Pangaea logistics solutions ltd. (PANL)
Balance Sheet / TTM
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Dec'13
Assets
Current assets
Cash and cash equivalents

-

-

-

-

-

-

50,765

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash and Cash Equivalents, at Carrying Value

39,972

50,555

34,171

41,161

59,123

53,614

-

48,919

28,205

34,531

29,336

29,436

21,721

22,322

28,192

32,423

32,666

37,520

34,201

34,154

42,598

29,817

20,157

18,927

Restricted cash

1,000

1,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Restricted cash

-

-

-

-

-

-

-

-

-

-

4,000

4,000

6,100

-

6,504

1,503

1,503

2,003

1,000

1,000

1,000

1,000

500

500

Accounts receivable (net of allowance of $1,723,510 at March 31, 2020 and $1,908,841 at December 31, 2019)

23,140

28,309

29,221

15,995

12,730

28,481

26,826

18,382

21,682

21,089

30,915

26,653

22,653

15,990

14,811

14,480

13,542

19,617

24,471

21,004

19,565

27,362

30,462

44,688

Other receivables

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

287

-

Bunker inventory

19,156

21,001

17,002

17,446

15,415

19,222

20,863

17,390

14,293

15,356

16,470

14,944

15,369

13,202

9,336

8,390

7,811

7,490

10,014

12,611

13,792

15,601

21,050

21,072

Prepaid Expense and Other Assets, Current

17,831

18,770

27,998

18,495

13,188

12,187

14,101

15,162

9,797

12,032

13,465

9,931

8,202

10,928

5,150

3,761

3,459

2,679

3,525

5,382

3,051

6,568

10,916

12,877

Vessel held for sale

0

8,319

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Vessels held for sale, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

3,486

3,741

4,523

-

0

Total current assets

101,100

127,955

108,392

93,098

100,457

113,506

112,556

99,855

73,979

83,010

94,187

84,966

74,047

62,444

63,994

60,559

58,983

69,311

73,212

77,638

83,749

84,873

83,374

98,066

Restricted cash

1,500

1,500

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Restricted cash

-

-

2,500

2,500

2,500

2,500

-

-

-

4,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Restricted cash

-

-

-

-

-

-

2,500

3,500

4,000

-

-

-

-

6,100

-

-

-

-

-

-

-

-

-

-

Property, Plant and Equipment, Net

287,533

281,474

311,728

301,096

289,557

281,891

282,643

288,646

304,114

306,292

290,837

293,793

299,579

275,265

278,821

282,077

285,528

255,145

263,117

265,713

268,963

207,667

225,179

197,153

Investment in newbuildings in-process

15,390

15,357

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investment in newbuildings in-process

-

-

7,691

7,657

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Finance lease right of use assets, net

46,493

53,615

54,239

54,864

55,488

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investment in newbuildings in-process

-

-

-

-

-

-

-

-

-

-

0

0

0

18,383

11,818

8,848

8,765

42,505

18,766

15,381

15,296

38,471

25,576

31,900

Finance lease right of use assets, net

-

-

-

-

-

55,576

56,146

42,376

29,704

29,994

30,285

30,576

23,788

0

-

-

-

-

-

-

-

-

-

-

Other noncurrent assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

836

876

1,310

646

1,495

3,253

Total assets

452,018

479,902

484,552

459,216

448,002

453,474

453,846

434,379

411,799

423,297

415,310

409,336

397,415

362,193

354,633

351,485

353,277

366,962

355,931

359,611

369,320

331,659

335,625

330,373

Liabilities and stockholders' equity
Current liabilities
Accounts payable, accrued expenses and other current liabilities

35,556

39,973

35,975

31,169

24,260

31,897

30,058

29,967

21,793

29,181

30,160

29,342

21,965

23,231

19,703

18,405

15,961

22,156

23,436

24,918

28,656

40,201

-

45,878

Accounts payable and accrued expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

40,623

-

Due to Related Parties, Current

242

332

1,196

1,185

2,039

2,877

3,701

4,522

4,468

7,009

6,929

6,850

6,771

15,972

12,578

10,976

10,927

13,321

62,902

60,618

61,723

59,102

46,371

7,616

Deferred revenue

7,616

14,376

14,297

8,814

6,408

14,717

-

-

-

5,815

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred revenue

-

-

-

-

-

-

11,013

9,028

6,581

-

7,913

6,905

7,336

6,422

3,523

4,349

3,688

4,448

5,469

5,857

8,284

11,748

5,862

16,155

Current portion of secured long-term debt

22,240

22,990

23,740

14,952

18,958

20,127

17,785

17,319

18,706

18,979

17,830

18,343

24,659

19,627

18,002

20,091

18,887

19,499

18,136

22,204

22,359

17,807

18,686

16,065

Finance Lease, Liability, Current

6,902

12,549

7,568

6,632

6,601

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Current portion of finance lease liabilities

