Castor Maritime Inc 6-K, filed Aug 8, 2023

Castor Maritime Inc. (CTRM)

6-K 2023-08-08 For: 2023-06-30

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Added on April 06, 2026

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Castor Maritime Inc filed this 6-K on August 8, 2023.

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Exhibit No.	Description
99.1	Unaudited Consolidated Interim Financial Statements for the Six Months Ended June 30, 2023
99.2	Management’s Discussion and Analysis of Financial Condition and Results of Operations
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
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101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document

	CASTOR MARITIME INC.
Dated: August 8, 2023
	By:	/s/ Petros Panagiotidis
		Petros Panagiotidis
		Chairman, Chief Executive Officer and Chief Financial Officer

	Page
Unaudited Condensed Consolidated Balance Sheets as of December 31, 2022, and June 30, 2023	F-2

Unaudited Interim Condensed Consolidated Statements of Comprehensive Income for the six months ended June 30, 2022, and 2023	F-3

Unaudited Condensed Consolidated Statements of Shareholders’ Equity for the six months ended June 30, 2022, and 2023	F-4

Unaudited Interim Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022, and 2023	F-5

Notes to Unaudited Interim Condensed Consolidated Financial Statements	F-6

ASSETS			December 31,		June 30,
CURRENT ASSETS:	Note		2022		2023
Cash and cash equivalents			$	100,593,557	$	28,574,177
Restricted Cash		8		1,684,269		2,445,360
Accounts receivable trade, net				2,706,412		1,555,075
Due from related parties		4		2,437,354		5,458,734
Inventories				1,939,689		1,962,110
Prepaid expenses and other assets				2,065,539		1,442,202
Investment in equity securities		9		—		66,847,660
Assets held for sale		7(b)		—		23,048,646
Deferred charges, net		14		51,138		—
Current assets of discontinued operations		3		54,763,308		—
Total current assets				166,241,266		131,333,964

NON-CURRENT ASSETS:
Vessels, net		4, 7		343,408,466		302,550,388
Restricted cash		8		7,550,000		7,295,000
Due from related parties		4		3,514,098		3,044,495
Prepaid expenses and other assets				1,626,000		1,220,000
Deferred charges, net		5		5,357,816		4,270,214
Fair value of acquired time charters		6		2,507,506		1,078,368
Investment in related party		4		—		117,521,579
Non-current assets of discontinued operations		3		102,715,796		—
Total non-current assets				466,679,682		436,980,044

Total assets			$	632,920,948	$	568,314,008

LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt, net		8		29,170,815		20,428,579
Debt related to assets held for sale, net		8		—		10,622,652
Accounts payable				7,593,981		2,754,118
Deferred revenue				2,583,879		1,489,881
Accrued liabilities				5,494,043		4,753,790
Current liabilities of discontinued operations		3		6,519,051		—
Total current liabilities				51,361,769		40,049,020

NON-CURRENT LIABILITIES:
Long-term debt, net		8		109,600,947		85,013,187
Non-current liabilities of discontinued operations		3		10,463,172		—
Total non-current liabilities				120,064,119		85,013,187

Commitments and contingencies		12

SHAREHOLDERS’ EQUITY:
Common shares, $0.001 par value; 1,950,000,000 shares authorized; 94,610,088 and 96,489,976 issued and outstanding as of December 31, 2022, and June 30, 2023, respectively		10		94,610		96,490
Due from shareholders		10		—		(38,475	)
Preferred shares, $0.001 par value: 50,000,000 shares authorized; Series B Preferred Shares – 12,000 shares issued and outstanding as of December 31, 2022, and June 30, 2023		10		12		12
Additional paid-in capital				303,658,153		266,435,404
Retained earnings				157,742,285		176,758,370
Total shareholders’ equity				461,495,060		443,251,801
Total liabilities and shareholders’ equity			$	632,920,948	$	568,314,008

			Six Months Ended June 30,			Six Months Ended June 30,
	Note		2022			2023
REVENUES:
Time charter revenues		6,14	$	79,529,412		$	49,747,081
Total vessel revenues				79,529,412			49,747,081

