2022 Q4 Form 20-F Financial Statement

#000119312523089710 Filed on April 03, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021 Q4
Revenue $37.91M $97.02M $4.007M
YoY Change 846.3% 458.78% -28.1%
Cost Of Revenue $10.03M $32.60M $869.4K
YoY Change 1053.41% 868.59% -21.81%
Gross Profit $27.89M $64.41M $3.137M
YoY Change 788.91% 360.22% -29.66%
Gross Profit Margin 73.55% 66.39% 78.3%
Selling, General & Admin $1.331M $2.819M $455.9K
YoY Change 191.87% 146.82% 133.95%
% of Gross Profit 4.77% 4.38% 14.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.981M $12.29M $2.169M
YoY Change 83.56% 41.68% -74.88%
% of Gross Profit 14.27% 19.08% 69.13%
Operating Expenses $14.06M $34.60M $4.488M
YoY Change 213.37% 97.89% 4.64%
Operating Profit $13.82M $29.82M -$1.350M
YoY Change -1123.71% -955.4% -886.95%
Interest Expense $815.2K $1.302M $5.350K
YoY Change 15136.45% -14659.4% -145.42%
% of Operating Profit 5.9% 4.36%
Other Income/Expense, Net -$883.4K -$1.610M -$137.9K
YoY Change 540.57% 1010.37% -115025.0%
Pretax Income $13.76M $29.51M -$1.483M
YoY Change -1027.61% -910.74% -1027.13%
Income Tax
% Of Pretax Income
Net Earnings $13.76M $29.51M -$1.483M
YoY Change -1027.61% -910.74% -1027.13%
Net Earnings / Revenue 36.28% 30.42% -37.01%
Basic Earnings Per Share $0.19
Diluted Earnings Per Share $0.07 $0.16 -$10.38K
COMMON SHARES
Basic Shares Outstanding 194.6M 128.4M
Diluted Shares Outstanding 128.8M

Balance Sheet

Concept 2022 Q4 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.90M $50.90M $3.390M
YoY Change 1401.58% 1401.58%
Cash & Equivalents $50.90M $50.90M $3.390M
Short-Term Investments
Other Short-Term Assets $69.42M $69.42M $601.8K
YoY Change 11435.76% 11435.76%
Inventory $5.507M $5.507M $258.9K
Prepaid Expenses
Receivables $8.799M $8.799M $1.755M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $134.6M $134.6M $6.006M
YoY Change 2141.62% 2141.62%
LONG-TERM ASSETS
Property, Plant & Equipment $226.4M $226.4M $120.0M
YoY Change 88.68% 88.68% -6.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.600M $5.600M $2.500M
YoY Change 124.0% 124.0%
Total Long-Term Assets $232.0M $232.0M $122.5M
YoY Change 89.41% 89.41%
TOTAL ASSETS
Total Short-Term Assets $134.6M $134.6M $6.006M
Total Long-Term Assets $232.0M $232.0M $122.5M
Total Assets $366.6M $366.6M $128.5M
YoY Change 185.34% 185.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.115M $8.115M $1.430M
YoY Change 467.42% 467.42%
Accrued Expenses $1.982M $1.982M $486.7K
YoY Change 307.32% 307.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.18M $10.18M $4.748M
YoY Change 114.35% 114.35%
Total Short-Term Liabilities $24.38M $24.38M $8.634M
YoY Change 182.38% 182.38%
LONG-TERM LIABILITIES
Long-Term Debt $59.79M $59.79M $23.09M
YoY Change 158.95% 158.95%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $59.79M $59.79M $23.09M
YoY Change 158.95% 158.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.38M $24.38M $8.634M
Total Long-Term Liabilities $59.79M $59.79M $23.09M
Total Liabilities $84.17M $84.17M $31.72M
YoY Change 165.32% 165.32%
SHAREHOLDERS EQUITY
Retained Earnings $28.60M -$471.6K
YoY Change -6165.89%
Common Stock $1.946M $47.75K
YoY Change 3974.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $282.4M $282.4M $96.75M
YoY Change
Total Liabilities & Shareholders Equity $366.6M $366.6M $128.5M
YoY Change 185.34% 185.34%

