Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of September 2023

Commission File Number 001-41095

IMPERIAL PETROLEUM INC.

(Translation of registrant’s name into English)

331 Kifissias Avenue Erithrea 14561 Athens, Greece

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports

under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

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EXHIBIT INDEX


99.1		Management’s Discussion and Analysis of Financial Condition and Results of Operations and Consolidated Financial Statements for the Six Months Ended June 30, 2023

*****

This report on

Form 6-K

is hereby incorporated by reference into the Company’s Registration Statement on

Form F-3

(Reg. No. 333-268663)

filed with the SEC on December 2, 2022, including the prospectuses contained therein.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: September 22, 2023


IMPERIAL PETROLEUM INC.

By:		/s/ Ifigeneia Sakellari
Name:		Ifigeneia Sakellari
Title:		Chief Financial Officer

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Exhibit 99.1

IMPERIAL PETROLEUM INC

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATIONS

The following is a discussion of our financial condition and results of operations for the

six-month

period ended June 30, 2023. Unless otherwise specified herein, references to the “Company” or “we” shall include Imperial Petroleum Inc. and its subsidiaries. You should read the following discussion and analysis together with the unaudited interim condensed consolidated financial statements and related notes included elsewhere in this report. For additional information relating to our management’s discussion and analysis of financial condition and results of operations, please see our annual report on Form

20-F

for the year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission on April 3, 2023 (the “Annual Report”). All share amounts

reflect the 1-for-15 reverse split

of our common stock effected by the Company on April 28, 2023.

Overview

Imperial Petroleum Inc. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. As of June 30, 2023, the Company owned a total of ten vessels: five M.R. Product tankers, two Suezmax tankers, two Handysize dry bulk carriers and one Aframax oil tanker which was subsequently sold, with a total capacity of 743,804 deadweight tons (dwt). In September 2023, the Company agreed to acquire two additional tankers, one Aframax and one MR Product tanker, which will be delivered up until the end of January 2024 and will be financed by cash on hand. Following these deliveries, the Company will own a fleet of eleven vessels with an aggregate capacity of 791,716 dwt.

Our Fleet

The following summarizes the current employment of our fleet:

Name

Year

Built

Country

Built

Vessel Size

(dwt)

Vessel

Type

Employment

Status

Daily

Charter

Rate

Expiration of

Charter(1)

TANKER FLEET

Magic Wand

2008

Korea

47,000

MR product tanker

Spot

Clean Thrasher

2008

Korea

47,000

MR product tanker

Spot

Clean Sanctuary (ex. Falcon Maryam)

2009

Korea

46,000

MR product tanker

Spot

Clean Nirvana

2008

Korea

50,000

MR product tanker

Spot

Clean Justice

2011

Japan

47,000

MR product tanker

Spot

Suez Enchanted

2007

Korea

160,000

Suezmax tanker

Spot

Suez Protopia

2008

Korea

160,000

Suezmax tanker

Spot

DRYBULK FLEET

Glorieuse

2012

Japan

38,000

Handysize drybulk carrier

Time Charter

13,200

October 2023

Eco Wildfire

2013

Japan

33,000

Handysize drybulk carrier

Time Charter

8,500

October 2023

Fleet Total

628,000 dwt

(1)	Earliest date charters could expire.

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As of September 1, 2023, we had both of our Handysize drybulk carriers under time charter employment expiring in October 2023. All of our tanker vessels were operating in the spot market, as market conditions and rates were favorable for spot employment.

Fleet Developments

On June 21, 2023,

we completed the spin-off of our

previously wholly-owned subsidiary, C3is Inc., the holding company for two drybulk carriers, the

Eco Angelbay

and the

Eco Bushfire

, each with an aggregate capacity of 64,000 dwt. Imperial Petroleum stockholders and warrantholders received one C3is common share for every eight shares of Imperial Petroleum’s common stock owned, or in the case of holders of Imperial Petroleum’s outstanding Warrants that they have the right to purchase pursuant to Warrants owned, at the close of business on June 13, 2023. We retain an interest in C3is Inc. through our ownership of Series A Convertible Preferred Stock of C3is Inc., which has an aggregate liquidation preference of $15 million, a conversion price of $1.05 currently, and a dividend rate of 5.0% per annum.

In July 2023, we sold the

M/T Stealth Berana

, an Aframax oil tanker, built at Samsung shipyard, South Korea in 2010, with a cargo carrying capacity of 115,804 dwt, to C3is Inc., an affiliated company, for $43 million.

In September 2023, we entered into an agreement with entities affiliated with the family of our Chief Executive Officer to acquire two tanker vessels, the Aframax tanker

Stealth Haralambos

, built in 2009 and the product tanker

Aquadisiac

built in 2008, with an aggregate capacity of approximately 163,716 dwt. The aggregate purchase price for these acquisitions is $71 million. Both vessels will be delivered on a charter-free basis by the end of January 2024.

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Selected Financial Data

(in US Dollars except for Fleet Data)


	For the six-month periods ended June 30,
Statement of Comprehensive Income Data	2022			2023
Revenues		16,464,649			124,465,322
Voyage expenses		(4,721,312	)		(34,600,245	)
Voyage expenses - related party		(203,462	)		(1,546,799	)
Vessels’ operating expenses		(5,034,767	)		(13,761,185	)
Vessels’ operating expenses – related party		(37,500	)		(154,333	)
Drydocking costs		—			(1,318,310	)
Management fees-related party		(341,625	)		(871,640	)
General and administrative expenses		(527,985	)		(2,466,405	)
Depreciation		(4,902,831	)		(8,690,061	)
Impairment loss		—			(8,996,023	)
Income from operations		695,167			52,060,321
Interest and finance costs		(452,915	)		(1,810,769	)
Interest Income		44,140			2,131,146
Dividend income from related party		—			20,833
Foreign exchange gain		17,709			149,056
Net income		304,101			52,550,587

Balance Sheet Data


	As of December 31, 2022		As of June 30, 2023
Cash and cash equivalents		50,901,092		36,713,632
Time deposits		68,000,000		61,912,900
Current assets		133,872,063		117,182,572
Vessels, net		226,351,081		216,771,929
Total assets		365,823,144		346,642,683
Current liabilities		24,380,703		11,463,169
Total liabilities		84,168,626		11,463,169
Mezzanine equity		—		10,000,000
Capital stock		129,724		170,874
Total stockholders’ equity		281,654,518		325,179,514

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Selected Financial Data (continued)


	For the six-month periods ended June 30,
Other Financial Data	2022			2023
Net cash provided by operating activities		1,270,841			63,816,346

Net cash used in investing activities		(79,022,533	)		(20,197,305	)

Net cash provided by/(used in) financing activities		153,532,079			(64,412,328	)


	For the six-month periods ended June 30,
Fleet Data	2022			2023
Average number of vessels(1)		5.0			10.9
Total calendar days for fleet(2)		906			1,981
Total voyage days for fleet(3)		903			1,947
Total charter days for fleet(4)		683			718
Total spot market days for fleet(5)		220			1,229
Fleet utilization(6)		99.7	%		98.3	%
Fleet operational utilization(7)		89.1	%		79.8	%

1)	Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.

2)	Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.

3)	Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.

4)	Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.

5)	Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.

6)	Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.

7)	Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period.

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Result of Operations

Six-month

period ended June 30, 2023 compared to the

six-month

period ended June 30, 2022

REVENUES

- Total revenues for the six months ended June 30, 2023 amounted to $124.5 million, an increase of $108.0 million, or 654.5%, compared to revenues of $16.5 million for the six months ended June 30, 2022, primarily due to the increase in the average number of our vessels and improved market conditions resulting in higher rates particularly in the spot tanker market.

VOYAGE EXPENSES-

Total voyage expenses for the six months ended June 30, 2023 were $36.1 million compared to $4.9 million for the six months ended June 30, 2022. The $31.2 million increase in voyage expenses is mainly due to the increase in the spot days of our fleet by 1,009 days (458.6%).

VESSELS’ OPERATING EXPENSES-

Total vessels’ operating expenses for the six months ended June 30, 2023 were $13.9 million compared to $5.1 million for the six months ended June 30, 2022. The $8.8 million increase in vessels’ operating expenses was primarily due to the increase in the average number of our vessels in our fleet by approximately six vessels.

DRYDOCKING COSTS

- Total drydocking costs for the six months ended June 30, 2023 and 2022 were $1.3 million and nil, respectively. This increase is due to the fact that during the six months ended June 30, 2023 two of our Handysize drybulk carriers underwent drydocking.

MANAGEMENT FEES – RELATED PARTY -

Management fees were $0.9 million for the six months ended June 30, 2023 compared to $0.3 million for the six months ended June 30, 2022. The increase in management fees in the six months ended June 30, 2023 is attributed to the increase of our fleet by approximately six vessels.

GENERAL AND ADMINISTRATIVE EXPENSES

— General and administrative expenses for the six months ended June 30, 2023 and 2022 were $2.5 million and $0.5 million, respectively. This rise of $2.0 million is mainly attributed to $1.1 million of stock-based compensation expense along with a rise in reporting costs related to our

spin-off

project.

DEPRECIATION

— Depreciation for the six months ended June 30, 2023, was $8.7 million, a $3.8 million increase from $4.9 million for the same period of last year, due to the increase in the average number of our vessels.

INTEREST AND FINANCE COSTS

— for the six months ended June 30, 2023 and 2022 were $1.8 million and $0.5 million, respectively. The $1.8 million of costs for the six months ended June 30, 2023 relates mainly to $1.3 million of interest charges incurred up to the full repayment of all outstanding loans concluded in April 2023 along with the full amortization of $0.5 million of loan related charges following the repayment of the Company’s outstanding debt. Interest and finance costs increased by $1.3 million during the six months ended June 30, 2023 compared to the six months ended June 30, 2022 mainly due to the increase in the average loan outstanding balance during the current period compared to the prior period. No debt was outstanding at June 30, 2023.

INTEREST INCOME

- for the six months ended June 30, 2023 and 2022 was $2.1 million and $0.04 million, respectively. The increase is attributed to our time deposits during the period at favourable time deposit rates.

IMPAIRMENT LOSS

- for the six months period ended June 30, 2023 stood at $9.0 million, and related to the

spin-off

of two of our four drybulk carriers to C3is Inc. The decline of drybulk vessels’ fair values compared to one year ago when these vessels were acquired resulted in the incurrence of impairment loss.

NET INCOME

— As a result of the above, net income for the six months ended June 30, 2023 amounted to $52.6 million, compared to a net income of $0.3 million for the six months ended June 30, 2022.

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Cash Flows

Net cash provided by operating activities

— was $63.8 million for the six months ended June 30, 2023, compared to $1.3 million for the six months ended June 30, 2022. The increase in net cash provided by operating activities was mainly attributed to the increase in cash flows relating to the increased revenues partly offset by the increased cash outflows relating to our expenses as a result of the increase in average number of our vessels by approximately six vessels.

Net cash used in investing activities

— was $20.2 million for the six months ended June 30, 2023. This amount mainly represents the aggregate consideration paid for the acquisition of two Handysize dry vessels offset by the net change of funds under time deposits. Net cash used in investing activities for the six months ended June 30, 2022 amounting to $79.0 million related to the acquisition of four tanker vessels.

Net cash provided by/(used in) financing activities

— was an outflow of $64.4 million for the six months ended June 30, 2023, consisting mainly of $70.4 million utilized for loan repayments, $5.0 million of cash retained by C3is Inc. at its

spin-off

and $0.9 million paid for dividends on our Series A preferred shares partially offset by the $11.9 million of net proceeds from equity offerings. Net cash provided by financing activities for the six months ended June 30, 2022 amounted to $153.5 million and related mostly to $167.6 million raised from equity offerings partially offset by the $10.8 million of stock issuance costs and by the $2.4 million relating to loan repayments.

Liquidity and Capital Resources

As of June 30, 2023, we had cash and cash equivalents of $36.7 million and $61.9 million under time deposits. In August 2023, we completed an offering of 5,400,000 shares of common stock, 3,099,999

pre-funded

warrants with an exercise price of $0.01 per share, of which 2,122,471 have subsequently been exercised, and 8,499,999 Class E Warrants with an exercise price of $2.00 per share, resulting in gross proceeds, before placement agent fees and transaction expenses, to us of approximately $17.0 million.

Our principal sources of funds for our liquidity needs have been equity offerings and cash flows from operations, which we expect to continue to be significant components of the financing for further fleet growth. Potential additional sources of funds include bank borrowings. Our principal use of funds has been to acquire our vessels, maintain the quality of our vessels, and fund working capital requirements. In July 2023, we sold our Aframax tanker to C3is Inc. for cash consideration of $43 million, of which $4.3 million was received by us upon delivery of the vessel on July 14, 2023 and the balance is payable to us by July 14, 2024.

Our liquidity needs, as of June 30, 2023, primarily relate to funding expenses for operating our vessels, any vessel acquisition and vessel improvements that may be required and general and administrative expenses. In August 2023, we entered into agreements to acquire two tankers for an aggregate purchase price of $71 million, which are scheduled to be delivered on a charter-free basis by the end of January 2024.

As of June 30, 2023, we had no outstanding debt, as within the first and second quarter of 2023 we repaid all our then outstanding loans amounting to $69.1 million.

We believe that our working capital along with our cash flows generated from operations are sufficient for our present short-term liquidity requirements. We believe that, unless there is a major and sustained downturn in market conditions applicable to our specific shipping industry segment, our internally generated cash flows will be sufficient to fund our operations, including working capital requirements, for at least 12 months taking into account any possible capital commitments and debt service requirements that may arise in the future.

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In September 2023, the Company’s Board of Directors approved a share repurchase program and authorized the officers of the Company to repurchase, from time to time, up to $10,000,000 of the Company’s common stock.

Critical Accounting Estimates

A discussion of our critical accounting estimates can be found in our Annual Report.

Forward-Looking Statements

Matters discussed in this report may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, the conflict in Ukraine and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the impact of any lingering impact

of the COVID-19 pandemic and

efforts throughout the world to contain its spread, the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, supply and demand for oil and oil products, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in our operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, the ability to consummate the acquisition of our two contracted vessels and operate them profitably, performance of counterparty to our vessel sale agreement, , potential liability from pending or future litigation or actions taken by regulatory authorities, domestic and international political conditions, the conflict in Ukraine and related sanctions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. Risks and uncertainties are further described in the Annual Report and other reports we file with the U.S. Securities and Exchange Commission.

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IMPERIAL PETROLEUM INC.

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Index to unaudited interim condensed consolidated financial statements


	Pages
Unaudited condensed consolidated balance sheets as of December 31, 2022 and June 30, 2023		F-2
Unaudited condensed consolidated statements of comprehensive income for the six month periods ended June 30, 2022 and June 30, 2023		F-4
Unaudited condensed consolidated statements of stockholders’ equity and mezzanine equity for the six month periods ended June 30, 2023 and June 30, 2023		F-5
Unaudited condensed consolidated statements of cash flows for the six month periods ended June 30, 2022 and June 30, 2023		F-6
Notes to the unaudited interim condensed consolidated financial statements		F-7

F-1

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Imperial Petroleum Inc.

Unaudited condensed consolidated balance sheets

As of December 31, 2022 and June 30, 2023 (unaudited)

(Expressed in United States dollars, Except for Share Data)


	As of December 31, 2022		As of June 30, 2023
Assets
Current assets
Cash and cash equivalents		50,901,092		36,713,632
Time deposits		68,000,000		61,912,900
Restricted cash		1,005,827		—
Receivable from related party (Note 3)		146,708		—
Trade and other receivables		7,898,103		10,381,724
Other current assets (Note 11)		240,002		376,132
Inventories		5,507,423		7,444,975
Advances and prepayments		172,908		353,209

Total current assets		133,872,063		117,182,572

Non current assets
Vessels, net (Note 4)		226,351,081		216,771,929
Restricted cash		5,600,000		—
Operating lease right-of-use asset		—		31,349
Investment in related party (Note 3)		—		12,656,833

Total non current assets		231,951,081		229,460,111

Total assets		365,823,144		346,642,683

Liabilities, Mezzanine Equity and Stockholders’ Equity
Current liabilities
Trade accounts payable		8,115,462		8,121,803
Payable to related parties (Notes 3)		3,016,438		491,456
Accrued liabilities		1,982,306		2,645,608
Deferred income		1, 089,959		172,953
Operating lease liabilities		—		31,349
Current portion of long-term debt (Note 5)		10,176,538		—

Total current liabilities		24,380,703		11,463,169

Non current liabilities

Long-term debt (Note 5)		59,787,923		—

Total non current liabilities		59,787,923		—

Total liabilities		84,168,626		11,463,169

F-2

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Commitments and contingencies (Note 12)
Mezzanine equity
Preferred stock, Series C, $0.01 par value, zero and 13,875 preferred shares authorized, zero and 13,875 preferred shares issued and outstanding at December 31, 2022 and June 30, 2022, respectively	—	139
Preferred stock paid-in capital in excess of par value (Note 8)	—	9,999,861

Total Mezzanine equity	—	10,000,000

Stockholders’ equity
Capital stock, 2,000,000,000 shares authorized at December 31, 2022 and June 30, 2023, 12,972,358 shares issued and outstanding at December 31, 2022 and 17,087,362 shares issued and outstanding at June 30, 2023 (Note 7)	129,724	170,874
Preferred stock, 200,000,000 shares authorized (Note 7)
Preferred stock, Series A, $0.01 par value, 800,000 preferred shares authorized, 795,878 and 795,878 preferred shares, issued and outstanding at December 31, 2022 and June 30, 2023, respectively (Note 7)	7,959	7,959
Preferred stock, Series B, $0.01 par value, 16,000 preferred shares authorized, 16,000 and 16,000 preferred shares, issued and outstanding at December 31, 2022 and June 30, 2023, respectively (Note 7)	160	160
Additional paid-in capital	252,912,550	244,901,303
Retained earnings	28,604,125	80,099,218

Total stockholders’ equity	281,654,518	325,179,514

Total liabilities, mezzanine equity and stockholders’ equity	365,823,144	346,642,683

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

F-3

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Imperial Petroleum Inc.

Unaudited condensed consolidated statements of comprehensive income

(Expressed in United States dollars)


	For the six-month periods ended June 30,
	2022			2023
Revenues
Revenues (Note 11)		16,464,649			124,465,322

Total revenues		16,464,649			124,465,322

Expenses
Voyage expenses		4,721,312			34,600,245
Voyage expenses – related party (Note 3)		203,462			1,546,799
Vessels’ operating expenses		5,034,767			13,761,185
Vessels’ operating expenses – related party (Note 3)		37,500			154,333
Drydocking costs		—			1,318,310
Management fees – related party (Note 3)		341,625			871,640
General and administrative expenses (including $105,200 and $230,642 to related party) (Note 3)		527,985			2,466,405
Depreciation (Note 4)		4,902,831			8,690,061
Impairment loss (Note 1)		—			8,996,023

Total expenses		15,769,482			72,405,001

Income from operations		695,167			52,060,321

Other (expenses) / income
Interest and finance costs		(452,915	)		(1,810,769	)
Interest income		44,140			2,131,146
Dividend income from related party (Note 3)		—			20,833
Foreign exchange gain		17,709			149,056

Other (expenses)/ income, net		(391,066	)		490,266

Net income		304,101			52,550,587

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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Imperial Petroleum Inc.

Unaudited condensed consolidated statements of stockholders’ equity and mezzanine equity

(Expressed in United States dollars, Except of Number of Shares)


	Capital stock						Preferred stock											Mezzanine Equity
	Number of Shares		Amount		Number of Shares		Amount		Additional paid-in capital			(Accumulate d deficit)/ Retained Earnings			Total stockholder’s Equity			Number of Shares		Mezzanine equity
Balance, December 31, 2021		318,351		3,184		795,878		7,959		97,206,257			(471,557	)		96,745,843
Issuance of common stock (including the exercise of warrants) net of issuance costs		12,365,251		123,653		—		—		156,680,918			—			156,804,571			—		—
Net income		—		—		—		—		—			304,101			304,101
Deemed dividend on warrant inducement		—		—		—		—		—			(2,943,675	)		(2,943,675	)		—		—
Incremental fair value of the Class D warrants		—		—		—		—		—			2,943,675			2,943,675			—		—
Dividends declared on Series A preferred shares		—		—		—		—		(870,492	)		—			(870,492	)		—		—
Balance, June 30, 2022		12,683,602		126,837		795,878		7,959		253,016,683			(167,456	)		252,984,023			—		—


	Capital stock						Preferred stock											Mezzanine Equity
	Number of Shares		Amount		Number of Shares		Amount		Additional paid-in capital			(Accumulate d deficit)/ Retained Earnings			Total stockholder’s Equity			Number of Shares		Mezzanine equity
Balance, December 31, 2022		12,972,358		129,724		811,878		8,119		252,912,550			28,604,125			281,654,518
Issuance of common stock (including the exercise of warrants) net of issuance costs		3,287,062		32,871		—		—		11,863,795			—			11,896,666
Issuance of restricted shares and stock based compensation		827,942		8,279		—		—		1,082,910			—			1,091,189
Issuance of Series C preferred shares		—		—		—		—		—			—			—			13,875		10,000,000
Dividends declared on Series A preferred shares		—		—		—		—		—			(870,494	)		(870,494	)
Dividends declared on Series C preferred shares		—		—		—		—		—			(185,000	)		(185,000	)
Net income		—		—		—		—		—			52,550,587			52,550,587
Distribution of net assets of C3is Inc. to stockholders and warrant holders		—		—		—		—		(20,957,952	)		—			(20,957,952	)
Balance, June 30, 2023		17,087,362		170,874		811,878		8,119		244,901,303			80,099,218			325,179,514			13,875		10,000,000

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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Imperial Petroleum Inc.

Unaudited consolidated statements of cash flows

(Expressed in United States dollars)


	For the six-month periods ended June 30,
	2022			2023
Cash flows from operating activities:
Net income		304,101			52,550,587
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		4,902,831			8,690,061
Amortization of deferred finance charges		29,470			474,039
Amortization of operating lease right-of-use asset		—			31,349
Share based compensation		—			1,091,189
Impairment loss		—			8,996,023
Dividend income from related party		—			(20,833	)
Changes in operating assets and liabilities:
(Increase)/decrease in
Trade and other receivables		(2,172,381	)		(3,360,823	)
Other current assets		(581,331	)		(136,130	)
Inventories		(4,676,485	)		(2,062,365	)
Changes in operating lease liabilities		—			(31,349	)
Advances and prepayments		(393,340	)		(373,262	)
Increase/(decrease) in
Trade accounts payable		4,288,624			500,001
Balances with related parties		(745,505	)		(2,752,024	)
Accrued liabilities		606,679			1,020,949
Deferred income		(291,822	)		(801,066	)

Net cash provided by operating activities		1,270,841			63,816,346

Cash flows from investing activities:
Acquisition and improvement of vessels		(79,022,533	)		(26,284,405	)
Placement of time deposits		—			(61,912,900	)
Maturity of bank time deposits		—			68,000,000

Net cash used in investing activities		(79,022,533	)		(20,197,305	)

Cash flows from financing activities:
Proceeds from equity offerings		167,572,515			12,095,253
Stock issuance costs		(10,767,944	)		(198,587	)
Dividends paid on preferred shares		(870,492	)		(870,494	)
Loan repayments		(2,402,000	)		(70,438,500	)
Cash retained by C3is Inc. at spin-off		—			(5,000,000	)

Net cash provided by/ (used in) financing activities		153,532,079			(64,412,328	)

Net increase/(decrease) in cash, cash equivalents and restricted cash		75,780,387			(20,793,287	)
Cash, cash equivalents and restricted cash at the beginning of the year		6,341,059			57,506,919

Cash, cash equivalents and restricted cash at the end of the period		82,121,446			36,713,632


Supplemental cash flow information:

Interest paid		305,349			1,735,054

Non cash investing activity – Vessel improvements included in liabilities		51,580			322,527

Non cash financing activity – Dividend on Preferred Series C included in Balances with related parties		—			185,000

Non-cash investing and financing activity – Distribution of net assets of C3is Inc. to shareholders and warrantholders		—			20,957,952
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents		79,135,753			36,713,632
Restricted cash – Current assets		485,693			—
Restricted cash – Non current assets		2,500,000			—

Total cash, cash equivalents and restricted cash shown in the statements of cash flows		82,121,446			36,713,632

The accompanying notes are an integral part of these unaudited interim consolidated financial statements.

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Imperial Petroleum Inc.

Notes to the unaudited interim condensed consolidated financial statements

(Expressed in United States dollars)

1. General Information and Basis of Presentation

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 500 common shares. StealthGas Inc. separated its crude and product tankers by transferring to Imperial its interest in Clean Power Inc., MR Roi Inc., King of Hearts Inc. and Tankpunk Inc. (the “Subsidiaries”), each owning one tanker. The transfer was completed on November 10, 2021 in exchange for 4,774,772 newly issued common shares and 795,878 Series A 8.75% Preferred Shares (the “Series A Preferred Shares”) in Imperial. On December 3, 2021, StealthGas Inc. distributed the 4,775,272 common shares and 795,878 8.75% Series A Preferred Shares (with a liquidation preference of $25.00 per share) in Imperial to holders of StealthGas Inc.’s common stock on a pro rata basis

(the “Spin-Off”).

The accompanying unaudited interim consolidated financial statements include the accounts of Imperial and its wholly owned subsidiaries (collectively, the “Company”).

On June 21, 2023, the Company completed the

spin-off

transaction (the

“Spin-off”)

of its two Handysize drybulk carriers, “Eco Bushfire” and “Eco Angelbay” to its wholly-owned subsidiary C3is Inc. (“C3is”), which was formed by the Company in July 2022. Immediately prior to the

Spin-off,

Imperial received all issued and outstanding common shares and all 600,000 5.00% Series A Perpetual Convertible Preferred shares of C3is (Note 3) in exchange for the contribution of the entities owning the aforementioned vessels together with $5,000,000 in cash as working capital. Imperial, as the sole shareholder of C3is, distributed the C3is’s common shares to Company’s stockholders and warrant holders in accordance with the terms of the Company’s outstanding warrants on a pro rata basis on June 21, 2023. Common shares of C3is commenced trading on June 21, 2023 on the Nasdaq Capital Market under the ticker symbol “CISS”. C3is is a provider of international drybulk seaborne transportation services owning and operating the two Handysize drybulk carriers previously owned and operated by Imperial and is now a separate publicly traded company. Imperial Inc. continues to operate in the tanker and dry bulk shipping market and remains a publicly traded company.

The assets and liabilities of C3is on June 21, 2023, were as follows:


	June 21, 2023
Cash and cash equivalents		5,000,000
Trade and other receivables		877,202
Inventories		124,813
Advances and prepayments		192,961
Due from related party		188,750
Vessels, net (after impairment of $8,996,023)		28,500,000
Trade accounts payable		816,187
Accrued and other liabilities		357,647
Deferred income		115,940
Net assets of C3is distributed to stockholders and warrantholders		33,593,952
Less investment in preferred shares of C3is issued as part of spin-off		(12,636,000	)
Distribution of net assets of C3is to stockholders and warrantholders		20,957,952

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim consolidated financial statements have been prepared on the same basis and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form

20-F

filed with the Securities and Exchange Commission on April 3, 2023 (the “2022 Consolidated Financial Statements”) and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. The reporting and functional currency of the Company is the United States Dollar. Operating results for the six months ended June 30, 2023 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2023.

The consolidated balance sheet as of December 31, 2022 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

At June 30, 2023, the Company’s fleet was comprised of 8 tankers consisting of 5 medium range (M.R.) type product tankers, 2 Suezmax and 1 Aframax crude oil tanker as well as 2 Handysize drybulk carriers providing worldwide marine transportation services under long, medium or short-term charters.

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).

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Table of Contents

As of June 30, 2023, the 12 subsidiaries included in the Company’s unaudited interim consolidated financial statements were:

Company

Date of

Incorporation

Name of Vessel

Owned by

Subsidiary

Dead Weight

Tonnage

(“dwt”)

Acquisition

Date

Clean Power Inc.

5/2/2007

Magic Wand

47,000

9/1/2008

MR Roi Inc.

5/2/2007

Clean Thrasher

47,000

27/2/2008

King of Hearts Inc.

17/3/2008

Clean Sanctuary

46,000

14/7/2009

Tankpunk Inc.

6/1/2008

Stealth Berana

115,804

26/7/2010

Nirvana Product Trading Inc

25/2/2022

Clean Nirvana

50,000

28/3/2022

Volume Jet Trading Inc.

25/2/2022

Clean Justice

47,000

31/5/2022

Intercontinental Crude and Product Enterprises Inc.

18/5/2022

Suez Enchanted

160,000

3/6/2022

Petroleum Trading and Shipping Inc.

21/4/2022

Suez Protopia

160,000

3/6/2022

Haven Exotic Trading Inc.

31/1/2023

Eco Wildfire

33,000

28/2/2023

Blue Oddysey International Inc.

31/1/2023

Glorieuse

38,000

27/2/2023

Drybulk International Trading and Shipping Inc.*

04/7/2022

Eco Bushfire

32,000

21/9/2022

Raw Commodities & Exports Inc.*

04/7/2022

Eco Angelbay

32,000

19/10/2022

*	Consolidated by the Company up to June 21, 2023, the date the Spin-Off of C3is Inc. was completed.

On April 28, 2023, the Company effected a

1-for-15

reverse stock split of its common stock. All numbers of common share

and

(loss)/

earnings

per share amounts, as well as warrant shares eligible for purchase under the Company’s warrants, exercise price of said warrants and conversion price of the Company’s Series C Preferred Shares, in these interim condensed consolidated financial statements have been retroactively adjusted to reflect this

1-for-15

reverse stock split.

2.	Significant Accounting Policies

A discussion of the Company’s significant accounting policies can be found in the 2022 Consolidated Financial Statements. During the

six-month

period ended June 30, 2023, the Company adopted the following accounting policies:

New significant accounting policies adopted during the six months ended June 30, 2023

Investment in related party (Financial Instruments, Recognition and Measurement):

The Company has elected to measure equity securities without a readily determinable fair value, that do not qualify for the practical expedient in ASC 820 Fair Value Measurement to estimate fair value using the NAV per share (or its equivalent), at its cost minus impairment, if any. At each reporting period, the Company also evaluates indicators such as the investee’s performance and its ability to continue as going concern and market conditions, to determine whether an investment is impaired in which case, the Company will estimate the fair value of the investment to determine the amount of the impairment loss.

3. Transactions with Related Parties

The Manager provides the vessels with a wide range of shipping services such as chartering, technical support and maintenance, insurance, consulting, financial and accounting services, for a fixed daily fee of $440 per vessel operating under a voyage or time charter or $125 per vessel operating under a bareboat charter (the “Management fees”) and a brokerage commission of 1.25% on freight, hire and demurrage per vessel (the “Brokerage commissions”), as per the management agreement between the Manager and the Company. In addition, the Manager arranges for supervision onboard the vessels, when required, by superintendent engineers and when such visits exceed a period of five days in a twelve month period, an amount of $500 is charged for each additional day (the “Superintendent fees”).

The Manager also provides crew management services to the vessels Magic Wand, Clean Thrasher, Clean Sanctuary, Clean Justice, Suez Protopia, Suez Enchanted, Eco Wildfire, Glorieuse, Clean Nirvana since February 2023, Stealth Berana since April 2023

, Eco Bushfire since September 2022 and up to the Spin-off and Eco Angelbay since October 2022 and up to the Spin-off

. These services have been subcontracted by the Manager to an affiliated ship-management company, Hellenic Manning Overseas Inc. (ex. Navis Maritime Services Inc.). The Company pays to the Manager a fixed monthly fee of $2,500 per vessel for crew management services (the “Crew management fees”).

The Manager also acts as a sales and purchase broker for the Company in exchange for a commission fee equal to 1% of the gross sale or purchase price of vessels or companies. The commission fees relating to vessels purchased (“Commissions – vessels purchased”) are capitalized to the cost of the vessels as incurred.

In addition to management services, the Company reimburses the Manager for the compensation of its executive officers (the “Executive compensation”). Furthermore, the Company rents office space from the Manager and incurs a rental expense (the “Rental Expense”).

On February 14, 2023, the Company entered into memoranda of agreement with companies affiliated with members of the family of the Company’s Chief Executive Officer for the acquisition of the vessels “Glorieuse” and “Eco Wildfire” for a total consideration of $35.5 million (Note 4). The vessels were delivered to the Company on March 27, 2023 and March 28, 2023, respectively. The aggregate purchase price of $18,500,000 of the vessel Glorieuse comprised of $8,500,000 in cash and 13,875 Series C Cumulative Convertible Perpetual Preferred Shares (“Series C Preferred Shares”) (Note 8).

On June 21, 2023, the Company completed the

Spin-off

(Note 1), and received 600,000 Series A Perpetual Convertible Preferred shares of C3is, having a liquidation preference of $25 per share and a par value of $0.01 per share. The Company is the holder of all of the issued and outstanding Series A Perpetual Convertible Preferred shares of C3is (Note 1). The Series A Perpetual Convertible Preferred shares do not have voting rights. The Series A Perpetual Convertible Preferred are convertible into common stock of C3is at the Company’s option at any time and from time to time on or after the date that is the date 90 days following the issuance date, at a conversion price equal to 150% of the VWAP of C3is common shares over the

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five consecutive trading day period commencing on the issuance date. The conversion price will be adjusted to the lowest price of issuance of common stock by C3is in any registered offering of common stock of C3is after the original issuance of Series A

Perpetual

Convertible Preferred Shares. Furthermore, Imperial is entitled to receive cumulative cash dividends, at the annual rate of 5.00% on the stated amount of $25 per share, of the 600,000 Series A Perpetual Convertible Preferred shares, receivable quarterly in arrears on the 15

day of January, April, July and October in each year, subject to C3is’s Board of Directors approval. As the first cash dividend will be received on the 15

day of each October, the Company recognized for the period from June 21, 2023 to June 30, 2023, the amount of $20,833, which is presented in ‘Dividend income from related party’ in the accompanying unaudited interim condensed consolidated statements of comprehensive income.

As there was no observable market for the Series A Perpetual Convertible Preferred shares, these were recorded at $12,636,000 (Note 6), being the fair value of the shares determined through Level 2 inputs of the fair value hierarchy by taking into consideration a third-party valuation based on the income approach taking into account the present value of the future cash flows the Company expects to receive from holding the equity instrument.

As of June 30, 2023, the aggregate value of investments in C3is amounted to $12,656,833, including $20,833 of accrued dividends and are separately presented as ‘Investment in related party’ in the accompanying unaudited condensed consolidated balance sheet. As of June 30, 2023, the Company did not identify any indications for impairment or any observable prices for identical or similar investments of the same issuer.

The amounts charged by the Company’s related parties comprised the following:


		For the six-month periods ended June 30,
	Location in statement of comprehensive income	2022		2023
Management fees	Management fees – related party		341,625		871,640
Brokerage commissions	Voyage expenses – related party		203,462		1,546,799
Superintendent fees	Vessels’ operating expenses – related party		—		1,000
Crew management fees	Vessels’ operating expenses – related party		37,500		153,333
Executive compensation	General and administrative expenses		105,200		198,000
Commissions – vessels purchased	Vessels, net		778,000		355,000
Rental expense	General and administrative expenses		—		32,642

The related party balance with C3is Inc., mainly

relates

to collections received net of payments made on behalf of the Company

relating to the vessels contributed

, was a payable of $37,042 at June 30, 2023 (2022: nil). The related party balance with Flawless Management Inc., an affiliate of the Company where Imperial’s CEO is the sole stockholder, relates to the accrued dividend for the Series C Preferred Shares, was a payable of $185,000 at June 30, 2023 (2022: nil). The related party receivable balance with European Institute of Regional Investments Inc. mainly relating to collections received on behalf of the Company was nil as at June 30, 2023 (2022: $146,708). The current account balance with the Manager at June 30, 2023 was a liability of $269,414 (2022: $3,016,438). The liability mainly represents payments made by the Manager on behalf of the Company.

4.	Vessels, net

An analysis of vessels, net is as follows:


	Vessel Cost			Accumulated depreciation			Net book value
Balance as at January 1, 2023	$	350,393,448		$	(124,042,367	)	$	226,351,081

Acquisitions and improvements		36,606,932			—			36,606,932

Impairment loss		(10,894,125	)		1,898,102			(8,996,023	)

Depreciation for the period		—			(8,690,061	)		(8,690,061	)

Spin-off of drybulk carriers (Note 1)		(28,500,000	)		—			(28,500,000	)

Balance as at June 30, 2023	$	347,606,255		$	(130,834,326	)	$	216,771,929

The additions during the

six-month

period ended June 30, 2023 mainly relate to the acquisition of vessels “Glorieuse” and “Eco Wildfire” (Note 3).

As of December 31, 2022 and June 30, 2023, the Company performed an impairment review of its vessels, due to the prevailing conditions in the shipping industry. As undiscounted net operating cash flows exceeded each vessel’s carrying value, no impairment was recorded.

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Table of Contents

5.	Long-term Debt

Long-term debt consists of the following:


	As of December 31,		As of June 30,
	2022		2023
Term loan
Issued in November 2021 maturing in November 2026 (“term loan A”)	$	23,196,000	$	—
Issued in September 2022 maturing in September 2026 (“term loan B”)		16,450,000		—
Issued in November 2022 maturing in November 2027 (“term loan C”)		30,792,500		—
Total long-term debt		70,438,500		—

Less: Deferred finance charges		474,039		—

Total long-term debt, net		69,964,461		—

Less: Current portion of long-term debt		10,324,000		—

Add: Current portion of deferred loan and financing arrangements issuance costs		147,462		—

Long-term debt, net	$	59,787,923	$	—

Details of the Company’s term loans are discussed in Note 5 of the 2022 Consolidated Financial Statements.

On March 10, 2023, the Company prepaid $23.2 million representing the then outstanding balance of the term loan A using cash on hand and the related mortgage of the vessels “Magic Wand”, “Clean Thrasher”, “Clean Sanctuary” and “Stealth Berana” was released.

During the

six-month

period ended June 30, 2023, the Company repaid the amount of $1.4 million in line with the amortization schedule of the term loans B and C, and then proceeded with their full prepayment as follows:

On April 7, 2023, the Company prepaid $30.0 million representing the then outstanding balance of the term loan C using cash on hand and the related mortgage of the vessels “Suez Enchanted” and “Suez Protopia” was released.

On April 2

, 2023, the Company prepaid $15.9 million representing the then outstanding balance of the term loan B using cash on hand and the related mortgage of the vessels “Clean Nirvana” and “Clean Justice” was released.

For the

six-month

periods ended June 30, 2023 and 2022 interest expense amounted to $1,271,409 and $362,365, respectively, and the weighted average interest rate of the Company’s term loans was 7.55% and 1.45%, respectively.

6.	Fair Value of Financial Instruments and Concentration of Credit Risk

Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, time deposits, trade and other receivables, trade accounts payable, balances with related parties and accrued liabilities. The Company limits its credit risk with respect to accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its trade accounts receivable. The Company places its cash and cash equivalents, time deposits with high credit quality financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions.

Fair Value Disclosures:

The Company has categorized assets and liabilities recorded at fair value based upon the fair value hierarchy specified by the guidance. The levels of fair value hierarchy are as follows:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

The carrying values of cash and cash equivalents, time deposits, trade and other receivables, trade accounts payable, balances with related parties other than investment in related party and accrued liabilities are reasonable estimates of their fair value due to the short term nature of these financial instruments. Cash and cash equivalents are considered Level 1 items as they represent liquid assets with short-term maturities. Investment in related party was initially measured at fair value which is deemed to be the cost and subsequently assessed for the existence of any observable market for the Series A Perpetual Convertible Preferred Shares and any observable price changes for identical or similar investments as well as the existence of any indications for impairment. As per the Company’s assessment no such case was identified as at June 30, 2023.

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Table of Contents


	June 30, 2023		Significant other observable inputs (Level 2)		Total gain/ (loss)
Non-recurring fair value measurements
Investment in related party (Note 3)		12,636,000		12,636,000		—
Total investment in related party	$	12,636,000	$	12,636,000		—

The valuation methodology applied comprised the bifurcation of the value of the Series A Perpetual Convertible Preferred shares in three components namely, the “straight” preferred stock component, the embedded option component and the control premium component. The mean of the sum of the three components was used to estimate the value for the Series A Perpetual Convertible Preferred shares at $12,636,000. The valuation methodology and the significant other observable inputs used for each component are set out below:


	Valuation technique	Significant other observable input	Values
“Straight” Preferred Stock component	Discounted Cash Flow Model	- Weighted average cost of capital		13	%

Embedded Option component	Black & Scholes	- Volatility - Risk-free rate - Weighted average cost of capital - Strike price - Share price (based on the first 5 trading days volume weighted average)		78 4 13 $ 3.50 $ 2.33	% % %

Control Premium Component	Discounted Cash Flow Model	- Control premium -Weighted average cost of capital		12 13	% %

7.	Stockholders’ Equity

Details of the Company’s common stock and preferred stock are discussed in Note 8 of the 2022 Consolidated Financial Statements and are supplemented by the below new activities in the

six-month

period ended June 30, 2023.

Common Shares:

NASDAQ Notification

On June 17, 2022, the Company received a written notification from the NASDAQ Stock Market, indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from May 5, 2022 to June 16, 2022, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance was 180 days, or until December 14, 2022. In December 2022, the Company received formal notification from the Listing Qualification Department of the Nasdaq Stock Market notifying the Company that it has been granted an additional

180-day

compliance period, or until June 12, 2023, to regain compliance with the minimum $

1.00

bid price per share requirement of Nasdaq’s Marketplace Rule 5550(a)(2). At the opening of trading on April 28, 2023, following an approval from the Company’s Board of Directors, the Company effected

1-for-15

reverse stock split of the Company’s common stock. On May 16, 2023 the Company regained compliance with Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price of the Company’s common stock (Note 1).

ii)

Equity Offerings

During the

six-month

period ended June 30, 2023, the Company completed a public offering of 3,287,062 shares of common stock resulting in gross proceeds of $12,095,253, or $11,896,666 in net proceeds.

iii)

Warrants

As of June 30, 2023, none of remaining warrants were exercised. The number of remaining warrants was adjusted to reflect the

1-for-15

reverse stock split on April 28, 2023. As such, as of June 30, 2023, the number of common shares that can potentially be issued under each outstanding warrant are:


Warrant	Shares to be issued upon exercise of remaining warrants
Class A		2,867
Class B		786,800
Class C		5,218,591
Class D		2,076,667

Total		8,084,925

An aggregate of 291,194 additional common shares are potentially issuable upon exercise of the February 2022, March 2022 and May 2022 Representative Purchase Warrants.

Preferred Shares:

Aggregate dividends of $0.9 million were paid on the Company’s 795,878 Series A Preferred Shares during the six months ended June 30, 2023.

8.	Mezzanine equity

On February 17, 2023, the Company entered into a Share Purchase Agreement with Flawless Management Inc. (Note 3) and sold to Flawless Management Inc. 13,875 newly issued Series C Cumulative Convertible Perpetual Preferred Shares (“Series C Preferred Shares”) having a liquidation preference of one thousand dollars ($1,000) per share (“the Liquidation Preference”). The Series C Cumulative Convertible Perpetual Preferred Shares were used as a partial consideration for the acquisition of the Handysize drybulk carrier “Glorieuse” (Note 4) from an affiliated company.

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Table of Contents

Each holder of Series C Preferred Shares, at any time and from time to time on or after the date that is the date immediately following the

six-month

anniversary of February 17, 2023, may elect to convert, in whole or in part, its Series C Preferred Shares into shares of common stock at a rate equal to the Series C Liquidation Preference, plus the amount of any accrued and unpaid dividend thereon to and including the conversion date, divided by the lower of (1) $7.50 and (2) the

Ten-Day

VWAP, subject to adjustment from time to time, provided, that, the conversion price shall not be less than $1.50. If the Company shall, at any time or from time to time, pay a stock dividend or otherwise makes a distribution or distributions on its shares of common stock or any other equity or equity equivalent securities payable in shares of common stock, or effect a subdivision or split of the outstanding common shares, the conversion price in effect immediately before such stock dividend or distribution, subdividision or split shall be proportionately decreased and, conversely, if the Company shall, at any time or from time to time, effect a combination (including by means of a reverse stock split) of the outstanding shares of common stock the conversion price in effect before such combination shall be proportionately increased. Following the reverse stock split on April 28, 2023 (Note 1), the conversion price was adjusted to reflect the

1-for-15

reverse stock split.

The holder of the Series C Preferred Shares shall be entitled to receive dividends from time to time out of any assets of the Company legally available for the payment of dividends at a rate equal to 5.00% per annum when, as, and if declared by the Board of Directors. Dividends, to the extent declared to be paid by the Company, shall be paid quarterly on each January 15, April 15, July 15 and October 15 of each year commencing on July 15, 2023. Dividends on the Series C Preferred Shares shall be payable based on a

360-day

year consisting of twelve

30-day

months. The dividend rate of 5.00% per annum is not subject to adjustment. As of June 30, 2023, the Company accrued dividend of $185,000 on the Company’s 13,875 Series C Preferred Shares that are payable to Flawless Management Inc. on July 15, 2023 (Note 3).

The Series C Preferred Shares are redeemable upon a change in control, which is defined as the acquisition by any “person” or “group” of beneficial ownership through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of the Company’s shares entitling that person or group to exercise more than 50% of the total voting power of all of the Company’s shares entitled to vote generally in elections of directors. The occurrence of the above events is not solely in the control of the Company, and hence Series C Preferred Shares has been classified in Mezzanine equity as per ASC

480-10-S99

“Distinguishing liabilities from Equity – SEC Materials”. The Series C Preferred Shares were recorded at $10.0 million at initial recognition representing the acquisition price of the vessel Glorieuse amounting to $18,5 million less the cash consideration of $8.5 million. The acquisition price of the vessel, which approximated its fair value as determined by an independent broker, was used for the determination of the fair value of the mezzanine equity, since it was more clearly evident and, thus, more reliably measurable than the fair value of the Series C Preferred Shares issued. The Company concluded that since the occurrence of the change in control events is not probable, it is not probable that the Series C Preferred Shares will become redeemable and no subsequent adjustment has been made in the amount presented in temporary equity in accordance with ASC

480-10-S99.

9.	Equity Compensation Plan

Details of the Company’s equity compensation plan (the “Plan”) are discussed in Note 14 of the 2022 Consolidated Financial Statements and are supplemented by the below new transactions in the

six-month

period ended June 30, 2023.

On March 21, 2023, the Company granted $715,000 worth of shares of the Company’s common stock under the Plan to certain of the Company’s employees. The number of shares awarded was determined based on the closing price

the grant date i.e. March 21, 2023 which was equal to $2.55. 140,196 of the restricted shares vested on July 17, 2023 and the remaining 140,196 of the restricted shares will vest on July 17, 2024.

On May 15, 2023, the Company granted 547,550 restricted shares of common stock pursuant to the Plan to the Company’s CEO. The fair value of each share on the grant date was $3.48. 273,775 of the restricted shares will vest on May 15, 2024 and the remaining 273,775 of restricted shares will vest on May 15, 2025.

The related expense for shares granted to the Company’s CEO and certain of the Company’s employees for the

six-month

periods ended June 30, 2023 and 2022, amounted to $1,091,189 and $nil, respectively, and is included under general and administration expenses.

The unrecognized cost for the

non-vested

shares granted to the Company’s CEO and certain of the Company’s employees as of June 30, 2023 and December 31, 2022 amounted to $2,414,030 and $882,744, respectively. On June 30, 2023, the weighted-average period over which the total compensation cost related to

non-vested

awards granted to the Company’s CEO and certain of the Company’s employees not yet recognized is expected to be recognized is 2.37 years.

F-12

Table of Contents

10.	(Loss)/Earnings per share

The Company calculates basic and diluted loss/earnings per share as follows:


	For the six-month periods ended June 30,
	2022			2023
Numerator
Net income		304,101			52,550,587
Less: Cumulative dividends on Series A Preferred Shares		(870,492	)		(870,494	)
Less: Cumulative dividends on Series C Preferred Shares		—			(185,000	)
Less: Deemed dividend on warrant inducement		(2,943,675	)		—
Less: Undistributed earnings allocated to non-vested shares		—			(977,828	)

Net (loss)/ income attributable to common shareholders, basic		(3,510,066	)		50,517,265
Add: Undistributed earnings allocated to non-vested shares		—			977,828
Add: Cumulative dividends on Series C Preferred Shares		—			185,000
Less: Undistributed earnings re-allocated to non-vested shares		—			(862,466	)

Net (loss)/ income attributable to common shareholders, diluted		(3,510,066	)		50,817,627

Denominator
Weighted average number of shares outstanding, basic		4,359,423			15,940,369
Weighted average number of shares outstanding, diluted		4,359,423			18,113,785

(Loss)/ Earnings per share, basic		(0.81	)		3.17
(Loss)/Earnings per share, diluted		(0.81	)		2.81

As of June 30, 2023, diluted earnings per share reflects the potential dilution from conversion of outstanding Series C Preferred Shares (Note 8) calculated with the “if converted” method by using the average closing market price over the reporting period. Securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS, because to do so would have anti-dilutive effect, are any incremental shares of unexercised warrants, calculated with the treasury stock method

. As of June 30, 2023, the aggregate number of unexercised warrants were 8,376,119 including Representative Purchase Warrants (Note

As of June 30, 2022, securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS, because to do so would have anti-dilutive effect, are any incremental shares of unexercised warrants, calculated with the treasury stock method.

F-13

Table of Contents

11.

Revenues

The amounts in the accompanying unaudited condensed consolidated statements of comprehensive income are analyzed as follows:


	For the six-month periods ended June 30,
	2022		2023
Time charter revenues		8,937,026		18,384,522
Bareboat revenues		1,388,990		—
Voyage charter revenues		5,950,928		105,363,659
Other income		187,705		717,141

Total		16,464,649		124,465,322

The amount of revenue earned as demurrage relating to the Company’s voyage charters for the

six-month

periods ended June 30, 2022 and 2023 was $0.4 million and $7.5 million, respectively and is included within “Voyage charter revenues” in the above table.

As of December 31, 2022 and June 30, 2023, receivables from the Company’s voyage charters amounted to $6.1 million and $9.0 million, respectively.

As of December 31, 2022 and June 30, 2023, the Company recognized $240,002 and $376,132, respectively, of contract fulfillment costs which mainly represent bunker expenses incurred prior to commencement of loading relating to the Company’s voyage charters. These costs are recorded in “Other current assets” in the unaudited condensed consolidated balance sheets.

As of December 31, 2022 and June 30, 2023, revenues relating to undelivered performance obligations of the Company’s voyage charters amounted to $15.0 million and $5.9 million, respectively. The Company recognized the undelivered performance obligation as of June 30, 2023 as revenues in the third quarter of 2023 and the undelivered performance obligation as of December 31, 2022 as revenues in the first quarter of 2023.

12.	Commitments and Contingencies

•

From time to time the Company expects to be subject to legal proceedings and claims in the ordinary course of its business, principally relating to personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. Currently, the Company is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying unaudited consolidated financial statements.

•

Future minimum contractual charter revenues, gross of commissions, based on vessels committed to

non-cancellable,

time and bareboat charter contracts as of June 30, 2023, amount to $326,250 during the twelve months ending June 30, 2024.

13.	Subsequent events

In July 2023, the Company concluded a memorandum of agreement for the disposal of the vessel “Stealth Berana” to C3is, an affiliated party, for $43,000,000.

The vessel was delivered to her new owners in July 2023. The Company disposed the vessel “Stealth Berana” as the agreed selling price was a suitable opportunity for the Company.

In August 2023, the Company completed an underwritten public offering of 8,499,999 units, each unit consisting of (i) one share of common stock of the Company or one

pre-funded

warrant and (ii) one Class E Warrant to purchase one share of common stock at an exercise price of $2.00 per share. The offering resulted in gross proceeds to the Company of $17 million.

In September 2023, the Company entered into an agreement with affiliated

parties

to acquire two tanker vessels at an aggregate purchase price of $71 million. In addition, the Company’s Board of Directors approved a share repurchase program and authorized the officers of the Company to repurchase, from time to time, up to $10,000,000 of the Company’s common stock.

F-14

Cover Page	6 Months Ended
Cover Page	Jun. 30, 2023
Document Information [Line Items]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	Imperial Petroleum Inc./Marshall Islands
Entity Central Index Key	0001876581
Current Fiscal Year End Date	--12-31

Unaudited condensed consolidated balance sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 36,713,632	$ 50,901,092
Time deposits	61,912,900	68,000,000
Restricted cash	0	1,005,827
Receivable from related party	$ 0	$ 146,708
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Trade and other receivables	$ 10,381,724	$ 7,898,103
Other current assets	376,132	240,002
Inventories	7,444,975	5,507,423
Advances and prepayments	353,209	172,908
Total current assets	117,182,572	133,872,063
Non current assets
Vessels, net	216,771,929	226,351,081
Restricted cash	0	5,600,000
Operating lease right-of-use asset	31,349	0
Investment in related party	12,656,833	0
Total non current assets	229,460,111	231,951,081
Total assets	346,642,683	365,823,144
Current liabilities
Trade accounts payable	8,121,803	8,115,462
Payable to related parties	$ 491,456	$ 3,016,438
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Accrued liabilities	$ 2,645,608	$ 1,982,306
Deferred income	172,953	1,089,959
Operating lease liabilities	31,349	0
Current portion of long-term debt	0	10,176,538
Total current liabilities	11,463,169	24,380,703
Non current liabilities
Long-term debt	0	59,787,923
Total non current liabilities	0	59,787,923
Total liabilities	11,463,169	84,168,626
Commitments and contingencies
Mezzanine equity
Preferred stock paid-in capital in excess of par value	9,999,861	0
Total Mezzanine equity	10,000,000	0
Stockholders' equity
Capital stock, 2,000,000,000 shares authorized at December 31, 2022 and June 30, 2023, 12,972,358 shares issued and outstanding at December 31, 2022 and 17,087,362 shares issued and outstanding at June 30, 2023	170,874	129,724
Additional paid-in capital	244,901,303	252,912,550
Retained earnings	80,099,218	28,604,125
Total stockholders' equity	325,179,514	281,654,518
Total liabilities, mezzanine equity and stockholders' equity	346,642,683	365,823,144
Series A Preferred Stock [Member]
Stockholders' equity
Preferred stock	7,959	7,959
Series B Preferred Stock [Member]
Stockholders' equity
Preferred stock	160	160
Series C Preferred Stock [Member]
Mezzanine equity
Preferred stock, Series C, $0.01 par value, zero and 13,875 preferred shares authorized, zero and 13,875 preferred shares issued and outstanding at December 31, 2022 and June 30, 2022, respectively	$ 139	$ 0

Unaudited condensed consolidated balance sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Common stock shares authorized	2,000,000,000	2,000,000,000
Common stock shares issued	17,087,362	12,972,358
Common stock shares outstanding	17,087,362	12,972,358
Preferred stock shares authorized	200,000,000	200,000,000
Series A Preferred Stock [Member]
Preferred stock par or stated value per share	$ 0.01	$ 0.01
Preferred stock shares authorized	800,000	800,000
Preferred stock shares issued	795,878	795,878
Preferred stock shares outstanding	795,878	795,878
Series B Preferred Stock [Member]
Preferred stock par or stated value per share	$ 0.01	$ 0.01
Preferred stock shares authorized	16,000	16,000
Preferred stock shares issued	16,000	16,000
Preferred stock shares outstanding	16,000	16,000
Series C Preferred Stock [Member]
Temporary equity, par or stated value per share	$ 0.01	$ 0.01
Temporary equity, shares authorized	13,875	0
Temporary equity, shares issued	13,875	0
Temporary equity, shares outstanding	13,875	0

Unaudited condensed consolidated statements of comprehensive income - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Total revenues	$ 124,465,322	$ 16,464,649
Expenses
Voyage expenses	34,600,245	4,721,312
Voyage expenses – related party	1,546,799	203,462
Vessels' operating expenses	13,761,185	5,034,767
Vessels' operating expenses – related party	154,333	37,500
Drydocking costs	1,318,310	0
Management fees – related party	871,640	341,625
General and administrative expenses (including $105,200 and $198,000 to related party)	2,466,405	527,985
Depreciation	8,690,061	4,902,831
Impairment loss	8,996,023	0
Total expenses	72,405,001	15,769,482
Income from operations	52,060,321	695,167
Other (expenses) / income
Interest and finance costs	(1,810,769)	(452,915)
Interest income	2,131,146	44,140
Dividend income from related party	20,833	0
Foreign exchange gain	149,056	17,709
Other (expenses)/ income, net	490,266	(391,066)
Net income	$ 52,550,587	$ 304,101

Unaudited condensed consolidated statements of comprehensive income (Parenthetical) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Related Party [Member]
Related party transaction general and administration expenses	$ 230,642	$ 105,200

Unaudited condensed consolidated statements of stockholders' equity and mezzanine equity - USD ($)	Total	Series A Preferred Stock [Member]	Series C Preferred Stock [Member]	Redeemable Preferred Stock [Member]	Redeemable Preferred Stock [Member] Series C Redeemable Preferred Stock [Member]	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Series A Preferred Stock [Member]	Retained Earnings [Member]	Retained Earnings [Member] Series A Preferred Stock [Member]	Retained Earnings [Member] Series C Preferred Stock [Member]
Beginning balance at Dec. 31, 2021	$ 96,745,843					$ 3,184	$ 7,959	$ 97,206,257		$ (471,557)
Beginning balance, Shares at Dec. 31, 2021						318,351	795,878
Issuance of common stock (including the exercise of warrants) net of issuance costs, Shares						12,365,251
Issuance of common stock (including the exercise of warrants) net of issuance costs	156,804,571					$ 123,653		156,680,918
Dividends declared on preferred shares		$ (870,492)							$ (870,492)
Net income	304,101									304,101
Deemed dividend on warrant inducement	(2,943,675)									(2,943,675)
Incremental fair value of the Class D warrants	2,943,675									2,943,675
Ending balance at Jun. 30, 2022	252,984,023					$ 126,837	$ 7,959	253,016,683		(167,456)
Ending balance, Shares at Jun. 30, 2022						12,683,602	795,878
Beginning balance at Dec. 31, 2022	281,654,518					$ 129,724	$ 8,119	252,912,550		28,604,125
Beginning balance, Shares at Dec. 31, 2022						12,972,358	811,878
Issuance of common stock (including the exercise of warrants) net of issuance costs, Shares						3,287,062
Issuance of common stock (including the exercise of warrants) net of issuance costs	11,896,666					$ 32,871		11,863,795
Dividends declared on preferred shares		$ (870,494)	$ (185,000)								$ (870,494)	$ (185,000)
Issuance of restricted shares and stock based compensation	1,091,189					$ 8,279		1,082,910
Issuance of restricted shares and stock based compensation, Shares						827,942
Net income	52,550,587									52,550,587
Distribution of net assets of C3is Inc. to stockholders and warrant holders	(20,957,952)							(20,957,952)
Issuance of Series C preferred shares,Share					13,875
Issuance of Series C preferred shares					$ 10,000,000
Mezzanine Equity, Ending balance at Jun. 30, 2023	10,000,000			$ 10,000,000
Mezzanine Equity, Ending balance, Shares at Jun. 30, 2023			13,875	13,875
Ending balance at Jun. 30, 2023	$ 325,179,514					$ 170,874	$ 8,119	$ 244,901,303		$ 80,099,218
Ending balance, Shares at Jun. 30, 2023						17,087,362	811,878

Unaudited consolidated statements of cash flows - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 52,550,587	$ 304,101
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,690,061	4,902,831
Amortization of deferred finance charges	474,039	29,470
Amortization of operating lease right-of-use asset	31,349
Share based compensation	1,091,189
Impairment loss	8,996,023	0
Dividend income from related party	(20,833)	0
Changes in operating assets and liabilities:
Trade and other receivables	(3,360,823)	(2,172,381)
Other current assets	(136,130)	(581,331)
Inventories	(2,062,365)	(4,676,485)
Changes in operating lease liabilities	(31,349)
Advances and prepayments	(373,262)	(393,340)
Trade accounts payable	500,001	4,288,624
Balances with related parties	(2,752,024)	(745,505)
Accrued liabilities	1,020,949	606,679
Deferred income	(801,066)	(291,822)
Net cash provided by operating activities	63,816,346	1,270,841
Cash flows from investing activities:
Acquisition and improvement of vessels	(26,284,405)	(79,022,533)
Placement of time deposits	(61,912,900)
Maturity of bank time deposits	68,000,000
Net cash used in investing activities	(20,197,305)	(79,022,533)
Cash flows from financing activities:
Proceeds from equity offerings	12,095,253	167,572,515
Stock issuance costs	(198,587)	(10,767,944)
Dividends paid on preferred shares	(870,494)	(870,492)
Loan repayments	(70,438,500)	(2,402,000)
Cash retained by C3is Inc. at spin-off	(5,000,000)
Net cash provided by/ (used in) financing activities	(64,412,328)	153,532,079
Net increase/(decrease) in cash, cash equivalents and restricted cash	(20,793,287)	75,780,387
Cash, cash equivalents and restricted cash at the beginning of the year	57,506,919	6,341,059
Cash, cash equivalents and restricted cash at the end of the period	36,713,632	82,121,446
Supplemental cash flow information:
Interest paid	1,735,054	305,349
Non cash investing activity – Vessel improvements included in liabilities	322,527	51,580
Non cash financing activity – Dividend on Preferred Series C included in Balances with related parties	185,000
Non-cash investing and financing activity – Distribution of net assets of C3is Inc. to shareholders and warrantholders	20,957,952
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	36,713,632	79,135,753
Restricted cash – Current assets	0	485,693
Restricted cash – Non current assets	0	2,500,000
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$ 36,713,632	$ 82,121,446

General Information and Basis of Presentation

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General Information and Basis of Presentation

1. General Information and Basis of Presentation

(the “Spin-Off”).

The accompanying unaudited interim consolidated financial statements include the accounts of Imperial and its wholly owned subsidiaries (collectively, the “Company”).

On June 21, 2023, the Company completed the

spin-off

transaction (the

“Spin-off”)

Spin-off,

The assets and liabilities of C3is on June 21, 2023, were as follows:


	June 21, 2023
Cash and cash equivalents		5,000,000
Trade and other receivables		877,202
Inventories		124,813
Advances and prepayments		192,961
Due from related party		188,750
Vessels, net (after impairment of $8,996,023)		28,500,000
Trade accounts payable		816,187
Accrued and other liabilities		357,647
Deferred income		115,940
Net assets of C3is distributed to stockholders and warrantholders		33,593,952
Less investment in preferred shares of C3is issued as part of spin-off		(12,636,000	)
Distribution of net assets of C3is to stockholders and warrantholders		20,957,952

20-F

As of June 30, 2023, the 12 subsidiaries included in the Company’s unaudited interim consolidated financial statements were:

Company

Date of

Incorporation

Name of Vessel

Owned by

Subsidiary

Dead Weight

Tonnage

(“dwt”)

Acquisition

Date

Clean Power Inc.

5/2/2007

Magic Wand

47,000

9/1/2008

MR Roi Inc.

5/2/2007

Clean Thrasher

47,000

27/2/2008

King of Hearts Inc.

17/3/2008

Clean Sanctuary

46,000

14/7/2009

Tankpunk Inc.

6/1/2008

Stealth Berana

115,804

26/7/2010

Nirvana Product Trading Inc

25/2/2022

Clean Nirvana

50,000

28/3/2022

Volume Jet Trading Inc.

25/2/2022

Clean Justice

47,000

31/5/2022

Intercontinental Crude and Product Enterprises Inc.

18/5/2022

Suez Enchanted

160,000

3/6/2022

Petroleum Trading and Shipping Inc.

21/4/2022

Suez Protopia

160,000

3/6/2022

Haven Exotic Trading Inc.

31/1/2023

Eco Wildfire

33,000

28/2/2023

Blue Oddysey International Inc.

31/1/2023

Glorieuse

38,000

27/2/2023

Drybulk International Trading and Shipping Inc.*

04/7/2022

Eco Bushfire

32,000

21/9/2022

Raw Commodities & Exports Inc.*

04/7/2022

Eco Angelbay

32,000

19/10/2022

*	Consolidated by the Company up to June 21, 2023, the date the Spin-Off of C3is Inc. was completed.

On April 28, 2023, the Company effected a

1-for-15

reverse stock split of its common stock. All numbers of common share

and

(loss)/

earnings

1-for-15

reverse stock split.

Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

2.	Significant Accounting Policies

A discussion of the Company’s significant accounting policies can be found in the 2022 Consolidated Financial Statements. During the

six-month

period ended June 30, 2023, the Company adopted the following accounting policies:

New significant accounting policies adopted during the six months ended June 30, 2023

Investment in related party (Financial Instruments, Recognition and Measurement):

Transactions with Related Parties

6 Months Ended

Jun. 30, 2023

Transactions with Related Parties

3. Transactions with Related Parties

, Eco Bushfire since September 2022 and up to the Spin-off and Eco Angelbay since October 2022 and up to the Spin-off

On June 21, 2023, the Company completed the

Spin-off

Perpetual

day of January, April, July and October in each year, subject to C3is’s Board of Directors approval. As the first cash dividend will be received on the 15

The amounts charged by the Company’s related parties comprised the following:


		For the six-month periods ended June 30,
	Location in statement of comprehensive income	2022		2023
Management fees	Management fees – related party		341,625		871,640
Brokerage commissions	Voyage expenses – related party		203,462		1,546,799
Superintendent fees	Vessels’ operating expenses – related party		—		1,000
Crew management fees	Vessels’ operating expenses – related party		37,500		153,333
Executive compensation	General and administrative expenses		105,200		198,000
Commissions – vessels purchased	Vessels, net		778,000		355,000
Rental expense	General and administrative expenses		—		32,642

The related party balance with C3is Inc., mainly

relates

to collections received net of payments made on behalf of the Company

relating to the vessels contributed

Vessels, net

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Vessels, net

4.	Vessels, net

An analysis of vessels, net is as follows:


	Vessel Cost			Accumulated depreciation			Net book value
Balance as at January 1, 2023	$	350,393,448		$	(124,042,367	)	$	226,351,081

Acquisitions and improvements		36,606,932			—			36,606,932

Impairment loss		(10,894,125	)		1,898,102			(8,996,023	)

Depreciation for the period		—			(8,690,061	)		(8,690,061	)

Spin-off of drybulk carriers (Note 1)		(28,500,000	)		—			(28,500,000	)

Balance as at June 30, 2023	$	347,606,255		$	(130,834,326	)	$	216,771,929

The additions during the

six-month

period ended June 30, 2023 mainly relate to the acquisition of vessels “Glorieuse” and “Eco Wildfire” (Note 3).

Long-term Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Long-term Debt

5.	Long-term Debt

Long-term debt consists of the following:


	As of December 31,		As of June 30,
	2022		2023
Term loan
Issued in November 2021 maturing in November 2026 (“term loan A”)	$	23,196,000	$	—
Issued in September 2022 maturing in September 2026 (“term loan B”)		16,450,000		—
Issued in November 2022 maturing in November 2027 (“term loan C”)		30,792,500		—
Total long-term debt		70,438,500		—

Less: Deferred finance charges		474,039		—

Total long-term debt, net		69,964,461		—

Less: Current portion of long-term debt		10,324,000		—

Add: Current portion of deferred loan and financing arrangements issuance costs		147,462		—

Long-term debt, net	$	59,787,923	$	—

Details of the Company’s term loans are discussed in Note 5 of the 2022 Consolidated Financial Statements.

During the

six-month

period ended June 30, 2023, the Company repaid the amount of $1.4 million in line with the amortization schedule of the term loans B and C, and then proceeded with their full prepayment as follows:

On April 2

For the

six-month

Fair Value of Financial Instruments and Concentration of Credit Risk

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments and Concentration of Credit Risk

6.	Fair Value of Financial Instruments and Concentration of Credit Risk

Fair Value Disclosures:

The Company has categorized assets and liabilities recorded at fair value based upon the fair value hierarchy specified by the guidance. The levels of fair value hierarchy are as follows:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.


	June 30, 2023		Significant other observable inputs (Level 2)		Total gain/ (loss)
Non-recurring fair value measurements
Investment in related party (Note 3)		12,636,000		12,636,000		—
Total investment in related party	$	12,636,000	$	12,636,000		—


	Valuation technique	Significant other observable input	Values
“Straight” Preferred Stock component	Discounted Cash Flow Model	- Weighted average cost of capital		13	%

Embedded Option component	Black & Scholes	- Volatility - Risk-free rate - Weighted average cost of capital - Strike price - Share price (based on the first 5 trading days volume weighted average)		78 4 13 $ 3.50 $ 2.33	% % %

Control Premium Component	Discounted Cash Flow Model	- Control premium -Weighted average cost of capital		12 13	% %

Stockholders' Equity

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

7.	Stockholders’ Equity

Details of the Company’s common stock and preferred stock are discussed in Note 8 of the 2022 Consolidated Financial Statements and are supplemented by the below new activities in the

six-month

period ended June 30, 2023.

Common Shares:

NASDAQ Notification

180-day

compliance period, or until June 12, 2023, to regain compliance with the minimum $

1.00

1-for-15

ii)

Equity Offerings

During the

six-month

period ended June 30, 2023, the Company completed a public offering of 3,287,062 shares of common stock resulting in gross proceeds of $12,095,253, or $11,896,666 in net proceeds.

iii)

Warrants

As of June 30, 2023, none of remaining warrants were exercised. The number of remaining warrants was adjusted to reflect the

1-for-15

reverse stock split on April 28, 2023. As such, as of June 30, 2023, the number of common shares that can potentially be issued under each outstanding warrant are:


Warrant	Shares to be issued upon exercise of remaining warrants
Class A		2,867
Class B		786,800
Class C		5,218,591
Class D		2,076,667

Total		8,084,925

An aggregate of 291,194 additional common shares are potentially issuable upon exercise of the February 2022, March 2022 and May 2022 Representative Purchase Warrants.

Preferred Shares:

Aggregate dividends of $0.9 million were paid on the Company’s 795,878 Series A Preferred Shares during the six months ended June 30, 2023.

Mezzanine Equity

6 Months Ended

Jun. 30, 2023

Temporary Equity Disclosure [Abstract]

Mezzanine Equity

8.	Mezzanine equity

Each holder of Series C Preferred Shares, at any time and from time to time on or after the date that is the date immediately following the

six-month

Ten-Day

1-for-15

reverse stock split.

360-day

year consisting of twelve

30-day

480-10-S99

480-10-S99.

Equity Compensation Plan

6 Months Ended

Jun. 30, 2023

Equity Compensation Plan Arrangement [Abstract]

Equity Compensation Plan

9.	Equity Compensation Plan

Details of the Company’s equity compensation plan (the “Plan”) are discussed in Note 14 of the 2022 Consolidated Financial Statements and are supplemented by the below new transactions in the

six-month

period ended June 30, 2023.

the grant date i.e. March 21, 2023 which was equal to $2.55. 140,196 of the restricted shares vested on July 17, 2023 and the remaining 140,196 of the restricted shares will vest on July 17, 2024.

The related expense for shares granted to the Company’s CEO and certain of the Company’s employees for the

six-month

periods ended June 30, 2023 and 2022, amounted to $1,091,189 and $nil, respectively, and is included under general and administration expenses.

The unrecognized cost for the

non-vested

awards granted to the Company’s CEO and certain of the Company’s employees not yet recognized is expected to be recognized is 2.37 years.

(Loss)/Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

(Loss)/Earnings per share

10.	(Loss)/Earnings per share

The Company calculates basic and diluted loss/earnings per share as follows:


	For the six-month periods ended June 30,
	2022			2023
Numerator
Net income		304,101			52,550,587
Less: Cumulative dividends on Series A Preferred Shares		(870,492	)		(870,494	)
Less: Cumulative dividends on Series C Preferred Shares		—			(185,000	)
Less: Deemed dividend on warrant inducement		(2,943,675	)		—
Less: Undistributed earnings allocated to non-vested shares		—			(977,828	)

Net (loss)/ income attributable to common shareholders, basic		(3,510,066	)		50,517,265
Add: Undistributed earnings allocated to non-vested shares		—			977,828
Add: Cumulative dividends on Series C Preferred Shares		—			185,000
Less: Undistributed earnings re-allocated to non-vested shares		—			(862,466	)

Net (loss)/ income attributable to common shareholders, diluted		(3,510,066	)		50,817,627

Denominator
Weighted average number of shares outstanding, basic		4,359,423			15,940,369
Weighted average number of shares outstanding, diluted		4,359,423			18,113,785

(Loss)/ Earnings per share, basic		(0.81	)		3.17
(Loss)/Earnings per share, diluted		(0.81	)		2.81

. As of June 30, 2023, the aggregate number of unexercised warrants were 8,376,119 including Representative Purchase Warrants (Note

Revenues

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenues

11.

Revenues

The amounts in the accompanying unaudited condensed consolidated statements of comprehensive income are analyzed as follows:


	For the six-month periods ended June 30,
	2022		2023
Time charter revenues		8,937,026		18,384,522
Bareboat revenues		1,388,990		—
Voyage charter revenues		5,950,928		105,363,659
Other income		187,705		717,141

Total		16,464,649		124,465,322

The amount of revenue earned as demurrage relating to the Company’s voyage charters for the

six-month

periods ended June 30, 2022 and 2023 was $0.4 million and $7.5 million, respectively and is included within “Voyage charter revenues” in the above table.

As of December 31, 2022 and June 30, 2023, receivables from the Company’s voyage charters amounted to $6.1 million and $9.0 million, respectively.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12.	Commitments and Contingencies

•

Future minimum contractual charter revenues, gross of commissions, based on vessels committed to

non-cancellable,

time and bareboat charter contracts as of June 30, 2023, amount to $326,250 during the twelve months ending June 30, 2024.

Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

13.	Subsequent events

In July 2023, the Company concluded a memorandum of agreement for the disposal of the vessel “Stealth Berana” to C3is, an affiliated party, for $43,000,000.

The vessel was delivered to her new owners in July 2023. The Company disposed the vessel “Stealth Berana” as the agreed selling price was a suitable opportunity for the Company.

In August 2023, the Company completed an underwritten public offering of 8,499,999 units, each unit consisting of (i) one share of common stock of the Company or one

pre-funded

warrant and (ii) one Class E Warrant to purchase one share of common stock at an exercise price of $2.00 per share. The offering resulted in gross proceeds to the Company of $17 million.

In September 2023, the Company entered into an agreement with affiliated

parties

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Investment in related party (Financial Instruments, Recognition and Measurement)	Investment in related party (Financial Instruments, Recognition and Measurement): The Company has elected to measure equity securities without a readily determinable fair value, that do not qualify for the practical expedient in ASC 820 Fair Value Measurement to estimate fair value using the NAV per share (or its equivalent), at its cost minus impairment, if any. At each reporting period, the Company also evaluates indicators such as the investee’s performance and its ability to continue as going concern and market conditions, to determine whether an investment is impaired in which case, the Company will estimate the fair value of the investment to determine the amount of the impairment loss.

General Information and Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Subsidiary Companies

As of June 30, 2023, the 12 subsidiaries included in the Company’s unaudited interim consolidated financial statements were:

Company

Date of

Incorporation

Name of Vessel

Owned by

Subsidiary

Dead Weight

Tonnage

(“dwt”)

Acquisition

Date

Clean Power Inc.

5/2/2007

Magic Wand

47,000

9/1/2008

MR Roi Inc.

5/2/2007

Clean Thrasher

47,000

27/2/2008

King of Hearts Inc.

17/3/2008

Clean Sanctuary

46,000

14/7/2009

Tankpunk Inc.

6/1/2008

Stealth Berana

115,804

26/7/2010

Nirvana Product Trading Inc

25/2/2022

Clean Nirvana

50,000

28/3/2022

Volume Jet Trading Inc.

25/2/2022

Clean Justice

47,000

31/5/2022

Intercontinental Crude and Product Enterprises Inc.

18/5/2022

Suez Enchanted

160,000

3/6/2022

Petroleum Trading and Shipping Inc.

21/4/2022

Suez Protopia

160,000

3/6/2022

Haven Exotic Trading Inc.

31/1/2023

Eco Wildfire

33,000

28/2/2023

Blue Oddysey International Inc.

31/1/2023

Glorieuse

38,000

27/2/2023

Drybulk International Trading and Shipping Inc.*

04/7/2022

Eco Bushfire

32,000

21/9/2022

Raw Commodities & Exports Inc.*

04/7/2022

Eco Angelbay

32,000

19/10/2022

*	Consolidated by the Company up to June 21, 2023, the date the Spin-Off of C3is Inc. was completed.

Schedule of Distribution of Assets and Liabilities to its Wholly-Owned Subsidiary C3is Inc

The assets and liabilities of C3is on June 21, 2023, were as follows:


	June 21, 2023
Cash and cash equivalents		5,000,000
Trade and other receivables		877,202
Inventories		124,813
Advances and prepayments		192,961
Due from related party		188,750
Vessels, net (after impairment of $8,996,023)		28,500,000
Trade accounts payable		816,187
Accrued and other liabilities		357,647
Deferred income		115,940
Net assets of C3is distributed to stockholders and warrantholders		33,593,952
Less investment in preferred shares of C3is issued as part of spin-off		(12,636,000	)
Distribution of net assets of C3is to stockholders and warrantholders		20,957,952

Transactions with Related Parties (Tables)

6 Months Ended

Jun. 30, 2023

Summary of Amounts Charged By The Company's Related Parties

The amounts charged by the Company’s related parties comprised the following:


		For the six-month periods ended June 30,
	Location in statement of comprehensive income	2022		2023
Management fees	Management fees – related party		341,625		871,640
Brokerage commissions	Voyage expenses – related party		203,462		1,546,799
Superintendent fees	Vessels’ operating expenses – related party		—		1,000
Crew management fees	Vessels’ operating expenses – related party		37,500		153,333
Executive compensation	General and administrative expenses		105,200		198,000
Commissions – vessels purchased	Vessels, net		778,000		355,000
Rental expense	General and administrative expenses		—		32,642

Vessels, net (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Summary of Analysis of Vessels, Net

An analysis of vessels, net is as follows:


	Vessel Cost			Accumulated depreciation			Net book value
Balance as at January 1, 2023	$	350,393,448		$	(124,042,367	)	$	226,351,081

Acquisitions and improvements		36,606,932			—			36,606,932

Impairment loss		(10,894,125	)		1,898,102			(8,996,023	)

Depreciation for the period		—			(8,690,061	)		(8,690,061	)

Spin-off of drybulk carriers (Note 1)		(28,500,000	)		—			(28,500,000	)

Balance as at June 30, 2023	$	347,606,255		$	(130,834,326	)	$	216,771,929

Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Long-term debt consists of the following:


	As of December 31,		As of June 30,
	2022		2023
Term loan
Issued in November 2021 maturing in November 2026 (“term loan A”)	$	23,196,000	$	—
Issued in September 2022 maturing in September 2026 (“term loan B”)		16,450,000		—
Issued in November 2022 maturing in November 2027 (“term loan C”)		30,792,500		—
Total long-term debt		70,438,500		—

Less: Deferred finance charges		474,039		—

Total long-term debt, net		69,964,461		—

Less: Current portion of long-term debt		10,324,000		—

Add: Current portion of deferred loan and financing arrangements issuance costs		147,462		—

Long-term debt, net	$	59,787,923	$	—

Fair Value of Financial Instruments and Concentration of Credit Risk (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Summary of Fair Value, Assets Measured on Recurring and Nonrecurring Basis


	June 30, 2023		Significant other observable inputs (Level 2)		Total gain/ (loss)
Non-recurring fair value measurements
Investment in related party (Note 3)		12,636,000		12,636,000		—
Total investment in related party	$	12,636,000	$	12,636,000		—

Summary of Fair Value Measurement Inputs and Valuation Techniques

The valuation methodology and the significant other observable inputs used for each component are set out below:


	Valuation technique	Significant other observable input	Values
“Straight” Preferred Stock component	Discounted Cash Flow Model	- Weighted average cost of capital		13	%

Embedded Option component	Black & Scholes	- Volatility - Risk-free rate - Weighted average cost of capital - Strike price - Share price (based on the first 5 trading days volume weighted average)		78 4 13 $ 3.50 $ 2.33	% % %

Control Premium Component	Discounted Cash Flow Model	- Control premium -Weighted average cost of capital		12 13	% %

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Schedule Of Number of common shares to be issued upon exercise of remaining warrants

As such, as of June 30, 2023, the number of common shares that can potentially be issued under each outstanding warrant are:


Warrant	Shares to be issued upon exercise of remaining warrants
Class A		2,867
Class B		786,800
Class C		5,218,591
Class D		2,076,667

Total		8,084,925

(Loss)/Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Income (Loss) Per Common Share

The Company calculates basic and diluted loss/earnings per share as follows:


	For the six-month periods ended June 30,
	2022			2023
Numerator
Net income		304,101			52,550,587
Less: Cumulative dividends on Series A Preferred Shares		(870,492	)		(870,494	)
Less: Cumulative dividends on Series C Preferred Shares		—			(185,000	)
Less: Deemed dividend on warrant inducement		(2,943,675	)		—
Less: Undistributed earnings allocated to non-vested shares		—			(977,828	)

Net (loss)/ income attributable to common shareholders, basic		(3,510,066	)		50,517,265
Add: Undistributed earnings allocated to non-vested shares		—			977,828
Add: Cumulative dividends on Series C Preferred Shares		—			185,000
Less: Undistributed earnings re-allocated to non-vested shares		—			(862,466	)

Net (loss)/ income attributable to common shareholders, diluted		(3,510,066	)		50,817,627

Denominator
Weighted average number of shares outstanding, basic		4,359,423			15,940,369
Weighted average number of shares outstanding, diluted		4,359,423			18,113,785

(Loss)/ Earnings per share, basic		(0.81	)		3.17
(Loss)/Earnings per share, diluted		(0.81	)		2.81

Revenues (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Summary of Revenues Amounts in Accompanying Consolidated Statements of Operations

The amounts in the accompanying unaudited condensed consolidated statements of comprehensive income are analyzed as follows:


	For the six-month periods ended June 30,
	2022		2023
Time charter revenues		8,937,026		18,384,522
Bareboat revenues		1,388,990		—
Voyage charter revenues		5,950,928		105,363,659
Other income		187,705		717,141

Total		16,464,649		124,465,322

General Information and Basis of Presentation - Schedule Of Distribution Of Assets And Liabilities To Its Wholly Owned Subsidiary C3is Inc (Detail) - C3is Inc [Member] - Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member]	Jun. 21, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 5,000,000
Trade and other receivables	877,202
Inventories	124,813
Advances and prepayments	192,961
Due from related party	188,750
Vessels, net	28,500,000
Trade accounts payable	816,187
Accrued and other liabilities	357,647
Deferred income	115,940
Net assets of C3is distributed to stockholders and warrantholders	33,593,952
Less investment in preferred shares of C3is issued as part of spin-off	(12,636,000)
Distribution of net assets of C3is to stockholders and warrantholders	$ 20,957,952

General Information and Basis of Presentation - Schedule Of Distribution Of Assets And Liabilities To Its Wholly Owned Subsidiary C3is Inc (Parenthetical) (Detail)	Jun. 21, 2023 USD ($)
C3is Inc [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment	$ 8,996,023

General Information and Basis of Presentation - Summary of Subsidiary Companies (Detail)

6 Months Ended

Jun. 30, 2023

Clean Power Inc [Member]

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Company

Clean Power Inc.

Date of Incorporation

Feb. 05, 2007

Name of Vessel Owned by Subsidiary

Magic Wand

Dead Weight Tonnage

47,000

Acquisition Date

Jan. 09, 2008

MR Roi Inc [Member]

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Company

MR Roi Inc.

Date of Incorporation

Feb. 05, 2007

Name of Vessel Owned by Subsidiary

Clean Thrasher

Dead Weight Tonnage

47,000

Acquisition Date

Feb. 27, 2008

King Of Hearts Inc [Member]

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Company

King of Hearts Inc.

Date of Incorporation

Mar. 17, 2008

Name of Vessel Owned by Subsidiary

Clean Sanctuary

Dead Weight Tonnage

46,000

Acquisition Date

Jul. 14, 2009

Tankpunk Inc [Member]

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Company

Tankpunk Inc.

Date of Incorporation

Jan. 06, 2008

Name of Vessel Owned by Subsidiary

Stealth Berana

Dead Weight Tonnage

115,804

Acquisition Date

Jul. 26, 2010

Nirvana Product Trading Inc [Member]

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Company

Nirvana Product Trading Inc

Date of Incorporation

Feb. 25, 2002

Name of Vessel Owned by Subsidiary

Clean Nirvana

Dead Weight Tonnage

50,000

Acquisition Date

Mar. 28, 2022

Volume Jet Trading Inc [Member]

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Company

Volume Jet Trading Inc.

Date of Incorporation

Feb. 25, 2002

Name of Vessel Owned by Subsidiary

Clean Justice

Dead Weight Tonnage

47,000

Acquisition Date

May 31, 2022

International Crude And Product Enterprises [Member]

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Company

Intercontinental Crude and Product Enterprises Inc.

Date of Incorporation

May 18, 2022

Name of Vessel Owned by Subsidiary

Suez Enchanted

Dead Weight Tonnage

160,000

Acquisition Date

Jun. 03, 2022

Petroleum Trading And Shipping [Member]

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Company

Petroleum Trading and Shipping Inc.

Date of Incorporation

Apr. 21, 2022

Name of Vessel Owned by Subsidiary

Suez Protopia

Dead Weight Tonnage

160,000

Acquisition Date

Jun. 03, 2022

Haven Exotic Trading Inc [Member]

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Company

Haven Exotic Trading Inc.

Date of Incorporation

Jan. 31, 2023

Name of Vessel Owned by Subsidiary

Eco Wildfire

Dead Weight Tonnage

33,000

Acquisition Date

Feb. 28, 2023

Blue Oddysey International Inc [Member]

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Company

Blue Oddysey International Inc.

Date of Incorporation

Jan. 31, 2023

Name of Vessel Owned by Subsidiary

Glorieuse

Dead Weight Tonnage

38,000

Acquisition Date

Feb. 27, 2023

Drybulk International Trading and Shipping Inc [Member]

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Company

Drybulk International Trading and Shipping Inc

^[1]

Date of Incorporation

Jul. 04, 2022

^[1]

Name of Vessel Owned by Subsidiary

Eco Bushfire

Dead Weight Tonnage

32,000

Acquisition Date

Feb. 21, 2022

^[1]

Raw Commodities Exports Inc [Member]

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Company

Raw Commodities & Exports Inc

^[1]

Date of Incorporation

Jul. 04, 2022

^[1]

Name of Vessel Owned by Subsidiary

Eco Angelbay

^[1]

Dead Weight Tonnage

32,000

^[1]

Acquisition Date

Oct. 19, 2022

^[1]

[1]	Consolidated by the Company up to June 21, 2023, the date the Spin-Off of C3is Inc. was completed

General Information and Basis of Presentation - Additional Information (Detail)					6 Months Ended
	Jun. 21, 2023 USD ($) $ / shares shares	Apr. 28, 2023	Dec. 03, 2021 shares	Nov. 10, 2021 shares	Jun. 30, 2023 $ / shares shares	Jun. 30, 2022 shares	Dec. 31, 2022 shares	May 14, 2021 shares
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock shares outstanding					17,087,362		12,972,358
Number of tankers					8
Description of the reverse stock split arrangement		1-for-15
Three Medium Range Type Product Tankers [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of tankers					5
One Afra Max Crude Oil Tanker [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of tankers					1
Two Suezmax Crude Oil Tankers [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of tankers					2
Two Handysize Drybulk Carriers [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of tankers					2
Common Stock [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock issued during the period shares new issues					3,287,062	12,365,251
Description of the reverse stock split arrangement		1-for-15
Common Stock [Member] \| Spin Off Transaction [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock issued during the period shares new issues			4,775,272	4,774,772
Preferred Stock [Member] \| Preferred Class A [Member] \| Spin Off Transaction [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock issued during the period shares new issues			795,878	795,878
Preferred stock dividend rate percentage			8.75%	8.75%
Preferred stock liquidation preference per share \| $ / shares					$ 25
Warrant [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Description of the reverse stock split arrangement		1-for-15
StealthGas Inc. [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock shares outstanding								500
C3is Inc [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Cash \| $	$ 5,000,000
C3is Inc [Member] \| Preferred Stock [Member] \| Series A Perpetual Convertible Preferred Shares [Member] \| Spin Off Transaction [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Preferred stock dividend rate percentage	5.00%
Preferred stock liquidation preference per share \| $ / shares	$ 25
Preferred stock shares outstanding	600,000

Transactions with Related Parties - Summary of Amounts Charged By The Company's Related Parties (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Related Party [Member]
Related Party Transaction [Line Items]
General and administrative expenses	$ 230,642	$ 105,200
Management fees [Member]
Related Party Transaction [Line Items]
Related party	871,640	341,625
Brokerage commissions [Member]
Related Party Transaction [Line Items]
Related party	1,546,799	203,462
Superintendent fees [Member]
Related Party Transaction [Line Items]
Related party	1,000	0
Crew management fees [Member]
Related Party Transaction [Line Items]
Related party	153,333	37,500
Executive compensation [Member] \| Related Party [Member]
Related Party Transaction [Line Items]
General and administrative expenses	198,000	105,200
Commissions – vessels purchased [Member]
Related Party Transaction [Line Items]
Related party	355,000	778,000
Rental expense [Member]
Related Party Transaction [Line Items]
Related party	$ 32,642	$ 0

