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Risk Management and Fair Value Measurements (Tables)

12 Months Ended

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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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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