Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document And Entity Information | |
Entity Registrant Name | Pyxis Tankers Inc. |
Entity Central Index Key | 1,640,043 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2017 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity a Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity's Reporting Status Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 20,877,893 |
Trading Symbol | PXS |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2,017 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 1,693 | $ 783 |
Restricted cash, current portion | 141 | 143 |
Inventories | 1,016 | 1,173 |
Trade accounts receivable, net | 703 | 1,681 |
Prepayments and other assets | 342 | 404 |
Total current assets | 3,895 | 4,184 |
FIXED ASSETS, NET: | ||
Vessels, net | 115,774 | 121,341 |
Total fixed assets, net | 115,774 | 121,341 |
OTHER NON-CURRENT ASSETS: | ||
Restricted cash, net of current portion | 4,859 | 4,857 |
Deferred charges, net | 285 | 358 |
Total other non-current assets | 5,144 | 5,215 |
Total assets | 124,813 | 130,740 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of deferred financing costs, current | 7,304 | 6,813 |
Trade accounts payable | 2,293 | 3,115 |
Due to related parties | 2,125 | 1,953 |
Hire collected in advance | 415 | |
Accrued and other liabilities | 809 | 574 |
Total current liabilities | 12,531 | 12,870 |
NON-CURRENT LIABILITIES: | ||
Long-term debt, net of current portion and deferred financing costs, non-current | 59,126 | 66,617 |
Promissory note | 5,000 | 2,500 |
Total non-current liabilities | 64,126 | 69,117 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock ($0.001 par value; 50,000,000 shares authorized; none issued) | ||
Common stock ($0.001 par value; 450,000,000 shares authorized; 18,277,893 and 20,877,893 shares issued and outstanding as of December 31, 2016 and 2017, respectively) | 21 | 18 |
Additional paid-in capital | 74,766 | 70,123 |
Accumulated deficit | (26,631) | (21,388) |
Total stockholders’ equity | 48,156 | 48,753 |
Total liabilities and stockholders’ equity | $ 124,813 | $ 130,740 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
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 | 20,877,893 | 18,277,893 |
Common stock, shares outstanding | 20,877,893 | 18,277,893 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income / (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Voyage revenues | $ 29,826 | $ 30,710 | $ 33,170 |
Expenses: | |||
Voyage related costs and commissions | (8,710) | (6,611) | (4,725) |
Vessel operating expenses | (12,761) | (12,871) | (13,188) |
General and administrative expenses | (3,188) | (2,574) | (1,773) |
Management fees, related parties | (712) | (631) | (577) |
Management fees, other | (930) | (1,024) | (1,061) |
Amortization of special survey costs | (73) | (236) | (174) |
Depreciation | (5,567) | (5,768) | (5,710) |
Vessel impairment charge | (3,998) | ||
Bad debt provisions | (231) | ||
Operating income / (loss) | (2,346) | (3,003) | 5,962 |
Other income / (expenses): | |||
Other income | 74 | ||
Interest and finance costs, net | (2,897) | (2,810) | (2,531) |
Total other expenses, net | (2,897) | (2,810) | (2,457) |
Net income / (loss) | $ (5,243) | $ (5,813) | $ 3,505 |
Earnings / (loss) per common share, basic and diluted | $ (0.28) | $ (0.32) | $ 0.19 |
Weighted average number of shares, basic | 18,461,455 | 18,277,893 | 18,244,671 |
Weighted average number of shares, diluted | 18,461,455 | 18,277,893 | 18,277,893 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2014 | $ 72,981 | $ (19,080) | $ 53,901 | |
Balance, shares at Dec. 31, 2014 | ||||
Issuance of common stock | $ 18 | (8) | 10 | |
Issuance of common stock, shares | 18,244,671 | |||
Net income/(loss) | 3,505 | 3,505 | ||
Expenses for Merger | (1,745) | (1,745) | ||
Stock compensation | 143 | 143 | ||
Paid-in capital re-imbursement | (1,248) | (1,248) | ||
Balance at Dec. 31, 2015 | $ 18 | 70,123 | (15,575) | 54,566 |
Balance, shares at Dec. 31, 2015 | 18,244,671 | |||
Net income/(loss) | (5,813) | (5,813) | ||
Issuance of common stock - EIP, shares | 33,222 | |||
Balance at Dec. 31, 2016 | $ 18 | 70,123 | (21,388) | 48,753 |
Balance, shares at Dec. 31, 2016 | 18,277,893 | |||
Issuance of common stock | $ 3 | 4,288 | 4,291 | |
Issuance of common stock, shares | 2,400,000 | |||
Net income/(loss) | (5,243) | (5,243) | ||
Stock compensation | 355 | 355 | ||
Issuance of common stock - EIP, shares | 200,000 | |||
Balance at Dec. 31, 2017 | $ 21 | $ 74,766 | $ (26,631) | $ 48,156 |
Balance, shares at Dec. 31, 2017 | 20,877,893 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income / (loss) | $ (5,243) | $ (5,813) | $ 3,505 |
Adjustments to reconcile net income / (loss) to net cash from operating activities: | |||
Depreciation | 5,567 | 5,768 | 5,710 |
Amortization of special survey costs | 73 | 236 | 174 |
Amortization of financing costs | 153 | 164 | 173 |
Vessel impairment charge | 3,998 | ||
Stock compensation | 355 | 143 | |
Bad debt provisions | 231 | ||
Changes in assets and liabilities: | |||
Inventories | 157 | (590) | 321 |
Trade accounts receivable, net | 747 | (1,226) | 748 |
Prepayments and other assets | 62 | 321 | (107) |
Special surveys cost | (364) | (888) | |
Trade accounts payable | (858) | 2,012 | 532 |
Due to related parties | 2,672 | 1,832 | (10) |
Hire collected in advance | (415) | (1,714) | 1,650 |
Accrued and other liabilities | 176 | (178) | 415 |
Net cash provided by operating activities | 3,677 | 4,446 | 12,366 |
Cash flows from investing activities: | |||
Advances for vessel acquisition | (18,766) | ||
Net cash used in investing activities | (18,766) | ||
Cash flows from financing activities: | |||
Proceeds from long-term debt | 21,000 | ||
Repayment of long-term debt | (6,963) | (7,263) | (6,863) |
Issuance of promissory note | 2,500 | ||
Proceeds from issuance of common stock | 4,800 | 10 | |
Common stock offering costs | (414) | ||
Change in restricted cash | (500) | (3,500) | |
Paid-in capital re-imbursement | (1,248) | ||
Payment of financing costs | (190) | (22) | (279) |
Expenses for Merger | (1,745) | ||
Net cash provided by / (used in) financing activities | (2,767) | (7,785) | 9,875 |
Net increase / (decrease) in cash and cash equivalents | 910 | (3,339) | 3,475 |
Cash and cash equivalents at beginning of the period | 783 | 4,122 | 647 |
Cash and cash equivalents at end of the period | 1,693 | 783 | 4,122 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 2,549 | 2,779 | 2,191 |
Non-cash financing activities – increase in promissory note | $ 2,500 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information PYXIS TANKERS INC. (“Pyxis”) was formed as a corporation under the laws of the Republic of Marshall Islands on March 23, 2015, for the purpose of acquiring from entities under common control a 100% ownership interest in six vessel-owning companies, SECONDONE CORP. (“Secondone”), THIRDONE CORP. (“Thirdone”), FOURTHONE CORP. (“Fourthone”), SIXTHONE CORP. (“Sixthone”), SEVENTHONE CORP. (“Seventhone”) and EIGHTHONE CORP. (“Eighthone” and collectively with the other vessel-owning companies, the “Vessel-owning companies”). All of the Vessel-owning companies were established under the laws of the Republic of Marshall Islands and are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below: Vessel-owning company Incorporation date Vessel DWT Year built Acquisition date Secondone 05/23/2007 Northsea Alpha 8,615 2010 05/28/2010 Thirdone 05/23/2007 Northsea Beta 8,647 2010 05/25/2010 Fourthone 05/30/2007 Pyxis Malou 50,667 2009 02/16/2009 Sixthone 01/15/2010 Pyxis Delta 46,616 2006 03/04/2010 Seventhone 05/31/2011 Pyxis Theta 51,795 2013 09/16/2013 Eighthone 02/08/2013 Pyxis Epsilon 50,295 2015 01/14/2015 The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Pyxis and its wholly-owned subsidiaries (collectively the “Company”) as discussed below, as of December 31, 2016 and 2017 and for the years ended December 31, 2015, 2016 and 2017. All of the Company’s vessels are double-hulled and are engaged in the transportation of refined petroleum products and other liquid bulk items, such as, organic chemicals and vegetable oils. The vessels Northsea Alpha Northsea Beta Pyxis Malou Pyxis Delta Pyxis Theta Pyxis Epsilon Prior to the consummation of the transactions discussed below, Mr. Valentios (“Eddie”) Valentis was the sole ultimate stockholder of Pyxis and the Vessel-owning companies, holding all of their issued and outstanding share capital through MARITIME INVESTORS CORP. (“Maritime Investors”). Maritime Investors owned directly 100% of Pyxis, Secondone and Thirdone, and owned indirectly (through the intermediate holding company PYXIS HOLDINGS INC. (“Holdings”)) 100% of Fourthone, Sixthone, Seventhone and Eighthone. On March 25, 2015, Pyxis caused MARITIME TECHNOLOGIES CORP., a Delaware corporation (“Merger Sub”), to be formed as its wholly-owned subsidiary and to be a party to the agreement and plan of merger discussed below. On April 23, 2015, Pyxis and Merger Sub entered into an agreement and plan of merger (the “Agreement and Plan of Merger”) (further amended on September 22, 2015) with among others, LOOKSMART LTD. (“LS”), a digital advertising solutions company listed on NASDAQ. Merger Sub served as the entity into which LS was merged in accordance with the Agreement and Plan of Merger (the “Merger”). Upon execution of the Agreement and Plan of Merger, Pyxis paid LS a cash consideration of $600. Prior to the Merger, on October 26, 2015, Holdings and Maritime Investors transferred all of their shares in the Vessel-owning companies to Pyxis as a contribution in kind, at no consideration. Since there was no change in ultimate ownership or control of the business of the Vessel-owning companies, the transaction constituted a reorganization of companies under common control and has been accounted for in a manner similar to a pooling of interests. Accordingly, upon the transfer of the assets and liabilities of the Vessel-owning companies, the financial statements of the Company are presented using combined historical carrying amounts of the assets and liabilities of the Vessel-owning companies and present the consolidated financial position and results of operations, as if Pyxis and its wholly-owned companies were consolidated for all periods presented. On October 28, 2015, in accordance with the terms of the Agreement and Plan of Merger, LS, after having divested full of its business and all of its assets and liabilities, merged with and into the Merger Sub, with Merger Sub surviving the Merger and continuing to be a wholly-owned subsidiary of Pyxis. On October 28, 2015, the Merger was consummated and the Company’s shares commenced their listing on the NASDAQ Capital Markets thereafter. Pyxis was both the legal and accounting acquirer of LS. The acquisition by Pyxis of LS was not an acquisition of an operating company as the business, assets and liabilities of LS were spun off prior to the Merger. As such, for accounting purposes, the Merger between Merger Sub and LS was accounted for as a capital transaction rather than as a business combination. PYXIS MARITIME CORP. (“Maritime”), a corporation established under the laws of the Republic of the Marshall Islands, which is beneficially owned by Mr. Valentis, provides certain ship management services to the Vessel-owning companies (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 continues by its terms until it is terminated by either party. The ship-management agreements can be cancelled by the Company for any reason at any time upon three months’ advance notice, but neither party can cancel the agreements, other than for specified reasons, until 18 months after the initial effective date of the ship-management agreement. In September 2010, Secondone and Thirdone entered into commercial management agreements with NORTH SEA TANKERS BV ( “ Northsea Alpha Northsea Beta Northsea Beta Northsea Alpha As of December 31, 2017, Mr. Valentis beneficially owned approximately 81.4% of the Company’s common stock. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies: (a) Principles of Consolidation: Pyxis, as the holding company, determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under Accounting Standards Codification (“ASC”) 810 “Consolidation” a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. Pyxis consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest. Variable interest entities (“VIE”) are entities as defined under ASC 810-10, that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company absorbs a majority of an entity’s expected losses, receives a majority of an entity’s expected residual returns, or both. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. Pyxis evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of December 31, 2017, no such interest existed. (b) Use of Estimates: (c) Comprehensive Income / (Loss): (d) Foreign Currency Translation: (e) Commitments and Contingencies: (f) Insurance Claims Receivable: (g) Concentration of Credit Risk: (h) Cash and Cash Equivalents and Restricted Cash: (i) Income Taxation: (j) Inventories: (k) Trade Accounts Receivable, Net: (l) Advances for Vessels under Construction and Related Costs: (m) Vessels, Net: The cost of each of the Company’s vessels is depreciated from the date of acquisition on a straight-line basis over the vessels’ remaining estimated economic useful life, after considering the estimated residual value. A vessel’s residual value is equal to the product of its lightweight tonnage and estimated scrap rate of $0.300 per ton. The Company estimates the useful life of the Company’s vessels to be 25 years from the date of initial delivery from the shipyard. In the event that future regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life will be adjusted at the date such regulations are adopted. (n) Impairment of Long Lived Assets: In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions relating to time charter equivalent rates by vessel type, vessels’ operating expenses, vessels’ capital expenditures, vessels’ residual value, fleet utilization and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. To the extent impairment indicators are present, the projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed days and an estimated daily time charter rate for the unfixed days (based on recent market estimates for the first year and the most recent seven year historical average rates, where available thereafter, over the remaining estimated useful life of the vessels), expected outflows for vessels’ operating expenses, planned dry-docking and special survey expenditures, management fees expenditures which are adjusted every year, pursuant to the Company’s existing group management agreement, and fleet utilization of 98.0%, or 93.0% for the years including scheduled off-hire days for planned dry-dockings and vessel surveys, based on historical experience. The residual value used in the impairment test is estimated to be approximately $0.300 per lightweight ton in accordance with the vessels’ depreciation policy. As of December 31, 2016, the Company obtained market valuations for all its vessels from reputable marine appraisers. Based on these valuations, the Company identified impairment indications for all of its vessels, except for the Pyxis Epsilon Northsea Alpha Northsea Beta As of December 31, 2017, the Company obtained market valuations for all its vessels from reputable marine appraisers. Based on these valuations, the Company identified impairment indications for certain of its vessels. More specifically, the market values of these vessels were, in aggregate, $8,299 lower than their carrying values, including any unamortized deferred charges relating to special survey costs, as of December 31, 2017. 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 December 31, 2017 and, accordingly, no adjustment to the vessels’ carrying values was required. (o) Accounting for Special Survey and Dry-docking Costs: (p) Financing Costs: (q) Revenue and Related Expenses: Voyage expenses, primarily consisting of commissions, port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under time charter arrangements or by the Company under spot charter arrangements, except for commissions, which are always paid for by the Company, regardless of the charter type. All voyage and vessel operating expenses are expensed as incurred, except for commissions. Commissions are deferred and amortized over the related voyage period in a charter to the extent revenue has been deferred since commissions are earned as the Company’s revenues are earned. Revenues for the years ended December 31, 2015, 2016 and 2017, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows: Charterer 2015 2016 2017 A 18 % — 15 % B 17 % 12 % — C 17 % 20 % 16 % D — 14 % — E — 10 % — F — — 18 % 52 % 56 % 49 % (r) Fair Value Measurements: (s) Segment Reporting: (t) Earnings / (loss) per Share: (u) Stock Compensation: (v) Going Concern: As of December 31, 2017, the Company had a working capital deficit of $8,636, defined as current assets minus current liabilities. As of the filing date of the 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 cash generated from operations and will be in compliance with the financial and security collateral cover ratio covenants under its existing debt agreements as discussed in Note 7. (w) New Accounting Pronouncements: i) Revenue from Contracts with Customers The guidance in ASU 2014-09 “Revenue from Contracts with Customers (Topic 606)” supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition”, and most industry-specific guidance throughout the Industry Topics of the Codification. Additionally, this ASU supersedes some cost guidance included in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts”. In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in this ASU. In August 2015, the FASB deferred by one year the effective date of the new guidance. The new revenue recognition standard will be effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Nonpublic entities will be required to adopt the standard for annual reporting periods beginning after 15 December 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. Public and nonpublic entities will be permitted to adopt the standard as early as the original public entity effective date (i.e., annual reporting periods beginning after December 15, 2016 and interim periods therein). In 2016, the FASB issued two updates with respect to Topic 606: ASU 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing” and ASU 2016-12, “Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients.” The amendments in these updates do not change the core principle of the guidance in Topic 606. The amendments in update 2016-10 clarify the following two aspects of Topic 606: i) identifying performance obligations and ii) licensing implementation guidance. The amendments in update 2016-12 similarly affect only certain narrow aspects of Topic 606; namely, i) “Assessing the Collectability Criterion and Accounting for Contracts That Do Not Meet the Criteria for Step 1,” ii) “Presentation of Sales Taxes and Other Similar Taxes Collected from Customers,” iii) “Noncash Consideration,” iv) “Contract Modifications at Transition,” v) “Completed Contracts at Transition,” and vi) “Technical Correction.” The effective date and transition requirements for the amendments in these updates are the same as the effective date and transition requirements in Topic 606. Early adoption prior to that date will not be permitted. ii) Leases: The ASU will require organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases, unless the lease is a short term lease. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all public business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. iii) Classification of Certain Cash Payments and Cash Receipts: iv) Restricted Cash: (v) Business Combinations: |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 3. Transactions with Related Parties: The Company uses the services of Maritime, a ship management company with its principal office in Greece and an office in the U.S.A. Maritime is engaged under separate management agreements directly by the Company’s respective subsidiaries 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 (or $0.160 per day for as long as the chartering services for the Northsea Alpha Northsea Beta Northsea Beta Northsea Alpha The management agreements for the vessels have an initial term of five years. For the Northsea Alpha Northsea Beta Pyxis Delta Pyxis Theta Pyxis Epsilon Pyxis Malou Under a Head Management Agreement (the “Head Management Agreement”) with Maritime that commenced on March 23, 2015 and will continue until March 23, 2020 (unless terminated by either party on 90 days’ notice), Maritime provides administrative services to the Company, which include, among other, the provision of the services of the Company’s Chief Executive Officer, Chief Financial Officer, Senior Vice President of Corporate Development, General Counsel and Corporate Secretary, Chief Operating Officer, one or more internal auditor(s) and a secretary, as well as the use of office space in Maritime’s premises. Following the initial expiration date, the Head Management Agreement will automatically be renewed for a five year period. 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. The Ship-management Fees and the Administration Fees will be adjusted annually according to the official inflation rate in Greece or such other country where Maritime was headquartered during the preceding year. On August 9, 2016, the Company amended the Head Management Agreement with Maritime to provide that in the event 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, 2018, the Ship-management Fees and the Administration Fees were increased by 1.12% in line with the average inflation rate in Greece in 2017. The following amounts charged by Maritime are included in the accompanying consolidated statements of comprehensive income / (loss): Year Ended December 31, 2015 2016 2017 Included in Voyage related costs and commissions Charter hire commissions $ 321 $ 316 $ 368 Included in Management fees, related parties Ship-management Fees 577 631 712 Included in General and administrative expenses Administration Fees 1,245 1,600 1,600 Total $ 2,143 $ 2,547 $ 2,680 On April 23, 2015, the Company issued a promissory note amounting to $625 in favor of Maritime Investors. The promissory note was issued in return for the payment of $600 by Maritime Investors to LS on behalf of the Company, representing the cash consideration of the Merger. The remaining balance of the promissory note covered miscellaneous transaction costs. On October 28, 2015, the Company and Maritime Investors agreed to replace the existing promissory note of $625 with a new one of $2,500, payable on January 15, 2017. The additional amount of $1,875 was provided in lieu of additional, newly issued, fully paid and non-assessable shares of Pyxis common stock, in accordance with the terms of the amended Agreement and Plan of Merger (Note 1). The promissory note dated October 28, 2015, bore an interest rate of 2.75% per annum payable quarterly in arrears in cash or additional shares of the Company, at a price per share based on a five day volume weighted average price, at the Company’s discretion. On each of August 9, 2016, and March 7, 2017, the Company agreed with Maritime Investors to extend the maturity of the promissory note, at same terms and at no additional cost to the Company. The maturity of the promissory note, as amended, was January 2019. On December 29, 2017, the Company entered into a third amendment to the promissory note, pursuant to which (i) the outstanding principal balance increased from $2,500 to $5,000, (ii) the maturity date was extended to June 15, 2019, and (iii) the fixed interest rate was increased to 4.00% per annum, payable only in cash. In exchange for entering into the third amendment, the Company reduced the outstanding balance due to Maritime by $2,500. As of December 31, 2016 and 2017, the amounts of $2,500 and $5,000, respectively, are separately reflected in the consolidated balance sheet under non-current liabilities. Interest charged for the period from the replacement date of the promissory note until December 31, 2015 and for the years ended December 31, 2016 and 2017, amounted to $12, $69 and $70, respectively, and is included in Interest and finance costs, net, in the accompanying consolidated statement of comprehensive income / (loss). As of December 31, 2016 and 2017, the balances due to Maritime were $1,953 and $2,125, respectively and are included in Due to related parties in the accompanying consolidated balance sheets. The amount due to Maritime as of December 31, 2016, includes $300 placed in escrow by Maritime on behalf of Sixthone, relating to a dispute with one of the Company’s charterers, as discussed in Note 11. The balance with Maritime is interest free and with no specific repayment terms. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories: The amounts in the accompanying consolidated balance sheets as at December 31, 2016 and 2017, are analyzed as follows: 2016 2017 Lubricants $ 479 $ 404 Bunkers 694 612 Total $ 1,173 $ 1,016 |
