Filed Pursuant to Rule 424(b)(3)

Registration Nos. 333-263593 and 333-263725

PROSPECTUS SUPPLEMENT NO. 1

(TO PROSPECTUS DATED MAY 1, 2024)

 

LOGO

Imperial Petroleum Inc.

 

 

This is a supplement (“Prospectus Supplement”) to the prospectus, dated May 1, 2024 (“Prospectus”), of Imperial Petroleum Inc. (the “Company”), which forms a part of the Company’s Registration Statement on Form F-1 (Registration Nos. 333-263593 and 333-263725), as amended or supplemented from time to time. This Prospectus Supplement is being filed to update and supplement the information included in the Prospectus with the information contained in our Report on Form 6-K, furnished to the U.S. Securities and Exchange Commission on May 16, 2024 (the “Form 6-K”). Accordingly, we have attached the Form 6-K to this Prospectus Supplement.

This Prospectus Supplement should be read in conjunction with, and delivered with, the Prospectus and is qualified by reference to the Prospectus except to the extent that the information in this Prospectus Supplement supersedes the information contained in the Prospectus. This Prospectus Supplement is not complete without, and may not be delivered or utilized except in connection with, the Prospectus, including any amendments or supplements to it.

 

 

Investing in our securities involves a high degree of risk. See “Risk Factors” beginning on page 9 of the Prospectus for a discussion of information that should be considered in connection with an investment in our securities.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

 

 

The date of this prospectus supplement is May 16, 2024.

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2024

Commission File Number 001-41095

 

 

IMPERIAL PETROLEUM INC.

(Translation of registrant’s name into English)

 

 

331 Kifissias Avenue Erithrea 14561 Athens, Greece

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒   Form  40-F ☐

 

 

 

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this report on Form 6-K as Exhibit 99.1 is a copy of the press release of Imperial Petroleum Inc. dated May 16, 2024, announcing its financial and operating results for the three months ended March 31, 2024.

EXHIBIT INDEX

 

99.1   

Imperial Petroleum Inc. Press Release dated May 16, 2024

*****

This report on Form 6-K is hereby incorporated by reference into the Company’s Registration Statement on Form F-3 (Reg. No. 333-268663), Post Effective Amendment No. 1 to Form F-1 on Form F-3 Registration Statement (Reg. No. 333-266031) and Registration Statements on Form S-8 (Reg. Nos. 333-275745 and 333-278813), including the prospectuses contained therein.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 16, 2024

 

IMPERIAL PETROLEUM INC.

By:   /s/ Harry Vafias
Name:   Harry Vafias
Title:   Chief Executive Officer

Exhibit 99.1

 

LOGO

IMPERIAL PETROLEUM INC.

IMPERIAL PETROLEUM INC. REPORTS FIRST QUARTER 2024 FINANCIAL AND OPERATING RESULTS

ATHENS, GREECE, May 16, 2024 - IMPERIAL PETROLEUM INC. (NASDAQ: IMPP, the “Company”), a ship-owning company providing petroleum products, crude oil and dry bulk seaborne transportation services, announced today its unaudited financial and operating results for the three months ended March 31, 2024.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

 

  •  

Fleet operational utilization of 80.6% in Q1 24’ an improved performance compared to Q4 23’ mainly due to a 29.3% (65 days) decrease in commercial idle days. In Q1 23’our operational utilization was 85.0%.

 

  •  

75.0% of fleet calendar days, equivalent to 671 days, in Q1 24’ were dedicated to spot activity.

 

  •  

Revenues of $41.2 million in Q1 24’ compared to $29.9 million in Q4 23’ equivalent to a 37.8% rise- and $65.4 million of revenues in Q1 23’.

 

  •  

Net Income of $16.7 million in Q1 24’ compared to net income of $6.5 million in Q4 23’ equivalent to a 157% increase- and net income of $35.7 million in Q1 23’.

 

  •  

Cash and cash equivalents and time deposits of $67.0 million as of March 31, 2024.

 

  •  

On April 17, 2024, we agreed to sell our 2009 built aframax tanker Gstaad Grace II for $42 million. The vessel was delivered to its new owners on April 26, 2024.

