|
Republic of The Marshall Islands
(State or other jurisdiction of
incorporation or organization) |
| |
4412
(Primary Standard Industrial
Classification Code Number) |
| |
N/A
(I.R.S. Employer
Identification No.) |
|
|
OceanPal Inc.
c/o Steamship Shipbroking Enterprises Inc. Pendelis 26, 175 64 Palaio Faliro, Athens, Greece + 30-210-9485-360
(Address and telephone number of
Registrant’s principal executive offices) |
| | | | |
Seward & Kissel LLP Attention: Edward S. Horton, Esq. One Battery Park Plaza New York, New York 10004 (212) 574-1265
(Name, address and telephone
number of agent for service) |
|
| | |
Page
|
| |||
| | | | ii | | | |
| | | | 1 | | | |
| | | | 6 | | | |
| | | | 7 | | | |
| | | | 34 | | | |
| | | | 36 | | | |
| | | | 36 | | | |
| | | | 37 | | | |
DILUTION
|
| | | | | | |
| | | | 38 | | | |
| | | | 53 | | | |
| | | | 70 | | | |
| | | | 76 | | | |
| | | | 77 | | | |
| | | | 83 | | | |
| | | | 91 | | | |
| | | | 92 | | | |
| | | | 93 | | | |
| | | | 93 | | | |
| | | | 93 | | | |
| | | | 93 | | | |
| | | | F-1 | | | |
| | | | F-1 | | | |
| | | | F-1 | | | |
| | | | F-1 | | |
Vessel
BUILT / DWT |
| |
Sister
Ships* |
| |
Gross Rate
(USD Per Day) |
| |
Com**
|
| |
Charterers
|
| |
Delivery Date
to Charterers*** |
| |
Redelivery Date to
Owners**** |
| |
Notes
|
| |||||||||
Protefs
|
| |
A
|
| | | $ | 9,500 | | | | | | 5.00% | | | |
Xianlong Shipping
Co Ltd. |
| |
19-Jul-22
|
| |
22-Aug-22
|
| | |
|
(1)
|
| |
2004 /
73,630 dwt |
| | | | | | $ | 16,250 | | | | | | 5.00% | | | |
Louis Dreyfus
Company Suisse S.A. |
| |
23-Sep-22
|
| |
27-Nov-22 —
2-Dec-22 |
| | |
|
(2)(3)
|
| |
Calipso | | |
A
|
| | | $ | 19,600 | | | | | | 5.00% | | | |
ETG Commodities
Ltd. |
| |
2-Jul-22
|
| |
3-Nov-22
|
| | | | | | |
2005 / 73,691 dwt
|
| | | | | | $ | 15,250 | | | | | | 5.00% | | | |
Al Ghurair Resources
International LLC |
| |
3-Nov-22
|
| |
22-Jan-23
|
| | |
|
(4)
|
| |
Salt Lake City
|
| | | | | | $ | 29,750 | | | | | | 5.00% | | | |
Koch Shipping
Pte. Ltd |
| |
9-Jun-22
|
| |
14-Oct-22
|
| | | | | | |
2005 / 171,810 dwt | | | | | | | $ | 13,000 | | | | | | 5.00% | | | |
Hyundai Glovis Co., Ltd
|
| |
14-Oct-22
|
| |
18-Nov-22
|
| | |
|
(5)
|
| |
Baltimore
|
| | | | | | $ | 15,000 | | | | | | 5.00% | | | |
Hyundai Glovis
Co., Ltd |
| |
21-Sep-22
|
| |
3-Nov-22
|
| | |
|
(6)
|
| |
2005 / 177,243
|
| | | | | | $ | 12,900 | | | | | | 5.00% | | | |
Enesel Bulk
Logistics DMCC |
| |
3-Nov-22
|
| |
23-Jan-23
|
| | |
|
(7)
|
| |
(All figures in thousands U.S. dollars, except per share amounts)
|
| |
Actual
|
| |
As Adjusted
|
| |
As Further
Adjusted |
| |||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| |
(unaudited)
|
| |||||||||
Stockholders’ Equity | | | | | | | | | | | | | | | | | | | |
Preferred stock, $0.01 par value; 100,000,000 shares authorized, 510,000 issued and outstanding as at June 30, 2022, 535,000 shares issued and outstanding as adjusted, [ ] shares issued and outstanding as further adjusted
|
| | | | 5 | | | | | | 5 | | | | | | [ ] | | |
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 29,829,092 issued and outstanding as at June 30, 2022, 29,829,092 shares issued and outstanding as adjusted, [ ] shares issued and outstanding as further adjusted
|
| | | | 298 | | | | | | 298 | | | | | | [ ] | | |
Additional paid-in capital
|
| | | | 60,615 | | | | | | 77,416 | | | | | | [ ] | | |
Total Capitalization
|
| | | $ | 60,918 | | | | | $ | 77,719 | | | | | $ | [ ] | | |
| | |
OceanPal Inc.
|
| |||||||||||||||
Results of Operations
|
| |
For the
six-month period ended June 30, 2022 |
| |
For the
period from April 15, 2021 (inception date) to June 30, 2021 |
| |
For the
period from April 15, 2021 (inception date) to December 31, 2021 |
| |||||||||
| | |
in millions of
U.S. dollars |
| |
in millions of
U.S. dollars |
| |
in millions of
U.S. dollars |
| |||||||||
Time charter revenues
|
| | | | 8.25 | | | | | | — | | | | | | 1.33 | | |
Voyage Expenses
|
| | | | 0.60 | | | | | | — | | | | | | 0.05 | | |
Vessel Operating Expenses
|
| | | | 2.94 | | | | | | — | | | | | | 0.36 | | |
Depreciation
|
| | | | 2.02 | | | | | | — | | | | | | 0.35 | | |
General and Administrative expenses
|
| | | | 1.22 | | | | | | — | | | | | | 0.36 | | |
Management fees to related parties
|
| | | | 0.41 | | | | | | — | | | | | | 0.07 | | |
Other operating income
|
| | | | (0.01) | | | | | | — | | | | | | — | | |
Net income/(loss) and comprehensive
income/(loss) |
| | | | 1.06 | | | | | | — | | | | | | 0.13 | | |
Net income/(loss) attributable to common stockholders
|
| | | | (0.28) | | | | | | — | | | | | | 0.07 | | |
| | |
OceanPal Inc. Predecessors
|
| |||||||||||||||
Results of Operations
|
| |
For the period
from January 1, 2021 to November 29, 2021 |
| |
For the year
ended December 31, 2020 |
| |
For the year
ended December 31, 2019 |
| |||||||||
| | |
in millions of
U.S. dollars |
| |
in millions of
U.S. dollars |
| |
in millions of
U.S. dollars |
| |||||||||
Time charter revenues
|
| | | | 11.34 | | | | | | 9.41 | | | | | | 12.37 | | |
Voyage Expenses
|
| | | | 0.42 | | | | | | 0.98 | | | | | | 1.55 | | |
Vessel Operating Expenses
|
| | | | 6.2 | | | | | | 8.5 | | | | | | 5.58 | | |
Depreciation and amortization of deferred charges
|
| | | | 2.19 | | | | | | 2.15 | | | | | | 2.48 | | |
General and Administrative expenses
|
| | | | 1.1 | | | | | | 1.27 | | | | | | 0.81 | | |
Management fees to related parties
|
| | | | 0.68 | | | | | | 0.76 | | | | | | 0.73 | | |
Vessel Fair value adjustment
|
| | | | — | | | | | | 0.2 | | | | | | — | | |
Vessel Impairment charges
|
| | | | — | | | | | | — | | | | | | 3.05 | | |
Other loss/(income)
|
| | | | — | | | | | | 0.24 | | | | | | 0.04 | | |
Net income/(loss)
|
| | | | 0.75 | | | | | | (3.8) | | | | | | (1.87) | | |
| | |
OceanPal Inc. Predecessors
|
| |||||||||
Results of Operations
|
| |
For the
six-month period ended June 30, 2021 |
| |
For the
six-month period ended June 30, 2020 |
| ||||||
| | |
in millions of
U.S. dollars |
| |
in millions of
U.S. dollars |
| ||||||
Time charter revenues
|
| | | | 6.07 | | | | | | 4.82 | | |
Voyage Expenses
|
| | | | 0.09 | | | | | | 0.55 | | |
Vessel Operating Expenses
|
| | | | 3.41 | | | | | | 3.54 | | |
Depreciation and amortization of deferred charges
|
| | | | 1.19 | | | | | | 0.96 | | |
General and Administrative expenses
|
| | | | 0.56 | | | | | | 0.61 | | |
Management fees to related parties
|
| | | | 0.38 | | | | | | 0.38 | | |
Vessel fair value adjustment
|
| | | | — | | | | | | (0.2) | | |
Net income/(loss) and comprehensive income/(loss)
|
| | | | 0.43 | | | | | | (1.02) | | |
| | |
OceanPal Inc.
