Cover
Cover | 9 Months Ended |
Sep. 30, 2022 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2022 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-37611 |
Entity Registrant Name | Pyxis Tankers Inc. |
Entity Central Index Key | 0001640043 |
Entity Address, Address Line One | 59 K. Karamanli Street |
Entity Address, City or Town | Maroussi |
Entity Address, Country | GR |
Entity Address, Postal Zip Code | 15125 |
City Area Code | 30 |
Local Phone Number | 210 638 0200 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 4,250 | $ 6,180 |
Restricted cash, current portion | 350 | 944 |
Inventories | 2,819 | 1,567 |
Trade accounts receivable, net | 9,035 | 1,716 |
Vessels held-for-sale | 8,509 | |
Prepayments and other current assets | 315 | 186 |
Insurance claim receivable | 1,894 | |
Total current assets | 18,663 | 19,102 |
FIXED ASSETS, NET: | ||
Vessels, net | 115,717 | 119,724 |
Total fixed assets, net | 115,717 | 119,724 |
OTHER NON-CURRENT ASSETS: | ||
Restricted cash, net of current portion | 2,250 | 2,750 |
Financial derivative instrument | 585 | 74 |
Deferred dry dock and special survey costs, net | 835 | 912 |
Total other non-current assets | 3,670 | 3,736 |
Total assets | 138,050 | 142,562 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of deferred financing costs | 5,823 | 11,695 |
Trade accounts payable | 3,486 | 3,084 |
Due to related parties | 5,564 | 6,962 |
Hire collected in advance | 918 | |
Accrued and other liabilities | 867 | 1,089 |
Total current liabilities | 16,658 | 22,830 |
NON-CURRENT LIABILITIES: | ||
Long-term debt, net of current portion and deferred financing costs | 60,508 | 64,880 |
Promissory note | 6,000 | 6,000 |
Total non-current liabilities | 66,508 | 70,880 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock ($0.001 par value; 50,000,000 shares authorized; of which 1,000,000 authorized Series A Convertible Preferred Shares; 449,673 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2021 and September 30, 2022) | ||
Common stock ($0.001 par value; 450,000,000 shares authorized; 10,613,424 shares issued and outstanding as at December 31, 2021 and September 30, 2022, respectively) | 42 | 42 |
Additional paid-in capital | 111,840 | 111,840 |
Accumulated deficit | (56,998) | (63,030) |
Total stockholders’ equity | 54,884 | 48,852 |
Total liabilities and stockholders’ equity | $ 138,050 | $ 142,562 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 10,613,424 | 10,613,424 |
Common stock, shares outstanding | 10,613,424 | 10,613,424 |
Series A Convertible Preferred Shares [Member] | ||
Preferred stock, par value | $ 0.001 | |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 449,673 | 449,673 |
Preferred stock, shares outstanding | 449,673 | 449,673 |
Interim Consolidated Statements
Interim Consolidated Statements of Comprehensive Income / (Loss) (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||
Revenues, net | $ 39,966 | $ 17,237 |
Expenses: | ||
Voyage related costs and commissions | (12,823) | (5,374) |
Vessel operating expenses | (9,419) | (8,990) |
General and administrative expenses | (1,886) | (1,899) |
Management fees, related parties | (548) | (479) |
Management fees, other | (716) | (614) |
Amortization of special survey costs | (266) | (306) |
Depreciation | (4,562) | (3,528) |
Allowance for credit losses | (49) | (9) |
Loss from the sale of vessels, net | (466) | |
Operating income / (loss) | 9,231 | (3,962) |
Other expenses, net: | ||
Loss from debt extinguishments | (34) | (458) |
Gain from financial derivative instrument | 511 | (18) |
Interest and finance costs, net | (3,022) | (2,485) |
Total other expenses, net | (2,545) | (2,961) |
Net income / (loss) | 6,686 | (6,923) |
Dividend Series A Convertible Preferred Stock | (667) | (381) |
Net income / (loss) attributable to common shareholders | $ 6,019 | $ (7,304) |
Income / (loss) per common share, basic and diluted | $ 0.57 | $ (0.83) |
Income / (loss) per common share, diluted | $ 0.53 | $ (0.83) |
Weighted average number of common shares, basic | 10,613,424 | 8,752,328 |
Weighted average number of common shares, diluted | 12,641,229 | 8,752,328 |
Interim Consolidated Statemen_2
Interim Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Series A Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 22 | $ 79,692 | $ (50,155) | $ 29,559 | |
Beginning balance, shares at Dec. 31, 2020 | 181,475 | 5,490,720 | |||
Issuance of common stock under the PIPE, net | $ 14 | 23,105 | 23,119 | ||
Issuance of common stock under the PIPE, net, shares | 3,571,429 | ||||
Issuance of common stock under the promissory note | $ 1 | 1,111 | 1,112 | ||
Issuance of common stock under the promissory note, shares | 300,834 | ||||
Issuance of Series A Convertible Preferred shares, net | 5,563 | 5,563 | |||
Issuance of Series A Convertible Preferred shares, net, shares | 308,487 | ||||
Conversion of Series A Convertible Preferred Shares to common stock | $ 1 | (1) | |||
Conversion of Series A Convertible Preferred Shares to common stock, shares | (40,289) | 180,106 | |||
Common stock from exercise of warrants | 202 | 202 | |||
Common stock from exercise of warrants, shares | 36,125 | ||||
Preferred stock dividends | (392) | (392) | |||
Net income (loss) | (6,923) | (6,923) | |||
Ending balance, value at Sep. 30, 2021 | $ 38 | 109,672 | (57,470) | 52,420 | |
Edning balance, shares at Sep. 30, 2021 | 449,673 | 9,579,214 | |||
Beginning balance, value at Dec. 31, 2021 | $ 42 | 111,840 | (63,030) | 48,852 | |
Beginning balance, shares at Dec. 31, 2021 | 449,673 | 10,613,964 | |||
Preferred stock dividends | (654) | (654) | |||
Net income (loss) | 6,686 | 6,686 | |||
Ending balance, value at Sep. 30, 2022 | $ 42 | $ 111,840 | $ (56,998) | $ 54,884 | |
Edning balance, shares at Sep. 30, 2022 | 449,673 | 10,613,964 |
Interim Consolidated Statemen_3
Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ 6,686 | $ (6,923) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 4,562 | 3,528 |
Amortization and write-off of special survey costs | 266 | 306 |
Allowance for credit losses | 49 | |
Amortization and write-off of financing costs | 229 | 171 |
Loss from debt extinguishment | 34 | 458 |
Gain from financial derivative instruments | (511) | 18 |
Issuance of common stock under the promissory note | 55 | |
Changes in assets and liabilities: | ||
Inventories | (1,252) | (385) |
Due to related parties | 1,596 | 2,428 |
Trade accounts receivable, net | (7,368) | (1,282) |
Prepayments and other assets | (129) | (127) |
Insurance claim receivable | (1,894) | |
Special survey cost | (442) | |
Trade accounts payable | 655 | (933) |
Hire collected in advance | 918 | (726) |
Accrued and other liabilities | (222) | (11) |
Net cash provided by / (used in) operating activities | 3,177 | (3,423) |
Cash flow from investing activities: | ||
Proceeds from the sale of vessel, net | 8,509 | |
Payments for vessel acquisition | (2,995) | (20,000) |
Ballast water treatment system installation | (555) | (155) |
Vessel additions | (3) | |
Net cash provided by / (used in) investing activities | 4,959 | (20,158) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 30,500 | |
Repayment of long-term debt | (10,505) | (27,150) |
Gross proceeds from issuance of common stock | 25,000 | |
Common stock offering costs | (1,860) | |
Gross proceeds from the issuance of Series A Convertible Preferred units | 6,170 | |
Preferred shares offering costs | (512) | |
Proceeds from exercise of warrants into common shares | 202 | |
Repayment of promissory note | (1,000) | |
Financial derivative instrument | (74) | |
Payment of financing costs | (1) | (625) |
Preferred stock dividends paid | (654) | (318) |
Net cash (used in) / provided by financing activities | (11,160) | 30,333 |
Net (decrease) /increase in cash and cash equivalents and restricted cash | (3,024) | 6,752 |
Cash and cash equivalents and restricted cash at the beginning of the period | 9,874 | 4,037 |
Cash and cash equivalents and restricted cash at the end of the period | 6,850 | 10,789 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest | 2,773 | 2,298 |
Unpaid portion of vessel additions | 28 | |
Non-cash financing activities-issuance of common stock under the promissory note | 1,055 | |
Unpaid portion for common stock offering costs and financing cost | 153 | |
Unpaid portion of financing costs | $ 40 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [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. As of September 30, 2022, Pyxis owns 100 seven ● 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”); ● EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eighthone”); ● TENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Tenthone”); ● ELEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eleventhone” and collectively with Fourthone, Seventhone, Eighthone and Tenthone the “Vessel-owning companies”). Pyxis also currently owns 100 % ownership interest in the following non-vessel owning companies: ● SECONDONE CORPORATION LTD, established under the laws of the Republic of Malta (“Secondone”) that owned the vessel “Northsea Alpha” that was sold to an unaffiliated third party on January 28, 2022; ● THIRDONE CORPORATION LTD, established under the laws of the Republic of Malta (“Thirdone”) that owned the vessel “Northsea Beta” that was sold to an unaffiliated third party on March 1, 2022; ● SIXTHONE CORP., established under the laws of the Republic of the Marshal Islands (“Sixthone”) that owned the vessel “Pyxis Delta” that was sold to an unaffiliated third party on January 13, 2020 and, ● MARITIME TECHNOLOGIES CORP, established under the laws of Delaware. 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: Schedule of Ownership and Operation of Tanker Vessels Vessel-owning Company Incorporation date Vessel Dead Weight Year Acquisition date Fourthone 05/30/2007 Pyxis Malou 50,667 2009 02/16/2009 Seventhone 05/31/2011 Pyxis Theta 51,795 2013 09/16/2013 Eighthone 02/08/2013 Pyxis Epsilon 50,295 2015 01/14/2015 Tenthone 04/22/2021 Pyxis Karteria 46,652 2013 07/15/2021 Eleventhone 11/09/2021 Pyxis Lamda 50,145 2017 12/20/2021 Effective May 13, 2022, the Company effected a four-for-one reverse stock split on its issued and outstanding common stock. All share and per share amounts disclosed in the accompanying financial statements give effect to this reverse stock split retroactively, for all periods presented. The accompanying Unaudited Interim Condensed 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 Condensed Consolidated Financial Statements. Interim results are not necessarily indicative of results that may be expected for the year ending December 31, 2022. These Unaudited Interim Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and footnotes for the year ended December 31, 2021, included in the Company’s Annual Report on Form 20-F filed with the SEC on April 1, 2022 (the “2021 Annual Report”). Revenues for the nine month periods ended September 30, 2021 and 2022, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows: Summary of Revenue from Significant Charterers for 10% or More of Revenue Charterer Nine months ended September 30, 2021 2022 A 0 % 38 % B 12 % 31 % C 39 % 0 % D 13 % 0 % E 0 % 0 % Total 64 % 69 % PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. Dollars, except for share and per share data) 1. Basis of Presentation and General Information: -Continued: The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying Consolidated Balance Sheets that are presented in the accompanying interim condensed consolidated statement of cash flows for the nine month periods ended September 30, 2021 and 2022. Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash September 30, September 30, 2021 2022 Cash and cash equivalents $ 7,742 $ 4,250 Restricted cash, current portion 347 350 Restricted cash, net of current portion 2,700 2,250 Total cash and cash equivalents and restricted cash $ 10,789 $ 6,850 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 As of September 30, 2022, the Company had a working capital surplus of $ 1,955 As of September 30, 2022, Mr. Valentis beneficially owned approximately 54.0 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies The accounting policies followed in the preparation of these Unaudited Interim Condensed Consolidated Financial Statements are the same with those applied in the preparation of the Company’s Consolidated Financial Statements for the year ended December 31, 2021. See Note 2 to the Company’s Consolidated Financial Statements for the year ended December 31, 2021, included in the 2021 Annual Report. There have been no material changes to these policies in the nine month period ended September 30, 2022, except as discussed below: Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion model. As compared with current U.S. GAAP, more convertible debt instruments will be reported as a single liability instrument and the interest rate of more convertible debt instruments will be closer to the coupon interest rate. The ASU also aligns the consistency of diluted Earnings Per Share (“EPS”) calculations for convertible instruments by requiring that (1) an entity use the if-converted method and (2) share settlement be included in the diluted EPS calculation for both convertible instruments and equity contracts when those contracts include an option of cash settlement or share settlement. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The FASB has specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company adopted the standard within the period. The adoption of the standard did not have any effect on the Company’s Unaudited Interim Condensed Consolidated Financial Statements and related disclosures. PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. Dollars, except for share and per share data) 2. Significant Accounting Policies: - Continued: In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. The amendments in ASU No. 2021-04 provides guidance to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments in this ASU No. 2021-04 are effective for all entities for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted, including interim periods within those fiscal years. The Company adopted the standard within the period. The adoption of the standard did not have any effect on the Company’s Unaudited Interim Condensed Consolidated Financial Statements and related disclosures. In July 2021, the FASB issued ASU No. 2021-05 Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments. The ASU amends the lessor lease classification guidance in ASC 842 for leases that include any amount of variable lease payments that are not based on an index or rate. If such a lease meets the criteria in ASC 842-10-25-2 through 25-3 for classification as either a sales-type or direct financing lease, and application of the sales-type or direct financing lease recognition guidance would result in recognition of a selling loss, then the amendments require the lessor to classify the lease as an operating lease. For public business entities that have adopted ASC 842 as of July 19, 2021, the amendments in ASU 2021-05 are effective for fiscal years beginning after December 15, 2021 and for interim periods within those fiscal years. The Company adopted the standard within the period. The adoption of the standard did not have any effect on the Company’s Unaudited Interim Condensed Consolidated Financial Statements and related disclosures. 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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this Update to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in this Update apply to all entities that elect to apply the optional guidance in Topic 848. ASU 2020-04 and ASU 2021-10 can be adopted as of March 12, 2020 through December 31, 2022. As of September 30, 2022, the Company has not yet elected any optional expedients provided in the standard and the Company does not currently have any contracts that have been changed to a new reference rate. The Company will apply the accounting relief as relevant contract and hedge accounting relationship modifications are made during the reference rate reform transition period and will continue to evaluate the potential impact of this standard on its consolidated financial statements. |
Transactions with Related Parti
