Pangaea Logistics Solutions Ltd.
For the period ended Dec 31, 2024. Filed Mar 18, 2025.
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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.
FY2024 · Filed Mar 18, 2025
PANL$8.54+5.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Pangaea Logistics Solutions, Ltd.
| Years ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating activities | ||
| Net income | $31,769,493 | $28,537,772 |
| Adjustments to reconcile net income to net cash provided by operations: | ||
| Depreciation and amortization expense | 30,375,721 | 30,070,395 |
| Amortization of deferred financing costs | 1,033,735 | 946,593 |
| Amortization of prepaid rent | 121,865 | 121,532 |
| Unrealized loss on derivative instruments | 953,042 | 2,925,347 |
| Income from equity method investee | (1,709,593) | (684,470) |
| Earnings attributable to non-controlling interest recorded as interest expense | 3,103,018 | 462,150 |
| Provision for doubtful accounts | 1,835,064 | 2,938,879 |
| Loss on sales of vessels | — | 1,738,511 |
| Drydocking costs | (6,202,093) | (4,154,283) |
| Share-based compensation | 2,788,190 | 2,087,807 |
| Change in operating assets and liabilities: | ||
| Accounts receivable | 3,685,607 | (14,075,231) |
| Inventories | (11,030,458) | 12,548,170 |
| Advance hire, prepaid expenses and other current assets | (2,688,870) | (342,776) |
| Accounts payable, accrued expenses, other current liabilities and related party payable | 11,839,070 | (4,079,047) |
| Deferred revenue | (182,398) | (5,254,072) |
| Net cash provided by operating activities | 65,691,393 | 53,787,277 |
| Investing activities | ||
| Purchase of vessels and vessel improvements | (69,264,985) | (27,264,044) |
| Proceeds from sale of vessels | — | 17,271,489 |
| Acquisitions, net of cash acquired | — | (7,200,000) |
| Purchase of equipment and internal use software | (167,481) | — |
| Contribution to non-consolidated subsidiaries and other investments | (171,699) | (427,270) |
| Dividends received from equity method investments | 1,910,000 | 1,637,500 |
| Net cash used in investing activities | (67,694,165) | (15,982,325) |
| Financing activities | ||
| Proceeds from long-term debt | 64,150,000 | — |
| Payments of financing and issuance costs | (2,043,785) | — |
| Payments of long-term debt | (33,082,460) | (15,782,528) |
| Proceeds from financing obligations | 25,000,000 | — |
| Payments on financing obligations | (19,180,510) | (11,295,522) |
| Payments of finance leases | (2,989,613) | (8,942,609) |
| Dividends paid to non-controlling interests | (2,333,334) | (10,400,000) |
| Common stock accrued dividends paid | (18,710,364) | (18,103,750) |
| Cash paid for incentive compensation shares relinquished | — | (127,283) |
| Payments to non-controlling interest recorded as long-term liability | (21,039,558) | (2,500,000) |
| Net cash used in financing activities | (10,229,624) | (67,151,692) |
| Net (decrease) increase in cash and cash equivalents | (12,232,396) | (29,346,740) |
| Cash and cash equivalents at beginning of period | $99,037,866 | $128,384,606 |
| Cash and cash equivalents at end of period | $86,805,470 | $99,037,866 |
| Supplemental cash flow items: | ||
|---|---|---|
| Cash paid for interest | $17,983,252 | $18,850,078 |
| Acquisition of Strategic Shipping Inc. through issuance of 18,059,342 shares of common stock, with a value of $91,019,086, as non-cash consideration. | $91,019,086 | $— |
| Fair value of loans and lease liabilities (ASC 842) assumed | $100,049,292 | $— |
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