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 August 2019

Commission File Number 001-36797

 

 

STEALTHGAS 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  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

 

 

 


EXHIBIT INDEX

 

99.1    StealthGas Inc. August 22, 2019 earnings release for the three and six months ended June 30, 2019


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: August 27, 2019

 

STEALTHGAS INC.
By:   /s/ Harry Vafias

Name: Harry Vafias

Title: Chief Executive Officer

EX-99.1

Exhibit 99.1

 

LOGO

STEALTHGAS INC. REPORTS SECOND QUARTER AND SIX MONTHS 2019 FINANCIAL AND OPERATING RESULTS

ATHENS, GREECE, August 22, 2019. STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the second quarter and six months ended June 30, 2019.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

 

   

Operational utilization of 95.3% in Q2 ’19 (97.8% in Q2 ’18) mainly due to softer conditions prevailing in Asia.

 

   

About 79% of fleet days secured on period charters for the remainder of 2019, with total fleet employment days for all subsequent periods representing approximately $115.0 million in contracted revenues.

 

   

Entrance into a new LPG sub segment through the acquisition of a secondhand (2007 built) 38,000 cbm fully refrigerated vessel. This vessel was acquired with our JV partner.

 

   

Entrance into a second new LPG sub segment, through an acquisition - from a third party - of an 11,000 cbm pressurized newbuilding LPG vessel with delivery in 2021. This vessel is under construction in Japan.

 

   

Revenues of $34.1 million in Q2 ’19, a decrease of $9.3 million compared to Q2 ’18 following our strategic decision to divest mostly older LPG vessels that led to the net reduction of our average owned fleet by ten vessels.

 

   

Adjusted EBITDA of $14.9 million in Q2 ’19, compared to $20.0 million in Q2 ’18, due to fewer vessels and reduced spot market revenues.

 

   

Low gearing, as debt to assets stands at about 39.9% reflecting our sharp repayment schedule.

 

   

Cash on hand of $65.8 million, an increase of $1.3 million compared to December 31, 2018.

 

   

Repurchase of 170,914 GASS shares to date, for aggregate consideration of $600,573.

 

1


Second Quarter 2019 Results:

 

   

Revenues for the three months ended June 30, 2019 amounted to $34.1 million, a decrease of $9.3 million, or 21.4%, compared to revenues of $43.4 million for the three months ended June 30, 2018, mainly as a result of the strategic reduction of our owned fleet by ten vessels, one less charter-in vessel and reduced revenue as a result of the weak Asian spot market. Our owned fleet reduction also includes the sale of a 49.9% interest in four of our vessel-owning companies to a third party investor, the results of which are no longer consolidated in our financial results with only the related profit share being reflected.

 

   

Voyage expenses and vessels’ operating expenses for the three months ended June 30, 2019 were $4.1 million and $11.8 million respectively, compared to $4.3 million and $14.9 million respectively, for the three months ended June 30, 2018. The $0.2 million decrease in voyage expenses was mainly attributed to a 5.1% quarter on quarter reduction of spot days. The 20.8% decrease in vessels’ operating expenses compared to the same period of 2018, is mainly attributed to the net reduction of our owned fleet by ten vessels and the receipt of an insurance payment which improved our operating cost base.

 

   

Drydocking costs for the three months ended June 30, 2019 and 2018 were nil and $0.7 million, respectively. No drydocking was completed during the second quarter of 2019, while in the same period of 2018 the Company completed the drydocking of two LPG vessels.

 

   

Depreciation for the three months ended June 30, 2019 was $9.5 million, a $1.0 million decrease from $10.5 million for the same period of last year due to the decrease of the average number of our vessels.

 

   

Interest and finance costs for the three months ended June 30, 2019 and 2018 were $5.4 million and $6.0 million, respectively. The $0.6 million decrease from the same period of last year is mostly due to the decrease of our leverage.

 

   

As a result of the above, for the three months ended June 30, 2019, the Company reported a net loss of $0.2 million, compared to a net loss of $0.4 million for the three months ended June 30, 2018. The weighted average number of shares for the three months ended June 30, 2019 and June 30, 2018 was 39.8 million and 39.9 million, respectively. Loss per share, basic and diluted, for the three months ended June 30, 2019 amounted to $0.00 compared to loss per share of $0.01 for the same period of last year.

