CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2016

CASH FLOW INFORMATION

CASH FLOW INFORMATION

7. CASH FLOW INFORMATION

The Company excluded from cash flows from investing and financing activities in the consolidated statements of cash flows items included in accounts payable and accrued expenses for accrued but unpaid milestone and supervision payments of $4.9 million and $106.0 million as of December 31, 2016 and 2015, respectively. Capitalized interest amounted to $27.6 million for the year ended December 31, 2016, out of which, $10.7 million has not been paid out as of December 31, 2016 ($0.5 million is included in Accounts payable and accrued expenses and $10.2 million, primarily representing paid-in-kind (“PIK”) interest, is included in Long‑term debt in the consolidated balance sheet). Capitalized interest amounted to $35.2 million for the year ended December 31, 2015, out of which, $15.0 million has not been paid out as of December 31, 2015 ($1.0 million is included in Accounts payable and accrued expenses and $14.0 million, primarily representing PIK interest, is included in Long‑term debt in the consolidated balance sheet). As of December 31, 2015, the Company also excluded from financing activities $60.9 million of recorded debt, related to the delivery of the Gener8 Apollo. Such debt was funded by the Company’s bank into an escrow account prior to December 31, 2015. As such, $9.0 million, which was transferred to the Company in January 2016, is recorded as a component of prepaid expenses and other current assets, and $51.9 million, which was funded to the shipyard in January 2016, is recorded as escrow deposits as a component of other assets. The Gener8 Apollo was delivered on January 6, 2016.

Also excluded from investing and financing activities are the issuances of 31,465,989 shares of common stock related to the 2015 merger and 483,970 shares of common stock issued as a commitment premium paid to the commitment parties under the equity purchase agreement entered into in connection with the 2015 merger valued at $6.0 million. Such amount was expensed as Other financing costs in 2015 when the equity purchase commitment expired.