Exhibit 99.1

IMPERIAL PETROLEUM INC.

IMPERIAL PETROLEUM INC. REPORTS SECOND QUARTER AND SIX MONTHS 2023 FINANCIAL AND OPERATING RESULTS

ATHENS, GREECE, August 10, 2023—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, 2023.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

• Fleet operational utilization of 75.4% in Q2 23’ with 28 days of technical off hire and 129 days of vessel repositioning.

• 68.5% of fleet calendar days equivalent to 734 days in Q2 23’ were dedicated to spot activity.

• Revenues of $59.0 million in Q2 23’—up $47.7 million or 422.1% from Q2 22’.

• Net income of $16.8 million in Q2 23’ up by $16.7 million compared to Q2 22’.

• Adjusted Net income¹ of $26.6 million in Q2 23’ up by $26.5 million compared to Q2 22’ or 26,500%.

• Adjusted EBITDA¹ of $30.8 million in Q2 23’ up by $27.8 million or 926.7% from Q2 22’.

• Cash and cash equivalents including time deposits of $98.6 million as of June 30, 2023 – a strong cash balance in spite of utilizing within Q2 23’ an amount of $45.9 million for the repayment of all outstanding loans.

• As of June 30, 2023 Imperial Petroleum has zero debt on its balance sheet.

• In the 1H 23’ the Company generated a Net Income of $52.6 million corresponding to a basic EPS of $3.17.

• In the 1H 23’ the Company generated an Adjusted Net Income of $62.6 million corresponding to an Adjusted basic EPS¹ of $3.79.

• Spin off of two of our four Handysize drybulk carriers to a separate listed entity called C3is Inc. on June 21, 2023.

• Imperial Petroleum retains an interest in C3is Inc. through ownership of 600,000 Series A Convertible Preferred Shares of C3is Inc.

• In July 2023, the Company sold its Aframax tanker to C3is Inc. for a consideration of $43 million.

Second Quarter 2023 Results:

• Revenues for the three months ended June 30, 2023 amounted to $59.0 million, an increase of $47.7 million, or 422.1%, compared to revenues of $11.3 million for the three months ended June 30, 2022, primarily due to the increase of our average fleet by approximately six vessels leading to an increase in fleet calendar days by 97.8% (530 days) and an increase of tanker market rates leading to a rise in fleet daily revenue by approximately $35,500.

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.

• Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2023 were $19.3 million and $7.0 million, respectively, compared to $4.4 million and $3.3 million, respectively, for the three months ended June 30, 2022. The $14.9 million increase in voyage expenses is mainly due to the increase in the spot days of our fleet by 541 days (280.3%) and to our fleet- wide daily port expenses by approximately $3,750 due to a higher number of spot voyages. The $3.7 million increase in vessels’ operating expenses was primarily due to the increase in the average number of our vessels.

• Drydocking costs for the three months ended June 30, 2023 and 2022 was $0.7 million and nil, respectively. This increase is due to the fact that during the 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, 2023 and 2022 were $1.5 million and $0.4 million, respectively. This increase is mainly attributed to a $0.8 million increase in stock-based compensation costs along with an increase in reporting costs related to our spin off project.

• Depreciation for the three months ended June 30, 2023 and 2022 was $4.6 million and $2.7 million, respectively. The change is attributable to the increase in the average number of our vessels.

• Interest and finance costs for the three months ended June 30, 2023 and 2022 were $0.5 million and $0.2 million, respectively. During the three months ended June 30, 2023 the Company repaid all of its outstanding debt. 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, 2023 and 2022 was $0.9 million and $0.04 million, respectively. The increase is attributed to our time deposits during the period at favourable time deposit rates.

• Impairment loss for the three 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 compared to one year ago when these vessels were acquired resulted in the incurrence of impairment loss.

• As a result of the above, for the three months ended June 30, 2023, the Company reported net income of $16.8 million, compared to net income of $0.1 million for the three months ended June 30, 2022. Dividends paid on Series A Preferred Shares amounted to $0.4 million for the three months ended June 30, 2023. The weighted average number of shares of common stock outstanding, basic, for the three months ended June 30, 2023 was 16.8 million. Earnings per share, basic and diluted, for the three months ended June 30, 2023 amounted to $0.91 and $0.73, respectively, compared to a loss per share, basic and diluted, of $0.44 and $0.44, respectively for the three months ended June 30, 2022.

• Adjusted net income was $26.6 million corresponding to an Adjusted EPS, basic of $1.46 for the three months ended June 30, 2023 compared to an Adjusted net income of $0.1 million corresponding to an Adjusted loss per share, basic, of $0.44 for the same period of last year.