Transactions with Related Parties | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021 and 2022. (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 Income / (Loss): Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss 2021 2022 Nine months ended September 30, 2021 2022 Included in Voyage related costs and commissions Charter hire commissions $ 219 $ 503 Included in Management fees, related parties Ship-management Fees 479 548 Included in General and administrative expenses Administration Fees 1,221 1,236 Total $ 1,919 $ 2,287 PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. Dollars, except for share and per share data) 3. Transactions with Related Parties: - Continued: As of December 31, 2021 and September 30, 2022, the balances with Maritime was a due to of $ 3,967 5,564 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 (the “Head Management Agreement”). For the ship management services, Maritime charges a fee payable by each subsidiary of $ 0.325 0.450 1.25 1,600 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 of Greece for 2018 and 2019. For 2020, the average rate in Greece was a deflation of 1.24% and, as a result, no adjustment was made to the Ship-management Fees and the Administration Fees effective January 1, 2021, which remained, for the particular calendar year, as per the previous year. Effective January 1, 2022, the Ship-management Fees and the Administration Fees were increased by 1.23% in line with the average inflation rate of Greece for 2021. (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 Entrust Permal (the “Credit Facility”) on September 2023 (see Note 7), b) January 15, 2024 and c) repayment of any payment-in-kind (“PIK”) interest and principal deficiency amount under the Credit Facility, and (ii) increased the interest rate to 9.0 4.5 4.5 With respect to the portion of interest that was to 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. During 2021, the Promissory Note was restructured and amended as of May 27, 2021, on the following basis: a) repayment on June 17, 2021 of $ 1,000 433 1,000 1,091,062 0.9165 3,000 7.5 “Pyxis Lamda” 3,000 6,000 April 1, 2024 1,000 PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. Dollars, except for share and per share data) 3. Transactions with Related Parties: – Continued: On November 15, 2021, the Company signed a memorandum of agreement to acquire from an entity related to the family of the Company’s Chairman and Chief Executive Officer, the “Pyxis Lamda” 32,000 31,172 21,680 seven years 3 4,139,003 2.17 4.32 1,325 2,995 Interest charged on the Amended & Restated Promissory Note for the nine months ended September 30, 2021 and 2022, amounted to $ 271 337 6,000 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows: Schedule of Inventories December 31, September 30, 2021 2022 Lubricants $ 552 $ 715 Bunkers 1,015 2,104 Total $ 1,567 $ 2,819 |
Vessels, net
Vessels, net | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Vessels, net | 5. Vessels, net The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows: Schedule of Vessels Vessel Cost Accumulated Depreciation Net Book Value Balance January 1, 2022 $ 148,175 $ (28,451 ) $ 119,724 Vessel additions — — — BWTS installation 555 — 555 Depreciation — (4,562 ) (4,562 ) Balance September 30, 2022 $ 148,730 $ (33,013 ) $ 115,717 On December 23, 2021, the Company entered into an agreement with a third-party to sell the small tankers, “Northsea Alpha” and “Northsea Beta”. Considering the required criteria by the relevant accounting standard, ASC 360-10-45-9, for the classification of the vessels as “held for sale”, the Company concluded that all the criteria were met for both vessels. As at December 31, 2021, the aggregate amount of $ 8,509 2,389 8,900 5,780 As of September 30, 2022, additions amounted to $ 555 “Pyxis Lamda” 437 118 PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. Dollars, except for share and per share data) 5. Vessels, net: – Continued: As of September 30, 2022, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels held and used. This review indicated that such carrying amounts were fully recoverable for the Company’s vessels held and used and, consequently, no All of the Company’s vessels have been pledged as collateral to secure the bank loans discussed in Note 7. |
Deferred dry dock and special s
Deferred dry dock and special survey costs, net | 9 Months Ended |
Sep. 30, 2022 | |
Deferred Dry Dock And Special Survey Costs Net | |
Deferred dry dock and special survey costs, net | 6. Deferred dry dock and special survey costs, net The movement in deferred charges, net, in the accompanying Consolidated Balance Sheets are as follows: Schedule of Deferred Charges Dry docking costs Balance January 1, 2022 $ 912 Additions 189 Amortization of special survey costs (266 ) Balance September 30, 2022 $ 835 On January 14, 2022 “Pyxis Lamda” 438 189 |
Long-term Debt
Long-term Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 7. Long-term Debt The amounts shown in the accompanying Consolidated Balance Sheets at December 31, 2021 and September 30, 2022, are analyzed as follows: Schedule of Long-Term Debt December 31, September 30, Vessel (Borrower) 2021 2022 (a) “Northsea Alpha” (Secondone) $ 2,890 $ — (a) “Northsea Beta” (Thirdone) 2,890 — (b) “Pyxis Malou” (Fourthone) 7,320 6,792 (c) “Pyxis Theta” (Seventhone) 13,750 12,850 (d) “Pyxis Epsilon” (Eighthone) 16,100 15,200 (e) “Pyxis Karteria” (Tenthone) 13,150 12,100 (b) “Pyxis Lamda” (Eleventhone) 21,680 20,333 Total $ 77,780 $ 67,275 Current portion $ 12,030 $ 6,100 Less: Current portion of deferred financing costs (335 ) (277 ) Current portion of long-term debt, net of deferred financing costs, current $ 11,695 $ 5,823 Long-term portion $ 65,750 $ 61,175 Less: Non-current portion of deferred financing costs (870 ) (667 ) Long-term debt, net of current portion and deferred financing costs, non-current $ 64,880 $ 60,508 (a) 2,890 100 500 February 2022 2,390 February 2023 On December 23, 2021, the Company entered into an agreement with a third-party to sell the small tankers, “Northsea Alpha” and “Northsea Beta” and the Company concluded that all the criteria required by the relevant accounting standard, ASC 360-10-45-9, for the classification of the vessels “Northsea Alpha” and “Northsea Beta” as “held for sale” were met. As at December 31, 2021, upon classification of “Northsea Alpha” and “Northsea Beta” as vessels held-for-sale, the aggregate outstanding loan balances of $ 5,780 PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. Dollars, except for share and per share data) 7. Long-term Debt: - Continued: (b) “Pyxis Malou” “Pyxis Lamda” On the same date, Fourthone drew down an amount of $ 7,320 7,320 6,792 176 3,800 December 2026 Upon delivery of “Pyxis Lamda” 21,680 20,333 449 12,700 December 2026 The loan bears interest at LIBOR plus a margin of 3.15 Standard loan covenants include, among others, a minimum liquidity and a minimum required Security Cover Ratio (“MSC”). The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreements: Covenants: ● The borrowers undertook to maintain minimum deposit with the bank of $ 1,500 1,000 500 “Pyxis Malou” 500 “Pyxis Lamda” ● The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75 42.4 32.6 ● MSC is to be at least 125 ● No change of control shall be made directly or indirectly in the ownership, beneficial ownership, control or management of any of the borrower and the corporate guarantor or any share therein or the vessels, as a result of which less than 100% of the shares and voting rights in each borrower are owned by the corporate guarantor or less than 25% of the shares and voting rights in the corporate guarantor will remain in the ultimate legal and beneficial ownership of the beneficial shareholders. (c) 15,250 11,293 12,850 300 9,250 July 2025 Standard loan covenants include, among others, a minimum liquidity and a MSC. The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreement: Covenants: ● The borrower undertakes to maintain minimum deposit with the bank of $ 500 ● The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75 42.4 32.6 ● MSC is to be at least 125 ● No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Seventhone or of the Company or any share therein or the “Pyxis Theta” PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. Dollars, except for share and per share data) 7. Long-term Debt: - Continued: (d) 15,200 300 11,000 March 2026 3.35 Standard loan covenants include, among others, a minimum liquidity and a MSC. The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreement: ● The borrower undertakes to maintain minimum deposit with the bank of $ 500 ● The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75 42.4 32.6 ● MSC is to be at least 125 ● No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Eighthone or of Pyxis or any share therein or the “Pyxis Epsilon” (e) 13,500 “Pyxis Karteria” 13,500 As of September 30, 2022, the Tenthone outstanding loan balance amounting to $ 12,100 300 4,900 July 2028 4.8 Standard loan covenants of the Tenthone loan include, among others, a minimum liquidity and a MSC. Certain major covenants include, as defined in such agreement: ● The borrower undertakes to maintain minimum deposit with the bank of $ 250 ● The borrower undertakes to maintain a monthly retention account to ensure that, in each calendar month an amount equal with one third of the repayment instalment and the relevant aggregate amount of interest falling due which is payable on the next due date for payment must be transferred to the retention account. ● MSC is to be at least 120 ● Not less than 20% of the ultimate beneficial ownership of (i) the shares in the corporate guarantor and (ii) the ultimate voting rights attaching to such shares is held directly or indirectly by the permitted holder. Amounts presented in Restricted cash, current and non-current, in the Consolidated Balance Sheets are related to minimum cash and the retention account requirements imposed by the Company’s debt agreements. The annual principal payments required to be made after September 30, 2022, are as follows: Schedule of Principal Payments To September 30, Amount 2023 $ 6,100 2024 6,100 2025 15,350 2026 and thereafter 39,725 Total $ 67,275 PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. Dollars, except for share and per share data) 7. Long-term Debt: - Continued: Total interest expense on long-term debt and the Promissory Note for the nine months ended September 30, 2021, and 2022, amounted to $ 2,279 2,803 5.34 4.82 As of September 30, 2022, the Company was in compliance with all of the loan covenants in its loan agreements and there was no amount available to be drawn down under the existing loan agreements. |
Equity Capital Structure and Eq
Equity Capital Structure and Equity Incentive Plan | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Equity Capital Structure and Equity Incentive Plan | 8. Equity Capital Structure and Equity Incentive Plan Effective May 13, 2022, the Company effected a four-for-one reverse stock split on its issued and outstanding common stock (Note 14). All share and per share amounts disclosed in the accompanying financial statements give effect to this reverse stock split retroactively, for all periods presented. The Company’s authorized common and preferred stock consists of 450,000,000 50,000,000 As of December 31, 2021 and September 30, 2022, the Company had a total of 42,455,857 10,613,424 449,673 0.001 1,590,540 4,683 4,683 24.97 16,000 16,000 1.40 5.60 428,571 2.1875 125 There were no conversions and exercises during the first quarter of 2022 and after September 30, 2022 and up to the date of these Unaudited Interim Condensed Consolidated Financial Statements. During the months of January through September, 2022 the Company paid monthly cash dividends of $ 0.1615 654 5,731,942 54.0 |
Income _ Loss per Common Share
Income / Loss per Common Share | 9 Months Ended |
Sep. 30, 2022 | |
Income Loss Per Common Share | |
Income / Loss per Common Share | 9. Income / Loss per Common Share Schedule of Loss Per Common Share 2021 2022 Nine months ended September 30, 2021 2022 Net income/(loss) available to common stockholders $ (7,304 ) $ 6,019 Weighted average number of common shares, basic 8,752,328 10,613,424 Income/(loss) per common share, basic $ (0.83 ) $ 0.57 Net income / (loss) $ 6,686 Weighted average number of common shares, diluted 8,752,328 12,641,229 Net Income/(loss) per common share, diluted $ (0.83 ) $ 0.53 As of September 30, 2021, securities that could potentially dilute basic income/loss per share in the future that were not included in the computation of diluted loss per share, because to do so would have anti-dilutive effect, were any incremental shares of the unexercised warrants, calculated with the treasury stock method, as well as shares assumed to be converted with respect to the Series A Preferred Shares calculated with the if-converted method. PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. Dollars, except for share and per share data) 9. Income / Loss per common share: - Continued: As of September 30, 2021, we had 183,475 2,035,111 819,085 2,035,111 454,356 2,035,111 2,027,805 2,035,111 12,641,229 Following the annual meeting of shareholders (“AMS”), the Board approved the filing of an amendment to affect a Reverse Stock Split in the ratio of one for four outstanding common shares, to take effect on May 13, 2022. Beginning on such date, the Company’s common shares traded on a split-adjusted basis on the Nasdaq Capital Markets with a new assigned CUSIP number of Y71726130. After the reverse stock split, every four of the Company’s issued and outstanding common shares combined into one issued and outstanding common share, without any change to the par value of $ 0.001 42,455,857 10,613,424 |
Risk Management and Fair Value
Risk Management and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Risk Management And Fair Value Measurements | |
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, trade accounts receivable due from charterers and amounts due from related parties. The principal financial liabilities of the Company consist of long-term bank loans, trade accounts payable and a Promissory Note. Interest rate risk 10.0 3.5 July 18, 2022 9.6 2 July 8, 2025 Credit risk Currency risk Fair value: Schedule of Fair Value of Assets and Liabilities Carrying Fair Value Value Cash and cash equivalents (including restricted cash) $ 6,850 $ 6,850 Trade accounts receivable $ 9,035 $ 9,035 Trade accounts payable $ 3,486 $ 3,486 Long-term debt with variable interest rates, net $ 67,275 $ 67,275 Promissory note with non-variable interest rate * $ 6,000 $ 5,968 Due to related parties $ 5,564 $ 5,564 * As at September 30, 2022, the carrying value and the theoretical fair value of the promissory note was $ 6,000 5,968 PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. Dollars, except for share and per share data) 9. Income / Loss per common share: - Continued: The Company performs an impairment exercise whenever there are indicators of impairment. No 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 or loss during the period in the Consolidated Statements of Comprehensive Income / (Loss). Information on the classification, the derivative fair value and the gain from financial derivative instruments included in the Consolidated Financial Statements is shown below: Schedule of Financial Derivative Instrument Location December 31, September 30, Consolidated Balance Sheets – Location 2021 2022 Financial derivative instrument – Other non-current assets $ 74 $ 585 Schedule of Gains Losses on Derivative Instruments 2021 2022 Consolidated Statements of Comprehensive Income / (Loss) – Location Nine months ended September 30, 2021 2022 Financial derivative instrument – Fair value at the beginning of the period $ — $ 74 Financial derivative instrument – Additions of the period 74 — Financial derivative instrument – Fair value as at period end 56 585 Gain from financial derivative instrument $ (18 ) $ 511 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 As of December 31, 2021 and September 30, 2022, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels held and used. This review indicated that such carrying amount was fully recoverable for the Company’s vessels held and used. No As of December 31, 2021 and September 30, 2022, 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 | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Minimum contractual charter revenues: Future minimum contractual charter revenues, gross of 1.25% address commission and 1.25% brokerage commissions to Maritime and of any other brokerage commissions to third parties, based on the vessels’ committed, non-cancelable, long-term time charter contracts as of September 30, 2022, are $ 4,146 Other PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. Dollars, except for share and per share data) 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. As of September 30, 2022 and as of the date of the issuance of the Consolidated Financial Statements, 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 Condensed 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, 2022 | |
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: Schedule of Interest and Finance Costs 2021 2022 Nine months ended September 30, 2021 2022 Interest on long-term debt $ 2,008 $ 2,466 Interest on promissory note 271 337 Amortization of financing costs 171 229 Financing fees and charges, net 35 (10 ) Total $ 2,485 $ 3,022 |
Revenues, net
Revenues, net | 9 Months Ended |
Sep. 30, 2022 | |