Transactions with Related Parties - Additional Information (Detail) - USD ($)					6 Months Ended
	Jun. 30, 2023	Jun. 21, 2023	Feb. 14, 2023	May 31, 2020	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Receivable from related party	$ 0				$ 0		$ 146,708
Payable to related parties	$ 491,456				$ 491,456		$ 3,016,438
Series A Perpetual Convertible Preferred Shares [Member] \| Spin Off Transaction [Member] \| Preferred Stock [Member]
Dividends payable, nature		15th day of January, April, July and October in each year
Series A Preferred Stock [Member]
Preferred Stock, Shares Outstanding	795,878				795,878		795,878
Preferred Stock, Par or Stated Value Per Share	$ 0.01				$ 0.01		$ 0.01
Series A Preferred Stock [Member] \| Fair Value, Inputs, Level 2 [Member] \| Valuation, Income Approach [Member]
Aggregate value of investment	$ 12,636,000				$ 12,636,000
European Institute of Regional Investments Inc. [Member]
Receivable from related party	0				0	$ 146,708
C3is Inc [Member]
Receivable from related party	37,042				37,042	0
Equity security measured at fair value	12,656,833				12,656,833
Accrued dividends	20,833				20,833
Impairment loss	0				0
C3is Inc [Member] \| Series A Perpetual Convertible Preferred Shares [Member] \| Spin Off Transaction [Member] \| Preferred Stock [Member]
Preferred Stock, Shares Outstanding		600,000
Preferred Stock, liquidation preference per share		$ 25
Preferred Stock, Par or Stated Value Per Share		$ 0.01
Number of days after when the stock are eligible to convert to shares		90 days
Conversion price equal to volume weighted average price per share		150.00%
Number of consecutive trading days for determining the share price		5 days
Preferred Stock, Dividend Rate, Percentage		5.00%
Dividends payable, amount per share		$ 25
Dividend income from related party	20,833
Flawless Management Inc [Member] \| Dividend Declared [Member] \| Series C Preferred Stock [Member]
Receivable from related party	185,000				185,000	0
Related Party [Member]
Payable to related parties	$ 269,414				269,414	3,016,438
Glorieuse and Eco Wildfire [Member]
Total consideration			$ 35,500,000
Glorieuse [Member]
Aggregate purchase price , Cash			8,500,000
Total consideration			18,500,000
Glorieuse [Member] \| Series C Preferred Stock [Member]
Asset acquisition, equity interest issued and issuable			$ 13,875
Management fees [Member]
Related party transaction, amounts of transaction					871,640	341,625
Brokerage commissions [Member]
Related party transaction, amounts of transaction					$ 1,546,799	203,462
Related party transaction, brokerage commission per vessel					1.25%
Superintendent fees [Member]
Related party transaction, amounts of transaction					$ 1,000	0
Related party transaction, additional amounts of transaction					500
Crew management fees [Member]
Related party transaction, amounts of transaction					153,333	37,500
Crew management fees [Member] \| Hellenic Manning Overseas Inc [Member]
Related party transaction, amounts of transaction				$ 2,500
Commissions – vessels purchased [Member]
Related party transaction, amounts of transaction					$ 355,000	$ 778,000
Commissions – vessels purchased [Member] \| Hellenic Manning Overseas Inc [Member]
Commission as a percentage of sale price of vessels					1.00%
Maximum [Member] \| Management fees [Member]
Related party transaction, amounts of transaction					$ 440
Minimum [Member] \| Management fees [Member]
Related party transaction, amounts of transaction					$ 125

Vessels, net - Summary of Analysis of Vessels, Net (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Vessel Cost, Balance at beginning of year	$ 350,393,448
Vessel Cost, Acquisitions and improvements	36,606,932
Vessel Cost, Impairment loss	(10,894,125)
Vessel Cost, Spin-off of drybulk carriers	(28,500,000)
Vessel Cost, Balance at end of year	347,606,255
Accumulated depreciation, Balance at beginning of year	(124,042,367)
Accumulated depreciation, Impairment loss	1,898,102
Accumulated depreciation, Depreciation for the year	(8,690,061)
Accumulated depreciation, Balance at end of year	(130,834,326)
Net book value, Balance at beginning of year	226,351,081
Net book value, Acquisitions and improvements	36,606,932
Net book value, Impairment loss	(8,996,023)	$ 0
Net book value, Depreciation for the year	(8,690,061)
Net book value, Spin-off of drybulk carriers	(28,500,000)
Net book value, Balance at end of year	$ 216,771,929

Long-term Debt - Summary of Long-term Debt (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 70,438,500
Less: Current portion of long-term debt	0	10,324,000
Add: Current portion of deferred loan and financing arrangements issuance costs	0	147,462
Less: Deferred finance charges	0	474,039
Total long-term debt, net	0	69,964,461
Long-term debt, net	$ 0	59,787,923
Term Loan A [Member]
Debt Instrument [Line Items]
Issue Date	Nov. 30, 2021
Maturity Date	Nov. 30, 2026
Long-term debt	$ 0	23,196,000
Term Loan B [Member]
Debt Instrument [Line Items]
Issue Date	Sep. 30, 2022
Maturity Date	Sep. 30, 2026
Long-term debt	$ 0	16,450,000
Term Loan C [Member]
Debt Instrument [Line Items]
Issue Date	Nov. 30, 2022
Maturity Date	Nov. 30, 2027
Long-term debt	$ 0	$ 30,792,500

Long-term Debt - Additional Information (Detail) - USD ($)				6 Months Ended
	Apr. 25, 2023	Apr. 07, 2023	Mar. 10, 2023	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Bank loan interest expense				$ 1,271,409	$ 362,365
Loan repayments				$ 70,438,500	$ 2,402,000
Weighted average debt interest rate				7.55%	1.45%
Term Loan A [Member]
Debt Instrument [Line Items]
Loan repayments			$ 23,200,000
Term Loan B and C [Member]
Debt Instrument [Line Items]
Loan repayments				$ 1,400,000
Term Loan C [Member]
Debt Instrument [Line Items]
Loan repayments		$ 30,000,000
Term Loan B [Member]
Debt Instrument [Line Items]
Loan repayments	$ 15,900,000

Fair Value of Financial Instruments and Concentration of Credit Risk - Summary of Fair Value, Assets Measured on Recurring and Nonrecurring Basis (Detail) - Fair Value, Nonrecurring [Member] - Investment in related party [Member]	Jun. 30, 2023 USD ($)
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 12,636,000
Estimate of Fair Value Measurement [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	12,636,000
Changes Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0

Fair Value of Financial Instruments and Concentration of Credit Risk - Summary of Fair Value Measurement Inputs and Valuation Techniques (Detail)	Jun. 30, 2023 $ / shares
Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input Weighted Average Cost of Capital [Member] \| Straight Preferred Stock Component [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	13
Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input Weighted Average Cost of Capital [Member] \| Control Premium Component [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	13
Valuation Technique, Discounted Cash Flow [Member] \| Measurement Input, Control Premium [Member] \| Control Premium Component [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	12
Valuation Technique Blackand Scholes [Member] \| Measurement Input Weighted Average Cost of Capital [Member] \| Embedded Option Component [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	13
Valuation Technique Blackand Scholes [Member] \| Measurement Input, Price Volatility [Member] \| Embedded Option Component [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	78
Valuation Technique Blackand Scholes [Member] \| Measurement Input, Risk Free Interest Rate [Member] \| Embedded Option Component [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	4
Valuation Technique Blackand Scholes [Member] \| Measurement Input Strike Price [Member] \| Embedded Option Component [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	3.5
Valuation Technique Blackand Scholes [Member] \| Measurement Input, Share Price [Member] \| Embedded Option Component [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	2.33

Fair Value of Financial Instruments and Concentration of Credit Risk - Summary of Fair Value Measurement Inputs and Valuation Techniques (Detail) (Parenthetical)	6 Months Ended
	Jun. 30, 2023 USD ($)
Series A Perpetual Convertible Preferred Shares [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value portion of investments	$ 12,636,000
Valuation Technique Blackand Scholes [Member] \| Measurement Input, Share Price [Member] \| Embedded Option Component [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of trading days for determining weighted average price	5 days

Stockholders' Equity - Summary Of Number of common shares to be issued upon exercise of remaining warrants (Detail)	Jun. 30, 2023 shares
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	8,084,925
Class A Warrant [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	2,867
Class B Warrant [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	786,800
Class C Warrant [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	5,218,591
Class D Warrant [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	2,076,667

Stockholders' Equity - Additional Information (Detail) - USD ($)			6 Months Ended	12 Months Ended
	Apr. 28, 2023	Jun. 17, 2022	Jun. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Number of days from the closing bid price of common stock		30 days
Number Of Grace Period Days Applicable To Regain Compliance		180 days		180 days
Due date declared to regain compliance		Dec. 14, 2022		Jun. 12, 2023
Class of warrant or right number of securities called by warrants or rights			8,084,925
Description of the reverse stock split arrangement	1-for-15
Representative Purchase Warrants [Member]
Class of Stock [Line Items]
Class of warrant or right number of securities called by warrants or rights			291,194
IPO [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock			$ 12,095,253
Net Proceeds From Issuance Of Common Stock			$ 11,896,666
Number of new stock issued during the period			3,287,062
XNCM [Member]
Class of Stock [Line Items]
Share Price		$ 1
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Dividends, preferred stock			$ 900,000
Preferred stock shares outstanding			795,878	795,878

Mezzanine Equity - Additional Information (Detail) - USD ($)	Apr. 28, 2023	Feb. 17, 2023	Feb. 14, 2023	Jun. 30, 2023	Dec. 31, 2022
Temporary Equity [Line Items]
Description of the reverse stock split arrangement	1-for-15
Vessel Glorieuse [Member]
Temporary Equity [Line Items]
Asset acquisition, consideration transferred, equity interest issued and issuable			$ 10,000,000
Asset acquisition, consideration transferred,			185,000,000
Payments to acquire productive assets			$ 8,500,000
Series C Preferred Stock [Member]
Temporary Equity [Line Items]
Temporary equity stock issued during the period		13,875
Liquidation preference per share		$ 1,000
Divider for conversion of stock		7.5
Temporary equity dividend rate				5.00%
Dividends payable				$ 185,000
Temporary equity, shares outstanding				13,875	0
Minimum percentage of ownership change for entity				50.00%
Series C Preferred Stock [Member] \| Minimum [Member]
Temporary Equity [Line Items]
Per share conversion price of preferred stock		$ 1.5

Equity Compensation Plan - Additional Information (Detail) - USD ($)							6 Months Ended
	May 15, 2025	Jul. 17, 2024	May 15, 2024	Jul. 17, 2023	May 15, 2023	Mar. 21, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense							$ 1,091,189
Chief Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock granted					$ 547,550
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation, non vested shares, unrecognized compensation cost							$ 2,414,030		$ 882,744
Share based compensation, non vested shares, unrecognized compensation cost period for recognition							2 years 4 months 13 days
Restricted Stock [Member] \| Entity Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock granted						$ 715,000
Stock granted closing price						$ 2.55
Restricted Stock [Member] \| Chief Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock granted closing price					$ 3.48
Restricted Stock [Member] \| Subsequent Event [Member] \| Entity Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted shares vest		140,196		140,196
Restricted Stock [Member] \| Subsequent Event [Member] \| Chief Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted shares vest	273,775		273,775
Restricted Stock [Member] \| General and Administrative Expense [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense							$ 1,091,189	$ 0

(Loss)/Earnings Per Share - Summary of Basic and Diluted Net Income (Loss) Per Common Share (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Class of Stock [Line Items]
Net income	$ 52,550,587	$ 304,101
Less: Deemed dividend on warrant inducement		(2,943,675)
Less: Undistributed earnings allocated to non-vested shares	(977,828)
Net (loss)/ income attributable to common shareholders, basic	50,517,265	(3,510,066)
Add: Undistributed earnings allocated to non-vested shares	977,828
Less: Undistributed earnings re-allocated to non-vested shares	(862,466)
Net (loss)/ income attributable to common shareholders, diluted	$ 50,817,627	$ (3,510,066)
Weighted average number of shares outstanding, basic	15,940,369	4,359,423
Weighted average number of shares outstanding, diluted	18,113,785	4,359,423
(Loss)/ Earnings per share, basic	$ 3.17	$ (0.81)
(Loss)/Earnings per share, diluted	$ 2.81	$ (0.81)
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Less: Cumulative dividends on Series Preferred Shares	$ (870,494)	$ (870,492)
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Less: Cumulative dividends on Series Preferred Shares	(185,000)
Add: Cumulative dividends on Series C Preferred Shares	$ 185,000

(Loss)/Earnings Per Share - Additional information (Detail)	Jun. 30, 2023 shares
Representative Purchase Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants or rights outstanding	8,376,119

Revenues - Summary of Revenues Amounts in Accompanying Consolidated Statements of Operations (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Other income	$ 717,141	$ 187,705
Revenues	124,465,322	16,464,649
Time Charter Revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	18,384,522	8,937,026
Bareboat Revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	1,388,990
Voyage Charter Revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 105,363,659	$ 5,950,928

Revenues - Additional Information (Detail) - USD ($)	6 Months Ended
Revenues - Additional Information (Detail) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Other Current Assets [Member]
Revenue, Major Customer [Line Items]
Capitalized Contract Cost, Net	$ 240,002		$ 376,132
Voyage Charter Revenues [Member]
Revenue, Major Customer [Line Items]
Revenues	7,500,000	$ 400,000
Revenue, Remaining Performance Obligation, Amount	5,900,000		15,000,000
Receivables net current	$ 9,000,000		$ 6,100,000

Commitments and Contingencies - Additional Information (Detail)	Jun. 30, 2023 USD ($)
Loss Contingencies [Line Items]
Future minimum charter revenues next twelve months	$ 326,250

Subsequent Events - Additional Information (Detail)	1 Months Ended
Subsequent Events - Additional Information (Detail)	Sep. 30, 2023 USD ($) Vessels shares	Aug. 31, 2023 USD ($) $ / shares shares	Jul. 31, 2023 USD ($)	Jun. 30, 2023 shares	Dec. 31, 2022 shares
Subsequent Event [Line Items]
Common stock shares issued \| shares				17,087,362	12,972,358
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from public offering \| $		$ 17,000,000
Stock repurchase program, number of shares authorized to be repurchased \| shares	10,000,000
Subsequent Event [Member] \| IPO [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Common stock shares issued \| shares		8,499,999
Shares issued, price per share \| $ / shares		$ 2
Subsequent Event [Member] \| Affiliated Entity [Member] \| Stealth Berana [Member]
Subsequent Event [Line Items]
Property, plant and equipment, disposals \| $			$ 43,000,000
Subsequent Event [Member] \| Affiliated Entity [Member] \| Tanker Vessels [Member]
Subsequent Event [Line Items]
Number of property plant and equipment acquired \| Vessels	2
Payments to acquire property, plant, and equipment \| $	$ 71,000,000