EXPENSES:
Voyage expenses (including $1,027,211 and $655,431 to related party for the six months ended June 30, 2022, and 2023, respectively)		4, 15		(1,384,566	)		(2,698,540	)
Vessel operating expenses		15		(20,914,440	)		(21,676,527	)
Management fees to related parties		4		(3,077,000	)		(3,615,825	)
Depreciation and amortization		5,7		(8,602,774	)		(11,301,547	)
General and administrative expenses (including $600,000 and $1,500,000 to related party for the six months ended June 30, 2022, and 2023, respectively)		4, 16		(2,061,302	)		(2,805,076	)
Gain on sale of vessel		7		—			3,128,568
Total expenses				(36,040,082	)		(38,968,947	)

Operating income				43,489,330			10,778,134

OTHER INCOME/(EXPENSES):
Interest and finance costs		8,17		(3,099,169	)		(6,117,641	)
Interest income				139,979			1,439,909
Foreign exchange gains / (losses)				78,916			(70,792	)
Dividend income on equity securities		9		—			366,002
Dividend income from related party		4		—			451,111
Gain on sale of equity securities				—			2,636
Unrealized loss on equity securities		9		—			(5,107,427	)
Total other expenses, net				(2,880,274	)		(9,036,202	)

Net income and comprehensive income, from continuing operations, before taxes			$	40,609,056		$	1,741,932
Income taxes				(176,562	)		(65,179	)
Net income and comprehensive income from continuing operations, net of taxes			$	40,432,494		$	1,676,753
Net income and comprehensive income from discontinued operations, net of taxes		3		7,297,290			17,339,332
Net income and comprehensive income				47,729,784			19,016,085

Earnings per common share, basic and diluted, continuing operations		13		0.43			0.02
Earnings per common share, basic and diluted, discontinued operations		13		0.08			0.18
Earnings per common share, basic and diluted, Total		13		0.50			0.20
Weighted average number of common shares, basic and diluted				94,610,088			94,784,704

	Number of Shares Issued				Par Value		Additional								Total
	Common shares		Series B Preferred shares		of Shares issued		Paid-in capital			Due from Shareholders			Retained earnings		Shareholders’ Equity
Balance, December 31, 2021		94,610,088		12,000		94,622		303,658,153			—			39,181,595		342,934,370
- Net income and comprehensive income		—		—		—		—						47,729,784		47,729,784
Balance, June 30, 2022		94,610,088		12,000		94,622		303,658,153			—			86,911,379		390,664,154

Balance, December 31, 2022		94,610,088		12,000		94,622		303,658,153			—			157,742,285		461,495,060
- Net income and comprehensive income		—		—		—		—						19,016,085		19,016,085
- Distribution of net assets of Toro Corp. to shareholders (Note 1)		—		—				(37,919,432	)		—			—		(37,919,432	)
- Issuance of common stock pursuant to the ATM Program (Note 10)		1,879,888		—		1,880		696,683			(38,475	)		—		660,088
Balance, June 30, 2023		96,489,976		12,000		96,502		266,435,404			(38,475	)		176,758,370		443,251,801

	March 7, 2023
Cash and cash equivalents	$	61,359,774
Accounts receivable trade, net		6,767,408
Due from related parties, current		4,528,948
Inventories		890,523
Prepaid expenses and other assets, current		1,447,062
Vessels, net		91,492,003
Restricted cash		700,000
Due from related parties, non-current		1,708,474
Prepaid expenses and other assets, non-current		4,449,999
Deferred charges, net		2,685,922
Due to Related Parties		(3,001,865	)
Accounts payable		(2,432,095	)
Accrued liabilities		(3,041,530	)
Long-term debt, net		(12,413,056	)
Net assets of Toro		155,141,567
Less Investment in Preferred Shares of Toro issued as part of Spin-Off (refer Note 4(c) )		(117,222,135	)
Distribution of net assets of Toro to shareholders	$	37,919,432

