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TCA Fund Closes 10 Million USD Loan to NewLead Holdings
Business Wire TCA Fund Management Group
14 hours ago
MIAMI--(BUSINESS WIRE)--
TCA Fund Management Group, “TCA”, has announced the closing of a $10,000,000 USD Senior Secured Debenture with an initial draw set at $4,250,000 for NewLead Holdings Ltd. (NEWL).
NewLead Holdings Ltd., the "Company”, is an international, vertically integrated shipping, logistics and commodity company providing solutions for worldwide seaborne transportation of dry bulk commodities and petroleum products. The company controls a fleet of ten vessels, including five dry-bulk and five tanker vessels and manages one-third party tanker vessel.
NewLead President and CEO, Mr. Michael Zolotas stated, “NewLead is elated to have closed this debenture with TCA. We have been in talks for over a year, with TCA witnessing our growth from just two vessels to over 10 in less than a year. We are looking forward to growing our fleet further with the financial support of TCA.”
NewLead continuously monitors the shipping market to ensure the capturing of opportunities in the sale and purchase as well as chartering of the vessels. The Company will focus on the growth of its fleet, developing both the dry bulk and tanker vessels fleet base. The current focus is on younger vessels to ensure a longer revenue capacity through extended employment lifetime and to improve the overall fleet age profile and trading flexibility.
Registered in Bermuda, the Company maintains offices in Piraeus, Greece and Charlotte, North Carolina, USA. The Company is a Securities and Exchange Commission ("SEC"
reporting Foreign Private Issuer in compliance with applicable SEC rules and regulations and current in its SEC reporting, utilizing U.S. Generally Accepted Accounting Principles' financial reporting standards.
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TCA’s Global Credit Master Fund is a short duration, absolute return niche Credit fund specializing in senior secured lending and advisory services to small, mainly listed companies predominately in the U.S., Canada, the United Kingdom and Australia. This specialist business helps to fill the underserved small-cap lending gap which exists in these markets
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PIRAEUS, Greece, March 3, 2015 /PRNewswire/ -- NewLead Holdings Ltd. (NEWL) ("NewLead" or the "Company" announced today that it has entered into a Contract of Affreightment for one of its dry bulk vessels, the Panamax Newlead Markela, for the transportation, anticipated to be completed within a twelve month period, of approximately 704,000 tons of aggregates over eleven consecutive voyages.
View photo
.NewLead Holdings Ltd.
The Newlead Markela will be trading in the Arabian Gulf and the first shipment is scheduled to commence during March 2015.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "We have succeeded in securing solid employment of the Newlead Markela for the year 2015 while the dry bulk market is at historical lows. We intend to capitalize on our strong commercial relationships with charterers and trading companies to capture trading opportunities despite unfavorable market conditions in the dry bulk sector. We continue to optimize the employment of our fleet and enhance the revenues and cash flow of the Company."
Mr. Zolotas added, "Our strategy for 2015 is to continue to grow our fleet while taking advantage of market opportunities."
Newlead has approximately 43.2% and 45.4% of its operating days covered for 2015 for the dry bulk and tanker vessels, respectively, with the Newlead Victoria and the Nepheli on a period time charter until June 2018 and July 2015, respectively, and the rest of the Company's fleet trading on the spot market.
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PIRAEUS, Greece, Feb. 24, 2015 /PRNewswire/ -- NewLead Holdings Ltd. (NEWL) ("NewLead" or the "Company" announced today that it has entered into its first Contract of Affreightment for one of its bitumen tankers vessels, the Katerina L, for the transportation, within a ten month period, of a minimum of 31,000 tons of bitumen over ten voyages, or, at the Charterer's option, up to a maximum of 49,600 tons of bitumen over 16 voyages. The first shipment is scheduled to commence by the end of February 2015.
The Katerina L will be trading in the Mediterranean and United Arab Emirates areas between all the major refineries in the respective areas. Katerina L has secured employment for a minimum of 100 and a maximum of 300 days in 2015, depending on the respective trading routes.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "Our strong relationships with oil majors and specialized oil and bitumen trading companies allowed us to enter into the Contract of Affreightment for the transportation of all bitumen within a few months of the final delivery of all five bitumen tanker vessels. We continue to capitalize on our long-lasting relationships with oil majors and oil trading companies to capture trading opportunities in the market today."
NewLead recently announced the delivery of five bitumen tanker vessels, the 2009-built Captain Nikolas I, Nepheli, Ioli and Katerina L and the 2008-built Sofia. These five bitumen tanker vessels are highly sophisticated tankers vessels, transporting asphalt and operating in niche markets with relatively low competition. All five vessels are trading with oil majors and oil trading companies.
COVERAGE
Newlead has 24.6% and 23.9% of its operating days covered for 2015 for the dry-bulk and tanker vessels, respectively, with the "Newlead Victoria" and the "Nepheli" on a period time charter until June 2018 and July 2015, respectively, and the rest of the Company's fleet trading on the spot market
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PIRAEUS, Greece, Feb. 10, 2015 /PRNewswire/ -- NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company" announced today that it has succeeded in growing the fleet of the Company from two to ten vessels in less than one year following its growth strategy and delivering on its commitments.
NewLead's fleet has been entirely transformed to include younger, flexible in size, fuel-efficient vessels with an anticipated substantially longer employment lifetime and revenue capacity. Today, NewLead controls a fleet of ten vessels, five dry-bulk and five tanker vessels, with an average fleet age of 7.4 years. At the beginning of 2014, NewLead controlled a fleet of two dry-bulk vessels with an average fleet age of 17.84 years.
NewLead succeeded in taking delivery of three modern, high quality eco-type Handysize vessels, the 2012-built "Newlead Albion" and "Newlead Venetico" and the 2013-built "Newlead Castellano" in May, July and September 2014, respectively. The flexible size of these three vessels allows them to trade to all ports including smaller ports with length and draught restrictions and the fact that they are geared permits them to trade in emerging countries with ports with developing infrastructure for cargo loading operations.
NewLead recently announced the delivery of five bitumen tanker vessels, the 2009-built "Captain Nikolas I", "Nepheli", "Ioli" and "Katerina L" and the 2008-built "Sofia". These five bitumen tanker vessels are highly sophisticated tankers vessels, transporting asphalt and operating in niche markets with relatively low competition. All five vessels are trading with oil majors and oil trading companies.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "Our in-house highly qualified commercial management with access to industry partners, shipyards, charterers and traders, together with the constant evaluation of the market conditions and current market trends permitted us to decide to invest in the Handysize dry bulk vessels. Our in-house experienced technical management encouraged us to invest in the highly specialized bitumen tanker vessels. Our strong long-lasting relationships with recognizable ship finance banks and maritime financial institutions allowed us to realize the investment opportunities and develop a diversified fleet to capture opportunities in the market."
Mr. Michael Zolotas, continued, "Today, NewLead has proven that it can perform and deliver on its commitments. NewLead's management team, who are the cornerstone of our growth, continue to create solutions in bringing NewLead forward despite challenging and unpredictable industry conditions. We brought the completely restructured NewLead to the next era and anticipate expanding the Company further. NewLead has proven that it can weather all market conditions. We expect to continue to execute on our growth strategy with the same pace as in the past months, aiming to further expand the fleet under our control."
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PIRAEUS, Greece, Jan. 27, 2015 /PRNewswire/ -- NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company" announced today that it recently added five bitumen tanker vessels to its fleet. The Company has expanded its fleet to 10 vessels in less than a year while performing on its strategy to capitalize on opportunities that arise in the market.
NewLead
NewLead completed the acquisition of three bitumen tankers, the "Captain Nikolas I", the "Nepheli" and the "Sofia", for a purchase price of approximately $21.0 million, to be paid through a combination of equity and debt financing. The other two bitumen tankers, the "Ioli" and the "Katerina L", were added to NewLead's fleet following two separate bareboat/leasing agreements. The Company has the option to purchase the last two vessels at any time during the term of the bareboat/leasing agreements but has the obligation to purchase both vessels at the end of the term of such agreements, for an aggregate purchase price of a minimum of approximately $6.05 million together with the payment of any remaining unpaid trade debt on both vessels. The Company is expected to make a payment of approximately $4.23 million in connection with the delivery of the last two vessels. The delivery payment and the payment at the end of the agreements to purchase the vessels are expected to be paid, through the issuance of shares of common stock of the Company, all as described in the agreements included in the Company's Current Report on Form 6-K filed on January 27, 2015.
Four of the five vessels, the Captain Nikolas I, the Nepheli, the Ioli and the Katerina L, were built in 2009 and the Sofia was built in 2008. NewLead has been managing the Captain Nikolas I and the Sofia for over a year. The remaining three vessels were delivered to NewLead's fleet at various times during the fourth quarter of 2014.
The gross earnings from the employment of all five vessels are expected to be $12.65 million per year. All five vessels are expected to generate an aggregate of approximately $5.61 million of EBITDA per year assuming an aggregate of $7.04 million of yearly operating expenses. Four of the five bitumen tanker vessels are trading on the spot market and the Nepheli is on a period time charter until August 2015.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "NewLead continues to deliver on its commitments to create value for its shareholders and grow its fleet while improving the age profile as well as their tradability, increasing the cash flow as well as the revenues of the Company. Today, NewLead's average fleet age is 7.39 years compared to 17.84 years at the beginning of 2014."
Mr. Zolotas, continued, "NewLead invested in young, high quality sophisticated bitumen tanker vessels to capture opportunities in emerging economies and niche markets with relatively low competition. NewLead's long term relationships with oil majors and fuel oil companies will allow responsiveness to market opportunities as well as support its commitment to continue to grow its fleet."
Fleet Update
The following table details NewLead's fleet as of January 27, 2015:
Vessel Name
Size (dwt)
Vessel Type
Year Built
Dry Bulk Vessels
Newlead Castellano
35,542
Eco-type Handysize
2013
https://www.fleetmon.com/en/vessels/Newlead_C...no_8638084
Newlead Albion
32,318
Eco-type Handysize
2012
http://www.vesselfinder.com/vessels/NEWLEAD-A...-646016478
Newlead Venetico
32,500
Eco-type Handysize
2012
http://www.marinetraffic.com/ais/details/ship...D_VENETICO
Newlead Victoria
75,966
Panamax
2002 https://images.vesseltracker.com/images/vesse....jpg" />
http://www.marinetraffic.com/ais/details/ship...D_VICTORIA
Newlead Markela
71,733
Panamax
1990
http://www.marinetraffic.com/ais/details/ship...AD_MARKELA
Tanker Vessels
Captain Nikolas I
5,887
Chemical Tanker/Asphalt Carrier
2009
Katerina L
3,357
Chemical Tanker/Asphalt Carrier
2009
http://www.marinetraffic.com/ais/details/ship...KATERINA_L
Nepheli
3,416
Chemical Tanker/Asphalt Carrier
2009 https://images.vesseltracker.com/images/vesse....jpg" />
Ioli
3,396
Chemical Tanker/Asphalt Carrier
2009
https://www.q88.com/ViewShip.aspx?id=CE5E40FE...essel=Ioli
Sofia
2,888
Chemical Tanker/Asphalt Carrier
2008 https://img2.fleetmon.com/thumbnails/NEWLEAD_....jpg" />
https://www.fleetmon.com/en/vessels/M_T_Sofia_28303
Gema1
19,831
Oil Tanker
2001 https://img4.fleetmon.com/thumbnails/GEMA_981....jpg" />
https://www.fleetmon.com/en/vessels/Gema_1_2014475
1. This is a third party vessel under management
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PIRAEUS, Greece, Dec. 16, 2014 /PRNewswire/ -- NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company" announced today that the Company reached a full and final settlement with Ironridge Global IV ("Ironridge" on December 11, 2014 of all disputes between the parties. Pursuant to the settlement, the arbitration proceedings between the parties referred to in the Company's press release of June 5, 2014 has been discontinued, and the Share Subscription Agreement entered into on March 4, 2014 and the other related transaction documents, including the Series A Preference Shares, Promissory Notes and Irrevocable Letter of Instruction, have all been terminated and canceled.
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PIRAEUS, Greece, Oct. 23, 2014 /PRNewswire/ -- NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company" announced today that it has entered into a time charter contract for the recently delivered Handysize vessel, the "Newlead Castellano".
The Newlead Castellano has been chartered-out at a gross rate of $9,500 per day, minus a 6.25% commission payable to third parties, for a minimum of three and a maximum of five months. This employment is anticipated to generate approximately $855,000 of gross revenue for the minimum scheduled period of the time charter.
