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

Castor Maritime Inc. (CTRM)

6-K 2023-11-08 For: 2023-11-08

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

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	CASTOR MARITIME INC.
Dated: November 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 September 30, 2023	F-2

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

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

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

Notes to Unaudited Interim Condensed Consolidated Financial Statements	F-6

ASSETS			December 31,		September 30,
CURRENT ASSETS:	Note		2022		2023
Cash and cash equivalents			$	100,593,557	$	85,810,135
Restricted cash		8		1,684,269		1,384,566
Accounts receivable trade, net				2,706,412		2,471,781
Due from related parties		4		2,437,354		5,348,216
Inventories				1,939,689		1,437,845
Prepaid expenses and other assets				2,065,539		3,429,829
Investment in equity securities		9		—		58,484,745
Assets held for sale		7(b)		—		12,785,218
Deferred charges, net				51,138		93,628
Current assets of discontinued operations		3		54,763,308		—
Total current assets				166,241,266		171,245,963

NON-CURRENT ASSETS:
Vessels, net		7		343,408,466		293,380,517
Restricted cash		8		7,550,000		7,805,000
Due from related parties		4		3,514,098		5,934,351
Prepaid expenses and other assets				1,626,000		1,220,000
Deferred charges, net		5		5,357,816		4,180,593
Fair value of acquired time charters		6		2,507,506		671,770
Investment in related party		4		—		117,529,357
Non-current assets of discontinued operations		3		102,715,796		—
Total non-current assets				466,679,682		430,721,588

Total assets			$	632,920,948	$	601,967,551

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt, net		8		29,170,815		18,982,140
Liability associated with assets held for sale, net		7(b)		—		3,150,000
Accounts payable				7,593,981		4,106,248
Deferred revenue				2,583,879		1,871,625
Accrued liabilities				5,494,043		3,883,256
Due to related parties		4 (d)		—		381,944
Current liabilities of discontinued operations		3		6,519,051		—
Total current liabilities				51,361,769		32,375,213

NON-CURRENT LIABILITIES:
Long-term debt, net		8		109,600,947		82,276,763
Non-current liabilities of discontinued operations		3		10,463,172		—
Total non-current liabilities				120,064,119		82,276,763

Commitments and contingencies		12

MEZZANINE EQUITY:
5.00% Series D fixed rate cumulative perpetual convertible preferred shares: 0 and 50,000 shares issued and outstanding as of December 31, 2022, and September 30, 2023, respectively, aggregate liquidation preference of $0 and $50,000,000 as of December 31, 2022 and September 30, 2023, respectively				—		49,426,216
Total mezzanine equity		10		—		49,426,216

SHAREHOLDERS’ EQUITY:
Common shares, $0.001 par value; 1,950,000,000 shares authorized; 94,610,088 and 96,623,876 issued and outstanding as of December 31, 2022, and September 30, 2023, respectively		10		94,610		96,624
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 September 30, 2023		10		12		12
Additional paid-in capital				303,658,153		266,876,641
Retained earnings				157,742,285		170,916,082
Total shareholders’ equity				461,495,060		437,889,359
Total liabilities, mezzanine equity and shareholders’ equity			$	632,920,948	$	601,967,551

			Nine Months Ended September 30,			Nine Months Ended September 30,
	Note		2022			2023
REVENUES:
Time charter revenues		6,14	$	118,920,093		$	71,151,984
Total vessel revenues				118,920,093			71,151,984

EXPENSES:
Voyage expenses (including $1,535,676 and $933,597 to related party for the nine months ended September 30, 2022, and 2023, respectively)		4, 15		(2,147,721	)		(3,970,433	)
Vessel operating expenses		15		(30,950,947	)		(31,818,005	)
Management fees to related parties		4		(4,779,000	)		(5,448,799	)
Depreciation and amortization		5,7		(13,391,867	)		(17,225,392	)
General and administrative expenses (including $1,350,000 and $2,299,500 to related party for the nine months ended September 30, 2022, and 2023, respectively)		4, 16		(4,403,724	)		(4,402,153	)
Gain on sale of vessel		7		—			6,278,454
Total expenses				(55,673,259	)		(56,586,328	)