	Company	Country of incorporation	Vessel Name	DWT	Year Built	Delivery date to Castor
1	Spetses Shipping Co. (“Spetses”)	Marshall Islands	M/V Magic P	76,453	2004	February 2017
2	Bistro Maritime Co. (“Bistro”)	Marshall Islands	M/V Magic Sun	75,311	2001	September 2019
3	Pikachu Shipping Co. (“Pikachu”)	Marshall Islands	M/V Magic Moon	76,602	2005	October 2019
4	Pocahontas Shipping Co. (“Pocahontas”)	Marshall Islands	M/V Magic Horizon	76,619	2010	October 2020
5	Jumaru Shipping Co. (“Jumaru”)	Marshall Islands	M/V Magic Nova	78,833	2010	October 2020
6	Super Mario Shipping Co. (“Super Mario”)	Marshall Islands	M/V Magic Venus	83,416	2010	March 2021
7	Pumba Shipping Co. (“Pumba”)	Marshall Islands	M/V Magic Orion	180,200	2006	March 2021
8	Kabamaru Shipping Co. (“Kabamaru”)	Marshall Islands	M/V Magic Argo	82,338	2009	March 2021
9	Luffy Shipping Co. (“Luffy”)	Marshall Islands	M/V Magic Twilight	80,283	2010	April 2021
10	Liono Shipping Co. (“Liono”)	Marshall Islands	M/V Magic Thunder	83,375	2011	April 2021
11	Stewie Shipping Co. (“Stewie”)	Marshall Islands	M/V Magic Vela	75,003	2011	May 2021
12	Snoopy Shipping Co. (“Snoopy”)	Marshall Islands	M/V Magic Nebula	80,281	2010	May 2021
13	Mulan Shipping Co. (“Mulan”)	Marshall Islands	M/V Magic Starlight	81,048	2015	May 2021
14	Cinderella Shipping Co. (“Cinderella”)	Marshall Islands	M/V Magic Eclipse	74,940	2011	June 2021
15	Mickey Shipping Co. (“Mickey”)	Marshall Islands	M/V Magic Callisto	74,930	2012	January 2022
16	Songoku Shipping Co. (“Songoku”)	Marshall Islands	M/V Magic Pluto	74,940	2013	August 2021
17	Asterix Shipping Co. (“Asterix”)	Marshall Islands	M/V Magic Perseus	82,158	2013	August 2021
18	Johnny Bravo Shipping Co. (“Johnny Bravo”)	Marshall Islands	M/V Magic Mars	76,822	2014	October 2021
19	Garfield Shipping Co. (“Garfield”)	Marshall Islands	M/V Magic Phoenix	76,636	2008	October 2021
20	Jerry Shipping Co. (“Jerry S”)	Marshall Islands	M/V Ariana A	38,117	2005	November 2022
21	Tom Shipping Co. (“Tom S”)	Marshall Islands	M/V Gabriela A	38,121	2005	November 2022

	Company	Country of incorporation
1	Tom Maritime Ltd. (“Tom M”)	Malta
2	Jerry Maritime Ltd. (“Jerry M”)	Malta
3	Containco Shipping Inc.	Marshall Islands

	Company	Country of incorporation
1	Castor Maritime SCR Corp. (“Castor SCR”) ⁽¹⁾	Marshall Islands
2	Bagheera Shipping Co. (“Bagheera”) ⁽²⁾	Marshall Islands

CURRENT ASSETS:	December 31, 2022
Cash and cash equivalents	$	41,779,594
Accounts receivable trade, net		10,616,573
Due from related parties		558,328
Inventories		893,568
Prepaid expenses and other assets		915,245
Total current assets of discontinued operations		54,763,308

NON-CURRENT ASSETS:
Vessels, net		92,486,178
Restricted cash		700,000
Due from related parties		1,708,474
Prepaid expenses and other assets		5,199,999
Deferred charges, net		2,621,145
Total non-current assets of discontinued operations		102,715,796

CURRENT LIABILITIES:
Current portion of long-term debt, net		2,606,302
Accounts payable		1,643,468
Accrued liabilities		2,269,281
Total current liabilities of discontinued operations		6,519,051

NON-CURRENT LIABILITIES:
Long-term debt, net		10,463,172
Total non-current liabilities of discontinued operations		10,463,172

