Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Annual Report | true |
Document Transition Report | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Document Shell Company Report | false |
Entity Interactive Data Current | Yes |
Document Registration Statement | false |
Entity Registrant Name | Imperial Petroleum Inc./Marshall Islands |
Entity Central Index Key | 0001876581 |
Entity File Number | 001-41095 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Shell Company | false |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | true |
Entity Address, Address Line One | 331 Kifissias Avenue |
Entity Address, City or Town | Athens |
Entity Address, Country | GR |
Entity Address, Postal Zip Code | 14561 |
Entity Common Stock, Shares Outstanding | 4,775,272 |
ICFR Auditor Attestation Flag | false |
Auditor Name | Deloitte Certified Public Accountants S.A. |
Auditor Firm ID | 1163 |
Auditor Location | Athens, Greece |
Document Accounting Standard | U.S. GAAP |
Entity Incorporation, State or Country Code | 1T |
Common Stock [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | IMPP |
Security Exchange Name | NASDAQ |
Series A Preferred Stock [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock |
Trading Symbol | IMPPP |
Security Exchange Name | NASDAQ |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 331 Kifissias Avenue |
Entity Address, City or Town | Athens |
Entity Address, Country | GR |
Entity Address, Postal Zip Code | 14561 |
City Area Code | 011 |
Local Phone Number | 625 0001 |
Contact Personnel Name | Harry N. Vafias |
Consolidated balance sheets
Consolidated balance sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 3,389,834 | $ 6,451,524 |
Restricted cash | 451,225 | 1,165,031 |
Receivable from related party | 355,023 | |
Trade and other receivables | 1,400,275 | 665,875 |
Other current assets | 173,930 | |
Inventories | 258,846 | 835,997 |
Advances and prepayments | 150,544 | 139,601 |
Total current assets | 6,005,747 | 9,431,958 |
Non current assets | ||
Vessels, net | 119,962,984 | 128,689,447 |
Restricted cash | 2,500,000 | |
Total non current assets | 122,462,984 | 128,689,447 |
Total assets | 128,468,731 | 138,121,405 |
Current liabilities | ||
Trade accounts payable | 1,430,251 | 1,192,965 |
Payable to related parties | 1,119,055 | 1,473,000 |
Accrued liabilities | 486,674 | 390,923 |
Customer deposits | 368,000 | 868,000 |
Deferred income | 482,321 | 134,594 |
Current portion of long-term debt | 4,747,616 | |
Total current liabilities | 8,633,917 | 4,059,482 |
Non current liabilities | ||
Long-term debt | 23,088,971 | |
Total non current liabilities | 23,088,971 | |
Total liabilities | 31,722,888 | 4,059,482 |
Commitments and contingencies | ||
Stockholders' equity | ||
Former Parent Company investment | 134,061,923 | |
Capital stock, 2,000,000,000 shares authorized at December 31, 2021, zero shares issued and outstanding at December 31, 2020 and 4,775,272 shares issued and outstanding at December 31, 2021 (Note 8) | 47,753 | |
Preferred stock, 200,000,000 shares authorized at December 31, 2021, zero shares issued and outstanding at December 31, 2020 and 795,878 issued and outstanding at December 31, 2021 (Note 8) | 7,959 | |
Additional paid-in capital | 97,161,688 | |
Accumulated deficit | (471,557) | |
Total stockholders' equity | 96,745,843 | 134,061,923 |
Total liabilities and stockholders' equity | $ 128,468,731 | $ 138,121,405 |
Consolidated balance sheets (Pa
Consolidated balance sheets (Parenthetical) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Common stock shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock shares issued | 4,775,272 | 0 |
Common stock shares outstanding | 4,775,272 | 0 |
Preferred stock shares authorized | 200,000,000 | 200,000,000 |
Preferred stock shares issued | 795,878 | 0 |
Preferred stock shares outstanding | 795,878 | 0 |
Consolidated statements of oper
Consolidated statements of operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Total revenues | $ 17,362,669 | $ 20,302,052 | $ 13,329,640 |
Expenses | |||
Voyage expenses | 3,366,223 | 2,944,071 | 405,965 |
Voyage expenses – related party | 218,192 | 250,241 | 166,588 |
Vessels' operating expenses | 7,346,527 | 7,112,094 | 3,775,700 |
Vessels' operating expenses – related party | 86,500 | 48,500 | 24,000 |
Dry-docking costs | 14,380 | 935,565 | 22,265 |
Management fees – related party | 527,425 | 503,355 | 365,515 |
General and administrative expenses (including $331,408, $219,717 and $311,676 to related party) | 614,786 | 219,717 | 331,408 |
Depreciation | 8,674,663 | 8,643,920 | 8,613,177 |
Total expenses | 20,848,696 | 20,657,463 | 13,704,618 |
Loss from operations | (3,486,027) | (355,411) | (374,978) |
Other (expenses) / income | |||
Interest and finance costs | (145,013) | (10,008) | (7,663) |
Interest income | 980 | 108 | 7,229 |
Foreign exchange gain/(loss) | (9,919) | (28,450) | 228 |
Other expenses, net | (153,952) | (38,350) | (206) |
Net loss | $ (3,639,979) | $ (393,761) | $ (375,184) |
Loss per share attributable to common shareholders - basic and diluted | $ (0.79) | $ (0.08) | $ (0.08) |
Weighted average number of shares, basic and diluted | 4,775,272 | 4,775,272 | 4,775,272 |
Consolidated statements of op_2
Consolidated statements of operations (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Related party transaction general and administration expenses | $ 311,676 | $ 219,717 | $ 331,408 |
Consolidated statements of stoc
Consolidated statements of stockholders' equity - USD ($) | Total | Spin Off Transaction [Member] | After Spin Off And Upto Reporting Date [Member] | Upto And Before Spin Off [Member] | Common Stock [Member] | Common Stock [Member]Spin Off Transaction [Member] | Preferred Stock [Member] | Preferred Stock [Member]Spin Off Transaction [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Spin Off Transaction [Member] | Retained Earnings [Member] | Retained Earnings [Member]After Spin Off And Upto Reporting Date [Member] | Former Parent Company [Member] | Former Parent Company [Member]Spin Off Transaction [Member] | Former Parent Company [Member]Upto And Before Spin Off [Member] |
Beginning balance at Dec. 31, 2018 | $ 147,856,932 | $ 0 | $ 0 | $ 0 | $ 0 | $ 147,856,932 | |||||||||
Beginning balance, Shares at Dec. 31, 2018 | 0 | 0 | |||||||||||||
Net decrease in former Parent Company investment | (3,800,177) | (3,800,177) | |||||||||||||
Net loss for the year | (375,184) | (375,184) | |||||||||||||
Ending balance at Dec. 31, 2019 | 143,681,571 | $ 0 | $ 0 | 0 | 0 | 143,681,571 | |||||||||
Ending balance, Shares at Dec. 31, 2019 | 0 | 0 | |||||||||||||
Net decrease in former Parent Company investment | (9,225,887) | (9,225,887) | |||||||||||||
Net loss for the year | (393,761) | (393,761) | |||||||||||||
Ending balance at Dec. 31, 2020 | 134,061,923 | $ 0 | $ 0 | 0 | 0 | 134,061,923 | |||||||||
Ending balance, Shares at Dec. 31, 2020 | 0 | 0 | |||||||||||||
Net decrease in former Parent Company investment | (7,792,798) | (7,792,798) | |||||||||||||
Dividends to former Parent Company | (25,752,729) | (25,752,729) | |||||||||||||
Issuance of capital and preferred stock at Spin-Off | 15,113,723 | $ 0 | $ 47,753 | $ 7,959 | 15,113,723 | $ 97,292,262 | $ (97,347,974) | ||||||||
Issuance of capital and preferred stock at Spin-Off, Shares | 4,775,272 | 795,878 | |||||||||||||
Deemed contribution of preferred shares as part of Spin-off | (15,113,723) | (15,113,723) | |||||||||||||
Dividends declared on preferred shares | (130,574) | (130,574) | |||||||||||||
Net loss for the year | (3,639,979) | $ (471,557) | $ (3,168,422) | $ (471,557) | $ (3,168,422) | ||||||||||
Ending balance at Dec. 31, 2021 | $ 96,745,843 | $ 47,753 | $ 7,959 | $ 97,161,688 | $ (471,557) | $ 0 | |||||||||