 

   

Adjusted net income was $0.2 million or $0.01 earnings per share for the three months ended June 30, 2019 compared to adjusted net income of $3.6 million or $0.09 earnings per share for the same period of last year.

 

   

EBITDA for the three months ended June 30, 2019 amounted to $14.6 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Loss are set forth below.

 

   

An average of 42.0 vessels were owned by the Company during the three months ended June 30, 2019, compared to 52.2 vessels for the same period of 2018.

Six Months 2019 Results:

 

   

Revenues for the six months ended June 30, 2019, amounted to $72.5 million, a decrease of $10.6 million, or 12.8%, compared to revenues of $83.1 million for the six months ended June 30, 2018, primarily due to the strategic decision to sell mostly older small LPG vessels for further trading and the sale of a 49.9% interest in four of our vessel-owning companies to a third party investor, the results of which are no longer consolidated in our financial results with only the related profit share being reflected.

 

   

Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2019 were $7.9 million and $24.7 million, respectively, compared to $9.9 million and $30.3 million for

 

2


 

the six months ended June 30, 2018. The $2.0 million decrease in voyage expenses was mainly due to the 26.7% (or 484 days) reduction of spot days. The $5.6 million decrease in vessels’ operating expenses, is due to the net reduction of the average number of vessels in our owned fleet by 8.3 vessels and the expiration of one bareboat charter-in contract.

 

   

Drydocking costs for the six months ended June 30, 2019 and 2018 were $0.2 million and $2.2 million, respectively. The costs for the six months ended June 30, 2019 mainly related to the survey of one small LPG vessel, while the costs for the same period of last year related to the drydocking of 5 vessels.

 

   

Depreciation for the six months ended June 30, 2019, was $18.9 million, a $2.1 million decrease from $21.0 million for the same period of last year, due to the net reduction of the average number of vessels in our owned fleet.

 

   

Interest and finance costs for the six months ended June 30, 2019 and 2018 were $11.4 million and $11.2 million, respectively. The $0.2 million increase from the same period of last year, in spite of the decrease of our leverage, is mostly due to the increase of LIBOR rates.

 

   

As a result of the above, the Company reported net income for the six months ended June 30, 2019 of $1.8 million, compared to a net loss of $6.2 million for the six months ended June 30, 2018. The average number of shares outstanding for the six months ended June 30, 2019 and June 30, 2018 was 39.9 million. Earnings per share for the six months ended June 30, 2019 amounted to $0.04 compared to loss per share of $0.15 for the same period of last year.

 

   

Adjusted net income was $2.3 million, or $0.06 per share, for the six months ended June 30, 2019 compared to adjusted net income of $1.6 million, or $0.04 per share, for the same period of last year.

 

   

EBITDA for the six months ended June 30, 2019 amounted to $31.7 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below. An average of 43.7 vessels were owned by the Company during the six months ended June 30, 2019, compared to 52.0 vessels for the same period of 2018.

 

   

As of June 30, 2019, cash and cash equivalents amounted to $65.8 million and total debt amounted to $392.0 million. During the six months ended June 30, 2019 debt repayments amounted to $49.0 million.

Fleet Update Since Previous Announcement

The Company announced the conclusion of the following chartering arrangements:

 

   

A two year time charter for its 2006 built LPG carrier, the Gas Alice, to an international oil company up until August 2021.

 

   

A one year time charter for its 2008 built product tanker, the Clean Thrasher, to an international trading house up until June 2020.

 

   

A six months’ time charter for its 2001 built charter- in LPG carrier, the Gas Cathar, to an international LPG trader until January 2020.

 

   

A six months’ time charter for its 2018 built LPG carrier, the Eco Freeze, to an international LPG trader until December 2019.

 

   

A six months’ time charter for its 2015 built LPG carrier, the Eco Universe, to an oil major until February 2020.

 

   

A three months’ time charter for its 2015 built LPG carrier, the Eco Enigma, to an international trading house until October 2019.

 

3


With these charters, the Company has total contracted revenues of approximately $115 million. Total anticipated voyage days of our fleet is 79% covered for the remainder of 2019 and 35% for 2020.

