XML 43 R2.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Balance Sheets (USD $)
Dec. 31, 2014
Dec. 31, 2013
Current Assets    
Cash and cash equivalents $ 29,817,507us-gaap_CashAndCashEquivalentsAtCarryingValue $ 18,927,927us-gaap_CashAndCashEquivalentsAtCarryingValue
Restricted cash 1,000,000us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue 500,000us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue
Accounts receivable (net of allowance of $4,029,669 at December 31, 2014 and $1,662,593 at December 31, 2013) 27,362,216us-gaap_AccountsReceivableNetCurrent 44,688,470us-gaap_AccountsReceivableNetCurrent
Bunker inventory 15,601,659us-gaap_InventoryNet 21,072,192us-gaap_InventoryNet
Advance hire, prepaid expenses and other current assets 6,568,234us-gaap_PrepaidExpenseAndOtherAssetsCurrent 12,877,771us-gaap_PrepaidExpenseAndOtherAssetsCurrent
Vessels held for sale, net 4,523,804us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent 0us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent
Total current assets 84,873,420us-gaap_AssetsCurrent 98,066,360us-gaap_AssetsCurrent
Fixed assets, net 207,667,613us-gaap_PropertyPlantAndEquipmentNet 197,153,889us-gaap_PropertyPlantAndEquipmentNet
Investment in newbuildings in-process 38,471,430us-gaap_DevelopmentInProcess 31,900,000us-gaap_DevelopmentInProcess
Other noncurrent assets 1,450,802us-gaap_OtherAssetsNoncurrent 3,253,022us-gaap_OtherAssetsNoncurrent
Total assets 332,463,265us-gaap_Assets 330,373,271us-gaap_Assets
Current liabilities    
Accounts payable accrued expenses and other current liabilities 40,201,794cik0001606909_AccountsPayableAccruedExpensesAndOtherCurrentLiabilities 45,878,378cik0001606909_AccountsPayableAccruedExpensesAndOtherCurrentLiabilities
Related party debt 59,102,077us-gaap_DueToRelatedPartiesCurrent 7,616,248us-gaap_DueToRelatedPartiesCurrent
Deferred revenue 11,748,926us-gaap_DeferredRevenueCurrent 16,155,498us-gaap_DeferredRevenueCurrent
Current portion long-term debt 17,807,674us-gaap_OtherLongTermDebtCurrent 16,065,483us-gaap_OtherLongTermDebtCurrent
Line of credit 3,000,000us-gaap_LinesOfCreditCurrent 3,000,000us-gaap_LinesOfCreditCurrent
Dividend payable 12,824,825us-gaap_DividendsPayableCurrent 23,177,503us-gaap_DividendsPayableCurrent
Total current liabilties 144,685,296us-gaap_LiabilitiesCurrent 111,893,110us-gaap_LiabilitiesCurrent
Secured long-term debt, net 87,430,416us-gaap_SecuredLongTermDebt 83,302,421us-gaap_SecuredLongTermDebt
Related party long-term debt, net 0us-gaap_DueToRelatedPartiesNoncurrent 17,303,918us-gaap_DueToRelatedPartiesNoncurrent
Commitments and contingencies      
Convertible redeemable preferred stock of Bulk Partners (Bermuda) Ltd., net of issuance costs ($1,000 par value, 112,500 shares authorized, 0 and 89,114 shares issued and outstanding at December 31, 2014 and 2013, respectively 0us-gaap_TemporaryEquityCarryingAmountAttributableToParent 103,236,399us-gaap_TemporaryEquityCarryingAmountAttributableToParent
Stockholders' equity:    
Preferred stock, $0.0001 par value, 1,000,000 shares authorized and no shares issued or outstanding 0us-gaap_PreferredStockValue 0us-gaap_PreferredStockValue
Common stock, $0.0001 par value, 100,000,000 shares authorized 34,756,980 shares issued and outstanding at December 31, 2014, 13,421,955 shares issued and outstanding at December 31, 2013 3,476us-gaap_CommonStockValue 1,342us-gaap_CommonStockValue
Additional paid-in capital 133,955,445us-gaap_AdditionalPaidInCapital 85,987us-gaap_AdditionalPaidInCapital
Accumulated deficit (36,142,727)us-gaap_RetainedEarningsAccumulatedDeficit (5,933,870)us-gaap_RetainedEarningsAccumulatedDeficit
Total Pangaea Logistics Solutions Ltd. equity (deficit) 97,816,194us-gaap_StockholdersEquity (5,846,541)us-gaap_StockholdersEquity
Non-controlling interests 2,531,359us-gaap_MinorityInterest 20,483,964us-gaap_MinorityInterest
Total stockholders' equity 100,347,553us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest 14,637,423us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilities, convertible reemable preferred stock and stockholders' equity $ 332,463,265us-gaap_LiabilitiesAndStockholdersEquity $ 330,373,271us-gaap_LiabilitiesAndStockholdersEquity