99.1 | Management’s Discussion and Analysis of Financial Condition and Results of Operations and Consolidated Financial Statements for the Six Months Ended June 30, 2023 |
IMPERIAL PETROLEUM INC. | ||
By: |
/s/ Ifigeneia Sakellari | |
Name: |
Ifigeneia Sakellari | |
Title: |
Chief Financial Officer |
Name |
Year Built |
Country Built |
Vessel Size (dwt) |
Vessel Type |
Employment Status |
Daily Charter Rate |
Expiration of Charter(1) |
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TANKER FLEET |
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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 | 47,000 | MR product tanker | Spot | |||||||||||||||||||||||
Suez Enchanted |
2007 | Korea | 160,000 | Suezmax tanker | Spot | |||||||||||||||||||||||
Suez Protopia |
2008 | Korea | 160,000 | Suezmax tanker | Spot | |||||||||||||||||||||||
DRYBULK FLEET |
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Glorieuse |
2012 | Japan | 38,000 | Handysize drybulk carrier | Time Charter | $ | 13,200 | October 2023 | ||||||||||||||||||||
Eco Wildfire |
2013 | Japan | 33,000 | Handysize drybulk carrier | Time Charter | $ | 8,500 | October 2023 | ||||||||||||||||||||
Fleet Total |
628,000 dwt |
(1) | Earliest date charters could expire. |
For the six-month periodsended June 30, |
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Statement of Comprehensive Income Data |
2022 |
2023 |
||||||
Revenues |
16,464,649 | 124,465,322 | ||||||
Voyage expenses |
(4,721,312 | ) | (34,600,245 | ) | ||||
Voyage expenses - related party |
(203,462 | ) | (1,546,799 | ) | ||||
Vessels’ operating expenses |
(5,034,767 | ) | (13,761,185 | ) | ||||
Vessels’ operating expenses – related party |
(37,500 | ) | (154,333 | ) | ||||
Drydocking costs |
— | (1,318,310 | ) | |||||
Management fees-related party |
(341,625 | ) | (871,640 | ) | ||||
General and administrative expenses |
(527,985 | ) | (2,466,405 | ) | ||||
Depreciation |
(4,902,831 | ) | (8,690,061 | ) | ||||
Impairment loss |
— | (8,996,023 | ) | |||||
Income from operations |
695,167 | 52,060,321 | ||||||
Interest and finance costs |
(452,915 | ) | (1,810,769 | ) | ||||
Interest Income |
44,140 | 2,131,146 | ||||||
Dividend income from related party |
— | 20,833 | ||||||
Foreign exchange gain |
17,709 | 149,056 | ||||||
Net income |
304,101 | 52,550,587 |
As of December 31, 2022 |
As of June 30, 2023 |
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Cash and cash equivalents |
50,901,092 | 36,713,632 | ||||||
Time deposits |
68,000,000 | 61,912,900 | ||||||
Current assets |
133,872,063 | 117,182,572 | ||||||
Vessels, net |
226,351,081 | 216,771,929 | ||||||
Total assets |
365,823,144 | 346,642,683 | ||||||
Current liabilities |
24,380,703 | 11,463,169 | ||||||
Total liabilities |
84,168,626 | 11,463,169 | ||||||
Mezzanine equity |
— | 10,000,000 | ||||||
Capital stock |
129,724 | 170,874 | ||||||
Total stockholders’ equity |
281,654,518 | 325,179,514 |
For the six-month periods ended June 30, |
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Other Financial Data |
2022 |
2023 |
||||||
Net cash provided by operating activities |
1,270,841 | 63,816,346 | ||||||
Net cash used in investing activities |
(79,022,533 | ) | (20,197,305 | ) | ||||
Net cash provided by/(used in) financing activities |
153,532,079 | (64,412,328 | ) | |||||
For the six-month periods ended June 30, |
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Fleet Data |
2022 |
2023 |
||||||
Average number of vessels(1) |
5.0 | 10.9 | ||||||
Total calendar days for fleet(2) |
906 | 1,981 | ||||||
Total voyage days for fleet(3) |
903 | 1,947 | ||||||
Total charter days for fleet(4) |
683 | 718 | ||||||
Total spot market days for fleet(5) |
220 | 1,229 | ||||||
Fleet utilization(6) |
99.7 | % | 98.3 | % | ||||
Fleet operational utilization(7) |
89.1 | % | 79.8 | % |
1) | Average number of vessels is the number of owned vessels that constituted our fleet for the relevant 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 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 the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys. |
4) | Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period. |
5) | Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period. |
6) | Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period. |
7) | Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period. |
Pages |
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F-2 |
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F-4 |
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F-5 |
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F-6 |
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F-7 |
As of December 31, 2022 |
As of June 30, 2023 |
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Assets |
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Current assets |
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Cash and cash equivalents |
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Time deposits |
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Restricted cash |
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Trade and other receivables |
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Other current assets (Note 11) |
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Inventories |
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Advances and prepayments |
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Total current assets |
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Non current assets |
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Vessels, net (Note 4) |
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Restricted cash |
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Operating lease right-of-use |
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Investment in related party (Note 3) |
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Total non current assets |
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Total assets |
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Liabilities, Mezzanine Equity and Stockholders’ Equity |
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Current liabilities |
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Trade accounts payable |
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(Notes 3) |
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Accrued liabilities |
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Deferred income |
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Operating lease liabilities |
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Current portion of long-term debt (Note 5) |
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Total current liabilities |
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Non current liabilities |
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Long-term debt (Note 5) |
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Total non current liabilities |
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Total liabilities |
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Commitments and contingencies (Note 12) |
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Mezzanine equity |
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Preferred stock, Series C, $ |
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Preferred stock paid-in capital in excess of par value (Note 8) |
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Total Mezzanine equity |
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Stockholders’ equity |
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Capital stock, |
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Preferred stock, |
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Preferred stock, Series A, $ |
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Preferred stock, Series B, $ |
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Additional paid-in capital |
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Retained earnings |
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Total stockholders’ equity |
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Total liabilities, mezzanine equity and stockholders’ equity |
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For the six-month periods ended June 30, |
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2022 |
2023 |
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Revenues |
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Revenues (Note 11) |
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Total revenues |
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Expenses |
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Voyage expenses |
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Voyage expenses – related party (Note 3) |
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Vessels’ operating expenses |
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Vessels’ operating expenses – related party (Note 3) |
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Drydocking costs |
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Management fees – related party (Note 3) |
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General and administrative expenses (including $ |
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Depreciation (Note 4) |
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Impairment loss (Note 1) |
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Total expenses |
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Income from operations |
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Other (expenses) / income |
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Interest and finance costs |
( |
) | ( |
) | ||||
Interest income |
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Dividend income from related party (Note 3) |
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Foreign exchange gain |
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Other (expenses)/ income, net |
( |
) |
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Net income |
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Capital stock |
Preferred stock |
Mezzanine Equity |
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Number of Shares |
Amount |
Number of Shares |
Amount |
Additional paid-in capital |
(Accumulate d deficit)/ Retained Earnings |
Total stockholder’s Equity |
Number of Shares |
Mezzanine equity |
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Balance, December 31, 2021 |
( |
) |
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Issuance of common stock (including the exercise of warrants) net of issuance costs |
— |
— |
— |
— |
— |
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Net income |
— |
— |
— |
— |
— |
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Deemed dividend on warrant inducement |
— |
— |
— |
— |
— |
( |
) |
( |
) |
— |
— |
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Incremental fair value of the Class D warrants |
— |
— |
— |
— |
— |
— |
— |
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Dividends declared on Series A preferred shares |
— |
— |
— |
— |
( |
) |
— |
( |
) |
— |
— |
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Balance, June 30, 2022 |
( |
) |
— |
— |
Capital stock |
Preferred stock |
Mezzanine Equity |
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Number of Shares |
Amount |
Number of Shares |
Amount |
Additional paid-in capital |
