Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2020 | |
Cover [Abstract] | |
Entity Registrant Name | Pyxis Tankers Inc. |
Entity Central Index Key | 0001640043 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2020 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2020 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 10 | $ 1,441 |
Restricted cash, current portion | 701 | 535 |
Inventories | 502 | 501 |
Trade accounts receivable | 463 | 1,243 |
Less: Allowance for credit losses | (9) | |
Trade accounts receivable, net | 454 | 1,243 |
Vessel held-for-sale | 13,190 | |
Prepayments and other assets | 78 | 325 |
Total current assets | 1,745 | 17,235 |
FIXED ASSETS, NET: | ||
Vessels, net | 85,318 | 87,507 |
Total fixed assets, net | 85,318 | 87,507 |
OTHER NON-CURRENT ASSETS: | ||
Restricted cash, net of current portion | 3,200 | 3,200 |
Financial derivative instrument | 3 | 1 |
Deferred charges, net | 837 | 779 |
Prepayments and other assets | 198 | 47 |
Total other non-current assets | 4,238 | 4,027 |
Total assets | 91,301 | 108,769 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of deferred financing costs | 2,939 | 8,984 |
Trade accounts payable | 3,360 | 4,538 |
Due to related parties | 1,286 | 6,849 |
Hire / freight collected in advance | 27 | 1,415 |
Accrued and other liabilities | 813 | 750 |
Total current liabilities | 8,425 | 22,536 |
NON-CURRENT LIABILITIES: | ||
Long-term debt, net of current portion and deferred financing costs | 48,175 | 49,233 |
Promissory note | 5,000 | 5,000 |
Total non-current liabilities | 53,175 | 54,233 |
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; 21,370,280 and 21,491,475 shares issued and outstanding as at December 31, 2019 and June 30, 2020, respectively) | 21 | 21 |
Additional paid-in capital | 75,267 | 75,154 |
Accumulated deficit | (45,587) | (43,175) |
Total stockholders' equity | 29,701 | 32,000 |
Total liabilities and stockholders' equity | $ 91,301 | $ 108,769 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 21,491,475 | 21,370,280 |
Common stock, shares outstanding | 21,491,475 | 21,370,280 |
Interim Consolidated Statements
Interim Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||
Revenues, net | $ 12,124 | $ 13,180 |
Expenses: | ||
Voyage related costs and commissions | (2,629) | (2,926) |
Vessel operating expenses | (5,228) | (6,402) |
General and administrative expenses | (1,113) | (1,187) |
Management fees, related parties | (332) | (359) |
Management fees, other | (432) | (465) |
Amortization of special survey costs | (97) | (117) |
Depreciation | (2,189) | (2,705) |
Gain from the sale of vessel, net | 7 | |
Bad debt provisions | (26) | |
Operating (loss) / income | 111 | (1,007) |
Other income / (expenses): | ||
(Loss) / Gain from financial derivative instrument | 2 | (25) |
Interest and finance costs, net | (2,516) | (2,905) |
Total other expenses, net | (2,514) | (2,930) |
Net loss | $ (2,403) | $ (3,937) |
Loss per common share, basic and diluted | $ (0.11) | $ (0.19) |
Weighted average number of common shares, basic and diluted | 21,455,291 | 21,072,472 |
Interim Consolidated Statemen_2
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, 2018 | $ 21 | $ 74,767 | $ (34,845) | $ 39,943 |
Balance, shares at Dec. 31, 2018 | 21,060,190 | |||
Net result from the issuance of common stock | (8) | (8) | ||
Net result from the issuance of common stock, shares | 28,349 | |||
Net loss | (3,937) | (3,937) | ||
Balance at Jun. 30, 2019 | $ 21 | 74,759 | (38,782) | 35,998 |
Balance, shares at Jun. 30, 2019 | 21,088,539 | |||
Balance at Dec. 31, 2019 | $ 21 | 75,154 | (43,175) | 32,000 |
Balance, shares at Dec. 31, 2019 | 21,370,280 | |||
Impact of adoption of new accounting standard for credit losses (ASU 2016-13) | (9) | (9) | ||
Issuance of common stock under the promissory note | 113 | 113 | ||
Issuance of common stock under the promissory note, shares | 121,195 | |||
Net loss | (2,403) | (2,403) | ||
Balance at Jun. 30, 2020 | $ 21 | $ 75,267 | $ (45,587) | $ 29,701 |
Balance, shares at Jun. 30, 2020 | 21,491,475 |
Interim Consolidated Statemen_3
Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net loss | $ (2,403) | $ (3,937) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation | 2,189 | 2,705 | |
Amortization of special survey costs | 97 | 117 | |
Amortization and write-off of financing costs | 153 | 131 | |
(Loss) / Gain from financial derivative instrument | (2) | 25 | |
Gain on sale of vessel, net | (7) | ||
Bad debt provisions | 26 | ||
Issuance of common stock under the promissory note | 56 | ||
Changes in assets and liabilities: | |||
Inventories | (1) | 103 | |
Trade accounts receivable, net | 780 | 2,150 | |
Prepayments and other assets | 96 | (237) | |
Special survey cost | (155) | (480) | |
Trade accounts payable | (1,088) | (178) | |
Due to related parties | (5,563) | 1,625 | |
Hire / freight collected in advance | (1,388) | 952 | |
Accrued and other liabilities | 120 | 181 | |
Net cash provided by / (used in) operating activities | (7,116) | 3,183 | |
Cash flow from investing activities: | |||
Proceeds from the sale of vessel, net | 13,197 | ||
Ballast water treatment system installation | (56) | (268) | |
Net cash (used in) / provided by investing activities | 13,141 | (268) | |
Cash flows from financing activities: | |||
Repayment of long-term debt | (7,256) | (2,201) | |
Gross proceeds from issuance of common stock | 43 | ||
Common stock offering costs | (34) | (1) | |
Net cash used in financing activities | (7,290) | (2,159) | |
Net increase / (decrease) in cash and cash equivalents and restricted cash | (1,265) | 756 | |
Cash and cash equivalents and restricted cash at the beginning of the period | 5,176 | 4,204 | $ 4,204 |
Cash and cash equivalents and restricted cash at the end of the period | 3,911 | 4,960 | 5,176 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest | 2,198 | 2,623 | |
Non-cash financing activities-issuance of common stock under the promissory note | 112 | ||
Reconciliation table of cash and restricted cash | |||
Cash and cash equivalents | 10 | 1,441 | |
Restricted cash, current portion | 701 | 535 | |
Restricted cash, net of current portion | 3,200 | 3,200 | |
Total cash and cash equivalents and restricted cash | $ 3,911 | $ 5,176 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 6 Months Ended |
Jun. 30, 2020 | |
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”) is a corporation incorporated in the Republic of the Marshall Islands on March 23, 2015. Pyxis currently owns 100% ownership interest in the following five vessel-owning companies: ● SECONDONE CORPORATION LTD, established under the laws of the Republic of Malta (“Secondone”); ● THIRDONE CORPORATION LTD, established under the laws of the Republic of Malta (“Thirdone”); ● FOURTHONE CORPORATION LTD, established under the laws of the Republic of Malta (“Fourthone”); ● SEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Seventhone”); and ● EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eighthone,” and collectively with Secondone, Thirdone, Fourthone, Sixthone and Seventhone, the “Vessel-owning companies”). We also currently own 100% ownership interest in the following non-vessel owning company: ● SIXTHONE CORP., established under the laws of the Republic of the Marshal Islands (“Sixthone”); All of the Vessel-owning companies 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 * Pyxis Delta, which was owned by Sixthone Corp. (“Sixthone”), was sold to an unaffiliated third party on January 13, 2020 Secondone, Thirdone and Fourthone were initially established under the laws of the Republic of the Marshall Islands, under the names SECONDONE CORP., THIRDONE CORP. and FOURTHONE CORP., respectively. In March and April 2018, these vessel-owning companies completed their re-domiciliation under the jurisdiction of the Republic of Malta and were renamed as mentioned above. For further information, please refer to Note 7. The accompanying unaudited interim consolidated financial statements include the accounts of Pyxis and its subsidiaries (collectively the “Company”) as discussed above as of December 31, 2019 and June 30, 2020 and for the six–month periods ended June 30, 2019 and 2020. 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 U.S. 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, 2020. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes for the year ended December 31, 2019, included in the Company’s Annual Report on Form 20-F filed with the SEC on March 31, 2020 (the “2019 Annual Report”). PYXIS MARITIME CORP. (“Maritime”), a corporation established under the laws of the Republic of the 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. 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 is in force until it is terminated by either party. The ship-management agreements can be cancelled either by the Company or ITM for any reason at any time upon three months’ advance notice. As of June 30, 2020, Mr. Valentis beneficially owned approximately 80.7% of the Company’s common stock. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
