Castor Maritime Inc 6-K, filed May 23, 2023

Castor Maritime Inc. (CTRM)

6-K 2023-05-23 For: 2023-05-23

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Added on July 08, 2026

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Castor Maritime Inc filed this 6-K on May 23, 2023.

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	CASTOR MARITIME INC.
Dated: May 23, 2023
	By:	/s/ Petros Panagiotidis
		Petros Panagiotidis
		Chairman, Chief Executive Officer and Chief Financial Officer

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 Twilight	Kamsarmax		80,283		2010	Korea	$	14.80	04/09/2021
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 Three months ended March 31, 2023, as compared to the three months ended March 31, 2022
(In U.S. Dollars, except for number of share data)	Three Months Ended March 31, 2022			Three Months Ended March 31, 2023			Change- amount
Total vessel revenues	$	37,810,865		$	24,468,970		$	13,341,895
Expenses:
Voyage expenses (including commissions to related party)		(989,454	)		(1,277,085	)		287,631
Vessel operating expenses		(10,127,405	)		(11,267,683	)		1,140,278
Management fees to related parties		(1,530,000	)		(1,831,500	)		301,500
Depreciation and amortization		(4,272,809	)		(5,812,463	)		1,539,654
General and administrative expenses (including costs from related party)		(921,707	)		(1,134,664	)		212,957

Operating income	$	19,969,490		$	3,145,575		$	16,823,915
Interest and finance costs, net (including interest costs from related party)		(1,424,409	)		(2,289,115	)		864,706
Other expenses(1)		(1,288	)		(7,343,592	)		7,342,304
Income taxes		(87,081	)		(22,906	)		64,175
Net income/(loss) and comprehensive income/(loss) from continuing operations, net of taxes	$	18,456,712		$	(6,510,038	)	$	24,966,750
Net income and comprehensive income from discontinued operations, net of taxes	$	1,519,576		$	17,339,332		$	15,819,756
Net income and comprehensive income	$	19,976,288		$	10,829,294		$	9,146,994

Earnings/(Loss) per common share, basic and diluted, continuing operations	$	0.20		$	(0.07	)
Earnings per common share, basic and diluted, discontinued operations	$	0.02		$	0.18
Earnings per common share, basic and diluted, total	$	0.21		$	0.11
Weighted average number of common shares, basic and diluted		94,610,088			94,610,088

	Three Months Ended March 31,			January 1 through March 7,
	2022			2023
REVENUES:
Time charter revenues		2,986,345			914,000
Voyage charter revenues		10,734,868			7,930
Pool revenues		3,109,235			22,447,344
Total vessel revenues		16,830,448			23,369,274

EXPENSES:
Voyage expenses (including commissions to related party)		(7,241,316	)		(374,396	)
Vessel operating expenses		(5,236,713	)		(3,769,132	)
Management fees to related parties		(688,500	)		(507,000	)
Depreciation and amortization		(1,808,997	)		(1,493,759	)
Recovery of provision for doubtful accounts		—			266,732
Total expenses		(14,975,526	)		(5,877,555	)

Operating income		1,854,922			17,491,719

OTHER INCOME/ (EXPENSES):
Interest and finance costs		(184,222	)		(220,061	)
Interest income		615			253,165
Foreign exchange gains/(losses)		22			(11,554	)
Total other (expenses)/income, net		(183,585	)		21,550

Net income and comprehensive income from discontinued operations, before taxes	$	$ 1,671,337		$	17,513,269
Income taxes		(151,761	)		(173,937	)
Net income and comprehensive income from discontinued operations, net of taxes	$	$ 1,519,576		$	17,339,332

(In U.S. Dollars)	Three months ended March 31, 2022			Three months ended March 31, 2023			Change- amount
(In U.S. Dollars)	Three months ended March 31, 2022			Three months ended March 31, 2023			Change- amount
Total vessel revenues	$	37,810,865		$	21,031,930		$	16,778,935
Expenses:
Voyage expenses (including commissions to related party)		(989,454	)		(1,109,565	)		120,111
Vessel operating expenses		(10,127,405	)		(9,708,905	)		418,500
Management fees to related parties		(1,530,000	)		(1,665,000	)		135,000
Depreciation and amortization		(4,272,809	)		(4,553,307	)		280,498
Operating income (1)	$	20,891,197		$	3,995,153		$	16,896,044

