Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-37611 |
Entity Registrant Name | PYXIS TANKERS INC. |
Entity Central Index Key | 0001640043 |
Entity Incorporation, State or Country Code | 1T |
Entity Address, Address Line One | 59 K. Karamanli Street |
Entity Address, City or Town | Maroussi |
Entity Address, Country | GR |
Entity Address, Postal Zip Code | 15125 |
Entity a Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | false |
Auditor Firm ID | 1457 |
Auditor Name | Ernst & Young (Hellas) |
Auditor Location | Athens, Greece |
Common Stock [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Common Stock, par value $0.001 per share |
Trading Symbol | PXS |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 42,455,857 |
Series A Cumulative Convertible Preferred Shares [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Series A Cumulative Convertible Preferred Shares, par value $0.001 per share |
Trading Symbol | PXSAP |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 449,673 |
Warrants [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Warrants to purchase Common Stock, par value of $0.001 per share |
Trading Symbol | PXSAW |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 1,590,540 |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 59 K. Karamanli Street |
Entity Address, City or Town | Maroussi |
Entity Address, Country | GR |
Entity Address, Postal Zip Code | 15125 |
City Area Code | 30 |
Local Phone Number | 210 638 0200 |
Contact Personnel Name | Mr. Henry Williams |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 6,180 | $ 1,620 |
Restricted cash, current portion | 944 | |
Inventories | 1,567 | 681 |
Trade accounts receivable | 1,736 | 672 |
Less: Allowance for credit losses | (20) | (9) |
Trade accounts receivable, net | 1,716 | 663 |
Due from related parties | 2,308 | |
Vessels held-for-sale | 8,509 | |
Prepayments and other current assets | 186 | 133 |
Total current assets | 19,102 | 5,405 |
FIXED ASSETS, NET: | ||
Vessels, net | 119,724 | 83,774 |
Total fixed assets, net | 119,724 | 83,774 |
OTHER NON-CURRENT ASSETS: | ||
Restricted cash, net of current portion | 2,750 | 2,417 |
Financial derivative instrument | 74 | |
Deferred dry dock and special survey costs, net | 912 | 1,594 |
Total other non-current assets | 3,736 | 4,011 |
Total assets | 142,562 | 93,190 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of deferred financing costs | 11,695 | 3,255 |
Trade accounts payable | 3,084 | 3,642 |
Due to related parties | 6,962 | |
Hire collected in advance | 726 | |
Accrued and other liabilities | 1,089 | 677 |
Total current liabilities | 22,830 | 8,300 |
NON-CURRENT LIABILITIES: | ||
Long-term debt, net of current portion and deferred financing costs | 64,880 | 50,331 |
Promissory note | 6,000 | 5,000 |
Total non-current liabilities | 70,880 | 55,331 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock ($0.001 par value; 50,000,000 shares authorized; of which 1,000,000 authorized Series A Convertible Preferred Shares; 181,475 and 449,673 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2020 and December 31, 2021) | ||
Common stock ($0.001 par value; 450,000,000 shares authorized; 21,962,881 and 42,455,857 shares issued and outstanding as at December 31, 2020 and December 31, 2021, respectively) | 42 | 22 |
Additional paid-in capital | 111,840 | 79,692 |
Accumulated deficit | (63,030) | (50,155) |
Total stockholders’ equity | 48,852 | 29,559 |
Total liabilities and stockholders’ equity | $ 142,562 | $ 93,190 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 42,455,857 | 21,962,881 |
Common stock, shares outstanding | 42,455,857 | 21,962,881 |
Series A Convertible Preferred Shares [Member] | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 449,673 | 181,475 |
Preferred stock, shares outstanding | 449,673 | 181,475 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Revenues, net | $ 25,341 | $ 21,711 | $ 27,753 |
Expenses: | |||
Voyage related costs and commissions | (9,589) | (4,268) | (5,122) |
Vessel operating expenses | (12,454) | (10,880) | (12,756) |
General and administrative expenses | (2,538) | (2,378) | (2,407) |
Management fees, related parties | (716) | (637) | (724) |
Management fees, other | (852) | (819) | (930) |
Amortization of special survey costs | (406) | (253) | (240) |
Depreciation | (4,898) | (4,418) | (5,320) |
Loss on vessels held for sale | (2,389) | (2,756) | |
Allowance for credit losses | (11) | (26) | |
Gain from the sale of vessel, net | 7 | ||
Operating loss | (8,512) | (1,935) | (2,528) |
Other expenses: | |||
Loss from debt extinguishment | (541) | ||
Loss from financial derivative instrument | (1) | (27) | |
Interest and finance costs, net | (3,285) | (4,964) | (5,775) |
Total other expenses, net | (3,826) | (4,965) | (5,802) |
Net loss | (12,338) | (6,900) | (8,330) |
Dividend Series A Convertible Preferred Stock | (555) | (82) | |
Net loss attributable to common shareholders | $ (12,893) | $ (6,982) | $ (8,330) |
Loss per common share, basic and diluted | $ (0.36) | $ (0.32) | $ (0.39) |
Weighted average number of common shares, basic and diluted | 35,979,071 | 21,548,126 | 21,161,164 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Series A Convertible Preferred Shares [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2018 | $ 21 | $ 74,767 | $ (34,845) | $ 39,943 | |
Balance, shares at Dec. 31, 2018 | 21,060,190 | ||||
Net proceeds from the issuance of common stock | 274 | 274 | |||
Net proceeds from the issuance of common stock, shares | 214,828 | ||||
Issuance of common stock under the promissory note | 113 | 113 | |||
Issuance of common stock under the promissory note, shares | 95,262 | ||||
Net loss | (8,330) | (8,330) | |||
Balance at Dec. 31, 2019 | $ 21 | 75,154 | (43,175) | 32,000 | |
Balance, shares at Dec. 31, 2019 | 21,370,280 | ||||
Impact of adoption of ASU 2016-13 new accounting standard for credit losses | (9) | (9) | |||
Issuance of common stock under the promissory note | 226 | 226 | |||
Issuance of common stock under the promissory note, shares | 260,495 | ||||
Issuance of Series A Convertible Preferred shares, net | 4,313 | 4,313 | |||
Issuance of Series A Convertible Preferred shares, net, shares | 200,000 | 95,262 | |||
Conversion of Series A Convertible Preferred Shares to common stock | $ 1 | (1) | |||
Conversion of Series A Convertible Preferred Shares to common stock, shares | (18,525) | 332,106 | |||
Preferred stock dividends | (71) | (71) | |||
Net loss | (6,900) | (6,900) | |||
Balance at Dec. 31, 2020 | $ 22 | 79,692 | (50,155) | 29,559 | |
Balance, shares at Dec. 31, 2020 | 181,475 | 21,962,881 | |||
Issuance of common stock under the promissory note | $ 1 | 1,111 | 1,112 | ||
Issuance of common stock under the promissory note, shares | 1,203,335 | ||||
