Toro (TORO) - 2024 Q3 - Quarterly Report

Financial Performance - Total revenues for the nine months ended September 30, 2024, were $17.2 million, up from$15.0 million for the same period in 2023, indicating an increase of 14.5%[7] - Operating loss for the nine months ended September 30, 2024, was $3.8 million, compared to an operating income of$444,119 for the same period in 2023[7] - Net income attributable to common shareholders decreased from $109.9 million in the nine months ended September 30, 2023, to$20.9 million in 2024, a decline of 81%[7] - Net income for the nine months ended September 30, 2023, was $112,410,345, while for the same period in 2024, it decreased to$24,229,477[12] - For the nine months ended September 30, 2024, the Company reported net income of $24,229,477, a decrease of 78.5$112,410,345 for the same period in 2023[84] Assets and Liabilities - Total assets increased from $308.1 million as of December 31, 2023, to$325.4 million as of September 30, 2024, representing a growth of 5.4%[5] - Cash and cash equivalents rose from $151.8 million as of December 31, 2023, to$192.1 million as of September 30, 2024, an increase of 26.6%[5] - Total current liabilities decreased from $7.9 million as of December 31, 2023, to$5.3 million as of September 30, 2024, a reduction of 32.5%[5] - Total shareholders' equity as of September 30, 2023, was $140,582,168, which increased to$198,258,065 by the end of 2024[10] - Total assets from continuing operations increased from $285,301,738 as of December 31, 2023, to$324,492,665 as of September 30, 2024, reflecting a growth of approximately 13.7%[98] Cash Flow - Cash provided by operating activities from continuing operations increased from $5,308,976 in 2023 to$13,509,080 in 2024[12] - Cash, cash equivalents, and restricted cash at the end of the period increased from $103,479,350 in 2023 to$192,139,107 in 2024[12] Shareholder Actions - The company issued 8,500,000 common shares in a private placement, raising $18,647,236[12] - The company repurchased common shares costing$3,728,008 in 2024[12] - The Company repurchased a total of 867,156 common shares at an average price of $5.50 per share under its share repurchase program[62] - The Company paid a dividend amounting to$1,050,000 on the Series A Preferred Shares for the period from October 15, 2023, to July 14, 2024[65] - The company paid a dividend of $350,000 on Series A Preferred Shares for the period from July 15, 2024, to October 14, 2024[98] Operational Changes - The Company has classified the disposal of its Aframax/LR2 vessels as discontinued operations, significantly affecting its financial results[31] - The Company established its LPG carrier operations in Q2 2023, operating in two reportable segments: Handysize tanker and LPG carrier as of Q2 2024[94] Expenses - The total expenses for the nine months ended September 30, 2023, were$58,479,445, while they decreased to $19,124,183 in 2024[33] - Depreciation and amortization expenses increased from$2,195,236 in 2023 to $3,591,785 in 2024[12] - The company incurred voyage expenses of$1,299,007 for the nine months ended September 30, 2024, compared to $1,083,502 in 2023, representing an increase of approximately 19.9$6.6 million for the nine months ended September 30, 2024, compared to $1.1 million for the same period in 2023, a significant increase of 484$0 to $2.5 million from December 31, 2023, to September 30, 2024[5] - The Company agreed to purchase 50,000 Series D Cumulative Perpetual Convertible Preferred Shares of Castor for an aggregate cash consideration of$50.0 million, with a distribution rate of 5.00% per annum[43] - As of September 30, 2024, the aggregate value of the investment in Castor amounted to $50,569,444, including$569,444 of accrued dividends[47] Segment Performance - Total vessel revenues for the nine months ended September 30, 2023, were $51,537,266, compared to$631,082 for the same period in 2024, indicating a significant decline[33] - The Handysize tanker segment reported total revenues of $10,394,268 for the nine months ended September 30, 2024, compared to$605,850 in 2023, indicating a significant increase[95] - Time charter revenues significantly increased to $10,394,268 for the nine months ended September 30, 2024, compared to$605,850 for the same period in 2023, marking a growth of 1611.5%[85] Accounting and Reporting - The Company’s financial statements are prepared in accordance with U.S. GAAP and do not include all information required for complete financial statements[23] - The results of operations for interim periods are not necessarily indicative of the results expected for the entire year[24] - The Company has adopted new accounting policies for measuring equity securities at fair value, with changes recognized through net income[26] - The Company’s unaudited interim condensed consolidated financial statements include all necessary adjustments for fair presentation[24]