(In U.S. Dollars)	Three months ended March 31, 2023
Total vessel revenues		3,437,040
Expenses:
Voyage expenses (including commissions to related party)		(167,520	)
Vessel operating expenses		(1,558,778	)
Management fees to related parties		(166,500	)
Depreciation and amortization		(1,259,156	)
Operating income (1)	$	285,086

(in thousands of U.S. Dollars)	Three months ended March 31, 2022			Three months ended March 31, 2023
Net cash provided by/(used in) operating activities from continuing operations	$	17,098,800		$	(22,942	)
Net cash used in investing activities from continuing operations		(22,400,364	)		(31,374,129	)
Net cash provided by/(used in) financing activities from continuing operations		50,824,125			(5,899,175	)
Net cash (used in)/ provided by operating activities from discontinued operations		(4,035,029	)		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		(850,000	)		(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	$	83,961,617		$	72,531,580

	Three-Months ended March 31,			Three-Months ended March 31,
	Three-Months ended March 31,			Three-Months ended March 31,
	2022			2023
Total vessel revenues	$	37,810,865		$	24,468,970
Voyage expenses -including commissions from related party		(989,454	)		(1,277,085	)
TCE revenues	$	36,821,411		$	23,191,885
Available Days		1,796			1,980
Daily TCE Rate	$	20,502		$	11,713

	Three-Months ended March 31,			Three-Months ended March 31,
Reconciliation of Daily TCE Rate to Total vessel revenues — Dry Bulk Segment	2022			2023
Total vessel revenues	$	37,810,865		$	21,031,930
Voyage expenses -including commissions from related party		(989,454	)		(1,109,565	)
TCE revenues	$	36,821,411		$	19,922,365
Available Days		1,796			1,800
Daily TCE Rate	$	20,502		$	11,068

Reconciliation of Daily TCE Rate to Total vessel revenues — Containership Segment
				Three-Months ended March 31,
				2023
Total vessel revenues				$	3,437,040
Voyage expenses -including commissions from related party					(167,520	)
TCE revenues				$	3,269,520
Available Days					180
Daily TCE Rate				$	18,164

		Page
Unaudited Interim Consolidated Balance Sheets as of December 31, 2022, and March 31, 2023		F-2

Unaudited Interim Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2022, and 2023		F-3

Unaudited Interim Consolidated Statements of Shareholders’ Equity for the three months ended March 31, 2022, and 2023		F-4

Unaudited Interim Consolidated Statements of Cash Flows for the three months ended March 31, 2022, and 2023		F-5

Notes to Unaudited Interim Condensed Consolidated Financial Statements		F-6

ASSETS				December 31,			March 31,
CURRENT ASSETS:	Note			2022			2023
Cash and cash equivalents					$	100,593,557	$	63,091,223
Restricted Cash		8				1,684,269		1,935,357
Accounts receivable trade, net						2,706,412		2,901,846
Due from related parties		4				2,437,354		3,533,737
Inventories						1,939,689		1,614,975
Prepaid expenses and other assets						2,065,539		2,595,701
Investment in equity securities		9				—		23,790,130
Assets held for sale		7(b	)			—		18,369,707
Deferred charges, net		14				51,138		—
Current assets of discontinued operations		3				54,763,308		—
Total current assets						166,241,266		117,832,676

NON-CURRENT ASSETS:
Vessels, net		4, 7				343,408,466		321,094,715
Restricted cash		8				7,550,000		7,505,000
Due from related parties		4				3,514,098		3,198,586
Prepaid expenses and other assets						1,626,000		1,220,000
Deferred charges, net		5				5,357,816		3,671,123
Fair value of acquired time charters		6				2,507,506		1,480,547
Investment in related party		4				—		117,319,357
Non-current assets of discontinued operations		3				102,715,796		—
Total non-current assets						466,679,682		455,489,328
Total assets					$	632,920,948	$	573,322,004

LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt, net		8				29,170,815		24,144,747
Debt related to assets held for sale, net		8				—		9,904,156
Accounts payable						7,593,981		2,498,567
Deferred revenue						2,583,879		1,800,947
Accrued liabilities						5,494,043		4,104,155
Current liabilities of discontinued operations		3				6,519,051		—
Total current liabilities						51,361,769		42,452,572