• EBITDA for the three months ended June 30, 2023 amounted to $21.0 million, while Adjusted EBITDA for the three months ended June 30, 2023 amounted to $30.8 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

• An average of 11.8 vessels were owned by the Company during the three months ended June 30, 2023 compared to 6.0 vessels for the same period of 2022.

Six Months 2023 Results:

• Revenues for the six months ended June 30, 2023 amounted to $124.5 million, an increase of $108.0 million, or 654.5%, compared to revenues of $16.5 million for the six months ended June 30, 2022, primarily due to the increase in the average number of our vessels and improved market conditions resulting in higher rates particularly in the spot tanker market.

• Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2023 were $36.1 million and $13.9 million, respectively, compared to $4.9 million and $5.1 million, respectively, for the six months ended June 30, 2022. The $31.2 million increase in voyage expenses is mainly due to the increase in the spot days of our fleet by 1,009 days (458.6%). The $8.8 million increase in vessels’ operating expenses was primarily due to the increase in the average number of vessels in our fleet by approximately six vessels.

• Drydocking costs for the six months ended June 30, 2023 and 2022 were $1.3 million and nil, respectively. This increase is due to the fact that during the six months ended June 30, 2023 two of our Handysize drybulk carriers underwent drydocking.

• General and administrative costs for the six months ended June 30, 2023 and 2022 were $2.5 million and $0.5 million, respectively. This rise is mainly attributed to $1.1 million of stock-based compensation expense along with a rise in reporting costs related to our spin off project.

• Depreciation for the six months ended June 30, 2023 was $8.7 million, a $3.8 million increase from $4.9 million for the same period of last year, due to the increase in the average number of our vessels.

• Interest and finance costs for the six months ended June 30, 2023 and 2022 were $1.8 million and $0.5 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, 2023 and 2022 was $2.1 million and $0.04 million, respectively. The increase is attributed to our time deposits during the period at favourable time deposit rates.

• 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 compared to one year ago when these vessels were acquired resulted in the incurrence of impairment loss.

• As a result of the above, the Company reported net income for the six months ended June 30, 2023 of $52.6 million, compared to a net income of $0.3 million for the six months ended June 30, 2022. The weighted average number of shares outstanding, basic, for the six months ended June 30, 2023 was 15.9 million. Earnings per share, basic and diluted, for the six months ended June 30, 2023 amounted to $3.17 and $2.78, respectively compared to a loss per share, basic and diluted, of $0.81 and $0.81 for the six months ended June 30, 2022.

• Adjusted Net Income was $62.6 million corresponding to an Adjusted EPS, basic of $3.79 for the six months ended June 30, 2023 compared to adjusted net income of $0.3 million, or $0.81 loss per share, basic, for the same period of last year.

• EBITDA for the six months ended June 30, 2023 amounted to $60.9 million while Adjusted EBITDA for the six months ended June 30, 2023 amounted to $71.0 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

• An average of 10.9 vessels were owned by the Company during the six months ended June 30, 2023 compared to 5.0 vessels for the same period of 2022.

• As of June 30, 2023, cash and cash equivalents including time deposits amounted to $98.6 million and total debt amounted to nil. During the six months ended June 30, 2023 debt repayments amounted to $70.4 million.

Fleet Employment Table

As of August 10, 2023, the profile and deployment of our fleet is the following:

Name

Year Built

Country Built

Vessel Size (dwt)

Vessel Type

Employment Status

Daily Charter Rate

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

47,000

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

Spot

Glorieuse

2012

Japan

38,000

Handysize drybulk

Time Charter

$

13,500

October 2023

Fleet Total

628,000 dwt

(1) Earliest date charters could expire.

CEO Harry Vafias Commented

Within the first six months of 2023 our company managed to generate an adjusted net income of $62.6 million corresponding to a Basic Earnings Per Share of $3.79 which is well above our current share price. Compared to the first six months of 2022 our increase in net income was in the order of 20,500%. Our strong performance is unquestionable but so is the fact that we are significantly undervalued. We have a fleet valued at about $225 million, zero debt and about $100 million in cash. The outlook for the tanker market remains favourable whereas there might be opportunities in the dry bulk sector as dry ship values are dropping. We will continue to capture this favourable momentum generating strong results while growing our Company further.

Conference Call details:

On August 10, 2023 at 11:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.

Online Registration:

Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.

https://register.vevent.com/register/BI77731313e63f47b6b978bda7d8b7ca62

Slides and audio webcast:

There will also be a live and then archived webcast of the conference call, through the IMPERIAL PETROLEUM INC. website (www.ImperialPetro.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About IMPERIAL PETROLEUM INC.

Imperial Petroleum Inc. is a ship-owning - company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of nine vessels; five M.R. product tankers, two Suezmax tankers and two Handysize dry bulk carriers with a total capacity of 628,000 deadweight tons (dwt). Imperial Petroleum Inc.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP”, respectively.