Issuance of Series A Convertible Preferred shares, net | 5,563 | 5,563 | |||
Issuance of Series A Convertible Preferred shares, net, shares | 308,487 | ||||
Conversion of Series A Convertible Preferred Shares to common stock | $ 1 | (1) | |||
Conversion of Series A Convertible Preferred Shares to common stock, shares | (40,289) | 720,423 | |||
Preferred stock dividends | (537) | (537) | |||
Issuance of common stock under the PIPE, net | $ 14 | 23,105 | 23,119 | ||
Issuance of common stock under the PIPE, net, Shares | 14,285,715 | ||||
Common stock from exercise of warrants | 202 | 202 | |||
Common stock from exercise of warrants, shares | 144,500 | ||||
Common stock issued for vessel acquisition | $ 4 | 2,168 | 2,172 | ||
Common stock issued for vessel acquisition, shares | 4,139,003 | ||||
Net loss | (12,338) | (12,338) | |||
Balance at Dec. 31, 2021 | $ 42 | $ 111,840 | $ (63,030) | $ 48,852 | |
Balance, shares at Dec. 31, 2021 | 449,673 | 42,455,857 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net loss | $ (12,338) | $ (6,900) | $ (8,330) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation | 4,898 | 4,418 | 5,320 |
Amortization and write-off of special survey costs | 406 | 253 | 240 |
Allowance for credit losses | 11 | 26 | |
Amortization and write-off of financing costs | 247 | 328 | 258 |
Loss from debt extinguishment | 541 | ||
Loss from financial derivative instrument | 1 | 27 | |
Loss on vessels held for sale | 2,389 | 2,756 | |
Gain on sale of vessel, net | (7) | ||
Issuance of common stock under the promissory note | 55 | 169 | 113 |
Changes in assets and liabilities: | |||
Inventories | (886) | (180) | 306 |
Due from/to related parties | 6,276 | (9,157) | 3,447 |
Trade accounts receivable, net | (1,064) | 571 | 1,316 |
Prepayments and other assets | (53) | 239 | (210) |
Special survey cost | (1,068) | (435) | |
Trade accounts payable | (618) | (939) | (274) |
Hire collected in advance | (726) | (689) | 993 |
Accrued and other liabilities | (34) | (69) | 108 |
Net cash (used in) / provided by operating activities | (896) | (13,030) | 5,661 |
Cash flow from investing activities: | |||
Proceeds from the sale of vessel, net | 13,197 | ||
Vessel acquisition | (43,005) | ||
Vessel additions | (14) | (25) | |
Ballast water treatment system installation | (175) | (542) | (517) |
Net cash (used in) / provided by investing activities | (43,194) | 12,630 | (517) |
Cash flows from financing activities: | |||
Proceeds from long-term debt | 59,500 | 15,250 | |
Repayment of long-term debt | (35,980) | (19,909) | (4,503) |
Gross proceeds from issuance of common stock | 25,000 | 354 | |
Common stock offering costs | (1,899) | (57) | (23) |
Gross proceeds from the issuance of Series A Convertible Preferred shares / units | 6,170 | 4,571 | |
Preferred shares offering costs | (548) | (260) | |
Proceeds from conversion of warrants into common shares | 202 | ||
Repayment of promissory note | (1,000) | ||
Financial derivative instrument | (74) | ||
Payment of financing costs | (907) | (265) | |
Preferred stock dividends paid | (537) | (69) | |
Net cash provided by / (used in) financing activities | 49,927 | (739) | (4,172) |
Net increase / (decrease) in cash and cash equivalents and restricted cash | 5,837 | (1,139) | 972 |
Cash and cash equivalents and restricted cash at the beginning of the period | 4,037 | 5,176 | 4,204 |
Cash and cash equivalents and restricted cash at the end of the period | 9,874 | 4,037 | 5,176 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest | 2,929 | 4,432 | 5,163 |
Non-cash financing activities – issuance of common stock under the Promissory Note | 1,055 | 226 | 113 |
Non-cash financing activities – Promissory Note increase financing acquisition of vessel “Pyxis Lamda” | 3,000 | ||
Non-cash financing activities – issuance of common stock financing acquisition of vessel “Pyxis Lamda” | 2,172 | ||
Unpaid portion for common stock offering costs and issuance of preferred shares | 77 | 35 | 57 |
Unpaid portion of financing costs | 412 | ||
Unpaid portion of vessel additions | 15 | ||
Unpaid portion of ballast water treatment system installation | 16 | 174 | 56 |
Unpaid portion of acquisition of vessel “Pyxis Lamda” | $ 2,995 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information PYXIS TANKERS INC. (“Pyxis”) is a corporation incorporated in the Republic of the Marshall Islands on March 23, 2015. As of December 31, 2021, Pyxis owns 100 seven ● SECONDONE CORPORATION LTD, established under the laws of the Republic of Malta (“Secondone”); ● THIRDONE CORPORATION LTD, established under the laws of the Republic of Malta (“Thirdone”); ● FOURTHONE CORPORATION LTD, established under the laws of the Republic of Malta (“Fourthone”); ● SEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Seventhone”); ● EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eighthone”); ● TENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Tenthone”); ● ELEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eleventhone” and collectively with Secondone, Thirdone, Fourthone, Seventhone, Eighthone and Tenthone the “Vessel-owning companies”). Pyxis also currently own 100% ownership interest in the following non-vessel owning companies: ● SIXTHONE CORP., established under the laws of the Republic of the Marshal Islands (“Sixthone”) that owned the vessel “Pyxis Delta” that was sold to an unaffiliated third party on January 13, 2020 and, ● MARITIME TECHNOLOGIES CORP, established under the laws of Delaware. All of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below: Schedule of Ownership and Operation of Tanker Vessels Vessel-owning Company Incorporation date Vessel 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 Seventhone 05/31/2011 Pyxis Theta 51,795 2013 09/16/2013 Eighthone 02/08/2013 Pyxis Epsilon 50,295 2015 01/14/2015 Tenthone 04/22/2021 Pyxis Karteria 46,652 2013 07/15/2021 Eleventhone 11/09/2021 Pyxis Lamda 50,145 2017 12/20/2021 Secondone, Thirdone and Fourthone were initially established under the laws of the Republic of the Marshall Islands, under the names SECONDONE CORP., THIRDONE CORP. and FOURTHONE CORP., respectively. In March and April 2018, these vessel-owning companies completed their re-domiciliation under the jurisdiction of the Republic of Malta and were renamed as mentioned above. For further information, please refer to Note 7. The accompanying 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 of December 31, 2020 and 2021 and for the years ended December 31, 2019, 2020 and 2021. 