Imperial Petroleum Inc. Reports Second Quarter and Six Months 2024 Financial and Operating Results

Published

Aug 27, 2024 9:10am EDT

ATHENS, Greece, Aug. 27, 2024 (GLOBE NEWSWIRE) -- 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 second quarter and six months ended June 30, 2024.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

Fleet operational utilization of 80.9% in Q2 24’- a stable performance when compared to the 80.6% utilization achieved in Q1 24’. In Q2 23’ our operational utilization was lower in the order of 75.4%.

79.5% of fleet calendar days equivalent to 744 days in Q2 24’ were dedicated to spot activity.

Delivery from an affiliated entity of the handysize drybulk carrier, the Neptulus (2012 built), on August 24, 2024

Revenues of $47.0 million in Q2 24’ compared to $41.2 million in Q1 24’ equivalent to a 14.1% rise- and $59.0 million of revenues in Q2 23’.

Net income of $19.5 million in Q2 24’- our second best performance thus far- up by $2.8 million when compared to Q1 24’ and $2.7 million when compared to Q2 23’.

Cash and cash equivalents including time deposits of $129.8 million as of June 30, 2024.

Receipt of $39 million due from C3is Inc on July 15th 2024, an amount owed from the sale of the aframax tanker Afrapearl II, thus enabling our current cash balance to climb at almost $190 million.

An aggregate of 4.3 common shares were issued upon the exercise of Class E Warrants in the second quarter and the third quarter to date.

Second Quarter 2024 Results:

Revenues for the three months ended June 30, 2024 amounted to $47.0 million, a decrease of $12.0 million, or 20.3%, compared to revenues of $59.0 million for the three months ended June 30, 2023, primarily due to a decrease in voyage days by 11.7% (122 days) attributed mainly to the decrease of our average fleet by 1.5 vessels and a decrease of tanker market rates particularly for the suezmax tankers when compared to the same period of last year.

Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2024 were $17.1 million and $6.5 million, respectively, compared to $19.3 million and $7.0 million, respectively, for the three months ended June 30, 2023. The $2.2 million decrease in voyage expenses is mainly attributed to a decline in our daily port expenses by approximately $2,200 due to decreased transit through Suez Canal, partially offset by an increase in our daily bunker costs by approximately $800. The $0.5 million decrease in vessels’ operating expenses was primarily due to the decrease of our fleet by an average of 1.5 vessels.

Drydocking costs for the three months ended June 30, 2024 and 2023 were nil and $0.7 million, respectively. During three months ended June 30, 2023 one of our Handysize drybulk carriers the Eco Glorieuse underwent drydocking.

General and administrative costs for the three months ended June 30, 2024 and 2023 were $1.5 million and $1.5 million, respectively.

Depreciation for the three months ended June 30, 2024 and 2023 was $4.2 million and $4.6 million, respectively. The change is attributable to the decrease in the average number of our vessels.

Other operating income for the three months ended June 30, 2024 was $1.9 million and related to the collection of a claim in in connection with repairs undertaken in prior years.

Net loss on sale of vessel for the three months ended June 30, 2024 was $1.6 million and related to the sale of the Aframax tanker Gstaad Grace II to a third party.

Impairment loss for the three months ended June 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, at the time of the spin off, compared to one year before when these vessels were acquired resulted in the incurrence of the impairment loss.

Interest and finance costs for the three months ended June 30, 2024 and 2023 were $0.006 million and $0.5 million, respectively. During the three months ended June 30, 2023 the Company repaid all of its outstanding debt whereas there is no debt during the three months ended June 30, 2024. The $0.5 million charges for the three months ended June 30, 2023 relate mainly to the full amortization of loan related charges following the repayment of the Company’s outstanding debt.

Interest income for the three months ended June 30, 2024 and 2023 was $2.0 million and $0.9 million, respectively. The increase is mainly attributed to the $0.8 million of accrued interest income – related party for the three months ended June 30, 2024 in connection with the $38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana) which was collected in July 2024.

