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10-Q Filing

Pangaea Logistics Solutions Ltd. CIK: 1606909 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001606909-23-000063
Period End Date 20230331
Filing Date 20230510
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance panl-20230331_htm.xml
Filing Contents
Balance Sheet 77 line items
Line Item Tag Value Unit Period
Allowance for doubtful accounts receivable AllowanceForDoubtfulAccountsReceivable $4.20M USD Point-in-time
Allowance for doubtful accounts receivable AllowanceForDoubtfulAccountsReceivable $4.37M 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 $128.38M USD Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 1.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $129.15M 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 $4,197,323 and $4,367,848 at March 31, 2023 and December 31, 2022, respectively) AccountsReceivableNetCurrent $33.44M USD Point-in-time
Accounts receivable (net of allowance of $4,197,323 and $4,367,848 at March 31, 2023 and December 31, 2022, respectively) AccountsReceivableNetCurrent $36.76M USD Point-in-time
Bunker inventory InventoryNet $29.10M 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 $26.73M 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 $30.44M USD Point-in-time
Advance hire, prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $28.27M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Total current assets AssetsCurrent $219.76M USD Point-in-time
Total current assets AssetsCurrent $222.51M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Fixed assets, net PropertyPlantAndEquipmentNet $461.74M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 46.47M shares Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 45.90M shares Point-in-time
Fixed assets, net PropertyPlantAndEquipmentNet $476.52M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 46.47M shares Point-in-time
Finance lease right of use assets, net FinanceLeaseRightOfUseAsset $42.99M USD Point-in-time
Finance lease right of use assets, net FinanceLeaseRightOfUseAsset $43.92M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 45.90M shares Point-in-time
Other non-current assets OtherAssetsNoncurrent $5.73M USD Point-in-time
Other non-current assets OtherAssetsNoncurrent $5.28M USD Point-in-time
Total assets Assets $748.24M USD Point-in-time
Total assets Assets $730.23M USD Point-in-time
Accounts payable, accrued expenses and other current liabilities AccountsPayableAccruedExpensesAndOtherCurrentLiabilities $38.55M USD Point-in-time
Accounts payable, accrued expenses and other current liabilities AccountsPayableAccruedExpensesAndOtherCurrentLiabilities $40.22M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $16.42M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $20.88M USD Point-in-time
Current portion of secured long-term debt OtherLongTermDebtCurrent $13.37M USD Point-in-time
Current portion of secured long-term debt OtherLongTermDebtCurrent $15.78M USD Point-in-time
Current portion of finance lease liabilities FinanceLeaseLiabilityCurrent $16.37M USD Point-in-time
Current portion of finance lease liabilities FinanceLeaseLiabilityCurrent $16.37M USD Point-in-time
Current portion of finance lease liabilities FinanceLeaseLiabilityCurrent $16.47M USD Point-in-time
Dividend payable DividendsPayableCurrent $639.63K USD Point-in-time
Dividend payable DividendsPayableCurrent $626.18K USD Point-in-time
Total current liabilities LiabilitiesCurrent $87.12M USD Point-in-time
Total current liabilities LiabilitiesCurrent $92.21M USD Point-in-time
Secured long-term debt, net SecuredLongTermDebt $95.56M USD Point-in-time
Secured long-term debt, net SecuredLongTermDebt $98.82M USD Point-in-time
Long-term portion FinanceLeaseLiabilityNoncurrent $164.52M USD Point-in-time
Long-term portion FinanceLeaseLiabilityNoncurrent $168.51M USD Point-in-time
Long-term portion FinanceLeaseLiabilityNoncurrent $168.51M USD Point-in-time
Long-term liabilities - other - Note 10 OtherLiabilitiesNoncurrent $19.83M USD Point-in-time
Long-term liabilities - other - Note 10 OtherLiabilitiesNoncurrent $19.97M USD Point-in-time
Long-term liabilities - other - Note 10 OtherLiabilitiesNoncurrent $17.81M USD Point-in-time
Commitments and contingencies - Note 9 CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies - Note 9 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; 46,466,622 shares issued and outstanding at March 31, 2023; 45,898,395 shares issued and outstanding at December 31, 2022 CommonStockValue $4.65K USD Point-in-time
Common stock, $0.0001 par value, 100,000,000 shares authorized; 46,466,622 shares issued and outstanding at March 31, 2023; 45,898,395 shares issued and outstanding at December 31, 2022 CommonStockValue $4.59K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $163.62M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $162.89M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $151.33M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $150.14M USD Point-in-time
Total Pangaea Logistics Solutions Ltd. equity StockholdersEquity $314.23M USD Point-in-time
Total Pangaea Logistics Solutions Ltd. equity StockholdersEquity $313.77M USD Point-in-time
Non-controlling interests MinorityInterest $54.50M USD Point-in-time
