• |
changes in shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand;
|
• |
changes in seaborne and other transportation patterns;
|
• |
changes in the supply of or demand for drybulk commodities, including drybulk commodities carried by sea, generally or in particular regions;
|
• |
changes in the number of newbuildings under construction in the drybulk shipping industry;
|
• |
changes in the useful lives and the value of our vessels and the related impact on our compliance with loan covenants;
|
• |
the aging of our fleet and increases in operating costs;
|
• |
changes in our ability to complete future, pending or recent acquisitions or dispositions;
|
• |
our ability to achieve successful utilization of our expanded fleet;
|
• |
changes to our financial condition and liquidity, including our ability to pay amounts that we owe and obtain additional financing to fund capital expenditures, acquisitions and other
general corporate activities;
|
• |
risks related to our business strategy, areas of possible expansion or expected capital spending or operating expenses;
|
• |
changes in the availability of crew, number of off-hire days, classification survey requirements and insurance costs for the vessels in our fleet;
|
• |
changes in our ability to leverage the relationships and reputation in the drybulk shipping industry of V.Ships Greece Ltd., or V.Ships Greece, our technical manager, Anglo-Eastern Crew
Management (Asia) Limited and Global Seaways S.A., our crew managers, and Fidelity Marine Inc., or Fidelity, our commercial manager;
|
• |
changes in our relationships with our contract counterparties, including the failure of any of our contract counterparties to comply with their agreements with us;
|
• |
loss of our customers, charters or vessels;
|
• |
damage to our vessels;
|
• |
potential liability from future litigation and incidents involving our vessels;
|
• |
our future operating or financial results;
|
• |
acts of terrorism, other hostilities, pandemics or other calamities;
|
• |
risks associated with the worldwide coronavirus, or COVID-19, including its effects on demand for dry bulk products, crew changes and the transportation thereof;
|
• |
changes in global and regional economic and political conditions, including without limitation, increased inflationary pressures and increases in the interest rates set by central
banks;
|
• |
general domestic and international political conditions or events, including “trade wars”, the war between Russia and Ukraine and related sanctions;
|
• |
changes in governmental rules and regulations or actions taken by regulatory authorities, particularly with respect to the drybulk shipping industry;
|
• |
our ability to continue as a going concern; and
|
• |
other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the U.S. Securities and Exchange Commission,
including our most recent annual report on Form 20-F.
|
• |
number of vessels owned and operated;
|
• |
voyage charter rates;
|
• |
time charter trip rates;
|
• |
period time charter rates;
|
• |
the nature and duration of our voyage and time charters;
|
• |
vessel repositioning;
|
• |
vessel operating expenses and voyage costs;
|
• |
maintenance and upgrade work;
|
• |
the age, condition and specifications of our vessels;
|
• |
issuance of our common shares and other securities;
|
• |
amount of debt obligations; and
|
• |
financing costs related to debt obligations.
