Pangaea Logistics Solutions Ltd
For the period ended Sep 30, 2024. Filed Nov 12, 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.
Sep 30, 2024 · Filed Nov 12, 2024
PANL$7.57+2.7%Stored close · as of Nov 6, 2026
Contents
Item 1. Financial Statements
Consolidated Balance Sheets
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| (unaudited) | ||
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $93,119,521 | $99,037,866 |
| Accounts receivable (net of allowance of $5,329,034 and $5,657,837 at September 30, 2024 and December 31, 2023, respectively) | 44,157,144 | 47,891,501 |
| Inventories | 26,742,783 | 16,556,266 |
| Advance hire, prepaid expenses and other current assets | 32,219,650 | 28,340,246 |
| Total current assets | 196,239,098 | 191,825,879 |
| Fixed assets, net | 514,581,091 | 474,265,171 |
| Right of use assets, net | 29,134,488 | 30,393,823 |
| Goodwill | 3,104,800 | 3,104,800 |
| Other non-current assets | 6,107,198 | 5,590,295 |
| Total assets | $749,166,675 | $705,179,968 |
| Liabilities and stockholders' equity | ||
| Current liabilities | ||
| Accounts payable, accrued expenses and other current liabilities | $47,778,007 | $35,836,262 |
| Deferred revenue | 16,080,451 | 15,629,886 |
| Current portion of secured long-term debt | 16,536,650 | 30,751,726 |
| Current portion of lease liabilities | 14,238,935 | 21,970,124 |
| Dividend payable | 1,279,494 | 1,146,321 |
| Total current liabilities | 95,913,537 | 105,334,319 |
| Secured long-term debt, net | 117,014,342 | 68,446,309 |
| Lease liabilities, net | 141,066,827 | 143,266,867 |
| Long-term liabilities - other - Note 10 | 16,357,366 | 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; 46,902,091 shares issued and outstanding at September 30, 2024; 46,466,622 shares issued and outstanding at December 31, 2023 | 4,692 | 4,648 |
| Additional paid-in capital | 167,167,687 | 164,854,546 |
| Retained earnings | 165,417,353 | 159,026,799 |
| Total Pangaea Logistics Solutions Ltd. equity | 332,589,732 | 323,885,993 |
| Non-controlling interests | 46,224,871 | 46,309,940 |
| Total stockholders' equity | 378,814,603 | 370,195,933 |
| Total liabilities and stockholders' equity | $749,166,675 | $705,179,968 |
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