The Newlead Castellano is a 2013-built dry-bulk eco-type Handysize vessel of 35,542 dwt and is the third modern eco-type Handysize vessel to be delivered to NewLead's owned fleet in 2014.
As previously announced on September 22, 2014, when NewLead took delivery of the Newlead Castellano, the vessel is expected to generate approximately $1.7 million EBITDA per year assuming $1.73 million yearly operating expenses.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "We continue to capitalize on opportunities that arise in the dry bulk sector to increase the cash flow and future revenues of the Company. The Newlead Castellano has been fixed at a premium to current market charter rates."
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PIRAEUS, Greece, Sept. 22, 2014 /PRNewswire/ -- NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company" announced today that the "Newlead Castellano", a 2013-built dry-bulk eco-type Handysize vessel of 35,542 dwt, was delivered to NewLead's owned fleet on September 16, 2014.
NewLead Holdings Ltd.: Delivery of Newlead Castellano, a 2013-built eco-type Handysize dry bulk carrier
The Newlead Castellano is trading on the spot market and is expected to generate approximately $1.7 million EBITDA per year assuming $1.73 million yearly operating expenses.
The Newlead Castellano is the third modern eco-type Handysize vessel to be delivered to NewLead's owned fleet since January 2014. NewLead had agreed to acquire this vessel for a purchase price of $19.5 million in December 2013, as previously announced. The other two Handysize vessels, the Newlead Albion and the Newlead Venetico, both of which the Company had agreed to acquire in March 2014, for a total acquisition price of $37.0 million, were delivered on May 19, 2014 and July 25, 2014, respectively, as already announced.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "We are pleased to announce the delivery of the Newlead Castellano as scheduled. This is the third modern and fuel efficient vessel to be delivered to NewLead's fleet in less than a year. Today, NewLead's fleet is completely transformed and optimized. We have expanded our fleet by 85.7%, from two vessels to five vessels in less than one year. Today, we have a total fleet of eight vessels, including three tanker vessels under management. The average fleet age of our owned vessels is 8.53 years, reduced from 18.5 years at the beginning of this year."
Michael Zolotas, added, "We are accelerating the execution of our strategy to rebuild our fleet while focusing on younger vessels to ensure a longer revenue capacity through extended employment lifetime. We continue to capture on opportunities to grow our fleet to establish a strong platform ready to benefit from market and industry opportunities."
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PIRAEUS, Greece, July 29, 2014 /PRNewswire/ -- NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company" announced today that the "Newlead Venetico," a 2012-built dry-bulk eco-type Handysize vessel of 32,500 dwt, was delivered to NewLead's fleet on July 25, 2014.
The Newlead Venetico is trading on the spot market and is expected to generate approximately $1.7 million EBITDA per year assuming $1.73 million yearly OPEX.
The Newlead Venetico is the second of the two eco-type vessels, the Company agreed to acquire in March 2014 for a total acquisition price of $37.0 million, $18.5 million each, that have each now been delivered to NewLead's fleet. The first vessel, the Newlead Albion, was delivered to NewLead's fleet on May 19, 2014, as previously announced.
The Company financed the Newlead Venetico through a combination of cash and external financing. Specifically, in July 2014, the Company paid a deposit of $925,000 in cash, and the remaining balance was paid through a combination of cash, $3.7 million paid by NewLead, and 75% financing, $13.875 million, in a transaction arranged by Pareto Project Finance AS and supported by institutional investors.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "We are pleased to announce the delivery of the NewLead Venetico as scheduled. The Company's fleet is being optimized with fuel efficient vessels with an anticipated longer lifetime available for employment. The average fleet age is at its lowest level since the successful completion of the Company's restructuring in 2013. NewLead expects to take delivery of a third eco-type, Handysize dry-bulk vessel, 2013 built by the end of August 2014."
Michael Zolotas, added, "We are transforming the Company while delivering on our commitments."
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Five Mile Mine
Project Location, Access and Areas of Operation
The Five Mile Mine consists of a group of 42 surface and mineral leases located at Canoe Quadrangle, Breathitt County, Kentucky, approximately 2.1
miles NW of Copeland and 1.8 miles west of the North Fork of the Kentucky River off Kentucky highway 1110. The total acreage under lease is
approximately 7,695 acres. Primary access to the property is at Howard’s Creek Road off highway Kentucky 1110 to the project’s main access at Howard’s
Creek Road. Transportation of the coal to purchasers is available through a rail terminal approximately one mile from the property.
The Five Mile Mine already has permits related to the operation of the mine and the Andy Terminal Unit Train Loadout.
Agreements for Surface/Mineral Rights
We continue to pursue the acquisition of title to the Five Mile Mine and currently anticipate that it will close that acquisition by the end of 2014 through
the payment of the promissory notes in the amount of $11.0 million under the Hanover agreement.
Equipment, Infrastructure and Other Facilities
The Andy Terminal Unit Train Loadout and CSX Rail Siding that we will use to transport coal are located near Haddix, Breathitt County, Kentucky
and can load a unit train in approximately 4.5 - 6 hours at an average rate of 1800 TPH (tons per hour). A rail siding is a short railroad track connected with
the main track. At this location, the rail siding and the connecting railway are part of the railroad operated by CSX Corporation, Inc. The terminal facility was
constructed in 2005 by Taggert Global for Bluestone Coal Company and is most recently owned by Kentucky Fuel Corporation. The terminal consists of one
truck scale, two stockpile areas, two tunnels with feeders, one crusher, three conveyors, one electromagnet, one belt sampler, one control room and circular
rail siding on the CSX Railway, which is the adjoining railroad operated by CSX Corporation, Inc.
Previous Operations
The Five Mile Mine property is a so-called “greenfield property,” meaning there have been no previous operations on the property.
Property Condition, Exploration and Development
Although the Five Mile Mine property is a greenfield property, access roads and haul roads are under construction. The mine on this property will be an
open-pit mine. Our mining plan for the property is consistent with industry practice and will entail contour mining as well as auger/highwall mining for lower
seams. We intend to use contract miners who will be responsible for conducting water studies and geophysical surveys of potential aquifers and supplying
water to the property. If we operate the mine, we will conduct the water studies and geophysical surveys of potential aquifers and supply water to the property.
We will work with local power authorities and suppliers to provide power to the mines and associated facilities on the property. At this time it is not known
what the estimated cost associated with these projects will be.
As of December 31, 2013, we have incurred approximately $1.0 million for development costs related to the Five Mile Mine, in addition to approximately
$0.5 million costs that we have incurred related to its acquisition, which has not yet been completed.