|
Six months ended
June 30,
|
Change
|
|||||||||||||||
2023
|
2022
|
Amount
|
%
|
|||||||||||||
Revenues:
|
||||||||||||||||
Vessel revenue, net
|
45,030
|
62,513
|
(17,483
|
)
|
(28
|
)%
|
||||||||||
Fees from related parties
|
1,324
|
-
|
1,324
|
-
|
||||||||||||
Revenue, net
|
46,354
|
62,513
|
(16,159
|
)
|
(26
|
)%
|
||||||||||
Expenses:
|
||||||||||||||||
Voyage expenses
|
(1,308
|
)
|
(2,646
|
)
|
1,338
|
(51
|
)%
|
|||||||||
Vessel operating expenses
|
(21,089
|
)
|
(20,441
|
)
|
(648
|
)
|
3
|
%
|
||||||||
Management fees
|
(374
|
)
|
(753
|
)
|
379
|
(50
|
)%
|
|||||||||
General and administrative expenses
|
(10,681
|
)
|
(8,520
|
)
|
(2,161
|
)
|
25
|
%
|
||||||||
Depreciation and amortization
|
(14,180
|
)
|
(13,299
|
)
|
(881
|
)
|
7
|
%
|
||||||||
Loss on forward freight agreements, net
|
(144
|
)
|
(72
|
)
|
(72
|
)
|
(100
|
)%
|
||||||||
Gain on sale of vessels, net
|
8,094
|
-
|
8,094
|
-
|
||||||||||||
Operating income
|
6,672
|
16,782
|
(10,110
|
)
|
(60
|
)%
|
||||||||||
Other expenses:
|
||||||||||||||||
Interest and finance costs
|
(10,395
|
)
|
(6,172
|
)
|
(4,223
|
)
|
68
|
%
|
||||||||
Loss on extinguishment of debt
|
(540
|
)
|
(1,285
|
)
|
745
|
(58
|
)%
|
|||||||||
Interest and other income
|
882
|
159
|
723
|
455
|
%
|
|||||||||||
Other, net
|
(126
|
)
|
122
|
(248
|
)
|
(203
|
)%
|
|||||||||
Total other expenses, net:
|
(10,179
|
)
|
(7,176
|
)
|
(3,003
|
)
|
42
|
%
|
||||||||
Net (loss) / income
|
(3,507
|
)
|
9,606
|
(13,113
|
)
|
(137
|
)%
|
|||||||||
Dividends to non-vested participating securities
|
(76
|
)
|
-
|
(76
|
)
|
-
|
||||||||||
Net (loss) / income attributable to common shareholders
|
(3,583
|
)
|
9,606
|
(13,189
|
)
|
(137
|
)%
|
|||||||||
Net (loss) / income per common share, basic
|
(0.20
|
)
|
0.56
|
|||||||||||||
Net (loss) / income per common share, diluted
|
(0.20
|
)
|
0.54
|
|||||||||||||
Weighted average number of common shares outstanding, basic
|
18,196,521
|
17,243,721
|
||||||||||||||
Weighted average number of common shares outstanding, diluted
|
18,196,521
|
17,807,487
|
Six months ended June 30,
|
||||||||
Fleet Data:
|
2023
|
2022
|
||||||
Ownership days
|
2,995
|
3,081
|
||||||
Available days(1)
|
2,995
|
2,845
|
||||||
Operating days(2)
|
2,963
|
2,823
|
||||||
Fleet utilization
|
98.9
|
%
|
91.6
|
%
|
||||
Average Daily Results:
|
||||||||
TCE rate(3)
|
$
|
14,756
|
$
|
21,207
|
||||
Daily Vessel Operating Expenses(4)
|
$
|
6,921
|
$
|
6,510
|
(1) |
During the six months ended June 30, 2023, we incurred nil off-hire days for scheduled dry-dockings. During the six months ended June 30, 2022, we incurred 236 off-hire days for scheduled dry-dockings.
|
(2) |
During the six months ended June 30, 2023, we incurred 32 off-hire days due to other unforeseen circumstances. During the six months ended June 30, 2022, we incurred 22 off-hire days due to other unforeseen
circumstances.
|
(3) |
We include TCE rate (a measure of the average daily revenue performance), a non-GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and in
evaluating their financial performance. Our calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles our net revenues from vessels to TCE rate.
|
Six months ended June 30,
|
||||||||
2023
|
2022
|
|||||||
(In thousands of US Dollars, except operating days and TCE rate)
|
||||||||
Vessel revenue, net
|
$
|
45,030
|
$
|
62,513
|
||||
Voyage expenses
|
$
|
(1,308
|
)
|
$
|
(2,646
|
)
|
||
Time charter equivalent revenues
|
$
|
43,722
|
$
|
59,867
|
||||
Operating days
|
2,963
|
2,823
|
||||||
Daily time charter equivalent rate
|
$
|
14,756
|
$
|
21,207
|
(4) |
We include Daily Vessel Operating Expenses, a non-GAAP measure, as we believe it provides additional meaningful information and assists management in making decisions regarding the deployment and use of our
vessels and because we believe that it provides useful information to investors regarding our financial performance. Our calculation of Daily Vessel Operating Expenses may not be comparable to that reported by other companies. The
following table reconciles our vessel operating expenses to Daily Vessel Operating Expenses.