Board Chairman Michael Jolliffe Commented

Due to market uncertainty resulting from the US-China trade war, the pressurized market in Asia presented a relatively tough second quarter for ship owners. Charterers in the region were reluctant to conclude or renew period contracts, thus forcing vessels to operate in the spot market at low rates. This is the main reason that our revenue generation was less than expected, in spite of favorable operational utilization of close to 95% and an increase in daily revenue from our vessels on time charter contracts.

This quarter we had close to 19% of our fleet operating in the spot market, the majority of which were in the Asian region. Our vessels operating in the spot market during the second quarter of 19’ generated in total almost $1.5 million less TCE revenue than in the first quarter of the year.

From a strategic standpoint, we have been active, with StealthGas moving to enter, for the first time, the 11,000 cbm pressurized LPG segment. In addition, through our Joint Venture arrangement, we moved to enter in a second new LPG subsegment, as we recently acquired a 38,000 cbm fully refrigerated vessel. Relying on the technical and management expertise gained as leaders in the small LPG market, StealthGas is further expanding its presence in the broader LPG space, thus enhancing and diversifying its revenue stream.

Another important move is that we have actively commenced our stock repurchase program having bought more than 170,000 shares to date, supporting our stock and our investors.

We believe that the Asian market will soon correct itself. Our Company has a very strong balance sheet and diversified fleet, a free cash base that exceeds $65 million, and a debt to asset ratio of less than 40%, therefore we feel optimistic for the future as market conditions improve.

Conference Call details:

On August 22, 2019 at 10:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 866 869 2321 (US Toll Free Dial In) or 08003767425 (UK Toll Free Dial In).

Access Code: 7798421

In case of any problems with the above numbers, please dial +1 917 7200 178(US Toll Dial In), +44 (0) 8444933857 (Standard International Dial In).

Access Code: 7798421

A telephonic replay of the conference call will be available until August 29, 2019 by dialing +1 (866) 331-1332 (US Local Dial In), +44 (0) 8445718951 (UK Local Dial In).

Access Code: 7798421

 

4


Slides and audio webcast:

There will also be a live and then archived webcast of the conference call, through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About STEALTHGAS INC.

StealthGas Inc. is a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. currently has a fleet of 50 vessels. The fleet comprises of 46 LPG carriers, including two chartered in LPG vessels, five Joint Venture vessels and an 11,000 cbm newbuilding pressurized LPG carrier with expected delivery in 2021. These LPG vessels have a total capacity of 347,099 cubic meters (cbm). The Company also owns three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). StealthGas Inc.’s shares are listed on the NASDAQ Global Select Market and trade under the symbol “GASS”.

Forward-Looking Statements

Matters discussed in this release 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, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release 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 STEALTHGAS INC. believes 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, STEALTHGAS INC. cannot 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 strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, shipyard performance, changes in STEALTHGAS INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the U.S. Securities and Exchange Commission.

Fleet List and Fleet Deployment

For information on our fleet and further information:

Visit our website at www.stealthgas.com

Company Contact:

Fenia Sakellaris

STEALTHGAS INC.

011-30-210-6250-001

E-mail: info@stealthgas.com

 

5


Fleet Data:

The following key indicators highlight the Company’s operating performance during the periods ended June 30, 2018 and June 30, 2019.

 

FLEET DATA

   Q2
2018
    Q2
2019
    6M
2018
    6M
2019
 

Average number of vessels (1)

     52.2       42.0       52.0       43.7  

Period end number of owned vessels in fleet

     52       42       52       42  

Total calendar days for fleet (2)

     5,026       4,004       9,865       8,331  

Total voyage days for fleet (3)

     4,969       3,994       9,756       8,316  

Fleet utilization (4)

     98.9     99.8     98.9     99.8

Total charter days for fleet (5)

     4,160       3,226       7,941       6,985  

Total spot market days for fleet (6)

     809       768       1,815       1,331  

Fleet operational utilization (7)

     97.8     95.3     95.6     97.1

 

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)

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.

