Exhibit 15.3

Spacegas Inc.

Financial statements

Index to financial statements

	Page
Independent Auditor’s Report		F-2
Balance Sheet as of December 31, 2019 and 2020		F-3
Statement of Comprehensive Income for the Period from February 1, 2019 (Transaction Date) to December 31, 2019 and for the year ended December 31, 2020		F-4
Statement of Stockholders’ Equity for the period from February 1, 2019 (Transaction Date) to December 31, 2019 and for the year ended December 31, 2020		F-5
Statement of Cash Flows for the period from February 1, 2019 (Transaction Date) to December 31, 2019 and for the year ended December 31, 2020		F-6
Notes to the Financial Statements		F-7

F-1

Independent Auditors’ Report

To the Board of Directors and Stockholders of

Spacegas Inc.

We have audited the accompanying financial statements of Spacegas Inc. (the “Company”), which comprise the balance sheets as of December 31, 2019 and 2020, and the related statements of comprehensive income, stockholders’ equity, and cash flows for the period from February 1, 2019 (Transaction Date) to December 31, 2019 and for the year ended December 31, 2020, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2019 and 2020, and the results of its operations and its cash flows for the period from February 1, 2019 (Transaction Date) to December 31, 2019 and for the year ended December 31, 2020, in accordance with accounting principles generally accepted in the United States of America.

/s/ Deloitte Certified Public Accountants S.A.

April 27, 2021

Athens, Greece

F-2

Spacegas Inc.

Balance sheet

As of December 31, 2019 and 2020

(Expressed in United States Dollars, Except for Share Data)

		2019		2020
Assets
Current assets
Cash and cash equivalents			711,674		1,246,489
Restricted cash			77,673		67,701
Trade and other receivables			124,664		384,345
Due from related party	(Note 3)		1,114,738		369,851
Advances and prepayments			13,671		23,228
Inventories	(Note 4)		195,224		71,870
Total current assets			2,237,644		2,163,484
Non current assets
Vessel, net	(Note 5)		13,221,364		12,559,048
Total non current assets			13,221,364		12,559,048
Total assets			15,459,008		14,722,532
Liabilities and stockholders’ equity
Current liabilities
Trade accounts payable			250,583		98,642
Payable to related parties	(Note 3)		439,723		268,784
Current portion of long-term debt	(Note 7)		674,482		675,740
Accrued liabilities	(Note 6)		61,340		75,610
Total current liabilities			1,426,128		1,118,776
Non current liabilities
Long-term debt	(Note 7)		5,530,995		4,855,255
Total non current liabilities			5,530,995		4,855,255
Total liabilities			6,957,123		5,974,031
Commitments and contingencies	(Note 13)
Stockholders’ equity:
Capital stock 0.0001 par value; 7,647,000 issued and outstanding	(Note 9)		765		765
Additional paid-in capital	(Note 9)		7,646,235		7,646,235
Retained earnings			854,885		1,101,501
Total stockholders’ equity			8,501,885		8,748,501
Total liabilities and stockholders’ equity			15,459,008		14,722,532

The accompanying notes are an integral part of these financial statements.

F-3

Spacegas Inc.

Statement of comprehensive income

For the period from February 1, 2019 (Transaction Date) to December 31, 2019 and for the year ended December 31, 2020

(Expressed in United States dollars)

		2019			2020
Revenues
Revenues	(Note 10)		3,362,478			3,222,037
Total revenues			3,362,478			3,222,037
Expenses
Voyage expenses			11,091			594,952
Voyage expenses-related party	(Notes 3)		42,031			40,275
Vessel operating expenses	(Note 11)		1,409,047			1,306,031
Depreciation	(Note 4)		600,636			662,316
Management fees	(Note 3)		146,960			161,040
General and administrative expenses			30,246			5,528
Total expenses			2,240,011			2,770,142
Income from operations			1,122,467			451,895
Other (expenses)/income
Interest and finance costs			(266,586	)		(203,371	)
Interest income and other income			610			475
Foreign exchange loss			(1,606	)		(2,383	)
Other expenses, net			(267,582	)		(205,279	)
Net income			854,885			246,616
Other comprehensive income			—			—
Total comprehensive income			854,885			246,616

The accompanying notes are an integral part of these financial statements.