Ending balance, Shares at Dec. 31, 2021 | 4,775,272 | 795,878 |
Consolidated statements of cash
Consolidated statements of cash flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net loss for the year | $ (3,639,979) | $ (393,761) | $ (375,184) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation | 8,674,663 | 8,643,920 | 8,613,177 |
Amortization of deferred finance charges | 32,587 | ||
Changes in operating assets and liabilities: | |||
Trade and other receivables | (734,400) | (484,710) | 123,699 |
Other current assets | 173,930 | (173,930) | |
Inventories | 577,151 | (704,521) | (70,990) |
Advances and prepayments | (10,943) | (59,317) | (8,451) |
Trade accounts payable | 289,086 | 618,057 | 176,237 |
Balance with related parties | (708,968) | 1,473,000 | |
Accrued liabilities | 238,351 | 172,655 | 17,121 |
Deferred income | 347,727 | (223,798) | 97,847 |
Net cash provided by operating activities | 5,239,205 | 8,867,595 | 8,573,456 |
Cash flows from investing activities: | |||
Vessel improvements | (142,600) | (728,000) | |
Net cash used in investing activities | (142,600) | (728,000) | |
Cash flows from financing activities: | |||
Net transfers to former Parent Company | (7,792,798) | (9,225,887) | (3,800,177) |
Dividends paid to former Parent Company | (25,752,729) | ||
Deferred finance charges paid | (196,000) | ||
Customer deposits paid | (500,000) | (100,000) | (368,000) |
Dividends paid on preferred shares | (130,574) | ||
Proceeds from long-term debt | 28,000,000 | ||
Net cash used in financing activities | (6,372,101) | (9,325,887) | (4,168,177) |
Net increase/(decrease) in cash, cash equivalents and restricted cash | (1,275,496) | (1,186,292) | 4,405,279 |
Cash, cash equivalents and restricted cash at the beginning of the year | 7,616,555 | 8,802,847 | 4,397,568 |
Cash, cash equivalents and restricted cash at the end of the year | 6,341,059 | 7,616,555 | 8,802,847 |
Supplemental cash flow information: | |||
Non cash investing activity – Vessel improvements included in liabilities | 194,400 | ||
Reconciliation of cash, cash equivalents and restricted cash | |||
Cash and cash equivalents | 3,389,834 | 6,451,524 | 8,802,847 |
Restricted cash, current | 451,225 | 1,165,031 | |
Restricted cash, non-current | 2,500,000 | ||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ 6,341,059 | $ 7,616,555 | $ 8,802,847 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General Information | 1. General Information Imperial Petroleum Inc. (“Imperial”) was formed by StealthGas Inc (the “former Parent Company”) on May 14, 2021 under the laws of the Republic of the Marshall Islands. Initial share capital of Imperial consisted of 500 common shares. StealthGas Inc. separated its crude and product tankers by transferring to Imperial its interest in the 4 subsidiaries noted below (the “Subsidiaries”), each owning one tanker. The transfer was completed on November 10, 2021 in exchange for 4,774,772 newly issued common shares and 795,878 Series A 8.75 % Preferred Shares (the “Series A Preferred Shares”) in Imperial. The transfer included the issuance of a new class of Preferred Shares, which were recorded at fair value. As further discussed in Note 8, the Company also recorded a deemed contribution of $15.1 million representing the fair value of the Preferred Shares. On December 3, 2021, StealthGas Inc. distributed the “Spin-Off”). The accompanying consolidated financial statements include the accounts of Imperial and its wholly owned Subsidiaries (collectively, the “Company”) using the historical carrying costs of the assets and the liabilities of the Subsidiaries from their dates of incorporation. For periods up to December 3, 2021, the accompanying financial statements reflect the financial position and results of the carve-out At December 31, 2021, the Company’s fleet was comprised of The Company’s vessels are managed by Stealth Maritime Corporation S.A. (the “Manager”), a company controlled by members of the family of the Company’s Chief Executive Officer. The Manager, a related party, was incorporated in Liberia and registered in Greece on May 17, 1999 under the provisions of law 89/1967, 378/1968 and article 25 of law 27/75 as amended by article 4 of law 2234/94. (See Note 3). At December 31, 2021, the 4 subsidiaries included in the Company’s consolidated financial statements were: Company Date of Incorporation Name of Vessel Owned by Dead Weight Acquisition Clean Power Inc. 5/2/200 Magic Wand 47,000 9/1/200 MR Roi Inc. 5/2/200 Clean Thrasher 47,000 27/2/200 King of Hearts Inc. 17/3/200 Falcon Maryam 46,000 14/7/200 Tankpunk Inc. 6/1/200 Stealth Berana 115,804 26/7/201 Prior to the Spin-Off, For periods up to December 3, 2021, the consolidated statements of operations reflect expense allocations made to the Company by StealthGas Inc. for certain corporate functions and for shared services provided by StealthGas Inc. These allocations were made by StealthGas Inc. on a pro-rata During 2019, 2020 and 2021 four charterers accounted for 10% or more of the Company’s revenues. Year ended December 31, Charterer 2019 2020 2021 A 57 % 34 % — B 18 % 12 % 16 % C 16 % — — D — 21 % — E — 14 % — F — 15 % G — 15 % H — 15 % Coronavirus Outbreak: |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Principles of Consolidation: Use of Estimates: Other comprehensive income / (loss) The Company has no other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, no statement of comprehensive income / (loss) has been presented. Foreign Currency Translation: Cash and Cash Equivalents: Restricted Cash: non-current Trade Receivables: un-collectible Inventories: first-in, first-out Vessels, net Acquisitions: Impairment or Disposal of Long-lived Assets: 360-10, 360-10”), dry-docking Vessels’ Depreciation: Segment Reporting: Accounting for Special Survey and Dry-docking dry-docking Accounting for Revenue and Related Expenses: A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Operating costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants are paid for by the Company under time charter agreements. A time charter generally provides typical warranties and owner protective restrictions. The performance obligations in a time charter are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the owner of the vessel. Some of the Company’s time charters may also contain profit sharing provisions, under which the Company can realize additional revenues in the event that spot rates are higher than the base rates in these time charters. A bareboat charter is a contract in which the vessel owner provides the vessel to the charterer for a fixed period of time at a specified daily rate, which is generally payable in advance, and the charterer generally assumes all risks and costs of operation during the bareboat charter period. The Company’s time charter and bareboat contracts are classified as operating leases pursuant to Accounting Standards Codification (“ASC”) 842 - Leases, and therefore do not fall under the scope of Accounting Standards Codification (“ASC”) 606 because (i) the vessel is an identifiable asset (ii) the owner of the vessel does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter and bareboat revenues are recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. Time charter and bareboat charter revenues are recognized as earned on a straight-line basis over the term of the charter as service is provided. Revenues from profit sharing arrangements in time charters are recognized in the period earned. Under time charter agreements, all voyages expenses, except commissions are assumed by the charterer. Under bareboat charter agreements, the charterer further assumes all vessel operating expenses, dry-docking Upon implementation of ASC 842, the Company elected to make use