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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)