$SVRN

SVRN, Inc.

CIK:0001869467|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUES:
Vessel revenues, net (Notes 2(f), 2(p) and 9)	$ 25,702	$ 18,957	$ 19,085
EXPENSES:
Voyage expenses (Note 2(p))	3,710	1,940	3,680
Vessel operating expenses (Notes 2(q) and 10)	12,486	10,421	6,880
Depreciation and amortization of deferred charges (Notes 2(j), 2(n) and 5)	7,198	7,670	4,896
Impairment loss (Note 5)	6,122	0	0
Loss on sale of vessel (Note 5)	7	0	0
General and administrative expenses	6,212	5,281	3,083
Support agreement costs (Note 3(g))	6,750	0	0
Management fees (Notes 3(a), 3(b) and 3(h))	1,343	1,236	878
Other operating (income)/loss (Note 6)	(81)	131	(6)
Operating loss	(18,045)	(7,722)	(326)
OTHER INCOME:
Changes in fair value of warrants' liability (Note 7(b))	0	6,222	0
Finance costs (Notes 3(f) and 7(b))	(109)	(909)	0
Interest income	312	504	0
(Loss)/Gain on equity method investment (Note 4)	(50)	2	0
Other income/(expenses)	30	(74)	0
Total other income, net	183	5,745	0
Net loss	(17,862)	(1,977)	(326)
Comprehensive loss	(17,862)	(1,977)	(326)
Loss and comprehensive loss attributable to common stockholders	$ (19,729)	$ (6,707)	$ (2,674)
Loss per common share, basic (Note 8) (in dollars per share)	$ (2.64)	$ (2.02)	$ (17.18)
Loss per common share, diluted (Note 8) (in dollars per share)	$ (2.64)	$ (3.83)	$ (17.18)
Weighted average number of common stock, basic (Note 8) (in shares)	7,465,136	3,315,519	155,655
Weighted average number of common stock, diluted (Note 8) (in shares)	7,465,136	3,372,207	155,655
Class A Warrants [Member]
OTHER INCOME:
Dividends	$ 0	$ 0	$ (1,012)
Series C Preferred Stock [Member]
OTHER INCOME:
Deemed dividend upon redemption of Preferred Stock (Note 7(c))	0	(2,549)	0
Dividends	(681)	(991)	(950)
Series D Preferred Stock [Member]
OTHER INCOME:
Deemed dividend upon redemption of Preferred Stock (Note 7(c))	(26)	(154)	(134)
Dividends	$ (1,160)	$ (1,036)	$ (252)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows (used in)/provided by Operating Activities:
Net loss	$ (17,862)	$ (1,977)	$ (326)
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities:
Depreciation and amortization of deferred charges (Note 5)	7,198	7,670	4,896
Impairment loss (Note 5)	6,122	0	0
Loss on sale of vessel (Note 5)	7	0	0
Compensation cost on restricted stock awards (Note 7(c))	2,776	1,893	568
Finance costs	0	909	0
Changes in fair value of warrants' liability (Note 7(c))	0	(6,222)	0
Loss/(Gain) on equity method investment (Note 4)	50	(2)	0
(Increase) / Decrease in:
Accounts receivable, trade, net	(101)	1,289	(3,441)
Due from a related party	0	5	65
Inventories	(1,311)	47	(148)
Prepaid expenses and other assets, net	(1,303)	231	(666)
Insurance claims	966	(1,058)	0
Deferred charges		0	152
Increase / (Decrease) in:
Accounts payable, trade and other	1,448	124	18
Due to related parties	(16)	64	351
Accrued liabilities	1,522	(256)	842
Unearned revenue	(215)	25	146
Dry-dock costs	(2,811)	(1,927)	(944)
Net cash (used in)/provided by Operating Activities	(3,530)	815	1,513
Cash Flows used in Investing Activities:
Payments for vessel improvements and vessel acquisitions (Note 5)	(18,906)	(4,368)	(5,094)
Payment for equity method investment (Note 4)	(1,375)	(1,643)	0
Proceeds from sale of vessel, net (Note 5)	17,766	0	0
Net cash used in Investing Activities	(2,515)	(6,011)	(5,094)
Cash Flows (used in)/provided by Financing Activities:
Proceeds from issuance of units and warrants (Note 7(a))	0	15,123	16,195
Proceeds from exercise of prefunded warrants (Note 7(a))	0	27	0
Proceeds from issuance of Series E Preferred Stock (Note 3(d) and 7(c))	0	35	0
Payments of equity issuance and financing costs (Note 7(a))	0	(1,513)	(1,835)
Payments of dividends on common stockholders and Class A warrant holders	0	0	(3,101)
Net cash (used in)/provided by Financing Activities	(1,636)	11,583	10,362
Net (decrease)/increase in cash and cash equivalents	(7,681)	6,387	6,781
Cash and cash equivalents at beginning of the year	14,841	8,454	1,673
Cash and cash equivalents at end of the year	7,160	14,841	8,454
SUPPLEMENTAL CASH FLOW INFORMATION
Series C Preferred Stock dividends declared, not paid (Note 7(c))	(177)	(110)	(240)
Non-cash consideration for vessel acquisition through the issuance of Series D Preferred Stock (Note 7(c))	(8,600)	(10,000)	(17,600)
Alternative cashless exercise of private placement warrants	0	1,282	0
Series C Preferred Stock [Member]
Cash Flows (used in)/provided by Financing Activities:
Payments of dividends on Preferred Stock (Note 7(c))	(614)	(1,121)	(780)
SUPPLEMENTAL CASH FLOW INFORMATION
Deemed dividend upon redemption of Preferred Stock (Note 7(c))	0	(2,549)	0
Series D Preferred Stock [Member]
Cash Flows (used in)/provided by Financing Activities:
Payments of dividends on Preferred Stock (Note 7(c))	(1,022)	(968)	(117)
SUPPLEMENTAL CASH FLOW INFORMATION
Deemed dividend upon redemption of Preferred Stock (Note 7(c))	$ (26)	$ (154)	$ (134)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents (Note 2(e))	$ 7,160	$ 14,841
Accounts receivable trade, net (Note 2(f))	3,064	2,963
Inventories (Note 2(g))	1,598	287
Prepaid expenses and other assets, net (Note 6)	2,198	895
Insurance claims (Note 2(i))	92	1,058
Total current assets	14,112	20,044
FIXED ASSETS:
Vessels, net (Notes 2(j), 2(l) and 5)	71,263	71,100
Total fixed assets	71,263	71,100
OTHER NON-CURRENT ASSETS:
Deferred charges, net (Note 2(n))	1,117	2,056
Equity method investment (Notes 2(h) and 4)	2,970	1,645
Total assets	89,462	94,845
CURRENT LIABILITIES:
Accounts payable, trade and other	1,853	405
Due to related parties (Notes 3(a),3(b), and 3(h))	$ 458	$ 474
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Dividends payable (Note 7(c))	$ 177	$ 110
Accrued liabilities	2,420	898
Unearned revenue (Note 2(p))	184	399
Total current liabilities	5,092	2,286
Commitments and contingencies (Note 6)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, 533,136 issued and outstanding as of December 31, 2024, and 520,459 issued and outstanding as of December 31, 2023 (Note 7)	5	5
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 7,504,982 issued and outstanding as of December 31, 2024, and 7,448,601 issued and outstanding as of December 31, 2023 (Note 7)	75	74
Additional paid-in capital (Note 7)	110,198	100,500
Accumulated deficit	(25,908)	(8,020)
Total stockholders' equity	84,370	92,559
Total liabilities and stockholders' equity	$ 89,462	$ 94,845