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Deferred Revenue, current and non-current

12 Months Ended

Dec. 31, 2014

Deferred Revenue, current and non-current [Abstract]

Deferred Revenue, current and non-current

8.       Deferred Revenue, Current and Non-Current

The amounts presented as current and non-current deferred revenue in the accompanying consolidated balance sheets as of December 31, 2014 and 2013 reflect (a) cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met, (b) deferred revenue resulting from free quantities of lubricants provided to the vessels as a benefit from the suppliers for entering into long term contracts with them. Deferred revenue under (b) above is amortized to Operating expenses according to the terms of the respective contracts. For 2014, 2013 and 2012, amortization of the deferred revenue from free lubricants amounted to $221, $107 and $112, respectively.

			2014		2013
Hires collected in advance		$	441	$	751
Deferred revenue from lubricants			50		271
	Total	$	491	$	1,022
Less current portion		$	(491)	$	(972)
	Non-current portion	$	-	$	50

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- Definition

The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 8

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6935-107765



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 13

-Section A



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 605

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 13.A.3(b).Q1(c),(b).Q2,(c).Q3)

-URI http://asc.fasb.org/extlink&oid=27012821&loc=d3e214044-122780

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