First Quarter 2024 Results:

 

  •  

Revenues for the three months ended March 31, 2024 amounted to $41.2 million, a decrease of $24.2 million, or 37%, compared to revenues of $65.4 million for the three months ended March 31, 2023, primarily due to an average year on year decline in tanker market spot rates by 38%. It is noted that during the period ended March 31, 2023 tanker market rates were at peak levels mainly due to the sharp effect of the Russian Ukraine conflict on tanker rates which normalized in the following quarters.

 

  •  

Voyage expenses and vessels’ operating expenses for the three months ended March 31, 2024 were $13.5 million and $6.0 million, respectively, compared to $16.9 million and $6.9 million, respectively, for the three months ended March 31, 2023. The $3.4 million decrease in voyage expenses is mainly due to longer haul spot voyages resulting in decreased port expenses by $1.4 million (33.7%) and due to decreased transit through the Suez canal compared to the same period of last year and decreased commissions by $2.2 million due to lower revenues. The $0.9 million decrease in operating expenses is due to the slight decrease in the average number of our vessels.

 

  •  

Drydocking costs for the three months ended March 31, 2024 and 2023 were $0.6 million and $0.6 million, respectively. During the three months ended March 31, 2024 our aframax tanker commenced its drydocking which was concluded within April 2024, while during the three months ended March 31, 2023 one of our handysize drybulk carriers underwent its drydocking.

 

  •  

General and administrative costs for the three months ended March 31, 2024 and 2023 were $1.2 million and $1.0 million, respectively. This change is mainly attributed to the increase in stock-based compensation costs, partly offset by a reduction in reporting expenses due to the spin-off of C3is Inc. which was completed in June 2023.

  •  

Depreciation for the three months ended March 31, 2024 and 2023 was $4.0 million and $4.1 million, respectively. The change is attributable to the slight decrease in the average number of our vessels.

 

  •  

Interest and finance costs for the three months ended March 31, 2024 and 2023 were $0.002 million and $1.4 million, respectively, as there was no debt outstanding during the three months ended March 31, 2024.

 

  •  

Interest income for the three months ended March 31, 2024 and 2023 was $1.8 million and $1.3 million, respectively. The increase is mainly attributed to the $0.8 million of accrued interest income – related party for the three months ended March 31, 2024 in connection with the $38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana) which is receivable by July 2024.

 

  •  

As a result of the above, for the three months ended March 31, 2024, the Company reported net income of $16.7 million, compared to net income of $35.7 million for the three months ended March 31, 2023. The weighted average number of shares of common stock outstanding, basic, for the three months ended March 31, 2024 was 27.6 million compared to 15.1 million shares for the three months ended March 31, 2023. Earnings per share, basic, for the three months ended March 31, 2024, amounted to $0.56, compared to earnings per share, basic, of $2.31 for the three months ended March 31, 2023.

 

  •  

Adjusted net income was $17.5 million corresponding to an Adjusted EPS, basic, of $0.59 for the three months ended March 31, 2024 compared to an Adjusted net income of $36.0 million corresponding to an Adjusted EPS, basic, of $2.33 for the same period of last year.

 

  •  

EBITDA for the three months ended March 31, 2024 amounted to $18.9 million, while Adjusted EBITDA for the three months ended March 31, 2024 amounted to $19.8 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

 

  •  

An average of 9.84 vessels were owned by the Company during the three months ended March 31, 2024 compared to 10.10 vessels for the same period of 2023.

Fleet Employment Table

As of May 16, 2024, the profile and deployment of our fleet is the following:

 

Name

    Year
Built		      Country
Built		      Vessel Size
(dwt)		      Vessel
Type		      Employment
Status		      Daily Charter
Rate		      Expiration of
Charter(1)		  

Tankers

                     

Magic Wand

      2008        Korea        47,000        MR product tanker        Spot        

Clean Thrasher

      2008        Korea        47,000        MR product tanker        Spot        

Clean Sanctuary (ex. Falcon Maryam)

      2009        Korea        46,000        MR product tanker        Spot        

Clean Nirvana

      2008        Korea        50,000        MR product tanker        Spot        

Clean Justice

      2011        Japan        46,000        MR product tanker        Spot        

Aquadisiac

      2008        Korea        51,000        MR product tanker        Spot        

Suez Enchanted

      2007        Korea        160,000        Suezmax tanker        Spot        

Suez Protopia

      2008        Korea        160,000        Suezmax tanker        Spot        

Drybulk Carriers

                     

Eco Wildfire

      2013        Japan        33,000        Handysize drybulk        Time Charter      $ 18,200        June 2024  

Glorieuse

      2012        Japan        38,000        Handysize drybulk        Time Charter      $ 13,000        May 2024  

Fleet Total

            678,000 dwt              

 

(1)

Earliest date charters could expire.

CEO Harry Vafias Commented

Year 2024 commenced quite favorably for Imperial Petroleum; $16.7 million of net income for the first quarter of this year, which is almost 160% higher than our profitability in the last quarter of 2023, fills us with optimism. The market continues to be governed by turbulence which directs longer haul voyages and is sustaining charter rates at firm levels. The financial health of Imperial Petroleum is undisputable with large cash pile and no bank debt; Going forward we will remain focused on the growth of our Company.

Conference Call details:

On May 16, 2024 at 09:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.

Online Registration:

Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.

https://register.vevent.com/register/BI52fe1de4b58b412dada1845a63e07141

Slides and audio webcast:

There will also be a live and then archived webcast of the conference call, through the IMPERIAL PETROLEUM INC. website (www.ImperialPetro.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About IMPERIAL PETROLEUM INC.

IMPERIAL PETROLEUM INC. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of ten vessels - six M.R. product tankers, two suezmax tankers and two handysize dry bulk carriers—with a total capacity of 678,000 deadweight tons (dwt). IMPERIAL PETROLEUM INC.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP,” respectively.

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although IMPERIAL PETROLEUM INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in IMPERIAL PETROLEUM INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in any financing arrangements, performance of counterparty to our vessel sale agreement, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflict on Israel and Gaza, the potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities and Exchange Commission.

Fleet List and Fleet Deployment

For information on our fleet and further information:

Visit our website at www.ImperialPetro.com

Company Contact:

Fenia Sakellaris

IMPERIAL PETROLEUM INC.

E-mail: info@ImperialPetro.com

Fleet Data:

The following key indicators highlight the Company’s operating performance during the three month periods ended March 31, 2023 and March 31, 2024.

 

FLEET DATA

    Q1 2023     Q1 2024  

Average number of vessels (1)

      10.10       9.84  

Period end number of owned vessels in fleet

      12       11  

Total calendar days for fleet (2)

      909       895  

Total voyage days for fleet (3)

      903       878  

Fleet utilization (4)

      99.3 %      98.1 % 

Total charter days for fleet (5)

      408       207  

Total spot market days for fleet (6)

      495       671  

Fleet operational utilization (7)

      85.0 %      80.6 % 

 

1)

Average number of vessels is the number of owned vessels that constituted our fleet for the relevant 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)

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.

5)

Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.

6)

Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters 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.

Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:

Adjusted net income represents net income before share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation and share based compensation.

Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.

EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.

 

(Expressed in United States Dollars,
except number of shares)

    Three Months Period Ended March 31,  
   2023     2024  

Net Income – Adjusted Net Income

     

Net income

      35,724,102       16,654,604  

Plus share based compensation

      301,541       858,810  

Adjusted Net Income

      36,025,643       17,513,414  

Net income - EBITDA

     

Net income

      35,724,102       16,654,604  

Plus interest and finance costs

      1,351,603       2,430  

Less interest income

      (1,279,216 )      (1,785,878 ) 

Plus depreciation

      4,088,852       4,027,061  

EBITDA

      39,885,341       18,898,217  

Net income - Adjusted EBITDA

     

Net income

      35,724,102       16,654,604  

Plus share based compensation

      301,541       858,810  

Plus interest and finance costs

      1,351,603       2,430  

Less interest income

      (1,279,216 )      (1,785,878 ) 

Plus depreciation

      4,088,852       4,027,061  

Adjusted EBITDA

      40,186,882       19,757,027  

EPS

     

Numerator

     

Net income

      35,724,102       16,654,604  

Less: Cumulative dividends on preferred shares

      (435,246 )      (435,246 ) 

