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Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current Assets    
Cash and cash equivalents $ 99,037,866 $ 128,384,606
Accounts receivable (net of allowance of $5,657,837 and $4,367,848 at December 31, 2023 and 2022, respectively) 47,891,501 36,755,149
Bunker inventory 16,556,266 29,104,436
Advance hire, prepaid expenses and other current assets 28,340,246 28,266,831
Total current assets 191,825,879 222,511,022
Fixed assets, at cost, net of accumulated depreciation of $127,015,253 and $108,844,668, at December 31, 2023 and 2022, respectively 474,265,171 476,524,752
Vessels under finance lease 30,393,823 43,921,569
Goodwill 3,104,800 0
Other Assets, Noncurrent 5,590,295 5,284,127
Total assets 705,179,968 748,241,470
Current liabilities    
Accounts payable, accrued expenses and other current liabilities 35,836,262 38,554,131
Deferred revenue 15,629,886 20,883,958
Current portion of long-term debt 30,751,726 15,782,530
Current portion of finance lease liabilities 21,970,124 16,365,075
Dividends payable 1,146,321 626,178
Total current liabilities 105,334,319 92,211,872
Secured long-term debt, net 68,446,309 98,819,739
Finance lease liabilities 143,266,867 168,513,939
Long-term liabilities - other - Note 11 17,936,540 19,974,390
Commitments and contingencies - Note 12
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, 46,466,622 and 45,898,395 shares issued and outstanding at December 31, 2023 and 2022, respectively 4,648 4,590
Additional paid-in capital 164,854,546 162,894,080
Retained Earnings 159,026,799 151,327,392
Total Pangaea Logistics Solutions Ltd. equity 323,885,993 314,226,062
Non-controlling interests 46,309,940 54,495,468
Total stockholders' equity 370,195,933 368,721,530
Total liabilities and stockholders' equity $ 705,179,968 $ 748,241,470