Vessels, Net
Vessels, Net | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Vessels, Net | 5. Vessels, net: The amounts in the accompanying consolidated balance sheets are analyzed as follows: Vessel Accumulated Net Book Cost Depreciation Value Balance January 1, 2015 $ 115,295 $ (11,578 ) $ 103,717 Depreciation — (5,710 ) (5,710 ) Transfer from advances for vessel acquisition 32,494 — 32,494 Balance December 31, 2015 147,789 (17,288 ) 130,501 Depreciation — (5,768 ) (5,768 ) Vessel impairment charge (9,729 ) 6,337 (3,392 ) Balance December 31, 2016 138,060 (16,719 ) 121,341 Depreciation — (5,567 ) (5,567 ) Balance December 31, 2017 $ 138,060 $ (22,286 ) $ 115,774 As of December 31, 2016, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels. This review indicated that such carrying amount was not fully recoverable for the Company’s vessels Northsea Alpha Northsea Beta All of the Company’s vessels have been pledged as collateral to secure the bank loans discussed in Note 7. |
Deferred Charges, Net
Deferred Charges, Net | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Charges Net | |
Deferred Charges, Net | 6. Deferred Charges, net: The movement in Deferred charges, net in the accompanying consolidated balance sheets are as follows: Special Survey Costs Balance, January 1, 2015 $ 122 Additions 888 Amortization (174 ) Balance, December 31, 2015 836 Additions 364 Amortization (236 ) Impairment charge (606 ) Balance, December 31, 2016 358 Amortization (73 ) Balance, December 31, 2017 $ 285 The amortization of the special survey costs is separately reflected in the accompanying consolidated statements of comprehensive income / (loss). The impairment charge of $606 relates to the impairments of the Northsea Alpha Northsea Beta |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 7. Long-term Debt: The amounts shown in the accompanying consolidated balance sheets at December 31, 2016 and 2017, are analyzed as follows: Vessel (Borrower) 2016 2017 (a) Northsea Alpha (Secondone) $ 4,808 $ 4,348 (a) Northsea Beta (Thirdone) 4,808 4,348 (b) Pyxis Malou (Fourthone) 20,350 18,210 (c) Pyxis Delta (Sixthone) 8,437 7,087 (c) Pyxis Theta (Seventhone) 17,228 15,975 (d) Pyxis Epsilon (Eighthone) 18,200 16,900 Total $ 73,831 $ 66,868 Current portion $ 6,963 $ 7,440 Less: Current portion of deferred financing costs (150 ) (136 ) Current portion of long-term debt, net of deferred financing costs, current $ 6,813 $ 7,304 Long-term portion $ 66,868 $ 59,428 Less: Non-current portion of deferred financing costs (251 ) (302 ) Long-term debt, net of current portion and deferred financing costs, non-current $ 66,617 $ 59,126 (a) On September 26, 2007, Secondone and Thirdone jointly entered into a loan agreement with a financial institution for an amount of up to $24,560, in order to partly finance the acquisition cost of the vessels Northsea Alpha Northsea Beta Each of Secondone’s and Thirdone’s outstanding loan balance at December 31, 2017, amounting to $4,348, was repayable in five semiannual installments of $230 each, the first falling due in May 2018 and the last installment accompanied by a balloon payment of $3,198 falling due in May 2020. The main terms and conditions of the loan agreement dated September 26, 2007, as subsequently amended, were as follows: ● In addition to a first priority mortgage over the Northsea Alpha Northsea Beta Pyxis Malou ● The loan bore interest at LIBOR, plus a margin of 1.75% per annum. Covenants: ● The Company undertook to maintain on each of March 31, June 30, September 30 and December 31 of each year, minimum cash deposits at the higher of $5,000 or $750 per vessel in its fleet, of which $2,500 would be freely available and unencumbered cash under deposit by the Company. At any time that the number of vessels in the fleet exceeded ten, the minimum cash requirement would be reduced to an amount of $500, for each vessel in the fleet that exceeded ten. ● The minimum security collateral cover (“MSC”) was to be at least 133% of the respective outstanding loan balance. On February 28, 2018, Secondone’s and Thirdone’s outstanding loan balances as of December 31, 2017, were settled through the refinancing discussed below. (b) Based on a loan agreement concluded on December 12, 2008, Fourthone borrowed $41,600 in February 2009 in order to partly finance the acquisition cost of the Pyxis Malou The outstanding balance of the loan at December 31, 2017 of $18,210, was repayable in five semiannual installments of $1,070 each, the first falling due in February 2018, plus a balloon payment of $12,860 falling due in May 2020. The main terms and conditions of the loan agreement dated December 12, 2008, as subsequently amended, were as follows: ● In addition to a first priority mortgage over the Pyxis Malou Northsea Alpha Northsea Beta ● The loan bore interest at LIBOR, plus a margin of 1.75% per annum. Covenants: ● The Company undertook to maintain on each of March 31, June 30, September 30 and December 31 of each year, minimum cash deposits at the higher of $5,000 or $750 per vessel in its fleet, of which $2,500 would be freely available and unencumbered cash under deposit by the Company. At any time that the number of vessels in the fleet exceeded ten, the minimum cash requirement would be reduced to an amount of $500, for each vessel in the fleet that exceeded ten. ● MSC was to be at least 125% of the respective outstanding loan balance. On February 28, 2018, Fourthone’s outstanding loan balance as of December 31, 2017, was settled through the refinancing discussed below. (c) On October 12, 2012, Sixthone and Seventhone concluded as joint and several borrowers a loan agreement with a financial institution in order to partly finance the acquisition and construction cost of the Pyxis Delta Pyxis Theta Following the supplemental agreement dated June 6, 2017, the outstanding balance of the loan under Tranche A at December 31, 2017, of $7,087, is repayable in 20 quarterly installments of $338 each, the first falling due in February 2018, and the last installment accompanied by a balloon payment of $327 falling due in September 2022. In addition, the outstanding balance of the loan under Tranche B at December 31, 2017, of $15,975, is repayable in 19 quarterly installments of $313 each, the first falling due in March 2018, and the last installment accompanied by a balloon payment of $10,028 falling due in September 2022. The main terms and conditions of the loan agreement dated October 12, 2012, as subsequently amended, are as follows: ● The loan bears interest at LIBOR, plus a margin of 3.35% per annum. Covenants: ● The Company undertakes to maintain minimum deposits with the bank of $1,000 at all times, plus an additional liquidity amount of $200 until September 10, 2018. ● The ratio of the Company’s total liabilities to market value adjusted total assets is not to exceed 65%. This requirement is only applicable in order to assess whether the two Vessel-owning companies are entitled to distribute dividends to Pyxis. As of December 31, 2016, the relevant ratio was 68%, or 3% higher than the required threshold. As of December 31, 2017, the requirement was met as such ratio was marginally lower than 65%, and therefore, Sixthone and Seventhone are permitted to make dividend distributions to Pyxis. ● MSC is to be at least 130% of the respective outstanding loan balance. (d) Based on a loan agreement concluded on January 12, 2015, Eighthone borrowed $21,000 on the same date in order to partly finance the construction cost of the Pyxis Epsilon The outstanding balance of the loan at December 31, 2017, of $16,900, is repayable in 17 quarterly installments of $300 each, the first falling due in January 2018, and the last installment accompanied by a balloon payment of $11,800 falling due in January 2022. The main terms and conditions of the loan agreement dated January 12, 2015, as subsequently amended, are as follows: ● The loan bears interest at LIBOR, plus a margin of 2.90% per annum. Covenants: ● The Company undertakes to maintain minimum deposits with the bank of $750 at all times. ● The Company undertakes to maintain minimum liquidity of at least the higher of: i) $750 multiplied by the number of vessels owned by the Company, and ii) the Company’s debt service for the following six months. ● The ratio of the Company’s total liabilities to market value adjusted total assets is not to exceed 75%. ● MSC is to be at least 130% of the respective outstanding loan balance until January 2018 and at least 135% thereafter. On February 28, 2018, the Company refinanced existing indebtedness of $26,906 under the Secondone, Thirdone and Fourthone loan agreements with a new 5-year secured loan of $20,500 and cash of $2,100. The remaining balance of approximately $4,306 was written-off by the previous lender at closing, which will be recorded as gain from debt extinguishment in the first quarter of 2018. The new loan bears interest at LIBOR plus a margin of 4.65% per annum. The loan is repayable in 20 quarterly installments amounting to $10,320 in the aggregate, the first falling due in May 2018, and the last installment accompanied by a balloon payment of $10,180 falling due in February 2023. The first four quarterly installments, amounting to $400 each, are followed by four amounting to $500 each, four amounting to $530 each, four amounting to $560 each and four amounting to $590 each. Standard loan covenants include, among others, a minimum loan to value ratio and liquidity. As a condition subsequent to the execution of this loan agreement, the borrowers, Secondone, Thirdone and Fourthone, are required to proceed with all required procedures for their re-domiciliation to the jurisdiction of the Republic of Malta by May 1, 2018. We expect that the re-domiciliation will become effective prior to May 2018, and upon re-domiciliation, the borrowers will be renamed to SECONDONE CORPORATION LTD., THIRDONE CORPORATION LTD. and FOURTHONE CORPORATION LTD., respectively. 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, and in dividend distributions when certain financial ratios are not met. As of December 31, 2017, the Company was in compliance with all of its financial and MSC covenants with respect to its loan agreements. In addition, as of December 31, 2017, there was no amount available to be drawn down by the Company under its existing loan agreements. The annual principal payments required to be made after December 31, 2017, while taking into consideration the refinancing of the existing indebtedness of Secondone, Thirdone and Fourthone with the new 5-year secured loan discussed above, are as follows: Year ending December 31, Amount 2018 $ 7,440 2019 5,703 2020 10,199 2021 6,013 2022 26,743 2023 and thereafter 10,770 Total $ 66,868 Total interest expense on long-term debt for the years ended December 31, 2015, 2016 and 2017, amounted to $2,359, $2,577 and $2,674, respectively, and is included in Interest and finance costs, net (Note 12) in the accompanying consolidated statements of comprehensive income / (loss). The Company’s weighted average interest rate (including the margin) for the years ended December 31, 2015, 2016 and 2017, was 2.78%, 3.27% and 3.74% per annum, including the promissory note discussed in Note 3, respectively. |