5)

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

6)

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

Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:

Adjusted net income represents net (loss)/income before (gain)/loss on derivatives excluding swap interest (paid)/received, share based compensation, loss/(gain) on sale of vessel, gain on deconsolidation of subsidiaries and impairment loss. EBITDA represents net (loss)/income before

 

6


interest and finance costs, interest income and depreciation. Adjusted EBITDA represents EBITDA before share based compensation, (gain)/loss on derivatives, excluding swap interest (paid)/received, loss/(gain) on sale of vessel, gain on deconsolidation of subsidiaries and impairment loss. Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.

EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide additional information on fleet operational results to investors.

 

(Expressed in United States Dollars,
except number of shares)

   Second Quarter Ended
June 30th,
     Six Months Period Ended
June 30th,
 
     2018      2019      2018      2019  

Net (loss)/Income—Adjusted Net Income

           

Net (loss)/income

     (397,816      (179,256      (6,171,053      1,789,610  

Plus (gain)/loss on derivatives

     (8,969      118,094        37,786        140,791  

Less swap interest (paid)/received

     (16,470      29,100        (81,738      79,952  

Less loss/(gain) on sale of vessel, net

     219,479        —          219,479        (7,473

Less gain on deconsolidation of subsidiaries

     —          —          —          (145,000

Plus impairment loss

     3,776,109        —          7,594,377        —    

Plus share based compensation

     —          236,849        —          471,096  

Adjusted Net Income

     3,572,333        204,787        1,598,851        2,328,976  

Net (loss)/income—EBITDA

           

Net (loss)/income

     (397,816      (179,256      (6,171,053      1,789,610  

Plus interest and finance costs

     6,038,529        5,400,047        11,178,096        11,382,918  

Less interest income

     (129,227      (144,146      (228,623      (448,579

Plus depreciation

     10,453,582        9,474,181        20,983,941        18,948,367  

EBITDA

     15,965,068        14,550,826        25,762,361        31,672,316  

Net (loss)/income—Adjusted EBITDA

           

Net (loss)/income

     (397,816      (179,256      (6,171,053      1,789,610  

Plus (gain)/loss on derivatives

     (8,969      118,094        37,786        140,791  

Less gain on sale of vessel, net

     219,479        —          219,479        (7,473

Less gain on deconsolidation of subsidiaries

     —          —          —          (145,000

Plus impairment loss

     3,776,109        —          7,594,377        —    

Plus share based compensation

     —          236,849        —          471,096  

Plus interest and finance costs

     6,038,529        5,400,047        11,178,096        11,382,918  

Less interest income

     (129,227      (144,146      (228,623      (448,579

Plus depreciation

     10,453,582        9,474,181        20,983,941        18,948,367  

Adjusted EBITDA

     19,951,687        14,905,769        33,614,003        32,131,730  

EPS—Adjusted EPS

           

Net (loss)/income

     (397,816      (179,256      (6,171,053      1,789,610  

Adjusted net income

     3,572,333        204,787        1,598,851        2,328,976  

Weighted average number of shares

     39,860,563        39,840,783        39,860,563        39,850,618  

EPS—Basic and Diluted

     (0.01      (0.00      (0.15      0.04  

Adjusted EPS—Basic and Diluted

     0.09        0.01        0.04        0.06  

 

7


StealthGas Inc.*

Unaudited Consolidated Statements of Operations

(Expressed in United States Dollars, except for number of shares)

 

    

Quarters Ended

June 30,

    For The Six Months Ended
June 30,
 
     2018     2019     2018     2019  

Revenues

        

Revenues

     43,380,863       34,083,501       83,076,345       72,526,319  

Expenses

        

Voyage expenses

     3,727,056       3,721,160       8,878,307       7,049,679  

Voyage expenses—related party

     536,601       423,591       1,020,500       900,228  

Charter hire expenses

     1,676,259       1,467,505       2,645,406       3,565,054  

Vessels’ operating expenses

     14,786,705       11,519,876       30,145,118       24,187,246  

Vessels’ operating expenses—related party

     95,000       239,500       122,000       488,500  

Drydocking costs

     653,968       —         2,157,048       185,624  

Management fees—related party

     1,809,500       1,399,195       3,553,100       2,914,680  

General and administrative expenses

     845,313       902,521       1,417,840       2,024,608  

Depreciation

     10,453,582       9,474,181       20,983,941       18,948,367  

Impairment loss

     3,776,109       —         7,594,377       —    

Net loss/(gain) on sale of vessels

     219,479       —         219,479       (7,473

Other operating income

     (696,471     —         (549,804     —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     37,883,101       29,147,529       78,187,312       60,256,513  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     5,497,762       4,935,972       4,889,033       12,269,806  
  