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, 2019. See Note 2 to the Company’s consolidated financial statements for the year ended December 31, 2019, included in the 2019 Annual Report. There have been no material changes to these policies in the six-month period ended June 30, 2020, except as discussed below: Recent Accounting Pronouncements – Adopted Expected credit losses: As of January 1, 2020, the Company adopted ASU 2016-13—Financial Instruments—Credit Losses (Topic 326). The accounting standard amends the current financial instrument impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. Under the new guidance, an entity recognizes as an allowance its estimate of lifetime expected credit losses which will result in more timely recognition of such losses. The Company adopted the accounting standard using the prospective transition approach as of January 1, 2020, which resulted in a cumulative adjustment of $(9), in the opening balance of accumulated deficit for the fiscal year of 2020. The Company maintains an allowance for credit losses for expected uncollectable accounts receivable, which is recorded as an offset to trade accounts receivable and changes in such, if any, are classified as Bad debt provisions in the Consolidated Statements of Comprehensive Loss. The adoption of ASC 326 primarily impacted trade receivables recorded on Consolidated Balance Sheet. The Company assessed collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considered historical collectability based on past due status. The Company also considered customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. The Company concluded on an expected credit loss rate of 0.06% on the total outstanding receivables arising from voyage charters and 2.1% on outstanding receivables from demurrages. Management monitors its trade receivables on a daily and on a charter-by charterer basis in order to determine if adjustments are necessary in the expected credit loss rate. No additional allowance was warranted for the six month period ended June 30, 2020. Fair Value measurement: Impact of COVID-19 on the Company’s Business The spread of the COVID-19 virus, which has been declared a pandemic by the World Health Organization, in 2020 has caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain. The impact of the COVID-19 pandemic continues to unfold and may continue to have negative effect on the Company’s business, financial performance and the results of its operations, including due to decreased demand for global seaborne refined petroleum products trade and related charter rates, the extent of which will depend largely on future developments. In light of COVID-19, the Company, as of June 30, 2020, evaluated whether there are conditions or events that cause substantial doubt about its ability to continue as a going concern. The Company reviewed its revenue concentration risk, the recoverability of its accounts receivable (i.e. credit risk) and tested its assets for potential impairment. As a result of this evaluation it was determined that COVID-19 did not have material adverse effect on its business, results of operation and financial condition as of such date. However, many of the Company’s estimates and assumptions, especially charter rate and vessel utilization, require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change in future periods. As of June 30, 2020, the Company has evaluated the impact of current economic situation on the recoverability of the carrying amount of its vessels. The Company obtained market valuations for all its vessels from reputable marine appraisers. Based on these valuations, the Company identified impairment indications for two of its vessels. More specifically, the market values of these vessels were, in aggregate, $4,592 lower than their carrying values, including any unamortized deferred charges relating to special survey costs, as of that date. In this respect, the Company performed an impairment analysis to estimate the future undiscounted cash flows for each of these vessels. The analysis resulted in higher undiscounted cash flows than each vessel’s carrying value as of June 30, 2020, and, accordingly, no adjustment to the vessels’ carrying values was required. Recent Accounting Pronouncements – Not Yet Adopted: In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. ASU 2020-04 can be adopted as of March 12, 2020 through December 31, 2022. The Company does not currently have any contracts that have been changed to a new reference rate, but the Company will continue to evaluate its contracts and the effects of this standard on its consolidated financial position, results of operations, and cash flows prior to adoption. The Company had no transactions which effect comprehensive loss during the six months ended June 30, 2019 and 2020 and accordingly, comprehensive loss was equal to net loss. |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 3. Transactions with Related Parties: The following transactions with related parties occurred during the six–month periods ended June 30, 2019 and 2020. (a) Maritime 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 loss: Six Months Ended June 30, 2019 2020 Included in Voyage related costs and commissions Charter hire commissions $ 167 $ 154 Included in Management fees, related parties Ship-management Fees 359 332 Included in General and administrative expenses Administration Fees 807 812 Total $ 1,333 $ 1,298 As of December 31, 2019 and June 30, 2020, the balances due to Maritime were $6,849 and $1,286, respectively, and are included in Due to related parties in the accompanying consolidated balance sheets. The balances with Maritime are interest free and with no specific repayment terms. The Company uses the services of Maritime, to provide a wide range of shipping services, including but not limited to, chartering, sale and purchase, insurance, operations and dry-docking and construction supervision, all provided at a fixed daily fee per vessel. For the ship management services, Maritime charges a fee payable by each subsidiary of $0.325 per day per vessel while the vessel is in operation including any pool arrangements and $0.450 per day per vessel while the vessel is under construction, as well as an additional daily fee (which is dependent on the seniority of the personnel) to cover the cost of engineers employed to conduct the supervision of the newbuilding (collectively the “Ship-management Fees”). In addition, Maritime charges the Company a commission rate of 1.25% on all charter hire agreements arranged by Maritime. Under the Head Management Agreement, the Company pays Maritime a fixed fee of $1,600 annually (the “Administration Fees”). In the event of a change of control of the Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime an amount equal to 2.5 times the then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of the then daily Ship-management Fees. The Ship-management Fees and the Administration Fees are 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 that 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. Effective January 1, 2019 and 2020, the Ship-management Fees and the Administration Fees were increased by 0.62% and 0.26%, respectively, in line with the average inflation rate in Greece in 2018 and 2019, respectively. (b) Maritime Investors Corp.: On May 14, 2019, the Company entered into a second amendment to the Amended & Restated Promissory Note which (i) extended the repayment of the outstanding principal, in whole or in part, until the earlier of a) one year after the repayment of the credit facility of Eighthone with EntrustPermal (the “Credit Facility”) on September 2023 (see Note 7), b) January 15, 2024 and c) repayment of any PIK interest and principal deficiency amount under the Credit Facility, and (ii) increased the interest rate to 9.0% per annum of which 4.5% shall be paid in cash and 4.5% shall be paid in common shares of the Company calculated on the volume weighted average closing share price for the 10 day period immediately prior to each quarter end. The new interest rate is effective from April 1, 2019. After the repayment restrictions have been lifted per the Credit Facility, the Company, at its option, may continue to pay interest on the Amended & Restated Promissory Note in the afore-mentioned combination of cash and shares or pay all interest costs in cash. The Company considered the guidance under ASC 470-50 “Debt Modifications and Extinguishments”, and concluded that the transaction should be accounted for as debt extinguishment. With respect to the portion of interest that will be settled in common shares, the Company considered the guidance in ASC 480 that requires obligations that can be settled in shares with a fixed monetary value at settlement (e.g., share-settled debt) to be carried at fair value and followed the guidance in ASC 835-30 to accrue the liability to the redemption amount using the interest method. Interest charged on the Amended & Restated Promissory Note for the six months ended June 30, 2019 and 2020, amounted to $168 and $224, respectively, and is included in Interest and finance costs, net in the accompanying unaudited interim consolidated statements of comprehensive loss. Out of the total interest charged on the Amended & Restated Promissory Note during the six month period ended June 30, 2020, $112 has been paid in cash and the remaining $112 has been settled in common shares. Of the amount settled in common shares, $56 was settled in common shares during the period ended June 30, 2020 and the remaining amount of $56 were settled in July 2020 (please refer to Note 14). The amount of $5,000 is separately reflected in the accompanying consolidated balance sheets under non-current liabilities. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories: The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2019 June 30, 2020 Lubricants $ 403 $ 379 Bunkers 98 123 Total $ 501 $ 502 |
Vessels, Net
Vessels, Net | 6 Months Ended |
Jun. 30, 2020 | |
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, 2020 $ 108,524 $ (21,017 ) $ 87,507 Depreciation - (2,189 ) (2,189 ) Balance June 30, 2020 $ 108,524 $ (23,206 ) $ 85,318 All of the Company’s vessels have been pledged as collateral to secure the loans discussed in Note 7. On November 13, 2019, the Company decided to make arrangements to sell Pyxis Delta and the Company concluded that all the criteria required by the relevant accounting standard, ASC 360-10-45-9, for the classification of the vessel Pyxis Delta as “held for sale” were met. On December 11, 2019, the Company entered into an agreement with a third-party to sell the vessel. On January 13, 2020, pursuant to the sale agreement that the Company entered into in late 2019, Pyxis Delta was delivered to her buyers. The total net proceeds from the sale of the vessel were $13,197, $5,674 out of which was used to prepay the loan facility secured by Pyxis Delta and Pyxis Theta and $7,523 for the repayment of the Company’s liabilities to Maritime and obligations to its trade creditors. |
Deferred Charges, Net
Deferred Charges, Net | 6 Months Ended |
Jun. 30, 2020 | |
Deferred Charges Net Abstract | |
Deferred Charges, Net | 6. Deferred Charges, net: The movement in Deferred charges, net, in the accompanying consolidated balance sheets are as follows: Dry docking costs Balance, January 1, 2020 $ 779 Amortization of special survey costs (97 ) Additions 155 Balance, June 30, 2020 $ 837 Additions consist of advances for the scheduled special surveys of Pyxis Epsilon, Northsea Alpha Northsea Beta The amortization of the special survey costs is separately reflected in the accompanying unaudited interim consolidated statements of comprehensive loss. |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 7. Long-term Debt: The amounts shown in the accompanying consolidated balance sheets at December 31, 2019 and June 30, 2020, are analyzed as follows: Vessel (Borrower) December 31, 2019 June 30, 2020 Northsea Alpha (Secondone) $ 3,690 $ 3,490 Northsea Beta (Thirdone) 3,690 3,490 Pyxis Malou (Fourthone) 10,020 9,390 Pyxis Delta (Sixthone) 4,050 - Pyxis Theta (Seventhone) 13,469 11,293 Pyxis Epsilon (Eighthone) 24,000 24,000 Total $ 58,919 $ 51,663 Current portion $ 9,241 $ 3,123 Less: Current portion of deferred financing costs (257 ) (184 ) Current portion of long-term debt, net of deferred financing costs, current $ 8,984 $ 2,939 Long-term portion $ 49,678 $ 48,540 Less: Non-current portion of deferred financing costs (445 ) (365 ) Long-term debt, net of current portion and deferred financing costs, non-current $ 49,233 $ 48,175 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 to the Company’s consolidated financial statements for the year ended December 31, 2019, included in the 2019 Annual Report. As of June 30, 2020, each of Secondone’s and Thirdone’s outstanding loan balance, amounting to $3,490, is repayable in 11 remaining quarterly installments of $100 each, the first falling due in August 2020, and the last installment accompanied by a balloon payment of $2,390 falling due in February 2023. As of June 30, 2020, the outstanding balance of Fourthone loan of $9,390 is repayable in 11 remaining quarterly installments amounting to $3,990, the first falling due in August 2020, and the last installment accompanied by a balloon payment of $5,400 falling due in February 2023. The first three installments, amounting to $330 each are followed by four amounting to $360 each and four amounting to $390 each. The loan bears interest at LIBOR plus a margin of 4.65% per annum. On September 27, 2018, Eighthone entered into a new $24,000 loan agreement, for the purpose of refinancing the outstanding indebtedness of $16,000 under the previous loan facility and for general corporate purposes. The facility matures in September 2023 and is secured by a first priority mortgage over the vessel, general assignment covering earnings, insurances and requisition compensation, an account pledge agreement and a share pledge agreement concerning the respective vessel-owning subsidiary and technical and commercial managers’ undertakings. The loan facility bears an interest rate of 11% of which 1.0% can be paid as PIK interest per annum for first two years, and 11.0% per annum thereafter and incurs fees due upfront and upon early prepayment or final repayment of outstanding principal. The principal obligation amortizes in 12 quarterly installments starting in September 30, 2020, equal to the lower of $400 and excess cash computed through a cash sweep mechanism, plus a balloon payment due at maturity. As of June 30, 2020, the outstanding balance of Eighthone loan is $24,000. Management cannot currently assess with any certainty that any amount under the cash sweep will be made prior to loan maturity. Under the facility, a deferred fee may be payable on the occurrence of certain events including, among others, the sale of the vessel or on repayment or maturity of the loan. Management has assessed this deferred fee as a contingent liability under ASC 450 and concluded that such loss contingency shall not be accrued by a charge in the interim consolidated statements of comprehensive loss, since information available does not indicate that is probable that the liability has been incurred as of the balance sheet date at June 30, 2020 and cannot be estimated. On January 13, 2020, pursuant to the sale agreement that the Company entered into in late 2019, Pyxis Delta was delivered to her buyers. The total net proceeds from the sale of the vessel were $13,197, $5,674 out of which was used to prepay the loan facility secured by Pyxis Delta and Pyxis Theta and $7,523 for the repayment of the Company’s liabilities to Maritime and obligations to its trade creditors. On June 25, 2020, the Company signed a Commitment Letter with a new lender for the refinancing of the existing facility. As of June 30, 2020, the outstanding balance of the loan facility secured by Pyxis Theta was $11,293. On July 8, 2020, Seventhone entered into the new $15,250 secured loan agreement with the new lender, for the purpose of refinancing the outstanding indebtedness of $11,293 under the previous loan facility. The new loan bears