Pangaea Logistics Solutions Ltd
For the period ended Dec 31, 2023. Filed Mar 14, 2024.
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FY2023 · Filed Mar 14, 2024
PANL$8.12+7.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
Pangaea Logistics Solutions Ltd.
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| Assets | ||
| Current Assets | ||
| Cash and cash equivalents | $99,037,866 | $128,384,606 |
| Accounts receivable (net of allowance of $5,657,837 and $4,367,848 at December 31, 2023 and 2022, respectively) | 47,891,501 | 36,755,149 |
| Bunker inventory | 16,556,266 | 29,104,436 |
| Advance hire, prepaid expenses and other current assets | 28,340,246 | 28,266,831 |
| Total current assets | 191,825,879 | 222,511,022 |
| Fixed assets, at cost, net of accumulated depreciation of $127,015,253 and $108,844,668, at December 31, 2023 and 2022, respectively | 474,265,171 | 476,524,752 |
| Finance lease right of use assets, at cost, net of accumulated depreciation of $10,393,823 and $12,139,654 at December 31, 2023 and 2022, respectively | 30,393,823 | 43,921,569 |
| Goodwill | 3,104,800 | — |
| Other Non-current Assets | 5,590,295 | 5,284,127 |
| Total assets | $705,179,968 | $748,241,470 |
| Liabilities and stockholders' equity | ||
| Current liabilities | ||
| Accounts payable, accrued expenses and other current liabilities | $35,836,262 | $38,554,131 |
| Deferred revenue | 15,629,886 | 20,883,958 |
| Current portion of long-term debt | 30,751,726 | 15,782,530 |
| Current portion of finance lease liabilities | 21,970,124 | 16,365,075 |
| Dividends payable | 1,146,321 | 626,178 |
| Total current liabilities | 105,334,319 | 92,211,872 |
| Secured long-term debt, net | 68,446,309 | 98,819,739 |
| Finance lease liabilities | 143,266,867 | 168,513,939 |
| Long-term liabilities - other - Note 11 | 17,936,540 | 19,974,390 |
| Stockholders' equity: | ||
| Preferred stock, $0.0001 par value, 1,000,000 shares authorized and no shares issued or outstanding | — | — |
| Common stock, $0.0001 par value, 100,000,000 shares authorized, 46,466,622 and 45,898,395 shares issued and outstanding at December 31, 2023 and 2022, respectively | 4,648 | 4,590 |
| Additional paid-in capital | 164,854,546 | 162,894,080 |
| Retained Earnings | 159,026,799 | 151,327,392 |
| Total Pangaea Logistics Solutions Ltd. equity | 323,885,993 | 314,226,062 |
| Non-controlling interests | 46,309,940 | 54,495,468 |
| Total stockholders' equity | 370,195,933 | 368,721,530 |
| Total liabilities and stockholders' equity | $705,179,968 | $748,241,470 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.