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 nine month periods ended September 30, 2021 and 2022: Schedule of Revenue Disaggregated by Revenue Source 2021 2022 Nine months ended 2021 2022 Revenues derived from spot charters, net $ 8,027 $ 28,272 Revenues derived from time charters, net 9,210 11,694 Revenues, net $ 17,237 $ 39,966 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 December 31, 2021 and September 30, 2022: Schedule of Accounts Receivable Disaggregated Revenue December 31, 2021 September 30, 2022 Accounts receivable trade from spot charters $ 1,762 $ 9,091 Accounts receivable trade from time charters — 38 Less: Bad debt provisions (26 ) (26 ) Less: Allowance for credit losses (20 ) (68 ) Total $ 1,716 $ 9,035 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events Dividend payment: 0.1615 73 0.1615 73 November 21, 2022 November 14, 2022 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion model. As compared with current U.S. GAAP, more convertible debt instruments will be reported as a single liability instrument and the interest rate of more convertible debt instruments will be closer to the coupon interest rate. The ASU also aligns the consistency of diluted Earnings Per Share (“EPS”) calculations for convertible instruments by requiring that (1) an entity use the if-converted method and (2) share settlement be included in the diluted EPS calculation for both convertible instruments and equity contracts when those contracts include an option of cash settlement or share settlement. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The FASB has specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company adopted the standard within the period. The adoption of the standard did not have any effect on the Company’s Unaudited Interim Condensed Consolidated Financial Statements and related disclosures. PYXIS TANKERS INC. Notes to the Unaudited Interim Condensed Consolidated Financial Statements (Expressed in thousands of U.S. Dollars, except for share and per share data) 2. Significant Accounting Policies: - Continued: In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. The amendments in ASU No. 2021-04 provides guidance to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments in this ASU No. 2021-04 are effective for all entities for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted, including interim periods within those fiscal years. The Company adopted the standard within the period. The adoption of the standard did not have any effect on the Company’s Unaudited Interim Condensed Consolidated Financial Statements and related disclosures. In July 2021, the FASB issued ASU No. 2021-05 Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments. The ASU amends the lessor lease classification guidance in ASC 842 for leases that include any amount of variable lease payments that are not based on an index or rate. If such a lease meets the criteria in ASC 842-10-25-2 through 25-3 for classification as either a sales-type or direct financing lease, and application of the sales-type or direct financing lease recognition guidance would result in recognition of a selling loss, then the amendments require the lessor to classify the lease as an operating lease. For public business entities that have adopted ASC 842 as of July 19, 2021, the amendments in ASU 2021-05 are effective for fiscal years beginning after December 15, 2021 and for interim periods within those fiscal years. The Company adopted the standard within the period. The adoption of the standard did not have any effect on the Company’s Unaudited Interim Condensed Consolidated Financial Statements and related disclosures. |
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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this Update to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in this Update apply to all entities that elect to apply the optional guidance in Topic 848. ASU 2020-04 and ASU 2021-10 can be adopted as of March 12, 2020 through December 31, 2022. As of September 30, 2022, the Company has not yet elected any optional expedients provided in the standard and the Company does not currently have any contracts that have been changed to a new reference rate. The Company will apply the accounting relief as relevant contract and hedge accounting relationship modifications are made during the reference rate reform transition period and will continue to evaluate the potential impact of this standard on its consolidated financial statements. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [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: Schedule of Ownership and Operation of Tanker Vessels Vessel-owning Company Incorporation date Vessel Dead Weight Year Acquisition date Fourthone 05/30/2007 Pyxis Malou 50,667 2009 02/16/2009 Seventhone 05/31/2011 Pyxis Theta 51,795 2013 09/16/2013 Eighthone 02/08/2013 Pyxis Epsilon 50,295 2015 01/14/2015 Tenthone 04/22/2021 Pyxis Karteria 46,652 2013 07/15/2021 Eleventhone 11/09/2021 Pyxis Lamda 50,145 2017 12/20/2021 |
Summary of Revenue from Significant Charterers for 10% or More of Revenue | Revenues for the nine month periods ended September 30, 2021 and 2022, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows: Summary of Revenue from Significant Charterers for 10% or More of Revenue Charterer Nine months ended September 30, 2021 2022 A 0 % 38 % B 12 % 31 % C 39 % 0 % D 13 % 0 % E 0 % 0 % Total 64 % 69 % |
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying Consolidated Balance Sheets that are presented in the accompanying interim condensed consolidated statement of cash flows for the nine month periods ended September 30, 2021 and 2022. Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash September 30, September 30, 2021 2022 Cash and cash equivalents $ 7,742 $ 4,250 Restricted cash, current portion 347 350 Restricted cash, net of current portion 2,700 2,250 Total cash and cash equivalents and restricted cash $ 10,789 $ 6,850 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 Income / (Loss): Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss 2021 2022 Nine months ended September 30, 2021 2022 Included in Voyage related costs and commissions Charter hire commissions $ 219 $ 503 Included in Management fees, related parties Ship-management Fees 479 548 Included in General and administrative expenses Administration Fees 1,221 1,236 Total $ 1,919 $ 2,287 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows: Schedule of Inventories December 31, September 30, 2021 2022 Lubricants $ 552 $ 715 Bunkers 1,015 2,104 Total $ 1,567 $ 2,819 |
Vessels, net (Tables)
Vessels, net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Vessels | The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows: Schedule of Vessels Vessel Cost Accumulated Depreciation Net Book Value Balance January 1, 2022 $ 148,175 $ (28,451 ) $ 119,724 Vessel additions — — — BWTS installation 555 — 555 Depreciation — (4,562 ) (4,562 ) Balance September 30, 2022 $ 148,730 $ (33,013 ) $ 115,717 |
Deferred dry dock and special_2
Deferred dry dock and special survey costs, net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Deferred Dry Dock And Special Survey Costs Net | |
Schedule of Deferred Charges | The movement in deferred charges, net, in the accompanying Consolidated Balance Sheets are as follows: Schedule of Deferred Charges Dry docking costs Balance January 1, 2022 $ 912 Additions 189 Amortization of special survey costs (266 ) Balance September 30, 2022 $ 835 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | The amounts shown in the accompanying Consolidated Balance Sheets at December 31, 2021 and September 30, 2022, are analyzed as follows: Schedule of Long-Term Debt December 31, September 30, Vessel (Borrower) 2021 2022 (a) “Northsea Alpha” (Secondone) $ 2,890 $ — (a) “Northsea Beta” (Thirdone) 2,890 — (b) “Pyxis Malou” (Fourthone) 7,320 6,792 (c) “Pyxis Theta” (Seventhone) 13,750 12,850 (d) “Pyxis Epsilon” (Eighthone) 16,100 15,200 (e) “Pyxis Karteria” (Tenthone) 13,150 12,100 (b) “Pyxis Lamda” (Eleventhone) 21,680 20,333 Total $ 77,780 $ 67,275 Current portion $ 12,030 $ 6,100 Less: Current portion of deferred financing costs (335 ) (277 ) Current portion of long-term debt, net of deferred financing costs, current $ 11,695 $ 5,823 Long-term portion $ 65,750 $ 61,175 Less: Non-current portion of deferred financing costs (870 ) (667 ) Long-term debt, net of current portion and deferred financing costs, non-current $ 64,880 $ 60,508 |
Schedule of Principal Payments | The annual principal payments required to be made after September 30, 2022, are as follows: Schedule of Principal Payments To September 30, Amount 2023 $ 6,100 2024 6,100 2025 15,350 2026 and thereafter 39,725 Total $ 67,275 |
Income _ Loss per Common Share
Income / Loss per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Income Loss Per Common Share | |