As a result of the above, for the three months ended June 30, 2024, the Company reported net income of $19.5 million, compared to net income of $16.8 million for the three months ended June 30, 2023. Dividends paid on Series A Preferred Shares amounted to $0.4 million for the three months ended June 30, 2024. The weighted average number of shares of common stock outstanding, basic, for the three months ended June 30, 2024 was 28.0 million. Earnings per share, basic and diluted, for the three months ended June 30, 2024 amounted to $0.64 and $0.56, respectively, compared to earnings per share, basic and diluted, of $0.91 and $0.73, respectively for the three months ended June 30, 2023.

Adjusted net income1 was $22.2 million corresponding to an Adjusted EPS1, basic of $0.73 for the three months ended June 30, 2024 compared to an Adjusted net income of $26.6 million corresponding to an Adjusted EPS, basic, of $1.46 for the same period of last year.

EBITDA1 for the three months ended June 30, 2024 amounted to $21.8 million, while Adjusted EBITDA1 for the three months ended June 30, 2024 amounted to $24.4 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 three months ended June 30, 2024 compared to 11.8 vessels for the same period of 2023.

Six Months 2024 Results:

Revenues for the six months ended June 30, 2024 amounted to $88.2 million, a decrease of $36.3 million, or 29.2%, compared to revenues of $124.5 million for the six months ended June 30, 2023, primarily due to a year to date decline of daily suezmax freight rates by almost 25%.

Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2024 were $30.6 million and $12.5 million, respectively, compared to $36.1 million and $13.9 million, respectively, for the six months ended June 30, 2023. The $5.5 million decrease in voyage expenses is mainly attributed to decreased port expenses by approximately $3.0 million due to decreased transit through Suez Canal and decreased voyage commissions by approximately $1.1 in conjunction with lower freight rates. The $1.4 million decrease in vessels’ operating expenses was primarily due to the decrease in the average number of vessels in our fleet.

Drydocking costs for the six months ended June 30, 2024 and 2023 were $0.6 million and $1.3 million, respectively. This decrease is due to the fact that during the six months ended June 30, 2024 one tanker vessel underwent drydocking while in the same period of last year two of our Handysize drybulk carriers underwent drydocking.

General and administrative costs for the six months ended June 30, 2024 and 2023 were $2.7 million and $2.5 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 six months ended June 30, 2024 was $8.2 million, a $0.5 million decrease from $8.7 million for the same period of last year, due to the decrease in the average number of our vessels.

Other operating income for the six months ended June 30, 2024 was $1.9 million and related to the collection of a claim in connection with repairs undertaken in prior years.

Net loss on sale of vessel for the six months ended June 30, 2024 was $1.6 million and related to the sale of the Aframax tanker Gstaad Grace II to a third party.

Impairment loss for the six months period ended June 30, 2023 stood at $9.0 million, and related to the spin-off of two of four drybulk carriers to C3is Inc. The decline of drybulk vessels’ fair values, at the time of the spin off, compared to one year before when these vessels were acquired resulted in the incurrence of impairment loss.

Interest and finance costs for the six months ended June 30, 2024 and 2023 were $0.008 million and $1.8 million, respectively. The $1.8 million of costs for the six months ended June 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 six months ended June 30, 2024 and 2023 was $3.8 million and $2.1 million, respectively. The increase is mainly attributed to 1.5mil of accrued interest income – related party for the six months ended June 30, 2024 in connection with the $38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana) which was receivable by July 2024.

As a result of the above, the Company reported net income for the six months ended June 30, 2024 of $36.2 million, compared to a net income of $52.6 million for the six months ended June 30, 2023. The weighted average number of shares outstanding, basic, for the six months ended June 30, 2024 was 27.8 million. Earnings per share, basic and diluted, for the six months ended June 30, 2024 amounted to $1.20 and $1.06, respectively compared to earnings per share, basic and diluted, of $3.17 and $2.78 for the six months ended June 30, 2023.

Adjusted Net Income was $39.7 million corresponding to an Adjusted EPS, basic of $1.32 for the six months ended June 30, 2024 compared to adjusted net income of $62.6 million, or $3.79 EPS, basic, for the same period of last year.

