10-Q Filing
Filing Information
| Form Type | 10-Q |
| Accession Number | 0001606909-18-000045 |
| Period End Date | 20180331 |
| Filing Date | 20180510 |
| Fiscal Year | 2018 |
| Fiscal Period | Q1 |
| XBRL Instance | panl-20180331.xml |
Filing Contents
This filing contains the following financial statements:
Balance Sheet
71 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Allowance for doubtful accounts receivable |
AllowanceForDoubtfulAccountsReceivable
|
$2.14M | USD | Point-in-time |
| Allowance for doubtful accounts receivable |
AllowanceForDoubtfulAccountsReceivable
|
$2.14M | 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 (in shares) |
PreferredStockSharesAuthorized
|
1.00M | shares | Point-in-time |
| Preferred stock, shares authorized (in shares) |
PreferredStockSharesAuthorized
|
1.00M | shares | Point-in-time |
| Cash and cash equivalents |
CashAndCashEquivalentsAtCarryingValue
|
$28.21M | USD | Point-in-time |
| Cash and cash equivalents |
CashAndCashEquivalentsAtCarryingValue
|
$34.53M | USD | Point-in-time |
| Preferred stock, shares Issued (in shares) |
PreferredStockSharesIssued
|
0.00 | shares | Point-in-time |
| Accounts receivable (net of allowance of $2,135,877 at March 31, 2018 and December 31, 2017) |
AccountsReceivableNetCurrent
|
$21.09M | USD | Point-in-time |
| Preferred stock, shares Issued (in shares) |
PreferredStockSharesIssued
|
0.00 | shares | Point-in-time |
| Accounts receivable (net of allowance of $2,135,877 at March 31, 2018 and December 31, 2017) |
AccountsReceivableNetCurrent
|
$21.68M | USD | Point-in-time |
| Bunker inventory |
InventoryNet
|
$14.29M | USD | Point-in-time |
| Preferred stock, shares outstanding (in shares) |
PreferredStockSharesOutstanding
|
0.00 | shares | Point-in-time |
| Preferred stock, shares outstanding (in shares) |
PreferredStockSharesOutstanding
|
0.00 | shares | Point-in-time |
| Bunker inventory |
InventoryNet
|
$15.36M | USD | Point-in-time |
| Advance hire, prepaid expenses and other current assets |
PrepaidExpenseAndOtherAssetsCurrent
|
$9.80M | USD | Point-in-time |
| Advance hire, prepaid expenses and other current assets |
PrepaidExpenseAndOtherAssetsCurrent
|
$12.03M | 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 |
| Total current assets |
AssetsCurrent
|
$83.01M | USD | Point-in-time |
| Common stock, shares authorized (in shares) |
CommonStockSharesAuthorized
|
100.00M | shares | Point-in-time |
| Total current assets |
AssetsCurrent
|
$73.98M | USD | Point-in-time |
| Common stock, shares authorized (in shares) |
CommonStockSharesAuthorized
|
100.00M | shares | Point-in-time |
| Common stock, shares issued (in shares) |
CommonStockSharesIssued
|
43.79M | shares | Point-in-time |
| Restricted Cash and Investments, Noncurrent |
RestrictedCashAndInvestmentsNoncurrent
|
$4.00M | USD | Point-in-time |
| Common stock, shares issued (in shares) |
CommonStockSharesIssued
|
44.10M | shares | Point-in-time |
| Restricted Cash and Investments, Noncurrent |
RestrictedCashAndInvestmentsNoncurrent
|
$4.00M | USD | Point-in-time |
| Fixed assets, net |
PropertyPlantAndEquipmentNet
|
$306.29M | USD | Point-in-time |
| Fixed assets, net |
PropertyPlantAndEquipmentNet
|
$304.11M | USD | Point-in-time |
| Common stock, shares outstanding (in shares) |
CommonStockSharesOutstanding
|
43.79M | shares | Point-in-time |
| Common stock, shares outstanding (in shares) |
CommonStockSharesOutstanding
|
44.10M | shares | Point-in-time |
| Vessels under capital lease |
Capitalleaseassetnet
|
$29.70M | USD | Point-in-time |
| Vessels under capital lease |
Capitalleaseassetnet
|
