Replies to post #24283 on Box Ships Inc (TEUFF)

[Hummingbird2]

Balance sheet was overstated due to overvalued ships and that was when they had ships in 2015 and earlier until they started selling ships in mid 2016. They've sold all ships in 2016 so there is nothing left to overstate. Below is balance data date as of December 31, 2016 from their 20F filed on March 13, 2017. Here is the link to it.
2016 data is last column in bold.

https://www.otcmarkets.com/stock/TEUFF/filings
https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11928339

SELECTED BALANCE SHEET DATA

December 31,
(Expressed in United States Dollars) 2012 2013 2014 2015 2016
Total current assets $ 19,578,166 $ 31,691,262 $ 22,011,255 $ 21,024,921 $ 2,861,700
Fixed assets, net 401,328,434 386,192,537 371,056,640 334,278,654 -
Other non-current assets (1) 22,141,596 10,121,986 3,867,073 460,406 14,005
Total Assets (1) 443,048,196 428,005,785 396,934,968 355,763,981 2,875,705
Current liabilities (1) 42,050,306 182,833,168 139,972,707 127,570,452 2,630,400
Long-term liabilities (1) 180,218,607 453,248 282,375 3,388 960
Total Liabilities (1) 222,268,913 183,286,416 140,255,082 127,573,840 2,631,360
Total stockholders' equity 220,779,283 244,719,369 256,679,886 228,190,141 244,345
Total Liabilities and Equity (1) $ 443,048,196 $ 428,005,785 $ 396,934,968 $ 355,763,981 $ 2,875,705

(1) Includes a reclassification of deferred finance costs, net, from other non-current assets to current and long-term liabilities, in line with the adoption of FASB ASU on debt issuance costs presentation issued in April 2015, which we adopted in January 2016. Refer to Note 2 to our Consolidated Financial Statements included in Part III of this annual report.



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https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11928339