|
| |||||||||
| | |
For the
six-month period ended June 30, 2022 |
| |
For the
period from April 15, 2021 (inception date) to December 31, 2021 |
| ||||||
Fleet Data: | | | | | | | | | | | | | |
Average number of vessels(1)
|
| | | | 3.0 | | | | | | 3.0 | | |
Number of vessels at year-end/period-end
|
| | | | 3.0 | | | | | | 3.0 | | |
Weighted average age of vessels at year-end/period-end (in years)
|
| | | | 17.2 | | | | | | 16.7 | | |
Ownership days(2)
|
| | | | 543 | | | | | | 96 | | |
Available days(3)
|
| | | | 516 | | | | | | 96 | | |
Operating days(4)
|
| | | | 498 | | | | | | 96 | | |
Fleet utilization(5)
|
| | | | 96.5% | | | | | | 100.0% | | |
| | |
OceanPal Inc. Predecessors
|
| |||||||||||||||
| | |
For the period
from January 1, 2021 to November 29, 2021 |
| |
For the year
ended December 31, 2020 |
| |
For the year
ended December 31, 2019 |
| |||||||||
Fleet Data: | | | | | | | | | | | | | | | | | | | |
Average number of vessels(1)
|
| | | | 3.0 | | | | | | 3.0 | | | | | | 3.0 | | |
Number of vessels at period-end
|
| | | | 3.0 | | | | | | 3.0 | | | | | | 3.0 | | |
Weighted average age of vessels at period-end (in years)
|
| | | | 16,6 | | | | | | 15,7 | | | | | | 14,7 | | |
Ownership days(2)
|
| | | | 999 | | | | | | 1,098 | | | | | | 1,095 | | |
Available days(3)
|
| | | | 999 | | | | | | 1,024 | | | | | | 1,095 | | |
Operating days(4)
|
| | | | 996 | | | | | | 971 | | | | | | 1,013 | | |
Fleet utilization(5)
|
| | | | 99,70% | | | | | | 94,80% | | | | | | 92,50% | | |
| | |
OceanPal Inc. Predecessors
|
| |||||||||
| | |
For the
six-month period ended June 30, 2021 |
| |
For the
six-month period ended June 30, 2020 |
| ||||||
Fleet Data: | | | | | | | | | | | | | |
Average number of vessels(1)
|
| | | | 3.0 | | | | | | 3.0 | | |
Number of vessels at year-end/period-end
|
| | | | 3.0 | | | | | | 3.0 | | |
Weighted average age of vessels at period-end (in years)
|
| | | | 16.2 | | | | | | 15.7 | | |
Ownership days(2)
|
| | | | 543 | | | | | | 546 | | |
Available days(3)
|
| | | | 543 | | | | | | 504 | | |
Operating days(4)
|
| | | | 540 | | | | | | 469 | | |
Fleet utilization(5)
|
| | | | 99.4% | | | | | | 93.1% | | |
| | |
OceanPal Inc.
|
| |||||||||
| | |
For the
six-month period ended June 30, 2022 |
| |
For the
period from April 15, 2021 (inception date) to December 31, 2021 |
| ||||||
Average Daily Results | | | | | | | | | | | | | |
Time charter equivalent (TCE) rate(6)
|
| | | $ | 14,824 | | | | | $ | 13,333 | | |
Daily vessel operating expenses(7)
|
| | | | 5,407 | | | | | | 3,750 | | |
| | |
OceanPal Inc. Predecessors
|
| |||||||||||||||
| | |
For the period
from January 1, 2021 to November 29, 2021 |
| |
For the year
ended December 31, 2020 |
| |
For the year
ended December 31, 2019 |
| |||||||||
Average Daily Results: | | | | | | | | | | | | | | | | | | | |
Time charter equivalent (TCE) rate(6)
|
| | | $ | 10,935 | | | | | $ | 8,235 | | | | | $ | 9,883 | | |
Daily vessel operating expenses(7)
|
| | | | 6,206 | | | | | | 7,739 | | | | | | 5,098 | | |
| | |
OceanPal Inc. Predecessors
|
| |||||||||
| | |
For the
six-month period ended June 30, 2021 |
| |
For the
six-month period ended June 30, 2020 |
| ||||||
Average Daily Results | | | | | | | | | | | | | |
Time charter equivalent (TCE) rate(6)
|
| | | $ | 10,997 | | | | | $ | 8,466 | | |
Daily vessel operating expenses(7)
|
| | | | 6,273 | | | | | | 6,476 | | |
| | |
OceanPal Inc.
|
| |||||||||
Amounts in the tables below are in thousands of U.S. dollars (except for TCE)
|
| |
For the
six-month period ended June 30, 2022 |
| |
For the period from
April 15, 2021 (inception date) to December 31, 2021 |
| ||||||
Time charter revenues
|
| | | $ | 8,246 | | | | | $ | 1,334 | | |
Less: voyage expenses
|
| | | | (597) | | | | | | (54) | | |
Time charter equivalent revenues
|
| | | $ | 7,649 | | | | | $ | 1,280 | | |
Available days
|
| | | | 516 | | | | | | 96 | | |
Time charter equivalent (TCE) rate
|
| | | $ | 14,824 | | | | | $ | 13,333 | | |
| | |
OceanPal Inc. Predecessors
|
| |||||||||||||||
Amounts in the tables below are in thousands of U.S.
