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 third quarter and
nine months ended September 30, 2023.
OPERATIONAL AND FINANCIAL
HIGHLIGHTS
- Fleet operational utilization of 70.5% in Q3 23’ as the Company
faced commercial idle days due to seasonal factors and technical
off hire due to the scheduled drydocking of three product
tankers.
- 67.2% of fleet calendar days equivalent to 565 days in Q3 23’
were dedicated to spot activity.
- Net income of $12.1 million in Q3 23’ corresponding to a basic
EPS of $0.56.
- Revenues of $29.4 million in Q3 23’ generating an EBITDA of
$13.9 million.
- Cash and cash equivalents and time deposits of $125.9 million
as of September 30, 2023 – approximately 3 times higher than our
current market capitalization.
- Gain on sale of the Aframax tanker Afrapearl II (ex. Stealth
Berana) of $8.2 million and $0.6 million of related interest income
in connection with $38.7 million of the selling price which is
receivable by July 2024.
- Net income of $64.7 million in 9M 23’ up by $48.9 million or
309% compared to the net income in 9M 22’. Basic EPS for the 9M
23’amounted to $3.59 which is approximately twice our current share
price.
- Under the share buyback program announced in September 2023,
the Company has repurchased a 1,136,714 common shares for a
total amount of approximately $1.9 million.
- As a means to further enhance shareholders value, in October
2023, the Company repurchased 2.58 million outstanding warrants for
$0.6 million.
Third Quarter 2023 Results:
- Revenues for the three months ended September 30, 2023 amounted
to $29.4 million, a decrease of $13.2 million, or 31.0%, compared
to revenues of $42.6 million for the three months ended September
30, 2022, primarily due to lower charter rates for the period, the
sale of our aframax tanker, increased commercial idle days due to
seasonal factors and lost revenue due to the scheduled drydocking
of three of our product tankers.
- Voyage expenses and vessels’ operating expenses for the three
months ended September 30, 2023 were $12.6 million and $6.1
million, respectively, compared to $18.4 million and $4.9 million,
respectively, for the three months ended September 30, 2022. The
$5.8 million decrease in voyage expenses is mainly due to the
decrease of our bunker cost by approximately $13,400 per day, as a
result of lower oil prices prevailing during the three month period
ended September 30, 2023. The $1.2 million increase in vessels’
operating expenses was primarily due to the increase of our fleet
by an average of one vessel.
- Drydocking costs for the three months ended September 30, 2023
and 2022 was $2.8 million and nil, respectively. This increase is
due to the fact that during the three months ended September 30,
2023 three of our product tankers, namely the Magic Wand, the Clean
Nirvana and the Clean Thrasher, underwent drydocking.
- General and administrative costs for the three months
ended September 30, 2023 and 2022 were $1.3 million and $0.3
million, respectively. This increase is mainly attributed to a $0.6
million increase in stock-based compensation costs along with
reporting costs related to our spin off project.
- Depreciation for the three months ended September 30, 2023 and
2022 was $3.5 million and $3.4 million, respectively. The change is
attributable to the increase in the average number of our
vessels.
- Gain on sale of vessel for the three months ended September 30,
2023 was $8.2 million, which was due to the sale of the Aframax
tanker Afrapearl II (ex. Stealth Berana) to C3is Inc., a related
party.
- Interest and finance costs for the three months ended September
30, 2023 and 2022 were nil and $0.3 million, respectively. There
was no debt outstanding during the three months ended September 30,
2023.
- Interest income for the three months ended September 30, 2023
and 2022 was $1.7 million and $0.4 million, respectively. The
increase is mainly attributed to a higher amount of funds placed
under time deposit at improved rates as well as to the $0.6 million
of accrued interest income – related party as of September 30, 2023
in connection with the $38.7 million of the selling price of the
Aframax tanker Afrapearl II which is receivable by July 2024.
