6-K
Imperial Petroleum Inc./Marshall Islands (IMPP)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OFFOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2024
Commission File Number 001-41095
IMPERIAL PETROLEUM INC.
(Translation of registrant’s name into English)
331 KifissiasAvenue Erithrea 14561 Athens, Greece
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
INFORMATION CONTAINEDIN THIS FORM 6-K REPORT
Attached to this report on Form 6-K as Exhibit 99.1 is a copy of the press release of Imperial Petroleum Inc. dated May 16, 2024, announcing its financial and operating results for the three months ended March 31, 2024.
EXHIBIT INDEX
| 99.1 | Imperial Petroleum Inc. Press Release dated May 16, 2024 |
|---|
*****
This report on Form 6-K is hereby incorporated by reference into the Company’s Registration Statement on Form F-3 (Reg. No. 333-268663), Post Effective Amendment No. 1 to Form F-1 on Form F-3 Registration Statement (Reg. No. 333-266031) and Registration Statements on Form S-8 (Reg. Nos. 333-275745 and 333-278813), including the prospectuses contained therein.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 16, 2024
| IMPERIAL PETROLEUM INC. | |
|---|---|
| By: | /s/ Harry Vafias |
| Name: | Harry Vafias |
| Title: | Chief Executive Officer |
EX-99.1
Exhibit 99.1
IMPERIAL PETROLEUM INC.
IMPERIAL PETROLEUM INC. REPORTS FIRST QUARTER 2024 FINANCIAL AND OPERATING RESULTS
ATHENS, GREECE, May 16, 2024 - IMPERIAL PETROLEUM INC. (NASDAQ: IMPP, the “Company”), a ship-owning company providing petroleum products, crude oil and dry bulk seaborne transportation services, announced today its unaudited financial and operating results for the three months ended March 31, 2024.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
| • | Fleet operational utilization of 80.6% in Q1 24’ an improved performance compared to Q4 23’ mainly due<br>to a 29.3% (65 days) decrease in commercial idle days. In Q1 23’our operational utilization was 85.0%. |
|---|---|
| • | 75.0% of fleet calendar days, equivalent to 671 days, in Q1 24’ were dedicated to spot activity.<br> |
| --- | --- |
| • | Revenues of $41.2 million in Q1 24’ compared to $29.9 million in Q4 23’ equivalent to a 37.8%<br>rise- and $65.4 million of revenues in Q1 23’. |
| --- | --- |
| • | Net Income of $16.7 million in Q1 24’ compared to net income of $6.5 million in Q4 23’<br>equivalent to a 157% increase- and net income of $35.7 million in Q1 23’. |
| --- | --- |
| • | Cash and cash equivalents and time deposits of $67.0 million as of March 31, 2024.<br> |
| --- | --- |
| • | On April 17, 2024, we agreed to sell our 2009 built aframax tanker Gstaad Grace II for $42 million. The<br>vessel was delivered to its new owners on April 26, 2024. |
| --- | --- |
First Quarter 2024 Results:
| • | Revenues for the three months ended March 31, 2024 amounted to<br>$41.2 million, a decrease of $24.2 million, or 37%, compared to revenues of $65.4 million for the three months ended March 31, 2023, primarily due to an average year on year decline in tanker market spot rates by 38%. It is noted<br>that during the period ended March 31, 2023 tanker market rates were at peak levels mainly due to the sharp effect of the Russian Ukraine conflict on tanker rates which normalized in the following quarters. |
|---|---|
| • | Voyage expenses and vessels’ operating expenses for the three<br>months ended March 31, 2024 were $13.5 million and $6.0 million, respectively, compared to $16.9 million and $6.9 million, respectively, for the three months ended March 31, 2023. The $3.4 million decrease in<br>voyage expenses is mainly due to longer haul spot voyages resulting in decreased port expenses by $1.4 million (33.7%) and due to decreased transit through the Suez canal compared to the same period of last year and decreased commissions by<br>$2.2 million due to lower revenues. The $0.9 million decrease in operating expenses is due to the slight decrease in the average number of our vessels. |
| --- | --- |
| • | Drydocking costs for the three months ended March 31, 2024 and 2023 were $0.6 million and<br>$0.6 million, respectively. During the three months ended March 31, 2024 our aframax tanker commenced its drydocking which was concluded within April 2024, while during the three months ended March 31, 2023 one of our handysize<br>drybulk carriers underwent its drydocking. |
| --- | --- |
| • | General and administrative costs for the three months ended March 31, 2024 and 2023 were<br>$1.2 million and $1.0 million, respectively. This change is mainly attributed to the increase in stock-based compensation costs, partly offset by a reduction in reporting expenses due to the spin-off<br>of C3is Inc. which was completed in June 2023. |
