The dividend is preffered shares.
Under ticker IMPPP. Trading at $22.25 currently.
If you look at the balance sheet, there wasn't a need for share issuance to cover the dividend. There is positive cashflow to cover it.
I am sure in this instance they did use dilution to cover it, as they are acquiring new vessels off the back of diluting investors.
Acquisition of vessels brings me to the next point. Depreciation. Although they are cashflow positive, their balance sheet reports negative because they are depreciating a large percentage of the value of the vessels.
Considering they have stated they will continue to purchase vessels. This will lead to more depreciation. Which leads to more negativity associated with the stocks balance sheet.
This will lead SP lower, and management knows this. Interest here is gone. They obviously want this below one dollar and soon to be delisted. This will allow them to go bankrupt and buy this company back for pennies on the dollar after they've built it off the back of investors.
If they cared about the company, they would have ATM offerings at around 5-6$... But they were only concerned with satisfying the underwriters who found themselves in trouble and in jeopardy of being able to afford their Manhattan lifestyle.
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