Rock Formations, Mineralization and Reserves
The Five Mile Mine encompasses at least nine seams. The mineable reserves we expect to mine are in the Hazard seven through eleven seams as well as
Skyline seams one through four. These seams are included in the areas between Howards Creek and Middle Fork on the east and west sides of the property
and Howards Creek to Lick Branch on the north and south sides of the property. Historically, these seams contain low to high quality bituminous steam coal
which has been mined from the Pre-Civil War era until the present. Available geological mapping from the United States Geological Survey (U.S.G.S.) shows
the site to be underlain by the Breathitt formation which consists of cyclic sequences of sandstone, shale, coals and fireclays.
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Viking Mine
Project Location, Access and Areas of Operation
In September 2013, we acquired the rights to mine at the Viking Mine located in Pike, Floyd, and Letcher Counties in Kentucky, with approximately
4,795 mineral acres.
Agreements for Surface/Mineral Rights
The property consists of 4,795 acres which are included in one leasehold. There are several mineable coal seams on the property. There have previously
been agreements for leasing this property in total for mining rights on all coal seams.
Equipment, Infrastructure and Other Facilities
The Viking Mine has no equipment or facilities associated with the acquisition. However, there are permits in place which would be considered assets,
without which there would be no means of recovering the mineral which is in place on the leasehold. Permits are held from the KY Division of Mine
Reclamation and Enforcement and the KY Division Of Water. Additional licensing will be necessary from the KY Office of Mine Safety and Licensing, and
the US Mine Safety and Health Administration prior to the restart of active mining operations .
Previous Operations
This area was being mined by surface mining methods at the time of the acquisition, by a contract miner. The contract operator was operating on a
month to month basis. After the acquisition of the Viking Mine, that arrangement was ended and the active mining ceased. It has not been activated since the
acquisition date.
Property Condition, Exploration and Development
At this point the Viking Mine is inactive. There are, however, continuing obligations on the property which must be maintained in order to keep the
permits and licenses in good standing with the regulatory authorities. The contemporaneous reclamation will be brought into compliance once mining is
restarted on the property. Any other issues which need attention must be handled accordingly by contracting out the work to maintain compliance. There will
be additional exploration necessary on the property in order to prove the reserves in each of the seams and comply with the requirements of a proper reserve
estimate. Once the lease negotiations yield a suitable agreement, further development, permitting and mining may once again be initiated.
Rock Formations, Mineralization and Reserves
The properties in Kentucky also include natural gas wells and projects relating to extraction of timber, sand, gravel, fly ash and dimension stone. We
expect third parties to extract some of these commodities on the properties and pay royalties; however, we may decide to extract these commodities itself.
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The repayment schedule has been recommenced and, as a result, in January 2014, the Company was
granted access to develop and mine at the Five Mile Mine. The Company is continuing to pursue the acquisition of title to the Five Mile Mine and currently
anticipates that it will close that acquisition by the end of 2014.
Coal Sale Purchase Agreements (Purchase Agreements) As of December 31, 2013, New Lead JMEG LLC entered into two Sale Purchase Agreements with a third party to purchase from such third party thermal coal located in Kentucky, USA. The commencement period of the agreements, which were revised on March 17, 2013, is considered to be the first shipment of coal, which is expected to take place during the fourth quarter of 2014 or as otherwise agreed
The repayment schedule has been recommenced and, as a result, in January 2014, the Company was
granted access to develop and mine at the Five Mile Mine. The Company is continuing to pursue the acquisition of title to the Five Mile Mine and currently
anticipates that it will close that acquisition by the end of 2014.
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On this record date, there were 291,578,464 common shares outstanding
http://www.otcmarkets.com/edgar/GetFilingHtml...D=10328750
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NEWLEAD HOLDINGS LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts expressed in thousands of U.S. dollars except share amounts)
(unaudited)
As of
June 30, As of
December 31,
2014 2013
ASSETS
Current assets
Cash and cash equivalents $ 1,729 $ 2,271
Trade receivables, net 2,861 3,573
Promissory Notes 22,500 -
Other receivables 2,652 3,224
Due from related parties 5 10
Due from Joint Ventures 3,520 1,679
Inventories 963 288
Prepaid expenses 1,764 888
Deferred charges, net 667 489
Total current assets 36,661 12,422
Non-Current assets
Restricted cash 183 31
Advances for acquisition of coal property 21,855 21,855
Advances for vessel acquisition 41,247 22,747
Vessels and other fixed assets, net 51,636 35,067
Property equipement and mine development costs 9,804 10,051
Owned and leased mineral net of accumulated depletion rights, land and building 20,980 20,977
Goodwill 28,007 28,007
Other non-current assets 325 174
Total non-current assets 174,037 138,909
Total assets $ 210,698 $ 151,331
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities
Current portion of long-term debt $ 59,930 $ 60,306
Accounts payable, trade 18,538 21,451
Accrued liabilities 18,272 15,173
Share settled debt 2,076 72,595
Share settled dividend liability on preferred stock 10,582 -
Convertible notes, net 98,846 101,651
Capital lease obligations 60 -
Deferred income 47 -
Derivative financial instruments 55,623 20,491
Due to related parties 184 34
Other current liabilities 17,575 -
Total current liabilities 281,733 291,701
Non-current liabilities
Capital lease obligations 13,671 -
Asset retirement obligations 1,050 979
Total non-current liabilities 14,721 979
Total liabilities 296,454 292,680
Commitments and contingencies - -
Shareholders' deficit
Preferred Shares $0.01par value, 500 million shares authorized, 2,250 issued and outstanding as of June 30, 2014 0 -
Preferred Shares Additional paid-in capital 22,500 -
Common Shares $0.01 par value, 1 billion shares authorized, 3.07 million and 0.0013 million shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively 31 0
Additional paid-in capital 914,153 833,235
Accumulated deficit (1,020,946 ) (973,263 )
Other comprehensive income 6 34
Total NewLead Holdings' shareholders' deficit (84,256 ) (139,994 )
Noncontrolling interest (1,500 ) (1,355 )
Total shareholders' deficit (85,756 ) (141,349 )
Total liabilities and shareholders' deficit $ 210,698 $ 151,331
http://www.otcmarkets.com/edgar/GetFilingHtml...D=10348503
RECENT UPDATES
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TCA Fund Closes 10 Million USD Loan to NewLead Holdings
Business Wire TCA Fund Management Group
14 hours ago
MIAMI--(BUSINESS WIRE)--
TCA Fund Management Group, “TCA”, has announced the closing of a $10,000,000 USD Senior Secured Debenture with an initial draw set at $4,250,000 for NewLead Holdings Ltd. (NEWL).