| --- | --- |
| • | Depreciation for the three months ended March 31, 2024 and 2023 was $4.0 million and<br>$4.1 million, respectively. The change is attributable to the slight decrease in the average number of our vessels. |
| --- | --- |
| • | Interest and finance costs for the three months ended March 31, 2024 and 2023 were<br>$0.002 million and $1.4 million, respectively, as there was no debt outstanding during the three months ended March 31, 2024. |
| --- | --- |
| • | Interest income for the three months ended March 31, 2024 and 2023 was $1.8 million and<br>$1.3 million, respectively. The increase is mainly attributed to the $0.8 million of accrued interest income – related party for the three months ended March 31, 2024 in connection with the $38.7 million of the sale price of<br>the Aframax tanker Afrapearl II (ex. Stealth Berana) which is receivable by July 2024. |
| --- | --- |
| • | As a result of the above, for the three months ended March 31, 2024, the Company reported net income<br>of $16.7 million, compared to net income of $35.7 million for the three months ended March 31, 2023. The weighted average number of shares of common stock outstanding, basic, for the three months ended March 31, 2024<br>was 27.6 million compared to 15.1 million shares for the three months ended March 31, 2023. Earnings per share, basic, for the three months ended March 31, 2024, amounted to $0.56, compared to earnings per share,<br>basic, of $2.31 for the three months ended March 31, 2023. |
| --- | --- |
| • | Adjusted net income was $17.5 million corresponding to an Adjusted EPS, basic, of $0.59 for the three<br>months ended March 31, 2024 compared to an Adjusted net income of $36.0 million corresponding to an Adjusted EPS, basic, of $2.33 for the same period of last year. |
| --- | --- |
| • | EBITDA for the three months ended March 31, 2024 amounted to $18.9 million, while Adjusted<br>EBITDA for the three months ended March 31, 2024 amounted to $19.8 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. |
| --- | --- |
| • | An average of 9.84 vessels were owned by the Company during the three months ended March 31, 2024 compared<br>to 10.10 vessels for the same period of 2023. |
| --- | --- |
Fleet Employment Table
As of May 16, 2024, the profile and deployment of our fleet is the following:
| Name | YearBuilt | CountryBuilt | Vessel Size(dwt) | VesselType | EmploymentStatus | Daily CharterRate | Expiration ofCharter(1) | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tankers | ||||||||||||||
| Magic Wand | 2008 | Korea | 47,000 | MR product tanker | Spot | |||||||||
| Clean Thrasher | 2008 | Korea | 47,000 | MR product tanker | Spot | |||||||||
| Clean Sanctuary (ex. Falcon Maryam) | 2009 | Korea | 46,000 | MR product tanker | Spot | |||||||||
| Clean Nirvana | 2008 | Korea | 50,000 | MR product tanker | Spot | |||||||||
| Clean Justice | 2011 | Japan | 46,000 | MR product tanker | Spot | |||||||||
| Aquadisiac | 2008 | Korea | 51,000 | MR product tanker | Spot | |||||||||
| Suez Enchanted | 2007 | Korea | 160,000 | Suezmax tanker | Spot | |||||||||
| Suez Protopia | 2008 | Korea | 160,000 | Suezmax tanker | Spot | |||||||||
| Drybulk Carriers | ||||||||||||||
| Eco Wildfire | 2013 | Japan | 33,000 | Handysize drybulk | Time Charter | $ | 18,200 | June 2024 | ||||||
| Glorieuse | 2012 | Japan | 38,000 | Handysize drybulk | Time Charter | $ | 13,000 | May 2024 | ||||||
| Fleet Total | **** | 678,000 dwt | ||||||||||||
| (1) | Earliest date charters could expire. | |||||||||||||
| --- | --- |
CEO Harry Vafias Commented
Year 2024 commenced quite favorably for Imperial Petroleum; $16.7 million of net income for the first quarter of this year, which is almost 160% higher than our profitability in the last quarter of 2023, fills us with optimism. The market continues to be governed by turbulence which directs longer haul voyages and is sustaining charter rates at firm levels. The financial health of Imperial Petroleum is undisputable with large cash pile and no bank debt; Going forward we will remain focused on the growth of our Company.
Conference Calldetails:
On May 16, 2024 at 09:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.
Online Registration:
Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.
https://register.vevent.com/register/BI52fe1de4b58b412dada1845a63e07141
Slides and audio webcast:
There will also be a live and then archived webcast of the conference call, through the IMPERIAL PETROLEUM INC. website (www.ImperialPetro.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About IMPERIAL PETROLEUM INC.