- As a result of the above, for the three months ended September
30, 2023, the Company reported net income of $12.1 million,
compared to net income of $15.5 million for the three months ended
September 30, 2022. Dividends paid on Series A Preferred Shares
amounted to $0.4 million for the three months ended September 30,
2023. The weighted average number of shares of common stock
outstanding, basic, for the three months ended September 30, 2023
was 19.8 million. Earnings per share, basic, for the three months
ended September 30, 2023, amounted to $0.56, compared to earnings
per share, basic, of $1.18 for the three months ended September 30,
2022.
- Adjusted net income was $4.5 million corresponding to an
Adjusted EPS, basic of $0.19 for the three months ended September
30, 2023 compared to an Adjusted net income of $15.5 million
corresponding to an Adjusted EPS, basic, of $1.18 for the same
period of last year.
- EBITDA for the three months ended September 30, 2023 amounted
to $13.9 million, while Adjusted EBITDA for the three months ended
September 30, 2023 amounted to $6.3 million. Reconciliations of
Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are
set forth below.
- An average of 9.1 vessels were owned by the Company during the
three months ended September 30, 2023 compared to 8.1 vessels for
the same period of 2022.
Nine Months 2023 Results:
- Revenues for the nine months ended September 30, 2023 amounted
to $153.8 million, an increase of $94.7 million, or 160.2%,
compared to revenues of $59.1 million for the nine months ended
September 30, 2022, primarily due to the increased size of our
fleet by an average of four vessels.
- Voyage expenses and vessels’ operating expenses for the nine
months ended September 30, 2023 were $48.7 million and $20.0
million, respectively, compared to $23.3 million and $10.0 million,
respectively, for the nine months ended September 30, 2022. The
$25.4 million increase in voyage expenses is mainly due to the
increase in the spot days of our fleet by 1,060 days (144.4%). The
$10.0 million increase in vessels’ operating expenses was primarily
due to the increase in the average number of vessels in our fleet
by approximately four vessels.
- Drydocking costs for the nine months ended September 30, 2023
and 2022 were $4.1 million and nil, respectively. This increase is
due to the fact that during the nine months ended September 30,
2023 three of our product tankers and one of our drybulk carriers
underwent drydocking.
- General and administrative costs for the nine months ended
September 30, 2023 and 2022 were $3.8 million and $0.8 million,
respectively. This rise is mainly attributed to $1.7 million of
stock-based compensation expense along with a rise in reporting
costs related to our spin off project.
- Depreciation for the nine months ended September 30, 2023 was
$12.1 million, a $3.8 million increase from $8.3 million for the
same period of last year, due to the increase in the average number
of our vessels.
- Impairment loss for the nine months ended September 30, 2023
stood at $9.0 million, and related to the spin-off of two of our
drybulk carriers to C3is Inc. The decline of drybulk vessels’ fair
values compared to the values prevailing when these vessels were
acquired, resulted in the incurrence of impairment loss.
- Gain on sale of vessel for the nine months ended September 30,
2023 was $8.2 million, which was due to the sale of the Aframax
tanker Afrapearl II (ex. Stealth Berana) to C3is Inc., a related
party.
- Interest and finance costs for the nine months ended September
30, 2023 and 2022 were $1.8 million and $0.7 million, respectively.
The $1.8 million of costs for the nine months ended September 30,
2023 relate mainly to $1.3 million of interest charges incurred up
to the full repayment of all outstanding loans concluded in April
2023 along with the full amortization of $0.5 million of loan
related charges following the repayment of the Company’s
outstanding debt.
- Interest income for the nine months ended September 30, 2023
and 2022 was $3.8 million and $0.4 million, respectively. The
increase is attributed to our time deposits during the period at
favourable time deposit rates as well as to the $0.6 million of
accrued interest income – related party as of September 30, 2023 in
connection with the $38.7 million of the selling price of the
Aframax tanker Afrapearl II which is receivable by July 2024.