Capital Structure and Equity In
Capital Structure and Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Capital Structure and Equity Incentive Plan | 8. Capital Structure and Equity Incentive Plan: The Company’s authorized common and preferred stock consists of 450,000,000 common shares and 50,000,000 preferred shares with a par value of USD 0.001 per share, out of which 10,000,000 common shares were issued to Maritime Investors upon formation of Pyxis. In connection with the Merger and as provided in the Agreement and Plan of Merger, the Company further issued: i) to Maritime Investors, 7,002,445 common “true-up” shares following the transfer of the shares of the Vessel-owning companies to Pyxis and, ii) to LS shareholders and Maxim Group LLC (Pyxis’ financial advisor), 931,761 and 310,465 common shares, respectively. The amounts shown in the accompanying consolidated balance sheets as Additional paid-in capital represent contributions made by the stockholders at various dates to finance vessel acquisitions in excess of the amounts of bank loans obtained and advances for working capital purposes, net of subsequent distributions primarily from re-imbursement of certain payments to shipyards in respect to the construction of new-built vessels. In addition, paid-in capital includes transaction costs relating to the Merger of $3,080, comprising: i) the fees charged by Pyxis’ legal advisors, consultants and auditors, totaling to $820, ii) $625 representing the cash consideration to LS shareholders upon execution of the Merger and miscellaneous transactional costs and, iii) an aggregate of $1,635 fee due to Maxim Group LLC, of which $300 was paid in cash and $1,335 was compensated through the issuance of restricted stock (or 310,465 Pyxis’ common shares) at the date of the Merger and accounted for as transaction cost. The aforementioned transaction costs totaling to $1,745 payable in cash were recognized in equity. Paid-in capital re-imbursement for the year ended December 31, 2015, amounted to $1,248. There was no paid-in capital re-imbursement for the years ended December 31, 2016 and 2017. On October 28, 2015, the Company’s board of directors approved an equity incentive plan (the “EIP”), providing for the granting of share-based awards to directors, officers and employees of the Company and its affiliates and to its consultants and service providers. The maximum aggregate number of shares of common stock of the Company that may be delivered pursuant to awards granted under the EIP, shall be equal to 15% of the then issued and outstanding number of shares of common stock. On the same date the Company’s board of directors approved the issuance of 33,222 restricted shares of the Company’s common stock to certain of its officers. As of December 31, 2015, all such shares had been vested, but were not issued until March 2016. The respective non-cash stock compensation recognized in the consolidated statement of comprehensive income under General and administrative expenses for the year ended December 31, 2015, amounted to $143. On November 15, 2017, 200,000 restricted shares of the Company’s common stock were granted and issued to a senior officer of the Company, which were vested immediately upon issuance. The fair value of such restricted shares based on the average of the high-low trading price of the shares on November 15, 2017, was $355, which was recorded as a non-cash stock compensation and included in the consolidated statement of comprehensive loss under General and administrative expenses for the year ended December 31, 2017. On December 6, 2017, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain accredited investors (the “Investors”), pursuant to which the Company, in a private placement, agreed to issue and sell to the Investors an aggregate of 2,400,000 shares of its common stock at a price per share of $2.00 (the “Private Placement”). As a condition of the Purchase Agreement, the Company, Maritime Investors and each of the Company’s directors and executive officers entered into lock-up agreements pursuant to which they could not, among other things, offer or sell shares of the Company’s common stock until the earlier of i) 30 days after effective date (as defined therein) and ii) the disposition by the Investors of all of the shares of common stock they received in the Private Placement. In connection with the Private Placement, the Company also entered into a registration rights agreement with the Investors, pursuant to which the Company was obligated to prepare and file with the Securities and Exchange Commission (“SEC”) a registration statement to register for resale the registrable securities (as defined therein) on or prior to December 21, 2017. The Private Placement closed on December 8, 2017, resulting in gross proceeds of $4,800, before deducting offering expenses of approximately $509, which were used for general corporate purposes, including the repayment of outstanding indebtedness. On December 19, 2017, the Company filed with the SEC a registration statement on Form F-3 to register for resale the shares of common stock issued under the Purchase Agreement, which was declared effective on January 3, 2018. On February 2, 2018, the Company filed with the SEC a registration statement on Form F-3, 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. As of December 31, 2016, the Company had a total of 18,277,893 common shares outstanding and no preferred shares outstanding. As of December 31, 2017 and following the issuance of the 200,000 shares of common stock under the EIP, as well as the issuance of the 2,400,000 shares of common stock pursuant to the Private Placement, both discussed above, the Company’s outstanding common shares increased from 18,277,893 to 20,877,893. |
Earnings _ (Loss) Per Common Sh
Earnings / (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings / (Loss) Per Common Share | 9. Earnings / (Loss) per Common Share: 2015 2016 2017 Net income / (loss) available to common stockholders $ 3,505 $ (5,813 ) $ (5,243 ) Weighted average number of common shares, basic 18,244,671 18,277,893 18,461,455 Dilutive effect of stock granted under the EIP 33,222 - - Weighted average number of common shares, diluted 18,277,893 18,277,893 18,461,455 Earnings / (loss) per common share, basic and diluted $ 0.19 $ (0.32 ) $ (0.28 ) Dilutive earnings per share for the year ended December 31, 2015, has been adjusted to reflect the restricted shares of the Company’s common stock to certain of its officers under the Company’s EIP, as discussed in Note 8. |
Risk Management and Fair Value
Risk Management and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
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 and trade accounts receivable due from charterers. The principal financial liabilities of the Company consist of long-term bank loans, trade accounts payable, amounts due to related parties and a promissory note. Interest rate risk Credit risk Currency risk Fair value Long Lived Assets Held and Used As of December 31, 2016, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels. This review indicated that such carrying amount was not fully recoverable for the Company’s vessels Northsea Alpha Northsea Beta Vessel Significant Other Observable Inputs (Level 2) Impairment Loss charged against Vessels, net Impairment Loss charged against Deferred charges, net Vessel Impairment Charge Northsea Alpha $ 8,000 $ 1,770 $ 292 $ 2,062 Northsea Beta 8,000 1,622 314 1,936 TOTAL $ 16,000 $ 3,392 $ 606 $ 3,998 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 as of December 31, 2016, which is mainly based on recent sales and purchase transactions of similar vessels. The Company recognized the total Vessel impairment charge of $3,998, which is included in the accompanying consolidated statements of comprehensive loss for the year ended December 31, 2016. No such loss was recognized for the year ended December 31, 2017. The Company performs such an exercise on an annual basis and whenever circumstances indicate so. All other nonfinancial assets or nonfinancial liabilities are carried at fair value as of December 31, 2016 and 2017. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies: Minimum contractual charter revenues Year ending December 31, Amount 2018 $ 2,048 $ 2,048 Make-Whole Right and Financial Guarantee In addition, the Make-Whole Right provides that should the Company fail to complete a Future Pyxis Offering within a date which is three years from the date of the closing of the Merger, or October 28, 2018, each former LS stockholder who has held the Company shares continuously from the date of the Make-Whole Record Date (the “Legacy LS Stockholders”) until the expiration of such three year period, will have a 24-hour option (the “Put Period”) to require the Company to purchase from such Legacy LS Stockholders, a pro-rata amount of the Company’s common stock that would result in aggregate gross proceeds to the Legacy LS Stockholders, in an amount not to exceed $2,000; provided that in no event shall a Legacy LS Stockholder receive an amount per share greater than $4.30 (the “Financial Guarantee”). Under ASC 815, the Make-Whole Right does not meet the criteria to be accounted for as a derivative instrument under “Derivatives and Hedging” since it is not readily convertible into cash. The Make-Whole Right requires the Company to issue its own equity shares and, according to ASC 460 “Guarantees”, the Company is not required to recognize an initial liability. During November and December 2017, the Company’s share trade activity increased notably. Its price reached a high of $12.22, or about 184% higher than the Consideration Value of $4.30. The Company estimates that most of the original 931,761 shares that were originally issued to LS stockholders have been sold. Nonetheless, the actual number of original shares currently held by the Legacy LS Stockholders cannot be accurately assessed. The Financial Guarantee is accounted under ASC 460-10 “Guarantees – Option Based Contracts”. No liability for the Financial Guarantee has been reflected in the accompanying consolidated balance sheet dates, assuming that a Future Pyxis Offering will take place and the number of shares to be repurchased is not fixed. The Company controls the timing of any Future Pyxis Offering and the New Offering Price of any Pyxis shares in such future offering will be subject to U.S. capital markets conditions and investors’ interest at that time. Dispute with charterer In October 2017, the relevant commercial dispute was resolved and a settlement agreement was signed. Pursuant to this agreement, from the total amount of $300 held under escrow, $150 was paid to the charterer and the resulting balance was paid back to Maritime. Other The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any other claims or contingent liabilities which should be disclosed or for which a provision should be established in the accompanying consolidated financial statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs. |
