2022 Q4 Form 20-F Financial Statement

#000114036123010601 Filed on March 08, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021 Q4
Revenue $38.03M $111.9M $14.05M
YoY Change 170.64% 282.33%
Cost Of Revenue $9.090M $51.03M $9.700M
YoY Change -6.29% 117.87%
Gross Profit $28.94M $60.86M $4.350M
YoY Change 565.17% 941.58%
Gross Profit Margin 76.09% 54.39% 30.96%
Selling, General & Admin $1.741M $5.194M $1.020M
YoY Change 70.64% 89.34%
% of Gross Profit 6.02% 8.53% 23.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.854M $7.294M $1.560M
YoY Change 18.83% 90.25%
% of Gross Profit 6.41% 11.99% 35.86%
Operating Expenses $3.594M $12.49M $2.580M
YoY Change 39.31% 89.87%
Operating Profit $25.34M $51.59M $1.770M
YoY Change 1331.69% -7127.26%
Interest Expense -$55.83K $902.6K -$140.0K
YoY Change -60.12% -345.79%
% of Operating Profit -0.22% 1.75% -7.91%
Other Income/Expense, Net -$41.18K -$706.1K -$50.00K
YoY Change -17.64% 474.89%
Pretax Income $25.24M $50.89M $1.580M
YoY Change 1497.71% -4256.65%
Income Tax $162.4K $960.2K $90.00K
% Of Pretax Income 0.64% 1.89% 5.7%
Net Earnings $25.08M $49.93M $1.480M
YoY Change 1594.69% -3590.41%
Net Earnings / Revenue 65.96% 44.62% 10.53%
Basic Earnings Per Share $5.28
Diluted Earnings Per Share $2.65 $5.28 $0.16
COMMON SHARES
Basic Shares Outstanding 0.000 9.461M
Diluted Shares Outstanding 42.68M

Balance Sheet

Concept 2022 Q4 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.78M $41.78M
YoY Change 741.75%
Cash & Equivalents $41.78M $41.78M $4.963M
Short-Term Investments
Other Short-Term Assets $915.2K $915.2K
YoY Change 113.92%
Inventory $893.6K $893.6K $3.138M
Prepaid Expenses
Receivables $10.62M $10.62M $4.102M
Other Receivables $558.3K $558.3K
Total Short-Term Assets $54.76M $54.76M $12.63M
YoY Change 333.55% 333.55%
LONG-TERM ASSETS
Property, Plant & Equipment $92.49M $92.49M $108.1M
YoY Change -14.43% -14.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $8.521M $8.521M
YoY Change 238.29%
Total Long-Term Assets $102.7M $102.7M $111.4M
YoY Change -7.81% -7.81%
TOTAL ASSETS
Total Short-Term Assets $54.76M $54.76M $12.63M
Total Long-Term Assets $102.7M $102.7M $111.4M
Total Assets $157.5M $157.5M $124.0M
YoY Change 26.95% 26.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.643M $1.643M $505.6K
YoY Change 225.03% 225.03%
Accrued Expenses $2.269M $2.269M $483.7K
YoY Change 369.16% 369.16%
Deferred Revenue $0.00 $547.9K
YoY Change -100.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.606M $2.606M
YoY Change -11.06%
Total Short-Term Liabilities $6.519M $6.519M $6.946M
YoY Change -6.15% -6.15%
LONG-TERM LIABILITIES
Long-Term Debt $10.46M $10.46M
YoY Change -19.94%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $10.46M $10.46M $13.07M
YoY Change -19.94% -19.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.519M $6.519M $6.946M
Total Long-Term Liabilities $10.46M $10.46M $13.07M
Total Liabilities $16.98M $16.98M $20.02M
YoY Change -15.16% -15.16%
SHAREHOLDERS EQUITY
Retained Earnings -$32.00
YoY Change
Common Stock $1.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $140.5M $140.5M $104.0M
YoY Change
Total Liabilities & Shareholders Equity $157.5M $157.5M $124.0M
YoY Change 26.95% 26.95%