$29.99M | USD | Point-in-time |
| Total assets |
Assets
|
$423.30M | USD | Point-in-time |
| Total assets |
Assets
|
$411.80M | USD | Point-in-time |
| Accounts payable, accrued expenses and other current liabilities |
AccountsPayableAccruedExpensesAndOtherCurrentLiabilities
|
$29.18M | USD | Point-in-time |
| Accounts payable, accrued expenses and other current liabilities |
AccountsPayableAccruedExpensesAndOtherCurrentLiabilities
|
$21.79M | USD | Point-in-time |
| Related party debt |
DueToRelatedPartiesCurrent
|
$4.47M | USD | Point-in-time |
| Related party debt |
DueToRelatedPartiesCurrent
|
$7.01M | USD | Point-in-time |
| Deferred revenue |
DeferredRevenueCurrent
|
$5.82M | USD | Point-in-time |
| Deferred revenue |
DeferredRevenueCurrent
|
$6.58M | USD | Point-in-time |
| Current portion of secured long-term debt |
OtherLongTermDebtCurrent
|
$18.98M | USD | Point-in-time |
| Current portion of secured long-term debt |
OtherLongTermDebtCurrent
|
$18.71M | USD | Point-in-time |
| Capital Lease Obligations, Current |
CapitalLeaseObligationsCurrent
|
$1.79M | USD | Point-in-time |
| Capital Lease Obligations, Current |
CapitalLeaseObligationsCurrent
|
$1.81M | USD | Point-in-time |
| Dividend payable |
DividendsPayableCurrent
|
$6.33M | USD | Point-in-time |
| Dividend payable |
DividendsPayableCurrent
|
$7.24M | USD | Point-in-time |
| Total current liabilities |
LiabilitiesCurrent
|
$59.70M | USD | Point-in-time |
| Total current liabilities |
LiabilitiesCurrent
|
$70.01M | USD | Point-in-time |
| Secured long-term debt, net |
SecuredLongTermDebt
|
$117.62M | USD | Point-in-time |
| Secured long-term debt, net |
SecuredLongTermDebt
|
$113.17M | USD | Point-in-time |
| Current portion of capital lease obligations |
CapitalLeaseObligationsNoncurrent
|
$24.55M | USD | Point-in-time |
| Current portion of capital lease obligations |
CapitalLeaseObligationsNoncurrent
|
$25.02M | USD | Point-in-time |
| Commitments and contingencies (Note 7) |
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; 44,096,911 shares issued and outstanding at March 31, 2018; 43,794,526 shares issued and outstanding at December 31, 2017 |
CommonStockValue
|
$4.41K | USD | Point-in-time |
| Common stock, $0.0001 par value, 100,000,000 shares authorized; 44,096,911 shares issued and outstanding at March 31, 2018; 43,794,526 shares issued and outstanding at December 31, 2017 |
CommonStockValue
|
$4.38K | USD | Point-in-time |
| Additional paid-in capital |
AdditionalPaidInCapital
|
$154.94M | USD | Point-in-time |
| Additional paid-in capital |
AdditionalPaidInCapital
|
$155.56M | USD | Point-in-time |
| Accumulated deficit |
RetainedEarningsAccumulatedDeficit
|
$-7.69M | USD | Point-in-time |
| Accumulated deficit |
RetainedEarningsAccumulatedDeficit
|
$-9.60M | USD | Point-in-time |
| Total Pangaea Logistics Solutions Ltd. equity |
StockholdersEquity
|
$147.87M | USD | Point-in-time |
| Total Pangaea Logistics Solutions Ltd. equity |
StockholdersEquity
|
$145.35M | USD | Point-in-time |
| Non-controlling interests |
MinorityInterest
|
$65.30M | USD | Point-in-time |
| Non-controlling interests |
MinorityInterest
|
$66.51M | USD | Point-in-time |
| Total stockholders' equity |
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
$214.38M | USD | Point-in-time |
| Total stockholders' equity |
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
$210.66M | USD | Point-in-time |
| Total liabilities and stockholders' equity |
LiabilitiesAndStockholdersEquity
|
$423.30M | USD | Point-in-time |
| Total liabilities and stockholders' equity |
LiabilitiesAndStockholdersEquity