Operating income				63,246,834			14,565,656

OTHER INCOME/(EXPENSES):
Interest and finance costs		8,17		(5,131,362	)		(8,825,294	)
Interest income				653,916			2,206,599
Foreign exchange gains / (losses)				136,837			(72,878	)
Dividend income on equity securities		9		3,528			1,173,072
Dividend income from related party		4		—			808,889
Gain on sale of equity securities				—			2,636
Unrealized gains / (losses) on equity securities		9		39,756			(13,470,342	)
Total other expenses, net				(4,297,325	)		(18,177,318	)

Net income / (loss) and comprehensive income / (loss), from continuing operations, before taxes			$	58,949,509		$	(3,611,662	)
Income taxes				(252,474	)		(98,906	)
Net income / (loss) and comprehensive income / (loss) from continuing operations, net of taxes			$	58,697,035		$	(3,710,568	)
Net income and comprehensive income from discontinued operations, net of taxes		3		26,182,107			17,339,332
Net income and comprehensive income				84,879,142			13,628,764
Dividend on Series D Preferred Shares				—			(381,944	)
Deemed dividend on Series D Preferred Shares				—			(73,023	)
Net income attributable to common shareholders				84,879,142			13,173,797

Earnings / (loss) per common share, basic and diluted, continuing operations		13		0.62			(0.04	)
Earnings per common share, basic and diluted, discontinued operations		13		0.28			0.18
Earnings per common share, basic and diluted, Total		13		0.90			0.14
Weighted average number of common shares, basic and diluted		13		94,610,088			95,403,071

	Number of Shares Issued															Mezzanine equity
	Common shares		Series B Preferred shares		Par Value of Shares issued		Additional Paid-in capital			Retained earnings			Total Shareholders’ Equity			# of Series D Preferred Shares		Mezzanine 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		—		—		—		—			84,879,142			84,879,142			—		—
Balance, September 30, 2022		94,610,088		12,000		94,622		303,658,153			124,060,737			427,813,512			—		—

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		—		—		—		—			13,628,764			13,628,764			—		—
- Distribution of net assets of Toro Corp. to shareholders (Note 1)		—		—				(37,919,432	)		—			(37,919,432	)		—		—
- Issuance of common shares pursuant to the ATM Program (Note 10)		2,013,788		—		2,014		637,920			—			639,934			—		—
- Issuance of Series D Preferred Shares, net of costs (Note 10)		—		—		—		—			—			—			50,000		49,353,193
- Capital contribution from Toro, pursuant to the issuance of Series D Preferred Shares (Note 10)		—		—		—		500,000			—			500,000			—		—
- Dividend on Series D Preferred Shares		—		—		—		—			(381,944	)		(381,944	)		—		—
- Deemed dividend on Series D Preferred Shares (Note 10)		—		—		—		—			(73,023	)		(73,023	)		—		73,023
Balance, September 30, 2023		96,623,876		12,000		96,636		266,876,641			170,916,082			437,889,359			50,000		49,426,216

	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	Liono Shipping Co. (“Liono”)	Marshall Islands	M/V Magic Thunder	83,375	2011	April 2021
10	Stewie Shipping Co. (“Stewie”)	Marshall Islands	M/V Magic Vela	75,003	2011	May 2021
11	Snoopy Shipping Co. (“Snoopy”)	Marshall Islands	M/V Magic Nebula	80,281	2010	May 2021
12	Mulan Shipping Co. (“Mulan”)	Marshall Islands	M/V Magic Starlight	81,048	2015	May 2021
13	Cinderella Shipping Co. (“Cinderella”)	Marshall Islands	M/V Magic Eclipse	74,940	2011	June 2021
14	Mickey Shipping Co. (“Mickey”)	Marshall Islands	M/V Magic Callisto	74,930	2012	January 2022
15	Songoku Shipping Co. (“Songoku”)	Marshall Islands	M/V Magic Pluto	74,940	2013	August 2021
16	Asterix Shipping Co. (“Asterix”)	Marshall Islands	M/V Magic Perseus	82,158	2013	August 2021
17	Johnny Bravo Shipping Co. (“Johnny Bravo”)	Marshall Islands	M/V Magic Mars	76,822	2014	September 2021
18	Garfield Shipping Co. (“Garfield”)	Marshall Islands	M/V Magic Phoenix	76,636	2008	October 2021
19	Jerry Shipping Co. (“Jerry S”)	Marshall Islands	M/V Ariana A	38,117	2005	November 2022
20	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
3	Luffy Shipping Co. (“Luffy”) ⁽³⁾	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