F-4

Spacegas Inc.

Statements of stockholders’ equity

For the period from February 1, 2019 (Transaction Date) to December 31, 2019 and for the year ended December 31, 2020

(Expressed in United States Dollars, Except for Number of Shares)

	Number of common shares		Common stock par value (Note 9)		Additional paid in capital (Note 9)		Retained earnings		Total stockholders’ equity
Balance, February 1, 2019 (Transaction Date)		6,897,000		690		6,896,310		—		6,897,000
Issuance of share capital (Note 9)		750,000		75		749,925		—		750,000
Net income		—		—		—		854,885		854,885
Balance, December 31, 2019		7,647,000		765		7,646,235		854,885		8,501,885
Net income		—		—		—		246,616		246,616
Balance, December 31, 2020		7,647,000		765		7,646,235		1,101,501		8,748,501

The accompanying notes are an integral part of these financial statements.

F-5

Spacegas Inc.

Statements of cash flows

For the period from February 1, 2019 (Transaction Date) to December 31, 2019 and for the year ended December 31, 2020

(Expressed in United States Dollars)

	2019			2020
Cash flows from operating activities:
Net income		854,885			246,616
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		600,636			662,316
Amortization of deferred finance charges		18,137			10,518
Changes in operating assets and liabilities: (Increase)/decrease in
Trade and other receivables		(124,664	)		(259,681	)
Advances and prepayments		(13,671	)		(9,557	)
Inventories		(195,224	)		123,354
Increase/(Decrease) in
Trade accounts payable		250,583			(151,941	)
Balances with related parties		439,723			(170,939	)
Accrued liabilities		61,340			14,270
Net cash provided by operating activities		1,891,745			464,956
Cash flows from investing activities:
Cash to joint venture party		(1,114,738	)		—
Cash from joint venture party		—			744,887
Net cash (used in)/provided by investing activities		(1,114,738	)		744,887
Cash flows from financing activities
Issuance of capital		750,000			—
Deferred finance charges paid		(52,660	)		—
Loan repayments		(685,000	)		(685,000	)
Net cash provided by/(used in) financing activities		12,340			(685,000	)
Net increase in cash, cash equivalents and restricted cash		789,347			524,843
Cash, cash equivalents and restricted cash at beginning of period		—			789,347
Cash, cash equivalents and restricted cash at end of period		789,347			1,314,190
Cash breakdown
Cash and cash equivalents		711,674			1,246,489
Restricted cash, current		77,673			67,701
Total cash, cash equivalents and restricted cash shown in the statements of cash flows		789,347			1,314,190
Supplemental cash flow information
Interest paid		199,076			207,678

The accompanying notes are an integral part of these financial statements.

F-6

Spacegas Inc.

Notes to the financial statements

1. Basis of Presentation and General Information

Spacegas Inc. (the “Company”) as of December 31, 2020 owned one liquefied petroleum gas (LPG) carrier, Gas Defiance, built on July 30, 2008, which provides worldwide marine transportation services under time or voyage charters. Spacegas Inc. was formed under the laws of the Marshall Islands on March 5, 2008. For the period from its incorporation to February 1, 2019, the Company was fully owned by StealthGas Inc. On February 1, 2019 (the “Transaction Date”), StealthGas Inc. (the “joint venture party”) entered into a Shareholder Agreement with MAAS GAS BV pursuant to which MAAS GAS BV acquired 49.9% of the shares of the Company and gained co-ownership and joint control of the vessel Gas Defiance.

The reporting and functional currency of the Company is the United States Dollar. The financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) and present the financial position of the Company as of December 31, 2019 and 2020, and the results of its operations and its cash flows for the period from the Transaction date to December 31, 2019 and for the year ended December 31, 2020.

