ATHENS, GREECE, May 23, 2025 - 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 first quarter ended March 31, 2025.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Fleet operational utilization of 83.8% in Q1 25’ versus 86% in Q4 24’ and 80.6% in Q1 24’.
- About 47% of fleet calendar days were dedicated to time charter activity while 53% to spot activity.
- Delivery of the dry bulk carrier, Supra Pasha (2012 built) on April 26th 2025; the remaining six contracted dry bulk carriers will be delivered by June 2025.
- Revenues of $32.1 million in Q1 25’ compared to $41.2 million in Q1 24’- a 22.1% decline as market rates were stronger during Q1 24’.
- Net income of $11.3 million in Q1 25’ versus $16.7 million in Q1 24’, corresponding to an EPS, basic of $0.32.
- EBITDA1 of $14.7 million for Q1 25’.
- Revenues and net income increased by $5.9 million (or 22.5%) and $7.4 million (or 189.7%), respectively, in Q1 25’ compared to Q4 24’.
- Cash and cash equivalents including time deposits of $227.4 million as of March 31, 2025 which is 167.5% higher than our current market capitalization of about $85 million.
- Recurring profitability and debt free capital structure facilitate robust cash flow generation.
First Quarter 2025 Results:
- Revenues for the three months ended March 31, 2025 amounted to $32.1 million, a decrease of $9.1 million, or 22.1%, compared to revenues of $41.2 million for the three months ended March 31, 2024, primarily due to a decrease in the spot market tanker rates. During the three months ended March 31, 2024 average spot rates for product and suezmax tankers were 26.9% and 24.2% higher than average spot rates during the three months ended March 31, 2025.
- Voyage expenses and vessels’ operating expenses fo r the three months ended March 31, 2025 were $10.5 million and $7.1 million, respectively, compared to $13.5 million and $6.0 million, respectively, for the three months ended March 31, 2024. The $3.0 million decrease in voyage expenses is mainly attributed to increased time charter activity leading to a decline in spot days by 16.1%. The decline in spot days along with the decrease in the Suez Canal transits compared to the same period of last year, led to decreased bunker consumption by 21.2% and lower port expenses by 30.8%. The $1.1 million increase in vessels’ operating expenses is primarily due to the increased size of our fleet by an average of 2.1 vessels between the two periods.
- Drydocking costs for the three months ended March 31, 2025 and 2024 were nil and $0.6 million, respectively. This decrease is due to the fact that during the three months ended March 31, 2025, no vessel underwent drydocking whereas during the three months ended March 31, 2024 our aframax tanker commenced its drydocking which was concluded within April 2024.
- General and administrative costs for both the three months ended March 31, 2025 and 2024 were $1.2 million.
- Depreciation for the three months ended March 31, 2025 and 2024 was $5.0 million and $4.0 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.
- Management fees for the three months ended March 31, 2025 and 2024 were $0.5 million and $0.4 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.
- Interest and finance costs for the three months ended March 31, 2025 and 2024 were $0.6 million and $0.002 million, respectively. The $0.6 million of costs for the three months ended March 31, 2025 relate mainly to accrued interest expense – related party in connection with the $14.0 million and $24.0 million part of the acquisition prices of our bulk carriers, Neptulus and Clean Imperial, respectively. These balances were completely settled in April 2025. For accounting purposes, the outstanding balances payable on the two vessels were required to be allocated between principal and imputed interest, despite the fact that no interest was contractually charged by the sellers. The total amounts ultimately paid remained consistent with the originally agreed purchase prices.
- Interest income for the three months ended March 31, 2025 was $2.2 million as compared to $1.0 million for the three months ended March 31, 2024. The $1.2 million increase is mainly attributed to a higher amount of funds placed under time deposits.
- Interest income – related party for the three months ended March 31, 2025 was nil as compared to $0.8 million for the three months ended March 31, 2024. The decrease is mainly attributed to the $0.8 million of accrued interest income – related party for the three months ended March 31, 2024 in connection with the $38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana). The balance was collected in July 2024, thus the balance for the three months ended March 31, 2025 was nil.