NON-CURRENT LIABILITIES:
Long-term debt, net		8				109,600,947		96,464,510
Non-current liabilities of discontinued operations		3				10,463,172		—
Total non-current liabilities						120,064,119		96,464,510

Commitments and contingencies		12

SHAREHOLDERS’ EQUITY:
Common shares, $0.001 par value; 1,950,000,000 shares authorized; 94,610,088 issued and outstanding as of December 31, 2022, and March 31, 2023		10				94,610		94,610
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 March 31, 2023		10				12		12
Additional paid-in capital						303,658,153		265,738,721
Retained earnings						157,742,285		168,571,579
Total shareholders’ equity						461,495,060		434,404,922
Total liabilities and shareholders’ equity					$	632,920,948	$	573,322,004

			Three Months Ended March 31,			Three Months Ended March 31,
	Note		2022			2023
REVENUES:
Time charter revenues		6, 14		37,810,865			24,468,970
Total vessel revenues			$	37,810,865		$	24,468,970

EXPENSES:
Voyage expenses (including $488,672, and $326,770 to related party for the three months ended March 31, 2022, and 2023, respectively)		4, 15		(989,454	)		(1,277,085	)
Vessel operating expenses		15		(10,127,405	)		(11,267,683	)
Management fees to related parties		4		(1,530,000	)		(1,831,500	)
Depreciation and amortization		5, 7		(4,272,809	)		(5,812,463	)
General and administrative expenses (including $300,000, and $750,000 to related party for the three months ended March 31, 2022, and 2023, respectively)		4, 16		(921,707	)		(1,134,664	)
Total expenses				(17,841,375	)		(21,323,395	)

Operating income				19,969,490			3,145,575

OTHER INCOME/(EXPENSES):
Interest and finance costs		8, 17		(1,449,613	)		(3,088,079	)
Interest income				25,204			798,964
Foreign exchange losses				(1,288	)		(61,578	)
Dividend income on equity securities		9		—			313,716
Dividend income from related party		4		—			97,222
Gain on sale of equity securities				—			2,636
Unrealized loss on equity securities		9		—			(7,695,588	)
Total other expenses, net				(1,425,697	)		(9,632,707	)

Net income/(loss) and comprehensive income/(loss) from continuing operations, before taxes			$	18,543,793		$	(6,487,132	)
Income taxes				(87,081	)		(22,906	)
Net income/(loss) and comprehensive income/(loss) from continuing operations, net of taxes			$	18,456,712		$	(6,510,038	)
Net income and comprehensive income from discontinued operations, net of taxes		3		1,519,576			17,339,332
Net income and comprehensive income				19,976,288			10,829,294

Earnings/(Loss) per common share, basic and diluted, continuing operations		13		0.20			(0.07	)
Earnings per common share, basic and diluted, discontinued operations		13		0.02			0.18
Earnings per common share, basic and diluted, total		13		0.21			0.11
Weighted average number of common shares, basic and diluted				94,610,088			94,610,088

	Number of shares issued
	Common Shares		Series A Preferred Shares		Series B Preferred Shares		Par Value of Shares Issued		Additional Paid-in Capital			Retained Earnings		Total 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		—		—		—		—		—			19,976,288		19,976,288
Balance, March 31, 2022		94,610,088		—		12,000		94,622		303,658,153			59,157,883		362,910,658
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		—		—		—		—		—			10,829,294		10,829,294
-Distribution of net assets of Toro Corp. to shareholders (Note 1)		—		—		—		—		(37,919,432	)		—		(37,919,432	)
Balance, March 31, 2023		94,610,088		—		12,000		94,622		265,738,721			168,571,579		434,404,922

