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10-Q Filing

Pangaea Logistics Solutions Ltd. CIK: 1606909 Q1 2015
Filing Information
Form Type 10-Q
Accession Number 0001144204-15-030865
Period End Date 20150331
Filing Date 20150515
Fiscal Year 2015
Fiscal Period Q1
XBRL Instance cik0001606909-20150331.xml
Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 line items
Line Item Tag Value Unit Period
Allowance for Doubtful Accounts Receivable AllowanceForDoubtfulAccountsReceivable $4.03M USD Point-in-time
Allowance for Doubtful Accounts Receivable AllowanceForDoubtfulAccountsReceivable $4.35M USD Point-in-time
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 1.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $18.93M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $42.60M USD Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 1.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $23.37M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $29.82M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $1.00M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $1.00M USD Point-in-time
Preferred Stock, Shares Issued PreferredStockSharesIssued 0.00 shares Point-in-time
Preferred Stock, Shares Issued PreferredStockSharesIssued 0.00 shares Point-in-time
Accounts receivable (net of allowance of $4,349,650 at March 31, 2015 and $4,029,669 at December 31, 2014) AccountsReceivableNetCurrent $19.57M USD Point-in-time
Accounts receivable (net of allowance of $4,349,650 at March 31, 2015 and $4,029,669 at December 31, 2014) AccountsReceivableNetCurrent $27.36M USD Point-in-time
Preferred stock, shares outstanding PreferredStockSharesOutstanding 0.00 shares Point-in-time
Preferred stock, shares outstanding PreferredStockSharesOutstanding 0.00 shares Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Bunker inventory InventoryNet $15.60M USD Point-in-time
Bunker inventory InventoryNet $13.79M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 100.00M shares Point-in-time
Advance hire, prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $6.57M USD Point-in-time
Advance hire, prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $3.05M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 100.00M shares Point-in-time
Vessels held for sale, net AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent $4.52M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 34.76M shares Point-in-time
Vessels held for sale, net AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent $3.74M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 34.76M shares Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 34.76M shares Point-in-time
Total current assets AssetsCurrent $83.75M USD Point-in-time
Total current assets AssetsCurrent $84.87M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 34.76M shares Point-in-time
Fixed assets, net PropertyPlantAndEquipmentNet $207.67M USD Point-in-time
Fixed assets, net PropertyPlantAndEquipmentNet $268.96M USD Point-in-time
Investment in newbuildings in-process DevelopmentInProcess $15.30M USD Point-in-time
Investment in newbuildings in-process DevelopmentInProcess $38.47M USD Point-in-time
Other noncurrent assets OtherAssetsNoncurrent $1.45M USD Point-in-time
Other noncurrent assets OtherAssetsNoncurrent $1.31M USD Point-in-time
Total assets Assets $369.32M USD Point-in-time
Total assets Assets $332.46M USD Point-in-time
Accounts payable, accrued expenses and other current liabilities AccountsPayableAccruedExpensesAndOtherCurrentLiabilities $40.20M USD Point-in-time
Accounts payable, accrued expenses and other current liabilities AccountsPayableAccruedExpensesAndOtherCurrentLiabilities $28.66M USD Point-in-time
Related party debt DueToRelatedPartiesCurrent $59.10M USD Point-in-time
Related party debt DueToRelatedPartiesCurrent $61.72M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $8.28M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $11.75M USD Point-in-time
Current portion long-term debt OtherLongTermDebtCurrent $22.36M USD Point-in-time
Current portion long-term debt OtherLongTermDebtCurrent $17.81M USD Point-in-time
Line of credit LinesOfCreditCurrent $3.00M USD Point-in-time
Line of credit LinesOfCreditCurrent $3.00M USD Point-in-time
Dividend payable DividendsPayableCurrent $12.72M USD Point-in-time
Dividend payable DividendsPayableCurrent $12.82M USD Point-in-time
Total current liabilties LiabilitiesCurrent $136.75M USD Point-in-time
Total current liabilties LiabilitiesCurrent $144.69M USD Point-in-time
Secured long-term debt, net SecuredLongTermDebt $122.73M USD Point-in-time
Secured long-term debt, net SecuredLongTermDebt $87.43M USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Preferred stock, $0.0001 par value, 1,000,000 shares authorized and no shares issued or outstanding PreferredStockValue - USD Point-in-time
Preferred stock, $0.0001 par value, 1,000,000 shares authorized and no shares issued or outstanding PreferredStockValue - USD Point-in-time
Common stock, $0.0001 par value, 100,000,000 shares authorized 34,756,980 shares issued and outstanding at March 31, 2015 and December 31, 2014 CommonStockValue $3.48K USD Point-in-time