interest at LIBOR plus a margin of 3.35% per annum. The principal obligation amortizes in 20 consecutive quarterly installments of $300 each, the first falling due in October 2020, and the last installment accompanied by a balloon payment of $9,250 falling due in July 2025. Standard collateral interests and customary covenants are incorporated in this facility. As of June 30, 2020, the Company considering the guidance under ASC 470-10 “Debt – Overall” and ASC 470-10-45-14 and by analogy concluded that classification of the loan agreement should be based on the new facility with the new lender, on the grounds that before the balance sheet date, the Company entered into a commitment letter with the new lender and shortly after June 30, 2020, the new loan agreement was signed. As of June 30, 2020, the portion of the loan secured by Pyxis Theta reported under the line item “Current portion of long-term debt, net of deferred financing costs” of the unaudited consolidated Balance Sheets, represents the short-term obligations of Seventhone under the new loan facility. Amounts presented in Restricted cash, current and non-current in the consolidated balance sheet are related to minimum cash requirements imposed by the Company’s debt agreements. Assuming no principal repayments under the loan of Eighthone discussed above, the annual principal payments required to be made after June 30, 2020, are as follows: To June 30, Amount 2021 3,123 2022 3,572 2023 21,041 2024 and thereafter 23,927 Total $ 51,663 The Company’s weighted average interest rate (including the margin) for the six months ended June 30, 2019 and 2020, was 8.19% and 8.06%, including the Amended & Restated Promissory Note discussed in Note 3, respectively. As of June 30, 2020, the Company was in compliance with all of the loan covenants in its loan agreements. In connection to the loan secured by vessel Pyxis Theta, the ratio of total liabilities over the market value of the adjusted total assets was 67.0%, or 2.0% higher than the required threshold which only restricts the ability of Seventhone to distribute dividends to Pyxis. The specific breach affects only the dividend distribution ability of the respective ship-owning company and is not a condition of default, even if not remedied, based on the terms of the related loan agreement. In addition, as of June 30, 2020, there was no amount available to be drawn down by the Company under its existing loan agreements. As of June 30, 2020, the Company had a working capital deficit of $6,680, defined as current assets minus current liabilities. As of the filing date of the unaudited interim consolidated financial statements, the Company believes that it will be in a position to cover its liquidity needs for the next 12-month period through operating cash flows, management of working capital, sale of assets, refinancing indebtedness or raising additional equity capital, or a combination thereof. |
Equity Capital Structure and Eq
Equity Capital Structure and Equity Incentive Plan | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Equity Capital Structure and Equity Incentive Plan | 8. Equity 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, 2019 and June 30, 2020, the Company had a total of 21,370,280 and 21,491,475 common shares, respectively, and no preferred shares outstanding. On February 2, 2018, the Company filed with the SEC a registration statement on Form F-3 (the “Shelf Registration Statement”), under which it may sell from time to time common stock, preferred stock, debt securities, warrants, purchase contracts and units, each as described therein, in any combination, in one or more offerings up to an aggregate dollar amount of $100,000. In addition, the selling stockholders referred to in the registration statement may sell in one of more offerings up to 5,233,222 shares of the Company’s common stock from time to time as described therein. The registration statement was declared effective by the SEC on February 12, 2018. On March 30, 2018, the Company filed a prospectus supplement to the Shelf Registration Statement related to an At-The-Market Program (“ATM Program”) under which it may, from time to time, issue and sell shares of its common stock up to an aggregate offering of $2,300 through a sales agent as either agent or principal. On November 19, 2018, the prospectus supplement was amended to increase the offering to $3,675. As of August 10, 2020, no shares have been sold under the ATM Program in 2020. As of December 31, 2018, following the issuance and sale of 182,297 shares of common stock under the ATM Program, the Company’s outstanding common shares increased from 20,877,893 to 21,060,190. During the year ended December 31, 2019, the Company offered and sold an additional 214,828 common shares under this program to raise $354 at an average (gross) price of $1.65/share. Furthermore, during the same period, the Company issued 95,262 of common shares to settle the interest charged on the Amended & Restated Promissory Note, discussed in Note 3. At December 31, 2019, the Company had a total of 21,370,280 common shares issued and outstanding. During the six months ended June 30, 2020, the Company issued 121,195 of common shares to settle the interest charged on the Amended & Restated Promissory Note, discussed in Note 3. At June 30, 2020, the Company had a total of 21,491,475 common shares issued and outstanding. |
Loss Per Common Share
Loss Per Common Share | 6 Months Ended |
Jun. 30, 2020 | |
Northsea Alpha Vessel [Member] | |
Loss Per Common Share | 9. Loss per Common Share: Six Months Ended June 30, 2019 2020 Net loss available to common stockholders $ (3,937 ) $ (2,403 ) Weighted average number of common shares, basic and diluted 21,072,472 21,455,291 Loss per common share, basic and diluted $ (0.19 ) $ (0.11 ) The weighted average number of common shares, basic and diluted, for the six months ended June 30, 2020, includes shares that were issued subsequent to June 30, 2020 as discussed in Note 14 of these unaudited interim consolidated financial statements. According to the guidance of ASC 260-10-45-13, Contingently issuable shares shall be considered outstanding common shares and included in the computation of basic EPS/LPS as of the date that all necessary conditions have been satisfied (in essence, when issuance of the shares is no longer contingent), even if the shares have not been physically issued. In this respect, such shares have no effect in the calculation of diluted Loss per Share for the period. Due to the fact that the Company is experiencing losses, basic and diluted LPS is equal, since including any additional shares would have an anti-dilutive effect. |
Risk Management and Fair Value
Risk Management and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Risk Management And Fair Value Measurements Abstract | |
Risk Management and Fair Value Measurements | 10. Risk Management and Fair Value Measurements: 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 loans, trade accounts payable, amounts due to related parties and a promissory note. Interest rate risk Credit risk Currency risk Fair value: Carrying Value Fair Value Cash and cash equivalents (including restricted cash) $ 3,911 $ 3,911 Trade accounts receivable $ 463 $ 463 Trade accounts payable $ 3,360 $ 3,360 Long-term debt with variable interest rates, net $ 27,663 $ 27,663 Long-term loans and promissory note with non-variable interest rates, net $ 29,000 $ 29,000 Assets measured at fair value on a recurring basis: Interest rate cap The Company’s interest rate cap does not qualify for hedge accounting. The Company adjusts its interest rate cap contract to fair market value at the end of every period and records the resulting gain / (loss) during the period in the consolidated statements of comprehensive loss. Information on the location and amount of derivative fair value in the consolidated balance sheets and loss from financial derivative instrument in the unaudited interim consolidated statements of comprehensive loss is shown below: Consolidated Balance Sheets – Location December 31, June 30, Financial derivative instrument – Other non-current assets $ 1 $ 3 Consolidated Statements of Comprehensive Loss – Location June 30, 2019 June 30, 2020 Financial derivative instrument – Fair value at the beginning of the period $ (28 ) $ (1 ) Financial derivative instrument – Fair value as at period end 3 3 (Loss) / Gain from financial