- Foreign exchange (loss)/gain for the three months ended March 31, 2025 was a gain of $1.7 million as compared to a loss of $0.8 million for the three months ended March 31, 2024. The $1.7 million foreign exchange gain for the three months ended March 31, 2025, is mainly attributed the strengthening of the euro currency against the dollar at the end of the three months ended March 31, 2025 when compared to the respective currency values at the end of year 2024.
- As a result of the above, for the three months ended March 31, 2025, the Company reported net income of $11.3 million, compared to net income of $16.7 million for the three months ended March 31, 2024. Dividends paid on Series A Preferred Shares amounted to $0.4 million for the three months ended March 31, 2025. The weighted average number of shares of common stock outstanding, basic, for the three months ended March 31, 2025 was 32.9 million. Earnings per share, basic and diluted, for the three months ended March 31, 2025 amounted to $0.32 and $0.30, respectively, compared to earnings per share, basic and diluted, of $0.56 and $0.50, respectively, for the three months ended March 31, 2024.
- Adjusted net income1 was $12.2 million corresponding to an Adjusted EPS1, basic of $0.34 for the three months ended March 31, 2025 compared to an Adjusted net income of $17.5 million corresponding to an Adjusted EPS, basic, of $0.59 for the same period of last year.
- EBITDA1 for the three months ended March 31, 2025 amounted to $14.7 million, while Adjusted EBITDA1 for the three months ended March 31, 2025 amounted to $15.6 million.
- An average of 11.90 vessels were owned by the Company during the three months ended March 31, 2025 compared to 9.84 vessels for the same period of 2024.
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. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
Fleet Employment Table
As of May 23, 2025, the profile and deployment of our fleet is the following:
|
Name |
|
Year |
|
Country |
|
Vessel Size |
|
Vessel |
|
Employment |
|
|
Expiration of |
|||||||||||||
|
Tankers |
|
|
|
|
|
|
|
|||||||||||||||||||
|
Magic Wand |
|
2008 |
|
Korea |
|
47,000 |
|
MR product tanker |
|
Time Charter |
October 2025 |
|||||||||||||||
|
Clean Thrasher |
|
2008 |
|
Korea |
|
47,000 |
|
MR product tanker |
|
Time Charter |
|
|
May 2025 |
|||||||||||||
|
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 |
|
46,000 |
|
MR product tanker |
|
Time Charter |
|
|
September 2027 |
|||||||||||||
|
Aquadisiac |
2008 |
Korea |
51,000 |
MR product tanker |
Spot |
|||||||||||||||||||||
|
Clean Imperial |
2009 |
Korea |
40,000 |
MR product tanker |
Time Charter |
January 2026 |
||||||||||||||||||||
|
Suez Enchanted |
|
2007 |
|
Korea |
|
160,000 |
|
Suezmax tanker |
|
Spot |
|
|
||||||||||||||
|
Suez Protopia |
|
2008 |
|
Korea |
|
160,000 |
|
Suezmax tanker |
|
Spot |
|
|
||||||||||||||
|
Drybulk Carriers(2) |
|
|
|
|
|
|
|
|||||||||||||||||||
|
Eco Wildfire |
|
2013 |
|
Japan |
|
33,000 |
|
Handysize drybulk |
|
Time Charter |
|
|
May 2025 |
|||||||||||||
|
Glorieuse |
|
2012 |
|
Japan |
|
38,000 |
|
Handysize drybulk |
|
Time Charter |
|
|
June 2025 |
|||||||||||||
|
Neptulus |
2012 |
Japan |
33,000 |
Handysize drybulk |
Time Charter |
June 2025 |
||||||||||||||||||||
|
Supra Pasha |
2012 |
Japan |
56,000 |
Supramax drybulk |
Spot |
|||||||||||||||||||||
|
Fleet Total |
|
|
|
|
807,000 dwt |
|
|
|
|
|
||||||||||||||||
|
(1) (2) |
Earliest date charters could expire. We have contracted to acquire six Japanese built drybulk carriers, aggregating approximately 387,000 dwt, which are expected to be delivered to us by June 2025. |
CEO Harry Vafias Commented
Another year commenced with a positive momentum for Imperial Petroleum. We are happy as we consider the $11.3 million of net income generated in Q1 25’ a very good result given the eventful but softish market. This is a busy period for our Company but at the same time exciting as we are taking on delivery of another six drybulk vessels. Within the short life of Imperial Petroleum, we are expanding our fleet from four vessels to nineteen by the second quarter of 2025; our goal of growing fast and transforming a small company to medium sized was achieved. We feel confident that the diversified quality non- Chinese fleet we have created will pay off. Imperial Petroleum enjoys fast growth, recurring profits, zero bank debt and liquidity as of March 31, 2025 in excess of $220 million and as per our view ticks all the boxes that define a successful operation.
Conference Call details:
On May 23, 2025 at 10:00 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-conf.media-server.com/register/BIaef045aa9f5b46a7b5e8eb48c2e56115
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 thirteen vessels on the water - seven M.R. product tankers, two suezmax tankers and four handysize drybulk carriers - with a total capacity of 807,000 deadweight tons (dwt), and has contracted to acquire an additional six drybulk carriers of 387,000 dwt aggregate capacity. Following these deliveries, the Company’s fleet will count a total of 19 vessels with an aggregate capacity of 1.2 million 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 strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs and other protectionist measures imposed by the United States or other countries, 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, 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, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflicts in the Middle East, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or 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: This email address is being protected from spambots. You need JavaScript enabled to view it.
Fleet Data:
The following key indicators highlight the Company’s operating performance during the three month periods ended March 31, 2024 and 2025.
|
FLEET DATA |
Q1 2024 |
Q1 2025 |
|
Average number of vessels (1) |
9.84 |
11.90 |
|
Period end number of owned vessels in fleet |
11 |
12 |
|
Total calendar days for fleet (2) |
895 |
1,071 |
|
Total voyage days for fleet (3) |
878 |
1,067 |
|
Fleet utilization (4) |
98.1% |
99.6% |
|
Total charter days for fleet (5) |
207 |
504 |
|
Total spot market days for fleet (6) |
671 |
563 |
|
Fleet operational utilization (7) |
80.6% |
83.8% |
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 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 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 and share based compensation.
Adjusted EPS represents Adjusted net income attributable to common shareholders 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, |
Third Quarter Ended March 31st, |
|
|
|
2024 |
2025 |
|
Net Income - Adjusted Net Income |
||
|
Net income |
16,654,604 |
11,290,986 |
|
Plus share based compensation |
858,810 |
889,076 |
|
Adjusted Net Income |
17,513,414 |
12,180,062 |
|
Net income – EBITDA |
|
|
|
Net income |
16,654,604 |
11,290,986 |
|
Plus interest and finance costs |
2,430 |
606,383 |
|
Less interest income |
(1,785,878) |
(2,184,394) |
|
Plus depreciation |
4,027,061 |
5,002,837 |
|
EBITDA |
18,898,217 |
14,715,812 |
|
Net income - Adjusted EBITDA |
|
|
|
Net income |
16,654,604 |
11,290,986 |
|
Plus share based compensation |
858,810 |
889,076 |
|
Plus interest and finance costs |
2,430 |
606,383 |
|
Less interest income |
(1,785,878) |
(2,184,394) |
|
Plus depreciation |
4,027,061 |
5,002,837 |
|
Adjusted EBITDA |
19,757,027 |
15,604,888 |
|
EPS |
|
|
|
Numerator |
|
|
|
Net income |
16,654,604 |
11,290,986 |
|
Less: Cumulative dividends on preferred shares |
(435,246) |
(435,246) |
|
Less: Undistributed earnings allocated to non-vested shares |
(856,950) |
(453,265) |
|
Net income attributable to common shareholders, basic |
15,362,408 |
10,402,475 |
|
Denominator |
|
|
|
Weighted average number of shares |
27,613,661 |
32,944,925 |
|
EPS - Basic |
0.56 |
0.32 |
|
|
|
|
|
Adjusted EPS |
|
|
|
Numerator |
|
|
|
Adjusted net income |
17,513,414 |
12,180,062 |
|
Less: Cumulative dividends on preferred shares |
(435,246) |
(435,246) |
|
Less: Undistributed earnings allocated to non-vested shares |
(902,326) |
(490,387) |
|
Adjusted net income attributable to common shareholders, basic |
16,175,842 |
11,254,429 |
|
Denominator |
|
|
|
Weighted average number of shares |
27,613,661 |
32,944,925 |
|
Adjusted EPS, Basic |
0.59 |
0.34 |
Imperial Petroleum Inc.