	Nine months Ended September 30,			January 1 through March 7,
	2022			2023
REVENUES:
Time charter revenues		11,981,904			914,000
Voyage charter revenues		45,927,552			7,930
Pool revenues		15,951,024			22,447,344
Total vessel revenues		73,860,480			23,369,274

EXPENSES:
Voyage expenses (including $941,346, and $294,831 to related party for the nine months ended September 30, 2022, and for the period January 1, 2023 through March 7, 2023)		(26,031,974	)		(374,396	)
Vessel operating expenses		(15,905,448	)		(3,769,132	)
Management fees to related parties		(2,115,900	)		(507,000	)
Depreciation and amortization		(5,440,750	)		(1,493,759	)
Recovery of provision for doubtful accounts		—			266,732
Gain on sale of vessel		3,222,631			—
Total expenses		(46,271,441	)		(5,877,555	)

Operating income		27,589,039			17,491,719

OTHER INCOME/(EXPENSES):
Interest and finance costs		(629,019	)		(220,061	)
Interest income		26,545			253,165
Foreign exchange losses		(6,651	)		(11,554	)
Total other (expenses)/income, net		(609,125	)		21,550

Net income and comprehensive income from discontinued operations, before taxes	$	26,979,914		$	17,513,269
Income taxes		(797,807	)		(173,937	)
Net income and comprehensive income from discontinued operations, net of taxes	$	26,182,107		$	17,339,332

	December 31, 2022		September 30, 2023
Assets:
Due from Castor Ships (a) – current	$	—	$	1,262,584
Due from Castor Ships (a) – non-current		3,514,098		5,934,351
Due from Pavimar (b) – current		2,664,976		4,085,632
Investment in Toro (c) – non-current		—		117,529,357

Liabilities:
Due to Castor Ships (a) – current	$	227,622	$	—
Due to Toro (d) – current		—		381,944

	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		1,117,797
Amortization		(1,681,006	)
Disposals		(614,014	)
Balance September 30, 2023	$	4,180,593

	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)		(14,759,523	)		2,028,608			(12,730,915	)
— Vessel disposals		(24,161,514	)		2,408,866			(21,752,648	)
— Period depreciation		—			(15,544,386	)		(15,544,386	)
Balance September 30, 2023		333,461,443			(40,080,926	)		293,380,517

		Year/Period Ended
Loan facilities	Borrowers	December 31, 2022			September 30, 2023
$11.0 Million Term Loan Facility (a)	Spetses- Pikachu	$	6,200,000		$	5,000,000
$4.5 Million Term Loan Facility (b)	Bistro		2,850,000			2,400,000
$15.29 Million Term Loan Facility (c)	Pocahontas- Jumaru		11,993,000			10,580,000
$40.75 Million Term Loan Facility (d)	Liono-Snoopy-Cinderella-Luffy		34,980,000			23,910,000
$23.15 Million Term Loan Facility (e)	Bagheera-Garfield		17,800,500			8,778,200
$55.00 Million Term Loan Facility (f)	Mulan- Johnny Bravo-Songoku-Asterix-Stewie		44,395,000			33,790,000
$22.5 million Term Loan Facility (g)	Tom-Jerry		22,250,000			17,825,000
Total long-term debt		$	140,468,500		$	102,283,200
Less: Deferred financing costs			(1,696,738	)		(1,024,297	)
Total long-term debt, net of deferred finance costs		$	138,771,762		$	101,258,903

Presented:
Current portion of long-term debt		$	29,848,400		$	19,473,400
Less: Current portion of deferred finance costs			(677,585	)		(491,260	)
Current portion of long-term debt, net of deferred finance costs		$	29,170,815		$	18,982,140

Non-Current portion of long-term debt			110,620,100			82,809,800
Less: Non-Current portion of deferred finance costs			(1,019,153	)		(533,037	)
Non-Current portion of long-term debt, net of deferred finance costs		$	109,600,947		$	82,276,763

Twelve-month period ending September 30,	Amount
2024	$	19,473,400
2025		28,340,400
2026		27,274,400
2027		23,895,000
2028		3,300,000
Total long-term debt	$	102,283,200

	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		(13,470,342	)
Balance September 30, 2023	$	58,484,745

	September 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	$	—

	Nine months ended September 30,			Nine months ended September 30,
Voyage expenses	2022			2023
Brokerage commissions		1,426,530			1,272,273
Brokerage commissions- related party		1,535,676			933,597
Port & other expenses		606,077			565,643
Bunkers consumption		1,969,645			997,988
(Gain)/loss on bunkers		(3,390,207	)		200,932
Total Voyage expenses	$	2,147,721		$	3,970,433

