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Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Current Assets    
Cash and cash equivalents $ 46,897,216 $ 50,555,091
Restricted cash 1,500,000 1,000,000
Accounts receivable (net of allowance of $1,896,038 and $1,908,841 at December 31, 2020 and 2019, respectively) 29,152,153 28,309,402
Bunker inventory 15,966,247 21,001,010
Advance hire, prepaid expenses and other current assets 19,515,945 18,770,825
Vessels held for sale, net 0 8,319,152
Total current assets 113,031,561 127,955,480
Restricted cash 0 1,500,000
Fixed assets, net 276,741,751 281,474,857
Investment in newbuildings in-process 15,390,635 15,357,189
Vessels under finance lease 45,240,198 53,615,305
Total assets 450,404,145 479,902,831
Current liabilities    
Accounts payable, accrued expenses and other current liabilities 32,400,288 39,973,635
Related party notes payable 242,852 332,987
Deferred revenue 12,799,561 14,376,394
Current portion of long-term debt 57,382,674 22,990,674
Current portion of finance lease liabilities 6,978,192 12,549,208
Dividends payable 1,005,763 631,961
Total current liabilities 110,809,330 90,854,859
Secured long-term debt, net 44,507,708 83,649,717
Finance lease liabilities 50,520,294 57,498,217
Long-term liabilities - other - Note 11 10,135,408 4,828,364
Commitments and contingencies - Note 10
Stockholders' equity:    
Preferred stock, $0.0001 par value, 1,000,000 shares authorized and no shares issued or outstanding 0 0
Common stock, $0.0001 par value, 100,000,000 shares authorized, 45,447,751 and 44,886,122 shares issued and outstanding at December 31, 2020 and 2019, respectively 4,545 4,489
Additional paid-in capital 159,581,415 157,504,895
Retained Earnings 23,179,805 12,736,580
Total Pangaea Logistics Solutions Ltd. equity 182,765,765 170,245,964
Non-controlling interests 51,665,640 72,825,710
Total stockholders' equity 234,431,405 243,071,674
Total liabilities and stockholders' equity $ 450,404,145 $ 479,902,831