Interest and Finance Costs, Net
Interest and Finance Costs, Net | 12 Months Ended |
Dec. 31, 2017 | |
Interest And Finance Costs Net | |
Interest and Finance Costs, Net | 12. Interest and Finance Costs, net: The amounts in the accompanying consolidated statements of comprehensive income / (loss) are analyzed as follows: 2015 2016 2017 Interest on long-term debt (Note 7) $ 2,359 $ 2,577 $ 2,674 Interest on promissory note (Note 3) 12 69 70 Capitalized interest (13 ) — — Amortization of financing costs 173 164 153 Total $ 2,531 $ 2,810 $ 2,897 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events: Interest rate cap Registration statement on Form F-3 Refinance of existing indebtedness |
Significant Accounting Polici20
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | (a) Principles of Consolidation: Pyxis, as the holding company, determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under Accounting Standards Codification (“ASC”) 810 “Consolidation” a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. Pyxis consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest. Variable interest entities (“VIE”) are entities as defined under ASC 810-10, that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company absorbs a majority of an entity’s expected losses, receives a majority of an entity’s expected residual returns, or both. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. Pyxis evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of December 31, 2017, no such interest existed. |
Use of Estimates | (b) Use of Estimates: |
Comprehensive Income / (Loss) | (c) Comprehensive Income / (Loss): |
Foreign Currency Translation | (d) Foreign Currency Translation: |
Commitments and Contingencies | (e) Commitments and Contingencies: |
Insurance Claims Receivable | (f) Insurance Claims Receivable: |
Concentration of Credit Risk | (g) Concentration of Credit Risk: |
Cash and Cash Equivalents and Restricted Cash | (h) Cash and Cash Equivalents and Restricted Cash: |
Income Taxation | (i) Income Taxation: |
Inventories | (j) Inventories: |
Trade Accounts Receivable, Net | (k) Trade Accounts Receivable, Net: |
Advances for Vessels under Construction and Related Costs | (l) Advances for Vessels under Construction and Related Costs: |
Vessels, Net | (m) Vessels, Net: The cost of each of the Company’s vessels is depreciated from the date of acquisition on a straight-line basis over the vessels’ remaining estimated economic useful life, after considering the estimated residual value. A vessel’s residual value is equal to the product of its lightweight tonnage and estimated scrap rate of $0.300 per ton. The Company estimates the useful life of the Company’s vessels to be 25 years from the date of initial delivery from the shipyard. In the event that future regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life will be adjusted at the date such regulations are adopted. |
Impairment of Long Lived Assets | (n) Impairment of Long Lived Assets: In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions relating to time charter equivalent rates by vessel type, vessels’ operating expenses, vessels’ capital expenditures, vessels’ residual value, fleet utilization and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. To the extent impairment indicators are present, the projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed days and an estimated daily time charter rate for the unfixed days (based on recent market estimates for the first year and the most recent seven year historical average rates, where available thereafter, over the remaining estimated useful life of the vessels), expected outflows for vessels’ operating expenses, planned dry-docking and special survey expenditures, management fees expenditures which are adjusted every year, pursuant to the Company’s existing group management agreement, and fleet utilization of 98.0%, or 93.0% for the years including scheduled off-hire days for planned dry-dockings and vessel surveys, based on historical experience. The residual value used in the impairment test is estimated to be approximately $0.300 per lightweight ton in accordance with the vessels’ depreciation policy. As of December 31, 2016, the Company obtained market valuations for all its vessels from reputable marine appraisers. Based on these valuations, the Company identified impairment indications for all of its vessels, except for the Pyxis Epsilon Northsea Alpha Northsea Beta As of December 31, 2017, the Company obtained market valuations for all its vessels from reputable marine appraisers. Based on these valuations, the Company identified impairment indications for certain of its vessels. More specifically, the market values of these vessels were, in aggregate, $8,299 lower than their carrying values, including any unamortized deferred charges relating to special survey costs, as of December 31, 2017. 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 December 31, 2017 and, accordingly, no adjustment to the vessels’ carrying values was required. |
Accounting for Special Survey and Dry-docking Costs | (o) Accounting for Special Survey and Dry-docking Costs: |
Financing Costs | (p) Financing Costs: |
Revenue and Related Expenses | (q) Revenue and Related Expenses: Voyage expenses, primarily consisting of commissions, port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under time charter arrangements or by the Company under spot charter arrangements, except for commissions, which are always paid for by the Company, regardless of the charter type. All voyage and vessel operating expenses are expensed as incurred, except for commissions. Commissions are deferred and amortized over the related voyage period in a charter to the extent revenue has been deferred since commissions are earned as the Company’s revenues are earned. Revenues for the years ended December 31, 2015, 2016 and 2017, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows: Charterer 2015 2016 2017 A 18 % — 15 % B 17 % 12 % — C 17 % 20 % 16 % D — 14 % — E — 10 % — F — — 18 % 52 % 56 % 49 % |
Fair Value Measurements | (r) Fair Value Measurements: |
Segment Reporting | (s) Segment Reporting: |
Earnings / (Loss) Per Share | (t) Earnings / (loss) per Share: |
Stock Compensation | (u) Stock Compensation: |
Going Concern | (v) Going Concern: As of December 31, 2017, the Company had a working capital deficit of $8,636, defined as current assets minus current liabilities. As of the filing date of the 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 cash generated from operations and will be in compliance with the financial and security collateral cover ratio covenants under its existing debt agreements as discussed in Note 7. |
New Accounting Pronouncements | (w) New Accounting Pronouncements: i) Revenue from Contracts with Customers The guidance in ASU 2014-09 “Revenue from Contracts with Customers (Topic 606)” supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition”, and most industry-specific guidance throughout the Industry Topics of the Codification. Additionally, this ASU supersedes some cost guidance included in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts”. In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in this ASU. In August 2015, the FASB deferred by one year the effective date of the new guidance. The new revenue recognition standard will be effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Nonpublic entities will be required to adopt the standard for annual reporting periods beginning after 15 December 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. Public and nonpublic entities will be permitted to adopt the standard as early as the original public entity effective date (i.e., annual reporting periods beginning after December 15, 2016 and interim periods therein). In 2016, the FASB issued two updates with respect to Topic 606: ASU 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing” and ASU 2016-12, “Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients.” The amendments in these updates do not change the core principle of the guidance in Topic 606. The amendments in update 2016-10 clarify the following two aspects of Topic 606: i) identifying performance obligations and ii) licensing implementation guidance. The amendments in update 2016-12 similarly affect only certain narrow aspects of Topic 606; namely, i) “Assessing the Collectability Criterion and Accounting for Contracts That Do Not Meet the Criteria for Step 1,” ii) “Presentation of Sales Taxes and Other Similar Taxes Collected from Customers,” iii) “Noncash Consideration,” iv) “Contract Modifications at Transition,” v) “Completed Contracts at Transition,” and vi) “Technical Correction.” The effective date and transition requirements for the amendments in these updates are the same as the effective date and transition requirements in Topic 606. Early adoption prior to that date will not be permitted. ii) Leases: The ASU will require organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases, unless the lease is a short term lease. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all public business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. iii) Classification of Certain Cash Payments and Cash Receipts: iv) Restricted Cash: (v) Business Combinations: |
Basis of Presentation and Gen21
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Ownership and Operation of Tanker Vessels | All of the Vessel-owning companies were established under the laws of the Republic of Marshall Islands and are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below: Vessel-owning company Incorporation date Vessel DWT Year built Acquisition date Secondone 05/23/2007 Northsea Alpha 8,615 2010 05/28/2010 Thirdone 05/23/2007 Northsea Beta 8,647 2010 05/25/2010 Fourthone 05/30/2007 Pyxis Malou 50,667 2009 02/16/2009 Sixthone 01/15/2010 Pyxis Delta 46,616 2006 03/04/2010 Seventhone 05/31/2011 Pyxis Theta 51,795 2013 09/16/2013 Eighthone 02/08/2013 Pyxis Epsilon 50,295 2015 01/14/2015 |
Significant Accounting Polici22
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Revenue from Significant Charterers for 10% or More of Revenue | Revenues for the years ended December 31, 2015, 2016 and 2017, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows: Charterer 2015 2016 2017 A 18 % — 15 % B 17 % 12 % — C 17 % 20 % 16 % D — 14 % — E — 10 % — F — — 18 % 52 % 56 % 49 % |
Transactions with Related Par23
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Income / (Loss) | The following amounts charged by Maritime are included in the accompanying consolidated statements of comprehensive income / (loss): Year Ended December 31, 2015 2016 2017 Included in Voyage related costs and commissions Charter hire commissions $ 321 $ 316 $ 368 Included in Management fees, related parties Ship-management Fees 577 631 712 Included in General and administrative expenses Administration Fees 1,245 1,600 1,600 Total $ 2,143 $ 2,547 $ 2,680 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The amounts in the accompanying consolidated balance sheets as at December 31, 2016 and 2017, are analyzed as follows: 2016 2017 Lubricants $ 479 $ 404 Bunkers 694 612 Total $ 1,173 $ 1,016 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Vessels | The amounts in the accompanying consolidated balance sheets are analyzed as follows: Vessel Accumulated Net Book Cost Depreciation Value Balance January 1, 2015 $ 115,295 $ (11,578 ) $ 103,717 Depreciation — (5,710 ) (5,710 ) Transfer from advances for vessel acquisition 32,494 — 32,494 Balance December 31, 2015 147,789 (17,288 ) 130,501 Depreciation — (5,768 ) (5,768 ) Vessel impairment charge (9,729 ) 6,337 (3,392 ) Balance December 31, 2016 138,060 (16,719 ) 121,341 Depreciation — (5,567 ) (5,567 ) Balance December 31, 2017 $ 138,060 $ (22,286 ) $ 115,774 |
