Amendment No. 1
☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
CASTOR MARITIME INC. | ||
(Exact name of Registrant as specified in its charter) | ||
(Translation of Registrant’s name into English) | ||
Republic of the Marshall Islands | ||
(Jurisdiction of incorporation or organization) | ||
Christodoulou Chatzipavlou 223 | ||
Hawaii Royal Gardens, Apart. 16 | ||
3036 Limassol, Cyprus | ||
(Address of principal executive offices) | ||
Petros Panagiotidis, Chairman, Chief Executive Officer and Chief Financial Officer Christodoulou Chatzipavlou 223, Hawaii Royal Gardens, Apart. 16, 3036 Limassol, Cyprus + 357 25 357 767, petrospan@castormaritime.com | ||
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) | ||
Securities registered or to be registered pursuant to Section 12(b) of the Act: | ||
None | ||
Title of class | ||
None | ||
Name of exchange on which registered |
Series C Participating Preferred Shares
☐ Yes | ☒ No |
☐ Yes | ☒ No |
☒ Yes | ☐ No |
☐ Yes | ☐ No |
Large accelerated filer ☐ | Accelerated filer ☐ |
Non-accelerated filer ☒ | Emerging Growth Company ☒ |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Schema Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Schema Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Schema Label Linkbase Document |
101.PREX | BRL Taxonomy Extension Schema Presentation Linkbase Document |
CASTOR MARITIME INC. | ||
/s/ Petros Panagiotidis | March 1, 2019 | |
Name:Petros Panagiotidis | ||
Title: Chairman, Chief Executive Officer and Chief Financial Officer |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | F-2 |
FINANCIAL STATEMENT: | |
Consolidated Balance Sheets for the period December 13, 2016 to September 30, 2017 and the year ended September 30, 2018 | F-3 |
Consolidated Statements of Comprehensive Income for the period December 13, 2016 to September 30, 2017 and the year ended September 30, 2018 | F-4 |
Consolidated Statements of Changes in Equity for the period December 13, 2016 to September 30, 2017 and the year ended September 30, 2018 | F-5 |
Consolidated Statements of Cash Flows for the period December 13, 2016 to September 30, 2017 and the year ended September 30, 2018 | F-6 |
Notes to Consolidated Financial Statements | F-7 |
To the Board of Directors and Shareholders’ of
Castor Maritime Inc.,
Majuro, Republic of the Marshall Islands
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Castor Maritime Inc. and its subsidiary (the "Company") as of September 30, 2018 and 2017, the related consolidated statements of comprehensive income, changes in equity, and cash flows, for the year ended September 30, 2018 and for the period December 13, 2016 to September 30, 2017, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2018 and 2017, and the results of its operations and its cash flows for the year ended September 30, 2018 and for the period December 13, 2016 to September 30, 2017, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte Certified Public Accountants S.A.
Athens, Greece
January 31, 2019
We have served as the Company's auditor since 2017.
CASTOR MARITIME INC. |
CONSOLIDATED BALANCE SHEETS September 30, 2017 and September 30, 2018 |
(Expressed in U.S. Dollars – except for share data) |
ASSETS | ||||||||
2017 | 2018 | |||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | 836,468 | 1,739,174 | ||||||
Accounts receivable trade | 342,605 | 2,453 | ||||||
Due from related party (Note 3) | 96,264 | 263,079 | ||||||
Inventories | 46,586 | 60,697 | ||||||
Prepaid expenses and other current assets | 29,060 | 44,597 | ||||||
Total current assets | 1,350,983 | 2,110,000 | ||||||
OTHER NON-CURRENT ASSETS: | ||||||||
Vessel, net of accumulated depreciation of $182,346 and $478,877 respectively (Note 5) | 7,366,935 | 7,070,404 | ||||||
Deferred charges, net of accumulated amortization of $0 and $341,080 (Note 4) | - | 443,394 | ||||||
Total other non-current assets, net | 7,366,935 | 7,513,798 | ||||||
Total assets | 8,717,918 | 9,623,798 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | 105,104 | 33,483 | ||||||
Accrued liabilities | 119,170 | 115,733 | ||||||
Total current liabilities | 224,274 | 149,216 | ||||||
Commitments and contingencies (Note 8) | ||||||||
SHAREHOLDERS' EQUITY: | ||||||||
Preferred shares, $0.001 par value: 50,000,000 shares authorized (Note 6): | ||||||||
Series A- 9.75% cumulative redeemable perpetual preferred shares (liquidation preference of $25 per share), 480,000 shares issued and outstanding | 480 | 480 | ||||||
Series B preferred shares – 12,000 shares issued and outstanding | 12 | 12 | ||||||
