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Risk Management and Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2020
Vessel Name |
Schedule of Fair Value of Assets and Liabilities | The Management has determined that the fair values of the assets and liabilities as of December 31, 2020, are as follows:
|  | Carrying Value |  |  | Fair Value |
Cash and cash equivalents |  | $ | 4,037 |  |  | $ | 4,037 |
Trade accounts receivable, net |  | $ | 663 |  |  | $ | 663 |
Trade accounts payable |  | $ | 3,642 |  |  | $ | 3,642 |
Long-term debt with variable interest rates, net |  | $ | 30,260 |  |  | $ | 30,260 |
Long-term loans and promissory note with non-variable interest rates, net * |  | $ | 29,000 |  |  | $ | 33,864 |
* As at December 31, 2020, Carrying Value of Eighthone Loan and Amended & Restated Promissory Note is $24,000 and $5,000, respectively. Theoretical Fair Value of Eighthone Loan and Amended & Restated Promissory Note is $28,121 and $5,743, respectively.
Schedule of Financial Derivative Instrument Location | Information on the classification, the derivative fair value and the loss from financial derivative instrument included in the consolidated financial statements is shown below:
Consolidated Balance Sheets – Location |  | December 31, 2019 |  |  | December 31, 2020 |
Financial derivative instrument – Other non-current assets |  | $ | 1 |  |  | $ | — |
Schedule of Gains Losses on Derivative Instruments |
Consolidated Statements of Comprehensive Loss - Location |  | December 31, 2019 |  |  | December 31, 2020 |
Financial derivative instrument – Fair value at the beginning of the period |  | $ | (28 | ) |  | $ | (1 | )
Financial derivative instrument – Fair value as at period end |  |  | 1 |  |  |  | — |
Loss from financial derivative instrument |  | $ | (27 | ) |  | $ | (1 | )
Schedule of Assets Measured at Fair Value on a Non-recurring Basis Long Lived Assets Held and Used and Held for Sale | As of December 31, 2018, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels. This review indicated that such carrying amount was not fully recoverable for the Company’s vessels Northsea Alpha and Northsea Beta. Consequently, the carrying value of these vessels was written-down to their respective fair values as presented in the table below.
Vessel |  | Significant Other Observable Inputs (Level 2) |  |  | Vessel Impairment Charge (charged against Vessels, net) |
Northsea Alpha |  | $ | 6,125 |  |  | $ | 1,142 |
Northsea Beta |  |  | 6,125 |  |  |  | 1,140 |
TOTAL |  | $ | 12,250 |  |  | $ | 2,282 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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