STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company primarily
serving the liquefied petroleum gas (LPG) sector of the
international shipping industry, announced today its unaudited
financial and operating results for the first quarter ended March
31, 2021.
OPERATIONAL AND FINANCIAL
HIGHLIGHTS1
- Fleet utilization of 98.7% with 50
days of technical off hire mainly as a result of one drydocking
completed within Q1 2021.
- Operational utilization of 93.1%
mainly due to 15 of our ships having a predominant presence in the
spot market - equivalent to 31.2% of voyage days.
- 61% of fleet days secured on period
charters for the remainder of 2021, with total fleet employment
days for all subsequent periods generating approximately $87
million (excluding vessels in joint ventures) in contracted
revenues. Period coverage for the remainder of Q2 21’ is currently
80%.
- Sale and delivery in Q2 21’, of the
35,000 cbm MGC vessel, the Gaschem Hamburg (2010 built), owned by
our MGC joint venture arrangement, for a price of $34 million
generating an aggregate gain, for the Joint Venture, of $7
million.
- Voyage revenues of $37.4 million in
Q1 21’, an increase of $3.0 million compared to Q1 20’ mostly due
to a 58% decrease in the fleet’s bareboat activity where
revenues are inherently lower than those earned from time charter
and spot activity.
- Net income of $0.8 million for Q1
21’ corresponding to an EPS of $0.02 compared to net income of $3.0
million corresponding to an EPS of $0.08 in the same period of last
year.
- EBITDA of $13.4 million in Q1 21’
compared to $16.5 million in Q1 20’ - due to lower operational
utilization as a result of higher spot activity.
- Low gearing, as debt to assets
stands at 37.7%, and a quarter over quarter reduction in finance
costs by $1.1 million.
- Total cash, including restricted
cash, of $52.9 million with no capital expenditure commitments
in the near future.
________________________1 EBITDA, Adjusted
EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures.
Refer to the reconciliation of these measures to the most directly
comparable financial measure in accordance with GAAP set forth
later in this release.
First Quarter 2021 Results:
- Revenues for the three months ended
March 31, 2021 amounted to $37.4 million, an increase of $3.0
million, or 8.7%, compared to revenues of $34.4 million for the
three months ended March 31, 2020, mainly due to seven vessels, now
operating either in the spot market or under a time charter
contract which were employed on bareboat charters in the same
period of last year.
- Voyage expenses and vessels’
operating expenses for the three months ended March 31, 2021 were
$6.9 million and $15.1 million, respectively, compared to $2.8
million and $13.2 million, respectively, for the three months ended
March 31, 2020. The $4.1 million increase in voyage expenses is
attributed to the 260% increase in spot days. Due to our increased
spot activity, we witnessed this quarter a sharp increase of both
port expenses and bunker costs, particularly as we had two of our
product tankers operating in the spot market. The 14.4% increase in
vessels’ operating expenses compared to the same period of 2020, is
a result of seven fewer vessels on bareboat, which vessels are now
operating either on time charter or in the spot market along with
an increase of our daily crew costs crew due to the COVID-19
pandemic.
- General and administrative
expenses: for the three months ended March 31, 2021 and 2020 were
$0.9 million and $0.6 million, respectively. This $0.3 million
increase compared to the same period of last year is primarily due
to some one–off legal expenses and some management fees to
unaffiliated third parties.
- Drydocking costs for the three
months ended March 31, 2021 and 2020 were $0.6 million and $0.2
million, respectively. Drydocking expenses during the first quarter
of 2021 relate to the drydocking of one vessel and to the
drydocking preparation of four vessels compared to the drydocking
in progress of one vessel in the same period of last year.
- Depreciation for the three months
ended March 31, 2021 and 2020 was $9.5 million and $9.3 million,
respectively.
- Interest and finance costs for the
three months ended March 31, 2021 and 2020 were $3.1 million and
$4.2 million, respectively. The $1.1 million decrease from the same
period of last year is mostly due to the decline of LIBOR
rates.
- Equity earnings in joint ventures
for the three months ended March 31, 2021 and 2020 was a gain of
$1.1 million and a gain of $0.6 million, respectively. The $0.5
million increase from the same period of last year is mainly due to
the profitability of our MGC joint venture arrangement which
operated for the full Q1 21’ compared to approximately one month
during Q1 20’.