	Note	Three Months Ended March 31,			Three Months Ended March 31,
		2022			2023
Cash Flows provided by / (used in) Operating Activities of Continuing Operations:
Net income			19,976,288			10,829,294
Net income from discontinued operations, net of taxes			1,519,576			17,339,332
Net income/(loss) from continuing operations, net of taxes		$	18,456,712		$	(6,510,038	)
Adjustments to reconcile net income/(loss) from Continuing operations to net cash provided by/ (used in) Operating Activities:
Depreciation and amortization	5, 7		4,272,809			5,812,463
Amortization of deferred finance charges	17		185,994			186,151
Amortization of fair value of acquired time charters	6		—			1,026,959
Unrealized loss on equity securities			—			7,695,588
Realized gain on sale of equity securities			—			(2,636	)
Dividend income on equity securities	9		—			(313,716	)
Dividend income from related party			—			(97,222	)
Changes in operating assets and liabilities:			—
Accounts receivable trade, net			316,042			(195,435	)
Inventories			(1,935,431	)		180,445
Due from/to related parties			(3,795,006	)		(656,726	)
Prepaid expenses and other assets			(232,941	)		(124,161	)
Other deferred charges			(122,806	)		51,138
Accounts payable			1,108,178			(3,595,122	)
Accrued liabilities			332,041			(1,382,673	)
Deferred revenue			(949,362	)		(782,933	)
Dry-dock costs paid			(537,430	)		(1,315,024	)
Net Cash provided by/(used in) Operating Activities from Continuing Operations			17,098,800			(22,942	)

Cash flow used in Investing Activities of Continuing Operations:
Vessel acquisitions (including time charters attached) and other vessel improvements	7		(22,400,364	)		(204,763	)
Purchase of equity securities			—			(31,742,081	)
Dividends received on equity securities			—			313,716
Proceeds from sale of equity securities			—			258,999
Net cash used in Investing Activities from Continuing Operations			(22,400,364	)		(31,374,129	)

Cash flows provided by/ (used in) Financing Activities of Continuing Operations:
Common stock issuance expenses			(65,797	)		—
Proceeds from long-term debt	8		55,000,000			—
Repayment of long-term debt	8		(3,409,500	)		(8,444,500	)
Payment of deferred financing costs			(700,578	)		(25,178	)
Proceeds received from Toro Corp. related to Spin-Off	4		—			2,570,503
Net cash provided by/(used in) Financing Activities from continuing operations			50,824,125			(5,899,175	)

Cash flows of discontinued operations:
Net Cash (used in)/ provided by Operating Activities from discontinued operations			(4,035,029			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			(850,000			(62,734,774	)
Net cash used in discontinued operations			(4,947,412	)		(42,479,594	)

Net increase/(decrease) in cash, cash equivalents, and restricted cash			40,575,149	)		(79,775,840	)
Cash, cash equivalents and restricted cash at the beginning of the period			43,386,468	)		152,307,420
Cash, cash equivalents and restricted cash at the end of the period		$	83,961,617	)		72,531,580

RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents		$	73,347,812		$	63,091,223
Restricted cash, current			2,903,805			1,935,357
Restricted cash, non-current			7,710,000			7,505,000
Cash, cash equivalents, and restricted cash		$	83,961,617		$	72,531,580

SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest			791,313			2,722,132
Unpaid capital raising costs (included in Accounts payable and Accrued Liabilities)			—			34,000
Unpaid vessel acquisition and other vessel improvement costs (included in Accounts payable and Accrued liabilities)			26,803			—
Distribution of net assets of Toro Corp. to shareholders	1		—			37,919,432

	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	Bagheera Shipping Co. (“Bagheera”)	Marshall Islands	M/V Magic Rainbow	73,593	2007	August 2020
5	Pocahontas Shipping Co. (“Pocahontas”)	Marshall Islands	M/V Magic Horizon	76,619	2010	October 2020
6	Jumaru Shipping Co. (“Jumaru”)	Marshall Islands	M/V Magic Nova	78,833	2010	October 2020
7	Super Mario Shipping Co. (“Super Mario”)	Marshall Islands	M/V Magic Venus	83,416	2010	March 2021
8	Pumba Shipping Co. (“Pumba”)	Marshall Islands	M/V Magic Orion	180,200	2006	March 2021
9	Kabamaru Shipping Co. (“Kabamaru”)	Marshall Islands	M/V Magic Argo	82,338	2009	March 2021
10	Luffy Shipping Co. (“Luffy”)	Marshall Islands	M/V Magic Twilight	80,283	2010	April 2021
11	Liono Shipping Co. (“Liono”)	Marshall Islands	M/V Magic Thunder	83,375	2011	April 2021
12	Stewie Shipping Co. (“Stewie”)	Marshall Islands	M/V Magic Vela	75,003	2011	May 2021
13	Snoopy Shipping Co. (“Snoopy”)	Marshall Islands	M/V Magic Nebula	80,281	2010	May 2021
14	Mulan Shipping Co. (“Mulan”)	Marshall Islands	M/V Magic Starlight	81,048	2015	May 2021
15	Cinderella Shipping Co. (“Cinderella”)	Marshall Islands	M/V Magic Eclipse	74,940	2011	June 2021
16	Mickey Shipping Co. (“Mickey”)	Marshall Islands	M/V Magic Callisto	74,930	2012	January 2022
17	Songoku Shipping Co. (“Songoku”)	Marshall Islands	M/V Magic Pluto	74,940	2013	August 2021
18	Asterix Shipping Co. (“Asterix”)	Marshall Islands	M/V Magic Perseus	82,158	2013	August 2021
19	Johnny Bravo Shipping Co. (“Johnny Bravo”)	Marshall Islands	M/V Magic Mars	76,822	2014	September 2021
20	Garfield Shipping Co. (“Garfield”)	Marshall Islands	M/V Magic Phoenix	76,636	2008	October 2021
21	Jerry Shipping Co. (“Jerry S”)	Marshall Islands	M/V Ariana A	38,117	2005	November 2022
22	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

