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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2018
Accounting Policies [Abstract] |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | A reconciliation as of and for the year ended December 31, 2018, as reported under ASC 606 to the prior accounting standards, for each of the financial statement line items impacted, is provided below:
|  | As of December 31, 2018
Consolidated Balance Sheets |  | As Reported |  | Effect of ASC 606 Adoption |  | Under Prior Accounting
Advance hire, prepaid expenses and other current assets |  | 12,187,551 |  |  | 1,307,848 |  |  | 10,879,703 |
Total current assets |  | 113,506,160 |  |  | 1,307,848 |  |  | 112,198,312 |
Total assets |  | 453,474,622 |  |  | 1,307,848 |  |  | 452,166,774 |
Deferred revenue |  | 14,717,072 |  |  | 1,716,420 |  |  | 13,000,652 |
Total current liabilities |  | 79,048,628 |  |  | 1,716,420 |  |  | 77,332,208 |
Accumulated deficit |  | 5,737,199 |  |  | (408,572 | ) |  | 6,145,771 |
Total liabilities and stockholders' equity |  | 453,474,622 |  |  | 1,307,848 |  |  | 452,166,774 |
|  | For the Twelve Months Ended December 31, 2018
Consolidated Statements of Cash Flows |  | As Reported |  | Effect of ASC 606 Adoption |  | Under Prior Accounting
Net Income |  | 23,981,646 |  |  | 2,014,463 |  |  | 21,967,183 |
Change in operating assets and liabilities: |  |  |  |  |  |
Advance hire, prepaid expenses and other current assets |  | 1,624,441 |  |  | 997,872 |  |  | 626,569 |
Deferred Revenue |  | 4,172,392 |  |  | (3,012,335 | ) |  | 7,184,727 |
|  | For the Twelve Months Ended December 31, 2018
Consolidated Statements of Operations |  | As Reported |  | Effect of ASC 606 Adoption |  | Under Prior Accounting
Voyage revenue |  | $ | 319,753,056 |  |  | $ | 3,012,335 |  |  | $ | 316,740,721 |
Total revenues |  | 372,970,373 |  |  | 3,012,335 |  |  | 369,958,038 |
Voyage expense |  | 145,146,359 |  |  | 137,915 |  |  | 145,008,444 |
Charter hire expense |  | 116,958,024 |  |  | 859,957 |  |  | 116,098,067 |
Total Expenses |  | 336,899,635 |  |  | 997,872 |  |  | 335,901,763 |
Income from Operations |  | 36,070,738 |  |  | 2,014,463 |  |  | 34,056,275 |
Net Income |  | 23,981,646 |  |  | 2,014,463 |  |  | 21,967,183 |
Net income attributable to Pangaea Logistics Solutions Ltd. |  | $ | 17,757,020 |  |  | $ | 2,014,463 |  |  | $ | 15,742,557 |
Earnings per common share, basic |  | $ | 0.42 |  |  | $ | 0.05 |  |  | $ | 0.37 |
Earnings per common share, diluted |  | $ | 0.42 |  |  | $ | 0.05 |  |  | $ | 0.37 |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statement of cash flows:
|  | December 31,
|  | 2018 |  | 2017
Money market accounts – cash equivalents |  | $ | 13,819,043 |  |  | $ | 21,009,821 |
Cash (1) |  | 39,795,692 |  |  | 13,521,991 |
Total cash and cash equivalents |  | $ | 53,614,735 |  |  | $ | 34,531,812 |
Restricted cash |  | $ | 2,500,000 |  |  | $ | 4,000,000 |
Total cash, cash equivalents and restricted cash |  | $ | 56,114,735 |  |  | $ | 38,531,812 |
(1) Consists of cash deposits at various major banks.
Advance Hire, Prepaid Expenses | At December 31, advance hire, prepaid expenses and other current assets were comprised of the following:
|  | 2018 |  | 2017
Advance hire |  | $ | 5,851,070 |  |  | $ | 3,628,417 |
Prepaid expenses |  | 1,276,901 |  |  | 460,445 |
Accrued receivables |  | 2,479,800 |  |  | 6,153,212 |
Margin Deposit |  | 1,820,656 |  |  | 912,981 |
Other current assets |  | 759,124 |  |  | 877,217 |
Total |  | $ | 12,187,551 |  |  | $ | 12,032,272 |
Schedule Of Bank Fees | The components of net debt issuance costs and bank fees, which are included in secured long-term debt on the consolidated balance sheets are as follows:
|  | December 31,
|  | 2018 |  | 2017
Debt issuance costs and bank fees paid to financial institutions |  | $ | 6,341,393 |  |  | $ | 6,068,806 |
Less: accumulated amortization |  | (4,437,399 | ) |  | (4,199,026 | )
Unamortized debt issuance costs and bank fees |  | $ | 1,903,994 |  |  | $ | 1,869,780 |
Amortization included in interest expense |  | $ | 693,788 |  |  | $ | 681,279 |
Schedule of Accounts Payable and Accrued Liabilities | The components of accounts payable and accrued expenses are as follows:
|  | December 31,
|  | 2018 |  | 2017
Accounts payable |  | $ | 19,892,511 |  |  | $ | 15,686,235 |
Accrued expenses |  | 7,424,286 |  |  | 11,923,445 |
Accrued interest |  | 540,886 |  |  | 611,406 |
Derivative liabilities |  | 3,225,907 |  |  | — |
Other accrued liabilities |  | 813,917 |  |  | 960,190 |
Total |  | $ | 31,897,507 |  |  | $ | 29,181,276 |
Fair Value, by Balance Sheet Grouping | At December 31, 2018, the Company has four fully fixed rate debt facilities and four facilities which are fixed in part. At December 31, 2017, the Company has seven fully fixed rate debt facilities and three facilities of which fifty percent are fixed. The aggregate carrying amounts and fair values of the long-term debt associated with the fixed rate borrowing arrangements are as follows:
|  | December 31,
|  | 2018 |  | 2017
Carrying amount of fixed rate long-term debt |  | $ | 80,964,690 |  |  | $ | 92,096,979 |
Fair value of fixed rate long-term debt |  | $ | 81,412,986 |  |  | $ | 93,417,008 |

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