|
$411.80M | USD | Point-in-time |
Income Statement
46 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Voyage revenue |
VoyageRevenue
|
$70.32M | USD | 1 Quarter |
| Voyage revenue |
VoyageRevenue
|
$77.69M | USD | 1 Quarter |
| Charter revenue |
CharterRevenue
|
$6.77M | USD | 1 Quarter |
| Charter revenue |
CharterRevenue
|
$8.65M | USD | 1 Quarter |
| Revenues |
Revenues
|
$84.46M | USD | 1 Quarter |
| Revenues |
Revenues
|
$78.97M | USD | 1 Quarter |
| Voyage expense |
VoyageExpense
|
$30.17M | USD | 1 Quarter |
| Voyage expense |
VoyageExpense
|
$41.27M | USD | 1 Quarter |
| Charter hire expense |
CharterHireExpense
|
$23.20M | USD | 1 Quarter |
| Charter hire expense |
CharterHireExpense
|
$22.70M | USD | 1 Quarter |
| Vessel operating expense |
VesselOperatingExpense
|
$8.59M | USD | 1 Quarter |
| Vessel operating expense |
VesselOperatingExpense
|
$9.85M | USD | 1 Quarter |
| General and administrative |
GeneralAndAdministrativeExpense
|
$4.13M | USD | 1 Quarter |
| General and administrative |
GeneralAndAdministrativeExpense
|
$3.51M | USD | 1 Quarter |
| Depreciation and amortization |
CostOfServicesDepreciationAndAmortization
|
$4.34M | USD | 1 Quarter |
| Depreciation and amortization |
CostOfServicesDepreciationAndAmortization
|
$3.94M | USD | 1 Quarter |
| Loss on sale and leaseback of vessels |
GainLossOnSaleOfProperties
|
- | USD | 1 Quarter |
| Loss on sale and leaseback of vessels |
GainLossOnSaleOfProperties
|
$-4.29M | USD | 1 Quarter |
| Total expenses |
OperatingExpenses
|
$84.81M | USD | 1 Quarter |
| Total expenses |
OperatingExpenses
|
$71.18M | USD | 1 Quarter |
| Income (loss) from operations |
OperatingIncomeLoss
|
$-355.75K | USD | 1 Quarter |
| Income (loss) from operations |
OperatingIncomeLoss
|
$7.79M | USD | 1 Quarter |
| Interest expense, net |
InterestExpense
|
$2.06M | 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
|
$63.46K | USD | 1 Quarter |
| Unrealized (loss) gain on derivative instruments, net |
UnrealizedGainLossOnDerivatives
|
$1.97M | USD | 1 Quarter |
| Unrealized (loss) gain on derivative instruments, net |
UnrealizedGainLossOnDerivatives
|
$-562.61K | USD | 1 Quarter |
| Other income |
NonoperatingIncomeExpense
|
$-2.26M | USD | 1 Quarter |
| Other income |
NonoperatingIncomeExpense
|
$352.07K | USD | 1 Quarter |
| Total other (expense) income, net |
OtherNonoperatingIncomeExpense
|
$94.65K | USD | 1 Quarter |
| Total other (expense) income, net |
OtherNonoperatingIncomeExpense
|
$428.33K | USD | 1 Quarter |
| Net income (loss) |
ProfitLoss
|
$-3.68K | USD | 1 Quarter |
| Net income (loss) |
ProfitLoss
|
$5.54M | USD | 1 Quarter |
| (Income) loss attributable to non-controlling interests |
NetIncomeLossAttributableToNoncontrollingInterest
|
$-1.35M | USD | 1 Quarter |
| (Income) loss attributable to non-controlling interests |
NetIncomeLossAttributableToNoncontrollingInterest
|
$1.21M | 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
|
$4.32M | USD | 1 Quarter |
| Basic (in dollars per share) |
EarningsPerShareBasic
|
$0.10 | USD | 1 Quarter |
| Basic (in dollars per share) |
EarningsPerShareBasic
|
$0.04 | USD | 1 Quarter |
| Diluted (in dollars per share) |
EarningsPerShareDiluted
|
$0.04 | USD | 1 Quarter |
| Diluted (in dollars per share) |
EarningsPerShareDiluted
|
$0.10 | USD | 1 Quarter |
| Weighted Average Number of Shares Outstanding, Basic |
WeightedAverageNumberOfSharesOutstandingBasic
|
42.02M | shares | 1 Quarter |
| Weighted Average Number of Shares Outstanding, Basic |
WeightedAverageNumberOfSharesOutstandingBasic
|
35.28M | shares | 1 Quarter |