Schedule of Loss Per Common Share | Schedule of Loss Per Common Share 2021 2022 Nine months ended September 30, 2021 2022 Net income/(loss) available to common stockholders $ (7,304 ) $ 6,019 Weighted average number of common shares, basic 8,752,328 10,613,424 Income/(loss) per common share, basic $ (0.83 ) $ 0.57 Net income / (loss) $ 6,686 Weighted average number of common shares, diluted 8,752,328 12,641,229 Net Income/(loss) per common share, diluted $ (0.83 ) $ 0.53 |
Risk Management and Fair Valu_2
Risk Management and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Risk Management And Fair Value Measurements | |
Schedule of Fair Value of Assets and Liabilities | Fair value: Schedule of Fair Value of Assets and Liabilities Carrying Fair Value Value Cash and cash equivalents (including restricted cash) $ 6,850 $ 6,850 Trade accounts receivable $ 9,035 $ 9,035 Trade accounts payable $ 3,486 $ 3,486 Long-term debt with variable interest rates, net $ 67,275 $ 67,275 Promissory note with non-variable interest rate * $ 6,000 $ 5,968 Due to related parties $ 5,564 $ 5,564 * As at September 30, 2022, the carrying value and the theoretical fair value of the promissory note was $ 6,000 5,968 |
Schedule of Financial Derivative Instrument Location | Schedule of Financial Derivative Instrument Location December 31, September 30, Consolidated Balance Sheets – Location 2021 2022 Financial derivative instrument – Other non-current assets $ 74 $ 585 |
Schedule of Gains Losses on Derivative Instruments | Schedule of Gains Losses on Derivative Instruments 2021 2022 Consolidated Statements of Comprehensive Income / (Loss) – Location Nine months ended September 30, 2021 2022 Financial derivative instrument – Fair value at the beginning of the period $ — $ 74 Financial derivative instrument – Additions of the period 74 — Financial derivative instrument – Fair value as at period end 56 585 Gain from financial derivative instrument $ (18 ) $ 511 |
Interest and Finance Costs, n_2
Interest and Finance Costs, net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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: Schedule of Interest and Finance Costs 2021 2022 Nine months ended September 30, 2021 2022 Interest on long-term debt $ 2,008 $ 2,466 Interest on promissory note 271 337 Amortization of financing costs 171 229 Financing fees and charges, net 35 (10 ) Total $ 2,485 $ 3,022 |
Revenues, net (Tables)
Revenues, net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue Disaggregated by Revenue Source | Schedule of Revenue Disaggregated by Revenue Source 2021 2022 Nine months ended 2021 2022 Revenues derived from spot charters, net $ 8,027 $ 28,272 Revenues derived from time charters, net 9,210 11,694 Revenues, net $ 17,237 $ 39,966 |
Schedule of Accounts Receivable Disaggregated Revenue | The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as December 31, 2021 and September 30, 2022: Schedule of Accounts Receivable Disaggregated Revenue December 31, 2021 September 30, 2022 Accounts receivable trade from spot charters $ 1,762 $ 9,091 Accounts receivable trade from time charters — 38 Less: Bad debt provisions (26 ) (26 ) Less: Allowance for credit losses (20 ) (68 ) Total $ 1,716 $ 9,035 |
Schedule of Ownership and Opera
Schedule of Ownership and Operation of Tanker Vessels (Details) - Vessels [Member] Integer in Thousands | 9 Months Ended |
Sep. 30, 2022 Integer | |
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 |
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. 08, 2013 |
Vessel | Pyxis Epsilon |
DWT | 50,295 |
Year built | 2015 |
Acquisition date | Jan. 14, 2015 |
Tenthone Corp [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date of incorporation | Apr. 22, 2021 |
Vessel | Pyxis Karteria |
DWT | 46,652 |
Year built | 2013 |
Acquisition date | Jul. 15, 2021 |
Eleventhone Corp [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date of incorporation | Nov. 09, 2021 |
Vessel | Pyxis Lamda |
DWT | 50,145 |
Year built | 2017 |
Acquisition date | Dec. 20, 2021 |
Summary of Revenue from Signifi
Summary of Revenue from Significant Charterers for 10% or More of Revenue (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Charterer A [Member] | ||
Product Information [Line Items] | ||
Total | 38% | 0% |
Charterer B [Member] | ||
Product Information [Line Items] | ||
Total | 31% | 12% |
Charterer C [Member] | ||
Product Information [Line Items] | ||
Total | 0% | 39% |
Charterer D [Member] | ||
Product Information [Line Items] | ||
Total | 0% | 13% |
Charterer E [Member] | ||
Product Information [Line Items] | ||
Total | 0% | 0% |
Charterers [Member] | ||
Product Information [Line Items] | ||
Total | 69% | 64% |
Schedule of Reconciliation of C
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 4,250 | $ 6,180 | $ 7,742 |
Restricted cash, current portion | 350 | 347 | |
Restricted cash, net of current portion | 2,250 | 2,700 | |
Total cash and cash equivalents and restricted cash | $ 6,850 | $ 10,789 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (Details Narrative) $ in Thousands | Sep. 30, 2022 USD ($) Integer |
Working capital deficit | $ | $ 1,955 |
Mr Valentis [Member] | |
Percentage of beneficially owned common stock | 54% |
Vessel Ownership [Member] | |
Number of vessel ownership interest entities | Integer | 7 |
Vessels [Member] | |
Entity ownership interest | 100% |
Non Vessels [Member] | |
Entity ownership interest | 100% |
Schedule of Amounts Charged by
Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Related Party Transactions [Abstract] | ||
Charter hire commissions | $ 503 | $ 219 |
Ship-management Fees | 548 | 479 |
Administration Fees | 1,236 | 1,221 |
Total | $ 2,287 | $ 1,919 |
Transactions with Related Par_3
Transactions with Related Parties (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |||||||
Dec. 20, 2021 | Nov. 15, 2021 | Jun. 17, 2021 | May 14, 2019 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Jul. 17, 2021 | Jun. 16, 2021 | |
Related Party Transaction [Line Items] | |||||||||
Due to related parties | $ 5,564 | $ 3,967 | |||||||
Due to related parties | 5,564 | 6,962 | |||||||
Interest on debt | 337 | $ 271 | |||||||
Promissory notes outstanding amount | 6,000 | 6,000 | |||||||
Promissory Note [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ||||||||
Debt Instrument, Face Amount | $ 6,000 | $ 3,000 | $ 1,000 | ||||||
Accrued interest | 433 | ||||||||
Fair value of shares issued for debt conversion | $ 1,000 | ||||||||
Debt Instrument, Convertible, Conversion Price | $ 0.9165 | ||||||||
Debt Instrument, Maturity Date | Apr. 01, 2024 | ||||||||
Amount payable in cash | $ 1,000 | ||||||||
Promissory notes outstanding amount | $ 6,000 | 6,000 | |||||||
Promissory Note [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of shares issued for debt conversion | 1,091,062 | ||||||||
Maritime Investors Promissory Note [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Debt Instrument, Maturity Date, Description | 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 Entrust Permal (the “Credit Facility”) on September 2023 (see Note 7), b) January 15, 2024 and c) repayment of any payment-in-kind (“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% was to be paid in cash and 4.5% was to 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 was effective from April 1, 2019. After the repayment restrictions have been lifted per the Credit Facility, the Company, at its option, could 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. | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9% | ||||||||
Interest rate paid in cash | 4.50% | ||||||||
Interest rate paid in restricted shares | 4.50% | ||||||||
Pyxis Maritime Corporation [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Ship management services per day per vessel | $ 0.325 | ||||||||
Charter hire agreement commission rate | 1.25% | ||||||||
Administration fees payable to related party | $ 1,600 | ||||||||
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. | ||||||||
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 of Greece for 2018 and 2019. For 2020, the average rate in Greece was a deflation of 1.24% and, as a result, no adjustment was made to the Ship-management Fees and the Administration Fees effective January 1, 2021, which remained, for the particular calendar year, as per the previous year. Effective January 1, 2022, the Ship-management Fees and the Administration Fees were increased by 1.23% in line with the average inflation rate of Greece for 2021. | ||||||||
Pyxis Maritime Corporation [Member] | While Vessel is Under Construction [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Ship management services per day per vessel | $ 0.450 | ||||||||
SPP Shipbuilding Co. Ltd [Member] | Memorandum Of Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Fair value of shares issued for debt conversion | $ 2,170 | ||||||||