Cashflow Statement

Concept 2022 Q4 2022 2021 Q4
OPERATING ACTIVITIES
Net Income $13.76M $29.51M -$1.483M
YoY Change -1027.61% -910.74% -1027.13%
Depreciation, Depletion And Amortization $3.981M $12.29M $2.169M
YoY Change 83.56% 41.68% -74.88%
Cash From Operating Activities $18.87M $40.90M $1.668M
YoY Change 1031.39% 680.62% -75.68%
INVESTING ACTIVITIES
Capital Expenditures $18.91M $118.7M $0.00
YoY Change -83324.8% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$37.43M -$68.00M
YoY Change
Cash From Investing Activities -$56.34M -$186.7M $0.00
YoY Change 130810.63% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $200.0K $200.0K
YoY Change
Debt Paid & Issued, Net $5.354M
YoY Change
Cash From Financing Activities 27.49M 196.9M 3.237M
YoY Change 749.43% -3190.76% -149.45%
NET CHANGE
Cash From Operating Activities 18.87M 40.90M 1.668M
Cash From Investing Activities -56.34M -186.7M 0.000
Cash From Financing Activities 27.49M 196.9M 3.237M
Net Change In Cash -9.971M 51.17M 4.905M
YoY Change -303.3% -4111.47% -1701.3%
FREE CASH FLOW
Cash From Operating Activities $18.87M $40.90M $1.668M
Capital Expenditures $18.91M $118.7M $0.00
Free Cash Flow -$35.86K -$77.78M $1.668M
YoY Change -102.15% -1545.25% -76.95%