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although IMPERIAL PETROLEUM INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the impact of any lingering impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in IMPERIAL PETROLEUM INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, performance of counterparty to our vessel sale agreement, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities and Exchange Commission.

Fleet List and Fleet Deployment

For information on our fleet and further information:

Visit our website at www.ImperialPetro.com

Company Contact:

Fenia Sakellaris

IMPERIAL PETROLEUM INC.

E-mail: info@ImperialPetro.com

Fleet Data:

The following key indicators highlight the Company’s operating performance during the periods ended June 30, 2022 and June 30, 2023.

FLEET DATA	Q2 2022			Q2 2023			6M 2022			6M 2023
Average number of vessels (1)		6.0			11.8			5.0			10.9
Period end number of owned vessels in fleet		8			10			8			10
Total calendar days for fleet (2)		542			1,072			906			1,981
Total voyage days for fleet (3)		539			1,044			903			1,947
Fleet utilization (4)		99.4	%		97.4	%		99.7	%		98.3	%
Total charter days for fleet (5)		346			310			683			718
Total spot market days for fleet (6)		193			734			220			1,229
Fleet operational utilization (7)		82.5	%		75.4	%		89.1	%		79.8	%

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 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, 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,
	2022			2023			2022			2023
Net Income - Adjusted Net Income
Net income		85,719			16,826,485			304,101			52,550,587
Plus impairment loss		—			8,996,023			—			8,996,023
Plus share based compensation		—			789,648			—			1,091,189
Adjusted Net Income		85,719			26,612,156			304,101			62,637,799
Net income - EBITDA
Net income		85,719			16,826,485			304,101			52,550,587
Plus interest and finance costs		243,901			459,166			452,915			1,810,769
Less interest income		(44,140	)		(851,930	)		(44,140	)		(2,131,146	)
Plus depreciation		2,734,165			4,601,209			4,902,831			8,690,061
EBITDA		3,019,645			21,034,930			5,615,707			60,920,271
Net income - Adjusted EBITDA
Net income		85,719			16,826,485			304,101			52,550,587
Plus impairment loss		—			8,996,023			—			8,996,023
Plus share based compensation		—			789,648			—			1,091,189
Plus interest and finance costs		243,901			459,166			452,915			1,810,769
Less interest income		(44,140	)		(851,930	)		(44,140	)		(2,131,146	)
Plus depreciation		2,734,165			4,601,209			4,902,831			8,690,061
Adjusted EBITDA		3,019,645			30,820,601			5,615,707			71,007,483
EPS - Adjusted EPS
Net income		85,719			16,826,485			304,101			52,550,587
Adjusted net income		85,719			26,612,156			304,101			62,637,799
Weighted average number of shares, basic		7,503,881			16,816,597			4,359,423			15,940,369
EPS - Basic		(0.44	)		0.91			(0.81	)		3.17
Adjusted EPS - Basic		(0.44	)		1.46			(0.81	)		3.79

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,
	2022			2023			2022			2023
Revenues
Revenues		11,348,271			59,044,221			16,464,649			124,465,322
Expenses
Voyage expenses		4,263,884			18,522,418			4,721,312			34,600,245
Voyage expenses - related party		141,591			736,269			203,462			1,546,799
Vessels’ operating expenses		3,290,751			6,885,309			5,034,767			13,761,185
Vessels’ operating expenses - related party		22,500			89,333			37,500			154,333
Drydocking costs		—			696,934			—			1,318,310
Management fees		209,815			473,880			341,625			871,640
General and administrative expenses		412,669			1,487,436			527,985			2,466,405
Depreciation		2,734,165			4,601,209			4,902,831			8,690,061
Impairment loss		—			8,996,023			—			8,996,023
Total expenses		11,075,375			42,448,811			15,769,482			72,405,001
Income from operations		272,896			16,555,410			695,167			52,060,321
Other (expenses)/income
Interest and finance costs		(243,901	)		(459,166	)		(452,915	)		(1,810,769	)
Interest income		44,140			851,930			44,140			2,131,146
Dividend income from related party		—			20,833			—			20,833
Foreign exchange gain/(loss)		12,584			(142,522	)		17,709			149,056
Other (expenses)/income, net		(187,177	)		271,075			(391,066	)		490,266
Net Income		85,719			16,826,485			304,101			52,550,587
(Loss)/Earnings per share2
- Basic		(0.44	)		0.91			(0.81	)		3.17
- Diluted		(0.44	)		0.73			(0.81	)		2.78
Weighted average number of shares2
-Basic		7,503,881			16,816,597			4,359,423			15,940,369
-Diluted		7,503,881			21,366,486			4,359,423			18,304,134

²  Adjusted retroactively to reflect the 1-for-15 reverse stock split effected on April 28, 2023.

