Pangaea Logistics Solutions Ltd.
For the period ended Dec 31, 2024. Filed Mar 18, 2025.
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FY2024 · Filed Mar 18, 2025
PANL$8.12+7.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets
| December 31, 2024 | December 31, 2023 | |
|---|---|---|
| Assets | ||
| Current Assets | ||
| Cash and cash equivalents | $86,805,470 | $99,037,866 |
| Accounts receivable (net of allowance of $5,492,901 and $5,657,837 at December 31, 2024 and 2023, respectively) | 42,370,830 | 47,891,501 |
| Inventories | 32,848,241 | 16,556,266 |
| Advance hire, prepaid expenses and other current assets | 29,969,352 | 28,340,246 |
| Total current assets | 191,993,893 | 191,825,879 |
| Fixed assets, at cost, net of accumulated depreciation of $151,951,990 and $127,015,253, at December 31, 2024 and 2023, respectively | 707,826,328 | 474,265,171 |
| Finance lease right of use assets, at cost, net of accumulated depreciation of $10,697,881 and $10,539,384 at December 31, 2024 and 2023, respectively | 28,771,531 | 30,393,823 |
| Goodwill | 3,104,800 | 3,104,800 |
| Other Non-current Assets | 4,760,529 | 5,590,295 |
| Total assets | $936,457,081 | $705,179,968 |
| Liabilities and stockholders' equity | ||
| Current liabilities | ||
| Accounts payable, accrued expenses and other current liabilities | $46,581,567 | $34,346,202 |
| Related party payable | 1,181,015 | 1,490,060 |
| Deferred revenue | 15,447,488 | 15,629,886 |
| Current portion of long-term debt | 16,576,195 | 30,751,726 |
| Current portion of financing obligations | 25,267,105 | 18,980,512 |
| Current portion of finance lease liabilities | 2,843,750 | 2,989,612 |
| Dividends payable | 1,210,991 | 1,146,321 |
| Total current liabilities | 109,108,111 | 105,334,319 |
| Secured long-term debt, net | 112,720,545 | 68,446,309 |
| Financing Obligations, net | 229,529,792 | 130,037,711 |
| Finance lease liabilities, net | 10,434,298 | 13,229,156 |
| Long-term liabilities - other - Note 11 | — | 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, 64,961,433 and 46,466,622 shares issued and outstanding at December 31, 2024 and 2023, respectively | 6,498 | 4,648 |
| Additional paid-in capital | 258,659,972 | 164,854,546 |
| Retained Earnings | 169,155,149 | 159,026,799 |
| Total Pangaea Logistics Solutions Ltd. equity | 427,821,619 | 323,885,993 |
| Non-controlling interests | 46,842,716 | 46,309,940 |
| Total stockholders' equity | 474,664,335 | 370,195,933 |
| Total liabilities and stockholders' equity | $936,457,081 | $705,179,968 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.