Facts In Submission

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<table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;text-indent: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1.</div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">General Information </div></div></div></td></tr></table> <div style="clear:both;max-height:0pt;;text-indent: 0px;"/> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="font-size: 10pt; text-indent: 4%; letter-spacing: 0px; top: 0px;;display:inline;">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 </div>500<div style="font-size: 10pt; text-indent: 4%; letter-spacing: 0px; top: 0px;;display:inline;"> common shares. StealthGas Inc. separated its crude and product tankers by transferring to Imperial its interest in the </div>4<div style="font-size: 10pt; text-indent: 4%; letter-spacing: 0px; top: 0px;;display:inline;"> subsidiaries noted below (the “Subsidiaries”),<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;">which owned its crude and product tankers.</div> The transfer was completed on November 10, 2021 in exchange for </div>4,774,772<div style="font-size: 10pt; text-indent: 4%; letter-spacing: 0px; top: 0px;;display:inline;"> newly issued common shares and </div>795,878<div style="font-size: 10pt; text-indent: 4%; letter-spacing: 0px; top: 0px;;display:inline;"> Series A </div>8.75<div style="font-size: 10pt; text-indent: 4%; letter-spacing: 0px; top: 0px;;display:inline;">% 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 $</div>15.1<div style="font-size: 10pt; text-indent: 4%; letter-spacing: 0px; top: 0px;;display:inline;"> million representing the fair value of the Preferred Shares. On December 3, 2021, StealthGas Inc. distributed the </div>4,775,272<div style="font-size: 10pt; text-indent: 4%; letter-spacing: 0px; top: 0px;;display:inline;"> common shares and </div>795,878<div style="font-size: 10pt; text-indent: 4%; letter-spacing: 0px; top: 0px;;display:inline;"> </div>8.75<div style="font-size: 10pt; text-indent: 4%; letter-spacing: 0px; top: 0px;;display:inline;">% Series A Preferred Shares (with a liquidation preference of $</div>25.00<div style="font-size: 10pt; text-indent: 4%; letter-spacing: 0px; top: 0px;;display:inline;"> per share) in Imperial to holders of StealthGas Inc.’s common stock on a pro rata basis (the </div><div style="font-size: 10pt; text-indent: 4%; white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">“Spin-Off”).</div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">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 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">carve-out</div> operations of the Subsidiaries that were contributed to Imperial. </div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">At December 31, 2022, the Company’s fleet was comprised of <div style="letter-spacing: 0px; top: 0px;;display:inline;">10<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div>vessels consisting of 5 medium range (M.R.) type <div style="letter-spacing: 0px; top: 0px;;display:inline;">P</div>roduct tankers, 2 Suezmax crude oil tankers, 1 Aframax crude oil tanker and 2 <div style="letter-spacing: 0px; top: 0px;;display:inline;">H</div>andysize drybulk carriers providing worldwide marine transportation services under long, medium or short-term charters. </div></div> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">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). </div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">At December 31, 2022, the Company held 100% interest in the below companies, each owning one vessel.</div></div> <br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 12pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; width: 816px; border: 0px; margin: 0px auto; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width: 375.359px;"/> <td style="vertical-align: bottom; width: 8.15625px;"/> <td/> <td/> <td/> <td style="vertical-align: bottom; width: 8.15625px;"/> <td/> <td/> <td/> <td style="vertical-align: bottom; width: 8.15625px;"/> <td/> <td/> <td/> <td style="vertical-align: bottom; width: 8.15625px;"/> <td/> <td/> <td/></tr> <tr style="break-inside: avoid; font-family: 'Times New Roman'; font-size: 8pt;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><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;">Company</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom;;text-align:center;"><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;">Date of</div></div><br/><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Incorporation</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom;;text-align:center;"><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;">Name of Vessel</div></div><br/><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Owned by<br/>Subsidiary</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom;;text-align:center;"><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;">Dead Weight<br/>Tonnage<br/>(“dwt”)</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom;;text-align:center;"><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;">Acquisition<br/>Date</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 62%;">Clean Power Inc.</td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><span style="-sec-ix-hidden:hidden73687766">5/2/200</span>7</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Magic Wand</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">47,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><span style="-sec-ix-hidden:hidden73687797">9/1/200</span>8</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; width: 62%;">MR Roi Inc.</td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><span style="-sec-ix-hidden:hidden73687767">5/2/200</span>7</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Clean Thrasher</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">47,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><span style="-sec-ix-hidden:hidden73687798">27/2/200</span>8</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 62%;">King of Hearts Inc.</td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><span style="-sec-ix-hidden:hidden73687768">17/3/20</span>08</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Clean Sanctuary (ex. Falcon Maryam)</td> <td style="vertical-align: bottom; white-space: nowrap;"><br/></td> <td style="vertical-align: bottom; width: 1%; padding: 0px;"> </td> <td style="vertical-align: bottom; white-space: nowrap; padding: 0px;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">46,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><span style="-sec-ix-hidden:hidden73687799">14/7/200</span>9</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; width: 62%;">Tankpunk Inc.</td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><span style="-sec-ix-hidden:hidden73687769">6/1/200</span>8</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Stealth Berana</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">115,804</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><span style="-sec-ix-hidden:hidden73687800">26/7/20</span>10</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 62%;">Nirvana Product Trading Inc.</td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><span style="-sec-ix-hidden:hidden73687770">25/2/20</span>22</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Clean Nirvana</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">50,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><span style="-sec-ix-hidden:hidden73687801">28/3/20</span>22</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; width: 62%;">Volume Jet Trading Inc.</td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><span style="-sec-ix-hidden:hidden73687771">25/2/20</span>22</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Clean Justice</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">47,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><span style="-sec-ix-hidden:hidden73687802">31/5/20</span>22</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 62%;">Intercontinental Crude and Product Enterprises Inc.