NewLead Holdings Ltd., the "Company”, is an international, vertically integrated shipping, logistics and commodity company providing solutions for worldwide seaborne transportation of dry bulk commodities and petroleum products. The company controls a fleet of ten vessels, including five dry-bulk and five tanker vessels and manages one-third party tanker vessel.
NewLead President and CEO, Mr. Michael Zolotas stated, “NewLead is elated to have closed this debenture with TCA. We have been in talks for over a year, with TCA witnessing our growth from just two vessels to over 10 in less than a year. We are looking forward to growing our fleet further with the financial support of TCA.”
NewLead continuously monitors the shipping market to ensure the capturing of opportunities in the sale and purchase as well as chartering of the vessels. The Company will focus on the growth of its fleet, developing both the dry bulk and tanker vessels fleet base. The current focus is on younger vessels to ensure a longer revenue capacity through extended employment lifetime and to improve the overall fleet age profile and trading flexibility.
Registered in Bermuda, the Company maintains offices in Piraeus, Greece and Charlotte, North Carolina, USA. The Company is a Securities and Exchange Commission ("SEC"
reporting Foreign Private Issuer in compliance with applicable SEC rules and regulations and current in its SEC reporting, utilizing U.S. Generally Accepted Accounting Principles' financial reporting standards. Related Quotes
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NEWLEAD HOLDINGS LTD. Financials EDGAR Online Financials 7 mths ago
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TCA’s Global Credit Master Fund is a short duration, absolute return niche Credit fund specializing in senior secured lending and advisory services to small, mainly listed companies predominately in the U.S., Canada, the United Kingdom and Australia. This specialist business helps to fill the underserved small-cap lending gap which exists in these markets
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PIRAEUS, Greece, March 3, 2015 /PRNewswire/ -- NewLead Holdings Ltd. (NEWL) ("NewLead" or the "Company"
announced today that it has entered into a Contract of Affreightment for one of its dry bulk vessels, the Panamax Newlead Markela, for the transportation, anticipated to be completed within a twelve month period, of approximately 704,000 tons of aggregates over eleven consecutive voyages. View photo
.NewLead Holdings Ltd.
The Newlead Markela will be trading in the Arabian Gulf and the first shipment is scheduled to commence during March 2015.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "We have succeeded in securing solid employment of the Newlead Markela for the year 2015 while the dry bulk market is at historical lows. We intend to capitalize on our strong commercial relationships with charterers and trading companies to capture trading opportunities despite unfavorable market conditions in the dry bulk sector. We continue to optimize the employment of our fleet and enhance the revenues and cash flow of the Company."
Mr. Zolotas added, "Our strategy for 2015 is to continue to grow our fleet while taking advantage of market opportunities."
Newlead has approximately 43.2% and 45.4% of its operating days covered for 2015 for the dry bulk and tanker vessels, respectively, with the Newlead Victoria and the Nepheli on a period time charter until June 2018 and July 2015, respectively, and the rest of the Company's fleet trading on the spot market.
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PIRAEUS, Greece, Feb. 24, 2015 /PRNewswire/ -- NewLead Holdings Ltd. (NEWL) ("NewLead" or the "Company"
announced today that it has entered into its first Contract of Affreightment for one of its bitumen tankers vessels, the Katerina L, for the transportation, within a ten month period, of a minimum of 31,000 tons of bitumen over ten voyages, or, at the Charterer's option, up to a maximum of 49,600 tons of bitumen over 16 voyages. The first shipment is scheduled to commence by the end of February 2015. The Katerina L will be trading in the Mediterranean and United Arab Emirates areas between all the major refineries in the respective areas. Katerina L has secured employment for a minimum of 100 and a maximum of 300 days in 2015, depending on the respective trading routes.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "Our strong relationships with oil majors and specialized oil and bitumen trading companies allowed us to enter into the Contract of Affreightment for the transportation of all bitumen within a few months of the final delivery of all five bitumen tanker vessels. We continue to capitalize on our long-lasting relationships with oil majors and oil trading companies to capture trading opportunities in the market today."
NewLead recently announced the delivery of five bitumen tanker vessels, the 2009-built Captain Nikolas I, Nepheli, Ioli and Katerina L and the 2008-built Sofia. These five bitumen tanker vessels are highly sophisticated tankers vessels, transporting asphalt and operating in niche markets with relatively low competition. All five vessels are trading with oil majors and oil trading companies.
COVERAGE
Newlead has 24.6% and 23.9% of its operating days covered for 2015 for the dry-bulk and tanker vessels, respectively, with the "Newlead Victoria" and the "Nepheli" on a period time charter until June 2018 and July 2015, respectively, and the rest of the Company's fleet trading on the spot market
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PIRAEUS, Greece, Feb. 10, 2015 /PRNewswire/ -- NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company"
announced today that it has succeeded in growing the fleet of the Company from two to ten vessels in less than one year following its growth strategy and delivering on its commitments. NewLead's fleet has been entirely transformed to include younger, flexible in size, fuel-efficient vessels with an anticipated substantially longer employment lifetime and revenue capacity. Today, NewLead controls a fleet of ten vessels, five dry-bulk and five tanker vessels, with an average fleet age of 7.4 years. At the beginning of 2014, NewLead controlled a fleet of two dry-bulk vessels with an average fleet age of 17.84 years.
NewLead succeeded in taking delivery of three modern, high quality eco-type Handysize vessels, the 2012-built "Newlead Albion" and "Newlead Venetico" and the 2013-built "Newlead Castellano" in May, July and September 2014, respectively. The flexible size of these three vessels allows them to trade to all ports including smaller ports with length and draught restrictions and the fact that they are geared permits them to trade in emerging countries with ports with developing infrastructure for cargo loading operations.