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 Theta”, “Pyxis Epsilon”, “Pyxis Karteria” and “Pyxis Lamda” Prior to the consummation of the transactions discussed below, Mr. Valentios (“Eddie”) Valentis was the sole ultimate stockholder of Pyxis and certain vessel owning companies, holding all of their issued and outstanding share capital through Maritime Investors. Specifically, 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. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 1. Basis of Presentation and General Information:-Continued: 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 Secondone, Thirdone, Fourthone, Sixthone, Seventhone and Eighthone, (the “Contributed 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 Contributed Companies, the transaction constituted a reorganization of companies under common control and was accounted for in a manner similar to a pooling of interests. Accordingly, upon the transfer of the assets and liabilities of the Contributed Companies, the financial statements of the Company were presented using combined historical carrying amounts of the assets and liabilities of the Contributed Companies. On October 28, 2015, in accordance with the terms of the Agreement and Plan of Merger, LS, after having divested 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 are contracted to INTERNATIONAL TANKER MANAGEMENT LTD. (“ITM”) with permission from Maritime. ITM is an unrelated third party technical manager, represented by its branch based in Dubai, UAE. Each ship-management agreement with ITM is in force until it is terminated by either party. The ship-management agreements can be cancelled either by the Company or ITM for any reason at any time upon three months’ advance notice. Impact of COVID-19 on the Company’s Business The spread of the COVID-19 virus, which has been declared a pandemic by the World Health Organization, in late 2019, has caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain. In response to the pandemic, the Company has instituted enhanced safety protocols such as regular disinfection of our on-shore facilities, regular employee COVID-19 testing, digital temperature reading facilities, limitation of on-site visitors and travel, mandatory self-isolation of personnel returning from travel and replacing physical meetings with virtual meetings. The Company expects to continue such measures, which have not had a significant impact on its expenses, to some degree until the pandemic abates. In addition, the prevailing low interest rates have been at low levels in part due to actions taken by central banks to stimulate economic activity in the face of the pandemic. During the year ended December 31, 2021, the COVID-19 pandemic mainly contributed to lower charter activity which has affected the entire industry and resulted in lower profitability and greater losses as well as higher crewing costs due to increased precautionary measures and more expensive dry-dockings. The Company does not expect a further significant impact on its crewing cost and in addition, the Company expects this impact to be occasional and costs to be normalized in the next periods. The impact of the COVID-19 pandemic continues to unfold and may continue to have negative effect on the Company’s business, financial performance and the results of its operations, including due to decreased demand for global seaborne refined petroleum products trade and related charter rates, the extent of which will depend largely on future developments. In light of COVID-19, the Company, as of December 31, 2021, evaluated whether there are conditions or events that cause substantial doubt about its ability to continue as a going concern. The Company reviewed its revenue concentration risk, the recoverability of its accounts receivable (i.e. credit risk) and tested its assets for potential impairment. As a result of this evaluation it has been determined that the only material impact of COVID-19 to the Company has been lower charter activity which has affected the entire industry and resulted in lower profitability and greater losses as well as in higher crewing and dry-docking costs. In addition, many of the Company’s estimates and assumptions, especially charter rates, require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change in future periods. As of December 31, 2021, Mr. Valentis beneficially owned approximately 53.8 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, no such interest existed. On January 1, 2020, the Company adopted ASU 2018-17, “Consolidation (Topic 810) – Targeted Improvements to Related Party Guidance for Variable Interest Entities”, which improves the accounting for the following areas: (i) applying the variable interest entity (VIE) guidance to private companies under common control and (ii) considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests, thereby improving general purpose financial reporting. The Company applied the amendments in this Update retrospectively, as required. The adoption of this new accounting guidance did not have a material effect on the Company’s Consolidated Financial Statements and related disclosures. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: (b) Use of Estimates (c) Comprehensive Income / (Loss) (d) Foreign Currency Translation : The functional currency of the Company is the U.S. dollar as the Company’s vessels operate in international shipping markets and, therefore, primarily transact business in U.S. dollars. The Company’s accounting records are maintained in U.S. dollars. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Resulting gains or losses are included in Vessel operating expenses in the accompanying Consolidated Statements of Comprehensive Loss. All amounts in the Consolidated Financial Statements are presented in thousand U.S. dollars rounded to the nearest thousand. (e) Commitments and Contingencies (f) Insurance Claims Receivable : The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company’s fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies and the claim is not subject to litigation. The Company assessed the provisions of ASC 326 regarding the collectability of insurance claims recoveries and concluded that there is no material impact on the Company’s Consolidated Financial Statements as of the date of the adoption of ASC 326 on January 1, 2020 and as of December 31, 2020 and 2021, and thus no provision for credit losses was recorded as of those dates (g) Concentration of Credit Risk (h) Cash and Cash Equivalents and Restricted Cash : The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. Restricted cash is associated with pledged retention accounts in connection with the loan repayments and minimum liquidity requirements under the loan agreements discussed in Note 7 and is presented separately in the accompanying Consolidated Balance Sheets. The Company assessed the provisions of ASC 326 for cash equivalents and restricted cash and concluded that there is no impact on the Company’s Consolidated Financial Statements as of the date of the adoption of ASC 326 on January 1, 2020 and as of December 31, 2020 and 2021 and thus no provision for credit losses was recorded as of those dates. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: (i) Income Taxation Under the laws of the Republic of Malta, the country of incorporation of certain of the Company’s vessel-owning companies, and/or the vessels’ registration, these vessel-owning companies are not liable for any income tax on their income derived from shipping operations. The Republic of Malta is a country that has an income tax treaty with the United States. Accordingly, income earned by vessel-owning companies organized under the laws of the Republic of Malta may qualify for a treaty-based exemption. Specifically, Article 8 (Shipping and Air Transport) of the treaty sets out the relevant rule to the effect that profits of an enterprise of a Contracting State from the operation of ships in international traffic shall be taxable only in that State. (j) Inventories (k) Trade Accounts Receivable, Net : Under spot charters, the Company normally issues its invoices to charterers at the completion of the voyage. Invoices are due upon issuance of the invoice. Since the Company satisfies its performance obligation over the time of the spot charter, the Company recognizes its unconditional right to consideration in trade accounts receivable, net of an allowance for credit losses. Trade accounts receivable from spot charters as of December 31, 2020 and 2021, amounted to $ 671 and $ 1,736 , respectively. The allowance for expected credit losses at December 31, 2020 and 2021 was $ 9 and $ 20 , respectively (Note 2(l)). Under time charter contracts, the Company normally issues invoices on a monthly basis 30 days in advance of providing its services. Trade accounts receivable from time charters as of December 31, 2020 and 2021, amounted to $ 1 and nil , respectively. Hire collected in advance includes cash received in advance of performance under the contract prior to the balance sheet date and is realized when the associated revenue is recognized under the contract in periods after such date. The hire collected in advance as of December 31, 2020 and 2021, was $ 726 and nil , respectively and concerns hire received in advance from time charters. (l) Allowance for credit losses (9) The adoption of ASC 326 primarily impacted trade receivables recorded on Consolidated Balance Sheet. In particular, the Company assessed that any impairment of receivables arising from operating leases, i.e. time charters, should be accounted for in accordance with Topic 842, Leases, and not in accordance with Topic 326. Impairment of receivables arising from voyage charters, which are accounted for in accordance with Topic 606, Revenues from Contracts with Customers, are within the scope of Subtopic 326 and must therefore be assessed for expected credit losses. The Company assessed collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considered historical collectability based on past due status. The Company also considered customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. The Company maintains an allowance for credit losses for expected uncollectable accounts receivable, which is recorded as an offset to trade accounts receivable and changes in such, if any, are classified as Allowance of credit losses in the Consolidated Statements of Comprehensive Loss. As of December 31, 2020 and December 31, 2021, the Company concluded on an expected credit loss rate of 0.05% and 0.1% on the total outstanding receivables arising from voyage charters and 2.4% and 2.8% on outstanding receivables from demurrages. For the year ended December 31, 2020 no additional allowance was warranted, other than that recognized as of January 1, 2020 upon adoption of ASC326. For the year ended December 31, 2021, additional allowance of $11 was recognized and included in the accompanying Consolidated Statement of Comprehensive Loss for the year. (m) Vessels, Net : Vessels are stated at cost, which consists of the contract price or the fair value of the consideration given on the acquisition date and any material expenses incurred in connection with the acquisition (initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for her initial voyage, as well as professional fees directly associated with the vessel acquisition). Subsequent expenditures for major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise, these amounts are expensed as incurred. 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 per ton. Following the reassessment of the scrap rates effective October 1, 2021, the Company increased the estimated scrap rate per ton from $ 300 /ton to $ 340 /ton due to higher scrap rates worldwide. This change in accounting estimate which did not require retrospective adoption as per ASC 250 “Accounting Changes and Error Corrections,” will result in a decrease in the future annual depreciation of $130. For fiscal year 2021, the effect of the change in the estimate on the depreciation charge and on net loss was a decrease of approximately $ 32 with no effect in the loss per share. 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 : The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount plus the unamortized dry-dock and survey balances of these assets may not be recoverable. In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to time charter equivalent rates by vessel type, while other assumptions include vessels’ operating expenses, management fees, 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. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: 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 the most recent seven year historical average rates 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 96 % for the unfixed days, 98.6 0.34 per lightweight ton in accordance with the vessels’ depreciation policy. Should the carrying value plus the unamortized dry-dock and survey balance of the vessel exceed its estimated future undiscounted net operating cash flows, impairment is measured based on the excess of the carrying value plus the unamortized dry-dock and survey balance of the vessel over the fair market value of the asset. The Company determines the fair value of its vessels based on management estimates and assumptions and by making use of available market data and taking into consideration third party valuations. The review of the carrying amounts plus the unamortized dry-dock and survey balances in connection with the estimated recoverable amount of the Company’s vessels as of December 31, 2019, 2020 and 2021, did no t indicate any impairment charge. (o) Long-lived Assets Classified