dollars (except for TCE) |
| |
For the period from
January 1, 2021 to November 29, 2021 |
| |
For the year ended
December 31, 2020 |
| |
For the year ended
December 31, 2019 |
| |||||||||
Time charter revenues
|
| | | $ | 11,343 | | | | | $ | 9,411 | | | | | $ | 12,370 | | |
Less: voyage expenses
|
| | | | (418) | | | | | | (978) | | | | | | (1,548) | | |
Time charter equivalent revenues
|
| | | $ | 10,925 | | | | | $ | 8,433 | | | | | $ | 10,822 | | |
Available days
|
| | | | 999 | | | | | | 1,024 | | | | | | 1,095 | | |
Time charter equivalent (TCE) rate
|
| | | $ | 10,935 | | | | | $ | 8,235 | | | | | $ | 9,883 | | |
| | |
OceanPal Inc. Predecessors
|
| |||||||||
Amounts in the tables below are in thousands of U.S. dollars (except for TCE)
|
| |
For the
six-month period ended June 30, 2021 |
| |
For the
six-month period ended June 30, 2020 |
| ||||||
Time charter revenues
|
| | | $ | 6,065 | | | | | $ | 4,819 | | |
Less: voyage expenses
|
| | | | (94) | | | | | | (552) | | |
Time charter equivalent revenues
|
| | | $ | 5,971 | | | | | $ | 4,267 | | |
Available days
|
| | | | 543 | | | | | | 504 | | |
Time charter equivalent (TCE) rate
|
| | | $ | 10,997 | | | | | $ | 8,466 | | |
Vessel BUILT / DWT
|
| |
Sister
Ships* |
| |
Gross Rate
(USD Per Day) |
| |
Com**
|
| |
Charterers
|
| |
Delivery Date
to Charterers*** |
| |
Redelivery Date to
Owners**** |
| |
Notes
|
| |||||||||
Protefs
|
| | | | A | | | | | $ | 9,500 | | | | | | 5.00% | | | |
Xianlong
Shipping Co Ltd. |
| |
19-Jul-22
|
| |
22-Aug-22
|
| |
(1)
|
|
2004 / 73,630 dwt
|
| | | | | | | | | $ | 16,250 | | | | | | 5.00% | | | |
Louis Dreyfus
Company Suisse S.A. |
| |
23-Sep-22
|
| |
27-Nov-22 –
2-Dec-22 |
| |
(2)(3)
|
|
Calipso | | | | | A | | | | | $ | 19,600 | | | | | | 5.00% | | | |
ETG
Commodities Ltd. |
| |
2-Jul-22
|
| |
3-Nov-22
|
| | | |
2005 / 73,691 dwt
|
| | | | | | | | | $ | 15,250 | | | | | | 5.00% | | | |
Al Ghurair Resources International LLC
|
| |
3-Nov-22
|
| |
22-Jan-23
|
| |
(4)
|
|
Salt Lake City
|
| | | | | | | | | $ | 29,750 | | | | | | 5.00% | | | |
Koch Shipping
Pte. Ltd |
| |
9-Jun-22
|
| |
14-Oct-22
|
| | | |
2005 / 171,810 dwt | | | | | | | | | | $ | 13,000 | | | | | | 5.00% | | | |
Hyundai Glovis Co., Ltd
|
| |
14-Oct-22
|
| |
18-Nov-22
|
| |
(5)
|
|
Baltimore | | | | | | | | | | $ | 15,000 | | | | | | 5.00% | | | |
Hyundai Glovis Co., Ltd
|
| |
21-Sep-22
|
| |
3-Nov-22
|
| |
(6)
|
|
2005 / 177,243
|
| | | | | | | | | $ | 12,900 | | | | | | 5.00% | | | |
Enesel Bulk
Logistics DMCC |
| |
3-Nov-22
|
| |
23-Jan-23
|
| |
(7)
|
|
Name
|
| |
Age
|
| |
Position
|
|
Semiramis Paliou | | |
48
|
| | Class I Director and Chairperson | |
Eleftherios Papatrifon | | |
52
|
| | Class II Director and Chief Executive Officer | |
Ioannis Zafirakis | | |
51
|
| | Class III Director, President, Interim Chief Financial Officer and Secretary | |
Styliani Alexandra Sougioultzoglou
|
| |
48
|
| | Class I Director | |
Grigorios-Filippos Psaltis | | |
47
|
| | Class II Director | |
Nikolaos Veraros | | |
52
|
| | Class III Director | |
Alexios Chrysochoidis | | |
49
|
| | Class I Director | |
| | |
Shares Beneficially Owned
|
| |||||||||
Identity of person or group
|
| |
Number
|
| |
Percentage*
|
| ||||||
Diana Shipping Inc.(1)
|
| | | | 28,659,323 | | | | | | 49% | | |
All other officers and directors as a group(2)
|
| | | | 26,000 | | | | | | 0% | | |
|
Commission registration fee
|
| | | $ | 2,755 | | |
|
Legal fees and expenses
|
| | | | 75,000 | | |
|
Printer fees
|
| | | | 10,000 | | |
|
Accounting fees and expenses
|
| | | | 15,000 | | |
|
Miscellaneous
|
| | | | 7,245 | | |
|
Total
|
| | | $ | 110,000 | | |
| | |
Page
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | |
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
ASSETS | | | | | | | | | | | | | |
CURRENT ASSETS: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 10,989 | | | | | $ | 1,673 | | |
Accounts receivable, trade
|
| | | | 425 | | | | | | 811 | | |
Due from a related party (Note 3(c))
|
| | | | 70 | | | | | | 70 | | |
Inventories
|
| | | | 1,796 | | | | | | 186 | | |
Prepaid expenses and other assets
|
| | | | 553 | | | | | | 460 | | |
Total current assets
|
| | | | 13,833 | | | | | | 3,200 | | |
FIXED ASSETS: | | | | | | | | | | | | | |
Advances for vessel acquisitions (Note 4)
|
| | | | 4,400 | | | | | | — | | |
Vessels, net (Note 4)
|
| | | | 44,082 | | | | | | 45,728 | | |
Total fixed assets
|
| | | | 48,482 | | | | | | 45,728 | | |
OTHER NON-CURRENT ASSETS: | | | | | | | | | | | | | |
Deferred charges
|
| | | | 810 | | | | | | 152 | | |
Total assets
|
| | | $ | 63,125 | | | | | $ | 49,080 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
CURRENT LIABILITIES: | | | | | | | | | | | | | |
Accounts payable, trade and other
|
| | | | 327 | | | | | | 263 | | |
Due to related parties (Note 3)
|
| | | | 210 | | | | | | 59 | | |
Dividend payable to related parties
|
| | | | 240 | | | | | | — | | |
Accrued liabilities
|
| | | | 1,186 | | | | | | 381 | | |
Deferred revenue
|
| | | | 244 | | | | | | 228 | | |
Total current liabilities
|
| | | | 2,207 | | | | | | 931 | | |
Commitments and contingencies (Note 5)
|
| | | | — | | | | | | — | | |
STOCKHOLDERS’ EQUITY: | | | | | | | | | | | | | |
Preferred stock, $0.01 par value; 100,000,000 shares authorized, 510,000 issued and outstanding as at December 31, 2021 and June 30,
2022 (Note 6) |
| | | | 5 | | | | | | 5 | | |
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 8,820,240
and 29,829,092 issued and outstanding as at December 31, 2021 and June 30, 2022, respectively (Note 6) |
| | | | 298 | | | | | | 88 | | |
Additional paid-in capital (Notes 3(c) and 6)
|
| | | | 60,615 | | | | | | 47,991 | | |
Retained earnings
|
| | | | — | | | | | | 65 | | |
Total stockholders’ equity
|
| | | | 60,918 | | | | | | 48,149 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 63,125 | | | | | $ | 49,080 | | |
| | |
2022
|
| |
2021
|
| ||||||
REVENUES: | | | | | | | | | | | | | |
Time charter revenues
|
| | | $ | 8,246 | | | | | $ | — | | |
EXPENSES: | | | | | | | | | | | | | |
Voyage expenses
|
| | | | 597 | | | | | | — | | |
Vessel operating expenses
|
| | | | 2,936 | | | | | | — | | |
Depreciation (Note 4)
|
| | | | 2,024 | | | | | | — | | |
General and administrative expenses
|
| | | | 1,224 | | | | | | 1 | | |
Management fees to related parties (Note 3)
|
| | | | 411 | | | | | | — | | |
Other operating income
|
| | | | (8) | | | | | | — | | |
Operating income/(loss)
|
| | | $ | 1,062 | | | | | $ | (1) | | |
Net income/(loss) and comprehensive income/(loss)
|
| | | $ | 1,062 | | | | | $ | (1) | | |