 

 

   

 

 

   

 

 

   

 

 

 

Other (expenses)/income

        

Interest and finance costs

     (6,038,529     (5,400,047     (11,178,096     (11,382,918

Gain on deconsolidation of subsidiaries

     —         —         —         145,000  

Loss on derivatives

     8,969       (118,094     (37,786     (140,791

Interest income

     129,227       144,146       228,623       448,579  

Foreign exchange income/(loss)

     4,755       7,231       (72,827     (9,557
  

 

 

   

 

 

   

 

 

   

 

 

 

Other expenses, net

     (5,895,578     (5,366,764     (11,060,086     (10,939,687
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before equity in income of investees

     (397,816     (430,792     (6,171,053     1,330,119  

Equity earnings in unconsolidated joint ventures

           251,536             459,491  

Net (Loss)/Income

     (397,816     (179,256     (6,171,053     1,789,610  
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share

        

—Basic & Diluted

     (0.01     (0.00     (0.15     0.04  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of shares

        

—Basic & Diluted

     39,860,563       39,840,783       39,860,563       39,850,618  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

*

As of January 1, 2019, we adopted ASU No. 2016-02, “Leases,” as amended (“ASC 842”) using the modified retrospective transition method of adoption. Under this method, the cumulative effect of applying the new lease standard is recorded with no restatement of any comparative prior periods presented. As a result, prior periods as reported by the Company have not been impacted by the adoption. The adoption of ASC 842 resulted in the recognition of operating lease right-of-use assets of $1.9 million and related lease liabilities for operating leases of $1.9 million in Total Assets and Total Liabilities, respectively, on our Consolidated Balance Sheet on January 1, 2019.

 

8


StealthGas Inc.

Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

 

     December 31,     June 30,  
     2018     2019  

Assets

    

Current assets

    

Cash and cash equivalents

     64,498,442       65,836,973  

Receivables from related parties

     —         1,420,678  

Trade and other receivables

     2,888,496       2,110,763  

Other current assets

     134,301       330,935  

Claims receivable

     —         648,782  

Inventories

     2,346,723       3,120,121  

Advances and prepayments

     1,089,539       1,004,311  

Restricted cash

     3,002,490       1,673,587  

Assets held for sale

     64,906,448       —    
  

 

 

   

 

 

 

Total current assets

     138,866,439       76,146,150  
  

 

 

   

 

 

 

Non-current assets

    

Advances for vessel under construction

     —         2,908,064  

Operating lease right-of-use assets

     —         1,270,087  

Vessels, net

     884,748,691       865,803,340  

Other receivables

     108,930       113,036  

Restricted cash

     11,930,059       12,545,858  

Investments in unconsolidated joint ventures

     —         22,285,516  

Fair value of derivatives

     1,068,369       202,097  
  

 

 

   

 

 

 

Total non current assets

     897,856,049       905,127,998  
  

 

 

   

 

 

 

Total assets

     1,036,722,488       981,274,148  

Liabilities and Stockholders’ Equity

    

Current liabilities

    

Payable to related parties

     7,930,642       1,679,590  

Trade accounts payable

     10,349,358       11,705,775  

Accrued and other liabilities

     6,879,488       6,036,180  

Operating lease liabilities

     —         1,226,814  

Customer deposits

     1,336,000       600,000  

Deferred income

     5,191,654       4,562,575  

Current portion of long-term debt

     41,726,837       40,685,828  

Current portion of long-term debt associated with vessels held for sale

     30,076,356       —    
  

 

 

   

 

 

 

Total current liabilities

     103,490,335       66,496,762  
  

 

 

   

 

 

 

Non-current liabilities

    

Fair value of derivatives

     465,389       2,714,452  

Customer deposits

     —         368,000  

Operating lease liabilities

     —         43,273  

Long-term debt

     371,514,253       351,292,536  
  

 

 

   

 

 

 