as Held for Sale : The Company classifies long-lived assets and disposal groups as being held-for-sale in accordance with ASC 360, “Property, Plant and Equipment”, when: (i) management, having the authority to approve the action, commits to a plan to sell the asset; (ii) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets classified as held-for-sale are measured at the lower of their carrying amount or fair value less costs to sell. According to ASC 360-10-35, the fair value less costs to sell of the long-lived asset (disposal group) should be assessed at each reporting period it remains classified as held-for-sale. Subsequent changes in the long-lived asset’s fair value less costs to sell (increase or decrease) would be reported as an adjustment to its carrying amount, not exceeding the carrying amount of the long-lived asset at the time it was initially classified as held-for-sale. These long-lived assets are not depreciated once they meet the criteria to be classified as held-for-sale and are classified in current assets on the Consolidated Balance Sheet (Notes 5 and 6). (p) Financial Derivative Instruments : The Company enters into interest rate derivatives to manage its exposure to fluctuations of interest rate risk associated with its borrowings. All derivatives are recognized in the Consolidated Financial Statements at their fair value. The fair value of the interest rate derivatives is based on a discounted cash flow analysis. When such derivatives do not qualify for hedge accounting, the Company recognizes their fair value changes in current period earnings. When the derivatives qualify for hedge accounting, the Company recognizes the effective portion of the gain or loss on the hedging instrument directly in other comprehensive income / (loss), while the ineffective portion, if any, is recognized immediately in current period earnings. The Company, at the inception of the transaction, documents the relationship between the hedged item and the hedging instrument, as well as its risk management objective and the strategy of undertaking various hedging transactions. The Company also assesses at hedge inception whether the hedging instruments are highly effective in offsetting changes in the cash flows of the hedged items. The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or its designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the consolidated statement of comprehensive loss. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to the current period’s consolidated statement of comprehensive loss as financial income or expense. (q) Accounting for Special Survey and Dry-docking Costs : The Company follows the deferral method of accounting for special survey and dry-docking costs, whereby actual costs incurred at the yard and parts used in the dry-docking or special survey, are deferred and are amortized on a straight-line basis over the period through the date the next survey is scheduled to become due. Costs deferred are limited to actual costs incurred at the shipyard and costs incurred in the dry-docking or special survey. If a dry-dock or a survey is performed prior to the scheduled date, any remaining unamortized balances of the previous dry-dock and survey are immediately written-off. Unamortized dry-dock and survey balances of vessels that are sold are written-off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: Furthermore, unamortized dry-docking and special survey balances of vessels that are classified as Assets held-for-sale and are not recoverable as of the date of such classification are immediately written-off and included in the resulting loss on vessels held-for-sale. (r) Financing Costs : Costs associated with new loans or refinancing of existing ones, which meet the criteria for debt modification, including fees paid to lenders or required to be paid to third parties on the lender’s behalf for obtaining new loans or refinancing existing loans, are recorded as a direct deduction from the carrying amount of the debt liability. Such costs are deferred and amortized to Interest and finance costs in the Consolidated Statements of Comprehensive Loss during the life of the related debt using the effective interest method. For loans repaid or refinanced that meet the criteria of debt extinguishment, the difference between the settlement price and the net carrying amount of the debt being extinguished (which includes any deferred debt issuance costs) is recognized as a gain or loss in the Consolidated Statement of Comprehensive Loss. Commitment fees relating to undrawn loan principal are expensed as incurred. (s) Fair Value Measurements : The Company follows the provisions of ASC 820 “Fair Value Measurements and Disclosures”, which defines fair value and provides guidance for using fair value to measure assets and liabilities. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at the fair value in one of the following categories: ● Level 1: Quoted market prices in active markets for identical assets or liabilities; ● Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; ● Level 3: Unobservable inputs that are not corroborated by market data. (t) Segment Reporting : The Company reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers, i.e., spot or time charters. The Company does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide (subject to certain agreed exclusions) and, as a result, the disclosure of geographic information is impracticable. As a result, management, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under one reportable segment. (u) Income/(Loss) per Share : Basic income/(loss) per share is computed by dividing the net income/(loss) attributable to common shareholders by the weighted average number of common shares outstanding during the period. The computation of diluted income/(loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at the beginning of the periods presented, or issuance date, if later. The treasury stock method is used to compute the dilutive effect of warrants and shares issued under the equity incentive plan and the Promissory Note. The if-converted method is used to compute the dilutive effect of shares which could be issued upon conversion of the Series A Convertible Preferred Shares into common shares. Potential common shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share. As the Company reported losses for the years ended December 31, 2019, 2020 and 2021, the effect of any incremental shares would be antidilutive and thus excluded from the computation of loss per share. (v) Going Concern : The Company performs cash flow projections on a regular basis to evaluate whether it will be in a position to cover its liquidity needs for the next 12-month period and in compliance