costs: Effective as of January 1, 2014, the Company changed the deferral method of accounting for special survey and dry-docking costs whereby actual costs incurred were deferred and amortized over periods of five and two and a half years, respectively. The Company now follows the direct expense method of accounting for special survey and dry-docking costs whereby costs are expensed in the period incurred for the vessels.
Financing Costs	n) Financing Costs: Fees incurred for obtaining new loans are deferred and amortized over the loans’ respective repayment periods, using the effective interest rate method. These charges are included in the balance sheet line item Deferred Charges. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made, if the refinancing is deemed to be a debt extinguishment under the provision of ASC 470-50 “Debt: Modifications and Extinguishments.”
Unearned Revenue	o) Unearned Revenue: Unearned revenue includes cash received prior to the balance sheet date and is related to revenue earned after such date. These amounts are recognized as revenue over the voyage or charter period.
Interest Rate Swaps	p) Interest Rate Swaps: The Company used interest rate swaps to manage net exposure to interest rate changes related to its borrowings. Such swap agreements designated as “economic hedges” were recorded at fair value with changes in the derivatives’ fair value recognized in earnings unless specific hedge accounting criteria were met. During the years ended December 31, 2015, 2016 and 2017, there was no derivative transaction meeting such hedge accounting criteria; therefore, the change in their fair value was recognized in earnings.
Financial Instruments	q) Financial Instruments: The principal financial assets of the Company consist of cash and cash equivalents, trade receivables (net of allowance), insurance claims, prepayments and advances. The principal financial liabilities of the Company consist of accounts payable, accrued liabilities and long-term debt. The carrying amounts reflected in the accompanying consolidated balance sheets of financial assets and liabilities, approximate their respective fair values.
Fair Value Measurements	r) Fair Value Measurements: The Company follows the provisions of ASC 820, “Fair Value Measurements and Disclosures” which defines, and provides guidance as to the measurement of fair value. ASC 820 creates a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data, for example, the reporting entity’s own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy. ASC 820 applies when assets or liabilities in the financial statements are to be measured at fair value but does not require additional use of fair value beyond the requirements in other accounting principles. Derivatives are considered a Level 3 fair values. The fair values are determined through Level 3 inputs of the fair value hierarchy as defined in ASC 820 “Fair value measurements and disclosures”. Level 3: Unobservable inputs that are not corroborated by market data and that are significant to the fair value of the assets or liabilities.
Fair value option	s) Fair value option: In February, 2007, the FASB issued ASC 825, “Financial Instruments,” which permits companies to report certain financial assets and financial liabilities at fair value. ASC 825 was effective for the Company as of January 1, 2008 at which time the Company could elect to apply the standard prospectively and measure certain financial instruments at fair value. The Company evaluated the guidance contained in ASC 825 and elected not to report any existing financial assets or liabilities at fair value that are not already reported at fair value, therefore the adoption of the statement had no impact on its financial position and results of operations. The Company retains the ability to elect the fair value option for certain future assets and liabilities acquired under this pronouncement.
Accounting for Revenue and Expenses	t) Accounting for Revenue and Expenses: Revenue is recorded when services are rendered, the Company has a signed charter agreement or other evidence of an arrangement, the price is fixed or determinable, and collection is reasonably assured. A voyage charter involves the carriage of a specific amount and type of cargo from specific load port(s) to specific discharge port(s), subject to various cargo handling terms, in return for payment of an agreed upon freight rate per ton of cargo. A time charter involves placing a vessel at the charterers’ disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Short period charters for less than three months are referred to as spot charters. Time charters extending three months to a year are generally referred to as medium term charters. All other time charters are considered long term. Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence when a vessel is available for loading of its next fixed cargo and is deemed to end upon the completion of the discharge of the current cargo. Revenues from time chartering of vessels are accounted for as operating leases and are thus recognized on a straight line basis as the average revenue over the rental periods of such charter agreements, as service is provided. Voyage expenses, primarily consisting of port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under time charter arrangements or by the Company under voyage charter arrangements, except for commissions, which are always paid for by the Company, regardless of charter type. All voyage and vessel operating expenses are expensed as incurred, except for commissions. Commissions are deferred over the related voyage charter period to the extent revenue has been deferred since commissions are earned as the Company’s revenues are earned. Probable losses on voyages in progress are provided for in full at the time such losses can be estimated.
Profit Sharing Arrangements	u) Profit Sharing Arrangements: From time to time, the Company has entered into profit sharing arrangements with its charterers, whereby the Company may have received additional income at an agreed percentage of net earnings earned by such charterer, where those earnings are over the base rate of hire and settled periodically during the term of the charter agreement. Revenues generated from the profit sharing arrangements are recorded in the period they are earned.
Repairs and Maintenance	v) Repairs and Maintenance: All repair and maintenance expenses, including major overhauling and underwater inspection expenses, are charged against income as incurred and are included in vessel operating expenses in the accompanying consolidated statements of operations.
Stock-Based Compensation	w) Stock-Based Compensation: Following the provisions of ASC 718, “Compensation- Stock Compensation” the Company recognizes all share-based payments to employees, including grants of employee stock options, in the consolidated statements of operations based on their fair values on the grant date. Compensation cost on stock-based awards with graded vesting is recognized on an accelerated basis as though each separately vesting portion of the award was in substance, a separate award.
Earnings/(Losses) per Share	x) Earnings/(Losses) per Share: Basic earnings/(losses) per share are computed by dividing net income (loss) by the weighted average number of common shares outstanding during the periods presented. Diluted earnings per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised. Dilution has been computed by the treasury stock method whereby all of the Company’s dilutive securities (warrants, options and restricted shares) are assumed to be exercised and the proceeds used to repurchase common shares at the weighted average market price of the Company’s common stock during the relevant periods. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings/(losses) per share computation unless such inclusion would be anti-dilutive.
Segment Reporting	y) Segment Reporting: The Company reports financial information and evaluates its operations by total charter revenues. The Company does not have discrete financial information to evaluate the operating results for each type of charter. Although revenue can be identified for these types of charters, management does not identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision makers, review operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under one reportable segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.
Subsequent Events	z) Subsequent Events: The Company evaluates subsequent events or transactions up to the date in which the financial statements are issued according to the requirements of ASC 855.
Convertible debt instruments	aa) Convertible Debt Instruments: The Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with accounting standards for “Accounting for Derivative Instruments and Hedging Activities.” Accounting standards generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur, and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. Professional standards also provide an exception to this rule when the host instrument is deemed to be conventional as defined under professional standards as “The Meaning of Conventional Convertible Debt Instrument.” The Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from their host instruments) in accordance with professional standards when “Accounting for Convertible Securities with Beneficial Conversion Features,” as those professional standards pertain to “Certain Convertible 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. The Company has determined there are derivative liabilities as of December 31, 2017. As of December 31, 2016, was deemed immaterial to the financial statements. The following assumptions were used in the Black-Scholes option-pricing model to determine the fair value of the derivative liabilities at December 31, 2017: Market value of common stock on measurement date $0.0001 Discount 35%-54% Risk free interest rate (1) 2.40% Expected life in years 0.44 - 1 year Expected volatility (2) 711.17% Expected dividend yield (3) None (1) The risk-free interest rate was determined by management using the applicable Treasury Bill as of the measurement date. (2) The historical trading volatility was determined by calculating the volatility of the Company’s stock at December 31, 2017 (3) The Company does not expect to pay a dividend in the foreseeable future.
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. Adoption of ASU 2015-02 did not have a material impact on the Company’s 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. Adoption of ASU 2015-01 did not have a material impact on the Company’s consolidated financial statements. 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. Adoption of ASU 2015-03 did not have a material impact on the Company’s 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 Gen24