- As a result of the above, the Company reported net income for
the nine months ended September 30, 2023 of $64.7 million, compared
to a net income of $15.8 million for the nine months ended
September 30, 2022. The weighted average number of shares
outstanding, basic, for the nine months ended September 30, 2023
was 16.9 million. Earnings per share, basic, for the nine months
ended September 30, 2023 amounted to $3.59 compared to earnings per
share, basic, of $1.61 for the nine months ended September 30,
2022.
- Adjusted Net Income was $67.2 million corresponding to an
Adjusted EPS, basic of $3.74 for the nine months ended September
30, 2023 compared to adjusted net income of $15.8 million,
corresponding to an Adjusted EPS, basic, of $1.61 for the same
period of last year.
- EBITDA for the nine months ended September 30, 2023 amounted to
$74.8 million while Adjusted EBITDA for the nine months ended
September 30, 2023 amounted to $77.3 million. Reconciliations of
Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are
set forth below.
- An average of 10.3 vessels were owned by the Company during the
nine months ended September 30, 2023 compared to 6.1 vessels for
the same period of 2022.
- As of September 30, 2023, cash and cash equivalents and time
deposits amounted to $125.9 million and total debt amounted to nil.
During the nine months ended September 30, 2023 debt repayments
amounted to $70.4 million.
Fleet Employment Table
As of October 25, 2023,
the profile and deployment of our fleet is the following:
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Name |
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Year Built |
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Country Built |
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Vessel Size (dwt) |
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Vessel Type |
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Employment Status |
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Daily Charter Rate |
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Expiration of
Charter(1) |
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Tankers |
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| Magic
Wand |
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2008 |
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Korea |
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47,000 |
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MR product tanker |
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Spot |
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| Clean
Thrasher |
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2008 |
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Korea |
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47,000 |
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MR
product tanker |
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Spot |
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| Clean
Sanctuary (ex. Falcon Maryam) |
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2009 |
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Korea |
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46,000 |
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MR
product tanker |
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Spot |
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| Clean
Nirvana |
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2008 |
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Korea |
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50,000 |
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MR
product tanker |
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Spot |
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| Clean
Justice |
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2011 |
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Japan |
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47,000 |
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MR
product tanker |
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Spot |
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| Suez
Enchanted |
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2007 |
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Korea |
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160,000 |
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Suezmax tanker |
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Spot |
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| Suez
Protopia |
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2008 |
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Korea |
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160,000 |
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Suezmax tanker |
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Spot |
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Drybulk Carriers |
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| Eco
Wildfire |
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2013 |
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Japan |
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33,000 |
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Handysize drybulk |
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Time
Charter |
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$9,500 |
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November 2023 |
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Glorieuse |
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2012 |
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Japan |
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38,000 |
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Handysize drybulk |
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Time
Charter |
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$8,500 |
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January 2024 |
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Fleet Total |
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628,000 dwt |
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(1) |
Earliest date charters could expire. |
As previously announced, the Company has also
entered into an agreement with affiliates of the Vafias family to
acquire two tanker vessels, the aframax tanker Stealth Haralambos,
built in 2009 and the product tanker Aquadisiac built in 2008, with
an aggregate capacity of approximately 163,716 dwt. The aggregate
purchase price for these acquisitions is $71 million. Both
vessels will be delivered on a charter-free basis by the end of
January 2024. The Company expects to finance the purchase price
with cash-on-hand.
CEO Harry Vafias CommentedI am
very pleased with our performance during the nine months of 2023.
In this period, we managed to generate net income of $64.7 million
and operating cash flows of $73.7 million - both results being well
above our current market capitalization. I am also pleased by our
Board’s strategic decision to commence a share buyback program of
$10 million as this is a means to give value back to our
shareholders. Under this program we have purchased to date about
1.1 million shares and in addition we have repurchased 2.58 million
outstanding warrants, as we aspire that these recent moves together
with our strong financial results and healthy balance sheet will
soon be reflected in our share price.