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)
|
Quarters Ended March 31, |
|
|||||||
|
2024 |
2025 |
|||||||
|
Revenues |
||||||||
|
Revenues |
41,203,281 |
32,091,626 |
||||||
|
Expenses |
||||||||
|
Voyage expenses |
12,963,607 |
10,054,114 |
||||||
|
Voyage expenses - related party |
514,414 |
401,753 |
||||||
|
Vessels' operating expenses |
5,951,561 |
7,021,928 |
||||||
|
Vessels' operating expenses - related party |
82,000 |
98,500 |
||||||
|
Drydocking costs |
625,457 |
-- |
||||||
|
Management fees – related party |
393,800 |
471,240 |
||||||
|
General and administrative expenses |
1,207,168 |
1,217,977 |
||||||
|
Depreciation |
4,027,061 |
5,002,837 |
||||||
|
Total expenses |
25,765,068 |
|
24,268,349 |
|
||||
|
|
|
|
|
|
||||
|
Income from operations |
15,438,213 |
|
7,823,277 |
|
||||
|
Other (expenses)/income |
||||||||
|
|
Interest and finance costs |
(2,430) |
(3,607) |
|||||
|
|
Interest expense – related party |
-- |
(602,776) |
|||||
|
Interest income |
1,035,261 |
2,184,394 |
||||||
|
Interest income – related party |
750,617 |
-- |
||||||
|
Dividend income from related party |
189,583 |
187,500 |
||||||
|
Foreign exchange (loss)/gain |
(756,640) |
1,702,198 |
||||||
|
Other income, net |
1,216,391 |
|
3,467,709 |
|
||||
|
Net Income |
16,654,604 |
|
11,290,986 |
|
||||
|
Earnings per share |
|
|
|
|||||
|
- Basic |
0.56 |
0.32 |
||||||
|
- Diluted |
0.50 |
0.30 |
||||||
|
Weighted average number of shares |
|
|||||||
|
-Basic |
27,613,661 |
32,944,925 |
||||||
|
-Diluted |
30,951,012 |
34,258,803 |
||||||
Imperial Petroleum Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
|
December 31, |
March 31, |
||||||
|
2024 |
2025 |
||||||
|
Assets |
|||||||
|
Current assets |
|||||||
|
Cash and cash equivalents |
67,783,531 |
126,520,450 |
|||||
|
Time deposits |
138,948,481 |
100,900,500 |
|||||
|
Trade and other receivables |
13,456,083 |
8,772,549 |
|||||
|
Other current assets |
652,769 |
67,374 |
|||||
|
Inventories |
7,306,356 |
6,705,115 |
|||||
|
Advances and prepayments |
250,562 |
209,858 |
|||||
|
Total current assets |
228,397,782 |
|
243,175,846 |
||||
|
Non current assets |
|||||||
|
Operating lease right-of-use asset |
78,761 |
60,239 |
|||||
|
Vessels, net |
208,230,018 |
227,015,031 |
|||||
|
Investment in related party |
12,798,500 |
12,794,333 |
|||||
|
Total non current assets |
221,107,279 |
239,869,603 |
|||||
|
Total assets |
449,505,061 |
483,045,449 |
|||||
|
Liabilities and Stockholders' Equity |
|||||||
|
Current liabilities |
|||||||
|
|
Trade accounts payable |
5,243,872 |
5,923,098 |
||||
|
Payable to related parties |
18,725,514 |
39,232,604 |
|||||
|
Accrued liabilities |
3,370,020 |
3,604,467 |
|||||
|
Operating lease liability, current portion |
1,419,226 |
60,239 |
|||||
|
Deferred income |
78,761 |
1,812,557 |
|||||
|
Total current liabilities |
28,837,393 |
50,632,965 |
|||||
|
Total liabilities |
28,837,393 |
50,632,965 |
|||||
|
Commitments and contingencies |
|||||||
|
Stockholders' equity |