Dividends on Series C preferred stock (Note 6(c))
|
| | | $ | (471) | | | | | $ | — | | |
Dividends on Class A warrants (Note 6(e))
|
| | | $ | (868) | | | | | $ | — | | |
Net loss attributable to common stockholders
|
| | | $ | (277) | | | | | $ | (1) | | |
Loss per common share, basic (Note 7)
|
| | | $ | (0.01) | | | | | $ | (2) | | |
Loss per common share, diluted (Note 7)
|
| | | $ | (0.01) | | | | | $ | (2) | | |
Weighted average number of common stock, basic (Note 7)
|
| | | | 25,691,205 | | | | | | 500 | | |
Weighted average number of common stock, diluted (Note 7)
|
| | | | 25,691,205 | | | | | | 500 | | |
| | |
Preferred stock
Series B |
| |
Preferred stock
Series C |
| |
Common stock
|
| |
Additional
paid-in capital |
| |
Retained
Earnings / (Accumulated Deficit) |
| |
Total
stockholders’ equity |
| ||||||||||||||||||||||||||||||||||||
| | |
# of
Shares |
| |
Par Value
|
| |
# of
Shares |
| |
Par Value
|
| |
# of
Shares |
| |
Par Value
|
| ||||||||||||||||||||||||||||||||||||
BALANCE, April 15, 2021
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 500 | | | | | $ | 5 | | | | | | — | | | | | $ | — | | | | | $ | — | | |
Net loss
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | (1) | | | | | $ | (1) | | |
BALANCE, June 30, 2021
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 500 | | | | | $ | 5 | | | | | | — | | | | | $ | (1) | | | | | $ | 4 | | |
BALANCE, December 31, 2021
|
| | | | 500,000 | | | | | $ | 5 | | | | | | 10,000 | | | | | $ | — | | | | | | 8,820,240 | | | | | $ | 88 | | | | | $ | 47,991 | | | | | $ | 65 | | | | | $ | 48,149 | | |
Net income
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,062 | | | | | $ | 1,062 | | |
Issuance of 15,571,429 units
(comprising from common stock or prefunded warrants and warrants) and 628,751 warrants at primary offering, net of issuance costs (Note 6(a) and 6(b)) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,071,429 | | | | | | 131 | | | | | | 10,521 | | | | | | — | | | | | | 10,652 | | |
Issuance of 1,281,423 shares of
common stock and 2,430,000 Class A warrants upon exercise of underwriters’ over-allotment option (Note 6(a) and 6(b)) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,281,423 | | | | | | 13 | | | | | | 881 | | | | | | — | | | | | | 894 | | |
Issuance of common stock
following exercise of 4,156,000 Class A warrants and 2,500,000 prefunded warrants (Note 6(a) and 6(b)) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,656,000 | | | | | | 66 | | | | | | 3,066 | | | | | | — | | | | | | 3,132 | | |
Compensation on restricted stock
awards (Note 6(d)) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 158 | | | | | | — | | | | | | 158 | | |
Dividends declared and paid ($0.05 per share of common stock and Class A warrant) (Note 6(e))
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,767) | | | | | | (448) | | | | | | (2,215) | | |
Dividends declared and paid ($0.01 per share of common stock and Class A warrant) (Note 6(e))
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (443) | | | | | | (443) | | |
Dividends declared on series C preferred stock (Note 6(c))
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (235) | | | | | | (236) | | | | | | (471) | | |
BALANCE, June 30, 2022
|
| | | | 500,000 | | | | | $ | 5 | | | | | | 10,000 | | | | | $ | — | | | | | | 29,829,092 | | | | | $ | 298 | | | | | $ | 60,615 | | | | | $ | — | | | | | $ | 60,918 | | |
| | |
2022
|
| |
2021
|
| ||||||
Cash Flows provided by / (used in) Operating Activities: | | | | | | | | | | | | | |
Net income / (loss)
|
| | | $ | 1,062 | | | | | $ | (1) | | |
Adjustments to reconcile net income / (loss) to net cash from operating activities: | | | | | | | | | | | | | |
Depreciation (Note 4)
|
| | | | 2,024 | | | | | | — | | |
Compensation cost on restricted stock awards (Note 6(d))
|
| | | | 158 | | | | | | — | | |
(Increase) / Decrease in: | | | | | | | | | | | | | |
Accounts receivable, trade
|
| | | | 386 | | | | | | — | | |
Inventories
|
| | | | (1,610) | | | | | | — | | |
Prepaid expenses and other assets
|
| | | | (93) | | | | | | — | | |
Deferred charges
|
| | | | (658) | | | | | | — | | |
Increase / (Decrease) in: | | | | | | | | | | | | | |
Accounts payable, trade and other
|
| | | | 64 | | | | | | — | | |
Due to related parties (Note 3)
|
| | | | 151 | | | | | | 1 | | |
Accrued liabilities
|
| | | | 874 | | | | | | — | | |
Deferred revenue
|
| | | | 16 | | | | | | — | | |
Net cash provided by / (used in) Operating Activities
|
| | | $ | 2,374 | | | | | $ | — | | |
Cash Flows used in Investing Activities: | | | | | | | | | | | | | |
Payments for vessel improvements and vessel acquisitions (Note 4)
|
| | | | (4,778) | | | | | | — | | |
Net cash used in Investing Activities
|
| | | $ | (4,778) | | | | | $ | — | | |
Cash Flows provided by Financing Activities: | | | | | | | | | | | | | |
Proceeds from issuance of units (comprising from common stock or prefunded warrants
and warrants), issuance of common stock and warrants and exercise of warrants, net of underwriters’ fees and commissions (Note 6(a)) |
| | | | 14,678 | | | | | | — | | |
Payments of dividends on common stockholders and Class A warrant holders
(Note 6(e)) |
| | | | (2,658) | | | | | | — | | |
Payments of dividends on Series C preferred Stock (Note 6(c))
|
| | | | (300) | | | | | | — | | |
Net cash provided by Financing Activities
|
| | | $ | 11,720 | | | | | $ | — | | |
Net increase in cash and cash equivalents
|
| | | $ | 9,316 | | | | | $ | — | | |
Cash and cash equivalents at beginning of the year/period
|
| | | | 1,673 | | | | | | — | | |
Cash and cash equivalents at end of the period
|
| | | $ | 10,989 | | | | | $ | — | | |
SUPPLEMENTAL CASH FLOW INFORMATION | | | | | | | | | | | | | |
Non-cash financing activities: | | | | | | | | | | | | | |
Dividends declared, not paid (Note 6(c))
|
| | | $ | (240) | | | | | $ | — | | |
| | |
Vessel
Cost |
| |
Accumulated
Depreciation |
| |
Net Book
Value |
| |||||||||
Balance, December 31, 2021
|
| | | $ | 46,082 | | | | | $ | (354) | | | | | $ | 45,728 | | |
– Additions for improvements
|
| | | | 378 | | | | | | — | | | | | | 378 | | |
– Depreciation for the period
|
| | | | — | | | | | | (2,024) | | | | | | (2,024) | | |
Balance, June 30, 2022
|
| | | $ | 46,460 | | | | | $ | (2,378) | | | | | $ | 44,082 | | |
| | |
June 30, 2022
|
| |
From April 15
2021 through June 30, 2021 |
| ||||||
Net income/(loss)
|
| | | $ | 1,062 | | | | | $ | (1) | | |
Less dividends on series C preferred stock
|
| | | | (471) | | | | | | — | | |
Less dividends on Class A warrants
|
| | | | (868) | | | | | | — | | |