EBITDA for the six months ended June 30, 2024 amounted to $40.6 million while Adjusted EBITDA for the six months ended June 30, 2024 amounted to $44.1 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

An average of 10.1 vessels were owned by the Company during the six months ended June 30, 2024 compared to 10.9 vessels for the same period of 2023.

As of June 30, 2024, cash and cash equivalents including time deposits amounted to $129.8 million and total debt amounted to nil.

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.

Fleet Employment Table

As of August 27, 2024, the profile and deployment of our fleet is the following:

Name

Year Built

Country Built

Vessel Size (dwt)

Vessel Type

Employment Status

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

Time Charter

August 2027

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

August 2024

Glorieuse

2012

Japan

38,000

Handysize drybulk

Time Charter

September 2024

Neptulus

2012

Japan

33,000

Handysize drybulk

Time Charter

August 2024

Fleet Total

711,000 dwt

(1)

Earliest date charters could expire.

CEO Harry Vafias Commented

In Q2 24 we managed to turn a typically weak seasonal period to our second most profitable quarter thus far, as we generated a net profit of $19.5 million. Our excellent performance was mostly leveraged by our product tankers that were strategically situated West of Suez where market for these vessels remained tight. We enjoy recurring profitable quarters a very strong cash base which currently stands close to $190 million and as we repeatedly stress, zero leverage. This gives us plenty of flexibility to grow further. We remain significantly undervalued as our market capitalization is even lower than our cash but are confident that gradually we will see an appreciation to our share price, driven by our recurring strong results.

Conference Call details:

On August 27, 2024 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://register.vevent.com/register/BI4888ca9812574a5fb23bfdfa933b77d6

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 twelve vessels, eleven vessels in the water - six M.R. product tankers, two suezmax tankers and three handysize drybulk carriers - with a total capacity of 711,000 deadweight tons (dwt), and one M.R product tanker of 40,000 dwt capacity, that will be delivered in the fourth quarter of 2024. 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, 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: [email-masked]

Fleet Data: The following key indicators highlight the Company’s operating performance during the periods ended June 30, 2023 and June 30, 2024.

FLEET DATA

Q2 2023

Q2 2024

6M 2023

6M 2024

Average number of vessels (1)

11.8

10.3

10.9

10.1

Period end number of owned vessels in fleet

10

10

10

10

Total calendar days for fleet (2)

1,072

936

1,981

1,831

Total voyage days for fleet (3)

1,044

922

1,947

1,800

Fleet utilization (4)

97.4%

98.5%

98.3%

98.3%

Total charter days for fleet (5)

310

178

718

385

Total spot market days for fleet (6)

734

744

1,229

1,415

Fleet operational utilization (7)

75.4%

80.9%

79.8%

80.7%

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 loss 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 loss 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.

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

Second Quarter Ended June 30th,

Six Months Period Ended June 30th,

2023

2024

2023

2024

Net Income - Adjusted Net Income

Net income

16,826,485

19,524,438

52,550,587

36,179,042

Plus net loss on sale of vessel

--

1,589,702

--

1,589,702

Plus impairment loss

8,996,023

--

8,996,023

--

Plus share based compensation

789,648

1,036,562

1,091,189

1,895,372

Adjusted Net Income

26,612,156

22,150,702

62,637,799

39,664,116

Net income - EBITDA

Net income

16,826,485

19,524,438

52,550,587

36,179,042

Plus interest and finance costs

459,166

5,797

1,810,769

8,227

Less interest income

(851,930)

(1,987,726)

(2,131,146)

(3,773,604)

Plus depreciation

4,601,209

4,208,008

8,690,061

8,235,069

EBITDA

21,034,930

21,750,517

60,920,271

40,648,734

Net income - Adjusted EBITDA

Net income

16,826,485

19,524,438

52,550,587

36,179,042

Plus net loss on sale of vessel

--

1,589,702

--

1,589,702

Plus impairment loss

8,996,023

--

8,996,023

--

Plus share based compensation

789,648

1,036,562

1,091,189

1,895,372

Plus interest and finance costs

459,166

5,797

1,810,769

8,227

Less interest income

(851,930)

(1,987,726)

(2,131,146)

(3,773,604)

Plus depreciation

4,601,209

4,208,008

8,690,061

8,235,069

Adjusted EBITDA

30,820,601

24,376,781

71,007,483

44,133,808

EPS

Numerator

Net income

16,826,485

19,524,438

52,550,587

36,179,042

Less: Cumulative dividends on preferred shares

(620,246)

(435,246)

(1,055,494)

(870,492)

Less: Undistributed earnings allocated to non-vested shares

(856,309)

(1,137,477)

(977,828)

(1,985,920)

Net income attributable to common shareholders, basic

15,349,930

17,951,715

50,517,265

33,322,630

Denominator

Weighted average number of shares

16,816,597

27,965,872

15,940,369

27,789,766

EPS - Basic

0.91

0.64

3.17

1.20

Adjusted EPS

Numerator

Adjusted net income

26,612,156

22,150,702

62,637,799

39,664,116

Less: Cumulative dividends on preferred shares

(620,246)

(435,246)

(1,055,494)

(870,492)

Less: Undistributed earnings allocated to non-vested shares

(1,373,366)

(1,293,969)

(1,169,371)

(2,181,937)

Adjusted net income attributable to common shareholders, basic

24,618,544

20,421,487

60,412,934

36,611,687

Denominator

Weighted average number of shares

16,816,597

27,965,872

15,940,369

27,789,766

Adjusted EPS

1.46

0.73

3.79

1.32

Imperial Petroleum Inc. Unaudited Consolidated Statements of Income (Expressed in United States Dollars, except for number of shares)

Quarters Ended June 30,

Six Month Periods Ended June 30,

2023

2024

2023

2024

Revenues

Revenues

59,044,221

47,041,881

124,465,322

88,245,162

Expenses

Voyage expenses

18,522,418

16,524,695

34,600,245

29,488,302

Voyage expenses - related party

736,269

587,970

1,546,799

1,102,384

Vessels' operating expenses

6,885,309

6,389,255

13,761,185

12,340,816

Vessels' operating expenses - related party

89,333

77,500

154,333

159,500

Drydocking costs

696,934

--

1,318,310

625,457

Management fees – related party

473,880

411,840

871,640

805,640

General and administrative expenses

1,487,436

1,476,204

2,466,405

2,683,372

Depreciation

4,601,209

4,208,008

8,690,061

8,235,069

Other operating income

--

(1,900,000)

--

(1,900,000)

Impairment loss

8,996,023

--

8,996,023

--

Net loss on sale of vessel

--

1,589,702

--

1,589,702

Total expenses

42,448,811

29,359,174

72,405,001

55,130,242

Income from operations

16,555,410

17,676,707

52,060,321

33,114,920

Other (expenses)/income

Interest and finance costs

(459,166)

(5,797)

(1,810,769)

(8,227)

Interest income

851,930

1,221,907

2,131,146

2,257,168

Interest income – related party

--

765,819

--

1,516,436

Dividend income from related party

20,833

189,584

20,833

379,167

Foreign exchange (loss)/gain

(142,522)

(323,782)

149,056

(1,080,422)

