(Expressed in United States Dollars)
December 31, June 30,
2023 2024
------------------------------------- ------------ -----------
Assets
Current assets
Cash and cash equivalents 695,288 32,317,158
Time deposits 8,368,417 13,200,000
Trade and other receivables 10,443,497 3,178,481
Other current assets 33,846 98,245
Inventories 689,269 1,109,408
Advances and prepayments 80,267 44,342
Operating lease right-of-use assets -- 59,804
Total current assets 20,310,584 50,007,438
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Non current assets
Vessels, net 75,161,431 87,400,747
Total non current assets 75,161,431 87,400,747
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Total assets 95,472,015 137,408,185
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Liabilities and Stockholders' Equity
Current liabilities
Trade accounts payable 547,017 908,521
Payable to related parties 38,531,016 54,730,861
Accrued and other liabilities 634,297 878,444
Operating lease liabilities -- 59,804
Deferred income 215,836 32,813
Total current liabilities 39,928,166 56,610,443
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Non current liabilities
Warrant liability -- 14,486,493
Total current liabilities -- 14,486,493
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Total liabilities 39,928,166 71,096,936
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Commitments and contingencies
Stockholders' equity
Capital stock 874 102,576
Preferred stock, Series A 6,000 6,000
Additional paid-in capital 47,191,056 69,068,252
Retained earnings/(accumulated
deficit) 8,345,919 (2,865,579)
Total stockholders' equity 55,543,849 66,311,249
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Total liabilities and stockholders'
equity 95,472,015 137,408,185
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C3is Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
6M 2023 6M 2024
Cash flows from operating activities
Net income/(loss) for the period 388,125 (7,970,332)
Adjustments to reconcile net income/(loss)
to net cash
provided by operating activities:
Depreciation 1,340,128 2,926,709
Share based
compensation -- 126,480
Unrealized foreign
exchange loss on
time deposits -- 156,921
Loss on warrants -- 15,176,536
Noncash lease expense -- 2,386
Offering costs
attributable to
warrant liability -- 1,078,622
Changes in operating assets and
liabilities:
(Increase)/decrease
in
Trade and other receivables (254,030) 7,265,016
Other current assets -- (64,399)
Inventories 11,726 (420,139)
Advances and prepayments (127,524) 35,925
Increase/(decrease)
in
Trade accounts payable (121,253) 361,504
Changes in operating lease liabilities -- (2,386)
Payable to related parties 349,024 2,659,029
Accrued liabilities 108,721 244,147
Deferred income -- (183,023)
--------- ------------
Net cash provided by operating activities 1,694,917 21,392,996
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Cash flows from investing activities
Acquisition of vessel -- (1,623,125)
Increase in bank time deposits -- (20,001,175)
Maturity of bank time deposits -- 15,012,671
Net cash used in investing activities -- (6,611,629)
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Cash flows from financing activities
Net transfers from former Parent Company 3,305,083 --
Proceeds from follow-on offerings -- 13,147,990
Proceeds from exercise of warrants -- 5,852,396
Stock issuance costs -- (1,778,633)
Dividends paid on
preferred shares -- (381,250)
--------------------- ----------------- --------- ------------
Net cash provided by financing activities 3,305,083 16,840,503
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Net increase in cash and cash equivalents 5,000,000 31,621,870
Cash and cash equivalents at beginning of
period -- 695,288
Cash and cash equivalents at end of period 5,000,000 32,317,158
------------------------------------------ --------- ------------
(END) Dow Jones Newswires
August 22, 2024 07:30 ET (11:30 GMT)
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