	Nine months ended September 30,						Nine months ended September 30,
	2022						2023
	Dry bulk segment			Total			Dry bulk segment			Container ship segment			Total
Time charter revenues	$	118,920,093			118,920,093		$	60,508,493			10,643,491			71,151,984
Total vessel revenues	$	118,920,093			118,920,093		$	60,508,493			10,643,491			71,151,984
Voyage expenses (including charges from related party)		(2,147,721	)		(2,147,721	)		(3,453,050	)		(517,383	)		(3,970,433	)
Vessel operating expenses		(30,950,947	)		(30,950,947	)		(27,742,577	)		(4,075,428	)		(31,818,005	)
Management fees to related parties		(4,779,000	)		(4,779,000	)		(4,932,525	)		(516,274	)		(5,448,799	)
Depreciation and amortization		(13,391,867	)		(13,391,867	)		(13,244,126	)		(3,981,266	)		(17,225,392	)
Gain on sale of vessel		—			—			6,278,454			—			6,278,454
Segments operating income	$	67,650,558		$	67,650,558		$	17,414,669		$	1,553,140		$	18,967,809
Interest and finance costs					(5,096,439	)								(8,485,041	)
Interest income					31,589									1,605,982
Foreign exchange gains/(losses)					130,266									(67,237	)
Unrealized gain / (loss) on equity securities					39,756									(13,470,342	)
Unallocated corporate general and administrative expenses					(4,403,724	)								(4,402,153	)
Corporate Interest and finance costs					(34,923	)								(340,253	)
Corporate Interest income					622,327									600,617
Corporate exchange gains/(losses)					6,571									(5,641	)
Dividend income on equity securities					3,528									1,173,072
Dividend income from related party					—									808,889
Gain on sale of equity securities					—									2,636
Net income / (loss) and comprehensive income/(loss) from continuing operations, before taxes				$	58,949,509								$	(3,611,662	)
Net income and Comprehensive income from discontinued operations, before taxes				$	26,979,914								$	17,513,269
Net income and Comprehensive income, before taxes				$	85,929,423								$	13,901,607

	As of December 31, 2022		As of September 30, 2023
Dry bulk segment	$	339,599,683	$	297,003,774
Containership segment		52,850,927		47,848,171
Cash and cash equivalents ⁽¹⁾		82,336,438		80,394,719
Prepaid expenses and other assets ⁽¹⁾		654,796		176,720,887
Total assets from continuing operations	$	475,441,844	$	601,967,551
Total assets from discontinued operations	$	157,479,104	$	—
Total consolidated assets	$	632,920,948	$	601,967,551

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⁽²⁾	Panamax		75,311		2001	Korea	$	6.71	09/05/2019
Magic Moon⁽³⁾	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⁽⁴⁾	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⁽⁵⁾	Panamax		76,636		2008	Japan	$	18.75	10/26/2021
Magic Callisto⁽⁶⁾	Panamax		74,930		2012	Japan	$	23.55	01/04/2022
Containerships⁽⁷⁾
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

(In U.S. Dollars, except for number of share data)	Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2023			Change- amount
Total vessel revenues	$	118,920,093		$	71,151,984		$	47,768,109
Expenses:
Voyage expenses (including commissions to related party)		(2,147,721	)		(3,970,433	)		1,822,712
Vessel operating expenses		(30,950,947	)		(31,818,005	)		867,058
Management fees to related parties		(4,779,000	)		(5,448,799	)		669,799
Depreciation and amortization		(13,391,867	)		(17,225,392	)		3,833,525
General and administrative expenses (including costs from related party)		(4,403,724	)		(4,402,153	)		1,571
Gain on sale of vessel		-			6,278,454			6,278,454
Operating income	$	63,246,834		$	14,565,656		$	48,681,178
Interest and finance costs, net		(4,477,446	)		(6,618,695	)		2,141,249
Other income/ (expenses) ⁽¹⁾		180,121			(11,558,623	)		11,738,744
Income taxes		(252,474	)		(98,906	)		153,568
Net income / (loss) and comprehensive income / (loss) from continuing operations, net of taxes	$	58,697,035		$	(3,710,568	)	$	62,407,603
Net income and comprehensive income from discontinued operations, net of taxes	$	26,182,107		$	17,339,332		$	8,842,775
Net income and comprehensive income	$	84,879,142		$	13,628,764		$	71,250,378
Dividend on Series D Preferred Shares		-			(381,944	)		381,944
Deemed dividend on Series D Preferred Shares		-			(73,023	)		73,023
Net income attributable to common shareholders	$	84,879,142			13,173,797			71,705,345
Earnings / (loss) per common share, basic and diluted, continuing operations	$	0.62		$	(0.04	)
Earnings per common share, basic and diluted, discontinued operations	$	0.28		$	0.18
Earnings per common share, basic and diluted, Total	$	0.90		$	0.14
Weighted average number of common shares, basic and diluted		94,610,088			95,403,071