- As a result of the above, for the
three months ended March 31, 2021, the Company reported net income
of $0.8 million, compared to net income of $3.0 million for the
three months ended March 31, 2020. The weighted average number of
shares outstanding for the three months ended March 31, 2021 and
2020 was 37.9 million and 39.4 million, respectively. This decrease
in the number of shares is a result of our share buyback program
and the tender offer that was completed in April 2020.
- Earnings per share, basic and
diluted, for the three months ended March 31, 2021 amounted to
$0.02 compared to earnings per share of $0.08 for the same period
of last year.
- Adjusted net income was $0.6
million or $0.02 per share for the three months ended March 31,
2021 compared to adjusted net income of $3.1 million or $0.08 per
share for the same period of last year.
- EBITDA for the three months ended
March 31, 2021 amounted to $13.4 million. Reconciliations of
Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are
set forth below.
- An average of 41.6 vessels were
owned by the Company during the three months ended March 31, 2021
compared to 41.0 vessels for the same period of 2020.
Fleet Update Since Previous
Announcement
The Company announced the conclusion of the
following chartering arrangements:
- A one year time charter extension
for its 2009 built product tanker the Falcon Mayram, to a Tanker
Operator until September 2022.
- A one year time charter for its
2008 built product tanker the Magic Wand, to a National Oil Company
until March 2022.
- A one year time charter extension
for its 2015 built LPG carrier the Eco Universe, to an Oil Major
until February 2022.
- A six months time charter extension
for its 2007 built LPG carrier the Gas Flawless, to an
International LPG Trader until December 2021.
- A six months time charter extension
for its 2018 built LPG carrier the Eco Freeze, to an International
LPG Trader until October 2021.
- A four months time charter for its
2012 built LPG carrier the Gas Husky, to a Major Commodity Trader
until September 2021.
- A three months time charter
extension for its 2012 built LPG carrier the Gas Esco, to an
International LPG Trader until September 2021.
- A two months time charter extension
for its 2016 built LPG carrier the Eco Dominator, to an
International LPG Trader until June 2021.
- A two months time charter extension
for its 2021 built LPG carrier the Eco Blizzard, to an
International LPG Trader until June 2021.
- A one month time charter for its
2015 built LPG carrier the Eco Dream, to an oil Major until May
2021.
With these charters, the Company has total
contracted revenues of approximately $87 million.
Total anticipated fleet days of our fleet is 61%
covered with charter contracts for the remainder of 2021.
Board Chairman Michael Jolliffe
Commented
Our performance in the first quarter of 2021 was
still governed by the COVID-19 pandemic. Although demand for small
LPG carriers slightly strengthened and rates seem to have
gained a positive momentum these effects began to materialize
towards the end of the quarter, thus were not reflected in our
results for Q1 2021.
Due to market conditions our presence in the
spot market remained high and compared to the last quarter of the
year what mostly undermined our spot profitability was the
operation of two of our product tankers in the spot market for the
whole duration of the quarter- thus incurring high voyage costs
against poor freight compensation.
What we find important amidst
these market conditions is that we have designed our
fleet employment so as to grasp the positive market turn expected
with the remission of the COVID-19 pandemic. We have 16
vessels concluding their period employment up until the end of 2021
and along with our ships currently in the spot market gives us the
opportunity to re-charter 60% of our fleet at a time when hopefully
the market is expected to improve.
Conference Call details:
On May 26, 2021 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.
Participants should dial into the call 10
minutes before the scheduled time using the following numbers: +1
866 280 1157 (US Toll Free Dial In) or 08006941461 (UK Toll Free
Dial In). Access Code: 2899410
In case of any problems with the above numbers,
please dial +1 6467871226 (US Toll Dial In), +44 (0) 203 0095709
(Standard International Dial In). Access Code:
2899410
A telephonic replay of the conference call will
be available until June 6, 2021 by dialing +1 (866) 331-1332 (US
Local Dial In), +44 (0) 3333009785 (Standard International Dial
In).
Slides and audio webcast:
There will also be a live and then archived
webcast of the conference call, through the STEALTHGAS INC. website
(www.stealthgas.com). Participants to the live webcast should
register on the website approximately 10 minutes prior to the start
of the webcast.
About STEALTHGAS INC.