	Six Months Ended June 30,			January 1 through March 7,
	2022			2023
REVENUES:
Time charter revenues		4,836,315			914,000
Voyage charter revenues		29,592,279			7,930
Pool revenues		8,180,973			22,447,344
Total vessel revenues		42,609,567			23,369,274

EXPENSES:
Voyage expenses (including $530,089, and $294,831 to related party for the six months ended June 30, 2022, and 2023, respectively)		(18,669,842	)		(374,396	)
Vessel operating expenses		(10,807,764	)		(3,769,132	)
Management fees to related parties		(1,384,650	)		(507,000	)
Depreciation and amortization		(3,571,444	)		(1,493,759	)
Recovery of provision for doubtful accounts		—			266,732
Total expenses		(34,433,700	)		(5,877,555	)

Operating income		8,175,867			17,491,719

OTHER INCOME/(EXPENSES):
Interest and finance costs		(388,385	)		(220,061	)
Interest income		1,412			253,165
Foreign exchange losses		(11,128	)		(11,554	)
Total other (expenses)/income, net		(398,101	)		21,550

Net income and comprehensive income from discontinued operations, before taxes	$	7,777,766		$	17,513,269
Income taxes		(480,476	)		(173,937	)
Net income and comprehensive income from discontinued operations, net of taxes	$	7,297,290		$	17,339,332

	December 31, 2022		June 30, 2023
Assets:
Due from Castor Ships (a) – current	$	—	$	2,061,932
Due from Castor Ships (a) – non-current		3,514,098		3,044,495
Due from Pavimar (b) – current		2,664,976		3,369,200
Due from Toro (c) related to Spin-Off expenses reimbursement		—		27,602
Investment in Toro (c) – non-current		—		117,521,579

Liabilities:
Due to Castor (a) – current	$	227,622	$	—

	Valuation Technique	Significant other observable Input	Values
“Straight” Preferred Stock Component	Discounted cash flow model	• Weighted average cost of capital		12.80%
Option Component	Black Scholes	• Volatility		69.00%
		• Risk-free rate		3.16%
		• Weighted average cost of capital		12.80%
		• Strike price	$	5.75
		• Share price (based on the first 5 trading days volume weighted average)	$	4.52

	Dry-docking costs
Balance December 31, 2022	$	5,357,816
Additions		1,112,815
Amortization		(1,038,325	)
Transfer to Assets held for sale (Note 7(b))		(548,078	)
Disposals		(614,014	)
Balance June 30, 2023	$	4,270,214

	Vessel Cost			Accumulated depreciation			Net Book Value
Balance December 31, 2022		372,382,480			(28,974,014	)		343,408,466
— Transfer to Assets held for sale (b)		(26,016,507	)		3,642,788			(22,373,719	)
— Vessel disposals		(9,093,719	)		872,582			(8,221,137	)
— Period depreciation		—			(10,263,222	)		(10,263,222	)
Balance June 30, 2023		337,272,254			(34,721,866	)		302,550,388

		Year/Period Ended
Loan facilities	Borrowers	December 31, 2022			June 30, 2023
$11.0 Million Term Loan Facility (a)	Spetses- Pikachu	$	6,200,000		$	5,400,000
$4.5 Million Term Loan Facility (b)	Bistro		2,850,000			2,550,000
$15.29 Million Term Loan Facility (c)	Pocahontas- Jumaru		11,993,000			11,051,000
$40.75 Million Term Loan Facility (e)	Liono-Snoopy-Cinderella-Luffy		34,980,000			32,672,000
$23.15 Million Term Loan Facility (f)	Bagheera-Garfield		17,800,500			9,089,300
$55.00 Million Term Loan Facility (g)	Mulan- Johnny Bravo-Songoku-Asterix-Stewie		44,395,000			37,325,000
$22.5 million Term Loan Facility (h)	Tom-Jerry		22,250,000			19,250,000
Total long-term debt including Debt related to assets held for sale		$	140,468,500		$	117,337,300
Less: Deferred financing costs			(1,696,738	)		(1,272,882	)
Total long-term debt including Debt related to assets held for sale, net of deferred finance costs		$	138,771,762		$	116,064,418