NewLead recently announced the delivery of five bitumen tanker vessels, the 2009-built "Captain Nikolas I", "Nepheli", "Ioli" and "Katerina L" and the 2008-built "Sofia". These five bitumen tanker vessels are highly sophisticated tankers vessels, transporting asphalt and operating in niche markets with relatively low competition. All five vessels are trading with oil majors and oil trading companies.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "Our in-house highly qualified commercial management with access to industry partners, shipyards, charterers and traders, together with the constant evaluation of the market conditions and current market trends permitted us to decide to invest in the Handysize dry bulk vessels. Our in-house experienced technical management encouraged us to invest in the highly specialized bitumen tanker vessels. Our strong long-lasting relationships with recognizable ship finance banks and maritime financial institutions allowed us to realize the investment opportunities and develop a diversified fleet to capture opportunities in the market."
Mr. Michael Zolotas, continued, "Today, NewLead has proven that it can perform and deliver on its commitments. NewLead's management team, who are the cornerstone of our growth, continue to create solutions in bringing NewLead forward despite challenging and unpredictable industry conditions. We brought the completely restructured NewLead to the next era and anticipate expanding the Company further. NewLead has proven that it can weather all market conditions. We expect to continue to execute on our growth strategy with the same pace as in the past months, aiming to further expand the fleet under our control."
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PIRAEUS, Greece, Jan. 27, 2015 /PRNewswire/ -- NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company"
announced today that it recently added five bitumen tanker vessels to its fleet. The Company has expanded its fleet to 10 vessels in less than a year while performing on its strategy to capitalize on opportunities that arise in the market. NewLead
NewLead completed the acquisition of three bitumen tankers, the "Captain Nikolas I", the "Nepheli" and the "Sofia", for a purchase price of approximately $21.0 million, to be paid through a combination of equity and debt financing. The other two bitumen tankers, the "Ioli" and the "Katerina L", were added to NewLead's fleet following two separate bareboat/leasing agreements. The Company has the option to purchase the last two vessels at any time during the term of the bareboat/leasing agreements but has the obligation to purchase both vessels at the end of the term of such agreements, for an aggregate purchase price of a minimum of approximately $6.05 million together with the payment of any remaining unpaid trade debt on both vessels. The Company is expected to make a payment of approximately $4.23 million in connection with the delivery of the last two vessels. The delivery payment and the payment at the end of the agreements to purchase the vessels are expected to be paid, through the issuance of shares of common stock of the Company, all as described in the agreements included in the Company's Current Report on Form 6-K filed on January 27, 2015.
Four of the five vessels, the Captain Nikolas I, the Nepheli, the Ioli and the Katerina L, were built in 2009 and the Sofia was built in 2008. NewLead has been managing the Captain Nikolas I and the Sofia for over a year. The remaining three vessels were delivered to NewLead's fleet at various times during the fourth quarter of 2014.
The gross earnings from the employment of all five vessels are expected to be $12.65 million per year. All five vessels are expected to generate an aggregate of approximately $5.61 million of EBITDA per year assuming an aggregate of $7.04 million of yearly operating expenses. Four of the five bitumen tanker vessels are trading on the spot market and the Nepheli is on a period time charter until August 2015.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "NewLead continues to deliver on its commitments to create value for its shareholders and grow its fleet while improving the age profile as well as their tradability, increasing the cash flow as well as the revenues of the Company. Today, NewLead's average fleet age is 7.39 years compared to 17.84 years at the beginning of 2014."
Mr. Zolotas, continued, "NewLead invested in young, high quality sophisticated bitumen tanker vessels to capture opportunities in emerging economies and niche markets with relatively low competition. NewLead's long term relationships with oil majors and fuel oil companies will allow responsiveness to market opportunities as well as support its commitment to continue to grow its fleet."
Fleet Update
The following table details NewLead's fleet as of January 27, 2015:
Vessel Name
Size (dwt)
Vessel Type
Year Built
Dry Bulk Vessels
Newlead Castellano
35,542
Eco-type Handysize
2013
https://www.fleetmon.com/en/vessels/Newlead_C...no_8638084
Newlead Albion
32,318
Eco-type Handysize
2012
http://www.vesselfinder.com/vessels/NEWLEAD-A...-646016478
Newlead Venetico
32,500
Eco-type Handysize
2012
http://www.marinetraffic.com/ais/details/ship...D_VENETICO
Newlead Victoria
75,966
Panamax
2002 https://images.vesseltracker.com/images/vesse....jpg" />
http://www.marinetraffic.com/ais/details/ship...D_VICTORIA
Newlead Markela
71,733
Panamax
1990
http://www.marinetraffic.com/ais/details/ship...AD_MARKELA
Tanker Vessels
Captain Nikolas I
5,887
Chemical Tanker/Asphalt Carrier
2009
Katerina L
3,357
Chemical Tanker/Asphalt Carrier
2009
http://www.marinetraffic.com/ais/details/ship...KATERINA_L
Nepheli
3,416
Chemical Tanker/Asphalt Carrier
2009 https://images.vesseltracker.com/images/vesse....jpg" />
Ioli
3,396
Chemical Tanker/Asphalt Carrier
2009
https://www.q88.com/ViewShip.aspx?id=CE5E40FE...essel=Ioli
Sofia
2,888
Chemical Tanker/Asphalt Carrier
2008 https://img2.fleetmon.com/thumbnails/NEWLEAD_....jpg" />
https://www.fleetmon.com/en/vessels/M_T_Sofia_28303
Gema1
19,831
Oil Tanker
2001 https://img4.fleetmon.com/thumbnails/GEMA_981....jpg" />
https://www.fleetmon.com/en/vessels/Gema_1_2014475
1. This is a third party vessel under management
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PIRAEUS, Greece, Dec. 16, 2014 /PRNewswire/ -- NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company"
announced today that the Company reached a full and final settlement with Ironridge Global IV ("Ironridge" on December 11, 2014 of all disputes between the parties. Pursuant to the settlement, the arbitration proceedings between the parties referred to in the Company's press release of June 5, 2014 has been discontinued, and the Share Subscription Agreement entered into on March 4, 2014 and the other related transaction documents, including the Series A Preference Shares, Promissory Notes and Irrevocable Letter of Instruction, have all been terminated and canceled. $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
PIRAEUS, Greece, Oct. 23, 2014 /PRNewswire/ -- NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company"
announced today that it has entered into a time charter contract for the recently delivered Handysize vessel, the "Newlead Castellano". The Newlead Castellano has been chartered-out at a gross rate of $9,500 per day, minus a 6.25% commission payable to third parties, for a minimum of three and a maximum of five months. This employment is anticipated to generate approximately $855,000 of gross revenue for the minimum scheduled period of the time charter.