with the financial and security collateral cover ratio covenants under its existing debt agreements. In developing estimates of future cash flows, the Company makes assumptions about the vessels’ future performance, with significant assumptions relating to time charter equivalent rates by vessel type, vessels’ operating expenses, vessels’ capital expenditures, fleet utilization, the Company’s management fees and general and administrative expenses, and cash flow requirements for debt servicing. The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations. As of December 31, 2021, the Company had a working capital deficit of $ 3,728, defined as current assets minus current liabilities. The Company considered such deficit in conjunction with the future market prospects and potential future financings. As of the filing date of these 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 the cash generated from the vessels’ operations. The Company believes that will be in compliance with the financial and security collateral cover ratio covenants under its existing debt agreements for the next 12-month period. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: (w) Revenues, net : The Company generates its revenues from charterers. The vessels are chartered using either spot charters, where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified charter rate, or time charters, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. The following table presents the Company’s revenue disaggregated by revenue source, net of commissions, for the years ended December 31, 2019, 2020 and 2021: Schedule of Revenue Disaggregated by Revenue Source 2019 2020 2021 Year ended December 31, 2019 2020 2021 Revenues derived from spot charters, net $ 8,067 $ 7,022 $ 13,711 Revenues derived from time charters, net 19,686 14,689 11,630 Revenues, net $ 27,753 $ 21,711 $ 25,341 Revenue from customers (ASC 606): Revenue from Contracts with Customers (Topic 606) The Company assessed its contracts with charterers for spot charters and concluded that there is one single performance obligation for its spot charter, which is to provide the charterer with a transportation service within a specified time period. In addition, the Company has concluded that a spot charter meets the criteria to recognize revenue over time as the charterer simultaneously receives and consumes the benefits of the Company’s performance. The adoption of this standard resulted in a change whereby the Company’s method of revenue recognition changed from discharge-to-discharge (assuming a new charter has been agreed before the completion of the previous spot charter) to load-to-discharge. This resulted in no revenue being recognized from discharge of the prior spot charter to loading of the current spot charter and all revenue being recognized from loading of the current spot charter to discharge of the current spot charter. This change results in revenue being recognized later in the voyage, which may cause additional volatility in revenues and earnings between periods. Demurrage income represents payments by a charterer to a vessel owner when loading or discharging time exceeds the stipulated time in the spot charter. The Company has determined that demurrage represents a variable consideration and estimates demurrage at contract inception. Demurrage income estimated, net of address commission, is recognized over the time of the charter as the performance obligation is satisfied. Under a spot charter, the Company incurs and pays for certain voyage expenses, primarily consisting of brokerage commissions, port and canal costs and bunker consumption, during the spot charter (load-to-discharge) and during the ballast voyage (date of previous discharge to loading, assuming a new charter has been agreed before the completion of the previous spot charter). Before the adoption of ASC 606, all voyage expenses were expensed as incurred, except for brokerage commissions. Brokerage 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. Under ASC 606 and after the implementation of ASC 340-40 “Other assets and deferred costs” PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: In addition, pursuant to this standard and the Leases standard (discussed below), as of January 1, 2018, the Company elected to present Revenues net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue in the accompanying Consolidated Statements of Comprehensive Loss. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less, in accordance with the optional exception in ASC 606. Leases : The Company adopted the lease standard “ Leases” ASC 842 the lease component of the time charter contracts, if accounted for separately, would be classified as an operating lease, and Upon adoption of ASC 842, the Company made an accounting policy election to not recognize contract fulfillment costs for time charters under ASC 340-40. Revenues for the years ended December 31, 2019, 2020 and 2021, deriving from significant charterers individually accounting for 10 Summary of Revenue from Significant Charterers for 10% or More of Revenue Charterer Year ended December 31, 2019 2020 2021 A 71 % 58 % 27 % B — 16 % 17 % C — — 12 % Total 71 % 74 % 56 % The maximum aggregate amount of loss due to credit risk, net of related allowances, that the Company would incur if the aforementioned charterers failed completely to perform according to the terms of the relevant charter parties, amounted to $ 738 nil (x) Restricted Cash : The Company follows the provisions of ASU 2016-18 “ Statement of Cash Flows (Topic 230): Restricted Cash 3,735 , $ 2,417 and $ 3,694 as at December 31, 2019, 2020 and 2021, respectively, has been aggregated with cash and cash equivalents in both the beginning-of-year and end-of-year line items of the consolidated statements of cash flows for each of the periods presented. The implementation of this update has no impact on the Company’s Consolidated Balance Sheet and consolidated statement of comprehensive loss. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying Consolidated Balance Sheets that are presented in the accompanying consolidated statement of cash flows for the years ended December 31, 2019, 2020 and 2021. Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash 2019 2020 2021 December 31, 2019 2020 2021 Cash and cash equivalents $ 1,441 $ 1,620 $ 6,180 Restricted cash, current portion 535 — 944 Restricted cash, net of current portion 3,200 2,417 2,750 Total cash and cash equivalents and restricted cash $ 5,176 $ 4,037 $ 9,874 (y) Business combinations : The Company follows the provisions of ASU No. 2017-01, “Business Combinations” (Topic 805) which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. Under current implementation guidance, the existence of an integrated set of acquired activities (inputs and processes that generate outputs) constitutes an acquisition of business. This ASU provides a screen to determine when a set of assets and activities does not constitute a business. (z) Debt Modifications and Extinguishments : The Company follows the provisions of ASC 470-50, Modifications and Extinguishments, to account for all modifications or extinguishments of debt instruments, except debt that is extinguished through a troubled debt restructuring or a conversion of debt to equity securities of the debtor pursuant to conversion privileges provided in terms of the debt at issuance. This standard also provides guidance on whether an exchange of debt instruments with the same creditor constitutes an extinguishment and whether a modification o |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