Non-controlling interests MinorityInterest $49.42M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $316.39M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $363.19M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $300.68M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $368.72M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $730.23M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $748.24M USD Point-in-time
Income Statement 42 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $191.76M USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $113.70M USD 1 Quarter
Voyage expense VoyageExpense $65.25M USD 1 Quarter
Voyage expense VoyageExpense $56.81M USD 1 Quarter
Charter hire expense CharterHireExpense $22.59M USD 1 Quarter
Charter hire expense CharterHireExpense $77.71M USD 1 Quarter
Vessel operating expense VesselOperatingExpense $13.61M USD 1 Quarter
Vessel operating expense VesselOperatingExpense $13.19M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $5.69M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $5.28M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAccretionNet $7.33M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAccretionNet $7.30M USD 1 Quarter
Loss on impairment of vessel TangibleAssetImpairmentCharges $3.01M USD 1 Quarter
Loss on impairment of vessel TangibleAssetImpairmentCharges - USD 1 Quarter
Loss on sale of vessel GainLossOnSaleOfProperties - USD 1 Quarter
Loss on sale of vessel GainLossOnSaleOfProperties $-1.17M USD 1 Quarter
Total expenses OperatingExpenses $107.20M USD 1 Quarter
Total expenses OperatingExpenses $171.74M USD 1 Quarter
Income from operations OperatingIncomeLoss $20.02M USD 1 Quarter
Income from operations OperatingIncomeLoss $6.50M USD 1 Quarter
Interest and Other Income InterestAndOtherIncome $1.05M USD 1 Quarter
Interest and Other Income InterestAndOtherIncome $539.00 USD 1 Quarter
Unrealized (loss) gain on derivative instruments, net UnrealizedGainLossOnDerivatives $-423.57K USD 1 Quarter
Unrealized (loss) gain on derivative instruments, net UnrealizedGainLossOnDerivatives $7.50M USD 1 Quarter
Other income OtherNonoperatingIncomeExpense $386.41K USD 1 Quarter
Other income OtherNonoperatingIncomeExpense $137.21K USD 1 Quarter
Total other (expense) income, net NonoperatingIncomeExpense $2.43M USD 1 Quarter
Total other (expense) income, net NonoperatingIncomeExpense $-3.09M USD 1 Quarter
Net income ProfitLoss $3.40M USD 1 Quarter
Net income ProfitLoss $22.45M USD 1 Quarter
Loss (income) attributable to non-controlling interests NetIncomeLossAttributableToNoncontrollingInterest $2.28M USD 1 Quarter
Loss (income) attributable to non-controlling interests NetIncomeLossAttributableToNoncontrollingInterest $-71.36K 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 $3.47M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.45 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.08 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.08 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.45 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 44.71M 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 45.12M shares 1 Quarter
Cash Flow Statement 75 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $3.40M USD 1 Quarter
Net income ProfitLoss $22.45M USD 1 Quarter
Depreciation and amortization expense DepreciationDepletionAndAmortization $7.33M USD 1 Quarter
Depreciation and amortization expense DepreciationDepletionAndAmortization $7.30M USD 1 Quarter
Amortization of deferred financing costs AmortizationOfFinancingCosts $239.21K 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 $30.48K USD 1 Quarter
Unrealized loss (gain) on derivative instruments UnrealizedGainLossOnDerivatives $-423.57K USD 1 Quarter
Unrealized loss (gain) on derivative instruments UnrealizedGainLossOnDerivatives $7.50M USD 1 Quarter
Income (Loss) from Equity Method Investments IncomeLossFromEquityMethodInvestments $386.41K USD 1 Quarter
Income (Loss) from Equity Method Investments IncomeLossFromEquityMethodInvestments $137.21K USD 1 Quarter
(Loss) earnings attributable to non-controlling interest recorded as other long term liability EarningsAttributableToNoncontrollingInterestRecordedAsInterestExpense $1.84M USD 1 Quarter
(Loss) earnings attributable to non-controlling interest recorded as other long term liability EarningsAttributableToNoncontrollingInterestRecordedAsInterestExpense $6.72M USD Annual
(Loss) earnings attributable to non-controlling interest recorded as other long term liability EarningsAttributableToNoncontrollingInterestRecordedAsInterestExpense $-144.74K USD 1 Quarter
(Recovery) provision for doubtful accounts ProvisionForDoubtfulAccounts $-170.53K USD 1 Quarter
(Recovery) provision for doubtful accounts ProvisionForDoubtfulAccounts $696.87K USD 1 Quarter
Loss on impairment of vessel TangibleAssetImpairmentCharges $3.01M USD 1 Quarter
Loss on impairment of vessel TangibleAssetImpairmentCharges - USD 1 Quarter
Loss on sale of vessel GainLossOnSaleOfOtherAssets - USD 1 Quarter
Loss on sale of vessel GainLossOnSaleOfOtherAssets $-1.17M USD 1 Quarter
Drydocking costs PaymentForDrydockingCosts $1.35M USD 1 Quarter
Drydocking costs PaymentForDrydockingCosts $1.64M USD 1 Quarter
Share-based compensation ShareBasedCompensation $827.81K USD 1 Quarter
Share-based compensation ShareBasedCompensation $856.43K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-3.49M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-12.20M USD 1 Quarter
Bunker inventory IncreaseDecreaseInInventories $-2.37M USD 1 Quarter