StealthGas Inc. is a ship-owning company
primarily serving the liquefied petroleum gas (LPG) sector of the
international shipping industry. StealthGas Inc. has a fleet
of 49 vessels. The fleet is comprised of 45 LPG carriers, including
seven Joint Venture vessels. These LPG vessels have a total
capacity of 401,488 cubic meters (cbm). The Company also owns three
M.R. product tankers and one Aframax oil tanker with a total
capacity of 255,804 deadweight tons (dwt). StealthGas Inc.’s shares
are listed on the Nasdaq Global Select Market and trade under the
symbol “GASS.”
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, or
impact or duration of the COVID-19 pandemic 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 STEALTHGAS 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,
STEALTHGAS 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 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 STEALTHGAS INC’s operating expenses,
including bunker prices, drydocking and insurance costs, ability to
obtain financing and comply with covenants in our financing
arrangements, or actions taken by regulatory authorities, potential
liability from pending or future litigation, domestic and
international political conditions, 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 STEALTHGAS 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.stealthgas.com
Company Contact: Fenia
Sakellaris STEALTHGAS INC. 011-30-210-6250-001 E-mail:
info@stealthgas.com
Fleet Data: The following key
indicators highlight the Company’s operating performance during the
periods ended March 31, 2020 and March 31, 2021.
FLEET DATA |
Q1 2020 |
Q1 2021 |
Average number of vessels (1) |
41.00 |
41.61 |
Period end
number of owned vessels in fleet |
41 |
42 |
Total
calendar days for fleet (2) |
3,811 |
3,745 |
Total voyage
days for fleet (3) |
3,788 |
3,695 |
Fleet
utilization (4) |
99.4% |
98.7% |
Total
charter days for fleet (5) |
3,468 |
2,543 |
Total spot
market days for fleet (6) |
320 |
1,152 |
Fleet
operational utilization (7) |
97.8% |
93.1% |
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
loss on derivatives excluding swap interest received/(paid). 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 loss on derivatives.
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 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 31st, |
|
2020 |
2021 |
Net
Income - Adjusted Net Income |
|
|
Net Income |
3,012,718 |
|
755,880 |
|
Plus loss on
derivatives |
68,695 |
|
5,582 |
|
Plus swap
interest received/(paid) |
5,623 |
|
(141,446) |
|
Adjusted Net Income |
3,087,036 |
|
620,016 |
|
|
|
|
Net
income - EBITDA |
|
|
Net
income |
3,012,718 |
|
755,880 |
|
Plus
interest and finance costs |
4,233,197 |
|
3,145,438 |
|
Less
interest income |
(112,960) |
|
(2,544) |
|
Plus
depreciation |
9,321,961 |
|
9,547,131 |
|
EBITDA |
16,454,916 |
|
13,445,905 |
|
|
|
|
Net
income - Adjusted EBITDA |
|
|
Net
income |
3,012,718 |
|
755,880 |
|
Plus loss on
derivatives |
68,695 |
|
5,582 |
|
Plus
interest and finance costs |
4,233,197 |
|
3,145,438 |
|
Less
interest income |
(112,960) |
|
(2,544) |
|
Plus
depreciation |
9,321,961 |
|
9,547,131 |
|
Adjusted EBITDA |
16,523,611 |
|
13,451,487 |
|
|
|
|
EPS
- Adjusted EPS |
|
|
Net
income |
3,012,718 |
|
755,880 |
|
Adjusted net
income |
3,087,036 |
|
620,016 |
|
Weighted
average number of shares |
39,401,882 |
|
37,858,437 |
|
EPS
- Basic and Diluted |
0.08 |
|
0.02 |
|
Adjusted EPS |
0.08 |
|
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
StealthGas Inc. Unaudited Consolidated
Statements of Income (Expressed in United States
