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Prepaid Charter Revenue | 12 Months Ended
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Dec. 31, 2012
Finite-Lived Intangible Assets [Abstract] |
Prepaid Charter Revenue | 5. Prepaid Charter Revenue In February, March and November 2012, the container vessels “Cap San Marco” renamed to “Cap Domingo”, “Cap San Raphael” renamed to “Cap Doukato”, “APL Sardonyx”, “APL Spinel” and “APL Garnet”, were delivered to the Company and were chartered back to the seller s. Based on the vessels' valuation and the valuation of their respective time charter agreements according to the Company's policy, an aggregate asset of $42,000 was recorded which is amortized to revenue over the period of the respective time charter agreements. In addition to that and due to the fact that the time charter agreements for m/v “Cap Domingo” and m/v “Cap Doukato” provide for varying rates throughout the duration of the time charter, the revenue is being recognized on a straight line basis and the difference is included in Prepaid charter revenue as well. As at December 31, 2012, the balance of the account was analyzed as follows:
Description |  | Amount |  | Accumulated Amortization |  | Net
Prepaid charter revenue | $ | 42,000 | $ | (12,204) | $ | 29,796
Deferred asset from varying charter rates |  | 122 |  | 0 |  | 122
Total | $ | 42,122 | $ | (12,204) | $ | 29,918
The aggregate expected amortization for each of the succeeding years is as follows:
Period |  | Amount
Year 1 |  | $17,937
Year 2 |  | $8,968
Year 3 |  | $2,891

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 44, 45, 46 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16373-109275 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16265-109275 + Details
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