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CASTOR MARITIME INC.
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Dated: March 4, 2020
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By:
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/s/ Petros Panagiotidis
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Petros Panagiotidis
Chairman, Chief Executive Officer and
Chief Financial Officer
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◾ |
Revenues, net: $2.8 million for the three months ended December 31, 2019, as compared to $1.1 million for the three months ended December 31,
2018, respectively;
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◾ |
Net income: $0.5 million for the three months ended December 31, 2019, as compared to $0.3 million for the three months ended December 31, 2018,
respectively;
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◾ |
Earnings/(loss) per share: $0.20 earnings per share for the three months ended December 31, 2019, as compared to a loss per share of $0.30 for
the three months ended December 31, 2018, respectively;
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◾ |
EBITDA: $1.1 million for the three months ended December 31, 2019, as compared to $0.4 million for the three months ended December 31, 2018,
respectively; and
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◾ |
Fleet time charter equivalent of $10,789 per day.
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◾ |
Revenues, net: $6.0 million for the year ended December 31, 2019, as compared to $4.4 million for the year ended December 31, 2018, respectively;
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◾ |
Net income: $1.1 million for the year ended December 31, 2019, as compared to $1.5 million for the year ended December 31, 2018, respectively;
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◾ |
Earnings/(loss) per share: earnings per share of $0.31 for the year ended December 31, 2019, as compared to loss per share of $0.32 for the year
ended December 31, 2018, respectively;
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◾ |
EBITDA: $2.2 million for the years ended December 31, 2019 and 2018, respectively; and
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◾ |
Fleet time charter equivalent of $10,471 per day.
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◾ |
Concluded a $4.5 Million Senior Secured Term Loan Facility in January 2020.
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◾ |
Issued and sold in a private placement an aggregate principal amount of $5.0 million of Convertible Debentures in February 2020.
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Three Months Ended
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Year Ended
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(expressed in U.S. dollars)
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December 31, 2019
(unaudited)
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December 31, 2018
(unaudited)
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December 31, 2019
(unaudited)
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December 31, 2018
(unaudited)
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Time charter revenues
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$
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2,842,149
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$
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1,111,075
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$
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5,967,772
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$
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4,405,310
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Net Income
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$
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527,348
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$
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276,442
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$
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1,088,149
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$
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1,505,238
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Operating income
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$
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720,795
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$
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268,087
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$
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1,283,263
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$
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1,502,555
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EBITDA(1)
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$
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1,064,666
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$
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446,354
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$
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2,175,894
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$
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2,203,188
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Earnings/(Loss) per common share (2)
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$
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0.20
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$
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(0.30
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)
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$
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0.31
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$
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(0.32
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)
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(1) |
EBITDA is not a recognized measure under U.S. GAAP. Please refer to Appendix B of this press release for the definition and reconciliation of this measure to the
most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
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(2) |
Earnings/ (Loss) per common share, basic and diluted, is calculated after taking into account the effect of cumulative dividends on the Series A Preferred Shares,
as applicable in each period. On October 10, 2019, the Company reached an agreement with the Series A Preferred holders to Amend and Restate the Statement of Designations of its Series A Preferred Shares (the “Agreement”). The Agreement,
amongst other amended terms, prescribed that dividends on the Series A Preferred Shares no longer accumulate during the period from July 1, 2019 up to and including December 31, 2021. On the same date, the Company entered into a
settlement agreement with the Series A Preferred holders as a result of which, accumulated dividends on the Series A Preferred Shares from their original issue date up to June 30, 2019, in the approximate amount of $4.3 million, were
forgiven, in exchange for the Series A Preferred shareholders receiving 300,000 newly issued common shares of the Company. The earnings per share calculations in each of the three months ended and year ended December 31, 2019, are
reflective of the aforementioned transactions.
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Three Months Ended December 31,
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Year Ended December 31,
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(expressed in U.S. dollars except for operational data)
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2019
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2018
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2019
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2018
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Ownership Days (1)
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257
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92
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556
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365
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Available Days (2)
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249
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92
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545
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365
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Daily Time Charter Equivalent (TCE)(3)
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$
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10,789
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$
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11,864
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$
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10,471
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$
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11,991
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Fleet Utilization (4)
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97
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%
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100
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%
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98
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%
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100
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%
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Daily vessel operating expenses (5)
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$
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5,220
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$
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4,702
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$
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5,041
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$
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4,270
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Daily company administration expenses (6)
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$
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651
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$
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250
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$
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681
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$
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264
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(1) |
Ownership days are the total number of calendar days in a period during which we owned our vessel(s).
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(2) |
Available days are the Ownership days after subtracting
off-hire days associated with major repairs, vessel upgrades and dry-dockings or special or intermediate surveys (which do not include ballast voyage days for which compensation has been received) and major unscheduled repair and off-hire days.
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(3) |
Daily TCE is not a recognized measure under U.S. GAAP. Please refer to Appendix B of this press release for the definition and reconciliation of this measure to
the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.
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(4) |
Fleet utilization is calculated by dividing the Available days (which include ballast voyage days for which compensation
has been received) during a period by the number of Ownership days during that period.
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(5) |
Daily vessel operating expenses are calculated by dividing vessel operating expenses for the relevant period by the
Ownership days for such period.
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(6) |
Daily company administration expenses are calculated by dividing company administration expenses during a period by the
number of Ownership days during that period.
