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Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Current Assets    
Cash and cash equivalents $ 53,614,735 $ 34,531,812
Accounts receivable (net of allowance of $2,357,130 and $2,135,877 at December 31, 2018 and 2017, respectively) 28,481,787 21,089,425
Bunker inventory 19,222,087 15,356,712
Advance hire, prepaid expenses and other current assets 12,187,551 12,032,272
Total current assets 113,506,160 83,010,221
Restricted cash 2,500,000 4,000,000
Fixed assets, net 281,891,685 306,292,655
Vessels under capital lease 55,576,777 29,994,212
Total assets 453,474,622 423,297,088
Current liabilities    
Accounts payable, accrued expenses and other current liabilities 31,897,507 29,181,276
Related party debt 2,877,746 7,009,597
Deferred revenue 14,717,072 5,815,924
Current portion of long-term debt 20,127,742 18,979,335
Current portion of capital lease obligation 5,364,963 1,785,620
Dividends payable 4,063,598 7,238,401
Total current liabilities 79,048,628 70,010,153
Secured long-term debt, net 95,374,270 117,615,634
Obligations under capital lease 45,684,727 25,015,659
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.0001 par value, 1,000,000 shares authorized and no share issued or outstanding 0 0
Common stock, $0.0001 par value, 100,000,000 shares authorized, 43,998,560 and 43,794,526 shares issued and outstanding at December 31, 2018 and 2017, respectively 4,400 4,379
Additional paid-in capital 155,946,452 154,943,728
Retained Earnings (Accumulated deficit) 5,737,199 (9,596,785)
Total Pangaea Logistics Solutions Ltd. equity 161,688,051 145,351,322
Non-controlling interests 71,678,946 65,304,320
Total stockholders' equity 233,366,997 210,655,642
Total liabilities and stockholders' equity $ 453,474,622 $ 423,297,088