(Accumulate d deficit)/ Retained Earnings |
Total stockholder’s Equity |
Number of Shares |
Mezzanine equity |
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Balance, December 31, 2022 |
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Issuance of common stock (including the exercise of warrants) net of issuance costs |
— |
— |
— |
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Issuance of restricted shares and stock based compensation |
— |
— |
— |
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Issuance of Series C preferred shares |
— |
— |
— |
— |
— |
— |
— |
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Dividends declared on Series A preferred shares |
— |
— |
— |
— |
— |
( |
) |
( |
) |
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Dividends declared on Series C preferred shares |
— |
— |
— |
— |
— |
( |
) |
( |
) |
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Net income |
— |
— |
— |
— |
— |
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Distribution of net assets of C3is Inc. to stockholders and warrant holders |
— |
— |
— |
— |
( |
) |
— |
( |
) |
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Balance, June 30, 2023 |
For the six-month periods ended June 30, |
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2022 |
2023 |
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Cash flows from operating activities: |
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Net income |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation |
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Amortization of deferred finance charges |
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Amortization of operating lease right-of-use |
— | |||||||
Share based compensation |
— | |||||||
Impairment loss |
— | |||||||
Dividend income from related party |
— | ( |
) | |||||
Changes in operating assets and liabilities: |
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(Increase)/decrease in |
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Trade and other receivables |
( |
) | ( |
) | ||||
Other current assets |
( |
) | ( |
) | ||||
Inventories |
( |
) | ( |
) | ||||
Changes in operating lease liabilities |
— | ( |
) | |||||
Advances and prepayments |
( |
) | ( |
) | ||||
Increase/(decrease) in |
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Trade accounts payable |
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Balances with related parties |
( |
) | ( |
) | ||||
Accrued liabilities |
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Deferred income |
( |
) | ( |
) | ||||
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Net cash provided by operating activities |
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Cash flows from investing activities: |
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Acquisition and improvement of vessels |
( |
) | ( |
) | ||||
Placement of time deposits |
— | ( |
) | |||||
Maturity of bank time deposits |
— | |||||||
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Net cash used in investing activities |
( |
) |
( |
) | ||||
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Cash flows from financing activities: |
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Proceeds from equity offerings |
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Stock issuance costs |
( |
) | ( |
) | ||||
Dividends paid on preferred shares |
( |
) | ( |
) | ||||
Loan repayments |
( |
) | ( |
) | ||||
Cash retained by C3is Inc. at spin-off |
— | ( |
) | |||||
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Net cash provided by/ (used in) financing activities |
( |
) | ||||||
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Net increase/(decrease) in cash, cash equivalents and restricted cash |
( |
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Cash, cash equivalents and restricted cash at the beginning of the year |
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Cash, cash equivalents and restricted cash at the end of the period |
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Supplemental cash flow information: |
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Interest paid |
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Non cash investing activity – Vessel improvements included in liabilities |
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Non cash financing activity – Dividend on Preferred Series C included in Balances with related parties |
— | |||||||
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Non-cash investing and financing activity – Distribution of net assets of C3is Inc. to shareholders and warrantholders |
— | |||||||
Reconciliation of cash, cash equivalents and restricted cash |
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Cash and cash equivalents |
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Restricted cash – Current assets |
— | |||||||
Restricted cash – Non current assets |
— | |||||||
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Total cash, cash equivalents and restricted cash shown in the statements of cash flows |
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June 21, 2023 |
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Cash and cash equivalents |
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Trade and other receivables |
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Inventories |
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Advances and prepayments |
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Due from related party |
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Vessels, net (after impairment of $ |
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Trade accounts payable |
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Accrued and other liabilities |
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Deferred income |
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Net assets of C3is distributed to stockholders and warrantholders |
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Less investment in preferred shares of C3is issued as part of spin-off |
( |
) | ||
Distribution of net assets of C3is to stockholders and warrantholders |
Company |
Date of Incorporation |
Name of Vessel Owned by Subsidiary |
Dead Weight Tonnage (“dwt”) |
Acquisition Date |
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* |
Consolidated by the Company up to June 21, 2023, the date the Spin-Off of C3is Inc. was completed. |
2. |
Significant Accounting Policies |
For the six-month periods ended June 30, |
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Location in statement of comprehensive income |
2022 |
2023 |
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Management fees |
Management fees – related party | |||||||||
Brokerage commissions |
Voyage expenses – related party | |||||||||
Superintendent fees |
Vessels’ operating expenses – related party | |||||||||
Crew management fees |
Vessels’ operating expenses – related party | |||||||||
Executive compensation |
General and administrative expenses | |||||||||
Commissions – vessels purchased |
Vessels, net | |||||||||
Rental expense |
General and administrative expenses |
4. |
Vessels, net |
Vessel Cost |
Accumulated depreciation |
Net book value |
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Balance as at January 1, 2023 |
$ |
$ |
( |
) |
$ |
|||||||
Acquisitions and improvements |
— | |||||||||||
Impairment loss |
( |
) | ( |
) | ||||||||
Depreciation for the period |
— |
( |
) | ( |
) | |||||||
Spin-off of drybulk carriers (Note 1) |
( |
) | — | ( |
) | |||||||
Balance as at June 30, 2023 |
$ |
$ |
( |
) |
$ |
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5. |
Long-term Debt |
As of December 31, |
As of June 30, |
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2022 |
2023 |
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Term loan |
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Issued in maturing in (“term loan A”) |
$ | $ | ||||||
Issued in maturing in (“term loan B”) |
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Issued in maturing in (“term loan C”) |
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Total long-term debt |
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Less: Deferred finance charges |
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Total long-term debt, net |
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Less: Current portion of long-term debt |
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Add: Current portion of deferred loan and financing arrangements issuance costs |
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Long-term debt, net |
$ |
$ |
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6. |
Fair Value of Financial Instruments and Concentration of Credit Risk |
June 30, 2023 |
Significant other observable inputs (Level 2) |
Total gain/ (loss) |
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Non-recurring fair value measurements |
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Investment in related party (Note 3) |
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Total investment in related party |
$ |
$ |
Valuation technique |
Significant other observable input |
Values |
||||||
“Straight” Preferred Stock component |
Discounted Cash Flow Model |
- Weighted average cost of capital |
% | |||||
Embedded Option component |
Black & Scholes |
- Volatility - Risk-free rate - Weighted average cost of capital - Strike price - Share price (based on the first |
|
$ $ |
% % % | |||
Control Premium Component |
Discounted Cash Flow Model |
- Control premium -Weighted average cost of capital |
|
% % |
7. |
Stockholders’ Equity |
i) | NASDAQ Notification |
ii) | Equity Offerings |
iii) | Warrants |
Warrant |
Shares to be issued upon exercise of remaining warrants |
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Class A |
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Class B |
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Class C |
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Class D |
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Total |
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8. |
Mezzanine equity |
9. |
Equity Compensation Plan |
10. |
(Loss)/Earnings per share |
For the six-month periods ended June 30, |
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2022 |
2023 |
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Numerator |
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Net income |
||||||||
Less: Cumulative dividends on Series A Preferred Shares |
( |
) | ( |
) | ||||
Less: Cumulative dividends on Series C Preferred Shares |
— | ( |
) | |||||
Less: Deemed dividend on warrant inducement |
( |
) | — | |||||
Less: Undistributed earnings allocated to non-vested shares |
— | ( |
) | |||||
|
|
|
|
|||||
Net (loss)/ income attributable to common shareholders, basic |
( |
) |
||||||
Add: Undistributed earnings allocated to non-vested shares |
— | |||||||
Add: Cumulative dividends on Series C Preferred Shares |
— | |||||||
Less: Undistributed earnings re-allocated to non-vested shares |
— | ( |
) | |||||
|
|
|
|
|
|
|
|
|
Net (loss)/ income attributable to common shareholders, diluted |
( |
) |
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Denominator |
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Weighted average number of shares outstanding, basic |
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Weighted average number of shares outstanding, diluted |