IMPERIAL PETROLEUM INC. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of ten vessels - six M.R. product tankers, two suezmax tankers and two handysize dry bulk carriers—with a total capacity of 678,000 deadweight tons (dwt). IMPERIAL PETROLEUM INC.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP,” respectively.
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although IMPERIAL PETROLEUM INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in IMPERIAL PETROLEUM INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in any financing arrangements, performance of counterparty to our vessel sale agreement, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflict on Israel and Gaza, the potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities and Exchange Commission.
Fleet List and Fleet Deployment
For information on our fleet and further information:
Visit our website at www.ImperialPetro.com
Company Contact:
Fenia Sakellaris
IMPERIAL PETROLEUM INC.
E-mail: info@ImperialPetro.com
Fleet Data:
The following key indicators highlight the Company’s operating performance during the three month periods ended March 31, 2023 and March 31, 2024.
| FLEET DATA | Q1 2023 | Q1 2024 | ||||
|---|---|---|---|---|---|---|
| Average number of vessels (1) | 10.10 | 9.84 | ||||
| Period end number of owned vessels in fleet | 12 | 11 | ||||
| Total calendar days for fleet (2) | 909 | 895 | ||||
| Total voyage days for fleet (3) | 903 | 878 | ||||
| Fleet utilization (4) | 99.3 | % | 98.1 | % | ||
| Total charter days for fleet (5) | 408 | 207 | ||||
| Total spot market days for fleet (6) | 495 | 671 | ||||
| Fleet operational utilization (7) | 85.0 | % | 80.6 | % | ||
| 1) | Average number of vessels is the number of owned vessels that constituted our fleet for the relevant<br>period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period. | |||||
| --- | --- | |||||
| 2) | Total calendar days for fleet are the total days the vessels we operated were in our possession for the<br>relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys. | |||||
| --- | --- | |||||
| 3) | Total voyage days for fleet reflect the total days the vessels we operated were in our possession for<br>the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys. | |||||
| --- | --- | |||||
| 4) | Fleet utilization is the percentage of time that our vessels were available for revenue generating<br>voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period. | |||||
| --- | --- | |||||
| 5) | Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat<br>charters for the relevant period. | |||||
| --- | --- | |||||
| 6) | Total spot market charter days for fleet are the number of voyage days the vessels operated on spot<br>market charters for the relevant period. | |||||
| --- | --- | |||||
| 7) | Fleet operational utilization is the percentage of time that our vessels generated revenue, and is<br>determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period. | |||||
| --- | --- |
Reconciliationof Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:
Adjusted net income represents net income before share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation and share based compensation.
Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.
EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.
| (Expressed in United States Dollars, except number ofshares) | Three Months Period Ended March 31, | |||||
|---|---|---|---|---|---|---|
| 2023 | 2024 | |||||
| Net Income – Adjusted Net Income | ||||||
| Net income | **** | 35,724,102 | **** | **** | 16,654,604 | **** |
| Plus share based compensation | 301,541 | 858,810 | ||||
| Adjusted Net Income | **** | 36,025,643 | **** | **** | 17,513,414 | **** |
| Net income - EBITDA | ||||||
| Net income | **** | 35,724,102 | **** | **** | 16,654,604 | **** |
| Plus interest and finance costs | 1,351,603 | 2,430 | ||||
| Less interest income | (1,279,216 | ) | (1,785,878 | ) | ||
| Plus depreciation | 4,088,852 | 4,027,061 | ||||
| EBITDA | **** | 39,885,341 | **** | **** | 18,898,217 | **** |
| Net income - Adjusted EBITDA | ||||||
| Net income | 35,724,102 | 16,654,604 | ||||
| Plus share based compensation | 301,541 | 858,810 | ||||
| Plus interest and finance costs | 1,351,603 | 2,430 | ||||
| Less interest income | (1,279,216 | ) | (1,785,878 | ) | ||
| Plus depreciation | 4,088,852 | 4,027,061 | ||||
| Adjusted EBITDA | **** | 40,186,882 | **** | **** | 19,757,027 | **** |
| EPS | ||||||
| Numerator | ||||||
| Net income | 35,724,102 | 16,654,604 | ||||
| Less: Cumulative dividends on preferred shares | (435,246 | ) | (435,246 | ) | ||
| Less: Undistributed earnings allocated to non-vested<br>shares | (463,737 | ) | (856,950 | ) | ||
| Net income attributable to common shareholders, basic Denominator | 34,825,119 | 15,362,408 | ||||
| Weighted average number of shares, basic | 15,054,406 | 27,613,661 | ||||
| EPS – Basic | **** | 2.31 | **** | **** | 0.56 | **** |
| Adjusted EPS | ||||||
| Numerator | ||||||
| Adjusted net income | 36,025,643 | 17,513,414 | ||||
| Less: Cumulative dividends on preferred shares | (435,246 | ) | (435,246 | ) | ||
| Less: Undistributed earnings allocated to non-vested<br>shares | (467,700 | ) | (902,326 | ) | ||
| Adjusted net income attributable to common shareholders, basic Denominator | 35,122,697 | 16,175,842 | ||||
| Weighted average number of shares, basic | 15,054,406 | 27,613,661 | ||||
| Adjusted EPS | **** | 2.33 | **** | **** | 0.59 | **** |
Imperial Petroleum Inc.
Unaudited Consolidated Statements of Income
(Expressedin United States Dollars, except for number of shares)
| For The Three Months Ended March 31, | ||||||
|---|---|---|---|---|---|---|
| 2023 | 2024 | |||||
| Revenues | ||||||
| Revenues | 65,421,101 | 41,203,281 | ||||
| Expenses | ||||||
| Voyage expenses | 16,077,827 | 12,963,607 | ||||
| Voyage expenses - related party | 810,530 | 514,414 | ||||
| Vessels’ operating expenses | 6,875,876 | 5,951,561 | ||||
| Vessels’ operating expenses - related party | 65,000 | 82,000 | ||||
| Drydocking costs | 621,376 | 625,457 | ||||
| Management fees - related party | 397,760 | 393,800 | ||||
| General and administrative expenses | 978,969 | 1,207,168 | ||||
| Depreciation | 4,088,852 | 4,027,061 | ||||
| Total expenses | **** | 29,916,190 | **** | **** | 25,765,068 | **** |
| Income from operations | **** | 35,504,911 | **** | **** | 15,438,213 | **** |
| Other (expenses)/income | ||||||
| Interest and finance costs | (1,351,603 | ) | (2,430 | ) | ||
| Interest income | 1,279,216 | 1,035,261 | ||||
| Interest income - related party | — | 750,617 | ||||
| Dividend income from related party | — | 189,583 | ||||
| Foreign exchange gain/(loss) | 291,578 | (756,640 | ) | |||
| Other income, net | **** | 219,191 | **** | **** | 1,216,391 | **** |
| Net Income | **** | 35,724,102 | **** | **** | 16,654,604 | **** |
| Earnings per share | ||||||
| - Basic | 2.31 | 0.56 | ||||
| - Diluted | 2.31 | 0.50 | ||||
| Weighted average number of shares | ||||||
| -Basic | 15,054,406 | 27,613,661 | ||||
| -Diluted | 15,054,406 | 30,951,012 |
Imperial Petroleum Inc.
Unaudited Consolidated Balance Sheets
(Expressed inUnited States Dollars)
| December 31,2023 | March 31,2024 | |||||
|---|---|---|---|---|---|---|
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 91,927,512 | 35,331,381 | ||||
| Time deposits | 32,099,810 | 31,628,000 | ||||
| Receivable from related parties | 37,906,821 | 38,786,553 | ||||
| Trade and other receivables | 13,498,813 | 16,747,942 | ||||
| Other current assets | 302,773 | 834,802 | ||||
| Inventories | 7,291,123 | 7,865,379 | ||||
| Advances and prepayments | 161,937 | 207,473 | ||||
| Total current assets | **** | 183,188,789 | **** | **** | 131,401,530 | **** |
| Non current assets | ||||||
| Operating lease<br>right-of-use assets | — | 132,448 | ||||
| Vessels, net | 180,847,252 | 248,873,394 | ||||
| Investment in related party | 12,798,500 | 12,796,416 | ||||
| Total non current assets | **** | 193,645,752 | **** | **** | 261,802,258 | **** |
| Total assets | **** | 376,834,541 | **** | **** | 393,203,788 | **** |
| Liabilities and Stockholders’ Equity | ||||||
| Current liabilities | ||||||
| Trade accounts payable | 8,277,118 | 6,681,701 | ||||
| Payable to related parties | 2,324,334 | 5,256,860 | ||||
| Accrued liabilities | 3,008,500 | 4,203,686 | ||||
| Operating lease liabilities, current portion | — | 72,704 | ||||
| Deferred income | 919,116 | 49,950 | ||||
| Total current liabilities | **** | 14,529,068 | **** | **** | 16,264,901 | **** |
| Non current liabilities | ||||||
| Operating lease liabilities, non-current portion | — | 59,744 | ||||
| Total non current liabilities | — | **** | 59,744 | **** | ||
| Total liabilities | **** | 14,529,068 | **** | **** | 16,324,645 | **** |
| Commitments and contingencies | ||||||
| Stockholders’ equity | ||||||
| Capital stock | 332,573 | 332,573 | ||||
| Preferred stock, Series A | 7,959 | 7,959 | ||||
| Preferred stock, Series B | 160 | 160 | ||||
| Treasury stock | (5,885,727 | ) | (8,390,225 | ) | ||
| Additional paid-in capital | 270,242,635 | 271,101,445 | ||||
| Retained earnings | 97,607,873 | 113,827,231 | ||||
| Total stockholders’ equity | **** | 362,305,473 | **** | **** | 376,879,143 | **** |
| Total liabilities and stockholders’ equity | **** | 376,834,541 | **** | **** | 393,203,788 | **** |
Imperial Petroleum Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars
| For The Three Months Ended March 31, | ||||||
|---|---|---|---|---|---|---|
| 2023 | 2024 | |||||
| Cash flows from operating activities | ||||||
| Net income for the period | 35,724,102 | 16,654,604 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation | 4,088,852 | 4,027,061 | ||||
| Amortization of deferred finance charges | 134,427 | — | ||||
| Non-cash lease expense | 16,316 | 17,550 | ||||
| Share based compensation | 301,541 | 858,810 | ||||
| Unrealized foreign exchange loss on time deposits | — | 799,150 | ||||
| Dividend income from related party | — | (189,583 | ) | |||
| Changes in operating assets and liabilities: | ||||||
| (Increase)/decrease in | ||||||
| Trade and other receivables | (7,689,495 | ) | (3,249,129 | ) | ||
| Other current assets | (487,804 | ) | (532,029 | ) | ||
| Inventories | (2,435,614 | ) | (574,256 | ) | ||
| Changes in operating lease liabilities | (16,316 | ) | (17,550 | ) | ||
| Advances and prepayments | 19,540 | (45,536 | ) | |||
| Due from related parties | — | (879,732 | ) | |||
| Increase/(decrease) in | ||||||
| Trade accounts payable | 476,307 | (1,100,028 | ) | |||
| Due to related parties | 633,383 | 2,839,227 | ||||
| Accrued liabilities | 605,944 | 903,784 | ||||
| Deferred income | (406,022 | ) | (869,166 | ) | ||
| Net cash provided by operating activities | **** | 30,965,161 | **** | **** | 18,643,177 | **** |
| Cash flows from investing activities | ||||||
| Dividend income received | — | 191,667 | ||||
| Acquisition and improvement of vessels | (25,923,656 | ) | (72,257,190 | ) | ||
| Purchase of bank time deposits | (18,536,290 | ) | (31,695,420 | ) | ||
| Maturity of bank time deposits | 68,000,000 | 31,368,080 | ||||
| Net cash provided by/(used in) investing activities | **** | 23,540,054 | **** | **** | (72,392,863 | ) |
| Cash flows from financing activities | ||||||
| Proceeds from equity offering | 12,095,255 | — | ||||
| Stock issuance costs | (120,954 | ) | — | |||
| Stock repurchase | — | (2,504,498 | ) | |||
| Dividends paid on preferred shares | (435,246 | ) | (341,947 | ) | ||
| Loan repayments | (24,576,000 | ) | — | |||
| Net cash used in financing activities | **** | (13,036,945 | ) | **** | (2,846,445 | ) |
| Net increase/(decrease) in cash, cash equivalents and restricted cash | 41,468,270 | (56,596,131 | ) | |||
| Cash, cash equivalents and restricted cash at beginning of period | 57,506,919 | 91,927,512 | ||||
| Cash, cash equivalents and restricted cash at end of period | **** | 98,975,189 | **** | **** | 35,331,381 | **** |
| Cash breakdown | ||||||
| Cash and cash equivalents | 95,519,418 | 35,331,381 | ||||
| Restricted cash, current | 2,855,771 | — | ||||
| Restricted cash, non current | 600,000 | — | ||||
| Total cash, cash equivalents and restricted cash shown in the statements of cashflows | **** | 98,975,189 | **** | **** | 35,331,381 | **** |
| Supplemental Cash Flow Information: | **** | |||||
| Non cash investing activity – Vessel improvements included in liabilities | — | 655,333 | ||||
| Non cash investing activity – Dividend income from related party included in Investment in<br>related party | — | 160,416 | ||||
| Non cash financing activity – Dividend on preferred series A included in payable to related<br>parties | — | 93,299 |