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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
CURRENT ASSETS:    
Cash and cash equivalents $ 4,250 $ 6,180
Restricted cash, current portion 350 944
Inventories 2,819 1,567
Trade accounts receivable, net 9,035 1,716
Vessels held-for-sale 8,509
Prepayments and other current assets 315 186
Insurance claim receivable 1,894
Total current assets 18,663 19,102
FIXED ASSETS, NET:    
Vessels, net 115,717 119,724
Total fixed assets, net 115,717 119,724
OTHER NON-CURRENT ASSETS:    
Restricted cash, net of current portion 2,250 2,750
Financial derivative instrument 585 74
Deferred dry dock and special survey costs, net 835 912
Total other non-current assets 3,670 3,736
Total assets 138,050 142,562
CURRENT LIABILITIES:    
Current portion of long-term debt, net of deferred financing costs 5,823 11,695
Trade accounts payable 3,486 3,084
Due to related parties 5,564 6,962
Hire collected in advance 918
Accrued and other liabilities 867 1,089
Total current liabilities 16,658 22,830
NON-CURRENT LIABILITIES:    
Long-term debt, net of current portion and deferred financing costs 60,508 64,880
Promissory note 6,000 6,000
Total non-current liabilities 66,508 70,880
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:    
Preferred stock ($0.001 par value; 50,000,000 shares authorized; of which 1,000,000 authorized Series A Convertible Preferred Shares; 449,673 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2021 and September 30, 2022)
Common stock ($0.001 par value; 450,000,000 shares authorized; 10,613,424 shares issued and outstanding as at December 31, 2021 and September 30, 2022, respectively) 42 42
Additional paid-in capital 111,840 111,840
Accumulated deficit (56,998) (63,030)
Total stockholders’ equity 54,884 48,852
Total liabilities and stockholders’ equity $ 138,050 $ 142,562