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(In U.S. dollars except for shares and per share data)
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Three Months Ended
December 31,
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Year Ended
December 31,
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2019
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2018
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2019
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2018
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REVENUES
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Time charter revenues, net of charterers’ commissions
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$
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2,842,149
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$
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1,111,075
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$
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5,967,772
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$
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4,405,310
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EXPENSES
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Voyage expenses (including related party commissions)
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(155,663
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)
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(19,556
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)
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(261,179
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)
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(28,489
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)
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Vessel operating expenses
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(1,341,518
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)
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(432,544
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)
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(2,802,991
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)
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(1,558,527
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)
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General and administrative expenses
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- Company
administration expenses
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(167,229
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)
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(22,954
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)
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(378,777
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)
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(96,353
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)
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- Public
registration costs
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—
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(161,116
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)
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(132,091
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)
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(395,522
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)
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Management fees -related party
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(111,940
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)
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(29,440
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)
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(212,300
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)
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(116,800
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)
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Depreciation and amortization
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(345,004
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)
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(177,378
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)
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(897,171
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)
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(707,064
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)
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Operating income
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$
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720,795
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$
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268,087
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$
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1,283,263
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$
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1,502,555
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Interest and finance costs, net (including related party interest costs)
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(192,314
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)
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7,466
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(190,574
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)
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9,114
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Other income/(expenses)
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(1,133
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)
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889
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(4,540
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)
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(6,431
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)
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Net income
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$
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527,348
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$
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276,442
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$
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1,088,149
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$
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1,505,238
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Earnings/ (Loss) per common share (1) (basic and diluted)
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$
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0.20
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$
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(0.30
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)
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$
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0.31
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$
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(0.32
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)
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Weighted average number of shares outstanding, basic and diluted:
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Common shares
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3,265,938
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2,400,000
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2,662,383
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2,400,000
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(1) |
Earnings/ (Loss) per common share, basic and diluted, is calculated after taking into account the effect of accrued cumulative dividends on the Series A Preferred
Shares, as may be applicable in each of the periods presented.
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December 31,
2019 |
December 31,
2018 |
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ASSETS
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CURRENT ASSETS:
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Cash and cash equivalents
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$
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4,558,939
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$
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1,887,280
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Due from related party
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759,386
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176,434
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Other current assets
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902,572
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783,703
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Total current assets
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6,220,897
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2,847,417
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NON-CURRENT ASSETS:
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Vessels, net
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23,700,029
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6,995,350
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Other non-currents assets
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500,000
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341,070
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Total non-current assets, net
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24,200,029
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7,336,420
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Total assets
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30,420,926
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10,183,837
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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CURRENT LIABILITIES:
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—
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Current portion of long-term debt, net
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1,522,895
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—
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Trade payables
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410,592
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244,371
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Accrued liabilities
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556,248
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140,734
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Deferred Revenue
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493,015
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47,708
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Total current liabilities
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2,982,750
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432,813
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NON-CURRENT LIABILITIES:
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Long-term debt, net -including related party
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14,234,165
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—
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Total non-current liabilities
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14,234,165
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—
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Total Liabilities
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17,216,915
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432,813
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SHAREHOLDERS’ EQUITY
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Common shares, $0.001 par value; 1,950,000,000 shares authorized; 3,318,112 and 2,400,000 shares, issued and outstanding as at December 31, 2019 and
2018, respectively
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3,318
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2,400
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Series A Preferred Shares- 480,000 shares issued and outstanding as at December 31, 2019 and 2018
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480
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480
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Series B Preferred Shares- 12,000 shares issued and outstanding as at December 31, 2019 and 2018
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12
|
12
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Additional paid-in capital
|
12,763,403
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7,612,108
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Retained Earnings
|
436,798
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2,136,024
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Total shareholders’ equity
|
13,204,011
|
9,751,024
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Total liabilities and shareholders’ equity
|
$
|
30,420,926
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$
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10,183,837
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CASH FLOW DATA
|
Three Months Ended
December 31,
|
Year Ended
December 31,
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2019
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2018
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2019
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2018
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Net cash provided by operating activities
|
$
|
1,290,595
|
$
|
148,106
|
$
|
2,311,962
|
$
|
1,400,610
|
||||||||
Net cash used in investing activities
|
(10,459,411
|
)
|
—
|
(17,227,436
|
)
|
—
|
||||||||||
Net cash provided by financing activities
|
$
|
10,708,067
|
$
|
—
|
$
|
18,087,133
|
$
|
—
|
Three Months Ended
December 31,
|
Year Ended
December 31,
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|||||||||||||||
(In U.S. dollars, except for Available Days)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Time charter revenues, net
|
$
|
2,842,149
|
$
|
1,111,075
|
$
|
5,967,772
|
$
|
4,405,310
|
||||||||
Voyage Expenses (including related party commissions)
|
(155,663
|
)
|
(19,556
|
)
|
(261,179
|
)
|
(28,489
|
)
|
||||||||
Time charter equivalent revenues
|
$
|
2,686,486
|
$
|
1,091,519
|
$
|
5,706,593
|
$
|
4,376,821
|
||||||||
Available Days
|
249
|
92
|
545
|
365
|
||||||||||||
Time charter equivalent (TCE) rate
|
$
|
10,789
|
$
|
11,864
|
$
|
10,471
|
$
|
11,991
|
Three-Months Ended
December 31,
|
Year Ended
December 31,
|
|||||||||||||||
(In U.S. dollars)
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Net Income
|
$
|
527,348
|
$
|
276,442
|
$
|
1,088,149
|
$
|
1,505,238
|
||||||||
Depreciation and amortization
|
345,004
|
177,378
|
897,171
|
707,064
|
||||||||||||
Interest and finance costs, net (including amortization of deferred financing costs)
|
192,314
|
(7,466
|
)
|
190,574
|
(9,114
|
)
|
||||||||||
EBITDA
|
$
|
1,064,666
|
$
|
446,354
|
$
|
2,175,894
|
$
|
2,203,188
|