Conference Call details:
On October 25, 2023 at 11:00 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://edge.media-server.com/mmc/p/tnu92b99
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 nine vessels
in the water- five M.R. product tankers, two suezmax tankers and
two handysize dry bulk carriers with a total capacity of 628,000
deadweight tons (dwt) and has entered into an agreement to acquire
two additional tanker vessels- one aframax and one product tanker
which will be delivered up until the end of January 2024. Following
these deliveries, the Company will own a fleet with an aggregate
capacity of 791,716 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 impact of any lingering
impact of the COVID-19 pandemic and efforts throughout the world to
contain its spread, 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 our 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 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
periods ended September 30, 2022 and September 30, 2023.
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FLEET DATA |
Q3 2022 |
Q3 2023 |
9M 2022 |
9M 2023 |
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Average number of vessels (1) |
8.10 |
9.14 |
6.05 |
10.34 |
| Period
end number of owned vessels in fleet |
9 |
9 |
9 |
9 |
| Total
calendar days for fleet (2) |
745 |
841 |
1,651 |
2,822 |
| Total
voyage days for fleet (3) |
745 |
745 |
1,648 |
2,692 |
| Fleet
utilization (4) |
100.0% |
88.6% |
99.8% |
95.4% |
| Total
charter days for fleet (5) |
231 |
180 |
914 |
898 |
| Total
spot market days for fleet (6) |
514 |
565 |
734 |
1,794 |
| Fleet
operational utilization (7) |
86.3% |
70.5% |
87.8% |
77.0% |
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
impairment loss, net gain on sale of vessel and 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, impairment loss, net gain on sale of vessel
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.
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(Expressed in United States Dollars,
except number of shares) |
Third Quarter Ended September
30th, |
Nine Months Period Ended September
30th, |
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|
2022 |
2023 |
2022 |
2023 |
|
Net Income – Adjusted Net Income |
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Net income |
15,450,866 |
12,119,472 |
15,754,967 |
64,670,059 |
| Less
net gain on sale of vessel |
-- |
(8,182,777) |
-- |
(8,182,777) |
| Plus
impairment loss |
-- |
-- |
-- |
8,996,023 |
| Plus
share based compensation |
-- |
591,259 |
-- |
1,682,448 |
|
Adjusted Net Income |
15,450,866 |
4,527,954 |
15,754,967 |
67,165,753 |
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Net income - EBITDA |
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Net income |
15,450,866 |
12,119,472 |
15,754,967 |
64,670,059 |
| Plus
interest and finance costs |
273,821 |
-- |
726,736 |
1,810,769 |
| Less
interest income |
(401,894) |
(1,697,999) |
(446,034) |
(3,829,145) |
| Plus
depreciation |
3,406,741 |
3,453,982 |
8,309,572 |
12,144,043 |
|
EBITDA |
18,729,534 |
13,875,455 |
24,345,241 |
74,795,726 |
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Net income - Adjusted EBITDA |
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| Net
income |
15,450,866 |
12,119,472 |
15,754,967 |
64,670,059 |
| Less
net gain on sale of vessel |
-- |
(8,182,777) |
-- |
(8,182,777) |
| Plus
impairment loss |
-- |
-- |
-- |
8,996,023 |
| Plus
share based compensation |
-- |
591,259 |
-- |
1,682,448 |
| Plus
interest and finance costs |
273,821 |
-- |
726,736 |
1,810,769 |
| Less
interest income |
(401,894) |
(1,697,999) |
(446,034) |
(3,829,145) |
| Plus
depreciation |
3,406,741 |
3,453,982 |
8,309,572 |
12,144,043 |
|
Adjusted EBITDA |
18,729,534 |
6,283,937 |
24,345,241 |
77,291,420 |
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|
EPS - Adjusted EPS |
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|
|
| Net
income |
15,450,866 |
12,119,472 |
15,754,967 |
64,670,059 |
|
Adjusted net income |
15,450,866 |
4,527,954 |
15,754,967 |
67,165,753 |
|
Cumulative dividends on preferred shares |
435,246 |
612,538 |
1,305,737 |
1,668,029 |
|
Weighted average number of shares, basic |
12,683,602 |
19,754,613 |
7,164,641 |
16,928,482 |
|
EPS - Basic |
1.18 |
0.56 |
1.61 |
3.59 |
|
Adjusted EPS |
1.18 |
0.19 |
1.61 |
3.74 |
Imperial Petroleum Inc.
