v3.22.2.2
COMBINED CARVE-OUT BALANCE SHEET - USD ($)
Dec. 31, 2021
Jun. 30, 2021
Dec. 31, 2020
CURRENT ASSETS:      
Cash and cash equivalents $ 1,673,000    
Accounts receivable, trade 811,000    
Due from a related party (Note 3(c)) 70,000    
Inventories 186,000    
Prepaid expenses and other assets 460,000    
Total current assets 3,200,000    
FIXED ASSETS:      
Vessels, net (Note 4) 45,728,000    
Total fixed assets 45,728,000    
OTHER NON-CURRENT ASSETS:      
Deferred charges, net 152,000    
Total assets 49,080,000    
CURRENT LIABILITIES:      
Accounts payable, trade and other 263,000    
Due to related parties (Note 3) 59,000    
Accrued liabilities 381,000    
Deferred revenue 228,000    
Total current liabilities 931,000    
Commitments and contingencies (Note 5)    
PARENT EQUITY:      
Preferred stock, $0.01 par value; 100,000,000 shares authorized, 510,000 issued and outstanding as at December 31, 2021 and June 30, 2022 (Note 6) 5,000    
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 8,820,240 and 29,829,092 issued and outstanding as at December 31, 2021 and June 30, 2022, respectively (Note 6) 88,000    
Parent investment, net (Note 5) 47,991,000    
Accumulated deficit 65,000    
Total stockholders' equity 48,149,000 $ 4,000  
Total liabilities and stockholders' equity $ 49,080,000    
OceanPal Inc. Predecessors      
CURRENT ASSETS:      
Cash and cash equivalents   1,939 $ 39,638
Accounts receivable, trade   32,680 1,035,069
Due from a related party (Note 3(c))   1,392,146 1,169,637
Inventories   143,701 181,973
Insurance claims     941,488
Prepaid expenses   674,710 869,662
Total current assets   2,245,176 4,237,467
FIXED ASSETS:      
Vessels, net (Note 4)   31,207,386 32,249,299
Total fixed assets   31,207,386 32,249,299
OTHER NON-CURRENT ASSETS:      
Deferred charges, net   584,017 701,773
Total assets   34,036,579 37,188,539
CURRENT LIABILITIES:      
Accounts payable, trade and other   280,622 133,566
Due to related parties (Note 3)   22,930 115,280
Accrued liabilities   1,111,058 1,637,623
Deferred revenue   235,897  
Total current liabilities   1,650,507 1,886,469
PARENT EQUITY:      
Parent investment, net (Note 5)   140,925,220 144,274,678
Accumulated deficit   (108,539,148) (108,972,608)
Total stockholders' equity   32,386,072 35,302,070
Total liabilities and stockholders' equity   $ 34,036,579 $ 37,188,539