derivative instrument $ (25 ) $ 2 Assets measured at fair value on a recurring basis: Interest rate cap The fair value of the Company’s interest rate cap agreement is determined based on market-based LIBOR rates. LIBOR rates are observable at commonly quoted intervals for the full term of the cap and therefore, are considered Level 2 items in accordance with the fair value hierarchy. Assets measured at fair value on a non-recurring basis: Long lived assets held and used and Held for sale The fair value is based on level 2 inputs of the fair value hierarchy and reflects the Company’s best estimate of the value of each vessel on a time charter free basis and is supported by a vessel valuation of an independent shipbroker which is mainly based on recent sales and purchase transactions of similar vessels. The Company performs an impairment exercise whenever there are indicators of impairment. No impairment loss was recognized for the six months ended June 30, 2019 and 2020. On November 13, 2019, the Company decided to make arrangements to sell Pyxis Delta, and the Company concluded that all the criteria required by the relevant accounting standard, ASC 360-10-45-9, for the classification of the vessel as “held for sale”, were met. Long lived assets classified as held-for-sale are measured at the lower of their carrying amount or fair value less costs to sell. As at December 31, 2019, the Company has classified Pyxis Delta under Vessel held-for-sale on the consolidated balance sheet, at a value of $13,190 representing the estimated fair market value of the vessel, net of costs to sell, based on the gross selling price of the agreement signed with a third party to sell the vessel, on December 11, 2019. (Level 2 inputs of the fair value hierarchy). As of December 31, 2019 and June 30, 2020, the Company did not have any other assets or liabilities measured at fair value on a non- recurring basis. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies: Minimum contractual charter revenues 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 unaudited interim 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 | 6 Months Ended |
Jun. 30, 2020 | |
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 loss are analyzed as follows: Six Months Ended June 30, 2019 2020 Interest on long-term debt (Note 7) $ 2,606 $ 2,139 Interest on promissory note (Note 3) 168 224 Amortization and write-off of financing costs 131 153 Total $ 2,905 $ 2,516 Out of the total interest charged during the six month period ended June 30, 2020, $112 has been paid in cash and the remaining $112 has been settled in common shares (please refer to Note 14). |
Revenues, Net
Revenues, Net | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenues, Net | 13. Revenues, net: The Company disaggregates its revenue from contracts with customers by the type of charter (time charters and spot charters). The following table presents the Company’s revenue disaggregated by revenue source for the six-month periods ended June 30, 2019 and 2020: June 30, 2019 June 30, 2020 Revenues derived from spot charters, net $ 4,397 $ 4,458 Revenues derived from time charters, net 8,783 7,666 Revenues, net $ 13,180 $ 12,124 The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less, in accordance with the optional exception in ASC 606. The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as at June 30, 2020 and December 31, 2019: December 31, 2019 June 30, 2020 Accounts receivable trade from spot charters $ 743 $ 345 Accounts receivable trade from time charters 500 118 Total $ 1,243 $ 463 As of December 31, 2019 and June 30, 2020, the deferred revenue of $1,415 and $27, respectively, reported under Hire / freight collected in advance in the Unaudited Consolidated Balance Sheets, related solely to time charter and to spot revenues, respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events: Issuance of shares: Loan refinance: COVID-19 outbreak products and seaborne trade and has recently resulted in a decline in charter rates for tankers. Lower revenues could result in the Company’s inability to service its debt and meet its loan covenants. Lower ship values could also occur and lead to impairment of carrying asset values. The inability to collect amounts receivable may result in charge offs thereby further impacting the Company’s financial condition. The evolving effects of COVID-19 remain uncertain and could have a material adverse effect on the Company’s business, results of operations and financial condition. Except for lower charter rates recently, the Company’s financial and operating performance has not been adversely affected by the COVID-19 outbreak so far. However, the future impacts cannot be reasonably estimated at this time, it may take some time to materialize and may not be fully reflected in the results until late during the year ending December 31, 2020. Minimum Bid Price Requirement |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements - Adopted | Recent Accounting Pronouncements – Adopted Expected credit losses: As of January 1, 2020, the Company adopted ASU 2016-13—Financial Instruments—Credit Losses (Topic 326). The accounting standard amends the current financial instrument impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. Under the new guidance, an entity recognizes as an allowance its estimate of lifetime expected credit losses which will result in more timely recognition of such losses. The Company adopted the accounting standard using the prospective transition approach as of January 1, 2020, which resulted in a cumulative adjustment of $(9), in the opening balance of accumulated deficit for the fiscal year of 2020. The Company maintains an allowance for credit losses for expected uncollectable accounts receivable, which is recorded as an offset to trade accounts receivable and changes in such, if any, are classified as Bad debt provisions in the Consolidated Statements of Comprehensive Loss. The adoption of ASC 326 primarily impacted trade receivables recorded on Consolidated Balance Sheet. The Company assessed collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considered historical collectability based on past due status. The Company also considered customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. The Company concluded on an expected credit loss rate of 0.06% on the total outstanding receivables arising from voyage charters and 2.1% on outstanding receivables from demurrages. Management monitors its trade receivables on a daily and on a charter-by charterer basis in order to determine if adjustments are necessary in the expected credit loss rate. No additional allowance was warranted for the six month period ended June 30, 2020. Fair Value measurement: Impact of COVID-19 on the Company’s Business The spread of the COVID-19 virus, which has been declared a pandemic by the World Health Organization, in 2020 has caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain. The impact of the COVID-19 pandemic continues to unfold and may continue to have negative effect on the Company’s business, financial performance and the results of its operations, including due to decreased demand for global seaborne refined petroleum products trade and related charter rates, the extent of which will depend largely on future developments. In light of COVID-19, the Company, as of June 30, 2020, evaluated whether there are conditions or events that cause substantial doubt about its ability to continue as a going concern. The Company reviewed its revenue concentration risk, the recoverability of its accounts receivable (i.e. credit risk) and tested its assets for potential impairment. As a result of this evaluation it was determined that COVID-19 did not have material adverse effect on its business, results of operation and financial condition as of such date. However, many of the Company’s estimates and assumptions, especially charter rate and vessel utilization, require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change in future periods. As of June 30, 2020, the Company has evaluated the impact of current economic situation on the recoverability of the carrying amount of its vessels. The Company obtained market valuations for all its vessels from reputable marine appraisers. Based on these valuations, the Company identified impairment indications for two of its vessels. More specifically, the market values of these vessels were, in aggregate, $4,592 lower than their carrying values, including any unamortized deferred charges relating to special survey costs, as of that date. In this respect, the Company performed an impairment analysis to estimate the future undiscounted cash flows for each of these vessels. The analysis resulted in higher undiscounted cash flows than each vessel’s carrying value as of June 30, 2020, and, accordingly, no adjustment to the vessels’ carrying values was required. |
