Pangaea Logistics Solutions Ltd
For the period ended Dec 31, 2023. Filed Mar 14, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 14, 2024
PANL$8.54+5.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
Pangaea Logistics Solutions, Ltd.
| Years ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Operating activities | ||
| Net income | $28,537,772 | $85,507,704 |
| Adjustments to reconcile net income to net cash provided by operations: | ||
| Depreciation and amortization expense | 30,070,395 | 29,489,810 |
| Amortization of deferred financing costs | 946,593 | 1,005,487 |
| Amortization of prepaid rent | 121,532 | 122,343 |
| Unrealized loss (gain) on derivative instruments | 2,925,347 | (682,323) |
| Income from equity method investee | (684,470) | (807,142) |
| Earnings attributable to non-controlling interest recorded as interest expense | 462,150 | 6,717,414 |
| Provision for doubtful accounts | 2,938,879 | 2,377,389 |
| Loss on impairment of vessels | — | 3,007,809 |
| Loss on sales of vessels | 1,738,511 | 318,032 |
| Drydocking costs | (4,154,283) | (6,019,126) |
| Share-based compensation | 2,087,807 | 1,767,726 |
| Change in operating assets and liabilities: | ||
| Accounts receivable | (14,075,231) | 15,126,727 |
| Bunker inventory | 12,548,170 | (1,956,676) |
| Advance hire, prepaid expenses and other current assets | (342,776) | 19,086,893 |
| Accounts payable, accrued expenses and other current liabilities | (4,079,047) | (8,939,313) |
| Deferred revenue | (5,254,072) | (11,321,354) |
| Net cash provided by operating activities | 53,787,277 | 134,801,400 |
| Investing activities | ||
| Purchase of vessels and vessel improvements | (27,264,044) | (35,740,482) |
| Proceeds from sale of vessels | 17,271,489 | 8,400,000 |
| Acquisitions, net of cash acquired | (7,200,000) | — |
| Purchase of equipment and internal use software | — | (653,452) |
| Contribution to non-consolidated subsidiaries and other investments | (427,270) | (515,162) |
| Dividends received from equity method investments | 1,637,500 | — |
| Net cash used in investing activities | (15,982,325) | (28,509,096) |
| Financing activities | ||
| Proceeds from long-term debt | — | 8,500,000 |
| Payments of financing and issuance costs | — | (466,544) |
| Payments of long-term debt | (15,782,528) | (15,443,115) |
| Proceeds from finance leases | — | 15,000,000 |
| Payments on finance lease obligation | (20,238,131) | (15,834,059) |
| Payments on other long-term liability | — | (5,000,000) |
| Dividends paid to non-controlling interests | (10,400,000) | (5,000,000) |
| Common stock accrued dividends paid | (18,103,750) | (13,414,984) |
| Cash paid for incentive compensation shares relinquished | (127,283) | (407,898) |
| Payments to non-controlling interest recorded as long-term liability | (2,500,000) | (2,050,000) |
| Net cash used in financing activities | (67,151,692) | (34,116,600) |
| Net (decrease) increase in cash and cash equivalents | (29,346,740) | 72,175,704 |
| Cash and cash equivalents at beginning of period | $128,384,606 | $56,208,902 |
| Cash and cash equivalents at end of period | $99,037,866 | $128,384,606 |
| Supplemental cash flow items: | ||
|---|---|---|
| Cash paid for interest | $18,850,078 | $14,906,972 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.