Less: Undistributed earnings allocated to non-vested shares

      (463,737 )      (856,950 ) 

Net income attributable to common shareholders, basic Denominator

      34,825,119       15,362,408  

Weighted average number of shares, basic

      15,054,406       27,613,661  

EPS – Basic

      2.31       0.56  

Adjusted EPS

     

Numerator

     

Adjusted net income

      36,025,643       17,513,414  

Less: Cumulative dividends on preferred shares

      (435,246 )      (435,246 ) 

Less: Undistributed earnings allocated to non-vested shares

      (467,700 )      (902,326 ) 

Adjusted net income attributable to common shareholders, basic Denominator

      35,122,697       16,175,842  

Weighted average number of shares, basic

      15,054,406       27,613,661  

Adjusted EPS

      2.33       0.59  

Imperial Petroleum Inc.

Unaudited Consolidated Statements of Income

(Expressed in United States Dollars, except for number of shares)

 

 

     For The Three Months Ended March 31,  
     2023     2024  

Revenues

     

Revenues

      65,421,101       41,203,281  

Expenses

     

Voyage expenses

      16,077,827       12,963,607  

Voyage expenses - related party

      810,530       514,414  

Vessels’ operating expenses

      6,875,876       5,951,561  

Vessels’ operating expenses - related party

      65,000       82,000  

Drydocking costs

      621,376       625,457  

Management fees - related party

      397,760       393,800  

General and administrative expenses

      978,969       1,207,168  

Depreciation

      4,088,852       4,027,061  
  

 

 

    

 

 

  

Total expenses

      29,916,190       25,765,068  
  

 

 

    

 

 

  

Income from operations

      35,504,911       15,438,213  
  

 

 

    

 

 

  

Other (expenses)/income

     

Interest and finance costs

      (1,351,603 )      (2,430 ) 

Interest income

      1,279,216       1,035,261  

Interest income - related party

      —        750,617  

Dividend income from related party

      —        189,583  

Foreign exchange gain/(loss)

      291,578       (756,640 ) 
  

 

 

    

 

 

  

Other income, net

      219,191       1,216,391  
  

 

 

    

 

 

  

Net Income

      35,724,102       16,654,604  
  

 

 

    

 

 

  

Earnings per share

     

- Basic

      2.31       0.56  
  

 

 

    

 

 

  

- Diluted

      2.31       0.50  

Weighted average number of shares

     

-Basic

      15,054,406       27,613,661  
  

 

 

    

 

 

  

-Diluted

      15,054,406       30,951,012  
  

 

 

    

 

 

  

Imperial Petroleum Inc.

Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

 

 

     December 31,
2023		     March 31,
2024		  

Assets

     

Current assets

     

Cash and cash equivalents

      91,927,512       35,331,381  

Time deposits

      32,099,810       31,628,000  

Receivable from related parties

      37,906,821       38,786,553  

Trade and other receivables

      13,498,813       16,747,942  

Other current assets

      302,773       834,802  

Inventories

      7,291,123       7,865,379  

Advances and prepayments

      161,937       207,473  
  

 

 

    

 

 

  

Total current assets

      183,188,789       131,401,530  
  

 

 

    

 

 

  

Non current assets

     

Operating lease right-of-use assets

      —        132,448  

Vessels, net

      180,847,252       248,873,394  

Investment in related party

      12,798,500       12,796,416  
  

 

 

    

 

 

  

Total non current assets

      193,645,752       261,802,258  
  

 

 

    

 

 

  

Total assets

      376,834,541       393,203,788  
  

 

 

    

 

 

  

Liabilities and Stockholders’ Equity

     

Current liabilities

     

Trade accounts payable

      8,277,118       6,681,701  

Payable to related parties

      2,324,334       5,256,860  

Accrued liabilities

      3,008,500       4,203,686  

Operating lease liabilities, current portion

      —        72,704  

Deferred income

      919,116       49,950  
  

 

 

    

 

 

  

Total current liabilities

      14,529,068       16,264,901  
  

 

 

    

 

 

  

Non current liabilities

     

Operating lease liabilities, non-current portion

      —        59,744  
  

 

 

    

 

 

  

Total non current liabilities

      —        59,744  
  

 

 

