GOLDEN STATE PETRO IOM I A PLC

CIK:0001038460|SEC Filings

Statement of Operations and Retained Earnings (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating revenues
Charter revenues	$ 12,208	$ 17,283	$ 17,455
Total operating revenues	12,208	17,283	17,455
Operating expenses
Voyage expenses	9,291	14,083	12,413
Ship operating expenses	4,139	3,482	3,156
Administrative expenses	50	50	63
Depreciation	2,831	2,831	2,831
Total operating expenses	16,311	20,446	18,463
Net operating loss	(4,103)	(3,163)	(1,008)
Other income (expenses)
Interest income	0	1	312
Interest expense	(3,429)	(3,760)	(4,066)
Gain on termination of funding agreement		0	4,277
Other financial items	(6)	(7)	(99)
Amortization of deferred charges	(39)	(39)	(39)
Net other (expenses) income	(3,474)	(3,805)	385
Net loss	(7,577)	(6,968)	(623)
Retained earnings at start of year	12,140	19,108	19,731
Retained earnings at end of year	$ 4,563	$ 12,140	$ 19,108

Statement of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net loss	$ (7,577)	$ (6,968)	$ (623)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	2,831	2,831	2,831
Amortization of deferred charges	39	39	39
Gain on termination of funding agreement		0	(4,277)
Changes in operating assets and liabilities:
Inventories	1,211	104	(998)
Voyages in progress	1,256	75	(1,331)
Other current assets	(202)	83	(425)
Trade accounts payable	25	(16)	(844)
Related party balances	(2,217)	1,733	(3,100)
Accrued expenses and other current liabilities	957	(1,777)	1,173
Net cash used in operating activities	(3,677)	(3,896)	(7,555)
Investing activities
Change in restricted cash and investments	7,897	7,796	11,160
Net cash provided by investing activities	7,897	7,796	11,160
Financing activities
Repayment of debt	(4,220)	(3,900)	(3,605)
Net cash used in financing activities	(4,220)	(3,900)	(3,605)
Net change in cash and cash equivalents	0	0	0
Cash and cash equivalents at beginning of year	0	0	0
Cash and cash equivalents at end of year	0	0	0
Supplemental disclosure of cash flow information:
Interest paid	$ 3,570	$ 3,891	$ 4,187

Balance Sheet (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Current assets
Restricted cash and investments	$ 5,169	$ 13,066
Related party receivables	2,470	303
Inventories	471	1,682
Voyages in progress	0	1,256
Other current assets	634	432
Total current assets	8,744	16,739
Vessel, net	39,559	42,390
Deferred charges	198	237
Total assets	48,501	59,366
Current liabilities
Current portion of long-term debt	4,570	4,220
Trade accounts payable	51	26
Due to related parties	46	96
Accrued expenses and other current liabilities	2,616	1,659
Total current liabilities	7,283	6,001
Long-term debt	36,655	41,225
Total liabilities	43,938	47,226
Equity
Common stock: 2 shares of no par value	0	0
Retained earnings	4,563	12,140
Total equity	4,563	12,140
Total liabilities and equity	$ 48,501	$ 59,366