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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash Flows provided by/(used in) Operating Activities:      
Net income/(loss) $ 52,270,487 $ (1,753,533) $ 1,088,149
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) Operating activities:      
Depreciation and amortization 14,362,828 1,904,963 897,171
Amortization and write-off of deferred finance charges 414,629 599,087 6,628
Amortization of other deferred charges 0 112,508 31,066
Deferred revenue amortization 0 (430,994) (119,006)
Amortization of fair value of acquired charter (1,940,000) 0 0
Interest settled in common stock 0 57,773 0
Amortization and write-off of convertible notes beneficial conversion feature 0 532,437 0
Provision for doubtful accounts 2,483 37,103 0
Shareholders' deemed interest contribution 0 0 62,500
Changes in operating assets and liabilities:      
Accounts receivable trade, net (6,924,622) (1,122,836) 454,488
Inventories (3,722,061) (571,284) (86,004)
Due from/to related parties 5,254,323 (797,805) (582,952)
Prepaid expenses and other assets (3,406,066) (885,828) (320,055)
Dry-dock costs paid (3,730,467) (1,308,419) 0
Other deferred charges (191,234) 26,494 (198,364)
Accounts payable 3,070,287 584,527 129,201
Accrued liabilities 1,495,032 625,894 384,827
Deferred revenue 3,819,708 46,104 564,313
Net Cash provided by/(used in) Operating Activities 60,775,327 (2,343,809) 2,311,962
Cash flow used in Investing Activities:      
Vessel acquisitions (including time charter attached) and other vessel improvements (346,273,252) (35,472,173) (17,227,436)
Advances for vessel acquisition (2,367,455) 0 0
Net cash used in Investing Activities (348,640,707) (35,472,173) (17,227,436)
Cash flows provided by Financing Activities:      
Gross proceeds from issuance of common stock and warrants 265,307,807 39,053,325 2,625,590
Common stock issuance expenses (12,527,747) (3,710,394) (305,889)
Proceeds from long-term debt and convertible debentures 97,190,000 9,500,000 11,000,000
Redemption of Series A Preferred Shares (14,400,000) 0 0
Repayment of long-term debt (6,878,500) (2,050,000) 0
Proceeds from related party debt 0 0 12,500,000
Repayment of related party debt (5,000,000) 0 (7,500,000)
Payment of deferred financing costs (1,866,615) (608,985) (232,568)
Net cash provided by Financing Activities 321,824,945 42,183,946 18,087,133
Net increase in cash, cash equivalents, and restricted cash 33,959,565 4,367,964 3,171,659
Cash, cash equivalents and restricted cash at the beginning of the period 9,426,903 5,058,939 1,887,280
Cash, cash equivalents and restricted cash at the end of the period 43,386,468 9,426,903 5,058,939
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Cash and cash equivalents 37,173,736 8,926,903 4,558,939
Restricted cash, current 2,382,732 0 0
Restricted cash, non-current 3,830,000 500,000 500,000
Cash, cash equivalents and restricted cash at the end of the period 43,386,468 9,426,903 5,058,939
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid for interest 2,271,525 654,555 0
Shares issued in connection with the settlement of the $5.0 Million Convertible Debentures 0 5,057,773 0
Shares issued in connection with the Series A Preferred Shares Settlement Agreement 0 0 967,800
Series A Preferred Stock dividend waived accounted as deemed contribution 0 0 3,379,589
Preferred shareholders' deemed contribution pursuant to the Series A Preferred Stock Amendment Agreement, net of expenses 0 0 112,637
Shareholder's deemed contribution pursuant to the $7.5 Million Bridge Loan 0 0 62,500
Unpaid capital raising costs (included in Accounts payable and Accrued Liabilities) 99,797 0 0
Unpaid vessel acquisition and other vessel improvement costs (included in Accounts payable and Accrued liabilities) 1,592,001 657,204 33,344
Unpaid advances for vessel acquisitions (included in Accounts payable and Accrued Liabilities) 710 0 0
Unpaid deferred dry-dock costs (included in Accounts payable and Accrued liabilities) 1,113,547 907,685 0
Unpaid deferred financing costs $ 3,980 $ 0 $ 17,000