Other income, net

271,075

1,847,731

490,266

3,064,122

Net Income

16,826,485

19,524,438

52,550,587

36,179,042

Earnings per share1

- Basic

0.91

0.64

3.17

1.20

- Diluted

0.73

0.56

2.78

1.06

Weighted average number of shares

-Basic

16,816,597

27,965,872

15,940,369

27,789,766

-Diluted

21,366,486

32,069,815

18,304,134

31,515,129

Imperial Petroleum Inc. Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

December 31,

June 30,

2023

2024

Assets

Current assets

Cash and cash equivalents

91,927,512

69,738,832

Time deposits

32,099,810

60,012,100

Receivables from related parties

37,906,821

39,552,371

Trade and other receivables

13,498,813

18,538,547

Other current assets

302,773

637,833

Inventories

7,291,123

8,706,419

Advances and prepayments

161,937

604,824

Total current assets

183,188,789

197,790,926

Non current assets

Operating lease right-of-use asset

--

114,912

Vessels, net

180,847,252

201,878,424

Investment in related party

12,798,500

12,796,417

Total non current assets

193,645,752

214,789,753

Total assets

376,834,541

412,580,679

Liabilities and Stockholders' Equity

Current liabilities

Trade accounts payable

8,277,118

5,568,261

Payable to related parties

2,324,334

3,476,164

Accrued liabilities

3,008,500

3,208,264

Operating lease liability, current portion

--

72,704

Deferred income

919,116

1,408,181

Total current liabilities

14,529,068

13,733,574

Non current liabilities

Operating lease liability, non-current portion

--

42,208

Total non current liabilities

--

42,208

Total liabilities

14,529,068

13,775,782

Commitments and contingencies

Stockholders' equity

Capital stock

332,573

345,835

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

273,924,745

Retained earnings

97,607,873

132,916,423

Total stockholders' equity

362,305,473

398,804,897

Total liabilities and stockholders' equity

376,834,541

412,580,679

Imperial Petroleum Inc. Unaudited Consolidated Statements of Cash Flows (Expressed in United States Dollars

Six Month Periods Ended June 30,

2023

2024

Cash flows from operating activities

Net income for the period

52,550,587

36,179,042

Adjustments to reconcile net income to net cash

provided by operating activities:

Depreciation

8,690,061

8,235,069

Amortization of deferred finance charges

474,039

--

Non-cash lease expense

31,349

35,086

Share based compensation

1,091,189

1,895,372

Impairment loss

8,996,023

--

Net loss on sale of vessel

--

1,589,702

Unrealized foreign exchange loss on time deposits

--

773,620

Dividend income from related party

(20,833)

(379,167)

Changes in operating assets and liabilities:

(Increase)/decrease in

Trade and other receivables

(3,360,823)

(5,039,734)

Other current assets

(136,130)

(335,060)

Inventories

(2,062,365)

(1,415,296)

Changes in operating lease liabilities

(31,349)

(35,086)

Advances and prepayments

(373,262)

(442,887)

Due from related parties

(42,042)

(1,645,550)

Increase/(decrease) in

Trade accounts payable

500,001

(1,861,518)

Due to related parties

(2,709,982)

1,058,531

Accrued liabilities

1,020,949

199,764

Deferred income

(801,066)

489,065

Net cash provided by operating activities

63,816,346

39,300,953

Cash flows from investing activities

Dividends income received

--

381,250

Proceeds from sale of vessel, net

--

41,153,578

Acquisition and improvement of vessels

(26,284,405)

(72,856,860)

Increase in bank time deposits

(61,912,900)

(91,715,140)

Maturity of bank time deposits

68,000,000

63,029,230)

Net cash used in investing activities

(20,197,305)

(60,007,942)

Cash flows from financing activities

Proceeds from equity offerings

12,095,253

--

Proceeds from warrants exercise

--

1,800,000

Stock issuance costs

(198,587)

--

Stock repurchase

--

(2,504,498)

Dividends paid on preferred shares

(870,494)

(777,193)

Loan repayments

(70,438,500)

--

Cash retained by C3is Inc. at spin-off

(5,000,000)

--

Net cash used in financing activities

(64,412,328)

(1,481,691)

Net decrease in cash and cash equivalents

(20,793,287)

(22,188,680)

Cash and cash equivalents at beginning of period

57,506,919

91,927,512

Cash and cash equivalents at end of period

36,713,632

69,738,832

Cash breakdown

Cash and cash equivalents

36,713,632

69,738,832

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

36,713,632

69,738,832

Supplemental Cash Flow Information

Interest paid

1,735,054

--

Non-cash investing activity - Vessels’ improvements included in liabilities

322,527

11,981

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

--

160,417

Non-cash financing activity – Dividends declared on Preferred Shares Series C included in Balances with related parties

185,000

--

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

--

93,299

Distribution of net assets of C3is Inc. to shareholders and warrantholders

20,957,952

--

Source: Imperial Petroleum Inc.

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