Common shares, $0.001 par value; 1,950,000,000 shares authorized; 2,400,000 shares, issued and outstanding (Note 6) | 2,400 | 2,400 | ||||||
Additional paid-in capital (Note 6) | 7,612,108 | 7,612,108 | ||||||
Retained earnings | 878,644 | 1,859,582 | ||||||
Total shareholders' equity | 8,493,644 | 9,474,582 | ||||||
Total liabilities and shareholders' equity | 8,717,918 | 9,623,798 |
The accompanying notes are an integral part of these consolidated financial statements. |
CASTOR MARITIME INC. |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the period December 13, 2016 to September 30, 2017 and the year ended September 30, 2018 |
(Expressed in U.S. Dollars – except for share data) |
2017 | 2018 | |||||||
REVENUES: | ||||||||
Revenues (net of address commissions of $74,271 in 2017 and $153,406 in 2018) | 2,018,061 | 3,960,822 | ||||||
Total revenues | 2,018,061 | 3,960,822 | ||||||
EXPENSES: | ||||||||
Voyage expenses (Note 11) | 80,853 | 37,373 | ||||||
Vessel operating expenses (Note 11) | 1,194,995 | 1,727,770 | ||||||
Management fees to related party (Note 3) | 55,500 | 111,480 | ||||||
Depreciation and amortization (Note 5 & 4) | 182,346 | 637,611 | ||||||
General and administrative expenses (Note 12) | 94,440 | 459,400 | ||||||
Total Expenses | 1,608,134 | 2,973,634 | ||||||
Operating income | 409,927 | 987,188 | ||||||
OTHER INCOME (EXPENSES): | ||||||||
Bank charges | (532 | ) | (3,393 | ) | ||||
Gain on derivative financial instruments (Note 7) | 475,530 | - | ||||||
Foreign exchange losses | (7,021 | ) | (8,539 | ) | ||||
Interest income | - | 4,243 | ||||||
Other, net | 740 | 1,439 | ||||||
Total other income/(losses), net | 468,717 | (6,250 | ) | |||||
Net income and comprehensive income | 878,644 | 980,938 | ||||||
Earnings/(losses) per common share, basic and diluted (Note 10) | 0.35 | (0.28 | ) | |||||
Weighted average number of common shares, basic and diluted | 2,400,000 | 2,400,000 |
CASTOR MARITIME INC. |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the period December 13, 2016 to September 30, 2017 and the year ended September 30, 2018 |
(Expressed in U.S. Dollars – except for share data) |
Number of Shares issued | ||||||||||||||||||||||||||||
Common shares | Preferred A shares | Preferred B shares | Par Value of Shares issued | Additional Paid-in capital | Retained earnings | Total Shareholders' Equity | ||||||||||||||||||||||
Balance, December 13, 2016 | - | - | - | - | - | - | - | |||||||||||||||||||||
-Issuance of common shares as part of exchange and shareholders' contribution (Note6) | 2,400,000 | - | - | 2,400 | 7,612,108 | - | 7,614,508 | |||||||||||||||||||||
-Issuance of preferred shares as part of exchange (Note 6) | - | 480,000 | 12,000 | 492 | 2,740,000 | - | 2,740,492 | |||||||||||||||||||||
-Deemed contribution of preferred shares as part of exchange (Note 6) | - | - | - | - | (2,740,000 | ) | - | (2,740,000 | ) | |||||||||||||||||||
-Net income | - | - | - | - | - | 878,644 | 878,644 | |||||||||||||||||||||
Balance, September 30, 2017 | 2,400,000 | 480,000 | 12,000 | 2,892 | 7,612,108 | 878,644 | 8,493,644 | |||||||||||||||||||||
-Net income | - | - | - | - | - | 980,938 | 980,938 | |||||||||||||||||||||
Balance, September 30, 2018 | 2,400,000 | 480,000 | 12,000 | 2,892 | 7,612,108 | 1,859,582 | 9,474,582 |
CASTOR MARITIME INC. |
CONSOLIDATED STATEMENTS OF CASH FLOWS For the period December 13, 2016 to September 30, 2017 and the year ended September 30, 2018 |
(Expressed in U.S. Dollars – except for share data) |
2017 | 2018 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income | 878,644 | 980,938 | ||||||
Adjustments to reconcile net income to net cash | ||||||||
provided by operating activities: | ||||||||
Depreciation and amortization | 182,346 | 637,611 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable trade | (342,605 | ) | 340,152 | |||||
Inventories | (46,586 | ) | (14,111 | ) | ||||
Due from related party | (96,264 | ) | (166,815 | ) | ||||
Prepaid expenses and other current assets | (29,060 | ) | (15,537 | ) | ||||
Accounts payable | 105,104 | (71,621 | ) | |||||
Accrued liabilities | 119,170 | (3,437 | ) | |||||
Deferred dry-docking expenses | - | (784,474 | ) | |||||
Net Cash provided by Operating Activities | 770,749 | 902,706 | ||||||
Cash Flows used in Investing Activities: | ||||||||
Purchase of vessel | (7,549,281 | ) | - | |||||
Net cash used in Investing Activities | (7,549,281 | ) | - | |||||
Cash Flows provided by Financing Activities: | ||||||||
Shareholders' contribution | 7,615,000 | - | ||||||
Net cash provided by Financing Activities | 7,615,000 | - | ||||||
Net increase in cash and cash equivalents | 836,468 | 902,706 | ||||||
Cash and cash equivalents beginning of the period | - | 836,468 | ||||||
Cash and cash equivalents at the end of the period/year | 836,468 | 1,739,174 | ||||||
Supplemental cash flow information: Non cash Financing Activities Deemed contribution relating to issuance of preferred shares | 2,740,000 | - |
CASTOR MARITIME INC. |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2017 and September 30, 2018 |
(Expressed in U.S. Dollars – except for share data) |
CASTOR MARITIME INC. |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2017 and September 30, 2018 |
(Expressed in U.S. Dollars – except for share data) |
September 30, 2017 | September 30, 2018 | |||
Charterer | % of Company's revenue | % of Company's revenue | ||
A | 81% | 52% | ||
B | 16% | 24% | ||
C | 17% |
a. | Principles of consolidation: The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts and operating results of Castor and its subsidiary. All intercompany balances and transactions have been eliminated upon consolidation. The Company's fiscal year end is September 30. |
b. | Use of estimates: The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include vessel valuations, the valuation of amounts due from charterers, residual value and the useful life of the vessel. Actual results may differ from these estimates. |
c. | Other comprehensive income: The Company follows the accounting guidance relating to comprehensive income, which requires separate presentation of certain transactions that are recorded directly as components of shareholders' equity. The Company has no other comprehensive income (loss) items and, accordingly, comprehensive income equals net income for the period presented. |
d. | Foreign currency translation: The Company's reporting and functional currency is the U.S. Dollar (“USD”). Transactions incurred in other currencies are translated into USD using the exchange rates in effect at the time of the transaction. On the balance sheet date, monetary assets and liabilities that are denominated in other currencies are translated into USD to reflect the end-of-period exchange rates and any gains and losses are included in the consolidated statements of comprehensive income. |
e. | Cash and cash equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. |
CASTOR MARITIME INC. |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2017 and September 30, 2018 |
(Expressed in U.S. Dollars – except for share data) |
f. | Accounts receivable trade: Accounts receivable trade reflect receivables from vessel charters. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Provision for doubtful accounts for the periods presented was zero. |
g. | Inventories: Inventories consist of lubricants and provisions on board of the vessel. Inventories are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling price less reasonably predictable costs of disposal and transportation. Cost is determined by the first in, first out method. We adopted Accounting Standard Update No. 2015-11, “Simplifying the Measurement of Inventory” prospectively effective October 1, 2017 that requires the inventory to be measured at the lower of cost and net realizable value. There was no impact on the consolidated financial statements as a result of the adoption of the new accounting standard. |
h. | Vessel, net: Vessel, net is stated at cost net of accumulated depreciation. The cost of vessel consists of the contract price plus any direct expenses incurred upon acquisition, including improvements, delivery expenses and other expenditures to prepare the vessel for her initial voyage. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel. Repairs and maintenance are expensed as incurred. |
i. | Impairment of long‑lived assets: The Company reviews its vessel for impairment whenever events or changes in circumstances indicate that the carrying amount of the vessel may not be recoverable. When the estimate of future undiscounted cash flows expected to be generated by the use of the vessel is less than her carrying amount, the Company evaluates the vessel for an impairment loss. Measurement of the impairment loss is based on the fair value of the vessel in comparison to its carrying value. In this respect, management regularly reviews the carrying amount of the vessel in connection with her estimated recoverable amount. There were no indications that the carrying value of the vessel is not recoverable as of September 30, 2017 and 2018. |