</td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><span style="-sec-ix-hidden:hidden73687772">18/5/20</span>22</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Suez Enchanted</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">160,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><span style="-sec-ix-hidden:hidden73687803">3/6/20</span>22</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; width: 62%;">Petroleum Trading and Shipping Inc.</td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><span style="-sec-ix-hidden:hidden73687773">21/4/20</span>22</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Suez Protopia</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">160,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><span style="-sec-ix-hidden:hidden73687804">3/6/20</span>22</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 62%;">Dry Bulk International Trading and Shipping Inc.</td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><span style="-sec-ix-hidden:hidden73687774">4/7/20</span>22</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Eco Bushfire</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">32,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><span style="-sec-ix-hidden:hidden73687805">21/9/20</span>22</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; width: 62%;">Raw Commodities and Exports Inc.</td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><span style="-sec-ix-hidden:hidden73687775">4/7/20</span>22</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">Eco Angelbay</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">32,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 1%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;"><span style="-sec-ix-hidden:hidden73687806">19/10/20</span>22</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> <div style="clear: both; max-height: 0px;"/> <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Prior to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Spin-Off,</div> the Company was dependent upon StealthGas Inc. for a major part of its working capital and financing requirements as StealthGas Inc. used a centralized approach to cash management and financing of its operations. Financial transactions relating to the Company were accounted for through the net parent investment account </div></div> <div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/></div></div> <div style="clear: both; max-height: 0px;"/><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">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 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pro-rata</div> basis. See Note 3 “Transactions with Related Parties – General and administrative expenses” for further information on expenses allocated by StealthGas Inc. Both the Company and StealthGas Inc. consider the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by the Company during the periods presented. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">During 2020, 2021 and 2022 four, four and two charterers, respectively, accounted for 10% or more of the Company’s </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">revenues. </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="margin: 0px auto; border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;text-indent: 0px;"> <tr style="font-size: 0px;"> <td style="width: 82%;"/> <td style="width: 4%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 4%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 4%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="6" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><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;">Year ended December 31,</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;">Charterer</div></div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">  </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><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;">2020</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><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;">2021</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td> <td colspan="2" style="vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;"><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;">2022</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></td></tr> <tr style="font-size: 0px;"> <td style="width: 82%;"/> <td style="width: 4%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 4%; vertical-align: bottom;"/> <td/> <td/> <td/> <td style="width: 4%; vertical-align: bottom;"/> <td/> <td/> <td/></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 82%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">A</div></div></td> <td style="vertical-align: bottom; width: 4%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">34</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom; width: 4%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 4%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; width: 82%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">B</div></div></td> <td style="vertical-align: bottom; width: 4%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">12</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom; width: 4%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">16</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom; width: 4%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 82%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">C</div></div></td> <td style="vertical-align: bottom; width: 4%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 4%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 4%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; width: 82%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">D</div></div></td> <td style="vertical-align: bottom; width: 4%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">21</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom; width: 4%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 4%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 82%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">E</div></div></td> <td style="vertical-align: bottom; width: 4%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">14</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom; width: 4%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 4%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; width: 82%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">F</div></div></td> <td style="vertical-align: bottom; width: 4%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 4%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">15</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom; width: 4%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 82%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">G</div></div></td> <td style="vertical-align: bottom; width: 4%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 4%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">15</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom; width: 4%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; width: 82%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">H</div></div></td> <td style="vertical-align: bottom; width: 4%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 4%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">15</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td> <td style="vertical-align: bottom; width: 4%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; width: 82%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">I</div></div></td> <td style="vertical-align: bottom; width: 4%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 4%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 4%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">16</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top; width: 82%;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">J</div></div></td> <td style="vertical-align: bottom; width: 4%;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 