Common stock, $0.0001 par value, 100,000,000 shares authorized 34,756,980 shares issued and outstanding at March 31, 2015 and December 31, 2014 CommonStockValue $3.48K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $134.12M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $133.96M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-28.54M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-36.14M USD Point-in-time
Total Pangaea Logistics Solutions Ltd. equity StockholdersEquity $97.82M USD Point-in-time
Total Pangaea Logistics Solutions Ltd. equity StockholdersEquity $105.58M USD Point-in-time
Non-controlling interests MinorityInterest $4.26M USD Point-in-time
Non-controlling interests MinorityInterest $2.53M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $100.35M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $109.84M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $332.46M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $369.32M USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Voyage revenue VoyageRevenue $91.56M USD 1 Quarter
Voyage revenue VoyageRevenue $90.58M USD 1 Quarter
Charter revenue CharterRevenue $4.54M USD 1 Quarter
Charter revenue CharterRevenue $22.65M USD 1 Quarter
Revenues Revenues $95.12M USD 1 Quarter
Revenues Revenues $114.21M USD 1 Quarter
Voyage expense VoyageExpense $45.32M USD 1 Quarter
Voyage expense VoyageExpense $48.13M USD 1 Quarter
Charter hire expense CharterHireExpense $43.97M USD 1 Quarter
Charter hire expense CharterHireExpense $24.66M USD 1 Quarter
Vessel operating expenses VesselOperatingExpense $7.79M USD 1 Quarter
Vessel operating expenses VesselOperatingExpense $6.92M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $4.32M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $2.58M USD 1 Quarter
Depreciation and amortization CostOfServicesDepreciationAndAmortization $2.55M USD 1 Quarter
Depreciation and amortization CostOfServicesDepreciationAndAmortization $2.99M USD 1 Quarter
Loss on sale of vessels AssetImpairmentCharges $88.87K USD 1 Quarter
Loss on sale of vessels AssetImpairmentCharges - USD 1 Quarter
Total expenses OperatingExpenses $104.15M USD 1 Quarter
Total expenses OperatingExpenses $85.17M USD 1 Quarter
Income from operations OperatingIncomeLoss $9.95M USD 1 Quarter
Income from operations OperatingIncomeLoss $10.06M USD 1 Quarter
Interest expense, net InterestExpense $1.41M USD 1 Quarter
Interest expense, net InterestExpense $1.52M USD 1 Quarter
Interest expense related party debt InterestExpenseRelatedParty $114.97K USD 1 Quarter
Interest expense related party debt InterestExpenseRelatedParty $42.13K USD 1 Quarter
Imputed interest on related party long-term debt ImputedInterestOnRelatedPartyLongTermDebt $322.95K USD 1 Quarter
Imputed interest on related party long-term debt ImputedInterestOnRelatedPartyLongTermDebt - USD 1 Quarter
Unrealized gain (loss) gain on derivative instruments UnrealizedGainLossOnDerivatives $-371.56K USD 1 Quarter
Unrealized gain (loss) gain on derivative instruments UnrealizedGainLossOnDerivatives $823.46K USD 1 Quarter
Other income (expense) NonoperatingIncomeExpense $83.15K USD 1 Quarter
Other income (expense) NonoperatingIncomeExpense $-150.00K USD 1 Quarter
Total other expense, net OtherNonoperatingIncomeExpense $-2.40M USD 1 Quarter
Total other expense, net OtherNonoperatingIncomeExpense $-619.13K USD 1 Quarter
Net income ProfitLoss $7.66M USD 1 Quarter
Net income ProfitLoss $9.33M USD 1 Quarter
Income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $1.06M USD 1 Quarter
Income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $1.73M USD 1 Quarter
Net income attributable to Pangaea Logistics Solutions Ltd. NetIncomeLoss $7.60M USD 1 Quarter
Net income attributable to Pangaea Logistics Solutions Ltd. NetIncomeLoss $6.59M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.22 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.17 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.22 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.17 USD 1 Quarter
Weighted average shares used to compute earnings per common share (Note 8) Basic and diluted (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 13.42M shares 1 Quarter
Weighted average shares used to compute earnings per common share (Note 8) Basic and diluted (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 34.76M shares 1 Quarter
Cash Flow Statement 74 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $7.66M USD 1 Quarter
Net income ProfitLoss $9.33M USD 1 Quarter
Depreciation and amortization expense DepreciationDepletionAndAmortization $2.99M USD 1 Quarter
Depreciation and amortization expense DepreciationDepletionAndAmortization $2.55M USD 1 Quarter
Amortization of deferred financing costs AmortizationOfDeferredFinancingCostsAndBankFees $225.18K USD 1 Quarter
Amortization of deferred financing costs AmortizationOfDeferredFinancingCostsAndBankFees $284.74K USD 1 Quarter
Unrealized (gain) loss on derivative instruments UnrealizedGainLossOnCashFlowHedgingInstruments $-371.56K USD 1 Quarter
Unrealized (gain) loss on derivative instruments UnrealizedGainLossOnCashFlowHedgingInstruments $823.46K USD 1 Quarter
Loss from equity method investee IncomeLossFromEquityMethodInvestments $53.20K USD 1 Quarter
