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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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