CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
| Cash Flows provided by/(used in) Operating Activities: |
|
|
|
| Net income/(loss) |
$ 52,270,487
|
$ (1,753,533)
|
$ 1,088,149
|
| Adjustments to reconcile net income/(loss) to net cash provided by/(used in) Operating activities: |
|
|
|
| Depreciation and amortization |
14,362,828
|
1,904,963
|
897,171
|
| Amortization and write-off of deferred finance charges |
414,629
|
599,087
|
6,628
|
| Amortization of other deferred charges |
0
|
112,508
|
31,066
|
| Deferred revenue amortization |
0
|
(430,994)
|
(119,006)
|
| Amortization of fair value of acquired charter |
(1,940,000)
|
0
|
0
|
| Interest settled in common stock |
0
|
57,773
|
0
|
| Amortization and write-off of convertible notes beneficial conversion feature |
0
|
532,437
|
0
|
| Provision for doubtful accounts |
2,483
|
37,103
|
0
|
| Shareholders' deemed interest contribution |
0
|
0
|
62,500
|
| Changes in operating assets and liabilities: |
|
|
|
| Accounts receivable trade, net |
(6,924,622)
|
(1,122,836)
|
454,488
|
| Inventories |
(3,722,061)
|
(571,284)
|
(86,004)
|
| Due from/to related parties |
5,254,323
|
(797,805)
|
(582,952)
|
| Prepaid expenses and other assets |
(3,406,066)
|
(885,828)
|
(320,055)
|
| Dry-dock costs paid |
(3,730,467)
|
(1,308,419)
|
0
|
| Other deferred charges |
(191,234)
|
26,494
|
(198,364)
|
| Accounts payable |
3,070,287
|
584,527
|
129,201
|
| Accrued liabilities |
1,495,032
|
625,894
|
384,827
|
| Deferred revenue |
3,819,708
|
46,104
|
564,313
|
| Net Cash provided by/(used in) Operating Activities |
60,775,327
|
(2,343,809)
|
2,311,962
|
| Cash flow used in Investing Activities: |
|
|
|
| Vessel acquisitions (including time charter attached) and other vessel improvements |
(346,273,252)
|
(35,472,173)
|
(17,227,436)
|
| Advances for vessel acquisition |
(2,367,455)
|
0
|
0
|
| Net cash used in Investing Activities |
(348,640,707)
|
(35,472,173)
|
(17,227,436)
|
| Cash flows provided by Financing Activities: |
|
|
|
| Gross proceeds from issuance of common stock and warrants |
265,307,807
|
39,053,325
|
2,625,590
|
| Common stock issuance expenses |
(12,527,747)
|
(3,710,394)
|
(305,889)
|
| Proceeds from long-term debt and convertible debentures |
97,190,000
|
9,500,000
|
11,000,000
|
| Redemption of Series A Preferred Shares |
(14,400,000)
|
0
|
0
|
| Repayment of long-term debt |
(6,878,500)
|
(2,050,000)
|
0
|
| Proceeds from related party debt |
0
|
0
|
12,500,000
|
| Repayment of related party debt |
(5,000,000)
|
0
|
(7,500,000)
|
| Payment of deferred financing costs |
(1,866,615)
|
(608,985)
|
(232,568)
|
| Net cash provided by Financing Activities |
321,824,945
|
42,183,946
|
18,087,133
|
| Net increase in cash, cash equivalents, and restricted cash |
33,959,565
|
4,367,964
|
3,171,659
|
| Cash, cash equivalents and restricted cash at the beginning of the period |
9,426,903
|
5,058,939
|
1,887,280
|
| Cash, cash equivalents and restricted cash at the end of the period |
43,386,468
|
9,426,903
|
5,058,939
|
| RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
|
|
| Cash and cash equivalents |
37,173,736
|
8,926,903
|
4,558,939
|
| Restricted cash, current |
2,382,732
|
0
|
0
|
| Restricted cash, non-current |
3,830,000
|
500,000
|
500,000
|
| Cash, cash equivalents and restricted cash at the end of the period |
43,386,468
|
9,426,903
|
5,058,939
|
| SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
| Cash paid for interest |
2,271,525
|
654,555
|
0
|
| Shares issued in connection with the settlement of the $5.0 Million Convertible Debentures |
0
|
5,057,773
|
0
|
| Shares issued in connection with the Series A Preferred Shares Settlement Agreement |
0
|
0
|
967,800
|
| Series A Preferred Stock dividend waived accounted as deemed contribution |
0
|
0
|
3,379,589
|
| Preferred shareholders' deemed contribution pursuant to the Series A Preferred Stock Amendment Agreement, net of expenses |
0
|
0
|
112,637
|
| Shareholder's deemed contribution pursuant to the $7.5 Million Bridge Loan |
0
|
0
|
62,500
|
| Unpaid capital raising costs (included in Accounts payable and Accrued Liabilities) |
99,797
|
0
|
0
|
| Unpaid vessel acquisition and other vessel improvement costs (included in Accounts payable and Accrued liabilities) |
1,592,001
|
657,204
|
33,344
|
| Unpaid advances for vessel acquisitions (included in Accounts payable and Accrued Liabilities) |
710
|
0
|
0
|
| Unpaid deferred dry-dock costs (included in Accounts payable and Accrued liabilities) |
1,113,547
|
907,685
|
0
|
| Unpaid deferred financing costs |
$ 3,980
|
$ 0
|
$ 17,000
|