Imperial Petroleum Inc.

Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

	December 31, 2022		June 30, 2023
Assets
Current assets
Cash and cash equivalents		50,901,092		36,713,632
Time deposits		68,000,000		61,912,900
Restricted cash		1,005,827		—
Receivables from related party		146,708		—
Trade and other receivables		7,898,103		10,381,724
Other current assets		240,002		376,132
Inventories		5,507,423		7,444,975
Advances and prepayments		172,908		353,209
Total current assets		133,872,063		117,182,572
Non current assets
Operating lease right-of-use asset		—		31,349
Vessels, net		226,351,081		216,771,929
Restricted cash		5,600,000		—
Investment in related party		—		12,656,833
Total non current assets		231,951,081		229,460,111
Total assets		365,823,144		346,642,683
Liabilities and Stockholders’ Equity
Current liabilities
Trade accounts payable		8,115,462		8,121,803
Payable to related parties		3,016,438		491,456
Accrued liabilities		1,982,306		2,645,608
Operating lease liabilities		—		31,349
Deferred income		1,089,959		172,953
Current portion of long-term debt		10,176,538		—
Total current liabilities		24,380,703		11,463,169
Non current liabilities
Long-term debt		59,787,923		—
Total non current liabilities		59,787,923		—
Total liabilities		84,168,626		11,463,169
Commitments and contingencies
Mezzanine equity
Preferred stock, Series C		—		10,000,000
Total mezzanine equity		—		10,000,000
Stockholders’ equity
Capital stock		129,724		170,874
Preferred Stock, Series A		7,959		7,959
Preferred Stock, Series B		160		160
Additional paid-in capital		252,912,550		244,901,303
Retained earnings		28,604,125		80,099,218
Total stockholders’ equity		281,654,518		325,179,514
Total liabilities, mezzanine equity and stockholders’ equity		365,823,144		346,642,683

Imperial Petroleum Inc.

Unaudited Consolidated Statements of Cash Flows

(Expressed in United States Dollars

	Six Month Periods Ended June 30,
	2022			2023
Cash flows from operating activities
Net income for the period		304,101			52,550,587
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		4,902,831			8,690,061
Amortization of deferred finance charges		29,470			474,039
Amortization of operating lease right-of-use asset		—			31,349
Share based compensation		—			1,091,189
Impairment loss		—			8,996,023
Dividend income from related party		—			(20,833	)
Changes in operating assets and liabilities:
(Increase)/decrease in
Trade and other receivables		(2,172,381	)		(3,360,823	)
Other current assets		(581,331	)		(136,130	)
Inventories		(4,676,485	)		(2,062,365	)
Changes in operating lease liabilities		—			(31,349	)
Advances and prepayments		(393,340	)		(373,262	)
Increase/(decrease) in
Trade accounts payable		4,288,624			500,001
Balances with related parties		(745,505	)		(2,752,024	)
Accrued liabilities		606,679			1,020,949
Deferred income		(291,822	)		(801,066	)
Net cash provided by operating activities		1,270,841			63, 816,346
Cash flows from investing activities
Acquisition and improvement of vessels		(79,022,533	)		(26,284,405	)
Increase in bank time deposits		—			(61,912,900	)
Maturity of bank time deposits		—			68,000,000
Net cash used in investing activities		(79,022,533	)		(20,197,305	)
Cash flows from financing activities
Proceeds from equity offerings		167,572,515			12,095,253
Stock issuance costs		(10,767,944	)		(198,587	)
Dividends paid on preferred shares		(870,492	)		(870,494	)
Loan repayments		(2,402,000	)		(70,438,500	)
Cash retained by C3is Inc. at spin-off		—			(5,000,000	)
Net cash provided by/(used in) financing activities		153,532,079			(64,412,328	)
Net increase/(decrease) in cash, cash equivalents and restricted cash		75,780,387			(20,793,287	)
Cash, cash equivalents and restricted cash at beginning of year		6,341,059			57,506,919
Cash, cash equivalents and restricted cash at end of period		82,121,446			36,713,632
Cash breakdown
Cash and cash equivalents		79,135,753			36,713,632
Restricted cash, current		485,693			—
Restricted cash, non current		2,500,000			—
Total cash, cash equivalents and restricted cash shown in the statements of cash flows		82,121,446			36,713,632
Supplemental Cash Flow Information
Interest paid		305,349			1,735,054
Non-cash investing activity - Vessels’ improvements included in liabilities		51,580			322,527
Non-cash financing activity – Dividends declared on Preferred Shares Series C included in Balances with related parties		—			185,000
Distribution of net assets of C3is Inc. to shareholders and warrantholders		—			20,957,952