Pyxis Tankers (PXS) 6-K 19 Dec 17 2017 Q3 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2017
Document And Entity Information
Entity Registrant Name	Pyxis Tankers Inc.
Entity Central Index Key	1,640,043
Document Type	6-K
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Trading Symbol	PXS
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,017

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 604	$ 783
Restricted cash, current portion	142	143
Inventories	808	1,173
Trade receivables, net	1,083	1,681
Prepayments and other assets	261	404
Total current assets	2,898	4,184
FIXED ASSETS, NET:
Vessels, net	117,177	121,341
Total fixed assets, net	117,177	121,341
OTHER NON-CURRENT ASSETS:
Restricted cash, net of current portion	4,858	4,857
Deferred charges, net	304	358
Total other non-current assets	5,162	5,215
Total assets	125,237	130,740
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs, current	7,059	6,813
Accounts payable	2,705	3,115
Due to related parties	5,777	1,953
Hire collected in advance	802	415
Accrued and other liabilities	690	574
Total current liabilities	17,033	12,870
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred financing costs, non-current	60,745	66,617
Promissory note	2,500	2,500
Total non-current liabilities	63,245	69,117
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock ($0.001 par value; 50,000,000 shares authorized; none issued)
Common stock ($0.001 par value; 450,000,000 shares authorized; 18,277,893 shares issued and outstanding at each of December 31, 2016 and September 30, 2017)	18	18
Additional paid-in capital	70,123	70,123
Accumulated deficit	(25,182)	(21,388)
Total stockholders' equity	44,959	48,753
Total liabilities and stockholders' equity	$ 125,237	$ 130,740

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, share authorized	50,000,000	50,000,000
Preferred stock, share issued	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, share authorized	450,000,000	450,000,000
Common stock, share issued	18,277,893	18,277,893
Common stock, share outstanding	18,277,893	18,277,893

Interim Consolidated Statements

Interim Consolidated Statements of Comprehensive Income / (Loss) (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Voyage revenues	$ 22,509	$ 23,538
Expenses:
Voyage related costs and commissions	(6,778)	(3,914)
Vessel operating expenses	(9,414)	(9,774)
General and administrative expenses	(2,276)	(1,981)
Management fees, related parties	(532)	(460)
Management fees, other	(697)	(778)
Amortization of special survey costs	(54)	(185)
Depreciation	(4,164)	(4,318)
Bad debt provisions	(231)
Operating income / (loss)	(1,637)	2,128
Other expenses:
Interest and finance costs, net	(2,157)	(2,109)
Total other expenses, net	(2,157)	(2,109)
Net income / (loss)	$ (3,794)	$ 19
Earnings / (loss) per common share, basic and diluted	$ (0.21)	$ 0
Weighted average number of common shares, basic and diluted	18,277,893	18,277,893

Interim Consolidated Statement5

Interim Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2015	$ 18	$ 70,123	$ (15,575)	$ 54,566
Balance, shares at Dec. 31, 2015	18,244,671
Issuance of common stock
Issuance of common stock, shares	33,222
Net income/(loss)			19	19
Balance at Sep. 30, 2016	$ 18	70,123	(15,556)	54,585
Balance, shares at Sep. 30, 2016	18,277,893
Balance at Dec. 31, 2016	$ 18	70,123	(21,388)	48,753
Balance, shares at Dec. 31, 2016	18,277,893
Net income/(loss)			(3,794)	(3,794)
Balance at Sep. 30, 2017	$ 18	$ 70,123	$ (25,182)	$ 44,959
Balance, shares at Sep. 30, 2017	18,277,893

Interim Consolidated Statement6

Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income / (loss)	$ (3,794)	$ 19
Adjustments to reconcile net income / (loss) to net cash provided by operating activities:
Depreciation	4,164	4,318
Amortization of special survey costs	54	185
Amortization of financing costs	116	125
Bad debt provisions	231
Changes in assets and liabilities:
Inventories	365	(427)
Trade receivables, net	367	(568)
Prepayments and other assets	143	400
Accounts payable	(410)	649
Due to related parties	3,824	50
Hire collected in advance	387	(1,614)
Accrued and other liabilities	116	49
Net cash provided by operating activities	5,563	3,186
Cash flow from investing activities:
Net cash provided by investing activities
Cash flows from financing activities:
Repayment of long-term debt	(5,552)	(5,752)
Change in restricted cash		(500)
Payment of financing costs	(190)	(22)
Net cash used in financing activities	(5,742)	(6,274)
Net decrease in cash and cash equivalents	(179)	(3,088)
Cash and cash equivalents at the beginning of the period	783	4,122
Cash and cash equivalents at the end of the period	$ 604	$ 1,034

