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Note 4 - Investment
 12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
Investment [Text Block]
Note 
4
. Investment
 
Korea Line Corporation
 
The KLC investment is designated as Available For Sale (“AFS”) and is reported at its fair value, with unrealized gains and losses recorded in equity as a component of accumulated other comprehensive income (loss) (“AOCI”). The fair value of KLC shares are determined from the market price as quoted on the Korean Stock Exchange and by converting the South-Korean Won (”KRW”) extended value into USD with the exchange rate applicable on date of conversion. The Company reviews the investment in KLC for impairment on a quarterly basis.
  
During 2014, the KLC shares were volatile and at times valued above and below the Company's book value. Therefore, the Company concluded that as of March 31, 2014, June 30, 2014, September 30, 2014, and October 15, 2014, the change in the fair value of the KLC investment is “temporary,” and the Company recorded an unrealized loss of $2.1 million as of March 31, 2014, an unrealized gain of $1.4 million as of June 30, 2014, an unrealized gain of $0.3 million as of September 30, 2014 and an unrealized gain of $0.2 million as of October 15, 2014 in shareholders’ equity as a component of Accumulated Other Comprehensive Income. As part of fresh-start reporting, the Company revised its cost basis for its investments in KLC based on it fair value on the Effective Date.
 
 
F- 19
 
 
Subsequent to October 15, 2014, the change in the fair value of our KLC investment was considered as other-than-temporary, and therefore the Company recorded non-cash impairment losses of $1.0 million for the period of October 15, 2014 to December 31, 2014 for the Successor.
 
During the year ended December 31, 2015, all the KLC shares have been sold for net proceeds of $7.8million and a loss of $0.5 million recorded for the year.
 
The following table represents KLC capital stock which is recorded at fair value:
 
 
 
No. of
KLC Shares
 
 
Cost
Basis-Adjusted
 
 
Fair Value
 
 
Unrealized
Gain/(Loss)
reported in
OCI
 
 
Other-than Temporary
Loss reported
in
Earnings-YTD
 
 
Gain/(Loss)
On Sale of
KLC
Stock-YTD
 
Balance at December 31, 2013 (Predecessor)
 
 
566,529
 
 
$
13,817,439
 
 
$
13,817,439
 
 
 
 
 
 
$ 
(18,414,366
)
 
$ 
(417,966
)
                                                 
Fair Value-Adjustments, net
                     (442,288
)
     (442,288
)
                
                                                 
Balance at September 30, 2014 ( Predecessor)
 
 
566,529
 
 
$
13,817,439
 
 
$
13,375,151
 
 
$
(442,288
)
 
 
 
 
 
 
 
 
                                                 
Fair Value-Adjustments, net
                   $ 210,293     $ 210,293                  
                                                 
Reorganization Adjustment
           $ (231,995
)
           $ 231,995                  
                                                 
Balance at October 15, 2014 (Predecessor)
 
 
566,529
 
 
$
13,585,444
 
 
$
13,585,444
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                 
KLC Stock sold
     (179,076
)
   $ (4,294,267
)
   $ (4,294,267
)
                        
                                                 
Other-than-Temporary Loss Adjustments
           $ (990,437
)
   $ (990,437
)
           $ (990,437
)
     -  
                                                 
Balance at December 31, 2014 (Successor)
 
 
387,453
 
 
$
8,300,740
 
 
$
8,300,740
 
 
 
 
 
 
$
(990,437
)
 
 
 
 
KLC Stock sold
    (387,453 )   $ (8,300,740 )   $ (7,838,346 )                        
Loss on sale of KLC stock
                     (462,394 )                  
$
(462,394
)
Fair Value-Adjustments,net
                                                
Balance at December 31, 2015 (Successor)
 
 
-
 
 
$
-
 
 
$
-
 
 
$
-
 
 
 
-
 
 
$
(462,394
)