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 0.450 1.25% The management agreements for the vessels had an initial term of five years . For the “Northsea Alpha” and “Northsea Beta” the base term expired on December 31, 2015, for “Pyxis Theta” it expired on December 31, 2017, for the “Pyxis Epsilon” and the “Pyxis Malou” it expired on December 31, 2018. The management agreements for the “Pyxis Karteria” and the “Pyxis Lamda” have an initial term of five years and they expire on December 31, 2026. Following their initial expiration dates, the management agreements were automatically renewed for consecutive five year periods, or until terminated by either party on three months’ notice. The Head Management Agreement (the “Head Management Agreement”) with Maritime commenced on March 23, 2015 and continued through March 23, 2020 five-year 1,600 In the event of a change of control of the Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime an amount equal to 2.5 times the then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of the then daily Ship-management Fees. The Ship-management Fees and the Administration Fees are adjusted annually according to the official inflation rate in Greece or such other country where Maritime was headquartered during the preceding year. On August 9, 2016, the Company amended the Head Management Agreement with Maritime to provide that in the event that the official inflation rate for any calendar year is deflationary, no adjustment shall be made to the Ship-management Fees and the Administration Fees, which will remain, for the particular calendar year, as per the previous calendar year. Effective January 1, 2020, the Ship-management Fees and the Administration Fees were increased by 0.26% in line with the average inflation rate of Greece for 2019. For 2020, the average rate in Greece was a deflation of 1.24% and, as a result, no adjustment was made to the Ship-management Fees and the Administration Fees for 2021. The average inflation rate in Greece in 2021 was 1.23% and, as a result, an adjustment to the Ship-management Fees and the Administration Fees have been made effective January 1, 2022. The following amounts were charged by Maritime pursuant to the head management and ship-management agreements with the Company, and are included in the accompanying Consolidated Statements of Comprehensive Loss: PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 3. Transactions with Related Parties: -Continued: Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss 2019 2020 2021 Year ended December 31, 2019 2020 2021 Included in Voyage related costs and commissions Charter hire commissions $ 351 $ 276 $ 322 Included in Management fees, related parties Ship-management Fees 724 637 716 Included in General and administrative expenses Administration Fees 1,628 1,632 1,632 Total $ 2,703 $ 2,545 $ 2,670 As of December 31, 2020 and 2021, there was a balance due from Maritime of $ 2,308 3,967 On October 28, 2015, the Company issued a Promissory Note in favor of Maritime Investors in the amount of $ 2,500 with an interest rate payable of 2.75% and maturity of January 15, 2017 . Certain amendments were made increasing the principal balance to $ 5,000 extending the maturity date to March 31, 2020 and the interest rate to 4.5% . On May 14, 2019, the Company entered into a second amendment to the Amended & Restated Promissory Note which (i) extended the repayment of the outstanding principal, in whole or in part, until the earlier of a) one year after the repayment of the credit facility of Eighthone with Entrust Global Permal (the “Credit Facility”) on September 2023 (see Note 7), b) January 15, 2024 and c) repayment of any Paid-In-Kind (“PIK”) interest and principal deficiency amount under the Credit Facility , and (ii) increased the interest rate to 9.0% per annum of which 4.5% would be paid in cash and 4.5% During 2021, the Promissory Note was restructured and amended as of May 27, 2021, on the following basis: a) repayment on June 17, 2021 of $ 1,000 in principal and $ 433 for accrued interest, b) settlement on June 17, 2021 of $ 1,000 of principal with the issuance 1,091,062 restricted common shares of the Company computed on the volume weighted average closing share price for the 10 day period commencing one day after its public distribution of first quarter, 2021 financial results press release (i.e. the period from June 3 to June 16, 2021 at $ 0.9165 ) and c) remaining balance of $ 3,000 in principal having a maturity date of April 1, 2023 and interest shall accrue at annual rate of 7.5 %, since June 17, 2021, payable quarterly in cash, thereafter. In conjunction with the acquisition of the vessel “Pyxis Lamda” the Promissory Note was further amended on December 20, 2021, increasing the principal balance from $ 3,000 to $ 6,000 and extending the maturity date to April 1, 2024 . The Company considered the guidance under ASC 470-50 “Debt Modifications and Extinguishments” for both transactions and concluded that the first should be accounted for as a debt modification and the second as a debt extinguishment. None of these transactions incurred additional fees or finance fee write-offs. With respect to the $ 1,000 Interest charged on the Promissory Note for the years ended December 31, 2019, 2020 and 2021, amounted to $ 395 , $ 452 and $ 335 , respectively, and is included in Interest and finance costs, net (Note 12) in the accompanying Consolidated Statements of Comprehensive Loss. Of the total interest charged on the Promissory Note during the year ended December 31, 2019, $ 225 170 was settled in common shares. Of the amount settled in common shares, $ 113 was settled in common shares during 2019 and the remaining amount of $ 57 226 226 169 57 216 64 55 64 With respect to the portion of interest that was to be settled in common shares, the Company considered the guidance in ASC 480 that requires obligations that can be settled in shares with a fixed monetary value at settlement (e.g., share-settled debt) and followed the guidance in ASC 835-30 to accrue the liability to the redemption amount using the interest method. The outstanding balance of the Promissory Note as of December 31, 2020 and 2021, amounting to $ 5,000 6,000 is separately reflected in the accompanying Consolidated Balance Sheets under non-current liabilities. On November 15, 2021, the Company signed a Memorandum of Agreement to acquire from an entity related to the family of the Company’s Chairman and Chief Executive Officer, the “Pyxis Lamda”, a 2017-built 50,145 dwt. eco-efficient MR that was constructed at SPP Shipbuilding Co. Ltd. (“SPP”) in South Korea, for $ 32,000 31,172 21,680 seven years 3 4,139,003 2.17 4.32 1,325 2,995 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows: Schedule of Inventories December 31, 2020 December 31, 2021 Lubricants $ 348 $ 552 Bunkers 333 1,015 Total $ 681 $ 1,567 |