Basis of Presentation and Gener

Basis of Presentation and General Information	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and General Information	1. Basis of Presentation and General Information PYXIS TANKERS INC. (“Pyxis”) was formed as a corporation under the laws of the Republic of Marshall Islands on March 23, 2015, for the purpose of acquiring from entities under common control 100% ownership interest in six vessel-owning companies, SECONDONE CORP. (“Secondone”), THIRDONE CORP. (“Thirdone”), FOURTHONE CORP. (“Fourthone”), SIXTHONE CORP. (“Sixthone”), SEVENTHONE CORP. (“Seventhone”) and EIGHTHONE CORP. (“Eighthone”), (collectively the “Vessel-owning companies”). All of the Vessel-owning companies were established under the laws of the Republic of Marshall Islands and are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below: Vessel-owning company Incorporation date Vessel DWT Year built Acquisition date Secondone 05/23/2007 Northsea Alpha 8,615 2010 05/28/2010 Thirdone 05/23/2007 Northsea Beta 8,647 2010 05/25/2010 Fourthone 05/30/2007 Pyxis Malou 50,667 2009 02/16/2009 Sixthone 01/15/2010 Pyxis Delta 46,616 2006 03/04/2010 Seventhone 05/31/2011 Pyxis Theta 51,795 2013 09/16/2013 Eighthone 02/08/2013 Pyxis Epsilon 50,295 2015 01/14/2015 The accompanying unaudited interim consolidated financial statements include the accounts of Pyxis and its Vessel-owning companies (collectively the “Company”) as discussed above as of December 31, 2016 (audited) and September 30, 2017 and for the nine–month periods ended September 30, 2016 and 2017. The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In the opinion of the management of the Company, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, operating results and cash flows have been included in the accompanying unaudited interim consolidated financial statements. Interim results are not necessarily indicative of results that may be expected for the year ending December 31, 2017. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes for the year ended December 31, 2016, included in the Company’s Annual Report on Form 20-F filed with the SEC on March 28, 2017 (the “Annual Report”). PYXIS MARITIME CORP. (“Maritime”), a corporation established under the laws of the Republic of Marshall Islands, which is beneficially owned by Mr. Valentios (“Eddie”) Valentis, the Company’s Chairman, Chief Executive Officer and Class I Director, provides certain ship management services to the Vessel-owning companies, as discussed in Note 3 of the Company’s consolidated financial statements for the year ended December 31, 2016, included in the Company’s Annual Report. With effect from the delivery of each vessel, the crewing and technical management of the vessels were contracted to INTERNATIONAL TANKER MANAGEMENT LTD. (“ITM”) with permission from Maritime. ITM is an unrelated third party technical manager, represented by its branch based in Dubai, UAE. Each ship-management agreement with ITM continues by its terms until it is terminated by either party. The ship-management agreements can be cancelled by the Company for any reason at any time upon three months’ advance notice, but neither party can cancel the agreement, other than for specified reasons, until 18 months after the initial effective date of the ship-management agreement. In September 2010, Secondone and Thirdone entered into commercial management agreements with NORTH SEA TANKERS BV (“NST”), an unrelated company established in the Netherlands. Pursuant to these agreements, NST provided chartering services to Northsea Alpha Northsea Beta Northsea Beta Northsea Alpha As of September 30, 2017, Mr. Valentis beneficially owned approximately 93.3% of the Company’s common stock. After taking into consideration the transactions discussed in Note 8 below, Mr. Valentis’ ownership decreased to 81.5%.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies The same accounting policies have been followed in these unaudited interim consolidated financial statements as were applied in the preparation of the Company’s consolidated financial statements for the year ended December 31, 2016. See Note 2 of the Company’s consolidated financial statements for the year ended December 31, 2016, included in the Company’s Annual Report. Revenue from Contracts with Customers: Revenue from Contracts with Customers (Topic 606) Recent Accounting Pronouncements: The Company had no transactions which affect comprehensive income / (loss) during the nine months ended September 30, 2016 and 2017, and accordingly, comprehensive income / (loss) was equal to net income / (loss).

Transactions with Related Parti

Transactions with Related Parties	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Transactions with Related Parties	3. Transactions with Related Parties: The following transactions with related parties occurred during the nine–month periods ended September 30, 2016 and 2017. (a) The following amounts were charged by Maritime pursuant to the head management and ship-management agreements with the Company, and are included in the accompanying unaudited interim consolidated statements of comprehensive income / (loss): Nine Months Ended September 30, 2016 2017 Included in Voyage related costs and commissions Charter hire commissions $236 $279 Included in Management fees, related parties Ship-management fees 460 532 Included in General and administrative expenses Administration fees 1,198 1,197 Total $1,894 $2,008 As of December 31, 2016 and September 30, 2017, the balances due to Maritime were $1,953 and $5,777, respectively, and are included in “Due to related parties” in the accompanying consolidated balance sheets. The amount due to Maritime as of December 31, 2016 and September 30, 2017 includes $300 placed in escrow by Maritime on behalf of Sixthone, relating to a dispute with one of the Company’s charterers, as discussed in Note 11. The balances with Maritime are interest free and with no specific repayment terms. The ship-management fees and the administration fees will be adjusted annually according to the official inflation rate in Greece or such other country where Maritime was headquartered during the preceding year. On August 9, 2016, the Company amended the head management agreement with Maritime to provide that in the event the official inflation rate for any calendar year is deflationary, no adjustment shall be made to the ship-management fees and the administration fees, which will remain, for the particular calendar year, as per the previous calendar year. (b) The promissory note of $2,500 that bears an interest rate of 2.75% per annum payable quarterly in arrears in cash or common shares of the Company, at a price per common share based on a five day volume weighted average price, at the Company’s discretion, is separately reflected in the accompanying consolidated balance sheets. Accrued interest on the promissory note for the nine months ended September 30, 2016 and 2017, amounted to $17 for both periods, and is included in “Interest and finance costs, net” in the accompanying consolidated statement of comprehensive income / (loss). On each of August 9, 2016 and March 7, 2017, the Company agreed with Maritime Investors to extend the maturity of the promissory note for one year, at the same terms and at no additional cost to the Company. The maturity of the promissory note, as amended, is January 2019.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2017
Inventory Disclosure [Abstract]
Inventories	4. Inventories: The amounts in the accompanying consolidated balance sheets as at December 31, 2016 and September 30, 2017 are analyzed as follows: December 31, 2016 September 30, 2017 Lubricants $479 $408 Bunkers 694 400 Total $1,173 $808

