NORDIC AMERICAN OFFSHORE LTD.

CIK:0001597659|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Apr. 08, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Charter revenue	$ 5,258	$ 36,555	$ 20,654	$ 17,895
Vessel operating expenses	(6,612)	(27,230)	(25,173)	(20,454)
Voyage expenses	(395)	(1,124)	(2,215)	(1,815)
General and administrative costs	(1,207)	(4,534)	(4,757)	(4,222)
Depreciation	(2,205)	(8,452)	(17,298)	(17,472)
Impairment loss on vessels	0	0	(160,080)	0
Net operating loss	(5,161)	(4,785)	(188,869)	(26,068)
Interest income	21	39	207	298
Interest expense	(2,555)	(6,571)	(8,031)	(4,880)
Other financial expenses, net	32	(136)	(601)	327
Net finance expenses	(2,502)	(6,668)	(8,425)	(4,255)
Loss before income taxes	(7,663)	(11,453)	(197,294)	(30,323)
Income tax benefit	0	0	0	997
Net loss and comprehensive loss	$ (7,663)	$ (11,453)	$ (197,294)	$ (29,326)
Basic and diluted loss per share (in dollars per share)	$ (1.04)	$ (0.56)	$ (31.50)	$ (5.33)
Basic and diluted average number of common shares outstanding (shares)	7,374,069	20,481,174	6,263,094	5,499,561

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Apr. 08, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities
Net loss	$ (7,663)	$ (11,453)	$ (197,294)	$ (29,326)
Reconciliation of net loss to net cash used in operating activities
Depreciation	2,205	8,452	17,298	17,480
Amortization of deferred financing costs	90	0	359	359
Overhaul of engine costs and drydock payments	(772)	(5,389)	(3,610)	(341)
Amortization of acquired time charters		(1,226)
Impairment loss on vessels	0	0	(160,080)	0
Foreign currency loss	0	0	198	(12)
Changes in operating assets and liabilities
Accounts receivable	(609)	(3,748)	(506)	(606)
Fuel, lube oil, and consumables	200	687	329	(270)
Prepaid and other current assets	(365)	1,496	(326)	262
Accounts payable, other current liabilities	308	276	1,902	(1,725)
Accounts payable, related party	(183)	607	(237)	147
Net cash used in operating activities	(6,789)	(10,298)	(21,807)	(14,032)
Cash flows from investing activities
Investment in vessels	0	0	(45)	(830)
Cash acquired from Predecessor through reverse acquisition	0	1,657	0	0
Net cash provided by/ (used in) investing activities	0	1,657	(45)	(830)
Cash flows from financing activities
Proceeds from issuance of common stock	0	0	4,945	48,336
Repayment of credit facility	0	0	(4,095)	0
Issuance of common stock - Equity Line of Credit	0	20,000	0	0
Cash dividends paid to shareholders	0	0	(1,860)	(4,933)
Net cash provided / (used in) by financing activities	0	20,000	(1,010)	43,403
Net increase/(decrease) in cash and cash equivalents	(6,789)	11,359	(22,862)	28,541
Cash and cash equivalents at beginning of period	8,446	1,657	31,506	2,953
Effect of exchange rate changes on cash and cash equivalents	0	0	(198)	12
Cash and cash equivalents at the end of period	1,657	12,681	8,446	31,506
Supplemental cash flow information
Cash paid for interest, net of amounts capitalized	$ 2,289	$ 6,241	$ 7,090	$ 4,417

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 12,681	$ 8,446
Accounts receivable	8,381	2,602
Prepaid expenses	427	755
Fuel, lube oil, and consumables	1,808	1,181
Other current assets	406	1,176
Total current assets	23,703	14,160
Non-current assets
Vessels, net	178,206	176,914
Total non-current assets	178,206	176,914
Total assets	201,909	191,074
Current liabilities
Accounts payable	4,192	843
Accounts payable, related party	916	492
Other current liabilities	2,768	3,147
Current portion of long-term debt	207	0
Total current liabilities	8,083	4,482
Non-current liabilities
Long-term debt	141,698	132,457
Other non-current liabilities	0	71
Total non-current liabilities	141,698	132,528
Shareholders’ equity
Preferred shares, par value $0.01 per share, 50,000,000 shares authorized, none issued at December 31, 2019 and December 31, 2018.	0	0
Common shares, par value $0.01 per share, 350,000,000 shares authorized, 25,936,367 shares issued, 25,661,915 shares outstanding, and 274,452 treasury shares as of December 31, 2019; and Common shares, par value $0.10 per share, 35,000,000 shares authorized, 7,648,611 shares issued, 7,374,159 shares outstanding, and 274,452 treasury shares at December 31, 2018	257	764
Additional paid-in capital	66,741	322,914
Accumulated deficit	(14,870)	(269,614)
Total shareholders’ equity	52,128	54,064
Total liabilities and shareholders’ equity	$ 201,909	$ 191,074