The Company’s vessel is managed by Stealth Maritime Corporation S.A. (the “Manager”), a related party. The Manager is a company incorporated in Liberia and registered in Greece on May 17, 1999 under the provisions of law 89/1967, 378/1968 and article 25 of law 27/75 as amended by article 4 of law 2234/94. (See Note 3).

Coronavirus Outbreak: On March 11, 2020, the World Health Organization declared the 2019 Novel Coronavirus (the “2019-nCoV”) outbreak a pandemic. In response to the outbreak, many countries, ports and organizations, including those where the Company conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions, which may continue to cause trade disruptions and volatility in the commodity markets. The Company has experienced and may continue to experience lower LPG rates, as a result of the reduction of the global demand for LPG cargoes. Although to date there has not been any significant effect on the Company’s operating activities due to 2019-nCoV other than the decrease in market rates in 2020, the extent to which a new wave of the 2019-nCoV will impact the Company’s results of operations and financial condition will depend on future developments, which are uncertain and cannot be predicted, including among others, new information which may emerge concerning the severity of the virus and the effectiveness of the actions taken to contain or treat its impact or any resurgence or mutation of the virus, the availability and effectiveness of vaccines and their global deployment. Accordingly, an estimate of the future impact cannot be made at this time.

2. Significant Accounting Policies

Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar because the Company’s vessel operates in international shipping markets, which utilize the U.S. Dollar as the functional currency. The accounting books of the Company are maintained in

F-7

U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities, which are denominated in other currencies, are translated to reflect the period end exchange rates. Resulting gains or losses are separately reflected in the accompanying statement of comprehensive income.

F-8

Cash and Cash Equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with original maturity of three months or less to be cash equivalents.

Restricted Cash: Restricted cash mainly reflects deposits with certain banks that can only be used to pay the current loan installments or which are required to be maintained as a certain minimum cash balance per mortgaged vessel or cash held in restricted bank accounts for guarantees issued by the bank on the Company’s behalf. In the event that the obligation relating to such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets; otherwise they are classified as non-current assets.

Trade Receivables: The amount shown as trade receivables includes estimated recoveries from charterers for hire, net of allowance for doubtful accounts. At each balance sheet date, all potentially un-collectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No provision for doubtful accounts was required for the periods presented.

Claims Receivable: Claims receivable are recorded on the accrual basis and represent the claimable expenses, net of deductibles, incurred through each balance sheet date, for which recovery from insurance companies is probable and claim is not subject to litigation.

Inventories: Inventories consist of bunkers and lubricants which are stated at the lower of cost and net realizable value. The cost is determined by the first-in, first-out method. The Company considers victualing and stores as being consumed when purchased and, therefore, such costs are expensed when incurred.

Vessel Acquisition: Vessel is stated at cost less depreciation and impairment, if any. Cost consists of the contract price less discounts and any material expenses incurred upon acquisition (initial repairs, improvements, acquisition and expenditures made to prepare the vessel for its initial voyage). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels, or otherwise are charged to expenses as incurred. The Company records all identified tangible and intangible assets associated with the acquisition of a vessel or liabilities at fair value.

F-9

Impairment or Disposal of Long-lived Assets: The Company follows the Accounting Standards Codification (“ASC”) Subtopic 360-10, “Property, Plant and Equipment” (“ASC 360-10”), which requires impairment losses to be recorded for long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. The Company performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets, when an impairment indication exists. If the carrying value of the related asset exceeds the undiscounted cash flows, the carrying value is reduced to its fair value and the difference is recorded as an impairment loss in the statement of comprehensive income. Various factors including anticipated future charter rates, estimated scrap values, future dry-docking costs and estimated vessel operating costs are included in this analysis. These factors are based on historical trends as well as future expectations.

Vessel’s Depreciation: The cost of the Company’s vessel is depreciated on a straight-line basis over the vessel’s remaining economic useful life, after considering the estimated residual value. Management estimates the useful life of the Company’s vessel to be 30 years from the date of its construction.

Accounting for Special Survey and Dry-docking Costs: Special survey and dry-docking costs are expensed in the period incurred.