Vessels, Net

Vessels, Net	9 Months Ended
	Sep. 30, 2017
Property, Plant and Equipment [Abstract]
Vessels, Net	5. Vessels, net: The amounts in the accompanying consolidated balance sheets are analyzed as follows: Vessel Cost Accumulated Depreciation Net Book Value Balance January 1, 2017 $138,060 ($16,719) $121,341 Depreciation for the period — (4,164) (4,164) Balance September 30, 2017 $138,060 ($20,883) $117,177 All of the Company’s vessels have been pledged as collateral to secure the bank loans discussed in Note 7.

Deferred Charges, Net

Deferred Charges, Net	9 Months Ended
	Sep. 30, 2017
Deferred Charges Net
Deferred Charges, Net	6. Deferred Charges, net: The movement in deferred charges in the accompanying consolidated balance sheets are as follows: Special Survey Costs Balance, January 1, 2017 $358 Amortization of special survey costs (54) Balance, September 30, 2017 $304 The amortization of the special survey costs is separately reflected in the accompanying unaudited interim consolidated statements of comprehensive income / (loss).

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Long-term Debt	7. Long-term Debt: The amounts shown in the accompanying consolidated balance sheets at December 31, 2016 and September 30, 2017 are analyzed as follows: Vessel (Borrower) December 31, 2016 September 30, 2017 Northsea Alpha (Secondone) $4,808 $4,578 Northsea Beta (Thirdone) 4,808 4,578 Pyxis Malou (Fourthone) 20,350 18,210 Pyxis Delta (Sixthone) 8,437 7,425 Pyxis Theta (Seventhone) 17,228 16,288 Pyxis Epsilon (Eighthone) 18,200 17,200 Total $73,831 $68,279 Current portion $6,963 $7,200 Less: Current portion of deferred financing costs (150) (141) Current portion of long-term debt, net of deferred financing costs, current $6,813 $7,059 Long-term portion $66,868 $61,079 Less: Non-current portion of deferred financing costs (251) (334) Long-term debt, net of current portion and deferred financing costs, non-current $66,617 $60,745 Each loan is secured by a first priority mortgage over the respective vessel and a first priority assignment of the vessel’s insurances and earnings. Each loan agreement contains customary ship finance covenants including restrictions as to changes in management and ownership of the vessel, in dividends distribution when certain financial ratios are not met, as well as requirements regarding minimum security cover ratios. For more information, please refer to Note 7 of the Company’s consolidated financial statements for the year ended December 31, 2016, included in the Company’s Annual Report. On September 29, 2016, the Company agreed with the lender of Sixthone and Seventhone (“Tranche A” and “Tranche B”, respectively) to extend the maturity of the loan under Tranche A from May 2017 to September 2018, under the same amortization schedule and applicable margin. On June 6, 2017, the lender of Sixthone and Seventhone agreed to further extend the maturity of its respective loans from September 2018 to September 2022 under the same applicable margin, but with an extended amortization schedule. The aggregate outstanding balance of these loans as of September 30, 2017 of $23,713 is scheduled to be repaid in 19 quarterly installments of $651 each, one quarterly installment of $988 and a balloon payment of $10,356. The annual principal payments required to be made after September 30, 2017 are as follows: To September 30, Amount 2018 $7,200 2019 6,863 2020 25,049 2021 3,803 2022 25,364 2023 and thereafter - Total $68,279 The Company’s weighted average interest rate (including the margin) for the nine months ended September 30, 2016 and 2017 was 3.24% and 3.68%, including the promissory note discussed in Note 3, respectively. As of September 30, 2017, the ratio of the Company’s total liabilities to market value adjusted total assets was 69%, or 4% higher than the required threshold under the loan agreement with one of its lenders. This requirement is only applicable in order to assess whether the relevant two Vessel-owning companies are entitled to distribute dividends to Pyxis. Other than the above, the Company was in compliance with all of its financial and security collateral cover ratio covenants with respect to its loan agreements. In addition, as of September 30, 2017, there was no amount available to be drawn down by the Company under its existing loan agreements. As of September 30, 2017, the Company had a working capital deficit of $14,135, defined as current assets minus current liabilities. Management considered such deficit in conjunction with the future market prospects and in December 2017 agreed to proceed with the private placement discussed in Note 8 below. After taking into consideration the net proceeds from this private placement and as of the filing date of the interim financial statements, the Company believes that it will be in a position to cover its liquidity needs for the next 12 month period and be in compliance with the financial and security collateral cover ratio covenants under its existing debt agreements as discussed in Note 7 of the Company’s consolidated financial statements for the year ended December 31, 2016, included in the Company’s Annual Report.

Capital Structure and Equity In

Capital Structure and Equity Incentive Plan	9 Months Ended
	Sep. 30, 2017
Retirement Benefits [Abstract]
Capital Structure and Equity Incentive Plan	8. Capital Structure and Equity Incentive Plan: The Company’s authorized common and preferred stock consists of 450,000,000 common shares and 50,000,000 preferred shares with a par value of USD 0.001 per share. As of December 31, 2016 and September 30, 2017, the Company had a total of 18,277,893 common shares and no preferred shares outstanding. On October 28, 2015, the Company’s Board of Directors approved an equity incentive plan (the “EIP”), providing for the granting of share-based awards to directors, officers and employees of the Company and its affiliates and to its consultants and service providers. The maximum aggregate number of shares of common stock of the Company, that may be delivered pursuant to awards granted under the EIP, shall be equal to 15% of the then issued and outstanding number of shares of common stock. On the same date, the Company’s Board of Directors approved the issuance of 33,222 restricted shares of the Company’s common stock to certain of its officers. As of December 31, 2016, all such shares had been vested and issued. During the nine months ended September 30, 2017, no additional shares were granted under the EIP, and as of September 30, 2017, there was no unrecognized compensation cost. On November 15, 2017, 200,000 restricted shares of the Company’s common stock were granted and issued to a senior officer of the Company, and were vested immediately upon issuance. The fair value of such restricted shares based on the average of the high-low trading price of the shares on November 15, 2017, was $355, which will be recorded as a non-cash share based compensation in the fourth quarter of 2017. On April 27, 2017, the Company filed with the SEC a registration statement on Form F-1 with respect to a proposed offering of the Company’s shares of common stock in an amount of $10,000 (exclusive of the over-allotment option). Due to market conditions, the Company decided not to proceed with the planned public equity offering and on July 13, 2017, the relevant registration statement was withdrawn and offering costs of $329 were written-off during the nine-month period ended September 30, 2017. On December 6, 2017, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain accredited investors (the “Investors”), pursuant to which the Company, in a private placement, agreed to issue and sell to the Investors an aggregate of 2,400,000 shares of its common stock at a price per share of $2.00 (the “Private Placement”). As a condition of the Purchase Agreement, the Company, Maritime Investors and each of the Company’s directors and executive officers entered into lock-up agreements pursuant to which they may not, among other things, offer or sell shares of the Company’s common stock until the earlier of i) 30 days after effective date (as defined therein) and ii) the disposition by the Investors of all of the shares of common stock they received in the Private Placement. In connection with the Private Placement, the Company also entered into a registration rights agreement with the Investors, pursuant to which the Company is obligated to prepare and file with the SEC a registration statement to register for resale the registrable securities (as defined therein) on or prior to December 21, 2017. The Private Placement closed on December 8, 2017, resulting in gross proceeds of $4,800, before deducting placement offering expenses, which will be used for general corporate purposes that may include the repayment of outstanding indebtedness. Following the issuance of the 200,000 shares of common stock under the EIP, as well as the issuance of the 2,400,000 shares of common stock pursuant to the Private Placement, both discussed above, the Company’s outstanding common shares increased from 18,277,893 to 20,877,893.

Earnings _ (Loss) Per Common Sh

Earnings / (Loss) Per Common Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings / (Loss) Per Common Share	9. Earnings / (loss) per Common Share: September 30, 2016 2017 Net income / (loss) $19 ($3,794) Weighted average number of common shares, basic and diluted 18,277,893 18,277,893 Earnings / (loss) per common share, basic and diluted $0.00 ($0.21)