The Newlead Castellano is a 2013-built dry-bulk eco-type Handysize vessel of 35,542 dwt and is the third modern eco-type Handysize vessel to be delivered to NewLead's owned fleet in 2014.
As previously announced on September 22, 2014, when NewLead took delivery of the Newlead Castellano, the vessel is expected to generate approximately $1.7 million EBITDA per year assuming $1.73 million yearly operating expenses.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "We continue to capitalize on opportunities that arise in the dry bulk sector to increase the cash flow and future revenues of the Company. The Newlead Castellano has been fixed at a premium to current market charter rates."
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PIRAEUS, Greece, Sept. 22, 2014 /PRNewswire/ -- NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company"
announced today that the "Newlead Castellano", a 2013-built dry-bulk eco-type Handysize vessel of 35,542 dwt, was delivered to NewLead's owned fleet on September 16, 2014. NewLead Holdings Ltd.: Delivery of Newlead Castellano, a 2013-built eco-type Handysize dry bulk carrier
The Newlead Castellano is trading on the spot market and is expected to generate approximately $1.7 million EBITDA per year assuming $1.73 million yearly operating expenses.
The Newlead Castellano is the third modern eco-type Handysize vessel to be delivered to NewLead's owned fleet since January 2014. NewLead had agreed to acquire this vessel for a purchase price of $19.5 million in December 2013, as previously announced. The other two Handysize vessels, the Newlead Albion and the Newlead Venetico, both of which the Company had agreed to acquire in March 2014, for a total acquisition price of $37.0 million, were delivered on May 19, 2014 and July 25, 2014, respectively, as already announced.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "We are pleased to announce the delivery of the Newlead Castellano as scheduled. This is the third modern and fuel efficient vessel to be delivered to NewLead's fleet in less than a year. Today, NewLead's fleet is completely transformed and optimized. We have expanded our fleet by 85.7%, from two vessels to five vessels in less than one year. Today, we have a total fleet of eight vessels, including three tanker vessels under management. The average fleet age of our owned vessels is 8.53 years, reduced from 18.5 years at the beginning of this year."
Michael Zolotas, added, "We are accelerating the execution of our strategy to rebuild our fleet while focusing on younger vessels to ensure a longer revenue capacity through extended employment lifetime. We continue to capture on opportunities to grow our fleet to establish a strong platform ready to benefit from market and industry opportunities."
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PIRAEUS, Greece, July 29, 2014 /PRNewswire/ -- NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company"
announced today that the "Newlead Venetico," a 2012-built dry-bulk eco-type Handysize vessel of 32,500 dwt, was delivered to NewLead's fleet on July 25, 2014. The Newlead Venetico is trading on the spot market and is expected to generate approximately $1.7 million EBITDA per year assuming $1.73 million yearly OPEX.
The Newlead Venetico is the second of the two eco-type vessels, the Company agreed to acquire in March 2014 for a total acquisition price of $37.0 million, $18.5 million each, that have each now been delivered to NewLead's fleet. The first vessel, the Newlead Albion, was delivered to NewLead's fleet on May 19, 2014, as previously announced.
The Company financed the Newlead Venetico through a combination of cash and external financing. Specifically, in July 2014, the Company paid a deposit of $925,000 in cash, and the remaining balance was paid through a combination of cash, $3.7 million paid by NewLead, and 75% financing, $13.875 million, in a transaction arranged by Pareto Project Finance AS and supported by institutional investors.
Mr. Michael Zolotas, Chairman and Chief Executive Officer of NewLead, stated, "We are pleased to announce the delivery of the NewLead Venetico as scheduled. The Company's fleet is being optimized with fuel efficient vessels with an anticipated longer lifetime available for employment. The average fleet age is at its lowest level since the successful completion of the Company's restructuring in 2013. NewLead expects to take delivery of a third eco-type, Handysize dry-bulk vessel, 2013 built by the end of August 2014."
Michael Zolotas, added, "We are transforming the Company while delivering on our commitments."
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Five Mile Mine
Project Location, Access and Areas of Operation
The Five Mile Mine consists of a group of 42 surface and mineral leases located at Canoe Quadrangle, Breathitt County, Kentucky, approximately 2.1
miles NW of Copeland and 1.8 miles west of the North Fork of the Kentucky River off Kentucky highway 1110. The total acreage under lease is
approximately 7,695 acres. Primary access to the property is at Howard’s Creek Road off highway Kentucky 1110 to the project’s main access at Howard’s
Creek Road. Transportation of the coal to purchasers is available through a rail terminal approximately one mile from the property.
The Five Mile Mine already has permits related to the operation of the mine and the Andy Terminal Unit Train Loadout.
Agreements for Surface/Mineral Rights
We continue to pursue the acquisition of title to the Five Mile Mine and currently anticipate that it will close that acquisition by the end of 2014 through
the payment of the promissory notes in the amount of $11.0 million under the Hanover agreement.
Equipment, Infrastructure and Other Facilities
The Andy Terminal Unit Train Loadout and CSX Rail Siding that we will use to transport coal are located near Haddix, Breathitt County, Kentucky
and can load a unit train in approximately 4.5 - 6 hours at an average rate of 1800 TPH (tons per hour). A rail siding is a short railroad track connected with
the main track. At this location, the rail siding and the connecting railway are part of the railroad operated by CSX Corporation, Inc. The terminal facility was
constructed in 2005 by Taggert Global for Bluestone Coal Company and is most recently owned by Kentucky Fuel Corporation. The terminal consists of one
truck scale, two stockpile areas, two tunnels with feeders, one crusher, three conveyors, one electromagnet, one belt sampler, one control room and circular
rail siding on the CSX Railway, which is the adjoining railroad operated by CSX Corporation, Inc.
Previous Operations
The Five Mile Mine property is a so-called “greenfield property,” meaning there have been no previous operations on the property.
Property Condition, Exploration and Development
Although the Five Mile Mine property is a greenfield property, access roads and haul roads are under construction. The mine on this property will be an
open-pit mine. Our mining plan for the property is consistent with industry practice and will entail contour mining as well as auger/highwall mining for lower
seams. We intend to use contract miners who will be responsible for conducting water studies and geophysical surveys of potential aquifers and supplying
water to the property. If we operate the mine, we will conduct the water studies and geophysical surveys of potential aquifers and supply water to the property.
We will work with local power authorities and suppliers to provide power to the mines and associated facilities on the property. At this time it is not known
what the estimated cost associated with these projects will be.