Deferred Finance Charges: Fees incurred for obtaining new loans or refinancing existing ones are deferred and amortized to interest expense over the life of the related debt using the effective interest method. The unamortized deferred financing charges are presented as a direct deduction from the carrying amount of the related loan and credit facility in the balance sheet. Deferred financing costs relating to undrawn facilities are presented under non-current assets in the balance sheet.

Accounting for Revenue and Related Expenses: The Company generates its revenues from charterers for the charter hire of its vessel. The Company’s vessel is chartered on time charters or voyage charters.

A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Operating costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants are paid for by the Company under time charter agreements. A time charter generally provides typical warranties and owner protective restrictions. The performance obligations in a time charter are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the owner of the vessel. The Company’s time charter contracts are classified as operating leases pursuant to ASC 842 - Leases, and therefore do not fall under the scope of ASC 606 because (i) the vessel is an identifiable asset (ii) the owner of the vessel does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter revenues are recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. Time charter revenues are recognized ratably on a straight line basis over the period of the respective charter. Under time charter agreements, all voyages expenses, except commissions are assumed by the charterer.

F-10

On implementation of ASC 842, the Company, elected to make use of a practical expedient for lessors, not to separate the lease and non-lease components included in the time charter revenue but rather to recognize operating lease revenue as a combined single lease component for all time charter contracts as the related lease component, the hire of a vessel, and non-lease component, the fees for operating and maintaining the vessel, have the same timing and pattern of transfer (both the lease and non-lease components are earned by passage of time) and the predominant component is the lease.

A voyage charter is a contract, in which the vessel owner undertakes to transport a specific amount and type of cargo on a load port-to-discharge port basis, subject to various cargo handling terms. The Company accounts for a voyage charter when all the following criteria are met: (1) the parties to the contract have approved the contract in the form of a written charter agreement and are committed to perform their respective obligations, (2) the Company can identify each party’s rights regarding the services to be transferred, (3) the Company can identify the payment terms for the services to be transferred, (4) the charter agreement has commercial substance (that is, the risk, timing, or amount of the Company’s future cash flows is expected to change as a result of the contract) and (5) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The Company determined that its voyage charters consist of a single performance obligation which is met evenly as the voyage progresses and begin to be satisfied once the vessel is ready to load the cargo. The voyage charter party agreement generally has a demurrage clause according to which the charterer reimburses the vessel owner for any potential delays exceeding the allowed lay-time as per the charter party clause at the ports visited which is recorded as demurrage revenue. Revenues from voyage charters are recognized on a straight line basis over the voyage duration which commences once the vessel is ready to load the cargo and terminates upon the completion of the discharge of the cargo. Demurrage revenues are recognized when the amount can be estimated and its collection is probable. In voyage charters, vessel operating and voyage expenses are paid for by the Company. The voyage charters are considered service contracts which fall under the provisions of ASC 606 because the Company retains control over the operations of the vessels such as the routes taken or the vessels’ speed.

Deferred revenue represents cash received for undelivered performance obligations and deferred revenue resulting from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. The portion of the deferred revenue that will be earned within the next twelve months is classified as current liability and the remaining as long-term liability.

Vessel voyage expenses are direct expenses to voyage revenues and primarily consist of brokerage commissions, port expenses, canal dues and bunkers. Brokerage commissions are paid to shipbrokers for their time and efforts for negotiating and arranging charter party agreements on behalf of the Company and expensed over the related charter period and all the other voyage expenses are expensed as incurred except for expenses during the ballast portion of the voyage. Any expenses incurred during the ballast portion of the voyage (period between the contract date and the date of the vessel’s arrival to the load port) such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as the Company satisfies the performance obligations under the contract provided these costs are (1) incurred to fulfill a contract that the Company can specifically identify, (2) able to generate or enhance resources of the company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered ‘contract fulfillment costs’ and are included in current assets in the balance sheets.

F-11

Vessel operating expenses comprise all expenses relating to the operation of the vessel, including crewing, repairs and maintenance, insurance, stores, lubricants and other operating expenses. Vessel operating expenses are expensed as incurred.