Basis of Presentation and General Information (Tables)	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of owners interest and outstanding shares of subsidiaries	As of December 31, 2017, 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 09/30/17 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 Polici25

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of concentration of credit risk	For the year ended December 31, 2017, there were no charterers individually accounted for more than 10% of the Company’s voyage revenues, two charterers individually accounted for more than 10% of the Company’s voyage revenues for the year ended December 31, 2016, and two charterers individually accounted for more than 10% of the Company’s voyage revenues for the year ended December 31, 2015 as follows: Charterer 2017 2016 2015 A — 73 % 39 % B — 24 % 31 %
Summary of Black-Scholes option-pricing model	The following assumptions were used in the Black-Scholes option-pricing model to determine the fair value of the derivative liabilities at December 31, 2017: Market value of common stock on measurement date $0.0001 Discount 35%-54% Risk free interest rate (1) 2.40% Expected life in years 0.44 - 1 year Expected volatility (2) 711.17% Expected dividend yield (3) None (1) The risk-free interest rate was determined by management using the applicable Treasury Bill as of the measurement date. (2) The historical trading volatility was determined by calculating the volatility of the Company’s stock at December 31, 2017 (3) The Company does not expect to pay a dividend in the foreseeable future.

Vessels, Net (Tables)

Vessels, Net (Tables)	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Schedule of vessels, net	Vessels Cost Accumulated Net Book 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 — (1,938 ) (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 $ (1,190 ) $ 2,122 Depreciation — (113 ) (113 ) December 31, 2017 $ 3,312 $ (1,303 ) $ 2,009

Bank Loan - Current Portion (Ta

Bank Loan - Current Portion (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of bank debt	As of December 31, 2016, and 2017, the Company’s bank debt is as follows: NBG December 31, 2015 $ 17,598 Additions $ — Payments $ — December 31, 2016 $ 17,598 Additions $ — Payments $ — December 31, 2017 $ 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, 2017
Commitments and Contingencies Disclosure [Abstract]
Summary of contractually committed obligations and their maturity dates	The following table summarizes our contractually committed obligations and their maturity dates as of December 31, 2017: Payments Due by Period (Dollars in thousands) Total Less 2-year 3-year 4-year 5-year More (U.S. dollars in thousands) Services fees to the Manager 3,000 600 600 600 600 600 They will be renewed each anniversary date Management fees to the Managers 1,595 228 228 228 228 228 455 Total obligations $ 4,595 $ 828 $ 828 $ 828 $ 828 $ 828 $ 455

Loss per Share and Series A, 29

Loss per Share and Series A, B & C Warrants (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Schedule of warrant activity	Presented below is a table reflecting the activity in the Series A Warrants, Series B Warrants and Series C Warrants from January 1, 2015 through December 31, 2017: Series A Warrants Series B Warrants Series C Warrants Total Exercise Price December 31, 2014 0.0000000444 0.0000000088 0.00000032 0.0000003732 Warrants cashlessexercised (0.0000000444 ) (0.0000000088 ) (0.0000000024 ) (0.0000000556 ) $58,500,000,000,000 (Series A&B) December 31, 2015 — — 0.0000003176 0.0000003176 $159,750,000,000,000 (Series C) Warrants cashless exercised — — (0.0000000268 ) (0.0000000268 ) December 31, 2016 — — 0.0000002908 0.0000002908 Warrants cashless exercised — — — — December 31, 2017 — — 0.0000002908 0.0000002908
Schedule of components of the denominator for the calculation of basic loss per share and diluted loss per share	The components of the denominator for the calculation of basic loss per share and diluted loss per share for the years ended December 31, 2017, 2016 and 2015, respectively, are as follows: For the year ended December 31, 2017 For the year ended December 31, 2016 For the year ended December 31, 2015 Numerator Net loss - basic and diluted $ 7,121 $ (20,511 ) $ (52,949 ) Basic earnings per share denominator: Weighted average common shares outstanding 144,922 5 — Diluted earnings per share denominator: Weighted average common shares outstanding 144,922 5 — Dilutive common shares: Options — — — Warrants — — — Restricted shares — — — Dilutive effect — — — Weighted average common shares - diluted 144,922 5 — Basic loss per common share $ (49 ) $ (4,102,200 ) $ — Diluted loss per common share $ (49 ) $ (4,102,200 ) $ —

Basis of Presentation and Gen30

Basis of Presentation and General Information (Details) - MetricTon	May 20, 2015	Sep. 26, 2016	Sep. 24, 2014	Dec. 31, 2017
M V Free Goddess [Member]
Dead weight tonnage	22,051
M V Free Hero [Member]
Dead weight tonnage	24,318
M V Free Impala [Member]
Dead weight tonnage			24,111
M V Free Maverick [Member]
Dead weight tonnage		23,994
Standcorp International Limited [Member]
% Owned				51.00%
Type of Motor Vessel				N/A
Type of Ship				N/A
Figaro Shipping [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 Contract/Bareboat Charter Termination				Sep. 30, 2017
Date of Initiation of Bareboat Charter				May 20, 2015
Fiorello Shipping [Member]
% Owned				100.00%
Type of Motor Vessel				Fiorello
Type of Ship				Handysize
Dead weight tonnage				24,318
Year Built/Expected Year of Delivery				1,995
Date of Contract/Bareboat Charter Termination				Jun. 15, 2016
Date of Initiation of Bareboat Charter				May 20, 2015
Nemorino Shipping [Member]
% Owned				100.00%
Type of Motor Vessel				Nemorino
Type of Ship				Handymax
Dead weight tonnage				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
Adventure Fifteen [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
Largofactotums [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 Twelve [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
Adventure Eleven [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 Ten [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 Nine [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 Eight [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 Seven [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 Six [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 Five [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 Four [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 Three [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 Two [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

Basis of Presentation and Gen31

Basis of Presentation and General Information (Details Narrative) $ in Thousands	Feb. 07, 2017	Feb. 07, 2017	Apr. 14, 2016	Jan. 15, 2016	May 20, 2015USD ($)MetricTon	Sep. 26, 2016USD ($)MetricTon	Jun. 15, 2016USD ($)	Sep. 24, 2014USD ($)MetricTon	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Basis of Presentation and General Information (Textual)
Entity Incorporation, Date of Incorporation										Apr. 23, 2004
Reverse stock split, description	five thousand to-one reverse stock split	5,000-to-1 reverse stock split	200-to-1 reverse stock split	60-to-1 reverse stock split					1-for-20,000	1-for-10,000
Loss on sale of vessel										$ (277)	$ (7,620)
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
M V Fiorello [Member]
Basis of Presentation and General Information (Textual)
Gross sale price							$ 1,490
M V Free Impala [Member]
Basis of Presentation and General Information (Textual)
Dead weight tonnage | MetricTon								24,111
Gross sale price								$ 3,600
M V Free Maverick [Member]
Basis of Presentation and General Information (Textual)
Dead weight tonnage | MetricTon						23,994
Gross sale price						$ 1,925