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(Loss)/ Earnings per share, basic |
( |
) | ||||||
(Loss)/Earnings per share, diluted |
( |
) | ||||||
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|
|
11. |
Revenues |
For the six-month periods ended June 30, |
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2022 |
2023 |
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Time charter revenues |
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Bareboat revenues |
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Voyage charter revenues |
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Other income |
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|
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Total |
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|
12. |
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 relating to personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. Currently, 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 unaudited consolidated financial statements. |
• | Future minimum contractual charter revenues, gross of commissions, based on vessels committed to non-cancellable, time and bareboat charter contracts as of June 30, 2023, amount to $ |
13. |
Subsequent events |
Cover Page |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Document Information [Line Items] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | Imperial Petroleum Inc./Marshall Islands |
Entity Central Index Key | 0001876581 |
Current Fiscal Year End Date | --12-31 |
Unaudited condensed consolidated statements of comprehensive income - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Income Statement [Abstract] | ||
Total revenues | $ 124,465,322 | $ 16,464,649 |
Expenses | ||
Voyage expenses | 34,600,245 | 4,721,312 |
Voyage expenses – related party | 1,546,799 | 203,462 |
Vessels' operating expenses | 13,761,185 | 5,034,767 |
Vessels' operating expenses – related party | 154,333 | 37,500 |
Drydocking costs | 1,318,310 | 0 |
Management fees – related party | 871,640 | 341,625 |
General and administrative expenses (including $105,200 and $198,000 to related party) | 2,466,405 | 527,985 |
Depreciation | 8,690,061 | 4,902,831 |
Impairment loss | 8,996,023 | 0 |
Total expenses | 72,405,001 | 15,769,482 |
Income from operations | 52,060,321 | 695,167 |
Other (expenses) / income | ||
Interest and finance costs | (1,810,769) | (452,915) |
Interest income | 2,131,146 | 44,140 |
Dividend income from related party | 20,833 | 0 |
Foreign exchange gain | 149,056 | 17,709 |
Other (expenses)/ income, net | 490,266 | (391,066) |
Net income | $ 52,550,587 | $ 304,101 |
Unaudited condensed consolidated statements of comprehensive income (Parenthetical) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Related Party [Member] | ||
Related party transaction general and administration expenses | $ 230,642 | $ 105,200 |
Unaudited condensed consolidated statements of stockholders' equity and mezzanine equity - USD ($) |
Total |
Series A Preferred Stock [Member] |
Series C Preferred Stock [Member] |
Redeemable Preferred Stock [Member] |
Redeemable Preferred Stock [Member]
Series C Redeemable Preferred Stock [Member]
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Common Stock [Member] |
Preferred Stock [Member] |
Additional Paid-in Capital [Member] |
Additional Paid-in Capital [Member]
Series A Preferred Stock [Member]
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Retained Earnings [Member] |
Retained Earnings [Member]
Series A Preferred Stock [Member]
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Retained Earnings [Member]
Series C Preferred Stock [Member]
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Beginning balance at Dec. 31, 2021 | $ 96,745,843 | $ 3,184 | $ 7,959 | $ 97,206,257 | $ (471,557) | |||||||
Beginning balance, Shares at Dec. 31, 2021 | 318,351 | 795,878 | ||||||||||
Issuance of common stock (including the exercise of warrants) net of issuance costs, Shares | 12,365,251 | |||||||||||
Issuance of common stock (including the exercise of warrants) net of issuance costs | 156,804,571 | $ 123,653 | 156,680,918 | |||||||||
Dividends declared on preferred shares | $ (870,492) | $ (870,492) | ||||||||||
Net income | 304,101 | 304,101 | ||||||||||
Deemed dividend on warrant inducement | (2,943,675) | (2,943,675) | ||||||||||
Incremental fair value of the Class D warrants | 2,943,675 | 2,943,675 | ||||||||||
Ending balance at Jun. 30, 2022 | 252,984,023 | $ 126,837 | $ 7,959 | 253,016,683 | (167,456) | |||||||
Ending balance, Shares at Jun. 30, 2022 | 12,683,602 | 795,878 | ||||||||||
Beginning balance at Dec. 31, 2022 | 281,654,518 | $ 129,724 | $ 8,119 | 252,912,550 | 28,604,125 | |||||||
Beginning balance, Shares at Dec. 31, 2022 | 12,972,358 | 811,878 | ||||||||||
Issuance of common stock (including the exercise of warrants) net of issuance costs, Shares | 3,287,062 | |||||||||||
Issuance of common stock (including the exercise of warrants) net of issuance costs | 11,896,666 | $ 32,871 | 11,863,795 | |||||||||
Dividends declared on preferred shares | $ (870,494) | $ (185,000) | $ (870,494) | $ (185,000) | ||||||||
Issuance of restricted shares and stock based compensation | 1,091,189 | $ 8,279 | 1,082,910 | |||||||||
Issuance of restricted shares and stock based compensation, Shares | 827,942 | |||||||||||
Net income | 52,550,587 | 52,550,587 | ||||||||||
Distribution of net assets of C3is Inc. to stockholders and warrant holders | (20,957,952) | (20,957,952) | ||||||||||
Issuance of Series C preferred shares,Share | 13,875 | |||||||||||
Issuance of Series C preferred shares | $ 10,000,000 | |||||||||||
Mezzanine Equity, Ending balance at Jun. 30, 2023 | 10,000,000 | $ 10,000,000 | ||||||||||
Mezzanine Equity, Ending balance, Shares at Jun. 30, 2023 | 13,875 | 13,875 | ||||||||||
Ending balance at Jun. 30, 2023 | $ 325,179,514 | $ 170,874 | $ 8,119 | $ 244,901,303 | $ 80,099,218 | |||||||
Ending balance, Shares at Jun. 30, 2023 | 17,087,362 | 811,878 |
General Information and Basis of Presentation |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Information and Basis of Presentation | 1. General Information and Basis of Presentation Imperial Petroleum Inc. (“Imperial”) was formed by StealthGas Inc (the “former Parent Company”) on May 14, 2021 under the laws of the Republic of the Marshall Islands. Initial share capital of Imperial consisted of 500 common shares. StealthGas Inc. separated its crude and product tankers by transferring to Imperial its interest in Clean Power Inc., MR Roi Inc., King of Hearts Inc. and Tankpunk Inc. (the “Subsidiaries”), each owning one tanker. The transfer was completed on November 10, 2021 in exchange for 4,774,772 newly issued common shares and 795,878 Series A 8.75% Preferred Shares (the “Series A Preferred Shares”) in Imperial. On December 3, 2021, StealthGas Inc. distributed the 4,775,272 common shares and 795,878 8.75% Series A Preferred Shares (with a liquidation preference of $25.00 per share) in Imperial to holders of StealthGas Inc.’s common stock on a pro rata basis (the “Spin-Off”). The accompanying unaudited interim consolidated financial statements include the accounts of Imperial and its wholly owned subsidiaries (collectively, the “Company”). On June 21, 2023, the Company completed the spin-off transaction (the “Spin-off”) of its two Handysize drybulk carriers, “Eco Bushfire” and “Eco Angelbay” to its wholly-owned subsidiary C3is Inc. (“C3is”), which was formed by the Company in July 2022. Immediately prior to the Spin-off, Imperial received all issued and outstanding common shares and all 600,000 5.00% Series A Perpetual Convertible Preferred shares of C3is (Note 3) in exchange for the contribution of the entities owning the aforementioned vessels together with $5,000,000 in cash as working capital. Imperial, as the sole shareholder of C3is, distributed the C3is’s common shares to Company’s stockholders and warrant holders in accordance with the terms of the Company’s outstanding warrants on a pro rata basis on June 21, 2023. Common shares of C3is commenced trading on June 21, 2023 on the Nasdaq Capital Market under the ticker symbol “CISS”. C3is is a provider of international drybulk seaborne transportation services owning and operating the two Handysize drybulk carriers previously owned and operated by Imperial and is now a separate publicly traded company. Imperial Inc. continues to operate in the tanker and dry bulk shipping market and remains a publicly traded company. The assets and liabilities of C3is on June 21, 2023, were as follows:
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim consolidated financial statements have been prepared on the same basis and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 3, 2023 (the “2022 Consolidated Financial Statements”) and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. The reporting and functional currency of the Company is the United States Dollar. Operating results for the six months ended June 30, 2023 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2023. The consolidated balance sheet as of December 31, 2022 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. At June 30, 2023, the Company’s fleet was comprised of 8 tankers consisting of 5 medium range (M.R.) type product tankers, 2 Suezmax and 1 Aframax crude oil tanker as well as 2 Handysize drybulk carriers providing worldwide marine transportation services under long, medium or short-term charters. The Company’s vessels are managed by Stealth Maritime Corporation S.A. (the “Manager”), a company controlled by members of the family of the Company’s Chief Executive Officer. The Manager, a related party, was 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). As of June 30, 2023, the 12 subsidiaries included in the Company’s unaudited interim consolidated financial statements were:
On April 28, 2023, the Company effected a
1-for-15 and (loss)/earnings per share amounts, as well as warrant shares eligible for purchase under the Company’s warrants, exercise price of said warrants and conversion price of the Company’s Series C Preferred Shares, in these interim condensed consolidated financial statements have been retroactively adjusted to reflect this 1-for-15 |
Significant Accounting Policies |
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Jun. 30, 2023 | |||
Accounting Policies [Abstract] | |||
Significant Accounting Policies |
A discussion of the Company’s significant accounting policies can be found in the 2022 Consolidated Financial Statements. During the six-month period ended June 30, 2023, the Company adopted the following accounting policies: New significant accounting policies adopted during the six months ended June 30, 2023 Investment in related party (Financial Instruments, Recognition and Measurement): The Company has elected to measure equity securities without a readily determinable fair value, that do not qualify for the practical expedient in ASC 820 Fair Value Measurement to estimate fair value using the NAV per share (or its equivalent), at its cost minus impairment, if any. At each reporting period, the Company also evaluates indicators such as the investee’s performance and its ability to continue as going concern and market conditions, to determine whether an investment is impaired in which case, the Company will estimate the fair value of the investment to determine the amount of the impairment loss.
