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10-Q Filing

Pangaea Logistics Solutions Ltd. CIK: 1606909 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001606909-22-000053
Period End Date 20220331
Filing Date 20220510
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance panl-20220331_htm.xml
Filing Contents
Balance Sheet 80 line items
Line Item Tag Value Unit Period
Allowance for doubtful accounts receivable AllowanceForDoubtfulAccountsReceivable $1.99M USD Point-in-time
Allowance for doubtful accounts receivable AllowanceForDoubtfulAccountsReceivable $2.69M 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
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $56.21M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $69.92M USD Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 1.00M shares 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
Accounts receivable (net of allowance of $2,687,328 and $1,990,459 at March 31, 2022 and December 31, 2021, respectively) AccountsReceivableNetCurrent $54.26M USD Point-in-time
Accounts receivable (net of allowance of $2,687,328 and $1,990,459 at March 31, 2022 and December 31, 2021, respectively) AccountsReceivableNetCurrent $41.37M 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 $27.15M USD Point-in-time
Bunker inventory InventoryNet $39.21M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Advance hire, prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $46.35M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Advance hire, prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $47.60M USD Point-in-time
Vessel held for sale AssetsHeldForSaleNotPartOfDisposalGroupCurrent - USD Point-in-time
Vessel held for sale AssetsHeldForSaleNotPartOfDisposalGroupCurrent $8.57M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 45.99M shares Point-in-time
Total current assets AssetsCurrent $206.67M USD Point-in-time
Total current assets AssetsCurrent $183.96M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 45.62M shares Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 45.62M shares Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 45.99M shares Point-in-time
Fixed assets, net PropertyPlantAndEquipmentNet $474.30M USD Point-in-time
Fixed assets, net PropertyPlantAndEquipmentNet $471.91M USD Point-in-time
Advances for vessel purchases InvestmentInNewbuildingsInProcess - USD Point-in-time
Advances for vessel purchases InvestmentInNewbuildingsInProcess $1.99M USD Point-in-time
Finance lease right of use assets, net FinanceLeaseRightOfUseAsset $45.88M USD Point-in-time
Finance lease right of use assets, net FinanceLeaseRightOfUseAsset $45.20M USD Point-in-time
Other non-current Assets OtherAssetsNoncurrent $4.02M USD Point-in-time
Other non-current Assets OtherAssetsNoncurrent $3.96M USD Point-in-time
Total assets Assets $730.86M USD Point-in-time
Total assets Assets $707.02M USD Point-in-time
Accounts payable, accrued expenses and other current liabilities AccountsPayableAccruedExpensesAndOtherCurrentLiabilities $49.15M USD Point-in-time
Accounts payable, accrued expenses and other current liabilities AccountsPayableAccruedExpensesAndOtherCurrentLiabilities $56.53M USD Point-in-time
Related party debt DueToRelatedPartiesCurrent $242.85K USD Point-in-time
Related party debt DueToRelatedPartiesCurrent $242.85K USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $25.90M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $32.21M USD Point-in-time
Current portion of secured long-term debt OtherLongTermDebtCurrent $15.44M USD Point-in-time
Current portion of secured long-term debt OtherLongTermDebtCurrent $15.32M USD Point-in-time
Current portion of finance lease liabilities FinanceLeaseLiabilityCurrent $14.48M USD Point-in-time
Current portion of finance lease liabilities FinanceLeaseLiabilityCurrent $16.06M USD Point-in-time
Dividend payable DividendsPayableCurrent $213.76K USD Point-in-time
Dividend payable DividendsPayableCurrent $197.74K USD Point-in-time
Total current liabilities LiabilitiesCurrent $114.24M USD Point-in-time
Total current liabilities LiabilitiesCurrent $111.74M USD Point-in-time
Secured long-term debt, net SecuredLongTermDebt $105.84M USD Point-in-time
Secured long-term debt, net SecuredLongTermDebt $102.72M USD Point-in-time
Finance lease liabilities, net FinanceLeaseLiabilityNoncurrent $180.36M USD Point-in-time
Finance lease liabilities, net FinanceLeaseLiabilityNoncurrent $170.96M USD Point-in-time
Long-term liabilities - other - Note 8 OtherLiabilitiesNoncurrent $17.15M USD Point-in-time
Long-term liabilities - other - Note 8 OtherLiabilitiesNoncurrent $17.81M USD Point-in-time
Commitments and contingencies - Note 7 CommitmentsAndContingencies - 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; 45,991,977 shares issued and outstanding at March 31, 2022; 45,617,840 shares issued and outstanding at December 31, 2021 CommonStockValue $4.60K USD Point-in-time
Common stock, $0.0001 par value, 100,000,000 shares authorized; 45,991,977 shares issued and outstanding at March 31, 2022; 45,617,840 shares issued and outstanding at December 31, 2021 CommonStockValue $4.56K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $162.07M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $161.53M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $103.55M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $85.66M USD Point-in-time