Significant Accounting Polici32

Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Charterer A [Member]
Concentration risk, percentage		73.00%	39.00%
Charterer B [Member]
Concentration risk, percentage		24.00%	31.00%

Significant Accounting Polici33

Significant Accounting Policies (Details 1)	12 Months Ended
	Dec. 31, 2017$ / shares
Market value of common stock on measurement date	$ 0.0001
Risk free interest rate	2.40%	[1]
Expected volatility	711.17%	[2]
Expected dividend yield	$ 0	[3]
Minimum [Member]
Discount	35.00%
Expected life in years	5 months 4 days
Maximum [Member]
Discount	54.00%
Expected life in years	1 year
[1]	The risk-free interest rate was determined by management using the applicable Treasury Bill as of the measurement date.
[2]	The historical trading volatility was determined by calculating the volatility of the Company's stock at December 31, 2017
[3]	The Company does not expect to pay a dividend in the foreseeable future.

Significant Accounting Polici34

Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Sep. 09, 2015
Significant Accounting Policies (Textual)
Ownership percentage	50.00%	50.00%	20.00%
Percentage of charterers revenue in voyage revenue	More than 10
M V Free Neptune [Member]
Significant Accounting Policies (Textual)
Impairment charges	$ 4,286
Maximum [Member]
Significant Accounting Policies (Textual)
Finite-lived intangible asset, useful life	28 years
Minimum [Member]
Significant Accounting Policies (Textual)
Finite-lived intangible asset, useful life	27 years

Going Concern (Details)

Going Concern (Details) $ in Thousands	May 20, 2015USD ($)MetricTon	Sep. 26, 2016USD ($)MetricTon	Jun. 15, 2016USD ($)	Sep. 24, 2014USD ($)MetricTon	Sep. 17, 2014USD ($)	Feb. 22, 2014USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Going Concern (Textual)
Incurred net losses							$ (7,121)	$ (20,511)	$ (52,949)
Working capital deficits							40,216	35,715
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
Aggregate amount							$ 25,788
Outstanding balance				$ 3,300
M V Free Goddess [Member]
Going Concern (Textual)
Dead weight tonnage | MetricTon	22,051
Gross sale price	$ 5,500
M V Free Hero [Member]
Going Concern (Textual)
Dead weight tonnage | MetricTon	24,318
Gross sale price	$ 5,500
M V Fiorello [Member]
Going Concern (Textual)
Gross sale price			$ 1,490
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
M V Free Maverick [Member]
Going Concern (Textual)
Dead weight tonnage | MetricTon		23,994
Gross sale price		$ 1,925

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, 2017	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%	50.00%
Net sale proceeds		$ 7,000
Loss on sale of vessel										$ (277)	$ (7,620)
Common stock shares issued	10
General and administrative expenses									1,545	3,049	4,252
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 Hero [Member]
Related Party Transactions (Textual)
Gross sale price			5,500
Loss on sale of vessel			1,100								950
M V Fiorello [Member]
Related Party Transactions (Textual)
Gross sale price					$ 1,490
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 Maverick [Member]
Related Party Transactions (Textual)
Gross sale price				$ 1,925
Loss on sale of vessel				277
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									$ 3,280	2,107	713
Operating expenses									1,431	2,344	2,800	3,528
Management fees									398	702	1,070	1,605
Services fees									1,635	1,635	1,635	1,650
Other fees and expenses									88	7	7	8
Superintendent fees										0	88	265
General and administrative expenses									$ 51	$ 139	$ 140	148
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 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 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, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Vessels Cost, Beginning Balance	$ 3,312	$ 33,513	$ 88,078
Vessels Cost, Depreciation
Vessels Cost, Disposal of vessels		(18,915)	(42,674)
Vessels Cost, Leased vessels		(7,000)	7,000
Vessels cost, Vessel impairment charge		(4,286)	(18,891)
Vessels Cost, Ending Balance	3,312	3,312	33,513
Accumulated Depreciation, Beginning Balance	(1,190)	(16,208)	(25,768)
Accumulated Depreciation, Depreciation	(113)	(1,938)	(3,585)
Accumulated Depreciation, Disposal of vessels		16,956	13,145
Accumulated Depreciation, Leased vessels
Accumulated Depreciation, Vessel impairment charge
Accumulated Depreciation, Ending Balance	(1,303)	(1,190)	(16,208)
Net Book Value, Beginning Balance	2,122	17,305
Net Book Value, Depreciation	(113)	(1,939)	(3,585)
Net Book Value, Disposal of vessels		(1,959)	(29,529)
Net Book Value, Vessel impairment charge		(4,286)	(18,891)
Net Book Value, Ending Balance	$ 2,009	$ 2,122	$ 17,305