Cashflow Statement

Concept 2022 Q4 2022 2021 Q4
OPERATING ACTIVITIES
Net Income $25.08M $49.93M $1.480M
YoY Change 1594.69% -3590.41%
Depreciation, Depletion And Amortization $1.854M $7.294M $1.560M
YoY Change 18.83% 90.25%
Cash From Operating Activities $27.40M $41.54M -$530.0K
YoY Change -5270.53% -1040.83%
INVESTING ACTIVITIES
Capital Expenditures $68.57K $852.6K $17.95M
YoY Change -99.62% -99.23%
Acquisitions
YoY Change
Other Investing Activities $0.00 $12.64M
YoY Change
Cash From Investing Activities -$68.58K $11.79M -$17.95M
YoY Change -99.62% -110.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.92M -16.51M 18.54M
YoY Change -175.07% -113.6%
NET CHANGE
Cash From Operating Activities 27.40M 41.54M -530.0K
Cash From Investing Activities -68.58K 11.79M -17.95M
Cash From Financing Activities -13.92M -16.51M 18.54M
Net Change In Cash 13.42M 36.82M 60.00K
YoY Change 22260.77% 550.07%
FREE CASH FLOW
Cash From Operating Activities $27.40M $41.54M -$530.0K
Capital Expenditures $68.57K $852.6K $17.95M
Free Cash Flow $27.34M $40.69M -$18.48M
YoY Change -247.92% -135.16%

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CY2022 us-gaap Use Of Estimates
UseOfEstimates
<div style="color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Use of estimates</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 20pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The preparation of the accompanying combined carve-out 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 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 vessels. Actual results may differ from these estimates.</div>
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
266732
CY2022 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P25Y
CY2022 toro Revenue From Contract With Customer Number Of Performance Obligations
RevenueFromContractWithCustomerNumberOfPerformanceObligations
1
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2022Q4 toro Number Of Sub Contract Given To Third Party
NumberOfSubContractGivenToThirdParty
2
CY2022Q4 toro Minimum Age Of Vessels Participating In Tanker Pool
MinimumAgeOfVesselsParticipatingInTankerPool
P15Y
CY2021Q1 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
0
toro Capitalized Contract Cost Additions
CapitalizedContractCostAdditions
1034380
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
165463
CY2021Q4 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
868917
CY2022 toro Capitalized Contract Cost Additions
CapitalizedContractCostAdditions
2479526
CY2022 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
727298
CY2022Q4 us-gaap Capitalized Contract Cost Net Noncurrent
CapitalizedContractCostNetNoncurrent
2621145
CY2022 toro Number Of Vessels Completing Scheduled Drydocking Repairs
NumberOfVesselsCompletingScheduledDrydockingRepairs
2
toro Number Of Vessels Acquired With Charter
NumberOfVesselsAcquiredWithCharter
2
CY2022 toro Number Of Vessels Acquired
NumberOfVesselsAcquired
0
CY2022Q4 toro Number Of Impaired Vessels
NumberOfImpairedVessels
0
CY2021Q4 toro Number Of Impaired Vessels
NumberOfImpairedVessels
0
CY2022Q4 toro Number Of Vessels Mortgaged As Collateral
NumberOfVesselsMortgagedAsCollateral
2
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
16300000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
13250000
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
300257
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
180526
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
15999743
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
13069474
CY2022Q4 toro Number Of Installations Expected To Be Concluded Year Two
NumberOfInstallationsExpectedToBeConcludedYearTwo
2
CY2021Q4 toro Long Term Debt Gross Current
LongTermDebtGrossCurrent
3050000
CY2022Q4 toro Long Term Debt Gross Current
LongTermDebtGrossCurrent
2700000
CY2021Q4 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
119731
CY2022Q4 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
93698
CY2021Q4 us-gaap Secured Debt Current
SecuredDebtCurrent
2930269
CY2022Q4 us-gaap Secured Debt Current
SecuredDebtCurrent
2606302
CY2021Q4 toro Long Term Debt Gross Noncurrent
LongTermDebtGrossNoncurrent
13250000
CY2022Q4 toro Long Term Debt Gross Noncurrent
LongTermDebtGrossNoncurrent
10550000
CY2021Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
180526
CY2022Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
86828
CY2021Q4 us-gaap Secured Long Term Debt
SecuredLongTermDebt
13069474
CY2022Q4 us-gaap Secured Long Term Debt
SecuredLongTermDebt
10463172
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
2700000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
2700000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
7850000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
13250000
CY2021Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.033
CY2022Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.049
us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
383186
CY2022 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
719105
CY2022Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.06749
CY2022 toro Increase Decrease In Accounts Receivable Net
IncreaseDecreaseInAccountsReceivableNet
-584149
CY2021Q4 us-gaap Capitalized Contract Cost Net Current
CapitalizedContractCostNetCurrent
25335
toro Brokerage Commissions
BrokerageCommissions
521052
CY2022 toro Brokerage Commissions
BrokerageCommissions
1661958
toro Brokerage Commissions Related Party
BrokerageCommissionsRelatedParty
372037
CY2022 toro Brokerage Commissions Related Party
BrokerageCommissionsRelatedParty
1437276
toro Port And Other Expenses
PortAndOtherExpenses
3916046
CY2022 toro Port And Other Expenses
PortAndOtherExpenses
5794018
toro Bunkers Consumption
BunkersConsumption
6251624
CY2022 toro Bunkers Consumption
BunkersConsumption
20430020
toro Loss Gain On Bunker Fuel
LossGainOnBunkerFuel
-1241
CY2022 toro Loss Gain On Bunker Fuel
LossGainOnBunkerFuel
-3858
toro Voyage Expenses
VoyageExpenses
11059518
CY2022 toro Voyage Expenses
VoyageExpenses
29319414
us-gaap Labor And Related Expense
LaborAndRelatedExpense
7037784
CY2022 us-gaap Labor And Related Expense
LaborAndRelatedExpense
12315509
toro Vessel Repair And Maintenance Expenses
VesselRepairAndMaintenanceExpenses
3166746
CY2022 toro Vessel Repair And Maintenance Expenses
VesselRepairAndMaintenanceExpenses
4892750
toro Lubricant Expenses
LubricantExpenses
601049
CY2022 toro Lubricant Expenses
LubricantExpenses
1058930
us-gaap General Insurance Expense
GeneralInsuranceExpense
875873
CY2022 us-gaap General Insurance Expense
GeneralInsuranceExpense
1434441
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
147569
CY2022 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
342796
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
532850
CY2022 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
1663864
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
12361871
CY2022 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
21708290
us-gaap Interest Expense Debt
InterestExpenseDebt
383186
CY2022 us-gaap Interest Expense Debt
InterestExpenseDebt
719105
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
94789
CY2022 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
119731
us-gaap Interest Expense Other
InterestExpenseOther
28037
CY2022 us-gaap Interest Expense Other
InterestExpenseOther
63736
us-gaap Interest Expense
InterestExpense
506012
CY2022 us-gaap Interest Expense
InterestExpense
902572
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
15002012
CY2022 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
51805097
us-gaap Revenues
Revenues
29264268
CY2022 us-gaap Revenues
Revenues
111885865
toro Voyage Expenses
VoyageExpenses
11059518
CY2022 toro Voyage Expenses
VoyageExpenses
29319414
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
12361871
CY2022 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
21708290
toro Related Party Transaction Management Fees
RelatedPartyTransactionManagementFees
1853850
CY2022 toro Related Party Transaction Management Fees
RelatedPartyTransactionManagementFees
2833500
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
266732
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3834117
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7294476
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
0
CY2022 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
3222631
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1224217
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
50886596
CY2021Q4 us-gaap Assets
Assets
124046886
CY2022Q4 us-gaap Assets
Assets
157479135
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
206174
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
960181
CY2022 dei Auditor Name
AuditorName
Deloitte Certified Public Accountants S.A.
CY2022 dei Auditor Location
AuditorLocation
Athens, Greece

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