Risk Management

Risk Management	9 Months Ended
	Sep. 30, 2017
Risk Management
Risk Management	10. Risk Management: The principal financial assets of the Company consist of cash and cash equivalents and trade accounts receivable due from charterers. The principal financial liabilities of the Company consist of long-term bank loans, accounts payable, due to related parties and a promissory note. Interest Rate Risk Credit Risk Currency risk Fair Value As of December 31, 2016 and September 30, 2017, the Company did not have any assets or liabilities measured at fair value, other than the ones discussed in Note 10 of the Company’s consolidated financial statements for the year ended December 31, 2016, included in the Company’s Annual Report.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies: Minimum Contractual Charter Revenues: Make-Whole Right and Financial Guarantee: In addition, the Make-Whole Right provides that should the Company fail to complete a Future Pyxis Offering within a date which is three years from the date of the closing of the merger, or October 2018, each former LS stockholder who has held the Company shares continuously from the date of the Make-Whole Record Date (the “Legacy LS Stockholders”) until the expiration of such three year period, will have a 24-hour option (the “Put Period”) to require the Company to purchase from such Legacy LS Stockholders, a pro rata amount of the Company’s common stock that would result in aggregate gross proceeds to the Legacy LS Stockholders, in an amount not to exceed $2,000; provided that in no event shall a Legacy LS Stockholder receive an amount per share greater than $4.30 (the “Financial Guarantee”). Under ASC 815, the Make-Whole Right does not meet the criteria to be accounted for as a derivative instrument under “Derivatives and Hedging” since it is not readily convertible into cash. The Make-Whole Right requires the Company to issue its own equity shares and, according to ASC 460 “Guarantees”, the Company is not required to recognize an initial liability. If a Future Pyxis Offering had been completed as of September 30, 2017, the maximum number of shares issuable to Legacy LS Stockholders would have amounted to 1,154,995, based on the closing price of the Company’s stock on September 30, 2017 of $1.92, and assuming that all of the original Legacy LS Stockholders retained their Make-Whole Right as of such date and they exercised their right to receive the additional shares. During November and December 2017, the Company’s share trade activity increased notably. Its price reached a high of $12.22, or about 184% higher than the Consideration Value of $4.30. The Company estimates that more than half of the original 931,761 shares that were originally issued to LS stockholders have been sold. Nonetheless, the actual number of original shares currently held by the Legacy LS Stockholders cannot be accurately assessed. The Financial Guarantee is accounted under ASC 460-10 “Guarantees – Option Based Contracts”. No liability for the Financial Guarantee has been reflected in the accompanying consolidated balance sheet dates, assuming that a Future Pyxis Offering will take place, the number of shares to be repurchased is not fixed, and the New Offering Price will be at a minimum equal to the Consideration Value. The Company controls the timing of any Future Pyxis Offering and the New Offering Price of any Pyxis shares in such future offering will be subject to U.S. capital markets conditions and investors’ interest. Dispute with charterer: In October 2017, the relevant commercial dispute was resolved and a settlement agreement was signed. Pursuant to this agreement, from the total amount of $300 held under escrow, $150 was paid to the charterer and the resulting balance was paid back to Maritime. Other The Company accrues for the cost of environmental and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any other claims or contingent liabilities which should be disclosed or for which a provision should be established in the accompanying consolidated financial statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.

Interest and Finance Costs, Net

Interest and Finance Costs, Net	9 Months Ended
	Sep. 30, 2017
Interest And Finance Costs Net
Interest and Finance Costs, Net	12. Interest and Finance Costs, net: The amounts in the accompanying unaudited interim consolidated statements of comprehensive income / (loss) are analyzed as follows: September 30, 2016 2017 Interest on long-term debt (Note 7) $1,933 $1,990 Interest on promissory note (Note 3) 51 51 Amortization of financing costs 125 116 Total $2,109 $2,157

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events: Dispute with charterer: Issuance of shares of common stock under the EIP: Private Placement:

Significant Accounting Polici20

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers: Revenue from Contracts with Customers (Topic 606)
Recent Accounting Pronouncements	Recent Accounting Pronouncements: The Company had no transactions which affect comprehensive income / (loss) during the nine months ended September 30, 2016 and 2017, and accordingly, comprehensive income / (loss) was equal to net income / (loss).

Basis of Presentation and Gen21

Basis of Presentation and General Information (Tables)	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Ownership and Operation of Tanker Vessels	All of the Vessel-owning companies were established under the laws of the Republic of Marshall Islands and are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below: Vessel-owning company Incorporation date Vessel DWT Year built Acquisition date Secondone 05/23/2007 Northsea Alpha 8,615 2010 05/28/2010 Thirdone 05/23/2007 Northsea Beta 8,647 2010 05/25/2010 Fourthone 05/30/2007 Pyxis Malou 50,667 2009 02/16/2009 Sixthone 01/15/2010 Pyxis Delta 46,616 2006 03/04/2010 Seventhone 05/31/2011 Pyxis Theta 51,795 2013 09/16/2013 Eighthone 02/08/2013 Pyxis Epsilon 50,295 2015 01/14/2015

Transactions with Related Par22

Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Income / (Loss)	The following amounts were charged by Maritime pursuant to the head management and ship-management agreements with the Company, and are included in the accompanying unaudited interim consolidated statements of comprehensive income / (loss): Nine Months Ended September 30, 2016 2017 Included in Voyage related costs and commissions Charter hire commissions $236 $279 Included in Management fees, related parties Ship-management fees 460 532 Included in General and administrative expenses Administration fees 1,198 1,197 Total $1,894 $2,008