Vessels, Net (Details Narrative

Vessels, Net (Details Narrative) - USD ($) $ in Thousands	May 20, 2015	Sep. 26, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Vessel, Net (Textual)
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)
Scrap value			$ 2,756
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 Neptune [Member]
Vessel, Net (Textual)
Impairment charges				$ 4,286	$ 18,891

Options Advance Payments- Pur39

Options Advance Payments- Purchase of Leased Vessels (Details Narrative) - USD ($) $ in Thousands	May 20, 2015	Jun. 15, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Options Advance Payments- Purchase of Leased Vessels (Textual)
Sellers credit	$ 9,000
Loss on sale of vessel				$ (277)	$ (7,620)
Options advance payment					2,000
Contractual derivative obligation				5,442	3,300
Gain on settlement of liability (Note 6)			$ 1,924
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 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 Fiorello [Member]
Options Advance Payments- Purchase of Leased Vessels (Textual)
Gross sale price		$ 1,490

Accrued Liabilities (Details Na

Accrued Liabilities (Details Narrative) $ in Thousands	Dec. 31, 2017USD ($)
Accrued Liabilities (Textual)
Accrued liabilities	$ 9,985
NBG loan accrued interest	8,189
Operating accruals	$ 1,796

Convertible Notes Payable (Deta

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

Nov. 27, 2017

Nov. 23, 2017

Nov. 14, 2017

Nov. 01, 2017

Oct. 30, 2017

Sep. 14, 2017

Aug. 17, 2017

Jul. 24, 2017

Jul. 21, 2017

Jun. 08, 2017

Apr. 07, 2017

Apr. 06, 2017

Mar. 22, 2017

Mar. 20, 2017

Mar. 20, 2017

Mar. 15, 2017

Mar. 14, 2017

Feb. 24, 2017

Feb. 22, 2017

Feb. 17, 2017

Feb. 16, 2017

Feb. 13, 2017

Jan. 20, 2017

Nov. 21, 2016

Jul. 11, 2016

May 09, 2016

Jan. 06, 2016

Mar. 28, 2017

Dec. 30, 2016

Nov. 30, 2016

Aug. 16, 2016

Jun. 27, 2016

May 25, 2016

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Short-term Debt [Line Items]

Proceeds from convertible notes

$ 784,000

$ 1,533,000

$ 6,489,000

Common stock issued for convertible notes, value

2,507,000

2,971,000

9,282,000

Amortization of debt discount

807,000

1,550,000

$ 3,515,000

Sichenzia Ross Friedman Ference Llp [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 137,000

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) $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.

Common stock issued for convertible notes, value

$ 137,000

Common stock issued for convertible notes, shares

822

Alpha Capital Anstalt [Member]

Short-term Debt [Line Items]

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.

Net balance outstanding amount

153,000

Sichenzia Ross Ference Kesner Llp [Member]

Short-term Debt [Line Items]

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.

Common stock issued for convertible notes, value

$ 137,000

Common stock issued for convertible notes, shares

822

Net balance outstanding amount

71,000

Anyland Travel Ltd [Member]

Short-term Debt [Line Items]

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.

Common stock issued for convertible notes, shares

3

Net balance outstanding amount

$ 30,000

M Dalakos I Fassolis N Theofanopoulos And Partners Law Firm [Member]

Short-term Debt [Line Items]

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.

Common stock issued for convertible notes, shares

108

Net balance outstanding amount

2,600

Yes Properties Inc [Member]

Short-term Debt [Line Items]

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%

Common stock issued for convertible notes, shares

35

Net balance outstanding amount

$ 31,000

Crown Bridge Partners, Llc [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

6.00%

6.00%

Proceeds from convertible notes

$ 45,000

$ 55,000

Notes being amount

$ 5,000

Debt instrument, payment terms

Twelve months

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.

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 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).

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%

60.00%

Common stock issued for convertible notes, value

$ 45,000

$ 55,000

Common stock issued for convertible notes, shares

224,941

2,079

Marine Plus [Member]

Short-term Debt [Line Items]

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

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

Marine Plus & APG Capital Holdings, LLC [Member]

Short-term Debt [Line Items]

Common stock issued for convertible notes, value

$ 45,000

Common stock issued for convertible notes, shares

18

Mts Holdings [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 100,000

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 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.

Net balance outstanding amount

$ 85,000

Adar Bays Llc [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 100,000

Notes being amount

$ 25,000

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 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%

Common stock issued for convertible notes, shares

25

Net balance outstanding amount

18,000

APG Capital Holdings, LLC [Member]

Short-term Debt [Line Items]

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 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 to 150% of principal plus interest.

Percentage of conversion stock

65.00%

Net balance outstanding amount

32,000

APG Capital Holdings, LLC [Member] | Convertible Notes Payable [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

10.00%

Proceeds from convertible notes

$ 37,000

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 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.

Percentage of conversion stock

46.00%

Net balance outstanding amount

15,000

Amortization of debt discount

$ 3,600

Crede CG III, Ltd [Member]

Short-term Debt [Line Items]

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%

Net balance outstanding amount

50,000

LG CAPITAL FUNDING, LLC [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 45,000

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%

Net balance outstanding amount

45,000

Lg Capital Funding, Llc & M. DALAKOS - I. FASSOLIS - N. THEOFANOPOULOS [Member]

Short-term Debt [Line Items]

Net balance outstanding amount

$ 108,000

$ 108,000

Jabro Funding Corp [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

12.00%

Proceeds from convertible notes

$ 93,000

Debt instrument, payment terms

Twelve months

Conversion of stock description

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.

Conversion of stock payment 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).

Percentage of conversion stock

58.00%

Net balance outstanding amount

88,000

Brighton Capital Ltd [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 68,000

Debt instrument, payment terms

Twelve months

Conversion of stock description

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) $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.

Percentage of conversion stock

65.00%

Net balance outstanding amount

68,000

APG Capital Holdings, LLC [Member]

Short-term Debt [Line Items]

Proceeds from convertible notes

$ 45,000

Net balance outstanding amount

18,000

OAKMORE OPPORUTNITY FUND I, LP [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 50,000

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 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.

Percentage of conversion stock

60.00%

Net balance outstanding amount

36,000

SICHENZIA ROSS FERENCE KESNER LLP [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 47,000

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) $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.

Percentage of conversion stock

60.00%

Net balance outstanding amount

47,000

MARINE PLUS S.A [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 72,000

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) $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.

Net balance outstanding amount

72,000

Yoshar Trading LLC [Member]

Short-term Debt [Line Items]

Proceeds from convertible notes

$ 35,000

Notes being amount

$ 40,000

Net balance outstanding amount

31,000

L.G. CAPITAL FUNDING, LLC [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 45,000

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).

Net balance outstanding amount

45,000

E. STAVROPOULOS & CO O.E [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 22,000

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) $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.

Common stock issued for convertible notes, value

$ 22,000

Common stock issued for convertible notes, shares

1,220

CERBERUS FINANCE GROUP LTD [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 25,000

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 investor in cash, for 125% of any outstanding principal and interest remaining on the note.

Percentage of conversion stock

60.00%

Net balance outstanding amount

25,000

GS Capital Partners [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

10.00%

Proceeds from convertible notes

$ 30,000

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 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.

Percentage of conversion stock

60.00%

Common stock issued for convertible notes, value

$ 30,000

Common stock issued for convertible notes, shares

100,777

L.G. CAPITAL FUNDING, LLC [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 79,000

Notes being amount

$ 39,500

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 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 second back end note has been cancelled.

Percentage of conversion stock

60.00%

Net balance outstanding amount

39,500

ADAR BAYS, LLC [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 39,500

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 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 second back end note has been cancelled.

Percentage of conversion stock

65.00%

Net balance outstanding amount

39,500

L.G. CAPITAL FUNDING, LLC [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

8.00%

Proceeds from convertible notes

$ 75,000

Notes being amount

$ 37,500

$ 0

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 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 second back end note has been cancelled.

Percentage of conversion stock

65.00%

Net balance outstanding amount

37,500

Power Up Lending Group [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

12.00%

Proceeds from convertible notes

$ 5,000

Debt instrument, payment terms

Twelve months

Conversion of stock description

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.

Conversion of stock payment description

The conversion price is the 50% of the lowest one trading price of the Company’s common stock on any trading day during the twenty 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).

Percentage of conversion stock

50.00%

Net balance outstanding amount

5,000

Power Up Lending Group [Member]

Short-term Debt [Line Items]

Interest bearing convertible notes

12.00%

Proceeds from convertible notes

$ 58,000

Notes being amount

1,624,000

Debt instrument, payment terms

Twelve months

Conversion of stock description

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.

Conversion of stock payment 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).

Percentage of conversion stock

58.00%

Net balance outstanding amount

$ 58,000

Bank Loan - Current Portion (De

Bank Loan - Current Portion (Details) - National Bank of Greece [Member] - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Sep. 24, 2014	Sep. 17, 2014	Dec. 31, 2017	Dec. 31, 2016
Short-term Debt [Line Items]
Balance			$ 17,598	$ 17,598
Additions
Payments		$ 2,700
Balance	$ 3,300		$ 17,598	$ 17,598

Bank Loan - Current Portion (43

Bank Loan - Current Portion (Details 1) - M V Free Neptune [Member]	12 Months Ended
	Dec. 31, 2017
Short-term Debt [Line Items]
Bank loans issuer	National Bank of Greece
Maturity date of loans	Dec. 16, 2016

Bank Loan - Current Portion (44

Bank Loan - Current Portion (Details Narrative) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Sep. 17, 2014	Feb. 22, 2014	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 24, 2014
Short-term Debt [Line Items]
Weighted average interest rate			4.00%	4.00%	4.00%
Interest expense			$ 1,467	$ 1,935	$ 1,237
First Business Bank [Member] | Criteria Four [Member]
Short-term Debt [Line Items]
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
First Business Bank [Member] | Criteria Three [Member]
Short-term Debt [Line Items]
Loan agreement description						Ratio of EBITDA to net interest expense shall not be less than 3
First Business Bank [Member] | Criteria Two [Member]
Short-term Debt [Line Items]
Loan agreement description						Leverage ratio: the corporate guarantor's leverage ratio shall not at any time exceed 55%
First Business Bank [Member] | Criteria One [Member]
Short-term Debt [Line Items]
Loan agreement description						Average corporate liquidity: the Company is required to maintain an average corporate liquidity of at least $3,000
National Bank of Greece [Member]
Short-term Debt [Line Items]
Long-term Debt		$ 4,700	17,598	17,598	$ 17,598		$ 3,300
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.
Paid amount to Credit Suisse			25,788
Payment of outstanding indebtedness	$ 2,700

Commitments and Contingencies45

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2017USD ($)
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Payments due by period, total	$ 4,595
Payments due by period, less than 1-year	828
Payments due by period, 2-year	828
Payments due by period, 3-year	828
Payments due by period, 4-year	828
Payments due by period, 5-year	828
Payments due by period, more than 5-years	455
Service Fee To Manager [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Payments due by period, total	3,000
Payments due by period, less than 1-year	600
Payments due by period, 2-year	600
Payments due by period, 3-year	600
Payments due by period, 4-year	600
Payments due by period, 5-year	600
Management Fee To Manager [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Payments due by period, total	1,595
Payments due by period, less than 1-year	228
Payments due by period, 2-year	228
Payments due by period, 3-year	228
Payments due by period, 4-year	228
Payments due by period, 5-year	228
Payments due by period, more than 5-years	$ 455

Commitments and Contingencies46

Commitments and Contingencies (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Commitments and Contingencies (Textual)
Annual insurance premiums	$ 10,000
General insurance expense	$ 10,000,000
Maximum [Member]
Commitments and Contingencies (Textual)
Supplemental information for property, casualty insurance underwriters, interest rate in range	40.00%
Minimum [Member]
Commitments and Contingencies (Textual)
Supplemental information for property, casualty insurance underwriters, interest rate in range	25.00%

Loss per Share and Series A, 47

Loss per Share and Series A, B & C Warrants (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Class of Warrant or Right [Line Items]
Warrants cashless exercised	$ 0.000000	$ (0.00000)	$ (0.00000)
Series Warrants [Member]
Class of Warrant or Right [Line Items]
Beginning Warrants Price
Warrants cashless exercised			0.00000
Ending Warrants Price
Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Beginning Warrants Price
Warrants cashless exercised			(0.0000)
Ending Warrants Price
Series C Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants cashless exercised	0.000000	$ (0.00000)	$ (0.0000)
Ending Warrants Price	$ 0.000000

Loss per Share and Series A, 48

Loss per Share and Series A, B & C Warrants (Details 1) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator
Net loss - basic and diluted	$ (7,121)	$ (20,511)	$ (52,949)
Basic earnings per share denominator:
Weighted average common shares outstanding	144,922	5
Diluted earnings per share denominator:
Weighted average common shares outstanding	144,922	5
Weighted average common shares - diluted	144,922	5
Basic loss per common share	$ (49)	$ (4,102,200)
Diluted loss per common share	$ (49)	$ (4,102,200)
Warrant [Member]
Diluted earnings per share denominator:
Dilutive effect
Restricted Stock [Member]
Diluted earnings per share denominator:
Dilutive effect
Employee Stock Option [Member]
Diluted earnings per share denominator:
Dilutive effect

