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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2019
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | 17 – SUBSEQUENT EVENTS On August 2, 2019, the Company entered into an agreement to sell the Genco Challenger, a 2003-built Handysize vessel, for $5,250 less a 2.0% broker commission payable to a third party. The sale of the vessel is expected to be completed during the fourth quarter of 2019. Refer to Note 2 — Summary of Significant Accounting Policies regarding the impairment recorded for this vessel during the second quarter of 2019. On July 5, 2019, the Company prepaid $15,000 for the amortization payment originally scheduled for September 30, 2019. The prepayment amount exceeded the revised scheduled quarterly amortization payment due on September 30, 2019 of $14,728, which was adjusted as discussed in Note 7 — Debt. Accordingly, the $272 excess will be applied to the next scheduled quarterly amortization payment due on December 31, 2019.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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