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2017
Inventory Disclosure [Abstract]
Schedule of Inventories	The amounts in the accompanying consolidated balance sheets as at December 31, 2016 and September 30, 2017 are analyzed as follows: December 31, 2016 September 30, 2017 Lubricants $479 $408 Bunkers 694 400 Total $1,173 $808

Vessels, Net (Tables)

Vessels, Net (Tables)	9 Months Ended
	Sep. 30, 2017
Property, Plant and Equipment [Abstract]
Schedule of Vessels	The amounts in the accompanying consolidated balance sheets are analyzed as follows: Vessel Cost Accumulated Depreciation Net Book Value Balance January 1, 2017 $138,060 ($16,719) $121,341 Depreciation for the period — (4,164) (4,164) Balance September 30, 2017 $138,060 ($20,883) $117,177

Deferred Charges, Net (Tables)

Deferred Charges, Net (Tables)	9 Months Ended
	Sep. 30, 2017
Deferred Charges Net
Schedule of Deferred Charges	The movement in deferred charges in the accompanying consolidated balance sheets are as follows: Special Survey Costs Balance, January 1, 2017 $358 Amortization of special survey costs (54) Balance, September 30, 2017 $304

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The amounts shown in the accompanying consolidated balance sheets at December 31, 2016 and September 30, 2017 are analyzed as follows: Vessel (Borrower) December 31, 2016 September 30, 2017 Northsea Alpha (Secondone) $4,808 $4,578 Northsea Beta (Thirdone) 4,808 4,578 Pyxis Malou (Fourthone) 20,350 18,210 Pyxis Delta (Sixthone) 8,437 7,425 Pyxis Theta (Seventhone) 17,228 16,288 Pyxis Epsilon (Eighthone) 18,200 17,200 Total $73,831 $68,279 Current portion $6,963 $7,200 Less: Current portion of deferred financing costs (150) (141) Current portion of long-term debt, net of deferred financing costs, current $6,813 $7,059 Long-term portion $66,868 $61,079 Less: Non-current portion of deferred financing costs (251) (334) Long-term debt, net of current portion and deferred financing costs, non-current $66,617 $60,745
Schedule of Principal Payments	The annual principal payments required to be made after September 30, 2017 are as follows: To September 30, Amount 2018 $7,200 2019 6,863 2020 25,049 2021 3,803 2022 25,364 2023 and thereafter - Total $68,279

Earnings _ (Loss) Per Common 27

Earnings / (Loss) Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Schedule of Earnings / (Loss) Per Common Share	September 30, 2016 2017 Net income / (loss) $19 ($3,794) Weighted average number of common shares, basic and diluted 18,277,893 18,277,893 Earnings / (loss) per common share, basic and diluted $0.00 ($0.21)

Interest and Finance Costs, N28

Interest and Finance Costs, Net (Tables)	9 Months Ended
	Sep. 30, 2017
Interest And Finance Costs Net
Schedule of Interest and Finance Costs	The amounts in the accompanying unaudited interim consolidated statements of comprehensive income / (loss) are analyzed as follows: September 30, 2016 2017 Interest on long-term debt (Note 7) $1,933 $1,990 Interest on promissory note (Note 3) 51 51 Amortization of financing costs 125 116 Total $2,109 $2,157

Basis of Presentation and Gen29

Basis of Presentation and General Information (Details Narrative) - Integer	Mar. 23, 2015	Dec. 08, 2017	Sep. 30, 2017
Purpose of acquiring from entities under common control	100.00%
Number of ownership interest entities	6
Mr. Valentis [Member]
Percentage of beneficially owned common stock			93.30%
Mr. Valentis [Member] | Subsequent Event [Member]
Percentage of beneficially owned common stock		81.50%

Basis of Presentation and Gen30

Basis of Presentation and General Information - Schedule of Ownership and Operation of Tanker Vessels (Details) - Vessels [Member]	9 Months Ended
	Sep. 30, 2017Integer
Secondone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date of incorporation	May 23, 2007
Vessel	Northsea Alpha
DWT	8,615
Year built	2,010
Acquisition date	May 28, 2010
Thirdone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date of incorporation	May 23, 2007
Vessel	Northsea Beta
DWT	8,647
Year built	2,010
Acquisition date	May 25, 2010
Fourthone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date of incorporation	May 30, 2007
Vessel	Pyxis Malou
DWT	50,667
Year built	2,009
Acquisition date	Feb. 16, 2009
Sixthone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date of incorporation	Jan. 15, 2010
Vessel	Pyxis Delta
DWT	46,616
Year built	2,006
Acquisition date	Mar. 4, 2010
Seventhone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date of incorporation	May 31, 2011
Vessel	Pyxis Theta
DWT	51,795
Year built	2,013
Acquisition date	Sep. 16, 2013
Eighthone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date of incorporation	Feb. 8, 2013
Vessel	Pyxis Epsilon
DWT	50,295
Year built	2,015
Acquisition date	Jan. 14, 2015

