XML 31 R19.htm IDEA: XBRL DOCUMENT v3.19.1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

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

X

- Definition

Tabular disclosure for amortization of bank fees included as a component of interest expense.

+ References

No definition available.

+ Details

Name:	panl_ScheduleOfBankFeesTableTextBlock
Namespace Prefix:	panl_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingPoliciesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.17)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name:	us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e765-108305

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22580-107794

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e725-108305

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

+ Details

Name:	us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of cash and cash equivalents restricted as to withdrawal or usage.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(1)(a))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=98513485&loc=SL98516268-108586

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name:	us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration