2023 Q4 Form 20-F Financial Statement

#000119312524123906 Filed on April 30, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022 Q4
Revenue $13.78M $28.74M $4.034M
YoY Change 241.51% 78.12%
Cost Of Revenue $5.838M $12.61M $2.116M
YoY Change 175.93% 115.76%
Gross Profit $7.939M $16.13M $1.918M
YoY Change 313.82% 56.74%
Gross Profit Margin 57.63% 56.12% 47.56%
Selling, General & Admin $465.0K $1.596M $207.1K
YoY Change 124.5% 308.39%
% of Gross Profit 5.86% 9.9% 10.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.382M $4.105M $558.0K
YoY Change 147.74% 295.77%
% of Gross Profit 17.41% 25.45% 29.08%
Operating Expenses $1.847M $18.31M $765.1K
YoY Change 141.41% 1182.33%
Operating Profit $6.092M $10.43M $1.153M
YoY Change 428.19% 17.66%
Interest Expense -$519.0K -$1.136M $45.06K
YoY Change -1251.8% 845.33%
% of Operating Profit -8.52% -10.89% 3.91%
Other Income/Expense, Net -$1.136M
YoY Change
Pretax Income $5.573M $9.292M $1.198M
YoY Change 365.02% -48.41%
Income Tax
% Of Pretax Income
Net Earnings $5.021M $9.292M $1.198M
YoY Change 318.96% -48.41%
Net Earnings / Revenue 36.44% 32.33% 29.71%
Basic Earnings Per Share $157.30
Diluted Earnings Per Share $34.39 $63.08 $0.03
COMMON SHARES
Basic Shares Outstanding 54.22K
Diluted Shares Outstanding 146.1K

Balance Sheet

Concept 2023 Q4 2023 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.064M $9.064M
YoY Change
Cash & Equivalents $695.3K $695.0K $23.50M
Short-Term Investments $8.368M $8.368M
Other Short-Term Assets $33.85K $114.0K
YoY Change 213.7%
Inventory $689.3K $689.0K $165.6K
Prepaid Expenses
Receivables $10.44M $10.44M
Other Receivables $0.00 $0.00
Total Short-Term Assets $20.31M $20.31M $1.024M
YoY Change 1884.39% 1884.43%
LONG-TERM ASSETS
Property, Plant & Equipment $75.16M $75.16M $38.84M
YoY Change 93.53% 93.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $75.16M $75.16M $38.84M
YoY Change 93.53% 93.53%
TOTAL ASSETS
Total Short-Term Assets $20.31M $20.31M $1.024M
Total Long-Term Assets $75.16M $75.16M $38.84M
Total Assets $95.47M $95.47M $39.86M
YoY Change 139.52% 139.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $547.0K $547.0K
YoY Change -30.95%
Accrued Expenses $634.3K $634.0K $173.3K
YoY Change 265.96% 265.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $39.93M $39.93M $965.5K
YoY Change 4035.64% 4035.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $39.93M $39.93M $965.5K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $39.93M $39.93M $965.5K
YoY Change 4035.64% 4035.6%
SHAREHOLDERS EQUITY
Retained Earnings $8.346M
YoY Change
Common Stock $874.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $55.54M $55.54M $42.90M
YoY Change
Total Liabilities & Shareholders Equity $95.47M $95.47M $39.86M
YoY Change 139.52% 139.52%

Cashflow Statement

Concept 2023 Q4 2023 2022 Q4
OPERATING ACTIVITIES
Net Income $5.021M $9.292M $1.198M
YoY Change 318.96% -48.41%
Depreciation, Depletion And Amortization $1.382M $4.105M $558.0K
YoY Change 147.74% 295.77%
Cash From Operating Activities $242.2K $5.639M
YoY Change -43.96%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $4.300M
YoY Change -92.23%
Acquisitions
YoY Change
Other Investing Activities -$8.127M -$8.126M
YoY Change -139.97%
Cash From Investing Activities -$8.127M -$12.43M
YoY Change -64.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -369.9K 7.483M
YoY Change -84.31%
NET CHANGE
Cash From Operating Activities 242.2K 5.639M
Cash From Investing Activities -8.127M -12.43M
Cash From Financing Activities -369.9K 7.483M
Net Change In Cash -8.254M 695.3K
YoY Change -96.94%
FREE CASH FLOW
Cash From Operating Activities $242.2K $5.639M
Capital Expenditures $0.00 $4.300M
Free Cash Flow $242.2K $1.339M
YoY Change -102.96%