Transactions with Related Par31

Transactions with Related Parties (Details Narrative) - USD ($) $ in Thousands	Mar. 07, 2017	Aug. 09, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Due to related parties			$ 5,777		$ 1,953
Litigation escrow deposit					300
Promissory note issued			$ 2,500		2,500
Promissory note, interest rate			2.75%
Interest and financing costs, net			$ 2,157	$ 2,109
Promissory Note [Member] | Maritime Investors [Member]
Promissory note issued			$ 2,500
Promissory note, interest rate			2.75%
Interest and financing costs, net			$ 17	$ 17
Debt instrument, maturity extension	1 year	1 year
Additional cost incurred on extension of maturity	$ 0	$ 0
Promissory note maturity date	Jan. 15, 2019	Jan. 15, 2018
Pyxis Maritime Corporation
Due to related parties			1,953		5,777
Litigation escrow deposit			$ 300		$ 300

Transactions with Related Par32

Transactions with Related Parties - Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Income / (Loss) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Related Party Transaction [Line Items]
Charter hire commissions	$ (6,778)	$ (3,914)
Ship-management fees	(532)	(460)
Administration fees	(2,276)	(1,981)
Pyxis Maritime Corporation
Related Party Transaction [Line Items]
Charter hire commissions	279	236
Ship-management fees	532	460
Administration fees	1,197	1,198
Related party transaction expenses, total	$ 2,008	$ 1,894

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Inventory [Line Items]
Inventories	$ 808	$ 1,173
Lubricants [Member]
Inventory [Line Items]
Inventories	408	479
Bunkers [Member]
Inventory [Line Items]
Inventories	$ 400	$ 694

Vessel, net - Schedule of Vesse

Vessel, net - Schedule of Vessels (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Property, Plant and Equipment [Line Items]
Beginning balance	$ 121,341
Depreciation for the period	4,164	$ 4,318
Ending balance	117,177
Vessel Cost [Member]
Property, Plant and Equipment [Line Items]
Beginning balance	138,060
Depreciation for the period
Ending balance	138,060
Accumulated Depreciation [Member]
Property, Plant and Equipment [Line Items]
Beginning balance	(16,719)
Depreciation for the period	(4,164)
Ending balance	(20,883)
Net Book Value [Member]
Property, Plant and Equipment [Line Items]
Beginning balance	121,341
Depreciation for the period	(4,164)
Ending balance	$ 117,177

Deferred Charges, net - Summary

Deferred Charges, net - Summary of Movement in Deferred Charges (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Debt Issuance Costs, Net [Abstract]
Deferred charges, beginning balance	$ 358
Amortization of special survey costs	(54)
Deferred charges, ending balance	$ 304

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) - USD ($) $ in Thousands	Jun. 06, 2017	Sep. 29, 2016	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016
Total long-term debt outstanding			$ 68,279	$ 73,831
Long-term debt, weighted average interest rate			3.68%		3.24%
Working capital deficit			$ 14,135
Lender of SixthoneCorp and SeventhoneCorp [Member] | Loan Agreement [Member]
Debt instrument, extended maturity description	Extend the maturity of its respective loans from September 2018 to September 2022	Extend the maturity of the loan under Tranche A from May 2017 to September 2018
Total long-term debt outstanding			23,713
Quarterly installments payable (19 installments)			651
Quarterly installments payable (1 installment)			988
Long-term debt balloon payments			$ 10,356
Actual leverage ratio			69.00%
Difference between actual ratio and required threshold			4.00%

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total	$ 68,279	$ 73,831
Current portion	7,200	6,963
Less: Current portion of deferred financing costs	(141)	(150)
Current portion of long-term debt, net of deferred financing costs, current	7,059	6,813
Long-term portion	61,079	66,868
Less: Non-current portion of deferred financing costs	(334)	(251)
Long-term debt, net of current portion and deferred financing costs, non-current	60,745	66,617
Northsea Alpha Vessel [Member] | Secondone Corp [Member]
Debt Instrument [Line Items]
Total	4,578	4,808
Northsea Beta Vessel [Member] | Thirdone Corp [Member]
Debt Instrument [Line Items]
Total	4,578	4,808
Pyxis Malou Vessel [Member] | Fourthone Corp [Member]
Debt Instrument [Line Items]
Total	18,210	20,350
Pyxis Delta Vessel [Member] | Sixthone Corp [Member]
Debt Instrument [Line Items]
Total	7,425	8,437
Pyxis Theta Vessel [Member] | Seventhone Corp [Member]
Debt Instrument [Line Items]
Total	16,288	17,228
Pyxis Epsilon Vessel [Member] | Eighthone Corp [Member]
Debt Instrument [Line Items]
Total	$ 17,200	$ 18,200

Long-Term Debt - Schedule of Pr

Long-Term Debt - Schedule of Principal Payments (Details) $ in Thousands	Sep. 30, 2017USD ($)
Debt Instruments [Abstract]
2,018	$ 7,200
2,019	6,863
2,020	25,049
2,021	3,803
2,022	25,364
2023 and thereafter
Total	$ 68,279