Presented:
Current portion of long-term debt		$	29,848,400		$	20,943,399
Less: Current portion of deferred finance costs			(677,585	)		(514,820	)
Current portion of long-term debt, net of deferred finance costs		$	29,170,815		$	20,428,579

Debt related to assets held for sale		$	—		$	10,742,000
Less: Current portion of deferred finance costs			—			(119,348	)
Debt related to assets held for sale, net of deferred finance costs		$	—		$	10,622,652

Non-Current portion of long-term debt			110,620,100			85,651,901
Less: Non-Current portion of deferred finance costs			(1,019,153	)		(638,714	)
Non-Current portion of long-term debt, net of deferred finance costs		$	109,600,947		$	85,013,187

Twelve-month period ending June 30,	Amount
2024	$	31,685,399
2025		27,776,401
2026		13,624,400
2027		40,051,100
2028		4,200,000
Total long-term debt	$	117,337,300

	Equity securities
Balance December 31, 2022	$	—
Equity securities acquired		72,211,450
Proceeds from sale of equity securities		(258,999	)
Gain on sale of equity securities		2,636
Unrealized loss on equity securities revalued at fair value at end of the period		(5,107,427	)
Balance June 30, 2023	$	66,847,660

	June 30, 2023		Significant other observable inputs (Level 2)		Total gain / (loss)
Non-recurring fair value measurements
Investment in related party (Note 4)		117,222,135		117,222,135		—
Total investment in related party	$	117,222,135	$	117,222,135	$	—

	Six months ended June 30,			Six months ended June 30,
Voyage expenses	2022			2023
Brokerage commissions		954,866			831,742
Brokerage commissions- related party		1,027,211			655,431
Port & other expenses		406,120			306,616
Bunkers consumption		1,594,928			640,672
(Gain)/loss on bunkers		(2,598,559	)		264,079
Total Voyage expenses	$	1,384,566		$	2,698,540

	Six months ended June 30,						Six months ended June 30,
	2022						2023
	Dry bulk segment			Total			Dry bulk segment			Container ship segment			Total
Time charter revenues	$	79,529,412			79,529,412		$	42,979,593			6,767,488			49,747,081
Total vessel revenues	$	79,529,412			79,529,412		$	42,979,593			6,767,488			49,747,081
Voyage expenses (including charges from related party)		(1,384,566)	)		(1,384,566	)		(2,339,460	)		(359,080	)		(2,698,540	)
Vessel operating expenses		(20,914,440	)		(20,914,440	)		(18,754,397	)		(2,922,130	)		(21,676,527	)
Management fees to related parties		(3,077,000)	)		(3,077,000	)		(3,280,975	)		(334,850	)		(3,615,825	)
Depreciation and amortization		(8,602,774	)		(8,602,774	)		(8,710,367	)		(2,591,180	)		(11,301,547	)
Gain on sale of vessel		—			—			3,128,568			—			3,128,568
Segments operating income	$	45,550,632		$	45,550,632		$	13,022,962		$	560,248		$	13,583,210
Interest and finance costs					(3,068,061	)								(5,812,565	)
Interest income					9,815									1,161,934
Foreign exchange (losses)/gains					74,006									(66,035	)
Unrealized loss on equity securities					—									(5,107,427	)
Unallocated corporate general and administrative expenses					(2,061,302	)								(2,805,076	)
Corporate Interest and finance costs					(31,108	)								(305,076	)
Corporate Interest income					130,164									277,975
Corporate exchange (losses)/ gains					4,910									(4,757	)
Dividend income on equity securities					—									366,002
Dividend income from related party					—									451,111
Gain on sale of equity securities					—									2,636
Net income and comprehensive income from continuing operations, before taxes				$	40,609,056								$	1,741,932
Net income and Comprehensive income from discontinued operations, before taxes				$	7,777,766								$	17,513,269
Net income and Comprehensive income, before taxes				$	48,386,822								$	19,255,201