Dollars, except for number of shares) |
|
|
For The
Three Months Ended March 31, |
|
|
2020 |
2021 |
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
Revenues |
|
34,376,758 |
|
37,415,681 |
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
Voyage
expenses |
|
2,391,269 |
|
6,468,008 |
|
|
Voyage
expenses - related party |
|
425,684 |
|
465,203 |
|
|
Charter hire
expenses |
|
322,363 |
|
-- |
|
|
Vessels'
operating expenses |
|
13,005,546 |
|
14,817,026 |
|
|
Vessels' operating expenses - related party |
225,500 |
|
258,500 |
|
|
Dry-docking
costs |
|
168,796 |
|
610,260 |
|
|
Management
fees - related party |
|
1,336,010 |
|
1,448,450 |
|
|
General and
administrative expenses |
|
567,676 |
|
941,782 |
|
|
Depreciation |
|
9,321,961 |
|
9,547,131 |
|
Total expenses |
|
27,764,805 |
|
34,556,360 |
|
|
|
|
|
|
|
|
Income from operations |
|
6,611,953 |
|
2,859,321 |
|
|
|
|
|
|
|
|
Other (expenses)/income |
|
|
|
|
|
|
Interest and
finance costs |
|
(4,233,197) |
|
(3,145,438) |
|
|
Loss on
derivatives |
|
(68,695) |
|
(5,582) |
|
|
Interest income |
112,960 |
|
2,544 |
|
|
Foreign exchange gain/(loss) |
|
952 |
|
(33,219) |
|
Other expenses, net |
|
(4,187,980) |
|
(3,181,695) |
|
|
|
|
|
|
|
|
Income before equity in earnings of investees |
|
2,423,973 |
|
(322,374) |
|
Equity earnings in joint ventures |
|
588,745 |
|
1,078,254 |
|
Net Income |
|
3,012,718 |
|
755,880 |
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
- Basic & Diluted |
|
0.08 |
|
0.02 |
|
|
|
|
|
|
|
|
Weighted average number of shares |
|
|
|
|
|
-Basic & Diluted |
|
39,401,882 |
|
37,858,437 |
|
|
|
|
|
|
|
|
|
StealthGas Inc. Unaudited
Consolidated Balance Sheets (Expressed in United
States Dollars) |
|
|
|
December 31, |
March 31, |
|
|
|
2020 |
2021 |
|
|
|
|
|
|
Assets |
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
|
38,242,411 |
|
37,021,517 |
|
|
Trade and
other receivables |
|
3,602,764 |
|
6,186,809 |
|
|
Other
current assets |
|
309,608 |
|
355,304 |
|
|
Claims
receivable |
|
120,547 |
|
120,547 |
|
|
Inventories |
|
3,687,098 |
|
4,219,225 |
|
|
Advances and
prepayments |
|
782,125 |
|
1,448,816 |
|
|
Restricted cash |
|
1,308,971 |
|
1,814,672 |
|
Total current assets |
|
48,053,524 |
|
51,166,890 |
|
|
|
|
|
|
|
Non current assets |
|
|
|
|
|
Advances for vessel under construction |
6,539,115 |
|
-- |
|
|
Operating lease right-of-use assets |
-- |
|
171,697 |
|
|
Vessels,
net |
|
832,335,059 |
|
853,144,099 |
|
|
Other
receivables |
|
26,427 |
|
-- |
|
|
Restricted
cash |
|
13,488,820 |
|
14,017,024 |
|
|
Investments in joint ventures |
43,177,657 |
|
44,255,911 |
|
|
Deferred finance charges |
385,705 |
|
-- |
|
Total non current assets |
|
895,952,783 |
|
911,588,731 |
|
Total assets |
|
944,006,307 |
|
962,755,621 |
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities |
|
|
|
|
|
Payable to
related parties |
|
4,659,861 |
|
8,566,020 |
|
|
Trade
accounts payable |
|
9,974,751 |
|
12,110,214 |
|
|
Accrued and
other liabilities |
|
3,773,499 |
|
3,690,530 |
|
|
Operating
lease liabilities |
|
-- |
|
91,590 |
|
|
Customer
deposits |
|
968,000 |
|
968,000 |
|
|
Deferred
income |
|
2,995,657 |
|
4,148,240 |
|
|
Fair value
of derivatives |
|
141,447 |
|
-- |
|
|
Current
portion of long-term debt |
|
40,547,892 |
|
42,421,366 |
|
Total current liabilities |
|
63,061,107 |
|
71,995,960 |
|
|
|
|
|
|
|
Non current liabilities |
|
|
|
|
|
Fair value
of derivatives |
|
5,099,464 |
|
4,735,382 |
|
|
Operating
lease liabilities |
|
-- |
|
80,107 |
|
|
Long-term
debt |
|
311,249,321 |
|
320,222,212 |
|