-

-

-

-

-

5,364

5,336

3,464

1,812

1,785

1,759

1,733

1,248

0

-

-

-

-

-

-

-

-

-

-

Line of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

3,000

3,000

3,000

3,000

Dividend payable

132

631

1,921

1,864

2,928

4,063

5,198

6,333

6,333

7,238

7,238

12,624

12,624

12,624

12,624

12,624

12,624

12,724

12,724

12,724

12,724

12,824

29,381

23,177

Other current liablities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

263

-

Total current liabilities

72,691

90,854

84,700

64,619

61,197

79,048

73,093

70,635

59,695

70,010

71,832

75,800

74,605

77,878

66,433

66,448

62,089

72,150

122,669

126,323

136,748

144,685

144,189

111,893

Secured long-term debt, net

81,143

83,649

88,561

102,394

92,262

95,374

101,765

107,094

113,170

117,615

113,430

117,689

117,457

107,637

112,027

117,209

124,130

129,496

115,220

118,047

122,728

86,626

91,719

83,302

Finance Lease, Liability, Noncurrent

55,768

57,498

64,402

54,508

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Finance lease liabilities

-

-

-

-

56,018

45,684

47,036

35,321

24,552

25,015

25,472

25,921

19,751

-

-

-

-

-

-

-

-

-

-

-

Other Liabilities, Noncurrent

5,052

4,828

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Related party long-term debt, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

17,303

Commitments and contingencies -Note 7

-

-

-

-

-

-

0

0

0

-

0

0

0

-

0

-

0

0

0

0

0

0

0

0

Convertible redeemable preferred stock of Bulk Partners (Bermuda) Ltd., net of issuance costs ($1,000 par value, 112,500 shares authorized, 0 and 89,114 shares issued and outstanding at December 31, 2014 and 2013, respectively

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

103,236

103,236

Stockholders' equity:
Preferred stock, $0.0001 par value, 1,000,000 shares authorized and no shares issued or outstanding

0

0

0

0

0

0

0

0

0

0

-

-

-

0

0

0

0

-

0

0

0

0

-

0

Common stock, $0.0001 par value, 100,000,000 shares authorized; 45,112,062 shares issued and outstanding at March 31, 2020; 44,886,122 shares issued and outstanding at December 31, 2019

4

4

4

4

4

4

4

4

4

4

4

4

3

3

3

3

3

3

3

3

3

3

87

1

Additional paid-in capital

158,564

157,504

157,176

156,855

156,621

155,946

155,856

155,631

155,556

154,943

154,781

148,888

140,354

133,677

133,512

133,349

133,211

133,075

134,327

134,261

134,122

133,955

0

85

Retained earnings

5,941

12,736

18,693

11,916

9,439

5,737

6,355

-1,921

-7,694

-9,596

-13,618

-20,799

-16,062

-17,409

-17,475

-23,539

-23,669

-24,866

-21,526

-24,483

-28,542

-36,142

-7,324

-5,933

Total Pangaea Logistics Solutions Ltd. equity

164,510

170,245

175,873

168,776

166,065

161,688

162,215

153,713

147,865

145,351

141,167

128,092

124,295

116,271

116,040

109,812

109,546

108,212

112,805

109,781

105,582

97,816

-7,236

-5,846

Non-controlling interests

72,851

72,825

71,014

68,917

72,457

71,678

69,734

67,614

66,514

65,304

63,408

61,832

61,304

60,405

60,132

58,015

57,510

57,103

5,237

5,459

4,261

2,531

3,716

20,483

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

237,361

243,071

246,888

237,693

238,522

233,366

231,950

221,328

214,380

210,655

204,576

189,924

185,599

176,677

176,173

167,828

167,057

165,316

118,042

115,240

109,843

100,347

-3,520

14,637

Total liabilities and stockholders' equity

452,018

479,902

484,552

459,216

448,002

453,474

453,846

434,379

411,799

423,297

415,310

409,336

397,415

362,193

354,633

351,485

353,277

366,962

355,931

359,611

369,320

331,659

335,625

330,373