Net loss attributed to common stockholders
|
| | | $ | (277) | | | | | $ | (1) | | |
Weighted average number of common stock, basic
|
| | | | 25,691,205 | | | | | | 500 | | |
| | |
June 30, 2022
|
| |
From April 15
2021 through June 30, 2021 |
| ||||||
Weighted average number of common stock, diluted
|
| | | | 25,691,205 | | | | | | 500 | | |
Loss per share, basic
|
| | | $ | (0.01) | | | | | $ | (2) | | |
Loss per share, diluted
|
| | | $ | (0.01) | | | | | $ | (2) | | |
|
Charterer
|
| |
June 30, 2022
|
| |||
A
|
| | | | 32% | | |
B
|
| | | | 25% | | |
C
|
| | | | 22% | | |
| | |
Page
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | |
| | |
2021
|
| |||
ASSETS | | | | | | | |
CURRENT ASSETS: | | | | | | | |
Cash and cash equivalents
|
| | | $ | 1,673 | | |
Accounts receivable, trade
|
| | | | 811 | | |
Due from a related party (Note 3(c))
|
| | | | 70 | | |
Inventories
|
| | | | 186 | | |
Prepaid expenses and other assets
|
| | | | 460 | | |
Total current assets
|
| | | | 3,200 | | |
FIXED ASSETS: | | | | | | | |
Vessels, net (Note 4)
|
| | | | 45,728 | | |
Total fixed assets
|
| | | | 45,728 | | |
OTHER NON-CURRENT ASSETS: | | | | | | | |
Deferred charges
|
| | | | 152 | | |
Total assets
|
| | | $ | 49,080 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | |
CURRENT LIABILITIES: | | | | | | | |
Accounts payable, trade and other
|
| | | | 263 | | |
Due to related parties (Note 3)
|
| | | | 59 | | |
Accrued liabilities
|
| | | | 381 | | |
Deferred revenue
|
| | | | 228 | | |
Total current liabilities
|
| | | | 931 | | |
Commitments and contingencies (Note 5)
|
| | | | — | | |
STOCKHOLDERS’ EQUITY: | | | | | | | |
Preferred stock, $0.01 par value; 100,000,000 shares authorized, 510,000 issued and outstanding as at December 31, 2021 (Note 6)
|
| | | | 5 | | |
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 8,820,240 issued and outstanding as at December 31, 2021 (Note 6)
|
| | | | 88 | | |
Additional paid-in capital (Notes 3 and 6)
|
| | | | 47,991 | | |
Retained earnings
|
| | | | 65 | | |
Total stockholders’ equity
|
| | | | 48,149 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 49,080 | | |
| | |
2021
|
| |||
REVENUES: | | | | | | | |
Time charter revenues (Note 2(n))
|
| | | $ | 1,334 | | |
EXPENSES: | | | | | | | |
Voyage expenses (Note 2(n))
|
| | | | 54 | | |
Vessel operating expenses
|
| | | | 360 | | |
Depreciation (Note 4)
|
| | | | 354 | | |
General and administrative expenses
|
| | | | 358 | | |
Management fees to related parties (Note 3)
|
| | | | 74 | | |
Operating income
|
| | | $ | 134 | | |
Net income and comprehensive income
|
| | | $ | 134 | | |
Dividends on Series C preferred stock (Note 6(d))
|
| | | $ | 69 | | |
Net income attributable to common stockholders
|
| | | $ | 65 | | |
Earnings per common share, basic (Note 7)
|
| | | $ | 0.01 | | |
Earnings per common share, diluted (Note 7)
|
| | | $ | 0.01 | | |
Weighted average number of common stock, basic (Note 7)
|
| | | | 8,820,240 | | |
Weighted average number of common stock, diluted (Note 7)
|
| | | | 12,275,691 | | |
| | |
Preferred stock
Series B |
| |
Preferred stock
Series C |
| |
Common stock
|
| |
Additional
paid-in capital |
| |
Retained
Earnings |
| |
Total
Stockholders’ equity |
| ||||||||||||||||||||||||||||||||||||
| | |
# of
Shares |
| |
Par
Value |
| |
# of
Shares |
| |
Par
Value |
| |
# of
Shares |
| |
Par
Value |
| ||||||||||||||||||||||||||||||||||||
BALANCE, April 15, 2021
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 500 | | | | | $ | 5 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Net income
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | 134 | | | | | $ | 134 | | |
Cancellation of common stock
(Note (6(a)) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (500) | | | | | | (5) | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of common stock
(Note 6(a)) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,820,240 | | | | | | 88 | | | | | | 40,421 | | | | | | — | | | | | | 40,509 | | |
Issuance of Series B preferred stock
(Note 6(c)) |
| | | | 500,000 | | | | | | 5 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5 | | |
Issuance of Series C preferred stock
(Note 6(d)) |
| | | | — | | | | | | — | | | | | | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,570 | | | | | | — | | | | | | 7,570 | | |
Dividends on series C preferred stock
(Note 6(d)) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (69) | | | | | | (69) | | |
BALANCE, December 31, 2021
|
| | | | 500,000 | | | | | $ | 5 | | | | | | 10,000 | | | | | $ | — | | | | | | 8,820,240 | | | | | $ | 88 | | | | | $ | 47,991 | | | | | $ | 65 | | | | | $ | 48,149 | | |
| | |
2021
|
| |||
Cash Flows from Operating Activities: | | | | | | | |
Net income
|
| | | $ | 134 | | |
Adjustments to reconcile net income to net cash from operating activities: | | | | | | | |
Depreciation
|
| | | | 354 | | |
(Increase) / Decrease in: | | | | | | | |
Accounts receivable, trade
|
| | | | 24 | | |
Due from a related party
|
| | | | (70) | | |
Inventories
|
| | | | 23 | | |
Prepaid expenses and other assets
|
| | | | (460) | | |
Deferred charges
|
| | | | (152) | | |
Increase / (Decrease) in: | | | | | | | |
Accounts payable, trade and other
|
| | | | 263 | | |
Due to related parties
|
| | | | 59 | | |
Accrued liabilities, net of accrued preferred dividends
|
| | | | 312 | | |
Deferred revenue
|
| | | | 228 | | |
Net cash provided by Operating Activities
|
| | | $ | 715 | | |
Cash Flows used in Investing Activities: | | | | | | | |
Payments for vessel improvements (Note 4)
|
| | | | (42) | | |
Net cash used in Investing Activities
|
| | | $ | (42) | | |
Cash Flows from Financing Activities: | | | | | | | |
Proceeds from Spin-Off
|
| | | | 1,000 | | |
Net cash provided by Financing Activities
|
| | | $ | 1,000 | | |
Net increase in cash and cash equivalents
|
| | | $ | 1,673 | | |
Cash and cash equivalents at beginning of the period
|
| | | | — | | |
Cash and cash equivalents at end of the year
|
| | | $ | 1,673 | | |
SUPPLEMENTAL CASH FLOW INFORMATION | | | | | | | |
Issuance of common and preferred stock in exchange for entities acquisition
|
| | | $ | 47,084 | | |
| | |
Vessel Cost
|
| |
Accumulated
Depreciation |
| |
Net Book Value
|
| |||||||||
– Vessels contributed by DSI
|
| | | $ | 46,040 | | | | | | — | | | | | $ | 46,040 | | |
– Additions and improvements
|
| | | | 42 | | | | | | — | | | | | | 42 | | |
– Depreciation for the period
|
| | | | — | | | | | | (354) | | | | | | (354) | | |
Balance, December 31, 2021
|
| | | $ | 46,082 | | | | | $ | (354) | | | | | $ | 45,728 | | |
| | |
From
