XML 85 R76.htm IDEA: XBRL DOCUMENT v3.22.2.2
COMBINED CARVE-OUT STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended 11 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2021
Nov. 29, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash Flows provided by / (used in) Operating Activities:                
Net income / (loss) $ (1,000) $ 1,062,000     $ 134,000      
Adjustments to reconcile net income/(loss) to net cash from operating activities:                
Depreciation   2,024,000     354,000      
(Increase) / Decrease in:                
Accounts receivable, trade   386,000     24,000      
Due from a related party         (70,000)      
Inventories   (1,610,000)     23,000      
Prepaid expenses and other assets   (93,000)     (460,000)      
Increase / (Decrease) in:                
Accounts payable, trade and other   64,000     263,000      
Due to related parties (Note 3) 1,000 151,000     59,000      
Deferred revenue   16,000     228,000      
Net cash provided by / (used in) Operating Activities   2,374,000     715,000      
Cash Flows used in Investing Activities:                
Payments for vessel improvements (Note 4)         (42,000)      
Net cash used in Investing Activities   (4,778,000)     (42,000)      
Cash Flows provided by Financing Activities:                
Net cash provided by Financing Activities   11,720,000     1,000,000      
Net increase in cash and cash equivalents   9,316,000     1,673,000      
Cash and cash equivalents at beginning of the year/period 0 1,673,000     0      
Cash and cash equivalents at end of the period   $ 10,989,000     $ 1,673,000      
OceanPal Inc. Predecessors                
Cash Flows provided by / (used in) Operating Activities:                
Net income / (loss)     $ 433,460 $ (1,018,310)   $ 750,983 $ (3,795,959) $ (1,862,852)
Adjustments to reconcile net income/(loss) to net cash from operating activities:                
Depreciation     1,191,889 962,135   2,192,911 2,151,977 2,479,432
Asset impairment charge (Note 4)               3,047,978
Vessel fair value adjustment (Note 4)       (200,500)     (200,500)  
(Increase) / Decrease in:                
Accounts receivable, trade     1,002,389 234,767   169,243 (725,324) (302,696)
Due from a related party     (222,509) (60,553)   (14,418) (1,167,746) (1,891)
Inventories     38,272 5,288   (26,611) (13,199) 392,255
Insurance claims     941,488 (7,841)   941,488 1,145,969 (2,078,347)
Prepaid expenses     194,952 (149,854)   191,097 (155,786) (403,488)
Prepaid expenses and other assets       (394,242)        
Increase / (Decrease) in:                
Accounts payable, trade and other     147,056 9,486   87,213 (47,062) (160,921)
Due to related parties (Note 3)     (92,350) (169,004)   (115,280) (122,741) 220,261
Accrued liabilities     (526,565) 570,591   (1,125,141) 1,189,260 202,046
Deferred revenue     235,897 (62,112)   135,080 (155,877) (90,092)
Drydock costs     (2,743) (271,450)   (5,535) (826,180) (2,234)
Net cash provided by / (used in) Operating Activities     3,341,236 (551,599)   3,181,030 (2,723,168) 1,439,451
Cash Flows used in Investing Activities:                
Payments for vessel improvements (Note 4)     (29,477) (719,290)   (23,850) (1,474,965)  
Net cash used in Investing Activities     (29,477) (719,290)   (23,850) (1,474,965)  
Cash Flows provided by Financing Activities:                
Parent investment/(distribution), net     (3,349,458) 1,271,586   (3,196,728) 4,235,856 (1,504,222)
Net cash provided by Financing Activities     (3,349,458) 1,271,586   (3,196,728) 4,235,856 (1,504,222)
Net increase in cash and cash equivalents     (37,699) 697   (39,548) 37,723 (64,771)
Cash and cash equivalents at beginning of the year/period     39,638 1,915   39,638 1,915 66,686
Cash and cash equivalents at end of the period $ 1,939   $ 1,939 $ 2,612   $ 90 $ 39,638 $ 1,915