| Weighted Average Number of Shares Outstanding, Diluted |
WeightedAverageNumberOfDilutedSharesOutstanding
|
42.66M | shares | 1 Quarter |
| Weighted Average Number of Shares Outstanding, Diluted |
WeightedAverageNumberOfDilutedSharesOutstanding
|
35.81M | shares | 1 Quarter |
Cash Flow Statement
68 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Cash, cash equivelants, and restricted cash |
Cashcashequivelantsandrestrictedcash
|
$32.21M | USD | Point-in-time |
| Cash, cash equivelants, and restricted cash |
Cashcashequivelantsandrestrictedcash
|
$38.53M | USD | Point-in-time |
| Cash, cash equivelants, and restricted cash |
Cashcashequivelantsandrestrictedcash
|
$27.82M | USD | Point-in-time |
| Cash, cash equivelants, and restricted cash |
Cashcashequivelantsandrestrictedcash
|
$28.42M | USD | Point-in-time |
| Net income (loss) |
ProfitLoss
|
$-3.68K | USD | 1 Quarter |
| Net income (loss) |
ProfitLoss
|
$5.54M | USD | 1 Quarter |
| Depreciation and amortization expense |
DepreciationDepletionAndAmortization
|
$3.94M | USD | 1 Quarter |
| Depreciation and amortization expense |
DepreciationDepletionAndAmortization
|
$4.34M | USD | 1 Quarter |
| Amortization of deferred financing costs |
AmortizationOfDeferredFinancingCostsAndBankFees
|
$166.22K | USD | 1 Quarter |
| Amortization of deferred financing costs |
AmortizationOfDeferredFinancingCostsAndBankFees
|
$174.34K | USD | 1 Quarter |
| Amortization of prepaid rent |
Amortizationofprepaidrent
|
$-30.48K | USD | 1 Quarter |
| Amortization of prepaid rent |
Amortizationofprepaidrent
|
$-30.48K | USD | 1 Quarter |
| Unrealized loss (gain) on derivative instruments |
UnrealizedGainLossOnCashFlowHedgingInstruments
|
$-562.61K | USD | 1 Quarter |
| Unrealized loss (gain) on derivative instruments |
UnrealizedGainLossOnCashFlowHedgingInstruments
|
$1.97M | USD | 1 Quarter |
| Gain from equity method investee |
IncomeLossFromEquityMethodInvestments
|
$80.68K | USD | 1 Quarter |
| Gain from equity method investee |
IncomeLossFromEquityMethodInvestments
|
$90.00K | USD | 1 Quarter |
| Provision for doubtful accounts |
ProvisionForDoubtfulAccounts
|
- | USD | 1 Quarter |
| Provision for doubtful accounts |
ProvisionForDoubtfulAccounts
|
$147.75K | USD | 1 Quarter |
| Loss on sale and leaseback of vessel |
GainLossOnSaleOfOtherAssets
|
- | USD | 1 Quarter |
| Loss on sale and leaseback of vessel |
GainLossOnSaleOfOtherAssets
|
$-4.29M | USD | 1 Quarter |
| Recognized cost for restricted stock issued as compensation |
ShareBasedCompensation
|
$446.98K | USD | 1 Quarter |
| Recognized cost for restricted stock issued as compensation |
ShareBasedCompensation
|
$612.66K | USD | 1 Quarter |
| Accounts receivable |
IncreaseDecreaseInAccountsReceivable
|
$2.32M | USD | 1 Quarter |
| Accounts receivable |
IncreaseDecreaseInAccountsReceivable
|
$593.49K | USD | 1 Quarter |
| Bunker inventory |
IncreaseDecreaseInInventories
|
$2.17M | USD | 1 Quarter |
| Bunker inventory |
IncreaseDecreaseInInventories
|
$-1.06M | USD | 1 Quarter |
| Advance hire, prepaid expenses and other current assets |
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
$69.87K | USD | 1 Quarter |
| Advance hire, prepaid expenses and other current assets |
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
$-4.03M | USD | 1 Quarter |
| Drydocking costs |
PaymentForDrydockingCosts
|
$1.50M | 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
|
$-7.40M | USD | 1 Quarter |
| Deferred revenue |
IncreaseDecreaseInDeferredRevenue
|
$-3.96M | USD | 1 Quarter |
| Deferred revenue |
IncreaseDecreaseInDeferredRevenue
|
$913.85K | USD | 1 Quarter |
