ATHENS, Greece, Feb. 22, 2018 (GLOBE NEWSWIRE) -- 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 fourth quarter and twelve months ended December 31, 2017.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

  • Operational utilization of 97.2% in Q4 ‘17 (94.2% in Q4 ‘16).
  • Commercial off hire days reduced by about 58% on a year on year basis.
  • 65% of fleet days secured on period charters for the remainder of 2018, with a total of approximately $196 million in contracted revenues.
  • Successful delivery of two more 22K semi ref newbuild vessels, the Eco Ice and the Eco Arctic in January 2018 increasing our asset base to around $ 1.1 billion.
  • Reduction of fleet average age, following our new deliveries and the sale of older vessels from 9.6 years at the beginning of 2017 to 9.2 years to date.
  • Revenues of $38.4 million in Q4 ‘17, an increase of 2.4% compared to Q4 ‘16
  • Net income of approximately $750 thousand in Q4 ‘17 compared to $4.4 million loss in Q4 ‘16.
  • EBITDA of $14.9 million in Q4 ‘17 compared to $ 9.3 million in Q4 ‘16.
  • Low gearing as debt to assets stands at about 39%.
  • Cash on hand of about $51.8 million, with operating cash flow of $52.4 million.

Fourth Quarter 2017 Results:

  • Revenues for the three months ended December 31, 2017 amounted to $38.4 million, an increase of $0.9 million, or 2.4%, compared to revenues of $37.5 million for the three months ended December 31, 2016, mainly due to increased fleet operational utilization and an increase in market rates, which were partially offset by a reduced number of vessels in the fleet and lower tanker rates.
  • Voyage expenses and vessels’ operating expenses for the three months ended December 31, 2017 were $3.9 million and $15.0 million respectively, compared to $3.7 million and $14.5 million respectively, for the three months ended December 31, 2016. The $0.2 million increase in voyage expenses was mainly attributed to a quarter on quarter increase of average bunker prices by 19%. The 3.4% increase in vessels’ operating expenses compared to the same period of 2016 was mostly due to the operation of larger vessels in the time charter and spot market (one product tanker and one 22,000 cbm LPG vessel), and increased maintenance costs for some vessels of our fleet. Inversely these were partly offset by the lower average number of vessels compared to the same quarter of 2016.
  • Drydocking costs for the three months ended December 31, 2017 and 2016 were $1.0 million and $0.4 million, respectively. The costs for the fourth quarter of 2017 corresponded to the drydocking of two vessels, while in the same period of 2016 the Company completed the drydocking of one vessel.
  • Depreciation for the three months ended December 31, 2017 was $9.7 million, a $0.2 million decrease from $9.9 million for the same period of last year. This decrease was due to the net reduction of three vessels from our fleet.
  • Included in the fourth quarter 2017 results were net losses from interest rate derivative instruments of $0.1 million compared to net losses of $0.2 million in the same period of last year. Interest paid on interest rate derivative instruments amounted to $0.1 million compared to $0.2 million in the same period of last year.
  •  As a result of the above, for the three months ended December 31, 2017, the Company reported a net income of $0.7 million, compared to a net loss of $4.4 million for the three months ended December 31, 2016. The weighted average number of shares for the three months ended December 31, 2017 and 2016 was 39.8 million. Earnings per share, basic and diluted, for the three months ended December 31, 2017 amounted to $0.02 compared to loss per share of $0.11 for the same period of last year.
  • Adjusted net income was $0.8 million or $0.02 per share for the three months ended December 31, 2017 compared to adjusted net income of $1.6 million or $0.04 per share for the same period of last year.
  • EBITDA for the three months ended December 31, 2017 amounted to $14.9 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.
  • An average of 50.9 vessels were owned by the Company during the three months ended December 31, 2017, compared to 53.7 vessels for the same period of 2016.