Deferred Charges, Net (Tables)
Deferred Charges, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Charges Net | |
Schedule of Deferred Charges | The movement in Deferred charges, net in the accompanying consolidated balance sheets are as follows: Special Survey Costs Balance, January 1, 2015 $ 122 Additions 888 Amortization (174 ) Balance, December 31, 2015 836 Additions 364 Amortization (236 ) Impairment charge (606 ) Balance, December 31, 2016 358 Amortization (73 ) Balance, December 31, 2017 $ 285 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | The amounts shown in the accompanying consolidated balance sheets at December 31, 2016 and 2017, are analyzed as follows: Vessel (Borrower) 2016 2017 (a) Northsea Alpha (Secondone) $ 4,808 $ 4,348 (a) Northsea Beta (Thirdone) 4,808 4,348 (b) Pyxis Malou (Fourthone) 20,350 18,210 (c) Pyxis Delta (Sixthone) 8,437 7,087 (c) Pyxis Theta (Seventhone) 17,228 15,975 (d) Pyxis Epsilon (Eighthone) 18,200 16,900 Total $ 73,831 $ 66,868 Current portion $ 6,963 $ 7,440 Less: Current portion of deferred financing costs (150 ) (136 ) Current portion of long-term debt, net of deferred financing costs, current $ 6,813 $ 7,304 Long-term portion $ 66,868 $ 59,428 Less: Non-current portion of deferred financing costs (251 ) (302 ) Long-term debt, net of current portion and deferred financing costs, non-current $ 66,617 $ 59,126 (a) On September 26, 2007, Secondone and Thirdone jointly entered into a loan agreement with a financial institution for an amount of up to $24,560, in order to partly finance the acquisition cost of the vessels Northsea Alpha Northsea Beta Each of Secondone’s and Thirdone’s outstanding loan balance at December 31, 2017, amounting to $4,348, was repayable in five semiannual installments of $230 each, the first falling due in May 2018 and the last installment accompanied by a balloon payment of $3,198 falling due in May 2020. The main terms and conditions of the loan agreement dated September 26, 2007, as subsequently amended, were as follows: ● In addition to a first priority mortgage over the Northsea Alpha Northsea Beta Pyxis Malou ● The loan bore interest at LIBOR, plus a margin of 1.75% per annum. Covenants: ● The Company undertook to maintain on each of March 31, June 30, September 30 and December 31 of each year, minimum cash deposits at the higher of $5,000 or $750 per vessel in its fleet, of which $2,500 would be freely available and unencumbered cash under deposit by the Company. At any time that the number of vessels in the fleet exceeded ten, the minimum cash requirement would be reduced to an amount of $500, for each vessel in the fleet that exceeded ten. ● The minimum security collateral cover (“MSC”) was to be at least 133% of the respective outstanding loan balance. On February 28, 2018, Secondone’s and Thirdone’s outstanding loan balances as of December 31, 2017, were settled through the refinancing discussed below. (b) Based on a loan agreement concluded on December 12, 2008, Fourthone borrowed $41,600 in February 2009 in order to partly finance the acquisition cost of the Pyxis Malou The outstanding balance of the loan at December 31, 2017 of $18,210, was repayable in five semiannual installments of $1,070 each, the first falling due in February 2018, plus a balloon payment of $12,860 falling due in May 2020. The main terms and conditions of the loan agreement dated December 12, 2008, as subsequently amended, were as follows: ● In addition to a first priority mortgage over the Pyxis Malou Northsea Alpha Northsea Beta ● The loan bore interest at LIBOR, plus a margin of 1.75% per annum. Covenants: ● The Company undertook to maintain on each of March 31, June 30, September 30 and December 31 of each year, minimum cash deposits at the higher of $5,000 or $750 per vessel in its fleet, of which $2,500 would be freely available and unencumbered cash under deposit by the Company. At any time that the number of vessels in the fleet exceeded ten, the minimum cash requirement would be reduced to an amount of $500, for each vessel in the fleet that exceeded ten. ● MSC was to be at least 125% of the respective outstanding loan balance. On February 28, 2018, Fourthone’s outstanding loan balance as of December 31, 2017, was settled through the refinancing discussed below. (c) On October 12, 2012, Sixthone and Seventhone concluded as joint and several borrowers a loan agreement with a financial institution in order to partly finance the acquisition and construction cost of the Pyxis Delta Pyxis Theta Following the supplemental agreement dated June 6, 2017, the outstanding balance of the loan under Tranche A at December 31, 2017, of $7,087, is repayable in 20 quarterly installments of $338 each, the first falling due in February 2018, and the last installment accompanied by a balloon payment of $327 falling due in September 2022. In addition, the outstanding balance of the loan under Tranche B at December 31, 2017, of $15,975, is repayable in 19 quarterly installments of $313 each, the first falling due in March 2018, and the last installment accompanied by a balloon payment of $10,028 falling due in September 2022. The main terms and conditions of the loan agreement dated October 12, 2012, as subsequently amended, are as follows: ● The loan bears interest at LIBOR, plus a margin of 3.35% per annum. Covenants: ● The Company undertakes to maintain minimum deposits with the bank of $1,000 at all times, plus an additional liquidity amount of $200 until September 10, 2018. ● The ratio of the Company’s total liabilities to market value adjusted total assets is not to exceed 65%. This requirement is only applicable in order to assess whether the two Vessel-owning companies are entitled to distribute dividends to Pyxis. As of December 31, 2016, the relevant ratio was 68%, or 3% higher than the required threshold. As of December 31, 2017, the requirement was met as such ratio was marginally lower than 65%, and therefore, Sixthone and Seventhone are permitted to make dividend distributions to Pyxis. ● MSC is to be at least 130% of the respective outstanding loan balance. (d) Based on a loan agreement concluded on January 12, 2015, Eighthone borrowed $21,000 on the same date in order to partly finance the construction cost of the Pyxis Epsilon The outstanding balance of the loan at December 31, 2017, of $16,900, is repayable in 17 quarterly installments of $300 each, the first falling due in January 2018, and the last installment accompanied by a balloon payment of $11,800 falling due in January 2022. The main terms and conditions of the loan agreement dated January 12, 2015, as subsequently amended, are as follows: ● The loan bears interest at LIBOR, plus a margin of 2.90% per annum. Covenants: ● The Company undertakes to maintain minimum deposits with the bank of $750 at all times. ● The Company undertakes to maintain minimum liquidity of at least the higher of: i) $750 multiplied by the number of vessels owned by the Company, and ii) the Company’s debt service for the following six months. ● The ratio of the Company’s total liabilities to market value adjusted total assets is not to exceed 75%. ● MSC is to be at least 130% of the respective outstanding loan balance until January 2018 and at least 135% thereafter. |
Schedule of Principal Payments | The annual principal payments required to be made after December 31, 2017, while taking into consideration the refinancing of the existing indebtedness of Secondone, Thirdone and Fourthone with the new 5-year secured loan discussed above, are as follows: Year ending December 31, Amount 2018 $ 7,440 2019 5,703 2020 10,199 2021 6,013 2022 26,743 2023 and thereafter 10,770 Total $ 66,868 |
Earnings _ (Loss) Per Common 28
Earnings / (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings / (Loss) Per Common Share | 2015 2016 2017 Net income / (loss) available to common stockholders $ 3,505 $ (5,813 ) $ (5,243 ) Weighted average number of common shares, basic 18,244,671 18,277,893 18,461,455 Dilutive effect of stock granted under the EIP 33,222 - - Weighted average number of common shares, diluted 18,277,893 18,277,893 18,461,455 Earnings / (loss) per common share, basic and diluted $ 0.19 $ (0.32 ) $ (0.28 ) |
Risk Management and Fair Valu29
Risk Management and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Risk Management And Fair Value Measurements | |
Summary of Fair Value of Long Lived Assets Held and Used | Consequently the carrying value of these vessels was written down as presented in the table below. Vessel Significant Other Observable Inputs (Level 2) Impairment Loss charged against Vessels, net Impairment Loss charged against Deferred charges, net Vessel Impairment Charge Northsea Alpha $ 8,000 $ 1,770 $ 292 $ 2,062 Northsea Beta 8,000 1,622 314 1,936 TOTAL $ 16,000 $ 3,392 $ 606 $ 3,998 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Contractual Charter Revenues | Year ending December 31, Amount 2018 $ 2,048 $ 2,048 |
Interest and Finance Costs, N31
Interest and Finance Costs, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Interest And Finance Costs Net | |
Schedule of Interest and Finance Costs | The amounts in the accompanying consolidated statements of comprehensive income / (loss) are analyzed as follows: 2015 2016 2017 Interest on long-term debt (Note 7) $ 2,359 $ 2,577 $ 2,674 Interest on promissory note (Note 3) 12 69 70 Capitalized interest (13 ) — — Amortization of financing costs 173 164 153 Total $ 2,531 $ 2,810 $ 2,897 |
Basis of Presentation and Gen32
Basis of Presentation and General Information (Details Narrative) $ in Thousands | Apr. 23, 2015USD ($) | Mar. 23, 2015Integer | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Purpose of acquiring from entities under common control | 100.00% | ||||
Number of ownership interest entities | Integer | 6 | ||||
Expenses of merger | $ 1,745 | ||||
LOOKSMART LTD [Member] | |||||
Expenses of merger | $ 600 | ||||
Mr. Valentis [Member] | |||||
Percentage of beneficially owned common stock | 81.40% |
Basis of Presentation and Gen33
Basis of Presentation and General Information - Schedule of Ownership and Operation of Tanker Vessels (Details) - Vessels [Member] | 12 Months Ended |
Dec. 31, 2017Integer | |
Secondone Corp [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date | May 23, 2007 |
Vessel | Northsea Alpha |
DWT | 8,615 |
Year built | 2,010 |
Acquisition date | May 28, 2010 |
Thirdone Corp [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date | May 23, 2007 |
Vessel | Northsea Beta |
DWT | 8,647 |
Year built | 2,010 |
Acquisition date | May 25, 2010 |
Fourthone Corp [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date | May 30, 2007 |
Vessel | Pyxis Malou |
DWT | 50,667 |
Year built | 2,009 |
Acquisition date | Feb. 16, 2009 |
Sixthone Corp [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date | Jan. 15, 2010 |
Vessel | Pyxis Delta |
DWT | 46,616 |
Year built | 2,006 |
Acquisition date | Mar. 4, 2010 |
Seventhone Corp [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date | May 31, 2011 |
Vessel | Pyxis Theta |
DWT | 51,795 |
Year built | 2,013 |
Acquisition date | Sep. 16, 2013 |
Eighthone Corp [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date | Feb. 8, 2013 |
Vessel | Pyxis Epsilon |
DWT | 50,295 |
Year built | 2,015 |
Acquisition date | Jan. 14, 2015 |
Significant Accounting Polici34
Significant Accounting Policies (Details Narrative) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Integer$ / shares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Accounting Policies [Abstract] | |||
Allowance for doubtful accounts | $ 96 | $ 100 | |
Residual value per lightweight ton | $ / shares | $ 0.300 | ||
Estimated useful life of the vessel | 25 years | ||
Estimated fleet utilization rate | 98.00% | ||
Estimated fleet utilization rate including dry-dockings and vessel surveys | 93.00% | ||