|||||||
|
Common stock |
382,755 |
386,671 |
|||||
|
Preferred Stock, Series A |
7,959 |
7,959 |
|||||
|
Preferred Stock, Series B |
160 |
160 |
|||||
|
Treasury stock |
(8,390,225) |
(8,390,225) |
|||||
|
Additional paid-in capital |
282,642,357 |
283,527,517 |
|||||
|
Retained earnings |
146,024,662 |
156,880,402 |
|||||
|
Total stockholders' equity |
|
|
420,667,668 |
|
432,412,484 |
||
|
Total liabilities and stockholders' equity |
|
449,505,061 |
|
483,045,449 |
|||
Imperial Petroleum Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars
|
Three Month Periods Ended March 31, |
|||||||
|
2024 |
2025 |
||||||
|
Cash flows from operating activities |
|||||||
|
Net income for the period |
16,654,604 |
11,290,986 |
|||||
|
Adjustments to reconcile net income to net cash |
|
||||||
|
provided by operating activities: |
|||||||
|
Depreciation |
4,027,061 |
5,002,837 |
|||||
|
Non - cash lease expense |
17,550 |
18,522 |
|||||
|
Share based compensation |
858,810 |
889,076 |
|||||
|
Unrealized foreign exchange loss/(gain) on time deposits |
799,150 |
(358,420) |
|||||
|
Dividend income from related party |
(189,583) |
-- |
|||||
|
Changes in operating assets and liabilities: |
|||||||
|
(Increase)/decrease in |
|||||||
|
Trade and other receivables |
(3,249,129) |
4,683,534 |
|||||
|
Other current assets |
(532,029) |
585,395 |
|||||
|
Inventories |
(574,256) |
601,241 |
|||||
|
Changes in operating lease liabilities |
(17,550) |
(18,522) |
|||||
|
Advances and prepayments |
(45,536) |
40,704 |
|||||
|
Due from related parties |
(879,732) |
4,167 |
|||||
|
Increase/(decrease) in |
|||||||
|
Trade accounts payable |
(1,100,028) |
679,226 |
|||||
|
Due to related parties |
2,839,227 |
(3,369,040) |
|||||
|
Accrued liabilities |
903,784 |
234,447 |
|||||
|
Deferred income |
(869,166) |
393,331 |
|||||
|
Net cash provided by operating activities |
18,643,177 |
20,677,484 |
|||||
|
Cash flows from investing activities |
|||||||
|
Dividends income received |
191,667 |
-- |
|||||
|
Acquisition and improvement of vessels |
(72,257,190) |
(4,350) |
|||||
|
Increase in bank time deposits |
(31,695,420) |
(57,958,390) |
|||||
|
Maturity of bank time deposits |
31,368,080 |
96,364,791 |
|||||
|
Net cash (used in)/provided by investing activities |
(72,392,863) |
|
38,402,051 |
||||
|
Cash flows from financing activities |
|||||||
|
Stock issuance costs |
(2,504,498) |
-- |
|||||
|
Dividends paid on preferred shares |
(341,947) |
(342,616) |
|||||
|
Net cash used in financing activities |
(2,846,445) |
|
(342,616) |
||||
|
Net (decrease)/increase in cash and cash equivalents |
(56,596,131) |
58,736,919 |
|||||
|
Cash and cash equivalents at beginning of period |
91,927,512 |
67,783,531 |
|||||
|
Cash and cash equivalents at end of period |
35,331,381 |
|
126,520,450 |
||||
|
Cash breakdown |
|||||||
|
Cash and cash equivalents |
35,331,381 |
126,520,450 |
|||||
|
Total cash and cash equivalents shown in the statements of cash flows |
35,331,381 |
126,520,450 |
|||||