As of December 31, 2013, we have incurred approximately $1.0 million for development costs related to the Five Mile Mine, in addition to approximately
$0.5 million costs that we have incurred related to its acquisition, which has not yet been completed.
Rock Formations, Mineralization and Reserves
The Five Mile Mine encompasses at least nine seams. The mineable reserves we expect to mine are in the Hazard seven through eleven seams as well as
Skyline seams one through four. These seams are included in the areas between Howards Creek and Middle Fork on the east and west sides of the property
and Howards Creek to Lick Branch on the north and south sides of the property. Historically, these seams contain low to high quality bituminous steam coal
which has been mined from the Pre-Civil War era until the present. Available geological mapping from the United States Geological Survey (U.S.G.S.) shows
the site to be underlain by the Breathitt formation which consists of cyclic sequences of sandstone, shale, coals and fireclays.
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Viking Mine
Project Location, Access and Areas of Operation
In September 2013, we acquired the rights to mine at the Viking Mine located in Pike, Floyd, and Letcher Counties in Kentucky, with approximately
4,795 mineral acres.
Agreements for Surface/Mineral Rights
The property consists of 4,795 acres which are included in one leasehold. There are several mineable coal seams on the property. There have previously
been agreements for leasing this property in total for mining rights on all coal seams.
Equipment, Infrastructure and Other Facilities
The Viking Mine has no equipment or facilities associated with the acquisition. However, there are permits in place which would be considered assets,
without which there would be no means of recovering the mineral which is in place on the leasehold. Permits are held from the KY Division of Mine
Reclamation and Enforcement and the KY Division Of Water. Additional licensing will be necessary from the KY Office of Mine Safety and Licensing, and
the US Mine Safety and Health Administration prior to the restart of active mining operations .
Previous Operations
This area was being mined by surface mining methods at the time of the acquisition, by a contract miner. The contract operator was operating on a
month to month basis. After the acquisition of the Viking Mine, that arrangement was ended and the active mining ceased. It has not been activated since the
acquisition date.
Property Condition, Exploration and Development
At this point the Viking Mine is inactive. There are, however, continuing obligations on the property which must be maintained in order to keep the
permits and licenses in good standing with the regulatory authorities. The contemporaneous reclamation will be brought into compliance once mining is
restarted on the property. Any other issues which need attention must be handled accordingly by contracting out the work to maintain compliance. There will
be additional exploration necessary on the property in order to prove the reserves in each of the seams and comply with the requirements of a proper reserve
estimate. Once the lease negotiations yield a suitable agreement, further development, permitting and mining may once again be initiated.
Rock Formations, Mineralization and Reserves
The properties in Kentucky also include natural gas wells and projects relating to extraction of timber, sand, gravel, fly ash and dimension stone. We
expect third parties to extract some of these commodities on the properties and pay royalties; however, we may decide to extract these commodities itself.
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The repayment schedule has been recommenced and, as a result, in January 2014, the Company was
granted access to develop and mine at the Five Mile Mine. The Company is continuing to pursue the acquisition of title to the Five Mile Mine and currently
anticipates that it will close that acquisition by the end of 2014.
Coal Sale Purchase Agreements (Purchase Agreements) As of December 31, 2013, New Lead JMEG LLC entered into two Sale Purchase Agreements with a third party to purchase from such third party thermal coal located in Kentucky, USA. The commencement period of the agreements, which were revised on March 17, 2013, is considered to be the first shipment of coal, which is expected to take place during the fourth quarter of 2014 or as otherwise agreed
The repayment schedule has been recommenced and, as a result, in January 2014, the Company was
granted access to develop and mine at the Five Mile Mine. The Company is continuing to pursue the acquisition of title to the Five Mile Mine and currently
anticipates that it will close that acquisition by the end of 2014.
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On this record date, there were 291,578,464 common shares outstanding
http://www.otcmarkets.com/edgar/GetFilingHtml...D=10328750
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NEWLEAD HOLDINGS LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts expressed in thousands of U.S. dollars except share amounts)
(unaudited)
As of
June 30, As of
December 31,
2014 2013
ASSETS
Current assets
Cash and cash equivalents $ 1,729 $ 2,271
Trade receivables, net 2,861 3,573
Promissory Notes 22,500 -
Other receivables 2,652 3,224
Due from related parties 5 10
Due from Joint Ventures 3,520 1,679
Inventories 963 288
Prepaid expenses 1,764 888
Deferred charges, net 667 489
Total current assets 36,661 12,422
Non-Current assets
Restricted cash 183 31
Advances for acquisition of coal property 21,855 21,855
Advances for vessel acquisition 41,247 22,747
Vessels and other fixed assets, net 51,636 35,067
Property equipement and mine development costs 9,804 10,051
Owned and leased mineral net of accumulated depletion rights, land and building 20,980 20,977
Goodwill 28,007 28,007
Other non-current assets 325 174
Total non-current assets 174,037 138,909
Total assets $ 210,698 $ 151,331
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities
Current portion of long-term debt $ 59,930 $ 60,306
Accounts payable, trade 18,538 21,451
Accrued liabilities 18,272 15,173
Share settled debt 2,076 72,595
Share settled dividend liability on preferred stock 10,582 -
Convertible notes, net 98,846 101,651
Capital lease obligations 60 -
Deferred income 47 -
Derivative financial instruments 55,623 20,491
Due to related parties 184 34
Other current liabilities 17,575 -
Total current liabilities 281,733 291,701
Non-current liabilities
Capital lease obligations 13,671 -
Asset retirement obligations 1,050 979
Total non-current liabilities 14,721 979
Total liabilities 296,454 292,680
Commitments and contingencies - -
Shareholders' deficit
Preferred Shares $0.01par value, 500 million shares authorized, 2,250 issued and outstanding as of June 30, 2014 0 -
Preferred Shares Additional paid-in capital 22,500 -
Common Shares $0.01 par value, 1 billion shares authorized, 3.07 million and 0.0013 million shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively 31 0
Additional paid-in capital 914,153 833,235
Accumulated deficit (1,020,946 ) (973,263 )
Other comprehensive income 6 34
Total NewLead Holdings' shareholders' deficit (84,256 ) (139,994 )
Noncontrolling interest (1,500 ) (1,355 )
Total shareholders' deficit (85,756 ) (141,349 )
Total liabilities and shareholders' deficit $ 210,698 $ 151,331
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