April 15, 2021 through December 31, 2021 |
| |||
Net income
|
| | | $ | 134 | | |
Less dividends on series C preferred stock
|
| | | | (69) | | |
Net income attributed to common stockholders
|
| | | $ | 65 | | |
Weighted average number of common stocks, basic
|
| | | | 8,820,240 | | |
Effect of dilutive shares
|
| | | | 3,455,451 | | |
Weighted average number of common stock, diluted
|
| | | | 12,275,691 | | |
Earnings per share, basic
|
| | | $ | 0.01 | | |
Earnings per share, diluted
|
| | | $ | 0.01 | | |
Charterer
|
| |
From April 15, 2021
through December 31, 2021 |
| |||
A
|
| | | | 35% | | |
B
|
| | | | 32% | | |
C
|
| | | | 26% | | |
| | |
Page
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | |
| | |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
ASSETS | | | | | | | | | | | | | |
CURRENT ASSETS: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 1,939 | | | | | $ | 39,638 | | |
Accounts receivable, trade
|
| | | | 32,680 | | | | | | 1,035,069 | | |
Due from a related party (Notes 2(a) and 4(b))
|
| | | | 1,392,146 | | | | | | 1,169,637 | | |
Inventories
|
| | | | 143,701 | | | | | | 181,973 | | |
Insurance claims
|
| | | | — | | | | | | 941,488 | | |
Prepaid expenses
|
| | | | 674,710 | | | | | | 869,662 | | |
Total current assets
|
| | | | 2,245,176 | | | | | | 4,237,467 | | |
FIXED ASSETS: | | | | | | | | | | | | | |
Vessels, net (Note 3)
|
| | | | 31,207,386 | | | | | | 32,249,299 | | |
Total fixed assets
|
| | | | 31,207,386 | | | | | | 32,249,299 | | |
OTHER NON-CURRENT ASSETS: | | | | | | | | | | | | | |
Deferred charges, net
|
| | | | 584,017 | | | | | | 701,773 | | |
Total assets
|
| | | $ | 34,036,579 | | | | | $ | 37,188,539 | | |
LIABILITIES AND PARENT EQUITY | | | | | | | | | | | | | |
CURRENT LIABILITIES: | | | | | | | | | | | | | |
Accounts payable, trade and other
|
| | | | 280,622 | | | | | | 133,566 | | |
Due to a related party (Note 2(b))
|
| | | | 22,930 | | | | | | 115,280 | | |
Accrued liabilities
|
| | | | 1,111,058 | | | | | | 1,637,623 | | |
Deferred revenue
|
| | | | 235,897 | | | | | | — | | |
Total current liabilities
|
| | | | 1,650,507 | | | | | | 1,886,469 | | |
Commitments and contingencies (Note 4)
|
| | | | — | | | | | | — | | |
PARENT EQUITY: | | | | | | | | | | | | | |
Parent investment (Note 5)
|
| | | | 140,925,220 | | | | | | 144,274,678 | | |
Accumulated deficit
|
| | | | (108,539,148) | | | | | | (108,972,608) | | |
Parent equity, net
|
| | | | 32,386,072 | | | | | | 35,302,070 | | |
Total liabilities and parent equity
|
| | | $ | 34,036,579 | | | | | $ | 37,188,539 | | |
| | |
2021
|
| |
2020
|
| ||||||
REVENUES: | | | | | | | | | | | | | |
Time charter revenues
|
| | | $ | 6,065,161 | | | | | $ | 4,818,779 | | |
EXPENSES: | | | | | | | | | | | | | |
Voyage expenses (Note 6)
|
| | | | 94,027 | | | | | | 552,104 | | |
Vessel operating expenses
|
| | | | 3,406,320 | | | | | | 3,535,771 | | |
Depreciation and amortization of deferred charges (Note 3)
|
| | | | 1,191,889 | | | | | | 962,135 | | |
General and administrative expenses (Note 5)
|
| | | | 560,376 | | | | | | 609,491 | | |
Management fees to related parties (Note 2)
|
| | | | 377,671 | | | | | | 378,000 | | |
Vessel fair value adjustment
|
| | | | — | | | | | | (200,500) | | |
Other loss
|
| | | | 1,418 | | | | | | 88 | | |
Operating income/(loss)
|
| | | $ | 433,460 | | | | | $ | (1,018,310) | | |
Net income/(loss) and comprehensive income/(loss)
|
| | | $ | 433,460 | | | | | $ | (1,018,310) | | |
| | |
Parent Company
Investment |
| |
Accumulated
Deficit |
| |
Total
Equity |
| |||||||||
BALANCE, December 31, 2019
|
| | | | 140,038,822 | | | | | | (105,176,649) | | | | | | 34,862,173 | | |
Parent investment (Note 5)
|
| | | | 1,271,586 | | | | | | — | | | | | | 1,271,586 | | |
Net loss and comprehensive loss
|
| | | | — | | | | | | (1,018,310) | | | | | | (1,018,310) | | |
BALANCE, June 30, 2020
|
| | | | 141,310,408 | | | | | | (106,194,959) | | | | | | 35,115,449 | | |
BALANCE, December 31, 2020
|
| | | $ | 144,274,678 | | | | | $ | (108,972,608) | | | | | $ | 35,302,070 | | |
Parent distribution (Note 5)
|
| | | | (3,349,458) | | | | | | — | | | | | | (3,349,458) | | |
Net income and comprehensive income
|
| | | $ | — | | | | | $ | 433,460 | | | | | $ | 433,460 | | |
BALANCE, June 30, 2021
|
| | | $ | 140,925,220 | | | | | $ | (108,539,148) | | | | | $ | 32,386,072 | | |
| | |
2021
|
| |
2020
|
| ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net income/(loss)
|
| | | $ | 433,460 | | | | | $ | (1,018,310) | | |
Adjustments to reconcile net income/(loss) to net cash from operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization of deferred charges
|
| | | | 1,191,889 | | | | | | 962,135 | | |
Vessel fair value adjustment
|
| | | | — | | | | | | (200,500) | | |
(Increase) / Decrease in:
|
| | | | | | | | | | | | |
Accounts receivable, trade
|
| | | | 1,002,389 | | | | | | 234,767 | | |
Due from a related party
|
| | | | (222,509) | | | | | | (60,553) | | |
Inventories
|
| | | | 38,272 | | | | | | 5,288 | | |
Insurance claims
|
| | | | 941,488 | | | | | | (7,841) | | |
Prepaid expenses
|
| | | | 194,952 | | | | | | (149,854) | | |
Other non-current assets
|
| | | | — | | | | | | (394,242) | | |
Increase / (Decrease) in:
|
| | | | | | | | | | | | |
Accounts payable, trade and other
|
| | | | 147,056 | | | | | | 9,486 | | |
Due to a related party
|
| | | | (92,350) | | | | | | (169,004) | | |
Accrued liabilities
|
| | | | (526,565) | | | | | | 570,591 | | |
Deferred revenue
|
| | | | 235,897 | | | | | | (62,112) | | |
Drydock costs
|
| | | | (2,743) | | | | | | (271,450) | | |
Net cash provided by / (used in) Operating Activities
|
| | | $ | 3,341,236 | | | | | $ | (551,599) | | |
Cash Flows from Investing Activities:
|
| | | | | | | | | | | | |
Payments for vessel improvements (Note 3)
|
| | | | (29,477) | | | | | | (719,290) | | |
Net cash used in Investing Activities
|
| | | $ | (29,477) | | | | | $ | (719,290) | | |
Cash Flows from Financing Activities:
|
| | | | | | | | | | | | |
Parent investment/(distribution)
|
| | | | (3,349,458) | | | | | | 1,271,586 | | |
Net cash provided by / (used in) Financing Activities
|
| | | $ | (3,349,458) | | | | | $ | 1,271,586 | | |
Net increase/(decrease) in cash and cash equivalents
|
| | | | (37,699) | | | | | | 697 | | |
Cash and cash equivalents at beginning of the period
|
| | | | 39,638 | | | | | | 1,915 | | |
Cash and cash equivalents at end of the period
|
| | | $ | 1,939 | | | | | $ | 2,612 | | |
Charterer
|
| |
2021
|
| |
2020
|
| ||||||
Cargill International S.A.
|
| | | | | | | | | | 37% | | |
Phaethon International Co AG.
