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10-Q Filing

Pangaea Logistics Solutions Ltd. CIK: 1606909 Q1 2017
Filing Information
Form Type 10-Q
Accession Number 0001606909-17-000039
Period End Date 20170331
Filing Date 20170510
Fiscal Year 2017
Fiscal Period Q1
XBRL Instance panl-20170331.xml
Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 line items
Line Item Tag Value Unit Period
Allowance for doubtful accounts receivable AllowanceForDoubtfulAccountsReceivable $4.75M USD Point-in-time
Allowance for doubtful accounts receivable AllowanceForDoubtfulAccountsReceivable $4.50M 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 $37.52M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $21.72M USD Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 1.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $22.32M 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 $6.10M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $6.10M USD Point-in-time
Preferred stock, shares outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Accounts receivable (net of allowance of $4,495,314 at March 31, 2017 and $4,752,265 at December 31, 2016) AccountsReceivableNetCurrent $22.65M USD Point-in-time
Accounts receivable (net of allowance of $4,495,314 at March 31, 2017 and $4,752,265 at December 31, 2016) AccountsReceivableNetCurrent $20.48M USD Point-in-time
Preferred stock, shares outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Bunker inventory InventoryNet $15.37M 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 $13.20M 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 $6.44M 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 $8.20M USD Point-in-time
Total current assets AssetsCurrent $74.05M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 37.26M shares Point-in-time
Total current assets AssetsCurrent $68.54M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 36.59M shares Point-in-time
Fixed assets, net PropertyPlantAndEquipmentNet $299.58M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 37.26M shares Point-in-time
Fixed assets, net PropertyPlantAndEquipmentNet $275.27M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 36.59M shares Point-in-time
Investments in newbuildings in-process DevelopmentInProcess $18.38M USD Point-in-time
Investments in newbuildings in-process DevelopmentInProcess - USD Point-in-time
Capital lease asset, net Capitalleaseassetnet $23.79M USD Point-in-time
Capital lease asset, net Capitalleaseassetnet - USD Point-in-time
Total assets Assets $362.19M USD Point-in-time
Total assets Assets $397.42M USD Point-in-time
Accounts payable, accrued expenses and other current liabilities AccountsPayableAccruedExpensesAndOtherCurrentLiabilities $21.97M USD Point-in-time
Accounts payable, accrued expenses and other current liabilities AccountsPayableAccruedExpensesAndOtherCurrentLiabilities $23.23M USD Point-in-time
Related party debt DueToRelatedPartiesCurrent $15.97M USD Point-in-time
Related party debt DueToRelatedPartiesCurrent $6.77M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $7.34M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $6.42M USD Point-in-time
Current portion long-term debt OtherLongTermDebtCurrent $19.63M USD Point-in-time
Current portion long-term debt OtherLongTermDebtCurrent $24.66M USD Point-in-time
Capital Lease Obligations, Current CapitalLeaseObligationsCurrent $1.25M USD Point-in-time
Capital Lease Obligations, Current CapitalLeaseObligationsCurrent - USD Point-in-time
Dividend payable DividendsPayableCurrent $12.62M USD Point-in-time
Dividend payable DividendsPayableCurrent $12.62M USD Point-in-time
Total current liabilities LiabilitiesCurrent $74.61M USD Point-in-time
Total current liabilities LiabilitiesCurrent $77.88M USD Point-in-time
Secured long-term debt, net SecuredLongTermDebt $117.46M USD Point-in-time
Secured long-term debt, net SecuredLongTermDebt $107.64M USD Point-in-time
Capital Lease Obligations, Noncurrent CapitalLeaseObligationsNoncurrent $19.75M USD Point-in-time
Capital Lease Obligations, Noncurrent CapitalLeaseObligationsNoncurrent - USD Point-in-time
Commitments and contingencies (Note 7) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 7) CommitmentsAndContingencies - USD Point-in-time
Common stock, $0.0001 par value, 100,000,000 shares authorized; 37,261,739 shares issued and outstanding at March 31, 2017; 36,590,417 shares issued and outstanding and December 31, 2016 CommonStockValue $3.66K USD Point-in-time
Common stock, $0.0001 par value, 100,000,000 shares authorized; 37,261,739 shares issued and outstanding at March 31, 2017; 36,590,417 shares issued and outstanding and December 31, 2016 CommonStockValue $3.73K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $133.68M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $140.35M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-17.41M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-16.06M USD Point-in-time