|
Six months ended June 30,
|
||||||||
2023
|
2022
|
|||||||
(In thousands of US Dollars, except ownership days and Daily Vessel Operating Expenses)
|
||||||||
Vessel operating expenses
|
$
|
21,089
|
$
|
20,441
|
||||
Less: Pre-delivery expenses
|
(362
|
)
|
(384
|
)
|
||||
Vessel operating expenses before pre-delivery expenses
|
$
|
20,727
|
$
|
20,057
|
||||
Ownership days
|
2,995
|
3,081
|
||||||
Daily Vessel Operating Expenses
|
$
|
6,921
|
$
|
6,510
|
Six months ended June 30,
|
||||||||
2023
|
2022
|
|||||||
EBITDA and Adjusted EBITDA reconciliation:
|
||||||||
Net (loss) / income
|
$
|
(3,507
|
)
|
$
|
9,606
|
|||
Interest and finance cost, net
|
10,203
|
6,150
|
||||||
Depreciation and amortization
|
14,180
|
13,299
|
||||||
Taxes
|
-
|
(28
|
)
|
|||||
EBITDA(1)
|
$
|
20,876
|
$
|
29,027
|
||||
Stock based compensation
|
6,127
|
3,842
|
||||||
Loss on extinguishment of debt
|
540
|
1,285
|
||||||
Loss on forward freight agreements, net
|
144
|
72
|
||||||
Gain on sale of vessels, net
|
(8,094
|
)
|
-
|
|||||
Adjusted EBITDA(1)
|
$
|
19,593
|
$
|
34,226
|
Six months ended June
30,
|
||||||||
2023
|
2022
|
|||||||
Cash Flow Data:
|
||||||||
Net cash provided by operating activities
|
$
|
1,604
|
$
|
18,939
|
||||
Net cash provided by / (used in) investing activities
|
$
|
21,425
|
$
|
(35,815
|
)
|
|||
Net cash (used in) / provided by financing activities
|
$
|
(33,054
|
)
|
$
|
12,607
|
Page
|
||
F-2
|
||
F-3
|
||
F-4
|
||
F-5
|
||
F-6
|
June 30, 2023
|
December 31, 2022
|
|||||||||||
ASSETS
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
4
|
|
|
|||||||||
Restricted cash
|
4, 7
|
|
|
|||||||||
Accounts receivable trade, net
|
12
|
|
|
|||||||||
Inventories
|
5
|
|
|
|||||||||
Prepaid expenses
|
||||||||||||
Due from related parties
|
3 |
|||||||||||
Assets held for sale
|
||||||||||||
Other current assets
|
|
|
||||||||||
Total current assets
|
|
|
||||||||||
Fixed assets:
|
||||||||||||
Vessels, net
|
6
|
|
|
|||||||||
Other fixed assets, net
|
|
|
||||||||||
Total fixed assets
|
|
|
||||||||||
Other non-current assets:
|
||||||||||||
Deposits assets, non-current
|
|
|
||||||||||
Deferred charges and other investments, non-current
|
|
|
||||||||||
Restricted cash, non-current |
4, 7 |
|||||||||||
Prepaid expense other, non-current
|
10 | |||||||||||
Operating lease, right of use asset
|
10
|
|
|
|||||||||
Other non-current assets
|
|
|
||||||||||
TOTAL ASSETS
|
|
|
||||||||||
LIABILITIES AND STOCKHOLDERS EQUITY
|
||||||||||||
Current liabilities:
|
||||||||||||
Current portion of long-term debt and other financial liabilities, net of deferred finance costs and debt discounts of $
|
7
|
|
|
|||||||||
Debt related to assets held for sale, net of deferred finance costs of $
and $ |
||||||||||||
Current portion of convertible notes, net of deferred finance costs and debt discounts of $
|
8 |
|||||||||||
Liability from contract with related party
|
6 |
|||||||||||
Trade accounts and other payables
|
|
|
||||||||||
Accrued liabilities
|
|
|
||||||||||
Operating lease liability
|
10 |
|
|
|||||||||
Deferred revenue
|
12
|
|
|
|||||||||
Other current liabilities
|
11, 16 |
|||||||||||
Total current liabilities
|
|
|
||||||||||
Non-current liabilities:
|
||||||||||||
Long-term debt and other financial liabilities, net of current portion and deferred finance costs and debt discounts of $
|
7 |
|
|
|||||||||
Operating lease liability, non-current
|
10 |
|
|
|||||||||
Deferred revenue, non-current
|
12
|
|
|
|||||||||
Total liabilities
|
|
|
||||||||||
Commitments and contingencies
|
10 |
|||||||||||
STOCKHOLDERS EQUITY
|
||||||||||||
Preferred stock, $
|
|
|
||||||||||
Common stock, $
|
|
|
||||||||||
Additional paid-in capital
|
11 |
|
|
|||||||||
Accumulated deficit
|
(
|
)
|
(
|
)
|
||||||||
Total Stockholders’ equity
|
|
|
||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY
|
|
|
2023
|
2022
|
|||||||||||
Vessel revenue, net
|
12 |
|
|
|||||||||
Fees from | 3 | |||||||||||
Revenue, net |
||||||||||||
Expenses:
|
||||||||||||
Voyage expenses
|
12 |
(
|
)
|
(
|
)
|
|||||||
Vessel operating expenses
|
(
|
)
|
(
|
)
|
||||||||
Management fees
|
(
|
)
|
(
|
)
|
||||||||
General and administration expenses
|
(
|
)
|
(
|
)
|
||||||||
Amortization of deferred dry-docking costs
|
(
|
)
|
(
|
)
|
||||||||
Depreciation
|
(
|
)
|
(
|
)
|
||||||||
Gain on sale of vessels, net |
6 | |||||||||||
Gain on forward freight agreements, net |
( |
) | ( |
) | ||||||||
Operating income
|
|
|
||||||||||
Other income / (expenses), net:
|
||||||||||||
Interest and finance costs
|
13 |
(
|
)
|
(
|
)
|
|||||||
Loss on extinguishment of debt
|
7 | ( |
) |
(
|
)
|
|||||||
Interest and other income
|
|
|
||||||||||
Foreign currency exchange losses, net
|
(
|
)
|
|
|||||||||
Total other expenses, net
|
(
|
)
|
(
|
)
|
||||||||
Net (loss) / income before taxes | ( |
) | ||||||||||
Income taxes | ||||||||||||
Net (loss) / income
|
(
|
)
|
|
|||||||||
Dividends to non-vested participating securities |
( |
) | ||||||||||
Net (loss) / income attributable to common shareholders |
( |
) | ||||||||||
Net (loss) / income per common share, basic |
14
|
( |
) | |||||||||
Net (loss) / income per common share, diluted
|
14
|
(
|
)
|
|
||||||||
Weighted average common shares outstanding, basic
|
14 |
|
|
|||||||||
Weighted average common shares outstanding, diluted |
14 |
Preferred stock Series B |
Common stock
|
Additional
paid-in
|
Accumulated |
Total
stockholders’
|
||||||||||||||||||||||||
# of Shares |
Par Value
|
# of Shares
|
Par Value
|
capital
|
deficit
|
equity
|
||||||||||||||||||||||
Balance, December 31, 2021
|
|
|
|
(
|
)
|
|
||||||||||||||||||||||
Issuance of common stock (including the exercise of warrants) (Note 11)
|
- |
|
|
|
|
|
||||||||||||||||||||||
Stock based compensation (Note 15)
|
- |
|
|
|
|
|
||||||||||||||||||||||
Dividends |
- | - | ( |
) | ( |
) | ||||||||||||||||||||||
Cumulative adjustment due to adoption of ASU 2020-06
|
- | - | ( |
) | ( |
) | ||||||||||||||||||||||
Net income
|
- |
-
|
|
|
|
|
||||||||||||||||||||||
Balance, June 30, 2022
|
|
|
|
(
|
)
|
|
Preferred stock Series B |
Common stock
|
Additional
paid-in
|
Accumulated |
Total
stockholders’
|
||||||||||||||||||||||||
# of Shares
|
Par Value
|
# of Shares
|
Par Value
|
capital
|
deficit
|
equity
|
||||||||||||||||||||||
Balance, December 31, 2022
|
|
|
|
(
|
)
|
|
||||||||||||||||||||||
Stock based compensation (Note 15)
|
- |
|
|
|
|
|
||||||||||||||||||||||
Dividends (Note 11) |
- | - | ( |
) | ( |
) | ||||||||||||||||||||||
Warrants buyback (Note 11) |
- | - | ( |
) | ( |
) | ||||||||||||||||||||||
Share buyback (Note 11) |
- | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||
Redemption of fractional shares due to reverse stock split
|
- | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||
Net loss
|
- |
-
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Balance, June 30, 2023
|
|
|
|
(
|
)
|
|
2023
|
2022
|
|||||||
Net cash provided by operating activities
|
|
|
||||||
Cash flows from investing activities:
|
||||||||
Proceeds from sale of vessels |
||||||||
Vessels acquisitions and improvements
|
(
|
)
|
(
|
)
|
||||
Finance lease prepayment |
( |
) | ||||||
Other fixed assets, net | ( |
) | ( |
) | ||||
Term deposits | ||||||||
Deposits assets, non-current |
||||||||
Net cash provided by/ (used in) investing activities
|
|
(
|
)
|
|||||
Cash flows from financing activities:
|
||||||||
Net proceeds from issuance of common stock and warrants
|
|
|
||||||
Payments for repurchase of common stock |
( |
) | ||||||
Dividends paid | ( |
) | ( |
) | ||||
Proceeds from long term debt and other financial liabilities
|
|
|
||||||
Repayments of long term debt and other financial liabilities
|
(
|
)
|
(
|
)
|
||||
Repayments of convertible notes | ( |
) | ( |
) | ||||
Payments of fractional shares due to reverse stock split |
( |
) | ||||||
Payments of financing and stock issuance costs
|
(
|
)
|
(
|
)
|
||||
Net cash (used in) / provided by financing activities
|
(
|
)
|
|
|||||
Net decrease in cash and cash equivalents and restricted cash
|
(
|
)
|
(
|
)
|
||||
Cash and cash equivalents and restricted cash at beginning of period
|
|
|
||||||
Cash and cash equivalents and restricted cash at end of period
|
|
|
||||||
SUPPLEMENTAL CASH FLOW INFORMATION
|
||||||||
Cash paid during the period for:
|
||||||||
Interest paid
|
|
|
||||||
Noncash investing activities: | ||||||||
Vessels acquisitions and improvements | ||||||||
Noncash financing activities:
|
||||||||
Dividends declared but not paid |
Company
|
Country of
Incorporation
|
Vessel name |
Date of Delivery
|
Date of
Sale/Disposal
|
||||
Seanergy Management Corp. (1)(2) | N/A | N/A | N/A | |||||
Seanergy Shipmanagement Corp. (1)(2) | N/A | N/A | N/A | |||||
Emperor Holding Ltd. (1) | N/A |
N/A |
N/A | |||||
Pembroke Chartering Services Limited (1)(3)(4) | N/A |
N/A |
N/A | |||||
Maritime Capital Shipping Limited (1)(4) | N/A |
N/A |
N/A |
|||||
Sea Genius Shipping Co. (1) | N/A | |||||||
Premier Marine Co. (1) | N/A |
|||||||
Squire Ocean Navigation Co. (1) | N/A | |||||||
Lord Ocean Navigation Co. (1)(5) | ||||||||
Champion Marine Co. (1) | N/A |
|||||||
Fellow Shipping Co. (1) | N/A | |||||||
Friend Ocean Navigation Co. (1) | N/A |
|||||||
World Shipping Co. (1) | N/A | |||||||
Duke Shipping Co. (1)
|
|
|
|
N/A |
||||
Partner Marine Co. (1)(5) |
N/A |
|||||||
Honor Shipping Co. (1)
|
|
|
|
N/A |
||||
Paros
Ocean Navigation Co. (1)
|
|
|
|
N/A
|
||||
Knight
Ocean Navigation Co. (1)(5)
|
|
|
|
|||||
Flag
Marine Co. (1)(5)
|
|
|
|
|||||
Hellas Ocean Navigation Co. (1)(5)
|
|
|
||||||
Patriot Shipping Co. (1)(5)
|
|
|
|
|||||
Good
Ocean Navigation Co. (1)(Note 6) |
||||||||
Traders Shipping Co. (1)(Note 6)
|
|
|
|
|||||
Gladiator Shipping Co. (1)(4) |
||||||||
Leader Shipping Co. (1)(4) | ||||||||
Partner Shipping Co. Limited (1)(4) | ||||||||
Martinique International Corp. (1)(4) | ||||||||
Harbour Business International Corp. (1)(4) | ||||||||
Titan Ocean Navigation Co. (1) | Note 10 |
Note 10 |
N/A |
June 30,
2023
|
December 31,
2022
|
|||||||
Cash and cash equivalents
|
|
|
||||||
Restricted cash
|
|
|
||||||
Restricted cash, non-current | ||||||||
Total
|
|
|
June 30,
2023
|
December 31,
2022
|
|||||||
Bunkers |
||||||||
Lubricants
|
|
|
||||||
Total
|
|
|
June 30,
2023
|
December 31,
2022
|
|||||||
Cost:
|
||||||||
Beginning balance
|
|
|
||||||
- Additions
|
|
|
||||||
- Vessels contributed to United Maritime Corporation | ( |
) | ||||||
- Transfer to “Assets held for Sale”
|
( |
) | ||||||
Ending balance
|
|
|
||||||
Accumulated depreciation:
|
||||||||
Beginning balance
|
(
|
)
|
(
|
)
|
||||
- Depreciation for the period
|
(
|
)
|
(
|
)
|
||||
- Vessels contributed to United Maritime Corporation | ||||||||
- Transfer to “Assets held for Sale”
|
||||||||
Ending balance
|
(
|
)
|
(
|
)
|
||||
Net book value
|
|
|
7. |
Long-Term Debt and Other Financial Liabilities:
|
June 30,
2023
|
December 31,
2022
|
|||||||
Long-term debt and other financial liabilities
|
|
|
||||||
Less: Deferred financing costs
|
(
|
)
|
(
|
)
|
||||
Total
|
|
|
||||||
Less – current portion
|
(
|
)
|
(
|
)
|
||||
Long-term portion
|
|
|
||||||
Debt related to assets held for sale
|
||||||||
Less: Deferred financing costs
|
( |
) | ||||||
Total
|
||||||||
Total debt net of deferred financing costs and
debt discounts
|
• |
a minimum borrower’s liquidity;
|
• |
a minimum guarantor’s liquidity;
|
• |
a security coverage requirement; and
|
• |
a leverage ratio.
|
Twelve month periods ending June 30,
|
Amount
|
|||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
2027
|
|
|||
Thereafter
|
|
|||
Total
|
|
8.
|
Convertible Notes:
|
|
June 30,
2023
|
December 31,
2022
|
||||||
Convertible notes
|
|
|
||||||
Less: Deferred financing costs
|
(
|
)
|
(
|
)
|
||||
Less: Change in fair value of conversion option
|
( |
) | ( |
) | ||||
Total
|
|
|
||||||
Less - current portion
|
(
|
)
|
(
|
)
|
||||
Long-term portion
|
|
|
9. |
Financial Instruments:
|
• |
Level 1: Quoted market prices in active markets for identical assets or liabilities;
|
• |
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data;
|
• |
Level 3: Unobservable inputs that are not corroborated by market data.
