XML 13 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Balance Sheets - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 29,336,687 $ 22,322,949
Restricted cash 4,000,000 6,100,000
Accounts receivable (net of allowance of $4,183,826 at September 30, 2017 and $4,752,265 at December 31, 2016) 30,915,458 20,476,797
Bunker inventory 16,470,391 13,202,937
Advance hire, prepaid expenses and other current assets 13,465,163 6,441,583
Total current assets 94,187,699 68,544,266
Fixed assets, net 290,837,537 275,265,672
Investments in newbuildings in-process 0 18,383,964
Vessels under capital lease 30,285,569 0
Total assets 415,310,805 362,193,902
Current liabilities    
Accounts payable, accrued expenses and other current liabilities 30,160,371 23,231,179
Related party debt 6,929,885 15,972,147
Deferred revenue 7,913,518 6,422,982
Current portion of secured long-term debt 17,830,996 19,627,846
Capital Lease Obligations, Current 1,759,303 0
Dividend payable 7,238,401 12,624,825
Total current liabilities 71,832,474 77,878,979
Secured long-term debt, net 113,430,205 107,637,851
Current portion of capital lease obligations 25,472,098 0
Commitments and contingencies (Note 7)
Stockholders' equity:    
Common stock, $0.0001 par value, 100,000,000 shares authorized; 43,795,182 shares issued and outstanding at September 30, 2017; 36,590,417 shares issued and outstanding at December 31, 2016 4,380 3,659
Additional paid-in capital 154,781,731 133,677,321
Accumulated deficit (13,618,666) (17,409,579)
Total Pangaea Logistics Solutions Ltd. equity 141,167,445 116,271,401
Non-controlling interests 63,408,583 60,405,671
Total stockholders' equity 204,576,028 176,677,072
Total liabilities and stockholders' equity $ 415,310,805 $ 362,193,902