j. | Vessel depreciation: Depreciation is computed using the straight‑line method over the estimated useful life of the vessel, after considering the estimated salvage value. The vessel's salvage value is equal to the product of her lightweight tonnage and estimated scrap rate. Management estimates the useful life of the vessel to be 25 years from the date of initial delivery from the shipyard and for a second-hand it is depreciated from the date of her acquisition through her remaining estimated useful life. |
k. | Dry-docking and special survey costs: Dry-docking and special survey costs are accounted under the deferral method whereby the actual costs incurred are deferred and are amortized on a straight‑line basis over the period through the date the next survey is scheduled to become due. Costs deferred are limited to actual costs incurred at the yard and parts used in the dry-docking or special survey. Costs deferred include expenditures incurred relating to shipyard costs, hull preparation and painting, inspection of hull structure and mechanical components, steelworks, machinery works, and electrical works as well as lodging and subsistence of personnel sent to the yard site to supervise. If a survey is performed prior to the scheduled date, the remaining unamortized balances are immediately written off, as dry-docking expenses. Unamortized balances of vessels that are sold are written‑off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. The amortization charge is presented within Depreciation and amortization in the consolidated statement of comprehensive income. |
CASTOR MARITIME INC. |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2017 and September 30, 2018 |
(Expressed in U.S. Dollars – except for share data) |
l. | Revenue and expense recognition: The Company generates its revenues from charterers for the charterhire of its vessel. The vessel may be chartered under either voyage charters, where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified charter rate, or time charters, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charterhire rate, if applicable. If a charter agreement exists, charter rate is fixed and determinable, the vessel is made available to the lessee, and the collection of the related revenue is reasonably assured, revenue is recognized, as it is earned ratably over the duration of the period of each voyage or time charter. Revenue is shown net of address commissions payable directly to charterers under the relevant charter agreements. Address commissions represent discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer. A voyage is deemed to commence upon the later of the completion of discharge of vessel’s previous cargo or upon arrival to the agreed upon port, based on the terms of a voyage contract that is not cancellable and is deemed to end upon the completion of discharge of the current cargo. Demurrage income represents payments by the charterer to the vessel owner when loading or discharging time exceeded the stipulated time in the voyage charter and is recognized as it is earned. Deferred revenue includes cash received prior to the balance sheet date and is related to revenue earned after such date. |
m. | Derivative instruments: The Company is exposed to changes in the spot market rates associated with the deployment of its vessel and its objective is to manage the impact of such changes in its cash flows. In this respect, from time to time, the Company may engage in certain forward freight agreements. When such derivatives do not qualify for hedge accounting the Company records these financial instruments in the consolidated balance sheet at their fair value as either a derivative asset or a liability, and recognizes the fair value changes thereto in earnings. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes in fair value of the derivatives are either offset against the fair value of assets and liabilities through earnings, or recognized in other comprehensive income/(loss) (effective portion) until the hedged item is recognized in earnings. As of September 30, 2017 and 2018, there were no open derivative instruments. |
CASTOR MARITIME INC. |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2017 and September 30, 2018 |
(Expressed in U.S. Dollars – except for share data) |