Aggregate difference between market value and carrying value of vessel | $ 8,299 | 15,751 | |
Impairment loss | 3,998 | ||
Impairment loss charged against vessels, net | 3,392 | ||
Impairment loss charged against deferred charges, net | $ 606 | ||
Number of reportable segments | Integer | 1 | ||
Working capital deficit | $ 8,636 |
Significant Accounting Polici35
Significant Accounting Policies - Summary of Revenue from Significant Charterers for 10% or More of Revenue (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Concentration risk percentage | 49.00% | 56.00% | 52.00% |
Charterer A [Member] | |||
Concentration risk percentage | 15.00% | 0.00% | 18.00% |
Charterer B [Member] | |||
Concentration risk percentage | 0.00% | 12.00% | 17.00% |
Charterer C [Member] | |||
Concentration risk percentage | 16.00% | 20.00% | 17.00% |
Charterer D [Member] | |||
Concentration risk percentage | 0.00% | 14.00% | 0.00% |
Charterer E [Member] | |||
Concentration risk percentage | 0.00% | 10.00% | 0.00% |
Charterer F [Member] | |||
Concentration risk percentage | 18.00% | 0.00% | 0.00% |
Transactions with Related Par36
Transactions with Related Parties (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Dec. 29, 2017 | Mar. 07, 2017 | Oct. 28, 2015 | Apr. 23, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Promissory note issued | $ 5,000 | $ 2,500 | |||||
Expenses for Merger | $ 1,745 | ||||||
Promissory note, interest rate | 4.00% | ||||||
Due to related parties | $ 2,125 | 1,953 | |||||
Interest and financing costs, net | $ 2,897 | 2,810 | 2,531 | ||||
Maritime [Member] | |||||||
Ship management services per day per vessel | $ 0.325 | ||||||
Charter hire agreement commission rate | 1.25% | ||||||
Management agreements initial term | 5 years | ||||||
Management agreements renewal period | 5 years | ||||||
Head management agreement commencement date | Mar. 23, 2015 | ||||||
Head management agreement maturity date | Mar. 23, 2020 | ||||||
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. | ||||||
Ship-management and administration fees percentage increase | Effective January 1, 2018, the Ship-management Fees and the Administration Fees were increased by 1.12% in line with the average inflation rate in Greece in 2017. | ||||||
Due to related parties | $ 2,125 | 1,953 | |||||
Litigation escrow deposit | 300 | ||||||
Maritime [Member] | Fair Value Inputs Northsea Alpha [Member] | |||||||
Management agreement expiration date | Dec. 31, 2015 | ||||||
Maritime [Member] | Fair Value Inputs Northsea Beta [Member] | |||||||
Management agreement expiration date | Dec. 31, 2015 | ||||||
Maritime [Member] | Pyxis Delta Vessel [Member] | |||||||
Management agreement expiration date | Dec. 31, 2015 | ||||||
Maritime [Member] | Pyxis Theta Vessel [Member] | |||||||
Management agreement expiration date | Dec. 31, 2017 | ||||||
Maritime [Member] | Pyxis Epsilon Vessel [Member] | |||||||
Management agreement expiration date | Dec. 31, 2018 | ||||||
Maritime [Member] | Pyxis Malou Vessel [Member] | |||||||
Management agreement expiration date | Dec. 31, 2018 | ||||||
Maritime [Member] | While Chartering Services are Subcontracted to North Sea Tankers [Member] | |||||||
Ship management services per day per vessel | $ 0.160 | ||||||
Maritime [Member] | While Vessel is Under Construction [Member] | |||||||
Ship management services per day per vessel | $ 0.450 | ||||||
Maritime Investors [Member] | |||||||
Balance due to Maritime reduction | $ 2,500 | ||||||
Maritime Investors [Member] | Promissory Note [Member] | |||||||
Promissory note issued | $ 5,000 | $ 2,500 | $ 625 | ||||
Expenses for Merger | $ 600 | ||||||
Promissory note, maturity date | Jun. 15, 2019 | Jan. 15, 2019 | Jan. 15, 2017 | ||||
Promissory note, interest rate | 4.00% | 2.75% | |||||
Interest and financing costs, net | $ 70 | $ 69 | $ 12 |
Transactions with Related Par37
Transactions with Related Parties - Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Income / (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Charter hire commissions | $ (8,710) | $ (6,611) | $ (4,725) |
Ship-management fees | (712) | (631) | (577) |
Administration fees | (3,188) | (2,574) | (1,773) |
Maritime [Member] | |||
Related Party Transaction [Line Items] | |||
Charter hire commissions | 368 | 316 | 321 |
Ship-management fees | 712 | 631 | 577 |
Administration fees | 1,600 | 1,600 | 1,245 |
Related party transaction expenses, total | $ 2,680 | $ 2,547 | $ 2,143 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory [Line Items] | ||
Inventories | $ 1,016 | $ 1,173 |
Lubricants [Member] | ||
Inventory [Line Items] | ||
Inventories | 404 | 479 |
Bunkers [Member] | ||
Inventory [Line Items] | ||
Inventories | $ 612 | $ 694 |
Vessel, net (Details Narrative)
Vessel, net (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Total impairment charge | $ 3,998 | ||
Impairment loss charged against vessels, net | 3,392 | ||
Level2 [Member] | |||
Total impairment charge | 3,998 | ||
Vessels [Member] | |||
Impairment loss charged against vessels, net | $ 3,392 |
Vessel, net - Schedule of Vesse
Vessel, net - Schedule of Vessels (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Beginning balance | $ 121,341 | ||
Depreciation for the period | (5,567) | $ (5,768) | $ (5,710) |
Ending balance | 115,774 | 121,341 | |
Vessel Cost [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Beginning balance | 138,060 | 147,789 | 115,295 |
Depreciation for the period | |||
Transfer from advances for vessel acquisition | 32,494 | ||
Vessel impairment charge | (9,729) | ||
Ending balance | 138,060 | 138,060 | 147,789 |
Accumulated Depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Beginning balance | (16,719) | (17,288) | (11,578) |
Depreciation for the period | (5,567) | (5,768) | (5,710) |
Transfer from advances for vessel acquisition | |||
Vessel impairment charge | 6,337 | ||
Ending balance | (22,286) | (16,719) | (17,288) |
Net Book Value [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Beginning balance | 121,341 | 130,501 | 103,717 |
Depreciation for the period | (5,567) | (5,768) | (5,710) |
Transfer from advances for vessel acquisition | 32,494 | ||
Vessel impairment charge | (3,392) | ||
Ending balance | $ 115,774 | $ 121,341 | $ 130,501 |
Deferred Charges, net (Details
Deferred Charges, net (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Impairment loss charged against deferred charges, net | $ 606 |
Northsea Alpha and Northsea Beta [Member] | |
Impairment loss charged against deferred charges, net | $ 606 |
Deferred Charges, net - Summary
Deferred Charges, net - Summary of Movement in Deferred Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Issuance Costs, Net [Abstract] | |||
Deferred charges, beginning balance | $ 358 | $ 836 | $ 122 |
Additions | 364 | 888 | |
Amortization | (73) | (236) | (174) |
Impairment charge | (606) | ||
Deferred charges, ending balance | $ 285 | $ 358 | $ 836 |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Total | $ 66,868 | $ 73,831 |
Current portion | 7,440 | 6,963 |
Less: Current portion of deferred financing costs | (136) | (150) |
Current portion of long-term debt, net of deferred financing costs, current | 7,304 | 6,813 |
Long-term portion | 59,428 | 66,868 |
Less: Non-current portion of deferred financing costs | (302) | (251) |
Long-term debt, net of current portion and deferred financing costs, non-current | 59,126 | 66,617 |
Northsea Alpha [Member] | Secondone [Member] | ||
Total | 4,348 | 4,808 |
Northsea Beta [Member] | Thirdone [Member] | ||
Total | 4,348 | 4,808 |
Pyxis Malou [Member] | Fourthone [Member] | ||
Total | 18,210 | 20,350 |
Pyxis Delta [Member] | Sixthone [Member] | ||
Total | 7,087 | 8,437 |
Pyxis Theta [Member] | Seventhone [Member] | ||
Total | 15,975 | 17,228 |
Pyxis Epsilon [Member] | Eighthone [Member] | ||
Total | $ 16,900 | $ 18,200 |
Long-term Debt - Schedule of 44
Long-term Debt - Schedule of Long-Term Debt (Details) (Parenthetical) $ in Thousands | Feb. 28, 2018USD ($) | Jun. 06, 2017 | Sep. 29, 2016 | Dec. 31, 2017USD ($)Integer | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 12, 2015USD ($) | Sep. 30, 2013USD ($) | Feb. 28, 2013USD ($) | Feb. 28, 2009USD ($) | Sep. 26, 2007USD ($) |
Debt Instrument [Line Items] | |||||||||||
Debt instrument carrying amount | $ 66,868 | $ 73,831 | |||||||||
Interest expense on long-term debt | $ 2,674 | $ 2,577 | $ 2,359 | ||||||||
Long-term debt, weighted average interest rate | 2.78% | 3.27% | 3.74% | ||||||||
Subsequent Event [Member] | Existing Indebtedness - Secondone, Thirdone and Fourthone [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument carrying amount | $ 26,906 | ||||||||||
Subsequent Event [Member] | New Secured Loan - Secondone, Thirdone and Fourthone [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument carrying amount | 20,500 | ||||||||||
Total quarterly installments | $ 10,320 | ||||||||||
Long-term debt first periodic payment | 2018-05 | ||||||||||
Long-term debt balloon payment year | 2023-02 | ||||||||||
Interest rate margin | 4.65% | ||||||||||
Long-term debt balloon payments | $ 10,180 | ||||||||||
Secured loan term | 5 years | ||||||||||
Cash used for refinance of existing indebtedness | $ 2,100 | ||||||||||
Gain from debt extinguishment | $ 4,306 | ||||||||||
Loan amortization profile | The loan is repayable in 20 quarterly installments amounting to $10,320 in the aggregate, the first falling due in May 2018, and the last installment accompanied by a balloon payment of $10,180 falling due in February 2023. The first four quarterly installments, amounting to $400 each, are followed by four amounting to $500 each, four amounting to $530 each, four amounting to $560 each and four amounting to $590 each. | ||||||||||
Secondone And Thirdone Corp [Member] | Northsea Alpha And Northsea Beta [Member] | Loan Agreement Dated September 26, 2007 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument carrying amount | $ 4,348 | ||||||||||
Long-term debt semiannual installment, per borrower | $ 230 | ||||||||||
Number of semiannual installments | Integer | 5 | ||||||||||
Loan, repayment terms | semiannual | ||||||||||
Long-term debt first periodic payment | 2018-05 | ||||||||||
Long-term debt balloon payment year | 2020-05 | ||||||||||
Long-term debt balloon payments, per borrower | $ 3,198 | ||||||||||
Interest rate margin | 1.75% | ||||||||||
Minimum liquidity requirement | The Company undertook to maintain on each of March 31, June 30, September 30 and December 31 of each year, minimum cash deposits at the higher of $5,000 or $750 per vessel in its fleet, of which $2,500 would be freely available and unencumbered cash under deposit by the Company. | ||||||||||
Freely available and unencumbered cash | $ 2,500 | ||||||||||
Minimum liquidity requirement reduction | At any time that the number of vessels in the fleet exceeded ten, the minimum cash requirement would be reduced to an amount of $500, for each vessel in the fleet that exceeded ten. | ||||||||||
Minimum security cover required | 133.00% | ||||||||||
Maximum borrowing capacity | $ 24,560 | ||||||||||
Fourthone Corp [Member] | Pyxis Malou Vessel [Member] | Loan Agreement Dated December 12, 2008 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument carrying amount | $ 18,210 | ||||||||||
Number of semiannual installments | Integer | 5 | ||||||||||
Loan, repayment terms | semiannual | ||||||||||
Long-term debt first periodic payment | 2018-02 | ||||||||||
Long-term debt balloon payment year | 2020-05 | ||||||||||
Interest rate margin | 1.75% | ||||||||||
Minimum liquidity requirement | The Company undertook to maintain on each of March 31, June 30, September 30 and December 31 of each year, minimum cash deposits at the higher of $5,000 or $750 per vessel in its fleet, of which $2,500 would be freely available and unencumbered cash under deposit by the Company. | ||||||||||