    

 

 

  

Total liabilities

      14,529,068       16,324,645  
  

 

 

    

 

 

  

Commitments and contingencies

     

Stockholders’ equity

     

Capital stock

      332,573       332,573  

Preferred stock, Series A

      7,959       7,959  

Preferred stock, Series B

      160       160  

Treasury stock

      (5,885,727 )      (8,390,225 ) 

Additional paid-in capital

      270,242,635       271,101,445  

Retained earnings

      97,607,873       113,827,231  
  

 

 

    

 

 

  

Total stockholders’ equity

      362,305,473       376,879,143  
  

 

 

    

 

 

  

Total liabilities and stockholders’ equity

      376,834,541       393,203,788  
  

 

 

    

 

 

  

Imperial Petroleum Inc.

Unaudited Consolidated Statements of Cash Flows

(Expressed in United States Dollars

 

 

     For The Three Months Ended March 31,  
     2023     2024  

Cash flows from operating activities

     

Net income for the period

      35,724,102       16,654,604  

Adjustments to reconcile net income to net cash provided by operating activities:

     

Depreciation

      4,088,852       4,027,061  

Amortization of deferred finance charges

      134,427       —   

Non-cash lease expense

      16,316       17,550  

Share based compensation

      301,541       858,810  

Unrealized foreign exchange loss on time deposits

      —        799,150  

Dividend income from related party

      —        (189,583 ) 

Changes in operating assets and liabilities:

     

(Increase)/decrease in

     

Trade and other receivables

      (7,689,495 )      (3,249,129 ) 

Other current assets

      (487,804 )      (532,029 ) 

Inventories

      (2,435,614 )      (574,256 ) 

Changes in operating lease liabilities

      (16,316 )      (17,550 ) 

Advances and prepayments

      19,540       (45,536 ) 

Due from related parties

      —        (879,732 ) 

Increase/(decrease) in

     

Trade accounts payable

      476,307       (1,100,028 ) 

Due to related parties

      633,383       2,839,227  

Accrued liabilities

      605,944       903,784  

Deferred income

      (406,022 )      (869,166 ) 
  

 

 

    

 

 

  

Net cash provided by operating activities

      30,965,161       18,643,177  
  

 

 

    

 

 

  

Cash flows from investing activities

     

Dividend income received

      —        191,667  

Acquisition and improvement of vessels

      (25,923,656 )      (72,257,190 ) 

Purchase of bank time deposits

      (18,536,290 )      (31,695,420 ) 

Maturity of bank time deposits

      68,000,000       31,368,080  
  

 

 

    

 

 

  

Net cash provided by/(used in) investing activities

      23,540,054       (72,392,863 ) 
  

 

 

    

 

 

  

Cash flows from financing activities

     

Proceeds from equity offering

      12,095,255       —   

Stock issuance costs

      (120,954 )      —   

Stock repurchase

      —        (2,504,498 ) 

Dividends paid on preferred shares

      (435,246 )      (341,947 ) 

Loan repayments

      (24,576,000 )      —   
  

 

 

    

 

 

  

Net cash used in financing activities

      (13,036,945 )      (2,846,445 ) 
  

 

 

    

 

 

  

Net increase/(decrease) in cash, cash equivalents and restricted cash

      41,468,270       (56,596,131 ) 

Cash, cash equivalents and restricted cash at beginning of period

      57,506,919       91,927,512  
  

 

 

    

 

 

  

Cash, cash equivalents and restricted cash at end of period

      98,975,189       35,331,381  
  

 

 

    

 

 

  

Cash breakdown

     

Cash and cash equivalents

      95,519,418       35,331,381  

Restricted cash, current

      2,855,771       —   

Restricted cash, non current

      600,000       —   
  

 

 

    

 

 

  

Total cash, cash equivalents and restricted cash shown in the statements of cash flows

      98,975,189       35,331,381  
  

 

 

    

 

 

  

Supplemental Cash Flow Information:

 

  

Non cash investing activity – Vessel improvements included in liabilities

      —        655,333  

Non cash investing activity – Dividend income from related party included in Investment in related party

      —        160,416  

Non cash financing activity – Dividend on preferred series A included in payable to related parties

      —        93,299  
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