|
a. |
Cash and cash equivalents, restricted cash, accounts receivable
trade, other current assets and trade accounts and other payables: the carrying amounts approximate fair value because of the short maturity of these instruments. The carrying value approximates the fair market value for interest
bearing cash classified as restricted cash, non-current.
|
b. |
Long-term debt and other financial liabilities: The carrying value
of long-term debt and other financial liabilities with variable interest rates (obtained through Level 2 inputs of the fair value hierarchy) approximates the fair market value as the long-term debt and other financial liabilities
bear interest at floating interest rate. The fair value of fixed interest long-term debt is estimated using prevailing market rates as of the period end. The Company believes the terms of its fixed interest long-term debt for the
Flagship Cargill Sale and Leaseback are similar to those that could be procured as of June 30, 2023, and the carrying value of $
|
10.
|
Commitments and
Contingencies:
|
Twelve month periods ending June 30,
|
Amount
|
|||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
Total
|
|
Twelve month periods ending June 30,
|
Amount
|
|||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
2027 | ||||
Thereafter | ||||
Total
|
|
|||
Less: imputed interest
|
(
|
)
|
||
Present value of lease liabilities
|
|
|||
Lease liabilities, current
|
|
|||
Lease liabilities, non-current
|
|
|||
Present value of lease liabilities
|
|
11. |
Capital Structure:
|
(a) |
Common Stock
|
i)
|
NASDAQ Notification
|
ii)
|
Dividends
|
iii)
|
Buybacks
|
(b)
|
Warrants
|
Warrant
|
Shares to be issued
upon exercise of
remaining warrants
|
|||
Class D
|
|
|||
Class E
|
|
|||
Total
|
|
12. |
Vessel Revenue and Voyage Expenses:
|
June 30,
|
||||||||
2023
|
2022
|
|||||||
Vessel revenues from time charters, net of commissions
|
|
|
||||||
Total
|
|
|
Customer
|
2023
|
2022
|
||||||
A
|
|
%
|
|
%
|
||||
B
|
|
%
|
|
%
|
||||
C
|
|
%
|
|
%
|
||||
D
|
|
%
|
|
%
|
||||
Total
|
|
%
|
|
%
|
|
June 30,
|
|||||||
|
2023
|
2022
|
||||||
Voyage expenses from time charters, net of commissions
|
(
|
)
|
(
|
)
|
||||
Total
|
(
|
)
|
(
|
)
|
13.
|
Interest and Finance Costs:
|
June 30, |
||||||||
2023 | 2022 | |||||||
Interest on long-term debt and other financial liabilities
|
|
|
||||||
Convertible notes interest expense
|
|
|
||||||
Amortization of deferred finance costs and debt discounts
|
|
|
||||||
Amortization of deferred finance costs and debt discounts (shares issued to third party -
non-cash)
|
|
|
||||||
Other
|
|
|
||||||
Total
|
|
|
14.
|
(Loss) / Earnings per Share:
|
June 30,
|
||||||||
2023
|
2022
|
|||||||
Net (loss) / income
|
$ | ( |
) | $ | ||||
Less: Dividends to non-vested participating securities
|
( |
) | ||||||
Net (loss) / income attributable to common shareholders, basic
|
$ | ( |
) | $ | ||||
Net (loss) / income attributable to common shareholders, diluted
|
$
|
(
|
)
|
$
|
|
|||
Weighted average common shares outstanding, basic
|
|
|
||||||
Effect of dilutive securities:
|
||||||||
Warrants
|
|
|
||||||
Non-vested participating securities
|
|
|
||||||
Weighted average common shares outstanding, diluted
|
|
|
||||||
Net (loss) / income per share attributable to common shareholders, basic
|
$ | ( |
) | $ | ||||
Net (loss) / income per share attributable to common
shareholders, diluted
|
$
|
(
|
)
|
$
|
|
15.
|
Equity
Incentive Plan:
|
16.
|
Subsequent Events
|