--------------------------------------- ---------- ---------- Earnings per common share, basic $ 1.11 $ 2.29 Earnings per common share, diluted $ 0.51 $ 0.35 Weighted average number of common shares outstanding, basic: 17,739,362 9,461,009 Weighted average number of common shares outstanding, diluted: 42,147,033 61,898,567
(1) Includes interest and finance costs and interest income, if any.
TORO CORP.
Unaudited Condensed Consolidated Balance Sheets
(Expressed in U.S. Dollars--except for number of share data)
March 31, December 31,
2024 2023
------------- ---------------
ASSETS
------------------------------------
CURRENT ASSETS:
Cash and cash equivalents $ 186,412,073 $ 155,235,401
Due from related parties 2,505,920 3,923,315
Other current assets 3,457,086 5,976,852
Total current assets 192,375,079 165,135,568
------------------------------------ ------------ ------------
NON-CURRENT ASSETS:
Vessels, net 75,956,293 88,708,051
Restricted cash -- 350,000
Due from related parties 1,590,501 1,590,501
Investment in related party 50,548,611 50,541,667
Other non-currents assets 458,641 1,778,343
Total non-current assets 128,554,046 142,968,562
==================================== ============ ============
Total assets 320,929,125 308,104,130
------------------------------------ ------------ ------------
LIABILITIES, MEZZANINE EQUITY AND
SHAREHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES:
Current portion of long-term debt,
net -- 1,311,289
Due to related parties 318,889 315,000
Other current liabilities 5,003,054 6,232,735
Total current liabilities 5,321,943 7,859,024
------------------------------------ ------------ ------------
NON-CURRENT LIABILITIES:
Long-term debt, net -- 3,902,497
Total non-current liabilities -- 3,902,497
Total liabilities 5,321,943 11,761,521
------------------------------------ ------------ ------------
MEZZANINE EQUITY:
1.00% Series A fixed rate cumulative
perpetual convertible preferred
shares: 140,000 shares issued and
outstanding as of March 31, 2024,
and December 31, 2023, respectively,
aggregate liquidation preference of
$140,000,000 as of March 31, 2024
and December 31, 2023,
respectively. 120,352,788 119,601,410
Total mezzanine equity 120,352,788 119,601,410
------------------------------------ ------------ ------------
SHAREHOLDERS' EQUITY:
Common shares, $0.001 par value;
3,900,000,000 shares authorized;
18,978,409 and 19,021,758 shares
issued; 18,333,853 and 18,978,409
shares (net of treasury shares)
outstanding as of March 31, 2024
and December 31, 2023,
respectively. 18,978 19,022
Preferred shares, $0.001 par value:
100,000,000 shares authorized;
Series B preferred shares: 40,000
shares issued and outstanding as of
March 31, 2024 and December 31,
2023, respectively. 40 40
Additional paid-in capital 58,239,605 57,244,290
Treasury shares; 644,556 and 43,349
shares as of March 31, 2024 and
December 31, 2023, respectively. (3,728,008) (223,840)
Retained Earnings 140,723,779 119,701,687
Total shareholders' equity 195,254,394 176,741,199
==================================== ============ ============
Total liabilities, mezzanine equity
and shareholders' equity $ 320,929,125 $ 308,104,130
------------------------------------ ------------ ------------
TORO CORP.
Unaudited Interim Condensed Consolidated Statements of Cash Flows
Three months Ended
(Expressed in U.S. Dollars) March 31,
-----------------------------
2024 2023
Cash Flows (used in)/provided by
Operating Activities:
Net income $ 22,127,359 $21,959,213
Adjustments to reconcile net income to
net cash (used in)/provided by
Operating activities:
Depreciation and amortization 1,191,615 2,055,646
Amortization of deferred finance
charges 43,414 25,470
Gain on sale of vessel (19,559,432) --
Provision for doubtful accounts 25,369 --
Stock based compensation cost 1,219,111 --
Changes in operating assets and
liabilities:
Accounts receivable trade, net 1,869,936 4,666,840
Inventories (159,817) (28,717)
Due from/to related parties 1,410,772 (977,432)
Prepaid expenses and other assets 808,366 216,904
Other deferred charges (24,409) --
Accounts payable (800,861) 973,238
Accrued liabilities (127,457) 493,785
Deferred revenue 308,500 479,926
Dry-dock costs paid (626,046) (1,222,755)
Net Cash provided by Operating
Activities 7,706,420 28,642,118
Cash flow (used in)/provided by
Investing Activities:
Vessel acquisitions and other vessel
improvements (34,660) (181,498)
Net proceeds from sale of vessel 32,490,120 --
Net cash provided by/ (used in)
Investing Activities 32,455,460 (181,498)
Cash flows (used in)/provided by
Financing Activities:
Net increase in Former Parent Company
Investment -- 211,982
Issuance of Series B preferred shares -- 40
Payment of Dividend on Series A
Preferred Shares (350,000) --
Repayment of long-term debt (5,257,200) (675,000)
Payment for repurchase of common shares (3,728,008) --
Payments related to Spin-Off -- (2,570,503)
Net cash used in Financing Activities (9,335,208) (3,033,481)
Net increase in cash, cash equivalents,
and restricted cash 30,826,672 25,427,139
Cash, cash equivalents and restricted
cash at the beginning of the period 155,585,401 42,479,594
Cash, cash equivalents and restricted
cash at the end of the period $186,412,073 $67,906,733
APPENDIX B
Non-GAAP Financial Information
Daily Time Charter ("TCE") Rate. The Daily Time Charter Equivalent Rate ("Daily TCE Rate"), is a measure of the average daily revenue performance of a vessel. The Daily TCE Rate is not a measure of financial performance under U.S. GAAP (i.e., it is a non-GAAP measure) and should not be considered as an alternative to any measure of financial performance presented in accordance with U.S. GAAP. We calculate Daily TCE Rate by dividing total revenues (time charter and/or voyage charter revenues, and/or pool revenues, net of charterers' commissions), less voyage expenses, by the number of Available Days during that period. Under a time charter, the charterer pays substantially all the vessel voyage related expenses. However, we may incur voyage related expenses when positioning or repositioning vessels before or after the period of a time or other charter, during periods of commercial waiting time or while off-hire during dry-docking or due to other unforeseen circumstances. Under voyage charters, the majority of voyage expenses are generally borne by us whereas for vessels in a pool, such expenses are borne by the pool operator. The Daily TCE Rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a company's performance and, management believes that the Daily TCE Rate provides meaningful information to our investors since it compares daily net earnings generated by our vessels irrespective of the mix of charter types (e.g., time charter, voyage charter, pools or other) under which our vessels are employed between the periods while it further assists our management in making decisions regarding the deployment and use of our vessels and in evaluating our financial performance. Our calculation of the Daily TCE Rates may be different from and may not be comparable to that reported by other companies.
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