Recent Accounting Pronouncements - Not Yet Adopted | Recent Accounting Pronouncements – Not Yet Adopted: In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. ASU 2020-04 can be adopted as of March 12, 2020 through December 31, 2022. The Company does not currently have any contracts that have been changed to a new reference rate, but the Company will continue to evaluate its contracts and the effects of this standard on its consolidated financial position, results of operations, and cash flows prior to adoption. The Company had no transactions which effect comprehensive loss during the six months ended June 30, 2019 and 2020 and accordingly, comprehensive loss was equal to net loss. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Ownership and Operation of Tanker Vessels | All of the Vessel-owning companies 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 * Pyxis Delta, which was owned by Sixthone Corp. (“Sixthone”), was sold to an unaffiliated third party on January 13, 2020 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive 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 loss: Six Months Ended June 30, 2019 2020 Included in Voyage related costs and commissions Charter hire commissions $ 167 $ 154 Included in Management fees, related parties Ship-management Fees 359 332 Included in General and administrative expenses Administration Fees 807 812 Total $ 1,333 $ 1,298 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2019 June 30, 2020 Lubricants $ 403 $ 379 Bunkers 98 123 Total $ 501 $ 502 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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, 2020 $ 108,524 $ (21,017 ) $ 87,507 Depreciation - (2,189 ) (2,189 ) Balance June 30, 2020 $ 108,524 $ (23,206 ) $ 85,318 |
Deferred Charges, Net (Tables)
Deferred Charges, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Deferred Charges Net Abstract | |
Schedule of Deferred Charges | The movement in Deferred charges, net, in the accompanying consolidated balance sheets are as follows: Dry docking costs Balance, January 1, 2020 $ 779 Amortization of special survey costs (97 ) Additions 155 Balance, June 30, 2020 $ 837 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | The amounts shown in the accompanying consolidated balance sheets at December 31, 2019 and June 30, 2020, are analyzed as follows: Vessel (Borrower) December 31, 2019 June 30, 2020 Northsea Alpha (Secondone) $ 3,690 $ 3,490 Northsea Beta (Thirdone) 3,690 3,490 Pyxis Malou (Fourthone) 10,020 9,390 Pyxis Delta (Sixthone) 4,050 - Pyxis Theta (Seventhone) 13,469 11,293 Pyxis Epsilon (Eighthone) 24,000 24,000 Total $ 58,919 $ 51,663 Current portion $ 9,241 $ 3,123 Less: Current portion of deferred financing costs (257 ) (184 ) Current portion of long-term debt, net of deferred financing costs, current $ 8,984 $ 2,939 Long-term portion $ 49,678 $ 48,540 Less: Non-current portion of deferred financing costs (445 ) (365 ) Long-term debt, net of current portion and deferred financing costs, non-current $ 49,233 $ 48,175 |
Schedule of Principal Payments | Assuming no principal repayments under the loan of Eighthone discussed above, the annual principal payments required to be made after June 30, 2020, are as follows: To June 30, Amount 2021 3,123 2022 3,572 2023 21,041 2024 and thereafter 23,927 Total $ 51,663 |
Loss Per Common Share (Tables)
Loss Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Loss Per Common Share | Six Months Ended June 30, 2019 2020 Net loss available to common stockholders $ (3,937 ) $ (2,403 ) Weighted average number of common shares, basic and diluted 21,072,472 21,455,291 Loss per common share, basic and diluted $ (0.19 ) $ (0.11 ) |
Risk Management and Fair Valu_2
Risk Management and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Risk Management And Fair Value Measurements Abstract | |
Schedule of Fair Value of Assets and Liabilities | The Management has determined that the fair values of the assets and liabilities as of June 30, 2020, are as follows: Carrying Value Fair Value Cash and cash equivalents (including restricted cash) $ 3,911 $ 3,911 Trade accounts receivable $ 463 $ 463 Trade accounts payable $ 3,360 $ 3,360 Long-term debt with variable interest rates, net $ 27,663 $ 27,663 Long-term loans and promissory note with non-variable interest rates, net $ 29,000 $ 29,000 |
Schedule of Financial Derivative Instrument Location | Consolidated Balance Sheets – Location December 31, June 30, Financial derivative instrument – Other non-current assets $ 1 $ 3 |
Schedule of Gains Losses on Derivative Instruments | Consolidated Statements of Comprehensive Loss – Location June 30, 2019 June 30, 2020 Financial derivative instrument – Fair value at the beginning of the period $ (28 ) $ (1 ) Financial derivative instrument – Fair value as at period end 3 3 (Loss) / Gain from financial derivative instrument $ (25 ) $ 2 |
Interest and Finance Costs, N_2
Interest and Finance Costs, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Interest And Finance Costs, Net | |
Schedule of Interest and Finance Costs | The amounts in the accompanying unaudited interim consolidated statements of comprehensive loss are analyzed as follows: Six Months Ended June 30, 2019 2020 Interest on long-term debt (Note 7) $ 2,606 $ 2,139 Interest on promissory note (Note 3) 168 224 Amortization and write-off of financing costs 131 153 Total $ 2,905 $ 2,516 |
Revenues, Net (Tables)
Revenues, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue Disaggregated by Revenue Source | The Company disaggregates its revenue from contracts with customers by the type of charter (time charters and spot charters). The following table presents the Company’s revenue disaggregated by revenue source for the six-month periods ended June 30, 2019 and 2020: June 30, 2019 June 30, 2020 Revenues derived from spot charters, net $ 4,397 $ 4,458 Revenues derived from time charters, net 8,783 7,666 Revenues, net $ 13,180 $ 12,124 |
Schedule of Net Trade Accounts Receivable Disaggregated by Revenue Source | The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as at June 30, 2020 and December 31, 2019: December 31, 2019 June 30, 2020 Accounts receivable trade from spot charters $ 743 $ 345 Accounts receivable trade from time charters 500 118 Total $ 1,243 $ 463 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (Details Narrative) | 6 Months Ended |
Jun. 30, 2020Integer | |
Entity ownership interest | 100.00% |
Number of ownership interest in vessel - owning entities | 5 |
Number of ownership interest in non vessel - owning entities | 1 |
Sixthone [Member] | |
Entity ownership interest | 100.00% |
Mr. Valentis [Member] | |
Percentage of beneficially owned common stock | 80.70% |
Basis of Presentation and Gen_4
Basis of Presentation and General Information - Schedule of Ownership and Operation of Tanker Vessels (Details) - Vessels [Member] | 6 Months Ended | |
Jun. 30, 2020Integer | ||
Secondone Corporation Ltd [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Entity incorporation, date of incorporation | May 23, 2007 | |
Vessel | Northsea Alpha | |
DWT | 8,615 | |
Year built | 2010 | |
Acquisition date | May 28, 2010 | |
Thirdone Corporation Ltd [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Entity incorporation, date of incorporation | May 23, 2007 | |
Vessel | Northsea Beta | |
DWT | 8,647 | |
Year built | 2010 | |
Acquisition date | May 25, 2010 | |
Fourthone Corporation Ltd [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Entity incorporation, date of incorporation | May 30, 2007 | |
Vessel | Pyxis Malou | |
DWT | 50,667 | |
Year built | 2009 | |
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 | [1] |
DWT | 46,616 | |
Year built | 2006 | |
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 | 2013 | |
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 | 2015 | |
Acquisition date | Jan. 14, 2015 | |
[1] | Pyxis Delta, which was owned by Sixthone Corp. ("Sixthone"), was sold to an unaffiliated third party on January 13, 2020 |