F-12

3. Transactions with Related Parties

The Manager provides the vessel with a wide range of shipping services such as chartering, technical support and maintenance, insurance, consulting, financial and accounting services, for a fixed daily fee of $440 and a brokerage commission of 1.25% on hire, as per the management agreement between the Manager and the Company. For the year ended December 31, 2020, total brokerage commissions of 1.25% amounted to $40,275 and are included in “Voyage expenses – related party” in the statement of comprehensive income (2019: $42,031). For the year ended December 31, 2020, the management fees were $161,040 (2019: $146,960) and are included in “Management fees” in the statement of comprehensive income.

The current account balance with the Manager at December 31, 2020 was a liability of $241,006 (2019: $439,723). The liability represents payments made by the Manager on behalf of the ship-owning company.

The current account balance with StealthGas Inc. at December 31, 2020 was a receivable of $369,851 (2019: $1,114,738). The receivable represents revenues collected by StealthGas Inc. on behalf of the Company.

In addition, the Company had a payable to Financial Power Inc. at December 31, 2020, a company under common control, amounting to $27,778 and relating to funds received for working capital purposes.

The balances are interest-free, with no repayment terms and are due on demand.

4. Inventories

The amounts shown in the accompanying balance sheets are analyzed as follows:

	December 31,
	2019		2020
Bunkers		131,475		27,649
Lubricants		63,749		44,221
Total		195,224		71,870

F-13

5. Vessel, Net

The amounts shown in the accompanying balance sheets are analyzed as follows:

	Vessel cost		Accumulated depreciation			Net book value
Balance, Transaction date		13,822,000		—			13,822,000
Depreciation for the period		—		(600,636	)		(600,636	)
Balance, December 31, 2019		13,822,000		(600,636	)		13,221,364
Depreciation for the year		—		(662,316	)		(662,316	)
Balance, December 31, 2020		13,822,000		(1,262,952	)		12,559,048

At December 31, 2020, no impairment indication existed for the Company’s vessel since its fair value as determined by independent brokers exceeded its net book value.

As of December 31, 2020, the vessel has been provided as collateral to secure the Company’s bank loan as discussed in Note 7.

6. Accrued Liabilities

The amounts shown in the accompanying balance sheets are analyzed as follows:

	December 31,
	2019		2020
Interest on long-term debt		39,371		20,412
Vessel operating and voyage expenses		21,968		55,198
Total		61,340		75,610

7. Long-Term Debt, Net

Long-term debt as of the Transaction date amounted to $6,925,000 and related to a loan issued on July 30, 2008. In May 2019, loan repayments amounting to $342,500 were made to the bank.

On June 25, 2019, the Company together with Financial Power Inc., a ship-owning company under common control, entered into a loan agreement for an amount of $13,165,000 with a bank, for the purpose of re-financing in full the then existing borrowings with the same bank of which $6,582,500 related to the Company. The loan bears interest at LIBOR plus a margin of 2% per annum. The loan allocated to the Company amounted to $6,582,500 and is repayable in nine semi-annual instalments of $342,500 each, and a balloon instalment of $3,500,000, payable together with the last instalment in November 2023.

Loan interest expense for the year ended December 31, 2020, amounted to $188,719 (2019: $238,447) and is presented under “Interest and finance costs” in the accompanying statement of comprehensive income.

Weighted average interest rate on the Company’s long-term debt for the year ended December 31, 2020 was 3.1% (2019: 3.8%).

F-14

Long-term debt as at December 31, 2019 and 2020 is analysed as follows:

	2019			2020
Total long-term debt		6,240,000			5,555,000
Less: Deferred debt issuance costs		(34,523	)		(24,005	)
Total long-term debt, net		6,205,477			5,530,995
Less: Current portion of long-term debt		(685,000	)		(685,000	)
Add: Current portion of deferred debt issuance costs		10,518			9,260
Long-term debt net		5,530,995			4,855,255

The annual principal payments to be made, for the abovementioned loan, after December 31, 2020 are as follows:

	December 31, 2020
2021		685,000
2022		685,000
2023		4,185,000
Total		5,555,000

The performance of the loan agreement has been guaranteed by StealthGas Inc. The loan agreement contains customary ship finance covenants, including restrictions as to changes in management and ownership of the mortgaged vessels, the incurrence of additional indebtedness, the mortgaging of the vessels, the ratio of debt to the vessel’s Market Value and pledged cash deposits. As of December 31, 2020, the Company was in compliance with all the terms of its loan agreement.