|
| | | | | | | | | | 33% | | |
Uniper Global Commodities, Dusseldorf GE
|
| | | | | | | | | | 11% | | |
Crystal Sea Shipping Co., Limited
|
| | | | | | | | | | 20% | | |
C Transport Maritime LTD
|
| | | | 37% | | | | | | | | |
Vitera Chartering
|
| | | | 28% | | | | | | | | |
Reachy International
|
| | | | 25% | | | | | | | | |
| | |
Vessel Cost
|
| |
Accumulated
Depreciation |
| |
Net Book Value
|
| |||||||||
Balance, December 31, 2020
|
| | | $ | 47,405,161 | | | | | $ | (15,155,862) | | | | | $ | 32,249,299 | | |
– Additions for improvements
|
| | | | 29,477 | | | | | | — | | | | | | 29,477 | | |
– Depreciation for the period
|
| | | | — | | | | | | (1,071,390) | | | | | | (1,071,390) | | |
Balance, June 30, 2021
|
| | | $ | 47,434,638 | | | | | $ | (16,227,252) | | | | | $ | 31,207,386 | | |
| | |
June 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Commissions
|
| | | $ | 412,008 | | | | | $ | 322,428 | | |
Bunkers
|
| | | | (330,454) | | | | | | 212,830 | | |
Extra insurance
|
| | | | 2,023 | | | | | | — | | |
Miscellaneous
|
| | | | 10,450 | | | | | | 16,846 | | |
Total
|
| | | $ | 94,027 | | | | | $ | 552,104 | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | |
| | |
2020
|
| |||
ASSETS | | | | | | | |
CURRENT ASSETS: | | | | | | | |
Cash and cash equivalents (Note 2(e))
|
| | | $ | 39,638 | | |
Accounts receivable, trade (Note 2(f))
|
| | | | 1,035,069 | | |
Due from a related party (Notes 3 and 5(b))
|
| | | | 1,169,637 | | |
Inventories (Note 2(g))
|
| | | | 181,973 | | |
Insurance claims (Note 2(h))
|
| | | | 941,488 | | |
Prepaid expenses
|
| | | | 869,662 | | |
Total current assets
|
| | | | 4,237,467 | | |
FIXED ASSETS: | | | | | | | |
Vessels, net (Note 4)
|
| | | | 32,249,299 | | |
Total fixed assets
|
| | | | 32,249,299 | | |
OTHER NON-CURRENT ASSETS: | | | | | | | |
Deferred charges, net (Notes 2(m) and 4)
|
| | | | 701,773 | | |
Total assets
|
| | | $ | 37,188,539 | | |
LIABILITIES AND PARENT EQUITY | | | | | | | |
CURRENT LIABILITIES: | | | | | | | |
Accounts payable, trade and other
|
| | | | 133,566 | | |
Due to a related party (Note 3)
|
| | | | 115,280 | | |
Accrued liabilities
|
| | | | 1,637,623 | | |
Total current liabilities
|
| | | | 1,886,469 | | |
Commitments and contingencies (Note 5)
|
| | | | — | | |
PARENT EQUITY: | | | | | | | |
Parent investment, net (Note 6)
|
| | | | 144,274,678 | | |
Accumulated deficit
|
| | | | (108,972,608) | | |
Parent equity, net
|
| | | | 35,302,070 | | |
Total liabilities and parent equity
|
| | | $ | 37,188,539 | | |
| | |
From January 1, 2021
through November 29, 2021 |
| |
2020
|
| |
2019
|
| |||||||||
REVENUES: | | | | | | | | | | | | | | | | | | | |
Time charter revenues (Note 2(o))
|
| | | $ | 11,342,529 | | | | | $ | 9,410,671 | | | | | $ | 12,370,182 | | |
EXPENSES: | | | | | | | | | | | | | | | | | | | |
Voyage expenses (Note 2(o))
|
| | | | 418,022 | | | | | | 977,940 | | | | | | 1,548,501 | | |
Vessel operating expenses (Note 2(p))
|
| | | | 6,200,109 | | | | | | 8,497,830 | | | | | | 5,582,563 | | |
Depreciation and amortization of deferred charges (Note 4)
|
| | | | 2,192,911 | | | | | | 2,151,977 | | | | | | 2,479,432 | | |
General and administrative expenses (Note 6)
|
| | | | 1,104,894 | | | | | | 1,265,051 | | | | | | 809,205 | | |
Management fees to related parties (Note 3)
|
| | | | 683,121 | | | | | | 756,000 | | | | | | 728,300 | | |
Vessel Impairment charges (Note 4)
|
| | | | — | | | | | | — | | | | | | 3,047,978 | | |
Vessel fair value adjustment (Note 4)
|
| | | | — | | | | | | (200,500) | | | | | | — | | |
Other loss/(income)
|
| | | | (9,427) | | | | | | (241,668) | | | | | | 37,055 | | |
Operating income/(loss)
|
| | | $ | 752,899 | | | | | $ | (3,795,959) | | | | | $ | (1,862,852) | | |
Finance costs
|
| | | | (1,916) | | | | | | — | | | | | | — | | |
Net income/(loss) and comprehensive income/(loss)
|
| | | $ | 750,983 | | | | | $ | (3,795,959) | | | | | $ | (1,862,852) | | |
| | |
Parent Company
Investment, net |
| |
Accumulated
Deficit |
| |
Total Equity
|
| |||||||||
BALANCE, January 1, 2019
|
| | | $ | 141,543,044 | | | | | $ | (103,313,797) | | | | | $ | 38,229,247 | | |
Parent Distribution, net (Note 6)
|
| | | | (1,504,222) | | | | | | — | | | | | | (1,504,222) | | |
Net loss and comprehensive loss
|
| | | $ | — | | | | | $ | (1,862,852) | | | | | $ | (1,862,852) | | |
BALANCE, December 31, 2019
|
| | | $ | 140,038,822 | | | | | $ | (105,176,649) | | | | | $ | 34,862,173 | | |
Parent Investment, net (Note 6)
|
| | | | 4,235,856 | | | | | | — | | | | | | 4,235,856 | | |
Net loss and comprehensive loss
|
| | | $ | — | | | | | $ | (3,795,959) | | | | | $ | (3,795,959) | | |
BALANCE, December 31, 2020
|
| | | $ | 144,274,678 | | | | | $ | (108,972,608) | | | | | $ | 35,302,070 | | |
Parent Distribution, net (Note 6)
|
| | | | (3,196,728) | | | | | | — | | | | | | (3,196,728) | | |
Net income and comprehensive income
|
| | | $ | — | | | | | $ | 750,983 | | | | | $ | 750,983 | | |
BALANCE, November 29, 2021
|
| | | $ | 141,077,950 | | | | | $ | (108,221,625) | | | | | $ | 32,856,325 | | |
| | |
From January 1, 2021
through November 29, 2021 |
| |
2020
|
| |
2019
|
| |||||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | | | | | | | |
Net income/(loss)
|
| | | $ | 750,983 | | | | | $ | (3,795,959) | | | | | $ | (1,862,852) | | |
Adjustments to reconcile net income/(loss) to net cash from operating activities:
|
| | | | | | | | | | | | | | | | | | |
Depreciation and amortization of deferred charges
|
| | | | 2,192,911 | | | | | | 2,151,977 | | | | | | 2,479,432 | | |
Asset impairment charge (Note 4)
|
| | | | — | | | | | | — | | | | | | 3,047,978 | | |
Vessel fair value adjustment (Note 4)
|
| | | | — | | | | | | (200,500) | | | | | | — | | |
(Increase) / Decrease in:
|
| | | | | | | | | | | | | | | | | | |
Accounts receivable, trade
|
| | | | 169,243 | | | | | | (725,324) | | | | | | (302,696) | | |
Due from related parties
|
| | | | (14,418) | | | | | | (1,167,746) | | | | | | (1,891) | | |
Inventories
|
| | | | (26,611) | | | | | | (13,199) | | | | | | 392,255 | | |
Insurance claims
|
| | | | 941,488 | | | | | | 1,145,969 | | | | | | (2,078,347) | | |
Prepaid expenses
|
| | | | 191,097 | | | | | | (155,786) | | | | | | (403,488) | | |
Increase / (Decrease) in:
|
| | | | | | | | | | | | | | | | | | |
Accounts payable, trade and other
|
| | | | 87,213 | | | | | | (47,062) | | | | | | (160,921) | | |
Due to related parties
|
| | | | (115,280) | | | | | | (122,741) | | | | | | 220,261 | | |
