GOLDEN STATE PETRO IOM I B PLC

CIK:0001038461|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
Bareboat charter revenues	$ 2,109	$ 10,403	$ 10,403
Voyage charter revenues	11,432	0	0
Total operating revenues	13,541	10,403	10,403
Voyage expenses and commission	8,416	0	0
Ship operating expenses	2,630	0	0
Operating expenses
Administrative expenses	50	50	67
Depreciation	2,866	2,866	2,866
Total operating expenses	13,962	2,916	2,933
Net operating (loss) income	(421)	7,487	7,470
Other income (expenses)
Interest income	3	3	284
Interest expense	(3,496)	(3,835)	(4,149)
Gain on termination of funding agreement	0	0	4,523
Other financial items	(6)	(6)	(98)
Amortization of deferred charges	(40)	(40)	(40)
Net other (expenses) income	(3,539)	(3,878)	520
Net (loss) income	(3,960)	3,609	7,990
Retained earnings at the start of year	29,609	26,000	18,010
Retained earnings at the end of year	$ 25,649	$ 29,609	$ 26,000

Statement of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net (loss) income	$ (3,960)	$ 3,609	$ 7,990
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation	2,866	2,866	2,866
Amortization of deferred charges	40	40	40
Gain on termination of funding agreement	0	0	(4,523)
Changes in operating assets and liabilities:
Inventories	(1,254)	0	0
Other current assets	(320)	0	0
Accrued expenses and other current liabilities	(106)	(134)	(520)
Related party balances	(1,469)	50	504
Net cash (used in) provided by operating activities	(4,203)	6,431	6,357
Investing activities
Change in restricted cash and investments	8,538	(2,431)	(2,657)
Net cash provided by (used in) investing activities	8,538	(2,431)	(2,657)
Financing activities
Repayment of debt	(4,335)	(4,000)	(3,700)
Net cash used in financing activities	(4,335)	(4,000)	(3,700)
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	$ 3,641	$ 3,969	$ 4,273

Balance Sheet (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Current assets
Restricted cash and investments	$ 26,730	$ 35,268
Inventories	1,254	0
Other current assets	320	0
Related party receivables	941	0
Total current assets	29,245	35,268
Vessel, net	40,580	43,446
Deferred charges	200	240
Total assets	70,025	78,954
Deferred charges
Current portion of long-term debt	4,685	4,335
Due to related parties	47	575
Accrued expenses and other current liabilities	2,314	2,420
Total current liabilities	7,046	7,330
Long-term debt	37,330	42,015
Total liabilities	44,376	49,345
Equity
Common stock: 2 shares of no par value	0	0
Retained earnings	25,649	29,609
Total equity	25,649	29,609
Total liabilities and equity	$ 70,025	$ 78,954