XML 25 R16.htm IDEA: XBRL DOCUMENT
v3.24.4

Common Stock and Non-Controlling Interest | 12 Months Ended
--- | ---
Dec. 31, 2023
Noncontrolling Interest [Abstract] |
Common Stock and Non-Controlling Interest | Common stock The Company has 100,000,000 shares of common stock ($0.0001 par value) authorized, of which 46,466,622 were issued as of December 31, 2023. Restricted Securities On August 5, 2022, the Company's shareholders approved an amendment and restatement of the 2014 Plan that was adopted by the Board on May 6, 2022. The PANGAEA LOGISTICS SOLUTIONS LTD. 2014 SHARE INCENTIVE PLAN (as amended and restated by the Board of Directors on May 6, 2022), (the "Amended Plan"), increased the aggregate number of common shares with respect to which awards may be granted under the Amended Plan, such that the total number of shares made available for grant is 6,200,000. As of December 31, 2023, there were 1,362,000 common shares available for grants of awards under the 2014 Incentive Plan. At December 31, 2023, shares issued to employees under the Amended Plan totaled 3,579,569 after forfeitures. These restricted shares vest at the rate of one-third of the total granted on each of the third, fourth and fifth anniversaries of the vesting commencement date. Total non-cash compensation cost recognized during the years ended December 31, 2023 and 2022 is $2,087,807 and $1,767,726, respectively, which is included in general and administrative expenses in the consolidated statements of operations. A summary of activity related to outstanding restricted securities for fiscal years 2023 and 2022 is presented in the table below:
|  | Restricted Shares |  | Weighted-Average Grant-Date Fair Value Per Share
Unvested shares at December 31, 2021 |  | 1,612,859 |  |  | $ | 2.91 |
Granted |  | 460,045 |  |  | $ | 4.09 |
Vested |  | (624,573) |  |  | $ | 3.42 |
Forfeited |  | (81,021) |  |  | $ | 3.03 |
Unvested shares at December 31, 2022 |  | 1,367,310 |  |  | $ | 3.07 |
Granted |  | 607,111 |  |  | $ | 5.53 |
Vested |  | (536,593) |  |  | $ | 3.45 |
Forfeited |  | (14,168) |  |  | $ | 3.04 |
Unvested shares at December 31, 2023 |  | 1,423,660 |  |  | $ | 3.97 |
|  | Fiscal Years Ended December 31,
|  | 2023 |  | 2022
Fair value of restricted shares vested |  | $ | 3,014,568 |  |  | $ | 2,690,011 |
Unrecognized compensation cost for restricted shares |  | $ | 3,685,460 |  |  | $ | 2,585,307 |
Weighted average remaining period to expense restricted shares (years) |  | 3.33 |  | 2.92
Dividends Dividends payable consist of the following:
|  |  |  | Dividends payable (1) |  |
Balance at December 31, 2021 |  |  |  | $ | 213,765 |  |  |
Accrued dividend |  |  |  | 481,693 |  |  |
Paid in cash |  |  |  | (69,280) |  |  |
Balance at December 31, 2022 |  |  |  | 626,178 |  |  |
Accrued dividend |  |  |  | 668,536 |  |  |
Paid in cash |  |  |  | (148,393) |  |  |
Balance at December 31, 2023 |  |  |  | $ | 1,146,321 |  |  |
(1) Accrued dividends on unvested restricted shares under the Company's incentive compensation plan. Noncontrolling Interests Amounts pertaining to the non-controlling ownership interest held by third parties in the financial position and operating results of the Company’s subsidiaries and/or consolidated VIEs are reported as non-controlling interest in the accompanying consolidated balance sheets. The non-controlling ownership interest attributable to NBHC and its wholly-owned shipowning subsidiaries amounts to approximately $45,252,000 and $53,292,000 at December 31, 2023 and 2022, respectively. Non-controlling interest attributable to VLNL was approximately $1,058,000 and $1,203,000 at December 31, 2023 and 2022, respectively.

X
- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent + Details
Name: | us-gaap_MinorityInterestDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_NoncontrollingInterestAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration