10-Q Filing

Pangaea Logistics Solutions Ltd. CIK: 1606909 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001606909-16-000229`
Period End Date	20160331
Filing Date	20160511
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	panl-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 46 Cash Flow Statement 68

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivable`	$5.71M	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivable`	$5.07M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$32.67M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$42.60M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$29.82M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$37.52M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$2.00M	USD	Point-in-time
Preferred stock, shares Issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares Issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$1.50M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable (net of allowance of $4,898,165 at March 31, 2016 and $5,067,194 at December 31,2015)	`AccountsReceivableNetCurrent`	$13.54M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable (net of allowance of $4,898,165 at March 31, 2016 and $5,067,194 at December 31,2015)	`AccountsReceivableNetCurrent`	$19.62M	USD	Point-in-time
Bunker inventory	`InventoryNet`	$7.81M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Bunker inventory	`InventoryNet`	$7.49M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Advance hire, prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.68M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Advance hire, prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.46M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$58.98M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	36.50M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	36.50M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$69.31M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	36.50M	shares	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$285.53M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	36.50M	shares	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$255.15M	USD	Point-in-time
Investments in newbuildings in-process	`DevelopmentInProcess`	$42.51M	USD	Point-in-time
Investments in newbuildings in-process	`DevelopmentInProcess`	$8.77M	USD	Point-in-time
Total assets	`Assets`	$353.28M	USD	Point-in-time
Total assets	`Assets`	$366.96M	USD	Point-in-time
Accounts payable, accrued expenses and other current liabilities	`AccountsPayableAccruedExpensesAndOtherCurrentLiabilities`	$22.16M	USD	Point-in-time
Accounts payable, accrued expenses and other current liabilities	`AccountsPayableAccruedExpensesAndOtherCurrentLiabilities`	$15.96M	USD	Point-in-time
Related party debt	`DueToRelatedPartiesCurrent`	$13.32M	USD	Point-in-time
Related party debt	`DueToRelatedPartiesCurrent`	$10.93M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$3.69M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$4.45M	USD	Point-in-time
Current portion long-term debt	`OtherLongTermDebtCurrent`	$18.89M	USD	Point-in-time
Current portion long-term debt	`OtherLongTermDebtCurrent`	$19.50M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrent`	$12.62M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrent`	$12.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$72.15M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$62.09M	USD	Point-in-time
Secured long-term debt, net	`SecuredLongTermDebt`	$129.50M	USD	Point-in-time
Secured long-term debt, net	`SecuredLongTermDebt`	$124.13M	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; 36,500,387 shares issued and outstanding at March 31, 2016; 36,503,837 shares issued and outstanding and December 31, 2015	`CommonStockValue`	$3.65K	USD	Point-in-time
Common stock, $0.0001 par value, 100,000,000 shares authorized; 36,500,387 shares issued and outstanding at March 31, 2016; 36,503,837 shares issued and outstanding and December 31, 2015	`CommonStockValue`	$3.65K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$133.08M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$133.21M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-23.67M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-24.87M	USD	Point-in-time
Total Pangaea Logistics Solutions Ltd. equity	`StockholdersEquity`	$109.55M	USD	Point-in-time
Total Pangaea Logistics Solutions Ltd. equity	`StockholdersEquity`	$108.21M	USD	Point-in-time
Non-controlling interests	`MinorityInterest`	$57.51M	USD	Point-in-time
Non-controlling interests	`MinorityInterest`	$57.10M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$165.32M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$167.06M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$366.96M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$353.28M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Voyage revenue	`VoyageRevenue`	$41.97M	USD	1 Quarter
Voyage revenue	`VoyageRevenue`	$90.58M	USD	1 Quarter
Charter revenue	`CharterRevenue`	$4.54M	USD	1 Quarter
Charter revenue	`CharterRevenue`	$1.96M	USD	1 Quarter
Revenues	`Revenues`	$95.12M	USD	1 Quarter
Revenues	`Revenues`	$43.94M	USD	1 Quarter
Voyage expense	`VoyageExpense`	$18.50M	USD	1 Quarter
Voyage expense	`VoyageExpense`	$45.32M	USD	1 Quarter
Charter hire expense	`CharterHireExpense`	$24.66M	USD	1 Quarter
Charter hire expense	`CharterHireExpense`	$8.50M	USD	1 Quarter
Vessel operating expense	`VesselOperatingExpense`	$7.79M	USD	1 Quarter
Vessel operating expense	`VesselOperatingExpense`	$6.89M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.04M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$4.32M	USD	1 Quarter
Depreciation and amortization	`CostOfServicesDepreciationAndAmortization`	$3.52M	USD	1 Quarter
Depreciation and amortization	`CostOfServicesDepreciationAndAmortization`	$2.99M	USD	1 Quarter
Loss on sale of vessels	`GainLossOnSaleOfProperties`	-	USD	1 Quarter
Loss on sale of vessels	`GainLossOnSaleOfProperties`	$-88.87K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$85.17M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$40.44M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$3.49M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$9.95M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$1.37M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$1.41M	USD	1 Quarter
Interest expense on related party debt	`InterestExpenseRelatedParty`	$80.49K	USD	1 Quarter
Interest expense on related party debt	`InterestExpenseRelatedParty`	$114.97K	USD	1 Quarter
Unrealized (loss) gain on derivative instruments	`UnrealizedGainLossOnDerivatives`	$823.46K	USD	1 Quarter
Unrealized (loss) gain on derivative instruments	`UnrealizedGainLossOnDerivatives`	$-335.96K	USD	1 Quarter
Other (expense) income	`NonoperatingIncomeExpense`	$-102.32K	USD	1 Quarter
Other (expense) income	`NonoperatingIncomeExpense`	$83.15K	USD	1 Quarter
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-619.13K	USD	1 Quarter
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-1.89M	USD	1 Quarter
Net income	`ProfitLoss`	$1.60M	USD	1 Quarter
Net income	`ProfitLoss`	$9.33M	USD	1 Quarter
Income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$407.07K	USD	1 Quarter
Income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$1.73M	USD	1 Quarter
Net income attributable to Pangaea Logistics Solutions Ltd.	`NetIncomeLoss`	$1.20M	USD	1 Quarter
Net income attributable to Pangaea Logistics Solutions Ltd.	`NetIncomeLoss`	$7.60M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.22	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.22	USD	1 Quarter
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	35.13M	shares	1 Quarter
Weighted Average Number of Shares Outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	34.76M	shares	1 Quarter
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	35.20M	shares	1 Quarter
Weighted Average Number of Shares Outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	34.76M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$1.60M	USD	1 Quarter
Net income	`ProfitLoss`	$9.33M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$3.52M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$2.99M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfDeferredFinancingCostsAndBankFees`	$182.81K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfDeferredFinancingCostsAndBankFees`	$225.18K	USD	1 Quarter
Unrealized loss (gain) on derivative instruments	`UnrealizedGainLossOnCashFlowHedgingInstruments`	$823.46K	USD	1 Quarter
Unrealized loss (gain) on derivative instruments	`UnrealizedGainLossOnCashFlowHedgingInstruments`	$-335.96K	USD	1 Quarter
Loss (gain) from equity method investee	`IncomeLossFromEquityMethodInvestments`	$53.20K	USD	1 Quarter
Loss (gain) from equity method investee	`IncomeLossFromEquityMethodInvestments`	$-30.38K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$319.98K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$703.35K	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`	$25.56K	USD	1 Quarter
Write off unamortized financing costs of repaid debt	`WriteOffOfUnamortizedFinancingCosts`	-	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$136.50K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$166.56K	USD	1 Quarter
Increase (Decrease) in Restricted Cash	`IncreaseDecreaseInRestrictedCashForOperatingActivities`	-	USD	1 Quarter
Increase (Decrease) in Restricted Cash	`IncreaseDecreaseInRestrictedCashForOperatingActivities`	$-500.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-7.48M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-5.37M	USD	1 Quarter
Bunker inventory	`IncreaseDecreaseInInventories`	$-1.81M	USD	1 Quarter
Bunker inventory	`IncreaseDecreaseInInventories`	$321.34K	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`	$779.76K	USD	1 Quarter
Drydocking costs	`PaymentForDrydockingCosts`	$42.48K	USD	1 Quarter
Drydocking costs	`PaymentForDrydockingCosts`	-	USD	1 Quarter
Accounts payable, accrued expenses and other current liabilities	`IncreaseDecreaseInAccountPayableAccruedExpensesAndOtherCurrentLiabilities`	$-6.34M	USD	1 Quarter
Accounts payable, accrued expenses and other current liabilities	`IncreaseDecreaseInAccountPayableAccruedExpensesAndOtherCurrentLiabilities`	$-10.77M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-759.94K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-3.46M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$4.13M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$11.18M	USD	1 Quarter
Purchase of vessels	`PaymentForPurchaseOfVessels`	$44.82M	USD	1 Quarter
Purchase of vessels	`PaymentForPurchaseOfVessels`	$253.49K	USD	1 Quarter
Proceeds from sales of vessels	`ProceedsFromSaleOfVessels`	-	USD	1 Quarter
Proceeds from sales of vessels	`ProceedsFromSaleOfVessels`	$4.52M	USD	1 Quarter
Purchase of building and equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$5.40K	USD	1 Quarter
Purchase of building and equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-40.31M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-253.49K	USD	1 Quarter
Proceeds of related party debt	`ProceedsFromRelatedPartyDebt`	-	USD	1 Quarter
Proceeds of related party debt	`ProceedsFromRelatedPartyDebt`	$2.51M	USD	1 Quarter
Payments of related party debt	`RepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Payments of related party debt	`RepaymentsOfRelatedPartyDebt`	$2.47M	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$45.00M	USD	1 Quarter
Payments of financing and issuance costs	`PaymentOfFinancingAndStockIssuanceCosts`	$34.42K	USD	1 Quarter
Payments of financing and issuance costs	`PaymentOfFinancingAndStockIssuanceCosts`	$664.72K	USD	1 Quarter
Payments of long-term debt	`RepaymentsOfLongTermDebt`	$6.13M	USD	1 Quarter
Payments of 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 (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-8.73M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$41.90M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$12.78M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-4.85M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$32.67M	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`	$29.82M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$37.52M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$32.67M	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`	$29.82M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$37.52M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$1.19M	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.