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Transactions with Related Parties |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with Related Parties | 3. Transactions with Related Parties The Manager provides the vessels 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 per vessel operating under a voyage or time charter or $125 per vessel operating under a bareboat charter (the “Management fees”) and a brokerage commission of 1.25% on freight, hire and demurrage per vessel (the “Brokerage commissions”), as per the management agreement between the Manager and the Company. In addition, the Manager arranges for supervision onboard the vessels, when required, by superintendent engineers and when such visits exceed a period of five days in a twelve month period, an amount of $500 is charged for each additional day (the “Superintendent fees”). The Manager also provides crew management services to the vessels Magic Wand, Clean Thrasher, Clean Sanctuary, Clean Justice, Suez Protopia, Suez Enchanted, Eco Wildfire, Glorieuse, Clean Nirvana since February 2023, Stealth Berana since April 2023 , Eco Bushfire since September 2022 and up to the Spin-off and Eco Angelbay since October 2022 and up to the Spin-off . These services have been subcontracted by the Manager to an affiliated ship-management company, Hellenic Manning Overseas Inc. (ex. Navis Maritime Services Inc.). The Company pays to the Manager a fixed monthly fee of $2,500 per vessel for crew management services (the “Crew management fees”). The Manager also acts as a sales and purchase broker for the Company in exchange for a commission fee equal to 1% of the gross sale or purchase price of vessels or companies. The commission fees relating to vessels purchased (“Commissions – vessels purchased”) are capitalized to the cost of the vessels as incurred. In addition to management services, the Company reimburses the Manager for the compensation of its executive officers (the “Executive compensation”). Furthermore, the Company rents office space from the Manager and incurs a rental expense (the “Rental Expense”). On February 14, 2023, the Company entered into memoranda of agreement with companies affiliated with members of the family of the Company’s Chief Executive Officer for the acquisition of the vessels “Glorieuse” and “Eco Wildfire” for a total consideration of $35.5 million (Note 4). The vessels were delivered to the Company on March 27, 2023 and March 28, 2023, respectively. The aggregate purchase price of $18,500,000 of the vessel Glorieuse comprised of $8,500,000 in cash and 13,875 Series C Cumulative Convertible Perpetual Preferred Shares (“Series C Preferred Shares”) (Note 8). On June 21, 2023, the Company completed the Spin-off (Note 1), and received 600,000 Series A Perpetual Convertible Preferred shares of C3is, having a liquidation preference of $25 per share and a par value of $0.01 per share. The Company is the holder of all of the issued and outstanding Series A Perpetual Convertible Preferred shares of C3is (Note 1). The Series A Perpetual Convertible Preferred shares do not have voting rights. The Series A Perpetual Convertible Preferred are convertible into common stock of C3is at the Company’s option at any time and from time to time on or after the date that is the date 90 days following the issuance date, at a conversion price equal to 150% of the VWAP of C3is common shares over the Perpetual Convertible Preferred Shares. Furthermore, Imperial is entitled to receive cumulative cash dividends, at the annual rate of 5.00% on the stated amount of $25 per share, of the 600,000 Series A Perpetual Convertible Preferred shares, receivable quarterly in arrears on the 15th day of January, April, July and October in each year, subject to C3is’s Board of Directors approval. As the first cash dividend will be received on the 15th day of each October, the Company recognized for the period from June 21, 2023 to June 30, 2023, the amount of $20,833, which is presented in ‘Dividend income from related party’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income. As there was no observable market for the Series A Perpetual Convertible Preferred shares, these were recorded at $12,636,000 (Note 6), being the fair value of the shares determined through Level 2 inputs of the fair value hierarchy by taking into consideration a third-party valuation based on the income approach taking into account the present value of the future cash flows the Company expects to receive from holding the equity instrument. As of June 30, 2023, the aggregate value of investments in C3is amounted to $12,656,833, including $20,833 of accrued dividends and are separately presented as ‘Investment in related party’ in the accompanying unaudited condensed consolidated balance sheet. As of June 30, 2023, the Company did not identify any indications for impairment or any observable prices for identical or similar investments of the same issuer. The amounts charged by the Company’s related parties comprised the following:
The related party balance with C3is Inc., mainly relates to collections received net of payments made on behalf of the Company relating to the vessels contributed , was a payable of $37,042 at June 30, 2023 (2022: nil). The related party balance with Flawless Management Inc., an affiliate of the Company where Imperial’s CEO is the sole stockholder, relates to the accrued dividend for the Series C Preferred Shares, was a payable of $185,000 at June 30, 2023 (2022: nil). The related party receivable balance with European Institute of Regional Investments Inc. mainly relating to collections received on behalf of the Company was nil as at June 30, 2023 (2022: $146,708). The current account balance with the Manager at June 30, 2023 was a liability of $269,414 (2022: $3,016,438). The liability mainly represents payments made by the Manager on behalf of the Company. |
Vessels, net |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessels, net |
An analysis of vessels, net is as follows:
The additions during the six-month period ended June 30, 2023 mainly relate to the acquisition of vessels “Glorieuse” and “Eco Wildfire” (Note 3). As of December 31, 2022 and June 30, 2023, the Company performed an impairment review of its vessels, due to the prevailing conditions in the shipping industry. As undiscounted net operating cash flows exceeded each vessel’s carrying value, no impairment was recorded.
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Long-term Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt |
Long-term debt consists of the following:
Details of the Company’s term loans are discussed in Note 5 of the 2022 Consolidated Financial Statements. On March 10, 2023, the Company prepaid $23.2 million representing the then outstanding balance of the term loan A using cash on hand and the related mortgage of the vessels “Magic Wand”, “Clean Thrasher”, “Clean Sanctuary” and “Stealth Berana” was released. During the six-month period ended June 30, 2023, the Company repaid the amount of $1.4 million in line with the amortization schedule of the term loans B and C, and then proceeded with their full prepayment as follows: On April 7, 2023, the Company prepaid $30.0 million representing the then outstanding balance of the term loan C using cash on hand and the related mortgage of the vessels “Suez Enchanted” and “Suez Protopia” was released. On April 2 5 , 2023, the Company prepaid $15.9 million representing the then outstanding balance of the term loan B using cash on hand and the related mortgage of the vessels “Clean Nirvana” and “Clean Justice” was released. For the
six-month periods ended June 30, 2023 and 2022 interest expense amounted to $1,271,409 and $362,365, respectively, and the weighted average interest rate of the Company’s term loans was 7.55% and 1.45%, respectively. |
Fair Value of Financial Instruments and Concentration of Credit Risk |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, time deposits, trade and other receivables, trade accounts payable, balances with related parties 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 with high credit quality financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions. Fair Value Disclosures: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The carrying values of cash and cash equivalents, time deposits, trade and other receivables, trade accounts payable, balances with related parties other than investment in related party and accrued liabilities are reasonable estimates of their fair value due to the short term nature of these financial instruments. Cash and cash equivalents are considered Level 1 items as they represent liquid assets with short-term maturities. Investment in related party was initially measured at fair value which is deemed to be the cost and subsequently assessed for the existence of any observable market for the Series A Perpetual Convertible Preferred Shares and any observable price changes for identical or similar investments as well as the existence of any indications for impairment. As per the Company’s assessment no such case was identified as at June 30, 2023.