Capital Structure and Equity 39

Capital Structure and Equity Incentive Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Dec. 08, 2017	Nov. 15, 2017	Apr. 27, 2017	Oct. 28, 2015	Sep. 30, 2017	Dec. 31, 2016
Common stock, share authorized					450,000,000	450,000,000
Preferred stock, share authorized					50,000,000	50,000,000
Common stock, par value					$ 0.001	$ 0.001
Common stock, share outstanding					18,277,893	18,277,893
Preferred stock, share outstanding					0	0
Common stock offering amount			$ 10,000
Written-off offering costs					$ 329
Subsequent Event [Member]
Common stock, share outstanding	20,877,893
Subsequent Event [Member] | Private Placement [Member]
Shares of common stock issued	2,400,000
Price per share of common stock	$ 2
Gross proceeds from issuance of common stock	$ 4,800
Equity Incentive Plan [Member]
Percentage of outstanding stock				15.00%
Restricted shares of common stock issued				33,222
Equity Incentive Plan [Member] | Subsequent Event [Member]
Restricted shares of common stock issued		200,000
Stock compensation expense		$ 355

Earnings _ (loss) per Common 40

Earnings / (loss) per Common Share - Schedule of Earnings / (Loss) per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Net income / (loss)	$ (3,794)	$ 19
Weighted average number of common shares, basic and diluted	18,277,893	18,277,893
Earnings / (loss) per common share, basic and diluted	$ (0.21)	$ 0

Risk Management (Details Narrat

Risk Management (Details Narrative)	Sep. 30, 2017
Risk Management Details Narrative
Promissory note, interest rate	2.75%

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2017	Oct. 31, 2017	Dec. 31, 2016
Litigation escrow deposit			$ 300
Allowance for doubtful accounts	$ 200		$ 100
Subsequent Event [Member]
Litigation escrow deposit		$ 300
Amount paid to charterer from litigation escrow desposit		$ 150
LS Stockholders [Member]
Make-whole right	Make-Whole Right and Financial Guarantee: In the event that the Company completes a primary common share financing (a “Future Pyxis Offering”) at an offering price per share (the “New Offering Price”) lower than $4.30, the valuation ascribed to each share of the Company’s common stock received by the former stockholders of LookSmart, Ltd. (“LS”) pursuant to the agreement and plan of merger discussed in Note 1 of the Company’s consolidated financial statements for the year ended December 31, 2016 included in the Company’s Annual Report (the “Consideration Value”), the Company will be obligated to make “whole” the Legacy LS Stockholders (as defined below) as of April 29, 2015 (the “Make-Whole Record Date”) pursuant to which such Legacy LS Stockholders will be entitled to receive additional shares of the Company’s common stock to compensate them for the difference between $4.30 per share and the New Offering Price. The Make-Whole Right shall only apply to the first Future Pyxis Offering following the closing of the merger which results in gross proceeds to the Company of at least $5,000, excluding any proceeds received from any shares purchased or sold by Maritime Investors or its affiliates. In addition, the Make-Whole Right provides that should the Company fail to complete a Future Pyxis Offering within a date which is three years from the date of the closing of the merger, or October 2018, each former LS stockholder who has held the Company shares continuously from the date of the Make-Whole Record Date (the “Legacy LS Stockholders”) until the expiration of such three year period, will have a 24-hour option (the “Put Period”) to require the Company to purchase from such Legacy LS Stockholders, a pro rata amount of the Company’s common stock that would result in aggregate gross proceeds to the Legacy LS Stockholders, in an amount not to exceed $2,000; provided that in no event shall a Legacy LS Stockholder receive an amount per share greater than $4.30 (the “Financial Guarantee”).
LS Stockholders [Member] | Make-Whole Right [Member]
Gross proceeds from common share offering	$ 5,000
Maximum consideration value	$ 2,000
Shares issuable	1,154,995
Closing price of stock	$ 1.92
High price of stock	12.22
Consideration Value	$ 4.30
Number of shares originally issued to LS Stockholders	931,761
Maritime Investors Corp [Member]
Brokerage commission percentage	1.25%
Committed non cancelable long term time charter contracts	$ 2,017

Interest and Finance Costs, n43

Interest and Finance Costs, net - Schedule of Interest and Finance Costs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Interest And Finance Costs Net - Schedule Of Interest And Finance Costs Details
Interest on long-term debt	$ 1,990	$ 1,933
Interest on promissory note	51	51
Amortization of financing costs	116	125
Total	$ 2,157	$ 2,109

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Dec. 08, 2017	Nov. 15, 2017	Oct. 28, 2015	Oct. 31, 2017	Dec. 31, 2016
Litigation escrow deposit					$ 300
Equity Incentive Plan [Member]
Restricted shares of common stock issued			33,222
Subsequent Event [Member]
Litigation escrow deposit				$ 300
Amount paid to charterer from litigation escrow desposit				$ 150
Subsequent Event [Member] | Private Placement [Member]
Shares of common stock issued	2,400,000
Price per share of common stock	$ 2
Gross proceeds from issuance of common stock	$ 4,800
Subsequent Event [Member] | Equity Incentive Plan [Member]
Restricted shares of common stock issued		200,000