Total Pangaea Logistics Solutions Ltd. equity StockholdersEquity $124.30M USD Point-in-time
Total Pangaea Logistics Solutions Ltd. equity StockholdersEquity $116.27M USD Point-in-time
Non-controlling interests MinorityInterest $61.30M USD Point-in-time
Non-controlling interests MinorityInterest $60.41M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $176.68M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $185.60M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $362.19M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $397.42M USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Voyage revenue VoyageRevenue $77.69M USD 1 Quarter
Voyage revenue VoyageRevenue $41.97M USD 1 Quarter
Charter revenue CharterRevenue $1.96M USD 1 Quarter
Charter revenue CharterRevenue $6.77M USD 1 Quarter
Revenues Revenues $84.46M USD 1 Quarter
Revenues Revenues $43.94M USD 1 Quarter
Voyage expense VoyageExpense $41.27M USD 1 Quarter
Voyage expense VoyageExpense $18.50M USD 1 Quarter
Charter hire expense CharterHireExpense $23.20M USD 1 Quarter
Charter hire expense CharterHireExpense $8.50M USD 1 Quarter
Vessel operating expense VesselOperatingExpense $6.89M USD 1 Quarter
Vessel operating expense VesselOperatingExpense $8.59M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $3.04M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $3.51M USD 1 Quarter
Depreciation and amortization CostOfServicesDepreciationAndAmortization $3.52M USD 1 Quarter
Depreciation and amortization CostOfServicesDepreciationAndAmortization $3.94M USD 1 Quarter
Loss on sale and leaseback of vessel GainLossOnSaleOfProperties - USD 1 Quarter
Loss on sale and leaseback of vessel GainLossOnSaleOfProperties $-4.29M USD 1 Quarter
Total expenses OperatingExpenses $40.44M USD 1 Quarter
Total expenses OperatingExpenses $84.81M USD 1 Quarter
(Loss) income from operations OperatingIncomeLoss $-355.75K USD 1 Quarter
(Loss) income from operations OperatingIncomeLoss $3.49M USD 1 Quarter
Interest expense, net InterestExpense $1.37M USD 1 Quarter
Interest expense, net InterestExpense $1.63M USD 1 Quarter
Interest expense on related party debt InterestExpenseRelatedParty $77.98K USD 1 Quarter
Interest expense on related party debt InterestExpenseRelatedParty $80.49K USD 1 Quarter
Unrealized gain (loss) on derivative instruments, net UnrealizedGainLossOnDerivatives $-335.96K USD 1 Quarter
Unrealized gain (loss) on derivative instruments, net UnrealizedGainLossOnDerivatives $1.97M USD 1 Quarter
Other income (expense) NonoperatingIncomeExpense $-102.32K USD 1 Quarter
Other income (expense) NonoperatingIncomeExpense $94.65K USD 1 Quarter
Total other income (expense), net OtherNonoperatingIncomeExpense $352.07K USD 1 Quarter
Total other income (expense), net OtherNonoperatingIncomeExpense $-1.89M USD 1 Quarter
Net (loss) income ProfitLoss $-3.68K USD 1 Quarter
Net (loss) income ProfitLoss $1.60M USD 1 Quarter
Loss (income) attributable to non-controlling interests NetIncomeLossAttributableToNoncontrollingInterest $407.07K USD 1 Quarter
Loss (income) attributable to non-controlling interests NetIncomeLossAttributableToNoncontrollingInterest $-1.35M USD 1 Quarter
Net income attributable to Pangaea Logistics Solutions Ltd. NetIncomeLoss $1.35M USD 1 Quarter
Net income attributable to Pangaea Logistics Solutions Ltd. NetIncomeLoss $1.20M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.04 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.03 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.03 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.04 USD 1 Quarter
Weighted Average Number of Shares Outstanding, Basic WeightedAverageNumberOfSharesOutstandingBasic 35.28M shares 1 Quarter
Weighted Average Number of Shares Outstanding, Basic WeightedAverageNumberOfSharesOutstandingBasic 35.13M shares 1 Quarter
Weighted Average Number of Shares Outstanding, Diluted WeightedAverageNumberOfDilutedSharesOutstanding 35.20M shares 1 Quarter
Weighted Average Number of Shares Outstanding, Diluted WeightedAverageNumberOfDilutedSharesOutstanding 35.81M shares 1 Quarter
Cash Flow Statement 72 line items
Line Item Tag Value Unit Period
Net (loss) income ProfitLoss $-3.68K USD 1 Quarter
Net (loss) income ProfitLoss $1.60M USD 1 Quarter
Depreciation and amortization expense DepreciationDepletionAndAmortization $3.94M USD 1 Quarter
Depreciation and amortization expense DepreciationDepletionAndAmortization $3.52M USD 1 Quarter
Amortization of deferred financing costs AmortizationOfDeferredFinancingCostsAndBankFees $174.34K USD 1 Quarter
Amortization of deferred financing costs AmortizationOfDeferredFinancingCostsAndBankFees $182.81K USD 1 Quarter
Amortization of prepaid rent Amortizationofprepaidrent $-30.48K USD 1 Quarter