Twelve Months 2017 Results:

  • Revenues for the twelve months ended December 31, 2017, amounted to $154.3 million, an increase of $10.2 million, or 7.1%, compared to revenues of $144.1 million for the twelve months ended December 31, 2016, primarily due to improved market conditions and improved operational utilization.
  • Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2017 were $15.7 million and $59.4 million respectively, compared to $15.4 million and $58.8 million for the twelve months ended December 31, 2016. The $0.3 million increase in voyage expenses was mainly due to the higher bunker prices prevailing in 2017 compared to the same period of 2016. The $0.6 million increase in vessels’ operating expenses was mainly due to increased maintenance costs for some vessels in the fleet.
  • Drydocking Costs for the twelve months ended December 31, 2017 and 2016 were $3.5 million and $3.6 million, respectively, representing the costs of 7 and 10 vessels drydocked in the corresponding periods. In 2017 the Company faced increased drydocking costs due to the trading areas of some of the vessels due for drydock.
  • Depreciation for the twelve months ended December 31, 2017, was $38.9 million, a $0.2 million decrease from $39.1 million for the same period of last year.
  • Included in the 2017 results, were net losses from interest rate derivative instruments of $0.4 million compared to net losses of $0.8 million in the same period of last year. Interest paid on interest rate swap arrangements amounted to $0.4 million compared to $ 1.1 million in the same period of last year. In 2017, the gains in change in fair value of the interest rate derivative instruments was nil compared to gains of $0.3 million in the same period of last year.
  • The Company recorded an impairment loss of $6.5 million in 2017 for seven of its oldest vessels, four of which were sold in 2017.
  • As a result of the above, the Company reported a net loss of $1.2 million for the twelve months ended December 31, 2017, compared to a net loss of $7.8 million for the twelve months ended December 31, 2016. The weighted average number of shares outstanding for the twelve months ended December 31, 2017 and 2016 was 39.8 million. Loss per share for the twelve months ended December 31, 2017 amounted to $0.03, compared to loss per share of $0.20 for the same period of last year.
  • Adjusted net income was $5.4 million, or $0.14 per share, for the twelve months ended December 31, 2017 compared to adjusted net loss of $2.2 million, or $0.05 per share, for the same period of last year.
  • EBITDA for the twelve months ended December 31, 2017 amounted to $54.5 million. Reconciliations of Adjusted Net (Loss)/Income, EBITDA and Adjusted EBITDA to Net Loss are set forth below. An average of 52.6 vessels were owned by the Company during the twelve months ended December 31, 2017, compared to 53.4 vessels for the same period of 2016.
  • As of December 31, 2017, cash and cash equivalents amounted to $51.8 million and total debt amounted to $384.9 million. During the twelve months ended December 31, 2017 debt repayments amounted to $56.3 million.

Fleet Update Since Previous Announcement
The Company announced the following chartering arrangements:  

  • A two year time charter for its 2018 built LPG carrier, the Eco Arctic, with a major trading house until February 2020.
  • A two year time charter for its 2018 built LPG carrier, the Eco Ice, with a major trading house until February 2020.
  • A three months’ time charter for its 2017 built LPG carrier, the Eco Frost, to an oil major until May 2018.
  • A two months’ time charter for its 2008 built LPG carrier, the Gas Imperiale, to an international trading house until April 2018.
  • A three months’ consecutive voyage charter for its 1995 built LPG carrier, the Gas Marathon, to an international petrochemical company until June 2018.
  • A six months’ consecutive voyage charter extension for its 2001 built chartered-in LPG carrier, the Gas Cathar, to an international petrochemical company until December 2018.
  • A three months’ consecutive voyage charter extension for its 2001 built chartered-in LPG carrier, the Gas Premiership, to an international petrochemical company until October 2018.
  • A six months’ consecutive voyage charter extension for its 2015 built LPG carrier, the Eco Galaxy, to an international petrochemical company until December 2018.

With these charters, the Company has contracted revenues of approximately $196 million. Total anticipated voyage days of our fleet are 65% covered for the remainder of 2018.

Board Chairman Michael Jolliffe Commented

The fourth quarter of 2017 was mixed. On the one hand we are pleased that our core market of small LPGs shows clear signs of improvement, which should continue to leverage our earnings. In this market we achieved an outstanding fleet operational utilization of 97.2%. On the other hand the sale of four of our older vessels and the weakening of the tanker market affected our revenue growth, somewhat obscuring the improved revenues for our core fleet. Nevertheless, excluding impairment charges, our annual results demonstrated clear improvements both in revenues and profitability. In addition with the delivery of our two 22K semi ref newbuildings in January 2018, our asset base increased to $ 1.1 billion.

We have numerous charters which commenced at the beginning of 2018, and several vessels yet to fix, all of these in a better market environment, reflecting the benefits of our chartering policy.

In terms of strategy, we intend, in the upcoming year, to take advantage of the positive market momentum of the small LPG market. We will focus our efforts on capitalizing our dynamic fleet of the past couple of years by placing strong emphasis on taking advantage of the unique and improving supply and demand fundamentals of our core segment. With assets currently  $1.1 billion, low gearing and capex of around $31.2 million of which equity is only $1 million – we are looking forward to an exciting 2018.

Conference Call details:

On February 22, 2018 at 11:00 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:
866-548-4713 (US Toll Free Dial In) or 0800 279 7204 (UK Toll Free Dial In).
Access Code: 5628899.                                                            

In case of any problems with the above numbers, please dial+1 323-794-2093 (US Toll Dial In), +44 (0)330 336 9105 (Standard International Dial In).                                                         
Access Code: 5628899
 
A telephonic replay of the conference call will be available until  March 1, 2018 by dialing +1 719-457-0820 (US Local Dial In), +44 (0) 207 660 0134  (UK Local Dial In).
Access Code: 5628899

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 54 vessels. The fleet comprises of  50 LPG carriers, including two chartered in LPG vessels, with a total capacity of 302,492 cubic meters (cbm) and  three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). The Company has agreed to acquire a further 1 LPG carrier with expected delivery in April 2018. Giving effect to the delivery of these acquisitions, StealthGas Inc.’s fleet will be composed of 51 operating LPG carriers with a total capacity of 324,492 cubic meters (cbm). 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

Fleet Data:
The following key indicators highlight the Company’s operating performance during the fourth quarters and twelve month periods ended December 31, 2016 and December 31, 2017.

         
FLEET DATAQ4 2016 Q4 2017 12M 2016 12M 2017 
Average number of vessels (1)53.7 50.9 53.4 52.6 
Period end number of owned vessels in fleet53 50 53 50 
Total calendar days for fleet (2)5,123 4,870 20,275 19,917 
Total voyage days for fleet (3)5,078 4,822 19,999 19,717 
Fleet utilization (4)99.1%99.0%98.6%99.0%
Total charter days for fleet (5)4,307 4,231 15,831 16,772 
Total spot market days for fleet (6)771 591 4,168 2,945 
Fleet operational utilization (7)94.2%97.2%91.1%96.2%

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/(Loss), EBITDA, adjusted EBITDA and adjusted EPS:

Adjusted net income/(loss) represents net (loss)/income before loss on derivatives excluding net swap interest paid, share based compensation, impairment loss and (loss)/gain on sale of vessels. EBITDA represents net (loss)/income before interest and finance costs including net swap interest paid, interest income and other income/(expenses) and depreciation. Adjusted EBITDA represents EBITDA before share based compensation, loss on derivatives, excluding net swap interest paid, impairment loss and (loss)/gain on sale of vessels. EBITDA, adjusted EBITDA, adjusted net income/(loss) and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income/(loss) and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries.  In evaluating Adjusted EBITDA and Adjusted net income/(loss), 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/(loss) 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. We also believe that EBITDA represents useful information for investors regarding a company's ability to service and/or incur indebtedness.

   
(Expressed in United States Dollars,
except number of shares)
Fourth Quarter Ended
December 31st,
Twelve Months Period
Ended December 31st,
 2016 2017 2016 2017 
Net (Loss)/Income - Adjusted Net Income/(Loss)    
Net (loss)/income(4,382,706)748,305 (7,798,300)(1,218,237)
Loss on derivatives156,149 98,332 767,196 403,943 
Less swap interest paid(164,042)(101,922)(1,098,585)(431,315)
Loss/(gain) on sale of vessels, net175,364 4,521 (118,427)77,314 
Impairment loss5,735,086 -- 5,735,086 6,461,273 
Share based compensation67,202 20,344 340,377 129,245 
Adjusted Net income/(loss)1,587,053 769,580 (2,172,653)5,422,223 
     
Net (Loss)/Income – EBITDA    
Net (loss)/income(4,382,706)748,305 (7,798,300)(1,218,237)
Plus interest and finance costs incl. swap interest paid3,895,049 4,588,248 15,366,733 17,092,779 
Less interest income and other expenses(76,770)(88,189)(454,472)(322,868)
Plus depreciation9,881,333 9,661,797 39,096,589 38,921,672 
EBITDA9,316,906 14,910,161 46,210,550 54,473,346 
     
Net (Loss)/Income - Adjusted  EBITDA    
Net (loss)/income(4,382,706)748,305 (7,798,300)(1,218,237)
Loss on derivatives156,149 98,332 767,196 403,943 
Loss/(gain) on sale of vessels, net175,364 4,521 (118,427)77,314 
Impairment loss5,735,086 -- 5,735,086 6,461,273 
Share based compensation67,202 20,344 340,377 129,245 
Plus interest and finance costs3,731,007 4,486,326 14,268,148 16,661,464 
Less interest income and other expenses(76,770)(88,189)(454,472)(322,868)
Plus depreciation9,881,333 9,661,797 39,096,589 38,921,672 
Adjusted EBITDA15,286,665 14,931,436 51,836,197 61,113,806 
     
EPS - Adjusted EPS    
Net (loss)/income(4,382,706)748,305 (7,798,300)(1,218,237)
Adjusted net income/(loss)1,587,053 769,580 (2,172,653)5,422,223 
Weighted average number of shares 39,770,911 39,828,589 39,824,038 39,809,364 
EPS - Basic and Diluted(0.11)0.02 (0.20)(0.03)
Adjusted EPS0.04 0.02 (0.05)0.14 
         


 
StealthGas Inc
Unaudited Consolidated Statements of Operations
(Expressed in United States Dollars, except number of shares)
 Fourth Quarter Ended
December 31st,
 Twelve Months Period
Ended December 31st,
 
 2016  2017  2016  2017 
        
Revenues       
Revenues36,453,737  38,428,090  136,539,399  152,338,278 
Revenues - related party1,019,509    --  7,592,784  1,973,643 
Total revenues37,473,246  38,428,090  144,132,183  154,311,921 
        
Expenses       
Voyage expenses3,249,859  3,444,751  13,618,025  13,804,032 
Voyage expenses - related party457,125  474,805  1,772,240  1,912,505 
Charter hire expenses967,942  886,988  4,054,387  3,524,770 
Vessels' operating expenses14,115,701  15,003,464  55,680,993  58,618,526 
Vessels' operating expenses - related party387,924  17,216  3,141,843  800,908 
Drydocking costs445,001  989,258  3,613,230  3,529,047 
Management fees - related party1,851,150  1,737,080  7,346,180  7,205,490 
General and administrative expenses814,793  666,348  3,110,409  2,898,958 
Depreciation9,881,333  9,661,797  39,096,589  38,921,672 
Impairment loss5,735,086    --  5,735,086  6,461,273 
Net loss/(gain) on sale of vessels175,364  4,521  (118,427) 77,314 
Other operating costs  --  275,000    --  1,058,863 
Total expenses38,081,278  33,161,228  137,050,555  138,813,358 
        
(Loss)/Income from operations(608,032) 5,266,862  7,081,628  15,498,563 
        
Other (expenses)/income       
Interest and finance costs(3,731,007) (4,486,326) (14,268,148) (16,661,464)
Loss on derivatives(156,149) (98,332) (767,196) (403,943)
Interest income76,770  88,189  454,472  322,868 
Foreign exchange gain/(loss)35,712  (22,088) (299,056) 25,739 
Other expenses, net(3,774,674) (4,518,557) (14,879,928) (16,716,800)
        
Net (loss)/income(4,382,706) 748,305  (7,798,300) (1,218,237)
        
(Loss) / Earnings per share        
- Basic and diluted(0.11) 0.02  (0.20) (0.03)
Weighted average number of shares        
-Basic and diluted39,770,911  39,828,589  39,824,038  39,809,364 
            


 
StealthGas Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
     December 31,
     2016  2017 
Assets      
Current assets     
 Cash and cash equivalents 64,993,923  51,754,131 
 Receivables from related party 115,599    -- 
 Trade and other receivables 3,918,031  3,853,992 
 Claims receivable    --  15,951 
 Inventories  2,809,123  2,762,299 
 Advances and prepayments 1,278,357  1,221,029 
 Restricted cash  3,363,012  3,231,323 
Total current assets  76,478,045  62,838,725 
Non-current assets     
 Advances for vessels under construction and acquisitions55,785,801  61,577,818 
 Vessels, net  863,699,739  862,061,906 
 Other receivables    --  243,075 
 Restricted cash  5,174,710  7,917,738 
 Deferred finance charges540,414  941,760 
 Fair value of derivatives   263,635  645,169 
Total non-current assets 925,464,299  933,387,466 
Total assets  1,001,942,344  996,226,191 
Liabilities and Stockholders' Equity    
Current liabilities     
 Payable to related party 7,890,933  14,209,624 
 Trade accounts payable 8,728,267  10,509,465 
 Accrued and other liabilities 5,299,479  5,880,479 
 Customer deposits    --  1,820,700 
 Deferred income  4,621,438  4,362,056 
 Deferred income - related party 232,774  -- 
 Current portion of long-term debt 54,593,715  41,966,607 
Total current liabilities  81,366,606  78,748,931 
Non-current liabilities     
 Fair value of derivatives 364,823  126,525 
 Customer deposits  2,556,700  736,000 
 Deferred gain on sale and leaseback of vessels385,127  190,087 
 Deferred income1,910  4,035 
 Long-term debt  343,291,874  342,941,841 
Total non-current liabilities 346,600,434  343,998,488 
Total liabilities  427,967,040  422,747,419 
        
Commitments and contingencies    
Stockholders' equity     
 Capital stock442,850  442,850 
 Treasury stock  (22,523,528) (22,523,528)
 Additional paid-in capital 501,342,523  501,471,768 
 Retained earnings  94,688,024  93,469,787 
 Accumulated other comprehensive income25,435  617,895 
Total stockholders' equity 573,975,304  573,478,772 
Total liabilities and stockholders' equity1,001,942,344  996,226,191 
      


 
StealthGas Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars) 
    December 31st,  
    2016  2017 
Cash flows from operating activities      
Net loss for the year   (7,798,300) (1,218,237)
Adjustments to reconcile net loss to net cash      
  provided by operating activities:      
Depreciation   39,096,589  38,921,672 
Amortization of deferred finance charges   715,587  690,842 
Amortization of deferred gain on sale and leaseback of vessels   (195,574) (195,040)
Share based compensation   340,377  129,245 
Change in fair value of derivatives   (331,387) (27,372)
Impairment loss   5,735,086  6,461,273 
(Gain)/loss on sale of vessels   (118,427) 77,314 
Changes in operating assets and liabilities:      
(Increase)/decrease in      
Trade and other receivables   825,838  (179,036)
Claims receivable   (610,810) (235,705)
Inventories   117,744  46,824 
Advances and prepayments   (28,955) 57,328 
Increase/(decrease) in      
Balances with related parties   (1,185,024) 6,434,290 
Trade accounts payable   462,215  1,299,686 
Accrued liabilities   (303,460) 581,000 
Deferred income   (567,411) (490,031)
Net cash provided by operating activities   36,154,088  52,354,053 
Cash flows from investing activities      
Insurance proceeds   610,810  219,754 
Vessels’ acquisitions and advances for vessels under construction   (56,215,758) (60,612,867)
Proceeds from sale of vessels, net   1,530,177  11,479,936 
Net cash used in investing activities   (54,074,771) (48,913,177)
Cash flows from financing activities      
Stock repurchase   (2,070,306) -- 
Deferred finance charges paid   (712,614) (815,256)
Loan repayments   (55,630,352) (56,254,073)
Proceeds from long-term debt   31,200,000  43,000,000 
Net cash used in financing activities   (27,213,272) (14,069,329)
       
       
Net decrease in cash, cash equivalents and restricted cash   (45,133,955) (10,628,453)
Cash, cash equivalents and restricted cash at beginning of year   118,665,600  73,531,645 
Cash, cash equivalents and restricted cash at end of year   73,531,645  62,903,192 
Cash breakdown       
Cash and cash equivalents64,993,923 51,754,131 
Restricted cash, current3,363,012 3,231,323 
Restricted cash, non-current5,174,710 7,917,738 
Total cash, cash equivalents and restricted cash
shown in the statements of cash flows
73,531,645 62,903,192 
     

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