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VOYAGE REVENUE (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2018
Accounting Standards Update 2014-09 |
Accounting Standards Update |
Schedule of effect of adoption of ASU | The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Condensed Consolidated Balance Sheet:
|  | As of June 30, 2018 |
|  |  |  |  | Balance |  |  |  |
|  |  |  |  | without Adoption |  |  |  |
|  |  |  |  | of New Revenue |  | Effect of |
|  | As Reported |  | Standard |  | Change |
Assets |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |
Due from charterers |  | $ | 14,408 |  | $ | 14,969 |  | $ | (561) |
Prepaid expenses and other current assets |  |  | 7,371 |  |  | 6,706 |  |  | 665 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 26,392 |  | $ | 26,405 |  | $ | (13) |
Deferred revenue |  |  | 6,399 |  |  | 5,553 |  |  | 846 |
Equity: |  |  |  |  |  |  |  |  |  |
Retained deficit |  | $ | (711,263) |  | $ | (710,534) |  | $ | (729) |
The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Condensed Consolidated Statement of Operations:
|  | For the Three Months Ended June 30, 2018 |
|  |  |  |  | Balance |  |  |  |
|  |  |  |  | without Adoption |  |  |  |
|  |  |  |  | of New Revenue |  | Effect of |
|  | As Reported |  | Standard |  | Change |
Voyage revenues |  | $ | 86,157 |  | $ | 86,196 |  | $ | (39) |
Voyage expenses |  |  | 25,983 |  |  | 26,167 |  |  | (184) |
Net loss |  |  | (1,120) |  |  | (1,265) |  |  | 145 |
Net loss per share-basic |  | $ | (0.03) |  | $ | (0.04) |  | $ | 0.01 |
Net loss per share-diluted |  | $ | (0.03) |  | $ | (0.04) |  | $ | 0.01 |
|  | For the Six Months Ended June 30, 2018 |
|  |  |  |  | Balance |  |  |  |
|  |  |  |  | without Adoption |  |  |  |
|  |  |  |  | of New Revenue |  | Effect of |
|  | As Reported |  | Standard |  | Change |
Voyage revenues |  | $ | 163,073 |  | $ | 163,328 |  | $ | (255) |
Voyage expenses |  |  | 47,075 |  |  | 47,260 |  |  | (185) |
Net loss |  |  | (56,931) |  |  | (56,861) |  |  | (70) |
Net loss per share-basic |  | $ | (1.62) |  | $ | (1.62) |  | $ | - |
Net loss per share-diluted |  | $ | (1.62) |  | $ | (1.62) |  | $ | - |
The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Condensed Consolidated Statement of Cash Flows:
|  | For the Six Months Ended June 30, 2018
|  |  |  |  | Balance |  |  |
|  |  |  |  | without Adoption |  |  |
|  |  |  |  | of New Revenue |  | Effect of
|  | As Reported |  | Standard |  | Change
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Change in assets and liabilities: |  |  |  |  |  |  |  |  |
Increase in due from charterers |  | $ | (2,201) |  | $ | (2,114) |  | $ | (87)
Increase in prepaid expenses and other current assets |  |  | (2,910) |  |  | (2,720) |  |  | (190)
Increase in accounts payable and accrued expenses |  |  | 2,284 |  |  | 2,291 |  |  | (7)
Increase in deferred revenue |  |  | 1,185 |  |  | 831 |  |  | 354
The following table illustrates the cumulative effect of the adoption of the new revenue recognition guidance on the opening Condensed Consolidated Balance Sheet:
|  |  |  |  | New |  |  |  |
|  | Balance at |  | Revenue |  | Balance at |
|  | December 31, |  | Standard |  | January 1, |
|  | 2017 |  | Adjustment |  | 2018 |
Assets |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |
Due from charterers |  | $ | 12,855 |  | $ | (647) |  | $ | 12,208 |
Prepaid expenses and other current assets |  |  | 7,338 |  |  | 475 |  |  | 7,813 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 23,230 |  | $ | (6) |  | $ | 23,224 |
Deferred revenue |  |  | 4,722 |  |  | 493 |  |  | 5,215 |
Equity: |  |  |  |  |  |  |  |  |  |
Retained deficit |  | $ | (653,673) |  | $ | (659) |  | $ | (654,332) |

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