| Net cash provided by operating activities |
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
$2.43M | USD | 1 Quarter |
| Net cash provided by operating activities |
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
$2.79M | USD | 1 Quarter |
| Purchase of vessels |
PaymentForPurchaseOfVessels
|
$37.90M | USD | 1 Quarter |
| Purchase of vessels |
PaymentForPurchaseOfVessels
|
$298.42K | USD | 1 Quarter |
| Purchase of building and equipment |
PaymentsToAcquireOtherPropertyPlantAndEquipment
|
$7.25K | USD | 1 Quarter |
| Purchase of building and equipment |
PaymentsToAcquireOtherPropertyPlantAndEquipment
|
$110.42K | USD | 1 Quarter |
| Proceeds from Sale of Property, Plant, and Equipment |
ProceedsFromSaleOfPropertyPlantAndEquipment
|
- | USD | 1 Quarter |
| Proceeds from Sale of Property, Plant, and Equipment |
ProceedsFromSaleOfPropertyPlantAndEquipment
|
$31.59K | 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
|
$-38.71M | USD | 1 Quarter |
| Net cash used in investing activities |
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
$-377.24K | USD | 1 Quarter |
| Payments of related party debt |
RepaymentsOfRelatedPartyDebt
|
$2.54M | USD | 1 Quarter |
| Payments of related party debt |
RepaymentsOfRelatedPartyDebt
|
- | USD | 1 Quarter |
| Proceeds from long-term debt |
ProceedsFromIssuanceOfLongTermDebt
|
$19.50M | USD | 1 Quarter |
| Proceeds from long-term debt |
ProceedsFromIssuanceOfLongTermDebt
|
- | USD | 1 Quarter |
| Payments of financing and issuance costs |
PaymentOfFinancingAndStockIssuanceCosts
|
$91.33K | USD | 1 Quarter |
| Payments of financing and issuance costs |
PaymentOfFinancingAndStockIssuanceCosts
|
$763.38K | USD | 1 Quarter |
| Payments of long-term debt |
RepaymentsOfLongTermDebt
|
$4.77M | USD | 1 Quarter |
| Payments of long-term debt |
RepaymentsOfLongTermDebt
|
$4.06M | USD | 1 Quarter |
| Sale Leaseback Transaction, Net Proceeds, Financing Activities |
SaleLeasebackTransactionNetProceedsFinancingActivities
|
$21.00M | USD | 1 Quarter |
| Sale Leaseback Transaction, Net Proceeds, Financing Activities |
SaleLeasebackTransactionNetProceedsFinancingActivities
|
- | USD | 1 Quarter |
| Repayments of Long-term Capital Lease Obligations |
RepaymentsOfLongTermCapitalLeaseObligations
|
- | USD | 1 Quarter |
| Repayments of Long-term Capital Lease Obligations |
RepaymentsOfLongTermCapitalLeaseObligations
|
$436.51K | USD | 1 Quarter |
| Payments of Ordinary Dividends, Noncontrolling Interest |
PaymentsOfDividendsMinorityInterest
|
- | USD | 1 Quarter |
| Payments of Ordinary Dividends, Noncontrolling Interest |
PaymentsOfDividendsMinorityInterest
|
$904.80K | USD | 1 Quarter |
| Net cash (used in) provided by financing activities |
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
$-8.74M | USD | 1 Quarter |
| Net cash (used in) provided by financing activities |
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
$35.68M | USD | 1 Quarter |
| Net decrease in cash and cash equivalents |
CashAndCashEquivalentsPeriodIncreaseDecrease
|
$-6.33M | USD | 1 Quarter |
| Net decrease in cash and cash equivalents |
CashAndCashEquivalentsPeriodIncreaseDecrease
|
$-601.12K | USD | 1 Quarter |
| Cash and cash equivalents at end of period |
CashAndCashEquivalentsAtCarryingValue
|
$28.21M | USD | Point-in-time |
| Cash and cash equivalents at end of period |
CashAndCashEquivalentsAtCarryingValue
|
$34.53M | USD | Point-in-time |
| Cash paid for interest |
InterestPaid
|
$1.76M | USD | 1 Quarter |
| Cash paid for interest |
InterestPaid
|
$1.42M | USD | 1 Quarter |
Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.