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

	Three Months Ended March 31,			January 1 through March 7,
	2022			2023
REVENUES:
Time charter revenues		2,986,345			914,000
Voyage charter revenues		10,734,868			7,930
Pool revenues		3,109,235			22,447,344
Total vessel revenues		16,830,448			23,369,274

EXPENSES:
Voyage expenses (including $213,837, and $294,831 to related party for the three months ended March 31, 2022, and 2023, respectively)		(7,241,316	)		(374,396	)
Vessel operating expenses		(5,236,713	)		(3,769,132	)
Management fees to related parties		(688,500	)		(507,000	)
Depreciation and amortization		(1,808,997	)		(1,493,759	)
Recovery of provision for doubtful accounts		—			266,732
Total expenses		(14,975,526	)		(5,877,555	)

Operating income		1,854,922			17,491,719

OTHER INCOME/(EXPENSES):
Interest and finance costs		(184,222	)		(220,061	)
Interest income		615			253,165
Foreign exchange (losses)/ gains		22			(11,554	)
Total other (expenses)/income, net		(183,585	)		21,550

Net income and comprehensive income from discontinued operations, before taxes	$	1,671,337		$	17,513,269
Income taxes		(151,761	)		(173,937	)
Net income and comprehensive income from discontinued operations, net of taxes	$	1,519,576		$	17,339,332

	December 31, 2022		March 31, 2023
Assets:
Due from Castor Ships (a) – current	$	—	$	379,435
Due from Castor Ships (a) – non-current		3,514,098		3,198,586
Due from Pavimar (b) – current		2,664,976		3,030,158
Due from Toro (c) related to Spin-Off expenses reimbursement		—		124,144
Investment in Toro (c) – non-current		—		117,319,357

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 • Risk-free rate • Weighted average cost of capital • Strike price • Share price (based on the first 5 trading days volume weighted average)	69.0% 3.16% 12.80% $5.75 $4.52

	Dry-docking costs
Balance December 31, 2022	$	5,357,816
Additions		37,457
Amortization		(562,058	)
Transfer to Assets held for sale (Note 7(b))		(1,162,092	)
Balance March 31, 2023	$	3,671,123

	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)		(20,042,433	)		2,979,087			(17,063,346	)
— Period depreciation		—			(5,250,405	)		(5,250,405	)
Balance March 31, 2023		352,340,047			(31,245,332	)		321,094,715

		Year/Period Ended
Loan facilities	Borrowers	December 31, 2022			March 31, 2023
$11.0 Million Term Loan Facility (a)	Spetses- Pikachu	$	6,200,000		$	5,800,000
$4.5 Million Term Loan Facility (b)	Bistro		2,850,000			2,700,000
$15.29 Million Term Loan Facility (c)	Pocahontas- Jumaru		11,993,000			11,522,000
$40.75 Million Term Loan Facility (e)	Liono-Snoopy-Cinderella-Luffy		34,980,000			33,826,000
$23.15 Million Term Loan Facility (f)	Bagheera-Garfield		17,800,500			16,566,000
$55.00 Million Term Loan Facility (g)	Mulan- Johnny Bravo-Songoku-Asterix-Stewie		44,395,000			40,860,000
$22.5 Million Term Loan Facility (h)	Tom-Jerry		22,250,000			20,750,000
Total long-term debt including Debt related to assets held for sale		$	140,468,500		$	132,024,000
Less: Deferred financing costs			(1,696,738	)		(1,510,587	)
Total long-term debt including Debt related to assets held for sale, net of deferred finance costs		$	138,771,762			130,513,413

Presented:
Current portion of long-term debt		$	29,848,400		$	24,740,000
Less: Current portion of deferred finance costs			(677,585	)		(595,253	)
Current portion of long-term debt, net of deferred finance costs		$	29,170,815		$	24,144,747

Debt related to assets held for sale		$	—			9,995,000
Less: Current portion of deferred finance costs			—			(90,844	)
Debt related to assets held for sale, net of deferred finance costs			—			9,904,156
					$
Non-Current portion of long-term debt			110,620,100			97,289,000
Less: Non-Current portion of deferred finance costs			(1,019,153	)		(824,490	)
Non-Current portion of long-term debt, net of deferred finance costs		$	109,600,947		$	96,464,510

Twelve-month period ending March 31,	Amount
2024		34,735,000
2025		30,193,400
2026		14,820,400
2027		47,175,200
2028		5,100,000
Total long-term debt	$	132,024,000

	Equity securities
Balance December 31, 2022	$	—
Equity securities acquired		31,742,081
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		(7,695,588	)
Balance March 31, 2023	$	23,790,130

	March 31, 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	$	-

	Three months ended March 31,			Three months ended March 31,
Voyage expenses	2022			2023
Brokerage commissions		452,727			393,247
Brokerage commissions- related party		488,672			326,770
Port & other expenses		214,711			88,534
Bunkers consumption		969,323			402,131
(Gain)/loss on bunkers		(1,135,979	)		66,403
Total Voyage expenses	$	989,454		$	1,277,085

	Three months ended March 31,						Three months ended March 31,
	2022						2023
	Dry bulk segment			Total			Dry bulk segment			Container ship segment			Total
Time charter revenues	$	37,810,865			37,810,865		$	21,031,930			3,437,040			24,468,970
Total vessel revenues	$	37,810,865			37,810,865		$	21,031,930			3,437,040			24,468,970
Voyage expenses (including charges from related party)		(989,454	)		(989,454	)		(1,109,565	)		(167,520	)		(1,277,085	)
Vessel operating expenses		(10,127,405	)		(10,127,405	)		(9,708,905	)		(1,558,778	)		(11,267,683	)
Management fees to related parties		(1,530,000	)		(1,530,000	)		(1,665,000	)		(166,500	)		(1,831,500	)
Depreciation and amortization		(4,272,809	)		(4,272,809	)		(4,553,307	)		(1,259,156	)		(5,812,463	)
Segments operating income/(loss)	$	20,891,197		$	20,891,197		$	3,995,153		$	285,086		$	4,280,239
Interest and finance costs					(1,478,573	)								(2,941,420	)
Interest income					3,356									660,541
Foreign exchange (losses)/gains					(1,256	)								(55,082	)
Unrealized loss on equity securities					—									(7,695,588	)
Less: Unallocated corporate general and administrative expenses					(921,707	)								(1,134,664	)
Less: Corporate Interest and finance costs					28,960									(146,659	)
Less: Corporate Interest income					21,848									138,423
Less: Corporate exchange (losses)/gains					(32	)								(6,496	)
Dividend income on equity securities					—									313,716
Dividend income from related party														97,222
Gain on sale of equity securities					—									2,636
Net income/ (loss) and comprehensive income/(loss) from continuing operations, before taxes				$	18,543,793								$	(6,487,132	)
Net income and Comprehensive income from discontinued operations, before taxes				$	1,671,336								$	17,513,269
Net income and Comprehensive income, before taxes				$	20,215,129								$	11,026,137

	As of December 31, 2022		As of March 31, 2023
Dry bulk segment	$	339,599,683	$	326,681,599
Containership segment		52,850,927		50,116,804
Cash and cash equivalents ⁽¹⁾		82,336,438		54,634,994
Prepaid expenses and other assets ⁽¹⁾		654,796		141,888,607
Total assets from continuing operations	$	475,441,844	$	573,322,004
Total assets from discontinued operations	$	157,479,104	$	—
Total consolidated assets	$	632,920,948	$	573,322,004