8. Fair Value of Financial Instruments and Concentration of Credit Risk

Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, restricted cash, trade and other receivables, due from related party, payable to related party, trade accounts payable and accrued liabilities. The Company limits its credit risk with respect to accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its trade accounts receivable. The Company places its cash and cash equivalents, time deposits and other investments with high credit quality financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions. The carrying values of cash and cash equivalents, restricted cash, receivables from related party, trade and other receivables, payable to related party, trade accounts payable and accrued liabilities are reasonable estimates of their fair value due to the short term nature of these financial instruments. Cash and cash equivalents and restricted cash are considered Level 1 items as they represent liquid assets with short-term maturities. The fair value of long term bank loan is estimated based on current rates offered to the Company for similar debt of the same remaining maturities. Its carrying value approximates its fair market value due to its variable interest rate, being LIBOR. LIBOR rates are observable at commonly quoted intervals for the full terms of the loans and hence floating rate loans are considered Level 2 items in accordance with the fair value hierarchy.

F-15

9. Capital stock and Additional paid-in capital

The total authorized and issued share capital of the Company at the Transaction Date was 6,897,000 common shares with a value of 1 US Dollar per share.

During the period ended December 31, 2019, 750,000 shares were issued and capital amounting to $750,000 was contributed to the Company for working capital purposes.

10. Revenues

The amounts in the accompanying statement of comprehensive income are analyzed as follows:

	2019		2020
Time charter revenues		3,362,478		1,470,657
Voyage charter revenues		—		1,751,380
Total		3,362,478		3,222,037

The amount of revenue earned as demurrage relating to the Company’s voyage charters for the year ended December 31, 2020 was $176,272 and is included within “Voyage charter revenues” in the above table.

11. Vessel Operating Expenses

The amounts in the accompanying statements of comprehensive income are analyzed as follows:

Vessel’s Operating Expenses	2019		2020
Crew wages and related costs		815,797		881,108
Insurance		30,721		51,208
Repairs and maintenance		90,883		89,955
Lubricants and consumable stores		234,062		174,229
Miscellaneous expenses		237,584		109,531
Total		1,409,047		1,306,031

F-16

12. Income Taxes

The Company is incorporated in the Marshall Islands where the laws do not impose tax on international shipping income. However, the Company is subject to registration and tonnage taxes in the country in which the vessel is registered and managed from, which have been included in vessel operating expenses in the accompanying statements of comprehensive income.

13. Commitments and Contingencies

From time to time the Company expects to be subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any such claims or contingent liabilities which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements.

As discussed in Note 7, the Company together with Financial Power Inc., a ship-owning company under common control, have entered into a loan agreement for an amount of $13,165,000. The portion of Financial Power Inc. from the outstanding loan balance and accrued interest as of December 31, 2020 amounted to $5,555,000 and $20,412, respectively. The Company is jointly and severally liable for the aforementioned portion in case of any defaults. The extent to which an outflow of funds will be required is dependent on the performance of Financial Power Inc. and its compliance with the relevant terms included in the loan agreement.

The Company together with Financial Power Inc., have guaranteed to the respective bank the loan agreement entered into by Frost Investments Corp., a ship-owning company under common control. Total outstanding loan balance and accrued interest of Frost Investments Corp. as of December 31, 2020 amounted to $10,840,000 and $27,237, respectively. The extent to which an outflow of funds will be required is dependent on the performance of Frost Investments Corp. and its compliance with the relevant terms included in the loan agreement.

The Company assigns a remote possibility of default to the abovementioned loan agreements and hence has not established any provisions for losses.

14. Subsequent Events

As of April 27, 2021, no significant events have occurred since the balance sheet date.

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