	As of December 31, 2022		As of June 30, 2023
Dry bulk segment	$	339,599,683	$	307,452,711
Containership segment		52,850,927		50,004,481
Cash and cash equivalents ⁽¹⁾		82,336,438		26,159,930
Prepaid expenses and other assets ⁽¹⁾		654,796		184,696,886
Total assets from continuing operations	$	475,441,844	$	568,314,008
Total assets from discontinued operations	$	157,479,104	$	—
Total consolidated assets	$	632,920,948	$	568,314,008

Dry Bulk Carriers ⁽¹⁾
Vessel Name	Vessel Type	DWT		Year Built		Country of Construction	Purchase Price (in million)		Delivery Date
Magic P	Panamax		76,453		2004	Japan	$	7.35	02/21/2017
Magic Sun	Panamax		75,311		2001	Korea	$	6.71	09/05/2019
Magic Moon⁽²⁾	Panamax		76,602		2005	Japan	$	10.20	10/20/2019
Magic Horizon	Panamax		76,619		2010	Japan	$	12.75	10/09/2020
Magic Nova	Panamax		78,833		2010	Japan	$	13.86	10/15/2020
Magic Orion	Capesize		180,200		2006	Japan	$	17.50	03/17/2021
Magic Venus	Kamsarmax		83,416		2010	Japan	$	15.85	03/02/2021
Magic Argo	Kamsarmax		82,338		2009	Japan	$	14.50	03/18/2021
Magic Nebula	Kamsarmax		80,281		2010	Korea	$	15.45	05/20/2021
Magic Thunder	Kamsarmax		83,375		2011	Japan	$	16.85	04/13/2021
Magic Eclipse	Panamax		74,940		2011	Japan	$	18.48	06/07/2021
Magic Starlight	Kamsarmax		81,048		2015	China	$	23.50	05/23/2021
Magic Vela	Panamax		75,003		2011	China	$	14.50	05/12/2021
Magic Perseus	Kamsarmax		82,158		2013	Japan	$	21.00	08/09/2021
Magic Pluto	Panamax		74,940		2013	Japan	$	19.06	08/06/2021
Magic Mars	Panamax		76,822		2014	Korea	$	20.40	09/20/2021
Magic Phoenix	Panamax		76,636		2008	Japan	$	18.75	10/26/2021
Magic Callisto⁽³⁾	Panamax		74,930		2012	Japan	$	23.55	01/04/2022
Containerships⁽⁴⁾
Ariana A	2,700 TEU capacity Containership		38,117		2005	Germany	$	25.00	11/23/22
Gabriela A	2,700 TEU capacity Containership		38,121		2005	Germany	$	25.75	11/30/22

Consolidated Results of Operations Six months ended June 30, 2023, as compared to the six months ended June 30, 2022

(In U.S. Dollars, except for number of share data)	Six Months Ended June 30, 2022			Six Months Ended June 30, 2023			Change- amount
Total vessel revenues	$	79,529,412		$	49,747,081		$	29,782,331
Expenses:
Voyage expenses (including commissions to related party)		(1,384,566	)		(2,698,540	)		1,313,974
Vessel operating expenses		(20,914,440	)		(21,676,527	)		762,087
Management fees to related parties		(3,077,000	)		(3,615,825	)		538,825
Depreciation and amortization		(8,602,774	)		(11,301,547	)		2,698,773
General and administrative expenses (including costs from related party)		(2,061,302	)		(2,805,076	)		743,774
Gain on sale of vessel		-			3,128,568			3,128,568
Operating income	$	43,489,330		$	10,778,134		$	32,711,196
Interest and finance costs, net (including interest costs from related party)		(2,959,190	)		(4,677,732	)		1,718,542
Other income/ (expenses) (1)		78,916			(4,358,470	)		4,437,386
Income taxes		(176,562	)		(65,179	)		111,383
Net income and comprehensive income from continuing operations, net of taxes	$	40,432,494		$	1,676,753		$	38,755,741
Net income and comprehensive income from discontinued operations, net of taxes	$	7,297,290		$	17,339,332		$	10,042,042
Net income and comprehensive income	$	47,729,784		$	19,016,085		$	28,713,699

Earnings per common share, basic and diluted, continuing operations	$	0.43		$	0.02
Earnings per common share, basic and diluted, discontinued operations	$	0.08		$	0.18
Earnings per common share, basic and diluted, total	$	0.50		$	0.20
Weighted average number of common shares, basic and diluted		94,610,088			94,784,704