of a practical expedient for lessors to not separate the lease and non-lease non-lease non-lease A voyage charter is a contract in which the vessel owner undertakes to transport a specific amount and type of cargo on a load port-to-discharge lay-time Deferred income represents cash received for undelivered performance obligations and deferred revenue resulting from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. The portion of the deferred revenue that will be earned within the next twelve months is classified as current liability and the remaining as long-term liability. Vessel voyage expenses are direct expenses to voyage revenues and primarily consist of brokerage commissions, port expenses, canal dues and bunkers. Brokerage commissions are paid to shipbrokers for their time and efforts for negotiating and arranging charter party agreements on behalf of the Company and expensed over the related charter period and all the other voyage expenses are expensed as incurred except for expenses during the ballast portion of the voyage. Any expenses incurred during the ballast portion of the voyage (period between the contract date and the date of the vessel’s arrival to the load port) such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as the Company satisfies the performance obligations under the contract provided these costs are (1) incurred to fulfill a contract that the Company can specifically identify, (2) able to generate or enhance resources of the company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered ‘contract fulfillment costs’ and are included in ‘other current assets’ in the accompanying consolidated balance sheets. Vessel operating expenses comprise all expenses relating to the operation of the vessel, including crewing, repairs and maintenance, insurance, stores, lubricants and other operating expenses. Vessel operating expenses are expensed as incurred. Dividends: paid-in Losses per common share: Recent Accounting Pronouncements: Reference Rate Reform: As of December 31, 2021, the Company has not yet evaluated the effects of this standard on its consolidated financial position, results of operations, and cash flows. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 3. Transactions with Related Parties The Manager provides the vessels with a wide range of shipping services such as chartering, technical support and maintenance, insurance, consulting, financial and accounting services, for a fixed daily fee of $440 per vessel operating under a voyage or time charter or $125 per vessel operating under a bareboat charter (the “Management fees”) and a brokerage commission of 1.25% on freight, hire and demurrage per vessel (the “Brokerage commissions”), as per the management agreement between the Manager and the Company. In addition, the Manager arranges for supervision onboard the vessels, when required, by superintendent engineers and when such visits exceed a period of five days in a twelve month period, an amount of $500 is charged for each additional day (the “Superintendent fees”). Effective from May 31, 2020, the Manager provides crew management services to the vessels Magic Wand and Clean Thrasher. These services have been subcontracted by the Manager to an affiliated ship-management company, Hellenic Manning Overseas Inc. (ex. Navis Maritime Services Inc.). The Company pays to the Manager a fixed monthly fee of $2,500 per vessel (the “Crew management fees”). In addition to management services, the Company reimburses the Manager for the compensation of its executive officers for an amount of $250,149 for the first 12 months following the Spin-Off In addition, for periods up to the Spin-Off, The related party balance with StealthGas Inc. mainly relating to collections received net of payments made on behalf of the Company was a receivable $355,023 at December 31, 2021 (2020: a liability of $1,473,000 (Note 14 The amounts charged by the Company’s related parties comprised the following: Year ended December 31, Location in statement of operations 2019 2020 2021 Management fees Management fees – related party 365,515 503,355 527,425 Brokerage commissions Voyage expenses – related party 166,588 250,241 218,192 Superintendent fees Vessels’ operating expenses – related party 24,000 13,500 26,500 Crew management fees Vessels’ operating expenses – related party — 35,000 60,000 Executive compensation General and administrative expenses — — 19,875 General and administrative expenses – Former Parent General and administrative expenses 331,408 219,717 291,801 |
Vessels, net
Vessels, net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Vessels, net | 4. Vessels, net An analysis of vessels, net is as follows: Vessel Cost Accumulated Net book value Balance as at January 1, 2020 $ 230,844,288 $ (94,433,321 ) $ 136,410,967 Acquisitions and improvements 922,400 — 922,400 Depreciation for the year — (8,643,920 ) (8,643,920 ) Balance as at December 31, 2020 $ 231,766,688 $ (103,077,241 ) $ 128,689,447 Reduction in vessels improvements (51,800 ) — (51,800 ) Depreciation for the year — (8,674,663 ) (8,674,663 ) Balance as at December 31, 2021 $ 231,714,888 $ (111,751,904 ) $ 119,962,984 As of December 31, 2020 and 2021, the Company performed an impairment review of its vessels, due to the prevailing conditions in the shipping industry. As a result of the impairment review, undiscounted net operating cash flows exceeded each vessel’s carrying value and therefore no impairment was recorded. The Company’s vessels have been provided as collateral to secure the Company’s bank loans as discussed in Note 5. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 5. Long-term Debt Term Loan Drawn December 31, Issue Date Maturity Date Amount 2020 2021 November 10, 2021 November 10, 2026 28,000,000 — 28,000,000 Total — 28,000,000 Current portion of long-term debt — 4,804,000 Long - — 23,196,000 Total debt — 28,000,000 Current portion of deferred finance charges — 56,384 Deferred finance charges non-current — 107,029 Total deferred finance charges — 163,413 Total debt — 28,000,000 Less: Total deferred finance charges — 163,413 Total debt, net of deferred finance charges — 27,836,587 Less: Current portion of long-term debt, — 4,747,616 Total long – term debt — 23,088,971 The above loan Spin-Off The term loan contains financial covenants requiring the Company to ensure that: • the aggregate market value of the mortgaged vessels at all times exceeds 125% of the amounts outstanding as defined in the term loan, • the leverage of the Company defined as Total Debt net of Cash should not exceed 70% of total market value adjusted assets, • the Interest Coverage Ratio of the Company which is EBITDA (as defined in the loan agreement) to interest expense to be at all times greater than 2.5:1, • at least a certain percentage of the Company is to always be owned by members of the Vafias family, • the Company should maintain a free cash balance to the higher of $0.5 million per vessel and $2.5 million for the first 24 months of the Company’s operation. Following the completion of the first two operating years and thereafter the required free cash- balance will be the higher of $1.0 million per vessel and $5.0 million aggregate cash balance. In addition, the term loan generally permits the declaration or payment of cash dividends so long as the Company is not in default thereunder nor would be in default as a result of such dividend payment until June 30, 2022, and thereafter declare and pay dividends in amounts up to 50% of its free cash flow in any rolling 12-month The interest rate on the outstanding loan as of December 31, 2021 is based on LIBOR plus a margin of 1.95%. The average interest rate (including the margin) on the above outstanding loan was 2.17% for the year