Loss per Share and Series A, 49

Loss per Share and Series A, B & C Warrants (Details Narrative) - $ / shares	Feb. 08, 2018	Feb. 06, 2018	Feb. 07, 2017	Feb. 07, 2017	Apr. 14, 2016	Jan. 15, 2016	Dec. 31, 2017	Dec. 31, 2016
Loss per Share and Series A, B and C Warrants (Textual)
Reverse stock split			five thousand to-one reverse stock split	5,000-to-1 reverse stock split	200-to-1 reverse stock split	60-to-1 reverse stock split	1-for-20,000	1-for-10,000
Subsequent Event [Member]
Loss per Share and Series A, B and C Warrants (Textual)
Reverse stock split	five thousand to-one reverse stock split	5,000-to-1 reverse stock split
Series C Warrants [Member]
Loss per Share and Series A, B and C Warrants (Textual)
Warrants exercise price							$ 0.000000

Reverse Stock Splits (Details N

Reverse Stock Splits (Details Narrative)	Feb. 08, 2018	Feb. 06, 2018	Feb. 07, 2017	Feb. 07, 2017	Apr. 14, 2016	Jan. 15, 2016	Dec. 31, 2017	Dec. 31, 2016
Reverse Stock Splits (Textual)
Reverse stock split, description			five thousand to-one reverse stock split	5,000-to-1 reverse stock split	200-to-1 reverse stock split	60-to-1 reverse stock split	1-for-20,000	1-for-10,000
Subsequent Event [Member]
Reverse Stock Splits (Textual)
Reverse stock split, description	five thousand to-one reverse stock split	5,000-to-1 reverse stock split

Equity Incentive Plan (Details

Equity Incentive Plan (Details Narrative) $ in Thousands	3 Months Ended
	Dec. 31, 2015USD ($)
Non Executive [Member]
Board Fees	$ 3

Shareholders' Equity (Details)

Shareholders' Equity (Details)	May 23, 2017Day$ / shares	Feb. 07, 2017	Feb. 07, 2017	Apr. 14, 2016	Jan. 15, 2016	Dec. 31, 2017$ / sharesshares	Dec. 31, 2016$ / sharesshares
Shareholders' Equity (Textual)
Minimum bid price per share (in dollars per share)	$ 0.01
Closing bid price per share (in dollars per share)	0.01
Common stock per share (in dollars per share)	$ 0.01					$ 0.001	$ 0.001
Reverse stock split		five thousand to-one reverse stock split	5,000-to-1 reverse stock split	200-to-1 reverse stock split	60-to-1 reverse stock split	1-for-20,000	1-for-10,000
Conversion of convertible promissory note (in shares) | shares						798,389
Consecutive business days | Day	30
Series D Preferred Stock [Member]
Shareholders' Equity (Textual)
Preferred Stock, shares outstanding (in shares) | shares						8,160	8,160
Maximum [Member]
Shareholders' Equity (Textual)
Reverse stock split						1-for-20,000 (the “Reverse Stock Split”)
Minimum [Member]
Shareholders' Equity (Textual)
Reverse stock split						1-for-2

Taxes (Details Narrative)

Taxes (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Taxes (Textual)
Stock owned by residents of company	More than 50%
Federal income tax			$ 5

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)

Apr. 17, 2018

Mar. 01, 2018

Feb. 16, 2018

Feb. 14, 2018

Feb. 08, 2018

Feb. 06, 2018

Feb. 07, 2017

Feb. 07, 2017

Apr. 14, 2016

Jan. 15, 2016

Dec. 31, 2017

Dec. 31, 2016

Reverse stock split

five thousand to-one reverse stock split

5,000-to-1 reverse stock split

200-to-1 reverse stock split

60-to-1 reverse stock split

1-for-20,000

1-for-10,000

Conversion of convertible promissory note (jn shares)

798,389

Subsequent Event [Member]

Reverse stock split

five thousand to-one reverse stock split

5,000-to-1 reverse stock split

Subsequent Event [Member] | M Dalakos I Fassolis N Theofanopoulos And Partners Law Firm [Member] | Debt Settlement Agreement [Member]

Convertible promissory note

$ 92,600

Accrued interest rate

8.00%

Conversion price, description

The conversion price is the lower of (i) $0.00065 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.

Subsequent Event [Member] | GENEVA ROTH REMARK HOLDINGS, INC. [Member]

Accrued interest rate

53.12%

Conversion price, description

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).

Subsequent Event [Member] | MARINE PLUS S.A [Member] | Debt Settlement Agreement [Member]

Convertible promissory note

$ 148,000

Accrued interest rate

8.00%

Conversion price, 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.

Subsequent Event [Member] | Jabro Funding Corp. [Member]

Convertible promissory note

$ 93,000

Conversion of convertible promissory note (jn shares)

1,455,083