Total Pangaea Logistics Solutions Ltd. equity StockholdersEquity $247.20M USD Point-in-time
Total Pangaea Logistics Solutions Ltd. equity StockholdersEquity $265.63M USD Point-in-time
Non-controlling interests MinorityInterest $53.48M USD Point-in-time
Non-controlling interests MinorityInterest $50.76M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $234.43M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $300.68M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $316.39M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $241.76M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $707.02M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $730.86M USD Point-in-time
Income Statement 42 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $124.97M USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $191.76M USD 1 Quarter
Voyage expense VoyageExpense $65.25M USD 1 Quarter
Voyage expense VoyageExpense $47.84M USD 1 Quarter
Charter hire expense CharterHireExpense $53.64M USD 1 Quarter
Charter hire expense CharterHireExpense $77.71M USD 1 Quarter
Vessel operating expense VesselOperatingExpense $13.19M USD 1 Quarter
Vessel operating expense VesselOperatingExpense $8.50M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $4.20M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $5.28M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAccretionNet $4.42M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAccretionNet $7.30M USD 1 Quarter
Loss on impairment of vessels TangibleAssetImpairmentCharges - USD 1 Quarter
Loss on impairment of vessels TangibleAssetImpairmentCharges $3.01M USD 1 Quarter
Total expenses OperatingExpenses $118.59M USD 1 Quarter
Total expenses OperatingExpenses $171.74M USD 1 Quarter
Income from operations OperatingIncomeLoss $6.38M USD 1 Quarter
Income from operations OperatingIncomeLoss $20.02M USD 1 Quarter
Interest expense, net InterestExpenseDebt $3.37M USD 1 Quarter
Interest expense, net InterestExpenseDebt $1.96M USD 1 Quarter
Income attributable to Non-controlling interest recorded as long-term liability interest expense InterestExpenseRelatedParty $270.67K USD 1 Quarter
Income attributable to Non-controlling interest recorded as long-term liability interest expense InterestExpenseRelatedParty $1.84M USD 1 Quarter
Unrealized gain on derivative instruments, net UnrealizedGainLossOnDerivatives $2.02M USD 1 Quarter
Unrealized gain on derivative instruments, net UnrealizedGainLossOnDerivatives $7.50M USD 1 Quarter
Other income OtherNonoperatingIncomeExpense $333.46K USD 1 Quarter
Other income OtherNonoperatingIncomeExpense $137.21K USD 1 Quarter
Total other income, net NonoperatingIncomeExpense $2.43M USD 1 Quarter
Total other income, net NonoperatingIncomeExpense $128.36K USD 1 Quarter
Net income ProfitLoss $6.51M USD 1 Quarter
Net income ProfitLoss $22.45M USD 1 Quarter
Income attributable to non-controlling interests NetIncomeLossAttributableToNoncontrollingInterest $653.02K USD 1 Quarter
Income attributable to non-controlling interests NetIncomeLossAttributableToNoncontrollingInterest $2.28M USD 1 Quarter
Net income attributable to Pangaea Logistics Solutions Ltd. NetIncomeLoss $20.17M USD 1 Quarter
Net income attributable to Pangaea Logistics Solutions Ltd. NetIncomeLoss $5.85M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.13 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.45 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.13 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.45 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 43.97M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 44.39M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 45.19M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 44.55M shares 1 Quarter
Cash Flow Statement 68 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $6.51M USD 1 Quarter
Net income ProfitLoss $22.45M USD 1 Quarter
Depreciation and amortization expense DepreciationDepletionAndAmortization $4.42M USD 1 Quarter
Depreciation and amortization expense DepreciationDepletionAndAmortization $7.30M USD 1 Quarter
Amortization of deferred financing costs AmortizationOfFinancingCosts $163.80K USD 1 Quarter
Amortization of deferred financing costs AmortizationOfFinancingCosts $256.83K USD 1 Quarter
Amortization of prepaid rent AmortizationofPrepaidRent1 $30.48K USD 1 Quarter
Amortization of prepaid rent AmortizationofPrepaidRent1 $28.81K USD 1 Quarter
Unrealized gain on derivative instruments UnrealizedGainLossOnDerivatives $2.02M USD 1 Quarter
Unrealized gain on derivative instruments UnrealizedGainLossOnDerivatives $7.50M USD 1 Quarter
Income (Loss) from Equity Method Investments IncomeLossFromEquityMethodInvestments $137.21K USD 1 Quarter
Income (Loss) from Equity Method Investments IncomeLossFromEquityMethodInvestments $333.46K USD 1 Quarter
Earnings attributable to non-controlling interest recorded as other long term liability EarningsAttributableToNoncontrollingInterestRecordedAsInterestExpense $1.84M USD 1 Quarter
Earnings attributable to non-controlling interest recorded as other long term liability EarningsAttributableToNoncontrollingInterestRecordedAsInterestExpense $270.67K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $696.87K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $176.98K USD 1 Quarter
Loss on impairment of vessels TangibleAssetImpairmentCharges - USD 1 Quarter
Loss on impairment of vessels TangibleAssetImpairmentCharges $3.01M USD 1 Quarter