The valuation methodology applied comprised the bifurcation of the value of the Series A Perpetual Convertible Preferred shares in three components namely, the “straight” preferred stock component, the embedded option component and the control premium component. The mean of the sum of the three components was used to estimate the value for the Series A Perpetual Convertible Preferred shares at $12,636,000. The valuation methodology and the significant other observable inputs used for each component are set out below:
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Stockholders' Equity |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity |
Details of the Company’s common stock and preferred stock are discussed in Note 8 of the 2022 Consolidated Financial Statements and are supplemented by the below new activities in the six-month period ended June 30, 2023. Common Shares:
On June 17, 2022, the Company received a written notification from the NASDAQ Stock Market, indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from May 5, 2022 to June 16, 2022, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance was 180 days, or until December 14, 2022. In December 2022, the Company received formal notification from the Listing Qualification Department of the Nasdaq Stock Market notifying the Company that it has been granted an additional 180-day compliance period, or until June 12, 2023, to regain compliance with the minimum $1.00 1-for-15
During the six-month period ended June 30, 2023, the Company completed a public offering of 3,287,062 shares of common stock resulting in gross proceeds of $12,095,253, or $11,896,666 in net proceeds.
As of June 30, 2023, none of remaining warrants were exercised. The number of remaining warrants was adjusted to reflect the 1-for-15
An aggregate of 291,194 additional common shares are potentially issuable upon exercise of the February 2022, March 2022 and May 2022 Representative Purchase Warrants. Preferred Shares: Aggregate dividends of $0.9 million were paid on the Company’s 795,878 Series A Preferred Shares during the six months ended June 30, 2023.
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Mezzanine Equity |
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Jun. 30, 2023 | |||
Temporary Equity Disclosure [Abstract] | |||
Mezzanine Equity |
On February 17, 2023, the Company entered into a Share Purchase Agreement with Flawless Management Inc. (Note 3) and sold to Flawless Management Inc. 13,875 newly issued Series C Cumulative Convertible Perpetual Preferred Shares (“Series C Preferred Shares”) having a liquidation preference of one thousand dollars ($1,000) per share (“the Liquidation Preference”). The Series C Cumulative Convertible Perpetual Preferred Shares were used as a partial consideration for the acquisition of the Handysize drybulk carrier “Glorieuse” (Note 4) from an affiliated company. Each holder of Series C Preferred Shares, at any time and from time to time on or after the date that is the date immediately following the six-month anniversary of February 17, 2023, may elect to convert, in whole or in part, its Series C Preferred Shares into shares of common stock at a rate equal to the Series C Liquidation Preference, plus the amount of any accrued and unpaid dividend thereon to and including the conversion date, divided by the lower of (1) $7.50 and (2) the Ten-Day VWAP, subject to adjustment from time to time, provided, that, the conversion price shall not be less than $1.50. If the Company shall, at any time or from time to time, pay a stock dividend or otherwise makes a distribution or distributions on its shares of common stock or any other equity or equity equivalent securities payable in shares of common stock, or effect a subdivision or split of the outstanding common shares, the conversion price in effect immediately before such stock dividend or distribution, subdividision or split shall be proportionately decreased and, conversely, if the Company shall, at any time or from time to time, effect a combination (including by means of a reverse stock split) of the outstanding shares of common stock the conversion price in effect before such combination shall be proportionately increased. Following the reverse stock split on April 28, 2023 (Note 1), the conversion price was adjusted to reflect the 1-for-15 The holder of the Series C Preferred Shares shall be entitled to receive dividends from time to time out of any assets of the Company legally available for the payment of dividends at a rate equal to 5.00% per annum when, as, and if declared by the Board of Directors. Dividends, to the extent declared to be paid by the Company, shall be paid quarterly on each January 15, April 15, July 15 and October 15 of each year commencing on July 15, 2023. Dividends on the Series C Preferred Shares shall be payable based on a 360-day year consisting of twelve 30-day months. The dividend rate of 5.00% per annum is not subject to adjustment. As of June 30, 2023, the Company accrued dividend of $185,000 on the Company’s 13,875 Series C Preferred Shares that are payable to Flawless Management Inc. on July 15, 2023 (Note 3). The Series C Preferred Shares are redeemable upon a change in control, which is defined as the acquisition by any “person” or “group” of beneficial ownership through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of the Company’s shares entitling that person or group to exercise more than 50% of the total voting power of all of the Company’s shares entitled to vote generally in elections of directors. The occurrence of the above events is not solely in the control of the Company, and hence Series C Preferred Shares has been classified in Mezzanine equity as per ASC
480-10-S99 480-10-S99. |
Equity Compensation Plan |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 | |||
Equity Compensation Plan Arrangement [Abstract] | |||
Equity Compensation Plan |
Details of the Company’s equity compensation plan (the “Plan”) are discussed in Note 14 of the 2022 Consolidated Financial Statements and are supplemented by the below new transactions in the six-month period ended June 30, 2023. On March 21, 2023, the Company granted $715,000 worth of shares of the Company’s common stock under the Plan to certain of the Company’s employees. The number of shares awarded was determined based on the closing price on the grant date i.e. March 21, 2023 which was equal to $2.55. 140,196 of the restricted shares vested on July 17, 2023 and the remaining 140,196 of the restricted shares will vest on July 17, 2024. On May 15, 2023, the Company granted 547,550 restricted shares of common stock pursuant to the Plan to the Company’s CEO. The fair value of each share on the grant date was $3.48. 273,775 of the restricted shares will vest on May 15, 2024 and the remaining 273,775 of restricted shares will vest on May 15, 2025. The related expense for shares granted to the Company’s CEO and certain of the Company’s employees for the six-month periods ended June 30, 2023 and 2022, amounted to $1,091,189 and $nil, respectively, and is included under general and administration expenses. The unrecognized cost for the
non-vested shares granted to the Company’s CEO and certain of the Company’s employees as of June 30, 2023 and December 31, 2022 amounted to $2,414,030 and $882,744, respectively. On June 30, 2023, the weighted-average period over which the total compensation cost related to non-vested awards granted to the Company’s CEO and certain of the Company’s employees not yet recognized is expected to be recognized is 2.37 years. |
(Loss)/Earnings Per Share |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss)/Earnings per share |
The Company calculates basic and diluted loss/earnings per share as follows:
As of June 30, 2023, diluted earnings per share reflects the potential dilution from conversion of outstanding Series C Preferred Shares (Note 8) calculated with the “if converted” method by using the average closing market price over the reporting period. Securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS, because to do so would have anti-dilutive effect, are any incremental shares of unexercised warrants, calculated with the treasury stock method . As of June 30, 2023, the aggregate number of unexercised warrants were 8,376,119 including Representative Purchase Warrants (Note . 7) As of June 30, 2022, securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS, because to do so would have anti-dilutive effect, are any incremental shares of unexercised warrants, calculated with the treasury stock method.
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Revenues |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues |
The amounts in the accompanying unaudited condensed consolidated statements of comprehensive income are analyzed as follows:
The amount of revenue earned as demurrage relating to the Company’s voyage charters for the six-month periods ended June 30, 2022 and 2023 was $0.4 million and $7.5 million, respectively and is included within “Voyage charter revenues” in the above table. As of December 31, 2022 and June 30, 2023, receivables from the Company’s voyage charters amounted to $6.1 million and $9.0 million, respectively. As of December 31, 2022 and June 30, 2023, the Company recognized $240,002 and $376,132, respectively, of contract fulfillment costs which mainly represent bunker expenses incurred prior to commencement of loading relating to the Company’s voyage charters. These costs are recorded in “Other current assets” in the unaudited condensed consolidated balance sheets. As of December 31, 2022 and June 30, 2023, revenues relating to undelivered performance obligations of the Company’s voyage charters amounted to $15.0 million and $5.9 million, respectively. The Company recognized the undelivered performance obligation as of June 30, 2023 as revenues in the third quarter of 2023 and the undelivered performance obligation as of December 31, 2022 as revenues in the first quarter of 2023.
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Commitments and Contingencies |
6 Months Ended | ||||||||||
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Jun. 30, 2023 | |||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||
Commitments and Contingencies |
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Subsequent Events |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 | |||
Subsequent Events [Abstract] | |||
Subsequent Events |
In July 2023, the Company concluded a memorandum of agreement for the disposal of the vessel “Stealth Berana” to C3is, an affiliated party, for $43,000,000. The vessel was delivered to her new owners in July 2023. The Company disposed the vessel “Stealth Berana” as the agreed selling price was a suitable opportunity for the Company. In August 2023, the Company completed an underwritten public offering of 8,499,999 units, each unit consisting of (i) one share of common stock of the Company or one pre-funded warrant and (ii) one Class E Warrant to purchase one share of common stock at an exercise price of $2.00 per share. The offering resulted in gross proceeds to the Company of $17 million. In September 2023, the Company entered into an agreement with affiliated
parties to acquire two tanker vessels at an aggregate purchase price of $71 million. In addition, the Company’s Board of Directors approved a share repurchase program and authorized the officers of the Company to repurchase, from time to time, up to $10,000,000 of the Company’s common stock. |
Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Investment in related party (Financial Instruments, Recognition and Measurement) | Investment in related party (Financial Instruments, Recognition and Measurement): The Company has elected to measure equity securities without a readily determinable fair value, that do not qualify for the practical expedient in ASC 820 Fair Value Measurement to estimate fair value using the NAV per share (or its equivalent), at its cost minus impairment, if any. At each reporting period, the Company also evaluates indicators such as the investee’s performance and its ability to continue as going concern and market conditions, to determine whether an investment is impaired in which case, the Company will estimate the fair value of the investment to determine the amount of the impairment loss.
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General Information and Basis of Presentation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Subsidiary Companies | As of June 30, 2023, the 12 subsidiaries included in the Company’s unaudited interim consolidated financial statements were:
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Schedule of Distribution of Assets and Liabilities to its Wholly-Owned Subsidiary C3is Inc | The assets and liabilities of C3is on June 21, 2023, were as follows:
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Transactions with Related Parties (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Amounts Charged By The Company's Related Parties | The amounts charged by the Company’s related parties comprised the following:
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Vessels, net (Tables) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Analysis of Vessels, Net | An analysis of vessels, net is as follows:
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Long-term Debt (Tables) |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Long-Term Debt | Long-term debt consists of the following:
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Fair Value of Financial Instruments and Concentration of Credit Risk (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Fair Value, Assets Measured on Recurring and Nonrecurring Basis |
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Summary of Fair Value Measurement Inputs and Valuation Techniques | The valuation methodology and the significant other observable inputs used for each component are set out below:
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Stockholders' Equity (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Number of common shares to be issued upon exercise of remaining warrants | As such, as of June 30, 2023, the number of common shares that can potentially be issued under each outstanding warrant are:
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(Loss)/Earnings Per Share (Tables) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Basic and Diluted Net Income (Loss) Per Common Share | The Company calculates basic and diluted loss/earnings per share as follows:
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Revenues (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Revenues Amounts in Accompanying Consolidated Statements of Operations | The amounts in the accompanying unaudited condensed consolidated statements of comprehensive income are analyzed as follows:
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General Information and Basis of Presentation - Schedule Of Distribution Of Assets And Liabilities To Its Wholly Owned Subsidiary C3is Inc (Detail) - C3is Inc [Member] - Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] |
Jun. 21, 2023
USD ($)
|
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Cash and cash equivalents | $ 5,000,000 |
Trade and other receivables | 877,202 |
Inventories | 124,813 |
Advances and prepayments | 192,961 |
Due from related party | 188,750 |
Vessels, net | 28,500,000 |
Trade accounts payable | 816,187 |
Accrued and other liabilities | 357,647 |
Deferred income | 115,940 |
Net assets of C3is distributed to stockholders and warrantholders | 33,593,952 |
Less investment in preferred shares of C3is issued as part of spin-off | (12,636,000) |
Distribution of net assets of C3is to stockholders and warrantholders | $ 20,957,952 |
General Information and Basis of Presentation - Schedule Of Distribution Of Assets And Liabilities To Its Wholly Owned Subsidiary C3is Inc (Parenthetical) (Detail) |
Jun. 21, 2023
USD ($)
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C3is Inc [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Impairment | $ 8,996,023 |
General Information and Basis of Presentation - Additional Information (Detail) |
6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Jun. 21, 2023
USD ($)
$ / shares
shares
|
Apr. 28, 2023 |
Dec. 03, 2021
shares
|
Nov. 10, 2021
shares
|
Jun. 30, 2023
$ / shares
shares
|
Jun. 30, 2022
shares
|
Dec. 31, 2022
shares
|
May 14, 2021
shares
|
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Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Common stock shares outstanding | 17,087,362 | 12,972,358 | ||||||
Number of tankers | 8 | |||||||
Description of the reverse stock split arrangement | 1-for-15 | |||||||
Three Medium Range Type Product Tankers [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of tankers | 5 | |||||||
One Afra Max Crude Oil Tanker [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of tankers | 1 | |||||||
Two Suezmax Crude Oil Tankers [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of tankers | 2 | |||||||
Two Handysize Drybulk Carriers [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of tankers | 2 | |||||||
Common Stock [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Stock issued during the period shares new issues | 3,287,062 | 12,365,251 | ||||||
Description of the reverse stock split arrangement | 1-for-15 | |||||||
Common Stock [Member] | Spin Off Transaction [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Stock issued during the period shares new issues | 4,775,272 | 4,774,772 | ||||||
Preferred Stock [Member] | Preferred Class A [Member] | Spin Off Transaction [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Stock issued during the period shares new issues | 795,878 | 795,878 | ||||||
Preferred stock dividend rate percentage | 8.75% | 8.75% | ||||||
Preferred stock liquidation preference per share | $ / shares | $ 25 | |||||||
Warrant [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Description of the reverse stock split arrangement | 1-for-15 | |||||||
StealthGas Inc. [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Common stock shares outstanding | 500 | |||||||
C3is Inc [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Cash | $ | $ 5,000,000 | |||||||
C3is Inc [Member] | Preferred Stock [Member] | Series A Perpetual Convertible Preferred Shares [Member] | Spin Off Transaction [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Preferred stock dividend rate percentage | 5.00% | |||||||
Preferred stock liquidation preference per share | $ / shares | $ 25 | |||||||
Preferred stock shares outstanding | 600,000 |
Transactions with Related Parties - Summary of Amounts Charged By The Company's Related Parties (Detail) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
General and administrative expenses | $ 230,642 | $ 105,200 |
Management fees [Member] | ||
Related Party Transaction [Line Items] | ||
Related party | 871,640 | 341,625 |
Brokerage commissions [Member] | ||
Related Party Transaction [Line Items] | ||
Related party | 1,546,799 | 203,462 |
Superintendent fees [Member] | ||
Related Party Transaction [Line Items] | ||
Related party | 1,000 | 0 |
Crew management fees [Member] | ||
Related Party Transaction [Line Items] | ||
Related party | 153,333 | 37,500 |
Executive compensation [Member] | Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