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CommonStockParOrStatedValuePerShare
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NumberOfDaysFromTheClosingBidPriceOfCommonStock
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CY2023Q3 ciss Number Of Grace Period Days Applicable To Regain Compliance
NumberOfGracePeriodDaysApplicableToRegainCompliance
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CY2023Q3 ciss Due Date Declared To Regain Compliance
DueDateDeclaredToRegainCompliance
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DownRoundDeemedDividendsPreferredStock
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CY2023 us-gaap Dividends Preferred Stock
DividendsPreferredStock
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
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NetIncomeLoss
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NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2023 us-gaap Net Income Loss
NetIncomeLoss
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ciss Preferred Stock Down Round Deemed Dividends Adjustment
PreferredStockDownRoundDeemedDividendsAdjustment
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CY2023 ciss Preferred Stock Down Round Deemed Dividends Adjustment
PreferredStockDownRoundDeemedDividendsAdjustment
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us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
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CY2023 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
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us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2023 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31826
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2023 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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ciss Crew Wages And Related Costs
CrewWagesAndRelatedCosts
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CrewWagesAndRelatedCosts
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ciss Insurance
Insurance
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CY2023 ciss Insurance
Insurance
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us-gaap Cost Of Property Repairs And Maintenance
CostOfPropertyRepairsAndMaintenance
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CostOfPropertyRepairsAndMaintenance
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ciss Spares And Consumable Stores
SparesAndConsumableStores
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ciss Vessel Operating Expenses One
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CY2023Q4 ciss Future Minimum Payments Due Future Minimum Sublease Rentals For Next Twelve Months
FutureMinimumPaymentsDueFutureMinimumSubleaseRentalsForNextTwelveMonths
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
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us-gaap Depreciation
Depreciation
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us-gaap Depreciation
Depreciation
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us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
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RevenueFromContractWithCustomerIncludingAssessedTax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenues
Revenues
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Revenues
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VoyageExpenses
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VesselOperatingExpenses
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ciss Vessel Operating Expenses
VesselOperatingExpenses
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ciss Vessel Operating Expenses Related Party
VesselOperatingExpensesRelatedParty
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ciss Vessel Operating Expenses Related Party
VesselOperatingExpensesRelatedParty
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ciss Dry Docking Costs
DryDockingCosts
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ciss Dry Docking Costs
DryDockingCosts
-799333
ciss Depreciation Net Off Write Backs
DepreciationNetOffWriteBacks
-441749
ciss Depreciation Net Off Write Backs
DepreciationNetOffWriteBacks
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ciss Management Fees
ManagementFees
-94160
ciss Management Fees
ManagementFees
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GeneralAndAdministrationExpensesNetOffWriteBacks
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GeneralAndAdministrationExpensesNetOffWriteBacks
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OperatingExpenses
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us-gaap Investment Income Interest
InvestmentIncomeInterest
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ForeignCurrencyTransactionGainLossBeforeTax
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ForeignCurrencyTransactionGainLossBeforeTax
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NonoperatingIncomeExpense
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NonoperatingIncomeExpense
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NetIncomeLoss
3608700
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
3608700
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
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CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
0
ciss Shareholders Capital Account Contributions
ShareholdersCapitalAccountContributions
11492334
ciss Shareholders Capital Account Return Of Capital
ShareholdersCapitalAccountReturnOfCapital
6350000
us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
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ciss Shareholders Capital Account Contributions
ShareholdersCapitalAccountContributions
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NetIncomeLoss
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StockholdersEquity
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AmortizationOfDeferredCharges
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GainLossOnDispositionOfAssets1
9268610
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
200371
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1116348
us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
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us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
30821
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
43863
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
60180
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
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us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
503240
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
142628
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-12078
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
9011772
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11635335
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Proceeds From Sale Of Other Property Plant And Equipment
ProceedsFromSaleOfOtherPropertyPlantAndEquipment
20332790
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-11635335
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
4353867
ciss Shareholders Capital Account Contributions
ShareholdersCapitalAccountContributions
11492334
ciss Shareholders Capital Account Contributions
ShareholdersCapitalAccountContributions
16686500
ciss Shareholders Capital Account Return Of Capital
ShareholdersCapitalAccountReturnOfCapital
6350000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
7330000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
7330000
ciss Deferred Finance Charges Paid
DeferredFinanceChargesPaid
-51300
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
12421034
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9356500
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
773621
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
22722139
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
773621
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23495760
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
18992
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
23495760
CY2021Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
254629
CY2021Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
500000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
773621
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23495760
us-gaap Contribution Of Property
ContributionOfProperty
39819
us-gaap Interest Paid Net
InterestPaidNet
171085
CY2022Q3 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
39000000
us-gaap Use Of Estimates
UseOfEstimates
<div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates:</div></div></div></div> The preparation of the combined financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of <div style="display:inline;">revenues </div>and expenses during the reporting period. Actual results could differ from those estimates. </div></div>
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
us-gaap Management Fee Expense
ManagementFeeExpense
94160
us-gaap Management Fee Expense
ManagementFeeExpense
189640
CY2021Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
33300000
CY2021Q4 us-gaap Debt Instrument Date Of First Required Payment1
DebtInstrumentDateOfFirstRequiredPayment1
2021-10-15
CY2021Q4 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0215
CY2021Q4 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
7330000
CY2021Q4 us-gaap Debt Instrument Frequency Of Periodic Payment
DebtInstrumentFrequencyOfPeriodicPayment
eleven semi-annual instalments
CY2021Q4 us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
500000
CY2021Q4 us-gaap Debt Instrument Periodic Payment Terms Balloon Payment To Be Paid
DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
1830000
us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
135437
us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
35648
CY2021Q4 ciss Weighted Average Interest Of Long Term Debt
WeightedAverageInterestOfLongTermDebt
0.024
ciss Weighted Average Interest Of Long Term Debt
WeightedAverageInterestOfLongTermDebt
0.04
ciss Crew Wages And Related Costs
CrewWagesAndRelatedCosts
1146110
ciss Insurance
Insurance
78812
ciss Insurance
Insurance
142520
us-gaap Cost Of Property Repairs And Maintenance
CostOfPropertyRepairsAndMaintenance
235264
CY2021Q1 us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
11492334
CY2021Q4 ciss Repayment Of Capital Contribution
RepaymentOfCapitalContribution
6350000
CY2022Q2 us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
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us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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ciss Crew Wages And Related Costs
CrewWagesAndRelatedCosts
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us-gaap Cost Of Property Repairs And Maintenance
CostOfPropertyRepairsAndMaintenance
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ciss Spares And Consumable Stores
SparesAndConsumableStores
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ciss Spares And Consumable Stores
SparesAndConsumableStores
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ciss Miscellaneous Expenses
MiscellaneousExpenses
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ciss Miscellaneous Expenses
MiscellaneousExpenses
223556
ciss Vessel Operating Expenses One
VesselOperatingExpensesOne
1543278
ciss Vessel Operating Expenses One
VesselOperatingExpensesOne
2403686

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