Drydocking costs PaymentForDrydockingCosts $1.64M USD 1 Quarter
Drydocking costs PaymentForDrydockingCosts $1.11M USD 1 Quarter
Share-based compensation ShareBasedCompensation $827.81K USD 1 Quarter
Share-based compensation ShareBasedCompensation $947.55K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-12.20M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $278.74K USD 1 Quarter
Bunker inventory IncreaseDecreaseInInventories $-338.27K USD 1 Quarter
Bunker inventory IncreaseDecreaseInInventories $12.06M USD 1 Quarter
Advance hire, prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $2.17M USD 1 Quarter
Advance hire, prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-6.26M USD 1 Quarter
Accounts payable, accrued expenses and other current liabilities IncreaseDecreaseInAccountPayableAccruedExpensesAndOtherCurrentLiabilities $-2.85M USD 1 Quarter
Accounts payable, accrued expenses and other current liabilities IncreaseDecreaseInAccountPayableAccruedExpensesAndOtherCurrentLiabilities $4.84M USD 1 Quarter
Deferred revenue IncreaseDecreaseInContractWithCustomerLiability $-6.31M USD 1 Quarter
Deferred revenue IncreaseDecreaseInContractWithCustomerLiability $852.70K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $32.06M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $4.94M USD 1 Quarter
Purchase of vessels and vessel improvements PaymentForPurchaseOfVessels $5.47M USD 1 Quarter
Purchase of vessels and vessel improvements PaymentForPurchaseOfVessels $18.26M USD 1 Quarter
Purchase of fixed assets and equipment PaymentsToAcquireOtherPropertyPlantAndEquipment - USD 1 Quarter
Purchase of fixed assets and equipment PaymentsToAcquireOtherPropertyPlantAndEquipment $67.18K USD 1 Quarter
Payment from non-consolidated subsidiaries ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital - USD 1 Quarter
Payment from non-consolidated subsidiaries ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $81.50K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-5.47M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-18.25M USD 1 Quarter
Payments of financing fees and debt issuance costs PaymentOfFinancingAndStockIssuanceCosts $331.32K USD 1 Quarter
Payments of financing fees and debt issuance costs PaymentOfFinancingAndStockIssuanceCosts $112.33K USD 1 Quarter
Payments of long-term debt RepaymentsOfSecuredDebt $3.35M USD 1 Quarter
Payments of long-term debt RepaymentsOfSecuredDebt $2.97M USD 1 Quarter
Proceeds from finance leases ProceedsFromFinanceLease - USD 1 Quarter
Proceeds from finance leases ProceedsFromFinanceLease $15.00M USD 1 Quarter
Payments of finance lease obligations FinanceLeasePrincipalPayments $3.84M USD 1 Quarter
Payments of finance lease obligations FinanceLeasePrincipalPayments $1.73M USD 1 Quarter
Dividends paid to non-controlling interests PaymentsOfDividendsMinorityInterest - USD 1 Quarter
Dividends paid to non-controlling interests PaymentsOfDividendsMinorityInterest $5.00M USD 1 Quarter
Accrued common stock dividends paid PaymentsOfDividendsCommonStock $906.90K USD 1 Quarter
Accrued common stock dividends paid PaymentsOfDividendsCommonStock $2.29M USD 1 Quarter
Cash paid for incentive compensation shares relinquished PaymentsRelatedToTaxWithholdingForShareBasedCompensation $129.19K USD 1 Quarter
Cash paid for incentive compensation shares relinquished PaymentsRelatedToTaxWithholdingForShareBasedCompensation $287.63K USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-5.85M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-102.05K USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $13.71M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-6.38M USD 1 Quarter
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $56.21M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $48.40M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $69.92M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $42.02M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $56.21M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $48.40M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $69.92M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $42.02M USD Point-in-time
Stockholders Equity 15 line items
Line Item Tag Value Unit Period
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $234.43M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $300.68M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $316.39M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $241.76M USD Point-in-time
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $827.81K USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $947.55K USD 1 Quarter
Issuance of restricted shares, net of forfeitures StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures $-129.19K USD 1 Quarter
Issuance of restricted shares, net of forfeitures StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures $-287.63K USD 1 Quarter
Distribution to Non-Controlling Interests MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $5.00M USD 1 Quarter
Net Income ProfitLoss $6.51M USD 1 Quarter
Net Income ProfitLoss $22.45M USD 1 Quarter
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $234.43M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $300.68M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $316.39M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $241.76M USD Point-in-time

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

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