ended December 31, 2021. Bank loan interest expense for the above loan for the years ended December 31, 2019, 2020 and 2021 amounted to nil, nil and $87,724, respectively. Interest expense is included in interest and finance costs in the consolidated statements of operations. For the years ended December 31, 2019, 2020 and 2021, the amortization of deferred financing charges amounted to nil, nil and $32,587, respectively, and is included in interest and finance costs in the consolidated statements of operations. At December 31, 2021, the Company was in compliance with all of its debt financial covenants. The annual principal payments to be made, for the abovementioned loan, after December 31, 2021 are as follows: December 31, Amount 2022 4,804,000 2023 4,804,000 2024 4,804,000 2025 4,804,000 2026 8,784,000 Total 28,000,000 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 6. Accrued Liabilities Accrued liabilities consist of the following: As of December 31, 2020 2021 Interest on long-term debt — 92,578 Administrative expenses — 94,735 Voyage expenses 170,607 158,231 Vessel operating expenses 220,316 141,130 Total $ 390,923 $ 486,674 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Concentration of Credit Risk | 7. Fair Value of Financial Instruments and Concentration of Credit Risk Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, restricted cash, trade and other receivables, trade accounts payable, balances with related parties and accrued liabilities. The Company limits its credit risk with respect to accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its trade accounts receivable. The Company places its cash and cash equivalents, time deposits with high credit quality financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions. Fair Value Disclosures: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The carrying values of cash and cash equivalents, restricted cash, trade and other receivables, trade accounts payable, balances with related parties and accrued liabilities are reasonable estimates of their fair value due to the short term nature of these financial instruments. Cash and cash equivalents are considered Level 1 items as they represent liquid assets with short-term maturities. The fair value of long term bank loans is estimated based on current rates offered to the Company for similar debt of the same remaining maturities. Their carrying value approximates their fair market value due to their variable interest rate, being LIBOR. LIBOR rates are observable at commonly quoted intervals for the full terms of the loans and hence floating rate loans are considered Level 2 items in accordance with the fair value hierarchy. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity Under the Spin-Off of 8.75% Series A cumulative redeemable perpetual preferred shares. The reported loss per common share calculations (Note 9) give retroactive effect to the issuance of the common shares as of January 1, 2019. Common Shares: Each and non-assessable. Preferred Shares Series Description Initial Issuance Date Total Shares Outstanding Liquidation Preference per Share (in dollars) Carrying Value (1) Dividend Rate Series A 8.75% Cumulative Redeemable Perpetual November 10, 795,878 $ 25 $ 7,959 8.75% per annum of the Total 795,878 $ 7,959 (1) There are no issuance costs. 8.75% Series A cumulative redeemable perpetual preferred shares: Holders the Spin-Off. In the event o or winding-up of The Series A Preferred Shares represent perpetual equity interests in the Company. The Company has no obligation to redeem or repurchase any Series A Preferred Shares at any time. The Series A Preferred Shares will be subject to redemption, in whole or from time to time in part, at the Company’s option commencing on June 30, 2022. Holders of the Series A Preferred Shares generally have no voting rights. However, if and whenever dividends payable on the Series A Preferred Shares are in arrears for six or more quarterly periods, whether or not consecutive, holders of Series A Preferred Shares (voting together as a class with holders of any Parity Securities upon which like voting rights have been conferred and are exercisable) will, subject to certain exceptions, be entitled to elect one additional director to serve on the Company’s board of directors unless the size of the board of directors already has been increased by reason of the election of a director by holders of Parity Securities upon which like voting rights have been conferred. This right will continue until the Company pays, or declares and sets apart for payment, all cumulative dividends on the Series A Preferred Shares. Furthermore paid-in |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Loss per share | 9. Loss per share The Company calculates basic and diluted loss per share as follows: Year Ended December 31, 2019 2020 2021 Numerator Net loss (375,184 ) (393,761 ) (3,639,979 ) Less: Cumulative dividends on Series A Preferred Shares — — (140,246 ) Net loss attributable to common shareholders, basic (375,184 ) (393,761 ) (3,780,225 ) Denominator Weighted average number of shares outstanding, basic and diluted 4,775,272 4,775,272 4,775,272 Loss per share, basic and diluted (0.08 ) (0.08 ) (0.79 ) There were no dilutive shares for any of the periods presented. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 10. Revenues The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, 2019 2020 2021 Time charter revenues 7,564,274 9,669,520 10,813,545 Bareboat revenues 5,766,868 2,967,678 2,717,105 Voyage charter revenues — 7,626,883 3,679,869 Other income/(expenses) (1,502 ) 37,971 152,150 Total 13,329,640 20,302,052 17,362,669 The amount of revenue earned as demurrage relating to the Company’s voyage charters for the years ended December 31, 2019, 2020 and 2021 was nil, $1.0 million and $0.9 million, respectively and is included within “Voyage charter revenues” in the above table. As of December 31, 2020 and 2021, the Company recognized $173,930 and $nil, respectively, of contract fulfillment costs which mainly represent bunker expenses incurred prior to commencement of loading relating to the Company’s voyage charters. These costs are recorded in “Other current assets” in the consolidated balance sheets. As of December 31, 2020 and 2021, revenues relating to undelivered performance obligations of the Company’s voyage charters amounted to $774,269 and $nil, respectively. The Company recognized the undelivered performance obligation as of December 31, 2020 as revenues in the first quarter of 2021. |
Vessel Operating Expenses
Vessel Operating Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Vessel Operating Expenses | 11. Vessel Operating Expenses The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, Vessels’ Operating Expenses 2019 2020 2021 Crew wages and related costs 2,002,508 3,804,598 4,321,751 Insurance 159,969 290,866 323,719 Repairs and maintenance 452,857 1,227,639 845,200 Spares and consumable stores 692,845 1,015,100 1,181,483 Miscellaneous expenses 491,521 822,391 760,874 Total 3,799,700 7,160,594 7,433,027 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes Under the laws of the countries of the companies’ incorporation and/or vessels’ registration, the companies are not subject to tax on international shipping income, however, they are subject to registration and tonnage taxes, which have been included in Vessels’ operating expenses in the consolidated statements of operations. Pursuant to the Internal Revenue Code of the United States (the “Code”), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the company operating the ships meets certain requirements. Among other things, in order to qualify for this exemption, the company operating the ships must be incorporated in a country which grants an equivalent exemption from income taxes to U.S. corporations. The Company satisfies these initial criteria. In addition, these companies must be more than 50% owned by individuals who are residents, as defined, in the country of incorporation or another foreign country that grants an equivalent exemption to U.S. corporations. The Company also currently satisfies the more than 50% beneficial ownership requirement. |
Customer Deposits
Customer Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Customer Deposits | 13. Customer Deposits These amounts represent deposits received from charterers as guarantees and are comprised as follows: (a) On October 12, 2015 an amount of $736,000 was received from the bareboat charterer of Product carrier “Clean Thrasher” which is equal to three-months hire. On May 30, 2019 the amount of $368,000 was re (b) On February 21, 2015 an amount of $1,820,700 was received from the bareboat charterer of Aframax tanker “Stealth Berana” which is equal to five-months hire. An amount of $1,220,700 was returned to the charterer at the end of the bareboat charter on March 7, 2018. The remaining amount of $600,000 was kept as a guarantee for the new bareboat charter which commenced on March 7, 2018. The bareboat charter ended during 2020 and an amount of $100,000 was returned to the charterer. In August 2021, the balance of $500,000 was fully settled following the agreement reached with the charterers (Note 14). |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies • From time to time the Company expects to be subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. With regards to a charter party agreement of our Aframax tanker “Stealth Berana”, the Company commenced arbitration during 2020 in respect of all disputes arising under this agreement, including the claims of the charterers for alleged losses in connection with the redelivery of the vessel to the Company. The Company provided security for the claims of the charterers by way of a payment of 1,473,000 by StealthGas Inc. into an escrow account (Note 3). The respective liability to StealthGas Inc. had been included in “Payable to related party” in the combined balance sheet as of December 31, 2020. As of December 31, 2020, an amount of was kept in the escrow account and was presented under current restricted cash in the combined balance sheet as of December 31, 2020. In August 2021, the Company reached a settlement agreement with the charterers. Based on the settlement agreement, the funds held in the escrow account were released and the Company received the net amount of in full and final settlement of the claims of the Company and the charterers including the liabilities of the Company due to the customer deposits (Note 13). • Future minimum contractual charter revenues, gross of commissions, based on vessels committed to non-cancellable, time and bareboat charter contracts as of December 31, 2021, amount to |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events In February 2022, the Company completed an underwritten public offering and issue d 11,040,000 common shares, Class A warrants an Representative Purchase warrants for net proceeds, after underwriting discounts and commissions, of million. Furthermore, the Company proceeded with the issuance of common shares upon exercise of Class A warrants for an aggregate exercise price of $ million. The total net proceeds are expected to be used for capital expenditures and for other general corporate purposes. On March 4, 2022, the Company agreed to acquire two M.R. product tankers from a related party for an aggregate purchase price of $31.0 million. On March 15, 2022, the Board of Directors of the Company declared a dividend of $0.546875 per Series A Preferred Share payable on March 30, 2022 to holders of Series A Preferred Shares as of March 25, 2022. In March 2022, the Company completed an underwritten public offering and issued 43,124,950 common shares and 43,124,950 A s a result of the recent conflict in Ukraine, the EU, U.S. and other countries have imposed sanctions in response to Russian action. The extent to which this will impact the Company’s future results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted. Accordingly, an estimate of the impact cannot be made at this time. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation: |
Use of Estimates | Use of Estimates: |
Other comprehensive income / (loss) | Other comprehensive income / (loss) The Company has no other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, no statement of comprehensive income / (loss) has been presented. |
Foreign Currency Translation | Foreign Currency Translation: |
Cash and Cash Equivalents | Cash and Cash Equivalents: |
Restricted Cash | Restricted Cash: non-current |
Trade Receivables | Trade Receivables: un-collectible |
Inventories | Inventories: first-in, first-out |
Vessels, net Acquisitions | Vessels, net Acquisitions: |
Impairment or Disposal of Long-lived Assets | Impairment or Disposal of Long-lived Assets: 360-10, 360-10”), dry-docking |
Vessels' Depreciation | Vessels’ Depreciation: |
Segment Reporting | Segment Reporting: |
Accounting for Special Survey and Dry-docking Costs | Accounting for Special Survey and Dry-docking dry-docking |
Accounting for Revenue and Related Expenses | Accounting for Revenue and Related Expenses: A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Operating costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants are paid for by the Company under time charter agreements. A time charter generally provides typical warranties and owner protective restrictions. The performance obligations in a time charter are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the owner of the vessel. Some of the Company’s time charters may also contain profit sharing provisions, under which the Company can realize additional revenues in the event that spot rates are higher than the base rates in these time charters. A bareboat charter is a contract in which the vessel owner provides the vessel to the charterer for a fixed period of time at a specified daily rate, which is generally payable in advance, and the charterer generally assumes all risks and costs of operation during the bareboat charter period. The Company’s time charter and bareboat contracts are classified as operating leases pursuant to Accounting Standards Codification (“ASC”) 842 - Leases, and therefore do not fall under the scope of Accounting Standards Codification (“ASC”) 606 because (i) the vessel is an identifiable asset (ii) the owner of the vessel does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter and bareboat revenues are recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. Time charter and bareboat charter revenues are recognized as earned on a straight-line basis over the term of the charter as service is provided. Revenues from profit sharing arrangements in time charters are recognized in the period earned. Under time charter agreements, all voyages expenses, except commissions are assumed by the charterer. Under bareboat charter agreements, the charterer further assumes all vessel operating expenses, dry-docking Upon implementation of ASC 842, the Company elected to make use of a practical expedient for lessors to not separate the lease and non-lease non-lease non-lease A voyage charter is a contract in which the vessel owner undertakes to transport a specific amount and type of cargo on a load port-to-discharge lay-time Deferred income represents cash received for undelivered performance obligations and deferred revenue resulting from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. The portion of the deferred revenue that will be earned within the next twelve months is classified as current liability and the remaining as long-term liability. Vessel voyage expenses are direct expenses to voyage revenues and primarily consist of brokerage commissions, port expenses, canal dues and bunkers. Brokerage commissions are paid to shipbrokers for their time and efforts for negotiating and arranging charter party agreements on behalf of the Company and expensed over the related charter period and all the other voyage expenses are expensed as incurred except for expenses during the ballast portion of the voyage. Any expenses incurred during the ballast portion of the voyage (period between the contract date and the date of the vessel’s arrival to the load port) such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as the Company satisfies the performance obligations under the contract provided these costs are (1) incurred to fulfill a contract that the Company can specifically identify, (2) able to generate or enhance resources of the company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered ‘contract fulfillment costs’ and are included in ‘other current assets’ in the accompanying consolidated balance sheets. Vessel operating expenses comprise all expenses relating to the operation of the vessel, including crewing, repairs and maintenance, insurance, stores, lubricants and other operating expenses. Vessel operating expenses are expensed as incurred. |
Dividends | Dividends: paid-in |
Losses per common share | Losses per common share: |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: Reference Rate Reform: As of December 31, 2021, the Company has not yet evaluated the effects of this standard on its consolidated financial position, results of operations, and cash flows. |
General Information (Tables)
General Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Subsidiary Companies | At December 31, 2021, the 4 subsidiaries included in the Company’s consolidated financial statements were: Company Date of Incorporation Name of Vessel Owned by Dead Weight Acquisition Clean Power Inc. 5/2/200 Magic Wand 47,000 9/1/200 MR Roi Inc. 5/2/200 Clean Thrasher 47,000 27/2/200 King of Hearts Inc. 17/3/200 Falcon Maryam 46,000 14/7/200 Tankpunk Inc. 6/1/200 Stealth Berana 115,804 26/7/201 |
Summary of Percentage of Company's Revenues | During 2019, 2020 and 2021 four charterers accounted for 10% or more of the Company’s revenues. Year ended December 31, Charterer 2019 2020 2021 A 57 % 34 % — B 18 % 12 % 16 % C 16 % — — D — 21 % — E — 14 % — F — 15 % G — 15 % H — 15 % |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Summary of Amounts Charged By The Company's Related Parties | The amounts charged by the Company’s related parties comprised the following: Year ended December 31, Location in statement of operations 2019 2020 2021 Management fees Management fees – related party 365,515 503,355 527,425 Brokerage commissions Voyage expenses – related party 166,588 250,241 218,192 Superintendent fees Vessels’ operating expenses – related party 24,000 13,500 26,500 Crew management fees Vessels’ operating expenses – related party — 35,000 60,000 Executive compensation General and administrative expenses — — 19,875 General and administrative expenses – Former Parent General and administrative expenses 331,408 219,717 291,801 |
Vessels, net (Tables)
Vessels, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Analysis of Vessels, Net | An analysis of vessels, net is as follows: Vessel Cost Accumulated Net book value Balance as at January 1, 2020 $ 230,844,288 $ (94,433,321 ) $ 136,410,967 Acquisitions and improvements 922,400 — 922,400 Depreciation for the year — (8,643,920 ) (8,643,920 ) Balance as at December 31, 2020 $ 231,766,688 $ (103,077,241 ) $ 128,689,447 Reduction in vessels improvements (51,800 ) — (51,800 ) Depreciation for the year — (8,674,663 ) (8,674,663 ) Balance as at December 31, 2021 $ 231,714,888 $ (111,751,904 ) $ 119,962,984 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Term Loan Drawn December 31, Issue Date Maturity Date Amount 2020 2021 November 10, 2021 November 10, 2026 28,000,000 — 28,000,000 Total — 28,000,000 Current portion of long-term debt — 4,804,000 Long - — 23,196,000 Total debt — 28,000,000 Current portion of deferred finance charges — 56,384 Deferred finance charges non-current — 107,029 Total deferred finance charges — 163,413 Total debt — 28,000,000 Less: Total deferred finance charges — 163,413 Total debt, net of deferred finance charges — 27,836,587 Less: Current portion of long-term debt, — 4,747,616 Total long – term debt — 23,088,971 |
Summary of Annual Principal Payments Loan | The annual principal payments to be made, for the abovementioned loan, after December 31, 2021 are as follows: December 31, Amount 2022 4,804,000 2023 4,804,000 2024 4,804,000 2025 4,804,000 2026 8,784,000 Total 28,000,000 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Liabilities, Current [Abstract] | |
Summary of Accrued Liabilities | Accrued liabilities consist of the following: As of December 31, 2020 2021 Interest on long-term debt — 92,578 Administrative expenses — 94,735 Voyage expenses 170,607 158,231 Vessel operating expenses 220,316 141,130 Total $ 390,923 $ 486,674 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Net Income (Loss) Per Common Share | The Company calculates basic and diluted loss per share as follows: Year Ended December 31, 2019 2020 2021 Numerator Net loss (375,184 ) (393,761 ) (3,639,979 ) Less: Cumulative dividends on Series A Preferred Shares — — (140,246 ) Net loss attributable to common shareholders, basic (375,184 ) (393,761 ) (3,780,225 ) Denominator Weighted average number of shares outstanding, basic and diluted 4,775,272 4,775,272 4,775,272 Loss per share, basic and diluted (0.08 ) (0.08 ) (0.79 ) |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenues Amounts in Accompanying Consolidated Statements of Operations | The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, 2019 2020 2021 Time charter revenues 7,564,274 9,669,520 10,813,545 Bareboat revenues 5,766,868 2,967,678 2,717,105 Voyage charter revenues — 7,626,883 3,679,869 Other income/(expenses) (1,502 ) 37,971 152,150 Total 13,329,640 20,302,052 17,362,669 |
Vessel Operating Expenses (Tabl
Vessel Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Summary of Vessel Operating Expenses Amounts in Accompanying Consolidated Statements of Operations | The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, Vessels’ Operating Expenses 2019 2020 2021 Crew wages and related costs 2,002,508 3,804,598 4,321,751 Insurance 159,969 290,866 323,719 Repairs and maintenance 452,857 1,227,639 845,200 Spares and consumable stores 692,845 1,015,100 1,181,483 Miscellaneous expenses 491,521 822,391 760,874 Total 3,799,700 7,160,594 7,433,027 |
General Information - Summary o
General Information - Summary of Subsidiary Companies (Detail) | 12 Months Ended |
Dec. 31, 2021t | |
Clean Power Inc [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company | Clean Power Inc. |
Date of Incorporation | Feb. 5, 2007 |
Name of Vessel Owned by Subsidiary | Magic Wand |
Dead Weight Tonnage | 47,000 |
Acquisition Date | Jan. 9, 2008 |
MR Roi Inc [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company | MR Roi Inc. |
Date of Incorporation | Feb. 5, 2007 |
Name of Vessel Owned by Subsidiary | Clean Thrasher |
Dead Weight Tonnage | 47,000 |
Acquisition Date | Feb. 27, 2008 |
King Of Hearts Inc [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company | King of Hearts Inc. |
Date of Incorporation | Mar. 17, 2008 |
Name of Vessel Owned by Subsidiary | Falcon Maryam |
Dead Weight Tonnage | 46,000 |
Acquisition Date | Jul. 14, 2009 |
Tankpunk Inc [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company | Tankpunk Inc. |
Date of Incorporation | Jan. 6, 2008 |
Name of Vessel Owned by Subsidiary | Stealth Berana |
Dead Weight Tonnage | 115,804 |
Acquisition Date | Jul. 26, 2010 |
General Information - Summary_2
General Information - Summary of Percentage of Company's Revenues (Detail) - Revenue Benchmark [Member] - Revenue from Rights Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Charterer A [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 0.00% | 34.00% | 57.00% |
Charterer B [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 16.00% | 12.00% | 18.00% |
Charterer C [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 0.00% | 16.00% | |
Charterer D [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 0.00% | 21.00% | |
Charterer E [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 0.00% | 14.00% | |
Charterer F [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 15.00% | ||
Charterer G [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 15.00% | ||
Charterer H [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 15.00% |
General Information - Summary_3
General Information - Summary of Percentage of Company's Revenues (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue Benchmark [Member] | Revenue from Rights Concentration Risk [Member] | Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10.00% | 10.00% | 10.00% |
General Information - Additiona
General Information - Additional Information (Detail) $ / shares in Units, $ in Millions | Dec. 03, 2021$ / sharesshares | Nov. 10, 2021USD ($)shares | May 14, 2021Subsidiariesshares | Dec. 31, 2021shares | Dec. 31, 2020shares |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Common stock shares outstanding | 4,775,272 | 0 | |||
Number of companies transferred due to restructuring | Subsidiaries | 4 | ||||
Number of tankers | 4 | ||||
Three Medium Range Type Product Tankers [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Number of tankers | 3 | ||||
One Afra Max Crude Oil Tanker [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Number of tankers | 1 | ||||
Common Stock [Member] | Spin Off Transaction [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Stock issued during the period shares new issues | 4,775,272 | 4,774,772 | 4,775,272 | ||
Preferred Stock [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Transfer included the issuance of a new class | $ | $ 15.1 | ||||
Preferred Stock [Member] | Spin Off Transaction [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Stock issued during the period shares new issues | 795,878 | ||||
Preferred Stock [Member] | Preferred Class A [Member] | Spin Off Transaction [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Stock issued during the period shares new issues | 795,878 | 795,878 | |||
Preferred stock dividend rate percentage | 8.75% | 8.75% | |||
Preferred stock liquidation preference per share | $ / shares | $ 25 | ||||
StealthGas Inc. [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Common stock shares outstanding | 500 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021USD ($)Segment | Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($)Segment | |
Accounting Policies [Line Items] | |||
Impairment loss long lived assets held for use | $ | $ 0 | $ 0 | $ 0 |
Number of operating segments | 1 | 1 | 1 |
Number of reportable segments | 1 | 1 | 1 |
Maritime Equipment [Member] | |||
Accounting Policies [Line Items] | |||
Property plant and equipment useful lives | 25 years | 25 years | 25 years |
Transactions with Related Par_3
Transactions with Related Parties - Summary of Amounts Charged By The Company's Related Parties (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
General and administrative expenses | $ 311,676 | $ 219,717 | $ 331,408 |
Management fees [Member] | |||
Related Party Transaction [Line Items] | |||
Related party | 527,425 | 503,355 | 365,515 |
Brokerage commissions [Member] | |||
Related Party Transaction [Line Items] | |||
Related party | 218,192 | 250,241 | 166,588 |
Superintendent fees [Member] | |||
Related Party Transaction [Line Items] | |||
Related party | 26,500 | 13,500 | 24,000 |
Crew management fees [Member] | |||
Related Party Transaction [Line Items] | |||
Related party | 60,000 | 35,000 | 0 |
Executive compensation [Member] | |||
Related Party Transaction [Line Items] | |||
General and administrative expenses | 19,875 | 0 | 0 |
Former Parent Expense [Member] | |||
Related Party Transaction [Line Items] | |||
General and administrative expenses | $ 291,801 | $ 219,717 | $ 331,408 |
Transactions with Related Par_4
Transactions with Related Parties - Additional Information (Detail) - USD ($) | May 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Receivable from related party | $ 355,023 | |||
Payable to related parties | 1,119,055 | $ 1,473,000 | ||
StealthGas Inc [Member] | ||||
Receivable from related party | 355,023 | 1,473,000 | ||
Payable to related parties | 1,119,055 | 0 | ||
Management fees [Member] | ||||
Related party transaction, amounts of transaction | 527,425 | 503,355 | $ 365,515 | |
Brokerage commissions [Member] | ||||
Related party transaction, amounts of transaction | $ 218,192 | 250,241 | 166,588 | |
Related party transaction, brokerage commission per vessel | 1.25% | |||
Superintendent fees [Member] | ||||
Related party transaction, amounts of transaction | $ 26,500 | 13,500 | 24,000 | |
Related party transaction, additional amounts of transaction | 500 | |||
Crew management fees [Member] | ||||
Related party transaction, amounts of transaction | 60,000 | $ 35,000 | $ 0 | |
Crew management fees [Member] | Hellenic Manning Overseas Inc [Member] | ||||
Related party transaction, amounts of transaction | $ 2,500 | |||
Executive compensation [Member] | ||||
Related party transaction, additional amounts of transaction | 250,149 | |||
Maximum [Member] | Management fees [Member] | ||||
Related party transaction, amounts of transaction | 440 | |||
Minimum [Member] | Management fees [Member] | ||||
Related party transaction, amounts of transaction | $ 125 |
Vessels, net - Summary of Analy
Vessels, net - Summary of Analysis of Vessels, Net (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Vessel Cost, Balance at beginning of year | $ 231,766,688 | $ 230,844,288 |
Vessel Cost, Acquisitions and improvements | 922,400 | |
Vessel Cost, Reduction in vessels improvements | (51,800) | |
Vessel Cost, Balance at end of year | 231,714,888 | 231,766,688 |
Accumulated depreciation, Balance at beginning of year | (103,077,241) | (94,433,321) |
Accumulated depreciation, Depreciation for the year | (8,674,663) | (8,643,920) |
Accumulated depreciation, Balance at end of year | (111,751,904) | (103,077,241) |
Net book value, Balance at beginning of year | 128,689,447 | 136,410,967 |
Net book value, Acquisitions and improvements | 922,400 | |
Net book value, Reduction in vessels improvements | (51,800) | |
Net book value, Depreciation for the year | (8,674,663) | (8,643,920) |
Net book value, Balance at end of year | $ 119,962,984 | $ 128,689,447 |
Long-term Debt - Summary of Lon
Long-term Debt - Summary of Long-term Debt (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Issue Date | Nov. 10, 2021 | |
Maturity Date | Nov. 10, 2026 | |
Drawn Amount | $ 28,000,000 | |
Total | 28,000,000 | $ 0 |
Current portion of long-term debt | 4,804,000 | |
Long-term debt | 23,196,000 | |
Current portion of deferred finance charges | 56,384 | |
Deferred finance charges non-current | 107,029 | |
Total deferred finance charges | 163,413 | |
Total debt | 28,000,000 | |
Total debt, net of deferred finance charges | 27,836,587 | |
Less: Current portion of long-term debt, net of current portion of deferred finance charges | 4,747,616 | |
Total long – term debt | $ 23,088,971 |
Long-term Debt - Summary of Ann
Long-term Debt - Summary of Annual Principal Payments Loan (Detail) | Dec. 31, 2021USD ($) |
Maturities of Long-term Debt [Abstract] | |
2022 | $ 4,804,000 |
2023 | 4,804,000 |
2024 | 4,804,000 |
2025 | 4,804,000 |
2026 | 8,784,000 |
Total | $ 28,000,000 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Repayments of Debt | $ 25,752,729 | ||
Percentage of market value of mortgaged vessels exceeds Term loan | 125.00% | ||
Percentage of total market value adjusted assets | 70.00% | ||
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Dividend percentage | 50.00% | ||
Bank loan interest expense | $ 87,724 | $ 0 | $ 0 |
Term Loan [Member] | Interest and finance cost [Member] | |||
Debt Instrument [Line Items] | |||
Amortization of deferred financing charges | 32,587 | $ 0 | $ 0 |
Minimum [Member] | Twenty Four Months Operating Period [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of debt | 500,000 | ||
Minimum [Member] | First Two Operating Years And Thereafter [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of debt | $ 1,000,000 | ||
Minimum [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 1.95% | ||
Maximum [Member] | Twenty Four Months Operating Period [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of debt | $ 2,500,000 | ||
Maximum [Member] | First Two Operating Years And Thereafter [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from issuance of debt | $ 5,000,000 | ||
Maximum [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate, stated percentage | 2.17% |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Liabilities, Current [Abstract] | ||
Interest on long-term debt | $ 92,578 | $ 0 |
Administrative expenses | 94,735 | 0 |
Voyage expenses | 158,231 | 170,607 |
Vessel operating expenses | 141,130 | 220,316 |
Total | $ 486,674 | $ 390,923 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Preferred Shares Outstanding (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||
Total Shares Outstanding | 795,878 | 0 |
Carrying Value | $ 7,959 | |
8.75% Series A Cumulative Redeemable Perpetual Preferred Shares [Member] | ||
Class of Stock [Line Items] | ||
Description | 8.75% Cumulative Redeemable Perpetual | |
Initial Issuance Date | Nov. 10, 2021 | |
Total Shares Outstanding | 795,878 | |
Liquidation Preference per Share (in dollars) | $ 25 | |
Carrying Value | $ 7,959 | |
Dividend Rate | 8.75% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 29, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||
Common stock shares authorized | 2,000,000,000 | 2,000,000,000 | |
Common stock par or stated value per share | $ 0.01 | ||
Preferred stock shares authorized | 200,000,000 | 200,000,000 | |
Preferred stock par or stated value per share | $ 0.01 | ||
Common stock shares issued | 4,775,272 | 0 | |
Preferred stock shares issued | 795,878 | 0 | |
Eight Point Seven Five Percentage Series A Cumulative Redeemable Perpetual Preferred Shares [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock dividend rate percentage | 8.75% | ||
Preferred stock liquidation preference per share | $ 25 | ||
Dividends, preferred stock | $ 130,574 | ||
Cumulative dividends | $ 140,246 | ||
Preferred stock, fair value disclosure | $ 15,121,682 | ||
Preferred stock shares issued | 795,878 | ||
Dividends, preferred stock per share | $ 0.1640625 |
Loss Per Share - Summary of Bas
Loss Per Share - Summary of Basic and Diluted Net Income (Loss) Per Common Share (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||
Net loss | $ (3,639,979) | $ (393,761) | $ (375,184) |
Less: Cumulative dividends on Series A Preferred Shares | (140,246) | 0 | 0 |
Net loss attributable to common shareholders, basic | $ (3,780,225) | $ (393,761) | $ (375,184) |
Weighted average number of shares outstanding, basic and diluted | 4,775,272 | 4,775,272 | 4,775,272 |
Loss per share, basic and diluted | $ (0.79) | $ (0.08) | $ (0.08) |
Revenues - Summary of Revenues
Revenues - Summary of Revenues Amounts in Accompanying Consolidated Statements of Operations (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 17,362,669 | $ 20,302,052 | $ 13,329,640 |
Other income/(expenses) | 152,150 | 37,971 | (1,502) |
Time Charter Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 10,813,545 | 9,669,520 | 7,564,274 |
Bareboat Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 2,717,105 | 2,967,678 | 5,766,868 |
Voyage Charter Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 3,679,869 | $ 7,626,883 | $ 0 |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Current Assets [Member] | |||
Revenue, Major Customer [Line Items] | |||
Capitalized Contract Cost, Net | $ 0 | $ 173,930 | |
Voyage Charter Revenues [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenues | 0 | 1,000,000 | $ 900,000 |
Revenue, Remaining Performance Obligation, Amount | $ 0 | $ 774,269 |
Vessel Operating Expenses - Sum
Vessel Operating Expenses - Summary of Vessel Operating Expenses Amounts in Accompanying Consolidated Statements of Operations (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |||
Crew wages and related costs | $ 4,321,751 | $ 3,804,598 | $ 2,002,508 |
Insurance | 323,719 | 290,866 | 159,969 |
Repairs and maintenance | 845,200 | 1,227,639 | 452,857 |
Spares and consumable stores | 1,181,483 | 1,015,100 | 692,845 |
Miscellaneous expenses | 760,874 | 822,391 | 491,521 |
Total | $ 7,433,027 | $ 7,160,594 | $ 3,799,700 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Percentage of beneficial ownership requirement by individuals | 50.00% |
Customer Deposits - Additional
Customer Deposits - Additional Information (Detail) - Bareboat charterer [Member] - USD ($) | May 30, 2019 | Mar. 07, 2018 | Oct. 12, 2015 | Feb. 21, 2015 | Aug. 31, 2021 | Dec. 31, 2020 |
Customer Deposits [Line Items] | ||||||
Proceeds from deposits from customers | $ 736,000 | $ 1,820,700 | ||||
Payments for Deposits | $ 368,000 | |||||
Payables to customers | $ 368,000 | $ 600,000 | ||||
Deposits from customers hire term | 3 months | 5 months | ||||
Customer refundable fees | $ 1,220,700 | $ 500,000 | $ 100,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | |||
Full and final settlement escrow deposits | $ 765,031 | ||
Future minimum contractual charter revenue | $ 4,642,050 | ||
StealthGas Inc. [Member] | |||
Loss Contingencies [Line Items] | |||
Security for the claims | $ 1,473,000 | ||
Escrow deposit | $ 1,165,031 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Mar. 15, 2022 | Mar. 11, 2022 | Mar. 04, 2022 | Feb. 28, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Subsequent Event [Line Items] | |||||||
Common stock shares issued | 4,775,272 | 0 | |||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common stock shares issued | 11,040,000 | ||||||
Common stock shares issued | 43,124,950 | ||||||
Proceeds from issuance of equity | $ 64.3 | ||||||
Subsequent Event [Member] | Series A Preferred Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Preferred stock dividends per share declared | $ 0.546875 | ||||||
Subsequent Event [Member] | M.R. Product Tankers [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Related party for aggregate purchase price | $ 31 | ||||||
Subsequent Event [Member] | Class A Warrants [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Class of warrant or right, issued during period | 11,040,000 | ||||||
Proceeds net warrants | $ 12.8 | ||||||
Proceeds with the issuance of common shares | 10,997,000 | ||||||
Aggregate exercise price | $ 13.7 | ||||||
Subsequent Event [Member] | Representative Purchase Warrants [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Class of warrant or right, issued during period | 552,000 | ||||||
Subsequent Event [Member] | Class B Warrants [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common stock shares issued | 43,124,950 |