Significant Accounting Polici_3
Significant Accounting Policies (Details Narrative) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Accounting Policies [Abstract] | |
Allowance for credit losses | $ 9 |
Expected credit loss rate on total outstanding receivables from voyage charters | 0.06% |
Expected credit loss rate on total outstanding receivables from demurrages | 2.10% |
Aggregate difference between market value and carrying value of vessel | $ 4,592 |
Transactions with Related Par_3
Transactions with Related Parties (Details Narrative) - USD ($) $ in Thousands | May 14, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Due to related parties | $ 1,286 | $ 6,849 | ||
Interest on promissory note to be paid in cash | 112 | |||
Interest on promissory note to be paid in common shares | 112 | |||
Promissory note outstanding balance | 5,000 | 5,000 | ||
Maritime Investors Promissory Note [Member] | ||||
Promissory note maturity date, description | Until the earlier of a) one year after the repayment of the credit facility of Eighthone with EntrustPermal (the "Credit Facility") on September 2023 (see Note 7), b) January 15, 2024 and c) repayment of any PIK interest and principal deficiency amount under the Credit Facility | |||
Promissory note, interest rate - effective from April 1, 2019 | 9.00% | |||
Interest rate paid in cash | 4.50% | |||
Interest rate paid in common shares - effective from April 1, 2019 | 4.50% | |||
Interest expense on promissory note | 224 | $ 168 | ||
Interest on promissory note to be paid in cash | 112 | |||
Interest on promissory note to be paid in common shares | 112 | |||
Interest on promissory note settled in common shares during the period ended June 30, 2020 | 56 | |||
Interest on promissory note settled in common shares in July 2020 | 56 | |||
Promissory note outstanding balance | 5,000 | 5,000 | ||
Pyxis Maritime Corporation [Member] | ||||
Due to related parties | $ 1,286 | $ 6,849 | ||
Ship management fees payable, description | For the ship management services, Maritime charges a fee payable by each subsidiary of $0.325 per day per vessel while the vessel is in operation including any pool arrangements and $0.450 per day per vessel while the vessel is under construction, as well as an additional daily fee (which is dependent on the seniority of the personnel) to cover the cost of engineers employed to conduct the supervision of the newbuilding (collectively the "Ship-management Fees"). | |||
Commission rate on charter hire agreements | 1.25% | |||
Ship-management and administration fees percentage increase | Effective January 1, 2019 and 2020, the Ship-management Fees and the Administration Fees were increased by 0.62% and 0.26%, respectively, in line with the average inflation rate in Greece in 2018 and 2019, respectively. Under the Head Management Agreement, the Company pays Maritime a fixed fee of $1,600 annually (the "Administration Fees"). | |||
Head Management agreement, terms and manner of settlement | In the event of a change of control of the Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime an amount equal to 2.5 times the then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of the then daily Ship-management Fees. |
Transactions with Related Par_4
Transactions with Related Parties - Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Related Party Transaction [Line Items] | ||
Ship-management fees | $ 332 | $ 359 |
Pyxis Maritime Corporation [Member] | ||
Related Party Transaction [Line Items] | ||
Charter hire commissions | 154 | 167 |
Ship-management fees | 332 | 359 |
Administration fees | 812 | 807 |
Related party transaction expenses, total | $ 1,298 | $ 1,333 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Inventory [Line Items] | ||
Inventories | $ 502 | $ 501 |
Lubricants [Member] | ||
Inventory [Line Items] | ||
Inventories | 379 | 403 |
Bunkers [Member] | ||
Inventory [Line Items] | ||
Inventories | $ 123 | $ 98 |
Vessels, Net (Details Narrative
Vessels, Net (Details Narrative) | 6 Months Ended |
Jun. 30, 2020 | |
Sale of Vessel Pyxis Delta [Member] | |
Net proceeds from sale of vessel | The total net proceeds from the sale of the vessel were $13,197, $5,674 out of which was used to prepay the loan facility secured by Pyxis Delta and Pyxis Theta and $7,523 for the repayment of the Company's liabilities to Maritime and obligations to its trade creditors. |
Vessels, Net - Schedule of Vess
Vessels, Net - Schedule of Vessels (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Beginning balance | $ 87,507 | |
Depreciation | (2,189) | $ (2,705) |
Ending balance | 85,318 | |
Vessel Cost [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Beginning balance | 108,524 | |
Depreciation | ||
Ending balance | 108,524 | |
Accumulated Depreciation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Beginning balance | (21,017) | |
Depreciation | (2,189) | |
Ending balance | (23,206) | |
Net Book Value [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Beginning balance | 87,507 | |
Depreciation | (2,189) | |
Ending balance | $ 85,318 |
Deferred Charges, Net (Details
Deferred Charges, Net (Details Narrative) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Additions | $ 155 |
Pyxis Epsilon Vessel [Member] | |
Additions | 138 |
Vessel Northsea Alpha [Member] | |
Additions | 9 |
Vessel Northsea Beta [Member] | |
Additions | $ 8 |
Deferred Charges, Net - Schedul
Deferred Charges, Net - Schedule of Deferred Charges (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Deferred Charges Net Abstract | ||
Deferred charges, beginning balance | $ 779 | |
Amortization of special survey costs | (97) | $ (117) |
Additions | 155 | |
Deferred charges, ending balance | $ 837 |
Long-Term Debt (Details Narrati
Long-Term Debt (Details Narrative) - USD ($) $ in Thousands | Jul. 08, 2020 | Sep. 27, 2018 | Jun. 30, 2020 | Jun. 30, 2019 |
Long-term debt, weighted average interest rate | 8.06% | 8.19% | ||
Working capital deficit | $ 6,680 | |||
Sale of Vessel Pyxis Delta [Member] | ||||
Net proceeds from sale of vessel | The total net proceeds from the sale of the vessel were $13,197, $5,674 out of which was used to prepay the loan facility secured by Pyxis Delta and Pyxis Theta and $7,523 for the repayment of the Company's liabilities to Maritime and obligations to its trade creditors. | |||
Pyxis Theta Vessel [Member] | ||||
Total long-term debt outstanding | $ 11,293 | |||
Secured Loan - Secondone and Thirdone [Member] | ||||
Total long-term debt outstanding per facility | $ 3,490 | |||
Loan amortization profile | As of June 30, 2020, each of Secondone's and Thirdone's outstanding loan balance, amounting to $3,490, is repayable in 11 remaining quarterly installments of $100 each, the first falling due in August 2020, and the last installment accompanied by a balloon payment of $2,390 falling due in February 2023. | |||
Long-term debt first periodic payment | 2020-08 | |||
Long-term debt balloon payment year | 2023-02 | |||
Quarterly installments payable (11 installments per facility) | $ 100 | |||
Long-term debt balloon payment | $ 2,390 | |||
Secured Loan - Fourthone [Member] | Pyxis Malou Vessel [Member] | ||||
Loan amortization profile | As of June 30, 2020, the outstanding balance of Fourthone loan of $9,390 is repayable in 11 remaining quarterly installments amounting to $3,990, the first falling due in August 2020, and the last installment accompanied by a balloon payment of $5,400 falling due in February 2023. The first three installments, amounting to $330 each are followed by four amounting to $360 each and four amounting to $390 each. | |||
Long-term debt first periodic payment | 2020-08 | |||
Long-term debt balloon payment year | 2023-02 | |||
Quarterly installments payable (11 installments per facility) | $ 3,990 | |||
Total long-term debt outstanding | 9,390 | |||
Long-term debt balloon payment | $ 5,400 | |||
Secured Loan - Secondone, Thirdone and Fourthone [Member] | ||||
Interest rate margin | 4.65% | |||
Secured Loan - Eighthone Corp [Member] | ||||
Total long-term debt outstanding | $ 24,000 | $ 24,000 | ||
Extended Long term debt maturity, description | September 2023 | |||
Quarterly installments payable (12 installments) | Equal to the lower of $400 and excess cash computed through a cash sweep mechanism, plus a balloon payment due at maturity | |||
Secured Loan - Eighthone Corp [Member] | First Two Year [Member] | ||||