n. | Fair value measurements: The Company follows the provisions of ASC 820, “Fair Value Measurements and Disclosures” which defines, and provides guidance as to the measurement of fair value. ASC 820 creates a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data, for example, the reporting entity's own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy. ASC 820 applies when assets or liabilities in the consolidated financial statements are to be measured at fair value, but does not require additional use of fair value beyond the requirements in other accounting principles. |
o. | Earnings/(losses) per common share: Basic earnings/(losses) per common share are computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Dividends on cumulative redeemable perpetual preferred shares reduce the income available to common shareholders, (whether or not earned). Diluted earnings per common share, reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. |
p. | Commitments and contingencies: Liabilities for loss contingencies, arising from claims, assessments, litigation, fines and penalties, environmental and remediation obligations and other sources are recorded when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. |
q. | Emerging Growth Company: The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act, or JOBS Act. and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, and reduced disclosure obligations. Further, the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. |
CASTOR MARITIME INC. |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2017 and September 30, 2018 |
(Expressed in U.S. Dollars – except for share data) |
CASTOR MARITIME INC. |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2017 and September 30, 2018 |
(Expressed in U.S. Dollars – except for share data) |
Vessel Cost | Accumulated Depreciation | Net Book Value | ||||||||||
Balance, December 13, 2016 | $ | - | $ | - | $ | - | ||||||
- Vessel acquired | 7,549,281 | 7,549,281 | ||||||||||
- Depreciation for the period | - | (182,346 | ) | (182,346 | ) | |||||||
Balance, September 30, 2017 | 7,549,281 | (182,346 | ) | 7,366,935 | ||||||||
- Depreciation for the year | - | (296,531 | ) | (296,531 | ) | |||||||
Balance, September 30, 2018 | 7,549,281 | (478,877 | ) | 7,070,404 |
CASTOR MARITIME INC. |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2017 and September 30, 2018 |
(Expressed in U.S. Dollars – except for share data) |
CASTOR MARITIME INC. |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2017 and September 30, 2018 |
(Expressed in U.S. Dollars – except for share data) |
Series | Description | Initial Issuance Date | Total Shares Outstanding | Liquidation Preference per Share (in dollars) | Carrying Value (1) | Dividend Rate |
Series A | 9.75% Cumulative Perpetual Redeemable | 09/22/17 | 480,000 | $25 | $480 | 9.75% per annum of the Liquidation Preference per share |
Series B | n/a | 09/22/17 | 12,000 | - | $12 | n/a |
Total | 492,000 | $492 |
CASTOR MARITIME INC. |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2017 and September 30, 2018 |
(Expressed in U.S. Dollars – except for share data) |
CASTOR MARITIME INC. |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2017 and September 30, 2018 |
(Expressed in U.S. Dollars – except for share data) |
2017 | 2018 | |||||
Net income and comprehensive income | 878,644 | 980,938 | ||||
Less: Cumulative dividend on Series A preferred shares | (29,250 | ) | (1,646,775) | |||
Net income/(loss) and comprehensive income/losses available to common shareholders | 849,394 | (665,837) | ||||
Weighted average number of common shares outstanding, basic and diluted | 2,400,000 | 2,400,000 | ||||
Earnings/(losses) per common share, basic and diluted | 0.35 | (0.28) |
Vessel Operating Expenses | For the period from December 13, 2016 to September 30, 2017 | For the year ended September 30, 2018 | ||||||
Crew and related costs | 609,549 | 983,985 | ||||||
Repairs & maintenance, spares, stores, classification, chemicals & gases, paints | 323,322 | 415,306 | ||||||
Lubricants | 104,410 | 95,835 | ||||||
Insurance | 75,321 | 133,090 | ||||||
Tonnage taxes | 33,429 | 40,345 | ||||||
Other | 48,964 | 59,209 | ||||||
Total | 1,194,995 | 1,727,770 |
Voyage expenses | For the period from December 13, 2016 to September 30, 2017 | For the year ended September 30, 2018 | ||||||
Brokerage commissions | 51,735 | 90,194 | ||||||
Port & other expenses | 59,287 | 57,042 | ||||||
Gain on Bunkers | (30,169) | (109,863) | ||||||
Total | 80,853 | 37,373 |
CASTOR MARITIME INC. |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2017 and September 30, 2018 |
(Expressed in U.S. Dollars – except for share data) |