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except for number of
shares)
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Quarters Ended September 30, |
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Nine Month Periods Ended September 30, |
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2022 |
|
2023 |
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2022 |
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2023 |
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Revenues |
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Revenues |
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42,640,525 |
|
29,378,684 |
|
59,105,174 |
|
153,844,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Voyage
expenses |
|
|
17,856,046 |
|
12,206,039 |
|
22,577,358 |
|
46,806,284 |
|
|
Voyage
expenses - related party |
|
528,457 |
|
358,645 |
|
731,919 |
|
1,905,444 |
|
|
Vessels' operating expenses |
|
4,872,302 |
|
5,993,408 |
|
9,907,069 |
|
19,754,593 |
|
|
Vessels' operating expenses - related party |
58,000 |
|
74,750 |
|
95,500 |
|
229,083 |
|
|
Drydocking costs |
|
|
-- |
|
2,778,264 |
|
-- |
|
4,096,574 |
|
|
Management fees - related party |
|
|
307,135 |
|
370,480 |
|
648,760 |
|
1,242,120 |
|
|
General
and administrative expenses |
|
311,772 |
|
1,294,943 |
|
839,757 |
|
3,761,348 |
|
|
Depreciation |
|
|
3,406,741 |
|
3,453,982 |
|
8,309,572 |
|
12,144,043 |
|
|
Impairment loss |
|
|
-- |
|
-- |
|
-- |
|
8,996,023 |
|
|
Net
gain on sale of vessel - related party |
|
-- |
|
(8,182,777) |
|
-- |
|
(8,182,777) |
|
Total expenses |
|
|
27,340,453 |
|
18,347,734 |
|
43,109,935 |
|
90,752,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
15,300,072 |
|
11,030,950 |
|
15,995,239 |
|
63,091,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expenses)/income |
|
|
|
|
|
|
|
|
|
|
|
Interest and finance costs |
|
(273,821) |
|
-- |
|
(726,736) |
|
(1,810,769) |
|
|
Interest income |
|
|
401,894 |
|
1,078,279 |
|
446,034 |
|
3,209,425 |
|
|
Interest income - related party |
|
|
-- |
|
619,720 |
|
-- |
|
619,720 |
|
|
Dividend income from related party |
|
-- |
|
191,667 |
|
-- |
|
212,500 |
|
|
Foreign exchange gain/(loss) |
|
|
22,721 |
|
(801,144) |
|
40,430 |
|
(652,088) |
|
Other income/(expenses), net |
|
|
150,794 |
|
1,088,522 |
|
(240,272) |
|
1,578,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
15,450,866 |
|
12,119,472 |
|
15,754,967 |
|
64,670,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share1 |
|
|
|
|
|
|
|
|
|
| -
Basic |
|
|
|
1.18 |
|
0.56 |
|
1.61 |
|
3.59 |
| -
Diluted |
|
|
|
1.18 |
|
0.19 |
|
1.61 |
|
3.05 |
|
Weighted average number of shares1 |
|
|
|
|
|
|
|
|
|
-Basic |
|
|
|
12,683,602 |
|
19,754,613 |
|
7,164,641 |
|
16,928,482 |
|
-Diluted |
|
|
|
12,683,602 |
|
26,506,177 |
|
7,164,641 |
|
20,181,126 |
______________________
1 Adjusted retroactively to reflect the 1-for-15
reverse stock split effected on April 28, 2023.