Interest rate margin | 11% of which 1.0% can be paid as PIK | |||
Secured Loan - Eighthone Corp [Member] | Thereafter [Member] | ||||
Interest rate margin | 11.00% | |||
Previous Secured Loan - Eighthone Corp [Member] | ||||
Total long-term debt outstanding | $ 16,000 | |||
Secured Loan - Seventhone Corp [Member] | Subsequent Event [Member] | ||||
Long-term debt first periodic payment | 2020-10 | |||
Long-term debt balloon payment year | 2025-07 | |||
Long-term debt balloon payment | $ 9,250 | |||
Total long-term debt outstanding | $ 15,250 | |||
Interest rate margin | 3.35% | |||
Quarterly installments payable (20 installments) | $ 300 | |||
Previous Secured Loan - Seventhone Corp [Member] | Subsequent Event [Member] | ||||
Total long-term debt outstanding | $ 11,293 | |||
Loan Agreement [Member] | Seventhone Corp [Member] | ||||
Actual leverage ratio | 67.00% | |||
Difference between actual ratio and required threshold | 2.00% |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total | $ 51,663 | $ 58,919 |
Current portion | 3,123 | 9,241 |
Less: Current portion of deferred financing costs | (184) | (257) |
Current portion of long-term debt, net of deferred financing costs, current | 2,939 | 8,984 |
Long-term portion | 48,540 | 49,678 |
Less: Non-current portion of deferred financing costs | (365) | (445) |
Long-term debt, net of current portion and deferred financing costs, non-current | 48,175 | 49,233 |
Vessel Northsea Alpha [Member] | Secondone [Member] | ||
Debt Instrument [Line Items] | ||
Total | 3,490 | 3,690 |
Vessel Northsea Beta [Member] | Thirdone [Member] | ||
Debt Instrument [Line Items] | ||
Total | 3,490 | 3,690 |
Pyxis Malou Vessel [Member] | Fourthone [Member] | ||
Debt Instrument [Line Items] | ||
Total | 9,390 | 10,020 |
Pyxis Delta Vessel [Member] | Sixthone [Member] | ||
Debt Instrument [Line Items] | ||
Total | 4,050 | |
Pyxis Theta Vessel [Member] | Seventhone [Member] | ||
Debt Instrument [Line Items] | ||
Total | 11,293 | 13,469 |
Pyxis Epsilon Vessel [Member] | Eighthone [Member] | ||
Debt Instrument [Line Items] | ||
Total | $ 24,000 | $ 24,000 |
Long-Term Debt - Schedule of Pr
Long-Term Debt - Schedule of Principal Payments (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Debt Instruments [Abstract] | |
2021 | $ 3,123 |
2022 | 3,572 |
2023 | 21,041 |
2024 and thereafter | 23,927 |
Total | $ 51,663 |
Equity Capital Structure and _2
Equity Capital Structure and Equity Incentive Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Nov. 19, 2018 | Mar. 30, 2018 | Feb. 02, 2018 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Common stock, shares authorized | 450,000,000 | 450,000,000 | |||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | |||||
Common stock, par value | $ 0.001 | $ 0.001 | |||||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||||
Common stock, shares outstanding | 21,491,475 | 21,370,280 | 21,060,190 | 20,877,893 | |||
Preferred stock, shares outstanding | |||||||
Common stock, shares issued | 21,491,475 | 21,370,280 | |||||
F-3 Registration Statement [Member] | |||||||
Maximum offering amount under registration statement | $ 100,000 | ||||||
Maximum number of shares for sale under registration statement | 5,233,222 | ||||||
Prospectus Supplement Filed for Shelf Registration Statement Related to ATM Program [Member] | |||||||
Maximum offering amount under registration statement | $ 2,300 | ||||||
Prospectus Supplement Amended for Shelf Registration Statement Related to ATM Program [Member] | |||||||
Maximum offering amount under registration statement | $ 3,675 | ||||||
ATM Program [Member] | |||||||
Number of common stock offered and sold under the ATM | 214,828 | 182,297 | |||||
Gross proceeds under the ATM | $ 354 | ||||||
Average (gross) price / share offered and sold under the ATM | $ 1.65 | ||||||
Number of common stock issued to settle the interest charged on the Amended & Restated Promissory Note | 121,195 | 95,262 |
Loss Per Common Share - Schedul
Loss Per Common Share - Schedule of Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||
Net loss available to common stockholders | $ (2,403) | $ (3,937) |
Weighted average number of common shares, basic and diluted | 21,455,291 | 21,072,472 |
Loss per common share, basic and diluted | $ (0.11) | $ (0.19) |
Risk Management and Fair Valu_3
Risk Management and Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands | Jan. 19, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Vessel Impairment Charge | ||||
Vessel held-for-sale | $ 13,190 | |||
Interest Rate Cap [Member] | ||||
Notional amount | $ 10,000 | |||
Interest rate cap percentage | 3.50% | |||
Interest rate cap termination date | Jul. 18, 2022 |
Risk Management and Fair Valu_4
Risk Management and Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Trade accounts payable | $ 3,360 | $ 4,538 |
Carrying Value [Member] | ||
Cash and cash equivalents (including restricted cash) | 3,911 | |
Trade accounts receivable | 463 | |
Trade accounts payable | 3,360 | |
Long-term debt with variable interest rates, net | 27,663 | |
Long-term loans and promissory note with non-variable interest rates, net | 29,000 | |
Fair Value [Member] | ||
Cash and cash equivalents (including restricted cash) | 3,911 | |
Trade accounts receivable | 463 | |
Trade accounts payable | 3,360 | |
Long-term debt with variable interest rates, net | 27,663 | |
Long-term loans and promissory note with non-variable interest rates, net | $ 29,000 |
Risk Management and Fair Valu_5
Risk Management and Fair Value Measurements - Schedule of Financial Derivative Instrument Location (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Risk Management And Fair Value Measurements Abstract | ||
Financial derivative instrument - Other non-current assets | $ 3 | $ 1 |
Risk Management and Fair Valu_6
Risk Management and Fair Value Measurements - Schedule of Gains Losses on Derivative Instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Risk Management And Fair Value Measurements Abstract | ||
Financial derivative instrument - Fair value at the beginning of the period | $ (1) | $ (28) |
Financial derivative instrument - Fair value as at period end | 3 | 3 |
(Loss) / Gain from financial derivative instrument | $ 2 | $ (25) |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) $ in Thousands | Jun. 30, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 | $ 2,066 |
Total | $ 2,066 |
Interest and Finance Costs, N_3
Interest and Finance Costs, Net (Details Narrative) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Interest And Finance Costs, Net | |
Interest on promissory note to be paid in cash | $ 112 |
Interest on promissory note to be paid in common shares | $ 112 |
Interest and Finance Costs, N_4
Interest and Finance Costs, Net - Schedule of Interest and Finance Costs (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Interest And Finance Costs, Net | ||
Interest on long-term debt (Note 7) | $ 2,139 | $ 2,606 |
Interest on promissory note (Note 3) | 224 | 168 |
Amortization and write-off of financing costs | 153 | 131 |
Total | $ 2,516 | $ 2,905 |
Revenues, Net (Details Narrativ
Revenues, Net (Details Narrative) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 27 | $ 1,415 |
Revenues, Net - Schedule of Rev
Revenues, Net - Schedule of Revenue Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues, net | $ 12,124 | $ 13,180 |
Revenues Derived from Spot Charters, Net [Member] | ||
Revenues, net | 4,458 | 4,397 |
Revenues Derived from Time Charters, Net [Member] | ||
Revenues, net | $ 7,666 | $ 8,783 |
Revenues, Net - Schedule of Net
Revenues, Net - Schedule of Net Trade Accounts Receivable Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Trade accounts receivable | $ 463 | $ 1,243 |
Accounts Receivable Trade from Spot Charters [Member] | ||
Trade accounts receivable | 345 | 743 |
Accounts Receivable Trade from Time Charters [Member] | ||
Trade accounts receivable | $ 118 | $ 500 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ in Thousands | Jul. 01, 2020 | Jul. 08, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Long-term debt outstanding | $ 51,663 | $ 58,919 | ||
Subsequent Event [Member] | ||||
Number of common shares issued | 68,410 | |||
Subsequent Event [Member] | Secured Loan - Seventhone Corp [Member] | ||||
Long-term debt outstanding | $ 15,250 | |||
Subsequent Event [Member] | Previous Secured Loan - Seventhone Corp [Member] | ||||
Long-term debt outstanding | $ 11,293 |