Total non current liabilities |
|
316,348,785 |
|
325,037,701 |
|
Total liabilities |
|
379,409,892 |
|
397,033,661 |
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
Capital
stock |
|
431,836 |
|
431,836 |
|
|
Treasury
stock |
|
(25,373,380) |
|
(25,373,380) |
|
|
Additional
paid-in capital |
|
499,564,087 |
|
499,564,087 |
|
|
Retained
earnings |
|
94,926,695 |
|
95,682,575 |
|
|
Accumulated other comprehensive loss |
(4,952,823) |
|
(4,583,158) |
|
Total stockholders' equity |
|
564,596,415 |
|
565,721,960 |
|
Total liabilities and stockholders' equity |
|
944,006,307 |
|
962,755,621 |
|
|
|
|
|
|
|
|
StealthGas Inc. Unaudited Consolidated Statements
of Cash Flows (Expressed in United States
Dollars) |
|
|
For The
Three Months Ended March 31, |
|
|
2020 |
2021 |
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
|
Net income for the period |
|
3,012,718 |
|
755,880 |
|
|
|
|
|
|
|
|
Adjustments to reconcile net income to net
cash |
|
|
|
|
provided by operating activities: |
|
|
|
|
|
|
Depreciation |
|
9,321,961 |
|
9,547,131 |
|
|
Amortization of deferred finance charges |
184,177 |
|
277,404 |
|
|
Amortization of operating lease right-of-use assets |
407,077 |
|
22,109 |
|
|
Change in
fair value of derivatives |
|
74,318 |
|
(135,864) |
|
|
Equity
earnings in joint ventures |
|
(588,745) |
|
(1,078,254) |
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
(Increase)/decrease in |
|
|
|
|
|
|
Trade and
other receivables |
|
132,235 |
|
(2,557,618) |
|
|
Other
current assets |
|
65,861 |
|
(45,696) |
|
|
Claims
receivable |
|
138,470 |
|
-- |
|
|
Inventories |
|
660,848 |
|
(532,127) |
|
|
Changes in
operating lease liabilities |
|
(407,077) |
|
(22,109) |
|
|
Advances and
prepayments |
|
(90,710) |
|
(666,691) |
|
|
Increase/(decrease) in |
|
|
|
|
|
|
Balances
with related parties |
|
584,166 |
|
3,906,159 |
|
|
Trade
accounts payable |
|
418,358 |
|
2,035,302 |
|
|
Accrued
liabilities |
|
(398,715) |
|
92,095 |
|
|
Deferred
income |
|
2,217,924 |
|
1,152,583 |
|
Net cash provided by operating activities |
|
15,732,866 |
|
12,750,304 |
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Advances for
vessel under construction |
|
(33,211) |
|
-- |
|
|
Vessel
acquisition |
|
-- |
|
(23,859,495) |
|
|
Investment
in joint ventures |
|
(41,051,530) |
|
-- |
|
|
Advances to joint ventures |
|
(29,245) |
|
-- |
|
Net cash used in investing activities |
|
(41,113,986) |
|
(23,859,495) |
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
Stock
repurchase |
|
(1,012,235) |
|
-- |
|
|
Deferred
finance charges paid |
|
-- |
|
(667,766) |
|
|
Advances
from joint ventures |
|
1,655,198 |
|
-- |
|
|
Advances to
joint ventures |
|
(4,175,673) |
|
-- |
|
|
Loan
repayments |
|
(10,626,587) |
|
(36,841,282) |
|
|
Proceeds from long-term debt |
|
-- |
|
48,431,250 |
|
Net cash (used in)/provided by financing
activities |
|
(14,159,297) |
|
10,922,202 |
|
|
|
|
|
|
|
|
Net decrease in cash, cash equivalents and restricted cash |
(39,540,417) |
|
(186,989) |
|
Cash, cash equivalents and restricted cash at beginning of
year |
82,120,332 |
|
53,040,202 |
|
Cash, cash equivalents and restricted cash at end of
period |
42,579,915 |
|
52,853,213 |
|
Cash breakdown |
|
|
|
|
|
|
Cash and
cash equivalents |
|
28,034,255 |
|
37,021,517 |
|
|
Restricted
cash, current |
|
1,168,117 |
|
1,814,672 |
|
|
Restricted cash, non current |
|
13,377,543 |
|
14,017,024 |
|
Total cash, cash equivalents and restricted cash shown in
the statements of cash flows |
42,579,915 |
|
52,853,213 |
|
|
|
|
|
|
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