Freely available and unencumbered cash | $ 2,500 | ||||||||||
Minimum liquidity requirement reduction | At any time that the number of vessels in the fleet exceeded ten, the minimum cash requirement would be reduced to an amount of $500, for each vessel in the fleet that exceeded ten. | ||||||||||
Minimum security cover required | 125.00% | ||||||||||
Amount borrowed | $ 41,600 | ||||||||||
Long-term debt semiannual installment | $ 1,070 | ||||||||||
Long-term debt balloon payments | 12,860 | ||||||||||
Sixthone Corp [Member] | Pyxis Delta Vessel [Member] | Loan Agreement Dated October 12, 2012 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument carrying amount | $ 7,087 | ||||||||||
Loan, repayment terms | quarterly | ||||||||||
Long-term debt first periodic payment | 2018-02 | ||||||||||
Long-term debt balloon payment year | 2022-09 | ||||||||||
Amount borrowed | $ 13,500 | ||||||||||
Long-term debt semiannual installment | $ 338 | ||||||||||
Long-term debt balloon payments | $ 327 | ||||||||||
Debt instrument, extended maturity description | September 2018 to September 2022 | May 2017 to September 2018 | |||||||||
Number of quarterly installments payable | Integer | 20 | ||||||||||
Seventhone Corp [Member] | Pyxis Theta Vessel [Member] | Loan Agreement Dated October 12, 2012 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument carrying amount | $ 15,975 | ||||||||||
Loan, repayment terms | quarterly | ||||||||||
Long-term debt first periodic payment | 2018-03 | ||||||||||
Long-term debt balloon payment year | 2022-09 | ||||||||||
Amount borrowed | $ 21,300 | ||||||||||
Long-term debt semiannual installment | $ 313 | ||||||||||
Long-term debt balloon payments | $ 10,028 | ||||||||||
Number of quarterly installments payable | Integer | 19 | ||||||||||
Sixthone And Seventhone Corp [Member] | Pyxis Delta And Pyxis Theta Vessels [Member] | Loan Agreement Dated October 12, 2012 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate margin | 3.35% | ||||||||||
Minimum security cover required | 130.00% | ||||||||||
Minimum cash deposits | $ 1,000 | ||||||||||
Additional liquidity amount | $ 200 | ||||||||||
Maximum required leverage ratio | 65.00% | ||||||||||
Actual leverage ratio | 65.00% | 68.00% | |||||||||
Difference between actual ratio and required threshold | 3.00% | ||||||||||
Eighthone Corp [Member] | Pyxis Epsilon Vessel [Member] | Loan Agreement Dated January 12, 2015 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument carrying amount | $ 16,900 | ||||||||||
Loan, repayment terms | quarterly | ||||||||||
Long-term debt first periodic payment | 2018-01 | ||||||||||
Long-term debt balloon payment year | 2022-01 | ||||||||||
Interest rate margin | 2.90% | ||||||||||
Minimum liquidity requirement | The Company undertakes to maintain minimum liquidity of at least the higher of: i) $750 multiplied by the number of vessels owned by the Company, and ii) the Companys debt service for the following six months. | ||||||||||
Minimum security cover required | 130.00% | ||||||||||
Amount borrowed | $ 21,000 | ||||||||||
Long-term debt semiannual installment | $ 300 | ||||||||||
Long-term debt balloon payments | $ 11,800 | ||||||||||
Number of quarterly installments payable | Integer | 17 | ||||||||||
Minimum cash deposits | $ 750 | ||||||||||
Maximum required leverage ratio | 75.00% | ||||||||||
Minimum security cover required post January 2018 | 135.00% |
Long-term Debt - Schedule of Pr
Long-term Debt - Schedule of Principal Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 7,440 |
2,019 | 5,703 |
2,020 | 10,199 |
2,021 | 6,013 |
2,022 | 26,743 |
2023 and thereafter | 10,770 |
Total | $ 66,868 |
Capital Structure and Equity 46
Capital Structure and Equity Incentive Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Feb. 02, 2018 | Dec. 06, 2017 | Nov. 15, 2017 | Oct. 28, 2015 | Mar. 23, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
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 | ||||||
Transaction cost | $ 3,080 | |||||||
Expenses for Merger | $ 1,745 | |||||||
Paid-in capital re-imbursements | 1,248 | |||||||
Gross proceeds from issuance of common stock | $ 4,800 | 10 | ||||||
Capitalized costs relating to offering expenses | ||||||||
Preferred stock, shares outstanding | 0 | 0 | ||||||
Preferred stock, shares outstanding | 20,877,893 | 18,277,893 | ||||||
F-3 Registration Statement [Member] | ||||||||
Maximum number of shares for sale under registration statement | 5,233,222 | |||||||
Maximum offering amount under registration statement | $ 100,000 | |||||||
Private Placement [Member] | ||||||||
Shares of common stock issued | 2,400,000 | 2,400,000 | ||||||
Price per share of common stock | $ 2 | |||||||
Gross proceeds from issuance of common stock | $ 4,800 | |||||||
Capitalized costs relating to offering expenses | $ 509 | |||||||
Equity Incentive Plan [Member] | ||||||||
Percentage of outstanding stock | 15.00% | |||||||
Restricted shares of common stock issued | 200,000 | 33,222 | ||||||
Stock compensation expense | $ 355 | $ 143 | ||||||
Legal Advisors Consultants And Auditors [Member] | ||||||||
Expenses for Merger | $ 820 | |||||||
Maritime Investors [Member] | ||||||||
Shares of common stock issued | 7,002,445 | 10,000,000 | ||||||
LS Stockholders [Member] | ||||||||
Shares of common stock issued | 931,761 | |||||||
Expenses for Merger | $ 625 | |||||||
Maxim Group LLC [Member] | ||||||||
Shares of common stock issued | 310,465 | |||||||
Transaction cost | $ 1,635 | |||||||
Expenses for Merger | 300 | |||||||
Transaction cost, compensation through the issuance of restricted stock | $ 1,335 |
Earnings _ (Loss) per Common 47
Earnings / (Loss) per Common Share - Schedule of Earnings / (Loss) per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Net (loss) income | $ (5,243) | $ (5,813) | $ 3,505 |
Weighted average number of common shares, basic | 18,461,455 | 18,277,893 | 18,244,671 |
Dilutive effect of stock granted under the EIP | 33,222 | ||
Weighted average number of common shares, diluted | 18,461,455 | 18,277,893 | 18,277,893 |
Earnings / (loss) per common share, basic and diluted | $ (0.28) | $ (0.32) | $ 0.19 |
Risk Management (Details Narrat
Risk Management (Details Narrative) - USD ($) $ in Thousands | Jan. 19, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Promissory note, interest rate | 4.00% | |||
Vessel impairment charge | $ 3,998 | |||
Interest Rate Cap [Member] | ||||
Notional amount | $ 10,000 | |||
Percentage of interest cap rate | 3.50% | |||
Interest cap rate termination date | Jul. 18, 2022 |
Risk Management and Fair Valu49
Risk Management and Fair Value Measurements - Summary of Fair Value of Long Lived Assets Held and Used (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Fair value of vessel | $ 16,000 | ||
Impairment Loss charged against Vessels, net | 3,392 | ||
Impairment Loss charged against Deferred charges, net | 606 | ||
Vessel Impairment Charge | 3,998 | ||
Fair Value Inputs Northsea Alpha [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Fair value of vessel | 8,000 | ||
Impairment Loss charged against Vessels, net | 1,770 | ||
Impairment Loss charged against Deferred charges, net | 292 | ||
Vessel Impairment Charge | 2,062 | ||
Fair Value Inputs Northsea Beta [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Fair value of vessel | 8,000 | ||
Impairment Loss charged against Vessels, net | 1,622 | ||
Impairment Loss charged against Deferred charges, net | 314 | ||
Vessel Impairment Charge | 1,936 | ||
Northsea Alpha And Northsea Beta [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment Loss charged against Vessels, net | 3,392 | ||
Impairment Loss charged against Deferred charges, net | 606 | ||
Vessel Impairment Charge | $ 3,998 |
Commitments and Contingencies50
Commitments and Contingencies (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Oct. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | |
Allowance for doubtful accounts | $ 96 | $ 100 | ||
Dispute With Charterer [Member] | ||||
Litigation escrow deposit | $ 300 | $ 300 | ||
Allowance for doubtful accounts | $ 200 | |||
Amount paid to charterer from litigation escrow deposit | $ 150 | |||
LS Stockholders [Member] | Make-Whole Right [Member] | ||||
Make-whole right, description | Make-Whole Right and Financial Guarantee: In the event that subsequent to the Merger, the Company completes a primary common share financing (a Future Pyxis Offering) at an offering price per share (the New Offering Price) lower than $4.30, the valuation ascribed to the share of the Companys common stock received by the former LS stockholders pursuant to the Agreement and Plan of Merger (the Consideration Value), the Company will be obligated to make whole the Legacy LS Stockholders (as defined below) as of April 29, 2015 (the Make-Whole Record Date) pursuant to which such Legacy LS Stockholders will be entitled to receive additional shares of the Companys common stock to compensate them for the difference between the $4.30 per share and the New Offering Price (the Make-Whole Right). The Make-Whole Right shall only apply to the first Future Pyxis Offering following the closing of the Merger which results in gross proceeds to the Company of at least $5,000, excluding any proceeds received from any shares purchased or sold by Maritime Investors or its affiliates. In addition, the Make-Whole Right provides that should the Company fail to complete a Future Pyxis Offering within a date which is three years from the date of the closing of the Merger, or October 28, 2018, each former LS stockholder who has held the Company shares continuously from the date of the Make-Whole Record Date (the Legacy LS Stockholders) until the expiration of such three year period, will have a 24-hour option (the Put Period) to require the Company to purchase from such Legacy LS Stockholders, a pro-rata amount of the Companys common stock that would result in aggregate gross proceeds to the Legacy LS Stockholders, in an amount not to exceed $2,000; provided that in no event shall a Legacy LS Stockholder receive an amount per share greater than $4.30 (the Financial Guarantee). | |||
Gross proceeds from common share offering | $ 5,000 | |||
Maximum consideration value | $ 2,000 | |||
Trade activity increase, description | During November and December 2017, the Companys share trade activity increased notably. Its price reached a high of $12.22, or about 184% higher than the Consideration Value of $4.30. | |||
Consideration Value | $ 4.30 | |||
Number of shares originally issued to LS Stockholders | 931,761 | |||
Maritime [Member] | ||||
Brokerage commission percentage | 1.25% | |||
Litigation escrow deposit | $ 300 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Contractual Charter Revenues (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 2,048 |
Total | $ 2,048 |
Interest and Finance Costs, n52
Interest and Finance Costs, net - Schedule of Interest and Finance Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest And Finance Costs Net | |||
Interest on long-term debt (Note 7) | $ 2,674 | $ 2,577 | $ 2,359 |
Interest on promissory note (Note 3) | 70 | 69 | 12 |
Capitalized interest | (13) | ||
Amortization of financing costs | 153 | 164 | 173 |
Total | $ 2,897 | $ 2,810 | $ 2,531 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ in Thousands | Feb. 28, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt instrument carrying amount | $ 66,868 | $ 73,831 | |
Subsequent Event [Member] | Existing Indebtedness - Secondone, Thirdone and Fourthone [Member] | |||
Debt instrument carrying amount | $ 26,906 | ||
Subsequent Event [Member] | New Secured Loan - Secondone, Thirdone and Fourthone [Member] | |||
Debt instrument carrying amount | $ 20,500 | ||
Debt term | 5 years | ||
Cash used for refinance of existing indebtedness | $ 2,100 | ||
Gain from debt extinguishment | $ 4,306 |