Amortization of prepaid rent Amortizationofprepaidrent - USD 1 Quarter
Unrealized (gain) loss on derivative instruments UnrealizedGainLossOnCashFlowHedgingInstruments $1.97M USD 1 Quarter
Unrealized (gain) loss on derivative instruments UnrealizedGainLossOnCashFlowHedgingInstruments $-335.96K USD 1 Quarter
(Gain) loss from equity method investee IncomeLossFromEquityMethodInvestments $80.68K USD 1 Quarter
(Gain) loss from equity method investee IncomeLossFromEquityMethodInvestments $-30.38K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $703.35K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $147.75K USD 1 Quarter
Loss on sale and leaseback of vessel GainLossOnSaleOfOtherAssets $-4.29M USD 1 Quarter
Loss on sale and leaseback of vessel GainLossOnSaleOfOtherAssets - USD 1 Quarter
Share-based compensation ShareBasedCompensation $136.50K USD 1 Quarter
Share-based compensation ShareBasedCompensation $446.98K USD 1 Quarter
Decrease in restricted cash IncreaseDecreaseInRestrictedCashForOperatingActivities $-500.00K USD 1 Quarter
Decrease in restricted cash IncreaseDecreaseInRestrictedCashForOperatingActivities - USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-5.37M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $2.32M USD 1 Quarter
Bunker inventory IncreaseDecreaseInInventories $2.17M USD 1 Quarter
Bunker inventory IncreaseDecreaseInInventories $321.34K USD 1 Quarter
Advance hire, prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $779.76K USD 1 Quarter
Advance hire, prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $69.87K USD 1 Quarter
Drydocking costs PaymentForDrydockingCosts $42.48K USD 1 Quarter
Drydocking costs PaymentForDrydockingCosts $63.81K USD 1 Quarter
Accounts payable, accrued expenses and other current liabilities IncreaseDecreaseInAccountPayableAccruedExpensesAndOtherCurrentLiabilities $-838.73K USD 1 Quarter
Accounts payable, accrued expenses and other current liabilities IncreaseDecreaseInAccountPayableAccruedExpensesAndOtherCurrentLiabilities $-6.34M USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $913.85K USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $-759.94K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $2.43M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $4.13M USD 1 Quarter
Purchase of vessels PaymentForPurchaseOfVessels $793.95K USD 1 Quarter
Purchase of vessels PaymentForPurchaseOfVessels $253.49K USD 1 Quarter
Proceeds from sale and leaseback of vessel ProceedsFromSaleOfVessels - USD 1 Quarter
Proceeds from sale and leaseback of vessel ProceedsFromSaleOfVessels $21.00M USD 1 Quarter
Deposits on newbuildings in-process PaymentsToAcquireBuildings $37.11M USD 1 Quarter
Deposits on newbuildings in-process PaymentsToAcquireBuildings - USD 1 Quarter
Purchase of building and equipment PaymentsToAcquireOtherPropertyPlantAndEquipment - USD 1 Quarter
Purchase of building and equipment PaymentsToAcquireOtherPropertyPlantAndEquipment $7.25K USD 1 Quarter
Purchase of non-controlling interest in consolidated subsidiary Purchasefromnoncontrollinginterest $799.29K USD 1 Quarter
Purchase of non-controlling interest in consolidated subsidiary Purchasefromnoncontrollinginterest - USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-253.49K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-17.71M 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 $19.50M USD 1 Quarter
Payments of financing and issuance costs PaymentOfFinancingAndStockIssuanceCosts $763.38K USD 1 Quarter
Payments of financing and issuance costs PaymentOfFinancingAndStockIssuanceCosts $34.42K USD 1 Quarter
Payments of long-term debt RepaymentsOfLongTermDebt $6.13M USD 1 Quarter
Payments of long-term debt RepaymentsOfLongTermDebt $4.06M USD 1 Quarter
Accrued common stock dividends paid PaymentsOfDividendsCommonStock $100.00K USD 1 Quarter
Accrued common stock dividends paid PaymentsOfDividendsCommonStock - USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $14.68M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $-8.73M USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-601.12K USD 1 Quarter
Net decrease 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 $37.52M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $21.72M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $22.32M 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 $37.52M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $21.72M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $22.32M USD Point-in-time
Cash paid for interest InterestPaid $1.42M USD 1 Quarter
Cash paid for interest InterestPaid $1.19M USD 1 Quarter
Extinguishment of Related Party Debt ExtinguishmentofRelatedPartyDebt $9.28M USD 1 Quarter
Extinguishment of Related Party Debt ExtinguishmentofRelatedPartyDebt - USD 1 Quarter

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

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