XML 40 R6.htm IDEA: XBRL DOCUMENT v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net loss $ (6,900) $ (8,330) $ (8,214)
Adjustments to reconcile net loss to net cash from operating activities:      
Depreciation 4,418 5,320 5,500
Amortization of special survey costs 253 240 133
Amortization and write-off of financing costs 328 258 386
Vessel impairment charge 2,282
Gain from debt extinguishment (4,306)
Loss from financial derivative instrument 1 27 19
Loss on vessel held-for-sale 2,756
Gain on sale of vessel, net (7)
Bad debt provisions 26 13
Issuance of common stock under the promissory note 169 113
Changes in assets and liabilities:      
Inventories (180) 306 209
Trade accounts receivable, net 571 1,316 (1,895)
Due from related parties (2,308)
Prepayments and other assets 239 (210) 227
Special surveys cost (1,068) (435) (588)
Trade accounts payable (939) (274) 2,499
Due to related parties (6,849) 3,447 1,277
Hire collected in advance (689) 993 422
Accrued and other liabilities (69) 108 (167)
Net cash (used in) / provided by operating activities (13,030) 5,661 (2,203)
Cash flows from investing activities:      
Advances for ballast water treatment system (47)
Proceeds from the sale of vessel, net 13,197
Vessel additions (25)
Ballast water treatment system installation (542) (470) (99)
Net cash (used in) / provided by investing activities 12,630 (517) (99)
Cash flows from financing activities:      
Proceeds from long-term debt 15,250 44,500
Repayment of long-term debt (19,909) (4,503) (43,640)
Gross proceeds from issuance of common stock 354 315
Common stock offerings costs (57) (23) (407)
Gross proceeds from the issuance of Series A Convertible Preferred Shares 4,571
Series A Convertible Preferred Shares offering costs (260)
Dividend distributions declared and paid (69)
Payment for financial derivative instrument (47)
Payment of financing costs (265) (908)
Net cash used in financing activities (739) (4,172) (187)
Net (decrease) / increase in cash and cash equivalents and restricted cash (1,139) 972 (2,489)
Cash and cash equivalents and restricted cash at the beginning of the year 5,176 4,204 6,693
Cash and cash equivalents and restricted cash at end of the year 4,037 5,176 4,204
SUPPLEMENTAL INFORMATION:      
Cash paid for interest 4,432 5,163 4,283
Non-cash financing activities - issuance of common stock under the promissory note 226 113
Unpaid portion of ballast water treatment system installation 174 56
Unpaid portion for common stock offering costs $ 35 $ 57