Number of shares issued for debt conversion | 4,139,003 | ||||||||
Amount payable in cash | $ 1,325 | ||||||||
Payment of construction | $ 32,000 | ||||||||
Fair value of acquistion | 31,172 | ||||||||
Senior loan facility | $ 21,680 | ||||||||
Senior loan facility maturities | 7 years | ||||||||
Cash on hand | 4,320 | ||||||||
Due to related parties | $ 2,995 | ||||||||
SPP Shipbuilding Co. Ltd [Member] | Memorandum Of Agreement [Member] | Secured Debt [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Fair value senior loan facility | $ 3,000 |
Schedule of Inventories (Detail
Schedule of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory [Line Items] | ||
Inventories | $ 2,819 | $ 1,567 |
Lubricants [Member] | ||
Inventory [Line Items] | ||
Inventories | 715 | 552 |
Bunkers [Member] | ||
Inventory [Line Items] | ||
Inventories | $ 2,104 | $ 1,015 |
Schedule of Vessels (Details)
Schedule of Vessels (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Net book value beginning balance | $ 119,724 | |
Vessel additions | 555 | |
Depreciation | (4,562) | $ (3,528) |
Net book value, ending balance | 115,717 | |
Vessel Cost [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessel cost, beginning balance | 148,175 | |
Vessel additions | ||
BWTS installation | 555 | |
Depreciation | ||
Vessel cost, ending balance | 148,730 | |
Accumulated Depreciation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation, beginning balance | (28,451) | |
Vessel additions | ||
BWTS installation | ||
Depreciation | (4,562) | |
Accumulated depreciation, ending balance | (33,013) | |
Net Book Value [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Net book value beginning balance | 119,724 | |
Vessel additions | ||
BWTS installation | 555 | |
Depreciation | (4,562) | |
Net book value, ending balance | $ 115,717 |
Vessels, net (Details Narrative
Vessels, net (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 23, 2021 | May 31, 2022 | Mar. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||||
Assets held for sale | $ 8,509 | ||||
Loss on vessel held-for-sale | $ 2,389 | ||||
Aggregate sale price for the vessels | $ 8,900 | ||||
Prepayment for loan facility | $ 5,780 | ||||
Property, Plant and Equipment, Additions | 555 | ||||
Payment for installation | $ 437 | ||||
Accrued and remains unpaid amount of ballast water treatment system installation | $ 118 | ||||
Impairment charges | $ 0 |
Schedule of Deferred Charges (D
Schedule of Deferred Charges (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Deferred Dry Dock And Special Survey Costs Net | ||
Balance January 1, 2022 | $ 912 | |
Additions | 189 | |
Amortization of special survey costs | (266) | $ (306) |
Balance September 30, 2022 | $ 835 |
Deferred dry dock and special_3
Deferred dry dock and special survey costs, net (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2022 | Sep. 30, 2022 | Jan. 14, 2022 | Dec. 31, 2021 | |
Deferred Dry Dock And Special Survey Costs Net | ||||
Total cost of special survey | $ 835 | $ 438 | $ 912 | |
Amortization of special survey costs | $ 189 |
Schedule of Long-Term Debt (Det
Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 67,275 | $ 77,780 |
Current portion | 6,100 | 12,030 |
Less: Current portion of deferred financing costs | (277) | (335) |
Current portion of long-term debt, net of deferred financing costs, current | 5,823 | 11,695 |
Long-term portion | 61,175 | 65,750 |
Less: Non-current portion of deferred financing costs | (667) | (870) |
Long-term debt, net of current portion and deferred financing costs, non-current | 60,508 | 64,880 |
Northsea Alpha Vessel [Member] | Secondone Corporation Ltd [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 2,890 | |
Northsea Beta Vessel [Member] | Thirdone Corporation Ltd [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 2,890 | |
Pyxis Malou Vessel [Member] | Fourthone Corporation Ltd [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 6,792 | 7,320 |
Pyxis Theta Vessel [Member] | Seventhone Corp [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 12,850 | 13,750 |
Pyxis Epsilon Vessel [Member] | Eighthone Corp [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 15,200 | 16,100 |
Pyxis Karteria Vessel [Member] | Tenthone Corp [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 12,100 | 13,150 |
Pyxis Lamda Vessel [Member] | Eleventhone Corp [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 20,333 | $ 21,680 |
Schedule of Principal Payments
Schedule of Principal Payments (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 6,100 |
2024 | 6,100 |
2025 | 15,350 |
2026 and thereafter | 39,725 |
Total | $ 67,275 |
Long-term Debt (Details Narrati
Long-term Debt (Details Narrative) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Dec. 20, 2021 | Jul. 09, 2021 | Jul. 08, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||||
Assets held for sale | $ 8,509 | |||||
Debt outstanding balance | 67,275 | 77,780 | ||||
Repayments of long term debt | 10,505 | $ 27,150 | ||||
Total long-term debt outstanding | $ 67,275 | |||||
Long-term debt, weighted average interest rate, at point in time | 4.82% | 5.34% | ||||
Long Term Debt and Promissory Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest expense on long-term debt and promissory note | $ 2,803 | $ 2,279 | ||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin | 3.15% | |||||
Fourth one [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Down payment | $ 7,320 | |||||
Debt outstanding balance | 7,320 | |||||
Repayments of long term debt | $ 6,792 | |||||
Northsea Alpha and Northsea Beta [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Assets held for sale | 5,780 | |||||
Pyxis Malou Vessel [Member] | Fourth one [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt balloon payment year | 2026-12 | |||||
Debt quarterly installments | $ 176 | |||||
Long term debt balloon payment | $ 3,800 | |||||
Pyxis Lamda Vessel [Member] | Eleventh one [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt balloon payment year | 2026-12 | |||||
Down payment | $ 21,680 | |||||
Repayments of long term debt | 20,333 | |||||
Debt quarterly installments | 449 | |||||
Long term debt balloon payment | $ 12,700 | |||||
Pyxis Epsilon Vessel [Member] | Eighth one [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total long-term debt | 15,200 | |||||
Pyxis Epsilon Vessel [Member] | Tenth one [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total long-term debt | 12,100 | |||||
New Secured Loan - Secondone, and Thirdone [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument carrying amount per facility | 2,890 | |||||
Quarterly installments payable (5 installments) | 100 | |||||
Quarterly installments payable in aggregate per facility | $ 500 | |||||
Long-term debt first periodic payment | 2022-02 | |||||
Long-term debt balloon payment, per facility | $ 2,390 | |||||
Long term debt balloon payment year | 2023-02 | |||||
Secured Loan Fourthone Corp [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Minimum cash deposits. | 1,500 | |||||
Reduced minimum cash deposits | 1,000 | |||||
Maximum required leverage ratio | 75% | |||||
Debt to market value of adjusted assets ratio actual | 42.40% | |||||
Ratio difference by which actual exceeds required debt to assets ratio threshold | 32.60% | |||||
Minimum security collateral cover required | 125% | |||||
Secured Loan Fourthone Corp [Member] | Pyxis Malou [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Reduced minimum cash deposits | 500 | |||||
Secured Loan Fourthone Corp [Member] | Pyxis Lamda [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Reduced minimum cash deposits | 500 | |||||
Secured Loan - Seventhone Corp. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt balloon payment | $ 9,250 | |||||
Minimum cash deposits. | $ 500 | |||||
Maximum required leverage ratio | 75% | |||||
Debt to market value of adjusted assets ratio actual | 42.40% | |||||
Ratio difference by which actual exceeds required debt to assets ratio threshold | 32.60% | |||||
Minimum security collateral cover required | 125% | |||||
Total long-term debt | 15,250 | |||||
Total long-term debt outstanding | $ 12,850 | |||||
Quarterly installments payable (15 installments) | $ 300 | |||||
Maturity date | July 2025 | |||||
Previous Secured Loan - Seventhone Corp [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total long-term debt | $ 11,293 | |||||
Secured Loan Eighth one Corp [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long term debt balloon payment | $ 11,000 | |||||