4%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; width: 4%;"> </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; white-space: nowrap;;text-align:right;">17</td> <td style="vertical-align: bottom; white-space: nowrap;">% </td></tr></table> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Coronavirus Outbreak:</div></div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/> <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="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On March 11, 2020, the World Health Organization declared the 2019 Novel Coronavirus (the “2019-nCoV”) outbreak a pandemic. In response to the outbreak, many countries, ports and organizations, including those where the Company conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions, which may continue to cause trade disruptions and volatility in the commodity markets. To date there has not been any significant effect of 2019-nCoV on the Company’s operating activities. The extent to which a new wave of the 2019-nCoV will impact the Company’s future results of operations and financial condition will depend on future developments, which are uncertain and cannot be predicted, including among others, new information which may emerge concerning the severity of the virus and the effectiveness of the actions taken to contain or treat its impact or any resurgence or mutation of the virus, the availability and effectiveness of vaccines and their global deployment. Accordingly, an estimate of the future impact cannot be made at this time. </div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Conflict in Ukraine:</div></div></div> <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"/> <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="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As a result of the recent conflict in Ukraine, the EU, U.S. and other countries have imposed sanctions in response to Russian action. Although to date there has not been any significant effect on the Company’s operating activities other than the increase in the charter rates the Company’s tankers earned during 2022, the extent to which this conflict and the imposed sanctions 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 <div style="letter-spacing: 0px; top: 0px;;display:inline;">be</div> made at this time. </div></div></div>
CY2021Q2 impp Number Of Companies Transferred Due To Restructuring
NumberOfCompaniesTransferredDueToRestructuring
4
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10
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates:</div></div> The preparation of the accompanying 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognized during the reporting period. Actual results could differ from those estimates. </div>
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CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2022 us-gaap Number Of Reportable Segments
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CY2022Q2 impp Number Of Days From The Closing Bid Price Of Common Stock
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P30D
CY2022Q2 impp Number Of Grace Period Days Applicable To Regain Compliance
NumberOfGracePeriodDaysApplicableToRegainCompliance
P180D
CY2022Q2 impp Due Date Declared To Regain Compliance
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2022-12-14
CY2022 impp Number Of Grace Period Days Applicable To Regain Compliance
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P180D
CY2022 impp Due Date Declared To Regain Compliance
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2023-06-12
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CY2022Q4 us-gaap Preferred Stock Shares Outstanding
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PreferredStockDividendsAndOtherAdjustments
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-61899
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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4775272
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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128773970
CY2020 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
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EarningsPerShareBasic
-0.08
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EarningsPerShareDiluted
-0.79
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.79
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.19
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.19
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
2857142
CY2020 impp Spares And Consumable Stores
SparesAndConsumableStores
1015100
CY2021 impp Spares And Consumable Stores
SparesAndConsumableStores
1181483
CY2022 impp Spares And Consumable Stores
SparesAndConsumableStores
2901979
CY2020 impp Miscellaneous Expenses
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822391
CY2021 impp Miscellaneous Expenses
MiscellaneousExpenses
760874
CY2020 impp Other Operating Income Expenses
OtherOperatingIncomeExpenses
37971
CY2021 impp Other Operating Income Expenses
OtherOperatingIncomeExpenses
152150
CY2022 impp Other Operating Income Expenses
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823927
CY2020 us-gaap Revenue From Contract With Customer Including Assessed Tax
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20302052
CY2021 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
17362669
CY2022 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
97019878
CY2021Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
500000
CY2022Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
62000000
CY2020 impp Crew Wages And Related Costs
CrewWagesAndRelatedCosts
3804598
CY2021 impp Crew Wages And Related Costs
CrewWagesAndRelatedCosts
4321751
CY2022 impp Crew Wages And Related Costs
CrewWagesAndRelatedCosts
8592098
CY2020 impp Insurance
Insurance
290866
CY2021 impp Insurance
Insurance
323719
CY2022 impp Insurance
Insurance
780973
CY2020 us-gaap Cost Of Property Repairs And Maintenance
CostOfPropertyRepairsAndMaintenance
1227639
CY2021 us-gaap Cost Of Property Repairs And Maintenance
CostOfPropertyRepairsAndMaintenance
845200
CY2022 us-gaap Cost Of Property Repairs And Maintenance
CostOfPropertyRepairsAndMaintenance
2474586
CY2022 impp Miscellaneous Expenses
MiscellaneousExpenses
1643500
CY2020 us-gaap Operating Expenses
OperatingExpenses
7160594
CY2021 us-gaap Operating Expenses
OperatingExpenses
7433027
CY2022 us-gaap Operating Expenses
OperatingExpenses
16393136
CY2022 impp Percentage Ofbeneficial Ownership Requirement By Individuals
PercentageOfbeneficialOwnershipRequirementByIndividuals
0.50
CY2022 impp Percentage Ofbeneficial Ownership Requirement By Individuals
PercentageOfbeneficialOwnershipRequirementByIndividuals
0.50
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
4205882
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
0
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
0
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
0
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
0
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
2857142
CY2022 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
0.35
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
2857142
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
0.35

Files In Submission

Name View Source Status
impp-20221231_cal.xml Edgar Link unprocessable
impp-20221231_def.xml Edgar Link unprocessable
0001193125-23-089710-index-headers.html Edgar Link pending
0001193125-23-089710-index.html Edgar Link pending
0001193125-23-089710.txt Edgar Link pending
0001193125-23-089710-xbrl.zip Edgar Link pending
d419904d20f.htm Edgar Link pending
d419904dex121.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
impp-20221231.xsd Edgar Link pending
MetaLinks.json Edgar Link pending
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impp-20221231_lab.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
impp-20221231_pre.xml Edgar Link unprocessable
d419904d20f_htm.xml Edgar Link completed
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report.css Edgar Link pending
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