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VOYAGE REVENUE (Tables) | 12 Months Ended
--- | ---
Dec. 31, 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 Consolidated Balance Sheet:
|  | As of December 31, 2018 |
|  |  |  |  | Balance |  |  |  |
|  |  |  |  | without Adoption |  |  |  |
|  |  |  |  | of New Revenue |  | Effect of |
|  | As Reported |  | Standard |  | Change |
Assets |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |
Due from charterers |  | $ | 22,306 |  | $ | 26,593 |  | $ | (4,287) |
Prepaid expenses and other current assets |  |  | 10,449 |  |  | 8,159 |  |  | 2,290 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 29,143 |  | $ | 29,171 |  | $ | (28) |
Deferred revenue |  |  | 6,404 |  |  | 5,795 |  |  | 609 |
Equity: |  |  |  |  |  |  |  |  |  |
Retained deficit |  | $ | (687,272) |  | $ | (684,694) |  | $ | (2,578) |
The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Operations:
|  | For the Year Ended December 31, 2018 |
|  |  |  |  | Balance |  |  |  |
|  |  |  |  | without Adoption |  |  |  |
|  |  |  |  | of New Revenue |  | Effect of |
|  | As Reported |  | Standard |  | Change |
Voyage revenues |  | $ | 367,522 |  | $ | 371,284 |  | $ | (3,762) |
Voyage expenses |  |  | 114,855 |  |  | 116,698 |  |  | (1,843) |
Net loss |  |  | (32,940) |  |  | (31,021) |  |  | (1,919) |
Net loss per share-basic |  | $ | (0.86) |  | $ | (0.81) |  | $ | (0.05) |
Net loss per share-diluted |  | $ | (0.86) |  | $ | (0.81) |  | $ | (0.05) |
The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Cash Flows:
|  | For the Year Ended December 31, 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 |  | $ | (10,099) |  | $ | (13,738) |  | $ | 3,639
Increase in prepaid expenses and other current assets |  |  | (6,626) |  |  | (4,811) |  |  | (1,815)
Increase in accounts payable and accrued expenses |  |  | 2,571 |  |  | 2,593 |  |  | (22)
Increase in deferred revenue |  |  | 1,190 |  |  | 1,073 |  |  | 117
The following table illustrates the cumulative effect of the adoption of the new revenue recognition guidance on the opening 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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