Bunker inventory IncreaseDecreaseInInventories $12.06M USD 1 Quarter
Advance hire, prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-6.26M USD 1 Quarter
Advance hire, prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $2.92M USD 1 Quarter
Accounts payable, accrued expenses and other current liabilities IncreaseDecreaseInAccountPayableAccruedExpensesAndOtherCurrentLiabilities $4.84M USD 1 Quarter
Accounts payable, accrued expenses and other current liabilities IncreaseDecreaseInAccountPayableAccruedExpensesAndOtherCurrentLiabilities $1.70M USD 1 Quarter
Deferred revenue IncreaseDecreaseInContractWithCustomerLiability $-6.31M USD 1 Quarter
Deferred revenue IncreaseDecreaseInContractWithCustomerLiability $-4.46M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $11.57M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $32.06M USD 1 Quarter
Purchase of vessels and vessel improvements PaymentForPurchaseOfVessels $18.26M USD 1 Quarter
Purchase of vessels and vessel improvements PaymentForPurchaseOfVessels $75.29K USD 1 Quarter
Purchase of fixed assets and equipment PaymentsToAcquireAndWriteOffOfProductiveAssets $67.18K USD 1 Quarter
Purchase of fixed assets and equipment PaymentsToAcquireAndWriteOffOfProductiveAssets - USD 1 Quarter
Proceeds from sale of vessel ProceedsfromSaleofVessel $8.93M USD 1 Quarter
Proceeds from sale of vessel ProceedsfromSaleofVessel - USD 1 Quarter
Proceeds from sale of vessel ProceedsfromSaleofVessel $8.60M USD Point-in-time
Proceeds from sale of vessel ProceedsfromSaleofVessel $8.90M USD Point-in-time
(Contributions to) payment from non-consolidated subsidiaries PaymentsForProceedsFromNonControllingInterest $-81.50K USD 1 Quarter
(Contributions to) payment from non-consolidated subsidiaries PaymentsForProceedsFromNonControllingInterest $63.92K USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-18.25M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $8.79M USD 1 Quarter
Payments of financing fees and debt issuance costs PaymentOfFinancingAndStockIssuanceCosts - USD 1 Quarter
Payments of financing fees and debt issuance costs PaymentOfFinancingAndStockIssuanceCosts $331.32K USD 1 Quarter
Payments of long-term debt RepaymentsOfSecuredDebt $3.35M USD 1 Quarter
Payments of long-term debt RepaymentsOfSecuredDebt $5.77M USD 1 Quarter
Proceeds from finance leases ProceedsFromFinanceLease $15.00M USD 1 Quarter
Proceeds from finance leases ProceedsFromFinanceLease - USD 1 Quarter
Payments of finance lease obligations FinanceLeasePrincipalPayments $3.84M USD 1 Quarter
Payments of finance lease obligations FinanceLeasePrincipalPayments $4.06M USD 1 Quarter
Dividends paid to non-controlling interests PaymentsOfDividendsMinorityInterest $5.00M USD 1 Quarter
Dividends paid to non-controlling interests PaymentsOfDividendsMinorityInterest $5.00M USD 1 Quarter
Accrued common stock dividends paid PaymentsOfDividendsCommonStock $4.65M USD 1 Quarter
Accrued common stock dividends paid PaymentsOfDividendsCommonStock $2.29M USD 1 Quarter
Cash paid for incentive compensation shares relinquished PaymentsRelatedToTaxWithholdingForShareBasedCompensation $287.63K USD 1 Quarter
Cash paid for incentive compensation shares relinquished PaymentsRelatedToTaxWithholdingForShareBasedCompensation $127.28K USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-102.05K USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-19.60M USD 1 Quarter
Net increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $765.07K USD 1 Quarter
Net increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $13.71M USD 1 Quarter
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $128.38M 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 $129.15M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $56.21M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $128.38M 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 $129.15M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $56.21M USD Point-in-time
Stockholders Equity 17 line items
Line Item Tag Value Unit Period
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $316.39M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $363.19M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $300.68M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $368.72M USD Point-in-time
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $827.81K USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $856.43K USD 1 Quarter
Issuance of restricted shares, net of forfeitures StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures $-287.63K USD 1 Quarter
Issuance of restricted shares, net of forfeitures StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures $-127.28K USD 1 Quarter
Distribution to Non-Controlling Interests MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $5.00M USD 1 Quarter
Distribution to Non-Controlling Interests MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $5.00M USD 1 Quarter
Common Stock Dividend DividendsCommonStock $2.28M USD 1 Quarter
Net Income ProfitLoss $3.40M USD 1 Quarter
Net Income ProfitLoss $22.45M USD 1 Quarter
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $316.39M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $363.19M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $300.68M USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $368.72M USD Point-in-time

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

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