	Nine Months Ended September 30, 2022			January 1 through March 7, 2023
REVENUES:
Time charter revenues		11,981,904			914,000
Voyage charter revenues		45,927,552			7,930
Pool revenues		15,951,024			22,447,344
Total vessel revenues		73,860,480			23,369,274

EXPENSES:
Voyage expenses (including commissions to related party)		(26,031,974	)		(374,396	)
Vessel operating expenses		(15,905,448	)		(3,769,132	)
Management fees to related parties		(2,115,900	)		(507,000	)
Depreciation and amortization		(5,440,750	)		(1,493,759	)
Recovery of provision for doubtful accounts		—			266,732
Gain on sale of vessel		3,222,631			—
Total expenses		(46,271,441	)		(5,877,555	)

Operating income		27,589,039			17,491,719

OTHER INCOME/ (EXPENSES):
Interest and finance costs		(629,019	)		(220,061	)
Interest income		26,545			253,165
Foreign exchange losses		(6,651	)		(11,554	)
Total other (expenses)/income, net		(609,125	)		21,550

Net income and comprehensive income from discontinued operations, before taxes	$	26,979,914		$	17,513,269
Income taxes		(797,807	)		(173,937	)
Net income and comprehensive income from discontinued operations, net of taxes	$	26,182,107		$	17,339,332

(In U.S. Dollars)	Nine months ended September 30, 2022			Nine months ended September 30, 2023			Change- amount
Total vessel revenues	$	118,920,093		$	60,508,493		$	58,411,600
Expenses:
Voyage expenses (including commissions to related party)		(2,147,721	)		(3,453,050	)		1,305,329
Vessel operating expenses		(30,950,947	)		(27,742,577	)		3,208,370
Management fees to related parties		(4,779,000	)		(4,932,525	)		153,525
Depreciation and amortization		(13,391,867	)		(13,244,126	)		147,741
Gain on sale of vessel		-			6,278,454			6,278,454
Operating income ⁽¹⁾	$	67,650,558		$	17,414,669		$	50,235,889

(In U.S. Dollars)	Nine months ended September 30, 2023
Total vessel revenues		10,643,491
Expenses:
Voyage expenses (including commissions to related party)		(517,383	)
Vessel operating expenses		(4,075,428	)
Management fees to related parties		(516,274	)
Depreciation and amortization		(3,981,266	)
Operating income⁽¹⁾	$	1,553,140

	Nine months ended September 30,
(in thousands of U.S. Dollars)	2022			2023
Net cash provided by operating activities from continuing operations	$	63,352,297		$	11,170,691
Net cash used in investing activities from continuing operations		(22,956,411	)		(40,976,112	)
Net cash provided by financing activities from continuing operations		36,931,145			14,977,296
Net cash provided by operating activities from discontinued operations		13,917,491			20,409,041
Net cash provided by/(used in) investing activities from discontinued operations		11,857,255			(153,861	)
Net cash used in financing activities from discontinued operations		(2,375,000	)		(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	$	144,113,245		$	94,999,701

(U.S. dollars in thousands)	Fair Value at September 30, 2023		Hypothetical Percentage Change	Estimated Fair Value After Hypothetical Price Change		Estimated Increase /(Decrease) in Net Income/(Loss) ⁽¹⁾
Equity securities at fair value	$	58,484,745	25% increase	$	73,105,931	$	14,621,186
			25% decrease	$	43,863,559	$	(14,621,186	)

	Nine-months ended September 30,			Nine-months ended September 30,
	2022			2023
Total vessel revenues	$	118,920,093		$	71,151,984
Voyage expenses -including commissions to related party		(2,147,721	)		(3,970,433	)
TCE revenues	$	116,772,372		$	67,181,551
Available Days		5,351			5,743
Daily TCE Rate	$	21,823		$	11,698