Loss from equity method investee IncomeLossFromEquityMethodInvestments - USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $319.98K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $73.54K USD 1 Quarter
Loss on sales of vessels GainLossOnSaleOfOtherAssets $-88.87K USD 1 Quarter
Loss on sales of vessels GainLossOnSaleOfOtherAssets - USD 1 Quarter
Write off unamortized financing costs of repaid debt WriteOffOfUnamortizedFinancingCosts - USD 1 Quarter
Write off unamortized financing costs of repaid debt WriteOffOfUnamortizedFinancingCosts $25.56K USD 1 Quarter
Amortization of discount on related party long-term debt AmortizationOfDiscountOnRelatedPartyLongtermDebt - USD 1 Quarter
Amortization of discount on related party long-term debt AmortizationOfDiscountOnRelatedPartyLongtermDebt $322.95K USD 1 Quarter
Share-based compensation ShareBasedCompensation $166.56K USD 1 Quarter
Share-based compensation ShareBasedCompensation - USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-7.48M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-20.36M USD 1 Quarter
Bunker inventory IncreaseDecreaseInInventories $-879.83K USD 1 Quarter
Bunker inventory IncreaseDecreaseInInventories $-1.81M USD 1 Quarter
Advance hire, prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-3.86M USD 1 Quarter
Advance hire, prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-2.58M USD 1 Quarter
Account payable, accrued expenses and other current liabilities IncreaseDecreaseInAccountPayableAccruedExpensesAndOtherCurrentLiabilities $-14.94M USD 1 Quarter
Account payable, accrued expenses and other current liabilities IncreaseDecreaseInAccountPayableAccruedExpensesAndOtherCurrentLiabilities $-10.77M USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $-3.46M USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $-9.71M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $10.44M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $11.18M USD 1 Quarter
Purchase of vessels PaymentForPurchaseOfVessels $14.38M USD 1 Quarter
Purchase of vessels PaymentForPurchaseOfVessels $44.82M USD 1 Quarter
Proceeds from sales of vessels ProceedsFromSaleOfVessels - USD 1 Quarter
Proceeds from sales of vessels ProceedsFromSaleOfVessels $4.52M USD 1 Quarter
Deposits on newbuildings in-process PaymentsToAcquireBuildings $63.95K USD 1 Quarter
Deposits on newbuildings in-process PaymentsToAcquireBuildings - USD 1 Quarter
Drydocking costs PaymentForDrydockingCosts - USD 1 Quarter
Drydocking costs PaymentForDrydockingCosts $409.00K USD 1 Quarter
Purchase of building and equipment PaymentsToAcquireOtherPropertyPlantAndEquipment $5.40K USD 1 Quarter
Purchase of building and equipment PaymentsToAcquireOtherPropertyPlantAndEquipment $3.61K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-40.31M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-14.86M USD 1 Quarter
Proceeds of related party debt ProceedsFromRelatedPartyDebt - USD 1 Quarter
Proceeds of related party debt ProceedsFromRelatedPartyDebt $2.51M USD 1 Quarter
Payments on related party debt RepaymentsOfRelatedPartyDebt $162.93K USD 1 Quarter
Payments on related party debt RepaymentsOfRelatedPartyDebt - USD 1 Quarter
Proceeds from long-term debt ProceedsFromIssuanceOfLongTermDebt $13.00M USD 1 Quarter
Proceeds from long-term debt ProceedsFromIssuanceOfLongTermDebt $45.00M USD 1 Quarter
Payments of financing and issuance costs PaymentOfFinancingAndStockIssuanceCosts $41.08K USD 1 Quarter
Payments of financing and issuance costs PaymentOfFinancingAndStockIssuanceCosts $664.72K USD 1 Quarter
Payments on long-term debt RepaymentsOfLongTermDebt $3.84M USD 1 Quarter
Payments on long-term debt RepaymentsOfLongTermDebt $4.84M USD 1 Quarter
Common stock dividends paid PaymentsOfDividendsCommonStock $100.00K USD 1 Quarter
Common stock dividends paid PaymentsOfDividendsCommonStock $100.00K USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $41.90M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $8.86M USD 1 Quarter
Net increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $4.44M USD 1 Quarter
Net increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $12.78M USD 1 Quarter
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $18.93M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $42.60M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $23.37M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $29.82M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $18.93M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $42.60M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $23.37M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $29.82M USD Point-in-time
Dividends declared, not paid Dividends - USD 1 Quarter
Dividends declared, not paid Dividends $2.10M USD 1 Quarter
Imputed interest on related party long-term debt AmortizationOfDiscountAndImputedInterestOnRelatedPartyLongTermDebt - USD 1 Quarter
Imputed interest on related party long-term debt AmortizationOfDiscountAndImputedInterestOnRelatedPartyLongTermDebt $200.80K USD 1 Quarter
Cash paid for interest InterestPaid $1.44M USD 1 Quarter
Cash paid for interest InterestPaid $1.19M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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