Accrued liabilities
|
| | | | (1,125,141) | | | | | | 1,189,260 | | | | | | 202,046 | | |
Deferred revenue
|
| | | | 135,080 | | | | | | (155,877) | | | | | | (90,092) | | |
Drydock costs
|
| | | | (5,535) | | | | | | (826,180) | | | | | | (2,234) | | |
Net cash provided by / (used in) Operating Activities
|
| | | $ | 3,181,030 | | | | | $ | (2,723,168) | | | | | $ | 1,439,451 | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | | | | | | | |
Payments for vessel improvements (Note 4)
|
| | | | (23,850) | | | | | | (1,474,965) | | | | | | — | | |
Net cash used in Investing Activities
|
| | | $ | (23,850) | | | | | $ | (1,474,965) | | | | | $ | — | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | | | | | | | |
Parent investment/(distribution), net
|
| | | | (3,196,728) | | | | | | 4,235,856 | | | | | | (1,504,222) | | |
Net cash provided by/ (used in) Financing Activities
|
| | | $ | (3,196,728) | | | | | $ | 4,235,856 | | | | | $ | (1,504,222) | | |
Net increase/(decrease) in cash and cash equivalents
|
| | | | (39,548) | | | | | | 37,723 | | | | | | (64,771) | | |
Cash and cash equivalents at beginning of the period
|
| | | | 39,638 | | | | | | 1,915 | | | | | | 66,686 | | |
Cash and cash equivalents at end of the period
|
| | | $ | 90 | | | | | $ | 39,638 | | | | | $ | 1,915 | | |
| | |
Vessel Cost
|
| |
Accumulated
Depreciation |
| |
Net Book Value
|
| |||||||||
Balance, December 31, 2019
|
| | | $ | 38,600,196 | | | | | $ | (13,139,306) | | | | | $ | 25,460,890 | | |
– Additions for improvements
|
| | | | 1,474,965 | | | | | | — | | | | | | 1,474,965 | | |
– Vessel fair value adjustment
|
| | | | 200,500 | | | | | | — | | | | | | 200,500 | | |
– Vessel transferred from held for sale
|
| | | | 7,129,500 | | | | | | — | | | | | | 7,129,500 | | |
– Depreciation for the period
|
| | | | — | | | | | | (2,016,556) | | | | | | (2,016,556) | | |
Balance, December 31, 2020
|
| | | $ | 47,405,161 | | | | | $ | (15,155,862) | | | | | $ | 32,249,299 | | |
Charterer
|
| |
From January 1, 2021 to
November 29, 2021 |
| |
2020
|
| |
2019
|
| |||||||||
C Transport Maritime LTD
|
| | | | 38% | | | | | | | | | | | | | | |
Vitera Chartering
|
| | | | 29% | | | | | | | | | | | | | | |
Reachy International
|
| | | | 28% | | | | | | | | | | | | | | |
Cargill International S.A.
|
| | | | | | | | | | 34% | | | | | | 33% | | |
Phaethon International Co AG.
|
| | | | | | | | | | 34% | | | | | | | | |
Uniper Global Commodities, Dusseldorf GE
|
| | | | | | | | | | 22% | | | | | | | | |
Crystal Sea Shipping Co., Limited
|
| | | | | | | | | | 10% | | | | | | 12% | | |
Hadson Shipping Lines Inc.
|
| | | | | | | | | | | | | | | | 30% | | |
Glencore Agriculture BV
|
| | | | | | | | | | | | | | | | 22% | | |
|
Exhibit
Number |
| |
Description
|
|
|
3.1
|
| | Amended and Restated Articles of Incorporation of the Company(1) | |
|
3.2
|
| | | |
|
4.1
|
| | | |
|
4.2
|
| | | |
|
4.3
|
| | | |
|
4.4
|
| | | |
|
4.5
|
| | |
|
Exhibit
Number |
| |
Description
|
|
|
4.6
|
| | Form of Warrant Agency Agreement by and between Computershare Trust Company, N.A. and the Company with respect to the Class B Warrants* | |
|
4.7
|
| | | |
|
4.8
|
| | | |
|
5.1
|
| | | |
|
8.1
|
| | | |
|
10.1
|
| | | |
|
10.2
|
| | | |
|
10.3
|
| | | |
|
10.4
|
| | | |
|
10.5
|
| | | |
|
10.6
|
| | | |
|
10.7
|
| | | |
|
10.8
|
| | | |
|
10.9
|
| | | |
|
10.10
|
| | | |
|
10.11
|
| | Listing Agreement, by and between Diana Shipping and the Company, dated September 21, 2022* | |
|
10.12
|
| | Memorandum of Agreement relating to the Company’s purchase of the m/v Baltimore, dated June 13, 2022* | |
|
10.13
|
| | | |
|
23.1
|
| | Consent of Independent Registered Public Accounting Firm (Ernst & Young (Hellas) Certified Auditors Accountants S.A.) | |
|
23.2
|
| | Consent of Independent Registered Public Accounting Firm (Ernst & Young (Hellas) Certified Auditors Accountants S.A.) | |
|
23.3
|
| | Consent of Seward & Kissel LLP (included in Exhibits 5.1 and 8.1)* | |
|
24.1
|
| | | |
|
99.1
|
| | | |
|
107
|
| | | |
|
101.INS
|
| | Inline XBRL Instance Document — the instance document does not appear in the Interactive Data File because its XBRL tags are within the Inline XBRL document* | |
|
101.SCH
|
| | Inline XBRL Taxonomy Extension Schema* | |
|
101.CAL
|
| | Inline XBRL Taxonomy Schema Calculation Linkbase* | |
|
101.DEF
|
| | Inline XBRL Taxonomy Extension Schema Definition Linkbase* | |
|
101.LAB
|
| | Inline XBRL Taxonomy Extension Schema Label Linkbase* | |
|
101.PRE
|
| | Inline XBRL Taxonomy Extension Schema Presentation Linkbase* | |
|
104
|
| | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)* | |
|
Signature
|
| |
Title
|
|
|
/s/ Semiramis Paliou
Semiramis Paliou
|
| | Chairman and Director | |
|
/s/ Eleftherios Papatrifon
Eleftherios Papatrifon
|
| |
Director and Chief Executive Officer
(Principal Executive Officer) |
|
|
/s/ Ioannis Zafirakis
Ioannis Zafirakis
|
| |
Director, Interim Chief Financial Officer, Treasurer
and Secretary (Principal Financial Officer and Principal Accounting Officer) |
|
|
/s/ Styliani Alexandra Sougioultzoglou
Styliani Alexandra Sougioultzoglou
|
| | Director | |
|
/s/ Grigorios-Filippos Psaltis
Grigorios-Filippos Psaltis
|
| | Director | |
|
/s/ Nikolaos Veraros
Nikolaos Veraros
|
| | Director | |
|
/s/ Alexios Chrysochoidis
Alexios Chrysochoidis
|
| | Director | |
Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the reference to our firm under the caption "Experts" and to the use of our report dated April 06, 2022, in Amendment No.1 to the Registration Statement (Form F-1 No. 333-267867) and related Prospectus of OceanPal Inc. for the registration of Common Shares and 7.0% Series D Cumulative Convertible Perpetual Preferred Stock.
/s/ Ernst & Young (Hellas) Certified Auditors Accountants S.A.
Athens, Greece
November 4, 2022
Exhibit 23.2
Consent of Independent Registered Public Accounting Firm
We consent to the reference to our firm under the caption "Experts" and to the use of our report dated April 06, 2022, with respect to the combined carve – out financial statements of OceanPal Inc. Predecessors included in Amendment No.1 to the Registration Statement (Form F-1 No. 333-267867) and related Prospectus of OceanPal Inc. for the registration of Common Shares and 7.0% Series D Cumulative Convertible Perpetual Preferred Stock.
/s/ Ernst & Young (Hellas) Certified Auditors Accountants S.A.
Athens, Greece
November 4, 2022
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