Total non-current liabilities

     371,979,642       354,418,261  
  

 

 

   

 

 

 

Total liabilities

     475,469,977       420,915,023  
  

 

 

   

 

 

 

Commitments and contingencies

    

Stockholders’ equity

    

Capital stock

     445,496       445,496  

Treasury stock

     (22,523,528     (22,783,028

Additional paid-in capital

     501,807,478       502,278,574  

Retained earnings

     80,849,086       82,638,696  

Accumulated other comprehensive income/(loss)

     673,979       (2,220,613
  

 

 

   

 

 

 

Total stockholders’ equity

     561,252,511       560,359,125  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

     1,036,722,488       981,274,148  
  

 

 

   

 

 

 

 

9


StealthGas Inc.

Unaudited Consolidated Statements of Cash Flows

(Expressed in United States Dollars)

 

     For the Six Months Ended
June 30,
 
     2018     2019  

Cash flows from operating activities

    

Net (loss)/income for the period

     (6,171,053     1,789,610  

Adjustments to reconcile net (loss)/income to net cash provided by operating activities:

    

Depreciation

     20,983,941       18,948,367  

Amortization of deferred finance charges

     438,716       476,249  

Amortization of deferred gain on sale and leaseback of vessels

     (96,719     —    

Amortization of operating lease right-of-use assets

     —         775,770  

Share based compensation

     —         471,096  

Change in fair value of derivatives

     (43,952     220,743  

Equity earnings in unconsolidated joint ventures

     —         (459,491

Impairment loss

     7,594,377       —    

Gain on sale of vessels, net

     219,479       (7,473

Gain on deconsolidated of subsidiaries

     —         (145,000

Changes in operating assets and liabilities:

    

(Increase)/decrease in

    

Trade and other receivables

     (1,762,222     773,627  

Other current assets

     23,257       (196,634

Claims receivable

     15,951       (966,718

Inventories

     (615,881     (54,950

Changes in operating lease liabilities

     —         (775,770

Advances and prepayments

     (357,725     85,228  

Increase/(decrease) in

    

Balances with related parties

     (2,758,369     (9,683,892

Trade accounts payable

     880,010       1,356,417  

Accrued liabilities

     318,288       (183,308

Deferred income

     1,735,826       (629,079
  

 

 

   

 

 

 

Net cash provided by operating activities

     20,403,924       11,794,792  
  

 

 

   

 

 

 

Cash flows from investing activities

    

Insurance proceeds

     —         317,936  

Proceeds from sale of interests in subsidiaries

     —         20,720,975  

Vessels’ acquisitions and advances for vessels under construction

     (108,012,906     (2,908,064

Proceeds from sale of vessels, net

     8,730,520       8,302,457  

Investment in unconsolidated joint ventures

     —         (1,022,000

Cash paid to unconsolidated joint ventures

     —         (1,268,223

Cash received from unconsolidated joint ventures

     —         3,280,385  
  

 

 

   

 

 

 

Net cash (used in)/provided by investing activities

     (99,282,386     27,423,466  
  

 

 

   

 

 

 

Cash flows from financing activities

    

Stock repurchase

     —         (259,500

Deferred finance charges

     (444,330     (254,901

Customer deposits paid

     (1,220,700     (368,000

Loan repayments

     (27,103,104     (48,960,430

Proceeds from long-term debt

     115,712,500       11,250,000  
  

 

 

   

 

 

 

Net cash provided by/(used in) financing activities

     86,944,366       (38,592,831
  

 

 

   

 

 

 

Net increase in cash, cash equivalents and restricted cash

     8,065,904       625,427  

Cash, cash equivalents and restricted cash at beginning of year

     62,903,192       79,430,991  
  

 

 

   

 

 

 

Cash, cash equivalents and restricted cash at end of period

     70,969,096       80,056,418  
  

 

 

   

 

 

 

Cash breakdown

    

Cash and cash equivalents

     55,669,369       65,836,973  

Restricted cash, current

     2,888,222       1,673,587  

Restricted cash, non-current

     12,411,505       12,545,858  
  

 

 

   

 

 

 

Total cash, cash equivalents and restricted cash shown in the statements of cash flows

     70,969,096       80,056,418  
  

 

 

   

 

 

 

 

10