	Six Months Ended June 30, 2022			January 1 through March 7, 2023
REVENUES:
Time charter revenues		4,836,315			914,000
Voyage charter revenues		29,592,279			7,930
Pool revenues		8,180,973			22,447,344
Total vessel revenues		42,609,567			23,369,274

EXPENSES:
Voyage expenses (including commissions to related party)		(18,669,842	)		(374,396	)
Vessel operating expenses		(10,807,764	)		(3,769,132	)
Management fees to related parties		(1,384,650	)		(507,000	)
Depreciation and amortization		(3,571,444	)		(1,493,759	)
Recovery of provision for doubtful accounts		—			266,732
Total expenses		(34,433,700	)		(5,877,555	)

Operating income		8,175,867			17,491,719

OTHER INCOME/ (EXPENSES):
Interest and finance costs		(388,385	)		(220,061	)
Interest income		1,412			253,165
Foreign exchange losses		(11,128	)		(11,554	)
Total other (expenses)/income, net		(398,101	)		21,550

Net income and comprehensive income from discontinued operations, before taxes	$	$ 7,777,766		$	17,513,269
Income taxes		(480,476	)		(173,937	)
Net income and comprehensive income from discontinued operations, net of taxes	$	$ 7,297,290		$	17,339,332

(In U.S. Dollars)	Six months ended June 30, 2022			Six months ended June 30, 2023			Change- amount
Total vessel revenues	$	79,529,412		$	42,979,593		$	36,549,819
Expenses:
Voyage expenses (including commissions to related party)		(1,384,566	)		(2,339,460	)		954,894
Vessel operating expenses		(20,914,440	)		(18,754,397	)		2,160,043
Management fees to related parties		(3,077,000	)		(3,280,975	)		203,975
Depreciation and amortization		(8,602,774	)		(8,710,367	)		107,593
Gain on sale of vessel		-			3,128,568			3,128,568
Operating income ⁽¹⁾	$	45,550,632		$	13,022,962		$	32,527,670

(In U.S. Dollars)	Six months ended June 30, 2023
Total vessel revenues		6,767,488
Expenses:
Voyage expenses (including commissions to related party)		(359,080	)
Vessel operating expenses		(2,922,130	)
Management fees to related parties		(334,850	)
Depreciation and amortization		(2,591,180	)
Operating income (1)	$	560,248

	Six months ended June 30,
(in thousands of U.S. Dollars)	2022			2023
Net cash provided by operating activities from continuing operations	$	51,244,248		$	8,545,797
Net cash used in investing activities from continuing operations		(23,043,438	)		(60,289,840	)
Net cash provided by/(used in) financing activities from continuing operations		43,875,645			(19,769,246	)
Net cash provided by operating activities from discontinued operations		1,580,903			20,409,041
Net cash used in investing activities from discontinued operations		(62,383	)		(153,861	)
Net cash used in financing activities from discontinued operations		(1,700,000	)		(62,734,774	)
Cash, cash equivalents and restricted cash at beginning of period		43,386,468			152,307,420
Cash, cash equivalents and restricted cash at end of period	$	115,281,443		$	38,314,537

Reconciliation of Daily TCE Rate to Total vessel revenues

	Six-Months ended June 30,			Six-Months ended June 30,
	2022			2023
Total vessel revenues	$	79,529,412		$	49,747,081
Voyage expenses -including commissions from related party		(1,384,566	)		(2,698,540	)
TCE revenues	$	78,144,846		$	47,048,541
Available Days		3,582			3,884
Daily TCE Rate	$	21,816		$	12,113

Reconciliation of Daily TCE Rate to Total vessel revenues — Dry Bulk Segment

	Six-Months ended June 30,			Six-Months ended June 30,
	2022			2023
Total vessel revenues	$	79,529,412		$	42,979,593
Voyage expenses -including commissions from related party		(1,384,566	)		(2,339,460	)
TCE revenues	$	78,144,846		$	40,640,133
Available Days		3,582			3,546
Daily TCE Rate	$	21,816		$	11,461