Imperial Petroleum Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
|
|
|
December 31, |
September 30, |
|
|
|
2022 |
2023 |
|
|
|
|
|
|
Assets |
|
|
|
Current assets |
|
|
| |
Cash and
cash equivalents |
50,901,092 |
49,149,246 |
| |
Time
deposits |
68,000,000 |
76,741,450 |
| |
Restricted
cash |
1,005,827 |
-- |
| |
Receivables
from related parties |
146,708 |
37,163,181 |
| |
Trade and
other receivables |
7,898,103 |
12,825,182 |
| |
Other
current assets |
240,002 |
198,366 |
| |
Inventories |
5,507,423 |
8,072,015 |
| |
Advances and
prepayments |
172,908 |
323,381 |
|
Total current assets |
133,872,063 |
184,472,821 |
| |
|
|
|
|
Non current assets |
|
|
| |
Operating
lease right-of-use assets |
-- |
15,749 |
| |
Vessels,
net |
226,351,081 |
183,418,145 |
| |
Restricted
cash |
5,600,000 |
-- |
| |
Investment
in related party |
-- |
12,848,500 |
|
Total non current assets |
231,951,081 |
196,282,394 |
|
Total assets |
365,823,144 |
380,755,215 |
| |
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
Current liabilities |
|
|
| |
Trade
accounts payable |
8,115,462 |
8,896,122 |
|
|
Payable to
related parties |
3,016,438 |
6,034,553 |
| |
Accrued
liabilities |
1,982,306 |
2,854,781 |
| |
Operating
lease liabilities |
-- |
15,749 |
| |
Deferred
income |
1,089,959 |
146,884 |
| |
Current
portion of long-term debt |
10,176,538 |
-- |
|
Total current liabilities |
24,380,703 |
17,948,089 |
| |
|
|
|
|
Non current liabilities |
|
|
| |
Long-term
debt |
59,787,923 |
-- |
|
Total non current liabilities |
59,787,923 |
-- |
|
Total liabilities |
84,168,626 |
17,948,089 |
| |
|
|
|
|
Commitments and contingencies |
|
|
| |
|
|
|
|
Mezzanine equity |
|
|
|
|
Preferred
stock, Series C |
-- |
10,000,000 |
|
Total Mezzanine equity |
-- |
10,000,000 |
| |
|
|
|
|
Stockholders' equity |
|
|
|
|
Capital stock |
129,724 |
255,679 |
|
| |
Preferred
stock, Series A |
7,959 |
7,959 |
| |
Preferred
stock, Series B |
160 |
160 |
| |
Treasury
stock |
- |
(220,571) |
| |
Additional
paid-in capital |
252,912,550 |
261,157,744 |
| |
Retained
earnings |
28,604,125 |
91,606,155 |
|
Total stockholders' equity |
281,654,518 |
352,807,126 |
|
Total liabilities, mezzanine equity and stockholders'
equity |
365,823,144 |
380,755,215 |
Imperial Petroleum Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars
|
|
|
|
|
|
|
|
Nine Month Periods Ended September 30, |
|
|
|
|
|
|
|
|
2022 |
|
2023 |
|
|
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net
income for the period |
|
|
|
|
15,754,967 |
|
64,670,059 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net income to net
cash |
|
|
|
|
|
|
provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
8,309,572 |
|
12,144,043 |
|
|
Amortization of deferred finance charges |
|
|
39,589 |
|
474,039 |
|
|
Amortization of operating lease right-of-use assets |
|
|
-- |
|
46,859 |
|
|
Share
based compensation |
|
|
|
-- |
|
1,682,448 |
|
|
Impairment loss |
|
|
|
|
-- |
|
8,996,023 |
|
|
Net
gain on sale of vessel - related party |
|
|
|
-- |
|
(8,182,777) |
|
|
Dividends income from related party |
|
|
|
-- |
|
(212,500) |
|
|
|
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
(Increase)/decrease in |
|
|
|