Interest rate margin | 3.35% | |||||
Maturity date | March 2026 | |||||
Vessel acquisition date | $ 300 | |||||
Secured Loan Eightth one Corp [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Minimum cash deposits. | 500 | |||||
Secured Loan Tenthone Corp [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Down payment | $ 13,500 | |||||
Minimum cash deposits. | $ 250 | |||||
Maximum required leverage ratio | 120% | |||||
Loan amount | $ 13,500 | |||||
Secured Loan Tenthone Corp [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin | 4.80% | |||||
New Secured Loan Tenthone [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt balloon payment, per facility | $ 4,900 | |||||
Maturity date | July 2028 | |||||
Quarterly installments payable (24 installments) | $ 300 |
Equity Capital Structure and _2
Equity Capital Structure and Equity Incentive Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2021 | Aug. 23, 2021 | |
Common stock, shares authorized | 450,000,000 | 450,000,000 | |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | |
Common stock shares outstanding | 10,613,424 | 10,613,424 | |
Preferred stock par value | $ 0.001 | $ 0.001 | |
Warrant outstanding | 1,590,540 | ||
Warrants issued to purchase of securities | 16,000 | ||
Warrant exercise price per shares | $ 2.1875 | ||
Warrant exercise price increase | $ 5.60 | ||
Number of non-tradable warrant to purchase shares of common stock | 428,571 | ||
Mr Valentis [Member] | |||
Non controling ownership percentage | 54% | 125% | |
Over-Allotment Option [Member] | |||
Warrant outstanding | 4,683 | ||
Warrants issued to purchase of securities | 16,000 | ||
Series A Convertible Preferred Shares [Member] | |||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | |
Preferred stock shares outstanding | 449,673 | 449,673 | |
Preferred stock par value | $ 0.001 | ||
Preferred stock, shares issued | 449,673 | 449,673 | |
Series A Convertible Preferred Shares and Detachable Warrants [Member] | |||
Warrants issued to purchase of securities | 4,683 | ||
Warrant exercise price per shares | $ 24.97 | ||
Warrant exercise price increase | 1.40 | ||
Cash dividend per share | $ 0.1615 | ||
Dividend payable | $ 654 | ||
Preferred stock, shares issued | 5,731,942 | ||
Common Stock [Member] | |||
Common stock shares outstanding | 10,613,424 | 42,455,857 |
Schedule of Loss Per Common Sha
Schedule of Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Income Loss Per Common Share | ||
Net income/(loss) available to common stockholders | $ 6,019 | $ (7,304) |
Weighted average number of common shares, basic | 10,613,424 | 8,752,328 |
Income/(loss) per common share, basic | $ 0.57 | $ (0.83) |
Net income / (loss) | $ 6,686 | |
Weighted average number of common shares, diluted | 12,641,229 | 8,752,328 |
Net Income/(loss) per common share, diluted | $ 0.53 | $ (0.83) |
Income _ Loss per Common Shar_2
Income / Loss per Common Share (Details Narrative) - $ / shares | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Weighted average common shares | 12,641,229 | ||
Common stock par value | $ 0.001 | $ 0.001 | |
Common stock shares outstanding | 10,613,424 | 10,613,424 | |
Minimum [Member] | |||
Conversion of common shares | 2,027,805 | 819,085 | |
Maximum [Member] | |||
Conversion of common shares | 2,035,111 | 2,035,111 | |
Common stock par value | $ 0.001 | ||
Warrant [Member] | |||
Preferred stock shares | 2,035,111 | 2,035,111 | |
Common Stock [Member] | |||
Common stock shares outstanding | 10,613,424 | 42,455,857 | |
Common Stock [Member] | Minimum [Member] | |||
Common stock shares outstanding | 10,613,424 | ||
Common Stock [Member] | Maximum [Member] | |||
Common stock shares outstanding | 42,455,857 | ||
Series A Preferred Stock [Member] | |||
Preferred stock shares | 454,356 | 183,475 |
Schedule of Fair Value of Asset
Schedule of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Trade accounts receivable | $ 9,035 | $ 1,716 | |
Trade accounts payable | 3,486 | $ 3,084 | |
Carrying Value [Member] | |||
Cash and cash equivalents (including restricted cash) | 6,850 | ||
Trade accounts receivable | 9,035 | ||
Trade accounts payable | 3,486 | ||
Long-term debt with variable interest rates, net | 67,275 | ||
Promissory note with non-variable interest rate | [1] | 6,000 | |
Due to related parties | 5,564 | ||
Fair Value [Member] | |||
Cash and cash equivalents (including restricted cash) | 6,850 | ||
Trade accounts receivable | 9,035 | ||
Trade accounts payable | 3,486 | ||
Long-term debt with variable interest rates, net | 67,275 | ||
Promissory note with non-variable interest rate | [1] | 5,968 | |
Due to related parties | $ 5,564 | ||
[1]As at September 30, 2022, the carrying value and the theoretical fair value of the promissory note was $ 6,000 5,968 |
Schedule of Fair Value of Ass_2
Schedule of Fair Value of Assets and Liabilities (Details) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Short-Term Debt [Line Items] | ||
Long-Term Debt, Gross | $ 67,275 | $ 77,780 |
Promissory Note [Member] | ||
Short-Term Debt [Line Items] | ||
Long-Term Debt, Gross | 6,000 | |
Long-Term Debt, Fair Value | $ 5,968 |
Schedule of Financial Derivativ
Schedule of Financial Derivative Instrument Location (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Risk Management And Fair Value Measurements | ||
Financial derivative instrument – Other non-current assets | $ 585 | $ 74 |
Schedule of Gains Losses on Der
Schedule of Gains Losses on Derivative Instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Risk Management And Fair Value Measurements | ||
Financial derivative instrument – Fair value at the beginning of the period | $ 74 | |
Financial derivative instrument – Additions of the period | 74 | |
Financial derivative instrument – Fair value as at period end | 585 | 56 |
Gain from financial derivative instrument | $ 511 | $ (18) |
Risk Management and Fair Valu_3
Risk Management and Fair Value Measurements (Details Narrative) - USD ($) | 9 Months Ended | |||
Jul. 16, 2021 | Jan. 19, 2018 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | ||||
Impairment, Long-Lived Asset, Held-for-Use | $ 0 | $ 0 | ||
London Interbank Offered Rate (LIBOR) [Member] | Vessel Owing Company [Member] | ||||
Debt Instrument [Line Items] | ||||
Derivative, Notional Amount | $ 9,600,000 | $ 10,000,000 | ||
Derivative, Cap Interest Rate | 2% | 3.50% | ||
Derivative, Maturity Date | Jul. 08, 2025 | Jul. 18, 2022 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) $ in Thousands | Sep. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Long-term time charter contracts | $ 4,146 |
Schedule of Interest and Financ
Schedule of Interest and Finance Costs (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Interest And Finance Costs Net | ||
Interest on long-term debt | $ 2,466 | $ 2,008 |
Interest on promissory note | 337 | 271 |
Amortization of financing costs | 229 | 171 |
Financing fees and charges, net | (10) | 35 |
Total | $ 3,022 | $ 2,485 |
Schedule of Revenue Disaggregat
Schedule of Revenue Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenues, net | $ 39,966 | $ 17,237 |
Revenues Derived from Spot Charters [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, net | 28,272 | 8,027 |
Revenues Derived from Time Charters [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, net | $ 11,694 | $ 9,210 |
Schedule of Accounts Receivable
Schedule of Accounts Receivable Disaggregated Revenue (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Disaggregation of Revenue [Line Items] | ||
Accounts receivable trade from spot charters | $ 9,091 | $ 1,762 |
Accounts receivable trade from time charters | 38 | |
Less: Bad debt provisions | (26) | (26) |
Total | 9,035 | 1,716 |
Revenues Derived from Spot Charters [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Less: Allowance for credit losses | $ (68) | $ (20) |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Nov. 01, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Subsequent Event [Line Items] | ||||
Convertible preferred stock dividends paid | $ 654 | $ 318 | ||
Subsequent Event [Member] | Series A Preferred Stock [Member] | Dividend Paid [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash dividends per share | $ 0.1615 | |||
Convertible preferred stock dividends paid | $ 73 | |||
Subsequent Event [Member] | Series A Preferred Stock [Member] | Dividend Declared [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash dividends per share | $ 0.1615 | |||
Convertible preferred stock dividends paid | $ 73 | |||
Dividend payable date | Nov. 21, 2022 | |||
Dividend record of date | Nov. 14, 2022 |