General and administrative expenses | 198,000 | 105,200 |
Commissions – vessels purchased [Member] | ||
Related Party Transaction [Line Items] | ||
Related party | 355,000 | 778,000 |
Rental expense [Member] | ||
Related Party Transaction [Line Items] | ||
Related party | $ 32,642 | $ 0 |
Transactions with Related Parties - Additional Information (Detail) - USD ($) |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 21, 2023 |
Feb. 14, 2023 |
May 31, 2020 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Receivable from related party | $ 0 | $ 0 | $ 146,708 | ||||
Payable to related parties | $ 491,456 | $ 491,456 | $ 3,016,438 | ||||
Series A Perpetual Convertible Preferred Shares [Member] | Spin Off Transaction [Member] | Preferred Stock [Member] | |||||||
Dividends payable, nature | 15th day of January, April, July and October in each year | ||||||
Series A Preferred Stock [Member] | |||||||
Preferred Stock, Shares Outstanding | 795,878 | 795,878 | 795,878 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Series A Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | Valuation, Income Approach [Member] | |||||||
Aggregate value of investment | $ 12,636,000 | $ 12,636,000 | |||||
European Institute of Regional Investments Inc. [Member] | |||||||
Receivable from related party | 0 | 0 | $ 146,708 | ||||
C3is Inc [Member] | |||||||
Receivable from related party | 37,042 | 37,042 | 0 | ||||
Equity security measured at fair value | 12,656,833 | 12,656,833 | |||||
Accrued dividends | 20,833 | 20,833 | |||||
Impairment loss | 0 | 0 | |||||
C3is Inc [Member] | Series A Perpetual Convertible Preferred Shares [Member] | Spin Off Transaction [Member] | Preferred Stock [Member] | |||||||
Preferred Stock, Shares Outstanding | 600,000 | ||||||
Preferred Stock, liquidation preference per share | $ 25 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | ||||||
Number of days after when the stock are eligible to convert to shares | 90 days | ||||||
Conversion price equal to volume weighted average price per share | 150.00% | ||||||
Number of consecutive trading days for determining the share price | 5 days | ||||||
Preferred Stock, Dividend Rate, Percentage | 5.00% | ||||||
Dividends payable, amount per share | $ 25 | ||||||
Dividend income from related party | 20,833 | ||||||
Flawless Management Inc [Member] | Dividend Declared [Member] | Series C Preferred Stock [Member] | |||||||
Receivable from related party | 185,000 | 185,000 | 0 | ||||
Related Party [Member] | |||||||
Payable to related parties | $ 269,414 | 269,414 | 3,016,438 | ||||
Glorieuse and Eco Wildfire [Member] | |||||||
Total consideration | $ 35,500,000 | ||||||
Glorieuse [Member] | |||||||
Aggregate purchase price , Cash | 8,500,000 | ||||||
Total consideration | 18,500,000 | ||||||
Glorieuse [Member] | Series C Preferred Stock [Member] | |||||||
Asset acquisition, equity interest issued and issuable | $ 13,875 | ||||||
Management fees [Member] | |||||||
Related party transaction, amounts of transaction | 871,640 | 341,625 | |||||
Brokerage commissions [Member] | |||||||
Related party transaction, amounts of transaction | $ 1,546,799 | 203,462 | |||||
Related party transaction, brokerage commission per vessel | 1.25% | ||||||
Superintendent fees [Member] | |||||||
Related party transaction, amounts of transaction | $ 1,000 | 0 | |||||
Related party transaction, additional amounts of transaction | 500 | ||||||
Crew management fees [Member] | |||||||
Related party transaction, amounts of transaction | 153,333 | 37,500 | |||||
Crew management fees [Member] | Hellenic Manning Overseas Inc [Member] | |||||||
Related party transaction, amounts of transaction | $ 2,500 | ||||||
Commissions – vessels purchased [Member] | |||||||
Related party transaction, amounts of transaction | $ 355,000 | $ 778,000 | |||||
Commissions – vessels purchased [Member] | Hellenic Manning Overseas Inc [Member] | |||||||
Commission as a percentage of sale price of vessels | 1.00% | ||||||
Maximum [Member] | Management fees [Member] | |||||||
Related party transaction, amounts of transaction | $ 440 | ||||||
Minimum [Member] | Management fees [Member] | |||||||
Related party transaction, amounts of transaction | $ 125 |
Vessels, net - Summary of Analysis of Vessels, Net (Detail) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Property, Plant and Equipment [Line Items] | ||
Vessel Cost, Balance at beginning of year | $ 350,393,448 | |
Vessel Cost, Acquisitions and improvements | 36,606,932 | |
Vessel Cost, Impairment loss | (10,894,125) | |
Vessel Cost, Spin-off of drybulk carriers | (28,500,000) | |
Vessel Cost, Balance at end of year | 347,606,255 | |
Accumulated depreciation, Balance at beginning of year | (124,042,367) | |
Accumulated depreciation, Impairment loss | 1,898,102 | |
Accumulated depreciation, Depreciation for the year | (8,690,061) | |
Accumulated depreciation, Balance at end of year | (130,834,326) | |
Net book value, Balance at beginning of year | 226,351,081 | |
Net book value, Acquisitions and improvements | 36,606,932 | |
Net book value, Impairment loss | (8,996,023) | $ 0 |
Net book value, Depreciation for the year | (8,690,061) | |
Net book value, Spin-off of drybulk carriers | (28,500,000) | |
Net book value, Balance at end of year | $ 216,771,929 |
Long-term Debt - Summary of Long-term Debt (Detail) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Debt Instrument [Line Items] | ||
Long-term debt | $ 0 | $ 70,438,500 |
Less: Current portion of long-term debt | 0 | 10,324,000 |
Add: Current portion of deferred loan and financing arrangements issuance costs | 0 | 147,462 |
Less: Deferred finance charges | 0 | 474,039 |
Total long-term debt, net | 0 | 69,964,461 |
Long-term debt, net | $ 0 | 59,787,923 |
Term Loan A [Member] | ||
Debt Instrument [Line Items] | ||
Issue Date | Nov. 30, 2021 | |
Maturity Date | Nov. 30, 2026 | |
Long-term debt | $ 0 | 23,196,000 |
Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Issue Date | Sep. 30, 2022 | |
Maturity Date | Sep. 30, 2026 | |
Long-term debt | $ 0 | 16,450,000 |
Term Loan C [Member] | ||
Debt Instrument [Line Items] | ||
Issue Date | Nov. 30, 2022 | |
Maturity Date | Nov. 30, 2027 | |
Long-term debt | $ 0 | $ 30,792,500 |
Long-term Debt - Additional Information (Detail) - USD ($) |
6 Months Ended | ||||
---|---|---|---|---|---|
Apr. 25, 2023 |
Apr. 07, 2023 |
Mar. 10, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Debt Instrument [Line Items] | |||||
Bank loan interest expense | $ 1,271,409 | $ 362,365 | |||
Loan repayments | $ 70,438,500 | $ 2,402,000 | |||
Weighted average debt interest rate | 7.55% | 1.45% | |||
Term Loan A [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan repayments | $ 23,200,000 | ||||
Term Loan B and C [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan repayments | $ 1,400,000 | ||||
Term Loan C [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan repayments | $ 30,000,000 | ||||
Term Loan B [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan repayments | $ 15,900,000 |
Fair Value of Financial Instruments and Concentration of Credit Risk - Summary of Fair Value, Assets Measured on Recurring and Nonrecurring Basis (Detail) - Fair Value, Nonrecurring [Member] - Investment in related party [Member] |
Jun. 30, 2023
USD ($)
|
---|---|
Estimate of Fair Value Measurement [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments | $ 12,636,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments | 12,636,000 |
Changes Measurement [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments | $ 0 |
Fair Value of Financial Instruments and Concentration of Credit Risk - Summary of Fair Value Measurement Inputs and Valuation Techniques (Detail) |
Jun. 30, 2023
$ / shares
|
---|---|
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input Weighted Average Cost of Capital [Member] | Straight Preferred Stock Component [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement Input | 13 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input Weighted Average Cost of Capital [Member] | Control Premium Component [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement Input | 13 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Control Premium [Member] | Control Premium Component [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement Input | 12 |
Valuation Technique Blackand Scholes [Member] | Measurement Input Weighted Average Cost of Capital [Member] | Embedded Option Component [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement Input | 13 |
Valuation Technique Blackand Scholes [Member] | Measurement Input, Price Volatility [Member] | Embedded Option Component [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement Input | 78 |
Valuation Technique Blackand Scholes [Member] | Measurement Input, Risk Free Interest Rate [Member] | Embedded Option Component [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement Input | 4 |
Valuation Technique Blackand Scholes [Member] | Measurement Input Strike Price [Member] | Embedded Option Component [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement Input | 3.5 |
Valuation Technique Blackand Scholes [Member] | Measurement Input, Share Price [Member] | Embedded Option Component [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Measurement Input | 2.33 |
Fair Value of Financial Instruments and Concentration of Credit Risk - Summary of Fair Value Measurement Inputs and Valuation Techniques (Detail) (Parenthetical) |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Series A Perpetual Convertible Preferred Shares [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value portion of investments | $ 12,636,000 |
Valuation Technique Blackand Scholes [Member] | Measurement Input, Share Price [Member] | Embedded Option Component [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Number of trading days for determining weighted average price | 5 days |
Stockholders' Equity - Summary Of Number of common shares to be issued upon exercise of remaining warrants (Detail) |
Jun. 30, 2023
shares
|
---|---|
Class of Warrant or Right [Line Items] | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 8,084,925 |
Class A Warrant [Member] | |
Class of Warrant or Right [Line Items] | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,867 |
Class B Warrant [Member] | |
Class of Warrant or Right [Line Items] | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 786,800 |
Class C Warrant [Member] | |
Class of Warrant or Right [Line Items] | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,218,591 |
Class D Warrant [Member] | |
Class of Warrant or Right [Line Items] | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,076,667 |
Stockholders' Equity - Additional Information (Detail) - USD ($) |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Apr. 28, 2023 |
Jun. 17, 2022 |
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Class of Stock [Line Items] | ||||
Number of days from the closing bid price of common stock | 30 days | |||
Number Of Grace Period Days Applicable To Regain Compliance | 180 days | 180 days | ||
Due date declared to regain compliance | Dec. 14, 2022 | Jun. 12, 2023 | ||
Class of warrant or right number of securities called by warrants or rights | 8,084,925 | |||
Description of the reverse stock split arrangement | 1-for-15 | |||
Representative Purchase Warrants [Member] | ||||
Class of Stock [Line Items] | ||||
Class of warrant or right number of securities called by warrants or rights | 291,194 | |||
IPO [Member] | ||||
Class of Stock [Line Items] | ||||
Proceeds from Issuance of Common Stock | $ 12,095,253 | |||
Net Proceeds From Issuance Of Common Stock | $ 11,896,666 | |||
Number of new stock issued during the period | 3,287,062 | |||
XNCM [Member] | ||||
Class of Stock [Line Items] | ||||
Share Price | $ 1 | |||
Series A Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Dividends, preferred stock | $ 900,000 | |||
Preferred stock shares outstanding | 795,878 | 795,878 |
Mezzanine Equity - Additional Information (Detail) - USD ($) |
Apr. 28, 2023 |
Feb. 17, 2023 |
Feb. 14, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|---|
Temporary Equity [Line Items] | |||||
Description of the reverse stock split arrangement | 1-for-15 | ||||
Vessel Glorieuse [Member] | |||||
Temporary Equity [Line Items] | |||||
Asset acquisition, consideration transferred, equity interest issued and issuable | $ 10,000,000 | ||||
Asset acquisition, consideration transferred, | 185,000,000 | ||||
Payments to acquire productive assets | $ 8,500,000 | ||||
Series C Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Temporary equity stock issued during the period | 13,875 | ||||
Liquidation preference per share | $ 1,000 | ||||
Divider for conversion of stock | 7.5 | ||||
Temporary equity dividend rate | 5.00% | ||||
Dividends payable | $ 185,000 | ||||
Temporary equity, shares outstanding | 13,875 | 0 | |||
Minimum percentage of ownership change for entity | 50.00% | ||||
Series C Preferred Stock [Member] | Minimum [Member] | |||||
Temporary Equity [Line Items] | |||||
Per share conversion price of preferred stock | $ 1.5 |
Equity Compensation Plan - Additional Information (Detail) - USD ($) |
6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
May 15, 2025 |
Jul. 17, 2024 |
May 15, 2024 |
Jul. 17, 2023 |
May 15, 2023 |
Mar. 21, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
Share based compensation expense | $ 1,091,189 | ||||||||
Chief Executive Officer [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
Stock granted | $ 547,550 | ||||||||
Restricted Stock [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
Share based compensation, non vested shares, unrecognized compensation cost | $ 2,414,030 | $ 882,744 | |||||||
Share based compensation, non vested shares, unrecognized compensation cost period for recognition | 2 years 4 months 13 days | ||||||||
Restricted Stock [Member] | Entity Employees [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
Stock granted | $ 715,000 | ||||||||
Stock granted closing price | $ 2.55 | ||||||||
Restricted Stock [Member] | Chief Executive Officer [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
Stock granted closing price | $ 3.48 | ||||||||
Restricted Stock [Member] | Subsequent Event [Member] | Entity Employees [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
Restricted shares vest | 140,196 | 140,196 | |||||||
Restricted Stock [Member] | Subsequent Event [Member] | Chief Executive Officer [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
Restricted shares vest | 273,775 | 273,775 | |||||||
Restricted Stock [Member] | General and Administrative Expense [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
Share based compensation expense | $ 1,091,189 | $ 0 |
(Loss)/Earnings Per Share - Summary of Basic and Diluted Net Income (Loss) Per Common Share (Detail) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Class of Stock [Line Items] | ||
Net income | $ 52,550,587 | $ 304,101 |
Less: Deemed dividend on warrant inducement | (2,943,675) | |
Less: Undistributed earnings allocated to non-vested shares | (977,828) | |
Net (loss)/ income attributable to common shareholders, basic | 50,517,265 | (3,510,066) |
Add: Undistributed earnings allocated to non-vested shares | 977,828 | |
Less: Undistributed earnings re-allocated to non-vested shares | (862,466) | |
Net (loss)/ income attributable to common shareholders, diluted | $ 50,817,627 | $ (3,510,066) |
Weighted average number of shares outstanding, basic | 15,940,369 | 4,359,423 |
Weighted average number of shares outstanding, diluted | 18,113,785 | 4,359,423 |
(Loss)/ Earnings per share, basic | $ 3.17 | $ (0.81) |
(Loss)/Earnings per share, diluted | $ 2.81 | $ (0.81) |
Series A Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Less: Cumulative dividends on Series Preferred Shares | $ (870,494) | $ (870,492) |
Series C Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Less: Cumulative dividends on Series Preferred Shares | (185,000) | |
Add: Cumulative dividends on Series C Preferred Shares | $ 185,000 |
(Loss)/Earnings Per Share - Additional information (Detail) |
Jun. 30, 2023
shares
|
---|---|
Representative Purchase Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Number of warrants or rights outstanding | 8,376,119 |
Revenues - Summary of Revenues Amounts in Accompanying Consolidated Statements of Operations (Detail) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Disaggregation of Revenue [Line Items] | ||
Other income | $ 717,141 | $ 187,705 |
Revenues | 124,465,322 | 16,464,649 |
Time Charter Revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 18,384,522 | 8,937,026 |
Bareboat Revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 0 | 1,388,990 |
Voyage Charter Revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 105,363,659 | $ 5,950,928 |
Revenues - Additional Information (Detail) - USD ($) |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Other Current Assets [Member] | |||
Revenue, Major Customer [Line Items] | |||
Capitalized Contract Cost, Net | $ 240,002 | $ 376,132 | |
Voyage Charter Revenues [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenues | 7,500,000 | $ 400,000 | |
Revenue, Remaining Performance Obligation, Amount | 5,900,000 | 15,000,000 | |
Receivables net current | $ 9,000,000 | $ 6,100,000 |
Commitments and Contingencies - Additional Information (Detail) |
Jun. 30, 2023
USD ($)
|
---|---|
Loss Contingencies [Line Items] | |
Future minimum charter revenues next twelve months | $ 326,250 |
Subsequent Events - Additional Information (Detail) |
1 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
Vessels
shares
|
Aug. 31, 2023
USD ($)
$ / shares
shares
|
Jul. 31, 2023
USD ($)
|
Jun. 30, 2023
shares
|
Dec. 31, 2022
shares
|
|
Subsequent Event [Line Items] | |||||
Common stock shares issued | shares | 17,087,362 | 12,972,358 | |||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Proceeds from public offering | $ | $ 17,000,000 | ||||
Stock repurchase program, number of shares authorized to be repurchased | shares | 10,000,000 | ||||
Subsequent Event [Member] | IPO [Member] | Maximum [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock shares issued | shares | 8,499,999 | ||||
Shares issued, price per share | $ / shares | $ 2 | ||||
Subsequent Event [Member] | Affiliated Entity [Member] | Stealth Berana [Member] | |||||
Subsequent Event [Line Items] | |||||
Property, plant and equipment, disposals | $ | $ 43,000,000 | ||||
Subsequent Event [Member] | Affiliated Entity [Member] | Tanker Vessels [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of property plant and equipment acquired | Vessels | 2 | ||||
Payments to acquire property, plant, and equipment | $ | $ 71,000,000 |
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