|
|
|
|
|
|
Trade
and other receivables |
|
|
|
(3,300,366) |
|
(5,804,281) |
|
|
Other
current assets |
|
|
|
|
(336,049) |
|
41,636 |
|
|
Inventories |
|
|
|
|
(6,876,162) |
|
(2,689,405) |
|
|
Changes in operating lease liabilities |
|
|
|
(304,589) |
|
(46,859) |
|
|
Advances and prepayments |
|
|
|
|
|
(343,434) |
|
|
Increase/(decrease) in |
|
|
|
|
|
|
|
|
|
Trade
accounts payable |
|
|
|
4,810,104 |
|
1,191,399 |
|
|
Balances with related parties |
|
|
|
1,164,908 |
|
1,360,652 |
|
|
Accrued
liabilities |
|
|
|
|
1,068,377 |
|
1,230,122 |
|
|
Deferred
income |
|
|
|
|
1,697,180 |
|
(827,135) |
|
Net cash provided by operating activities |
|
|
22,027,531 |
|
73,730,889 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Proceeds from sale of vessel, net |
|
|
|
-- |
|
3,865,890 |
|
|
Acquisition and improvement of vessels |
|
|
(99,772,170) |
|
(27,684,795) |
|
|
Increase in bank time deposits |
|
|
|
(30,000,000) |
|
(138,646,650) |
|
|
Maturity of bank time deposits |
|
|
|
(571,233) |
|
129,905,200 |
|
Net cash used in investing activities |
|
|
|
(130,343,403) |
|
(32,560,355) |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Proceeds from equity offering |
|
|
|
167,572,514 |
|
27,950,586 |
|
|
Stock
issuance costs |
|
|
|
|
(10,916,611) |
|
(303,933) |
|
|
Stock
repurchase |
|
|
|
-- |
|
(220,571) |
|
|
Dividends paid on preferred shares |
|
|
|
(1,305,737) |
|
(1,515,789) |
|
|
Customer deposits paid |
|
|
|
(368,000) |
|
-- |
|
|
Deferred finance charges paid |
|
|
|
(127,500) |
|
-- |
|
|
Loan
repayments |
|
|
|
|
(2,402,000) |
|
(70,438,500) |
|
|
Proceeds from long-term debt |
|
|
|
17,000,000 |
|
-- |
|
|
Cash retained by C3is Inc. at spin off |
|
|
|
-- |
|
(5,000,000) |
|
Net cash provided by/(used in) financing
activities |
|
169,452,666 |
|
(49,528,207) |
|
|
|
|
|
|
|
|
|
|
|
| Net
increase/(decrease) in cash, cash equivalents and restricted
cash |
|
61,136,794 |
|
(8,357,673) |
|
Cash, cash equivalents and restricted cash at beginning of
year |
|
|
6,341,059 |
|
57,506,919 |
|
Cash, cash equivalents and restricted cash at end of
period |
|
|
67,477,853 |
|
49,149,246 |
|
Cash breakdown |
|
|
|
|
|
|
|
Cash
and cash equivalents |
|
|
|
62,435,080 |
|
49,149,246 |
|
|
Restricted cash, current |
|
|
|
1,942,773 |
|
-- |
|
|
Restricted cash, non current |
|
|
|
3,100,000 |
|
-- |
|
Total cash, cash equivalents and restricted cash shown in
the statements of cash flows |
67,477,853 |
|
49,149,246 |
|
Supplemental Cash Flow Information: |
|
|
|
|
|
|
|
|
Interest
paid |
|
|
|
|
-- |
|
1,735,054 |
|
|
Non
cash investing activity – Vessel improvements included in
liabilities |
-- |
|
405,448 |
|
|
Non
cash investing activity – Dividend income from related party
included in Investment in related party |
-- |
|
212,500 |
|
|
Non
cash financing activity – Dividends on Preferred Shares Series C
included in Balances with related parties |
-- |
|
152,240 |
|
|
Distribution of net assets of C3is Inc. to shareholders and
warrantholders |
-- |
|
20,957,952 |
Imperial Petroleum (NASDAQ:IMPP)
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Imperial Petroleum (NASDAQ:IMPP)
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