Pangaea Logistics Solutions Ltd
For the period ended Mar 31, 2024. Filed May 9, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
PANL$7.57+2.7%Stored close · as of Nov 6, 2026
Contents
Item 1. Financial Statements
Consolidated Balance Sheets
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| (unaudited) | ||
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $95,873,255 | $99,037,866 |
| Accounts receivable (net of allowance of $6,015,917 and $5,657,837 at March 31, 2024 and December 31, 2023, respectively) | 41,997,734 | 47,891,501 |
| Inventories | 22,151,644 | 16,556,266 |
| Advance hire, prepaid expenses and other current assets | 35,534,470 | 28,340,246 |
| Total current assets | 195,557,103 | 191,825,879 |
| Fixed assets, net | 469,077,334 | 474,265,171 |
| Finance lease right of use assets, net | 29,829,974 | 30,393,823 |
| Goodwill | 3,104,800 | 3,104,800 |
| Other non-current assets | 5,735,863 | 5,590,295 |
| Total assets | $703,305,074 | $705,179,968 |
| Liabilities and stockholders' equity | ||
| Current liabilities | ||
| Accounts payable, accrued expenses and other current liabilities | $32,953,336 | $35,836,262 |
| Deferred revenue | 13,773,306 | 15,629,886 |
| Current portion of secured long-term debt | 29,999,163 | 30,751,726 |
| Current portion of finance lease liabilities | 21,644,835 | 21,970,124 |
| Dividend payable | 966,786 | 1,146,321 |
| Total current liabilities | 99,337,426 | 105,334,319 |
| Secured long-term debt, net | 65,929,536 | 68,446,309 |
| Finance lease liabilities, net | 139,980,818 | 143,266,867 |
| Long-term liabilities - other - Note 10 | 18,751,642 | 17,936,540 |
| 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; 46,839,591 shares issued and outstanding at March 31, 2024; 46,466,622 shares issued and outstanding at December 31, 2023 | 4,685 | 4,648 |
| Additional paid-in capital | 165,993,186 | 164,854,546 |
| Retained earnings | 166,006,383 | 159,026,799 |
| Total Pangaea Logistics Solutions Ltd. equity | 332,004,254 | 323,885,993 |
| Non-controlling interests | 47,301,398 | 46,309,940 |
| Total stockholders' equity | 379,305,652 | 370,195,933 |
| Total liabilities and stockholders' equity | $703,305,074 | $705,179,968 |
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