Vessels, net
Vessels, net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Vessels, net | 5. Vessels, net The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows: Schedule of Vessels Vessel Cost Accumulated Net Book Value Balance January 1, 2020 $ 108,523 $ (21,016 ) $ 87,507 Vessel additions 685 — 685 Depreciation — (4,418 ) (4,418 ) Balance December 31, 2020 $ 109,208 $ (25,434 ) $ 83,774 Vessel acquisition - “Pyxis Karteria” 20,000 — 20,000 Vessel acquisition - “Pyxis Lamda” 31,172 — 31,172 Vessel additions 45 — 45 Transfer to vessels held-for-sale (12,250 ) 1,881 (10,369 ) Depreciation — (4,898 ) (4,898 ) Balance December 31, 2021 $ 148,175 $ (28,451 ) $ 119,724 On July 15, 2021, the Company took delivery of the “Pyxis Karteria”, a medium range product tanker of 46,652 dwt built in 2013 at Hyundai Mipo shipyard in South Korea. The purchase consideration of $ 20 13,500 bank loan that matures in seven years and is secured by the vessel (Note 7). On December 20, 2021, the Company took delivery of the “Pyxis Lamda”, a 50,145 dwt medium range product tanker built in 2017 at SPP Shipbuilding in South Korea. The “Pyxis Lamda” was acquired from an entity related to the family of the Company’s Chairman and Chief Executive Officer, as discussed in Note 3 above, for a purchase price of $ 32,000 in accordance with the Memorandum of Agreement. After her first special survey, the “Pyxis Lamda” launched commercial employment in early January 2022. The Company financed the vessel with i) a new $ 21,680 senior loan facility that matures in seven years and is secured by the vessel, as discussed in Note 7, ii) the assumption of a liability of $ 3 due 2024 , as discussed in Note 3, iii) the issuance of 4,139,003 0.7248 and iv) $ 4,320 2,172 . Accordingly, the fair value of the consideration for the acquisition of the “Pyxis Lamda” amounted to $ 31,172 2,995 As of December 31, 2019, 2020 and 2021, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels held and used. This review indicated that such carrying amounts were fully recoverable for the Company’s vessels held and used and, consequently, no impairment charge was deemed necessary for the years ended December 31, 2019, 2020 and 2021. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 5. Vessels, net: -Continued: On December 23, 2021, the Company entered into an agreement with a third-party to sell the small tankers, “Northsea Alpha” and “Northsea Beta”. Considering the required criteria by the relevant accounting standard, ASC 360-10-45-9, for the classification of the vessels as “held for sale”, the Company concluded that all the criteria were met for both vessels. As at December 31, 2021, the aggregate amount of $ 8,509 was separately reflected in Vessel held-for-sale on the Consolidated Balance Sheet, representing the estimated fair market value of the vessel based on the vessel’s sale price, net of costs to sell. The difference between the estimated fair value less costs to sell of each vessel and the respective vessel’s carrying value plus the unamortized balance of its associated dry-docking cost, amounting to $ 2,389 , was written-off and included in the Consolidated Statement of Comprehensive Loss for the year ended December 31, 2021 and classified as “Loss on vessels held-for-sale”. On January 28, 2022 and March 1, 2022, the “Northsea Alpha” and “Northsea Beta”, respectively were sold. The aggregate sale price for the vessels was $ 8,900 , of which, $ 5,780 was used for the prepayment of the “Northsea Alpha” and “Northsea Beta” loan facility. As of December 31, 2020, additions amounted to $ 685 of which $ 660 related to the ballast water treatment system installation of the “Pyxis Epsilon”, of which, $ 486 was paid in 2020 and $ 174 was paid in 2021. As of December 31, 2021, additions amounted to $ 45 , of which, $ 14 was paid in 2021 and $ 31 is accrued and remains unpaid as of such date. All of the Company’s vessels have been pledged as collateral to secure the bank loans discussed in Note 7. |
Deferred dry dock and special s
Deferred dry dock and special survey costs, net | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Dry Dock And Special Survey Costs Net | |
Deferred dry dock and special survey costs, net | 6. Deferred dry dock and special survey costs, net The movement in deferred charges, net, in the accompanying Consolidated Balance Sheets are as follows: Schedule of Deferred Charges Dry docking costs 2019 2020 2021 Balance January 1, $ 740 $ 779 $ 1,594 Additions 435 1,068 253 Amortization of special survey costs (240 ) (253 ) (406 ) Transfer to vessels held-for-sale (156 ) — (529 ) Balance December 31, $ 779 $ 1,594 $ 912 The amortization of the special survey costs is separately reflected in the accompanying Consolidated Statements of Comprehensive Loss. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 7. Long-term Debt The amounts shown in the accompanying Consolidated Balance Sheets at December 31, 2020 and 2021, are analyzed as follows: Schedule of Long-Term Debt Vessel (Borrower) December 31, December 31, (a) “Northsea Alpha” (Secondone) $ 3,290 $ 2,890 (a) “Northsea Beta” (Thirdone) 3,290 2,890 (b) “Pyxis Malou” (Fourthone) 8,730 7,320 (c) “Pyxis Theta” (Seventhone) 14,950 13,750 (d) “Pyxis Epsilon” (Eighthone) 24,000 16,100 (e) “Pyxis Karteria” (Tenthone) — 13,150 (b) “Pyxis Lamda” (Eleventhone) — 21,680 Total $ 54,260 $ 77,780 Current portion $ 3,410 $ 12,030 Less: Current portion of deferred financing costs (155 ) (335 ) Current portion of long-term debt, net of deferred financing costs, current $ 3,255 $ 11,695 Long-term portion $ 50,850 $ 65,750 Less: Non-current portion of deferred financing costs (519 ) (870 ) Long-term debt, net of current portion and deferred financing costs, non-current $ 50,331 $ 64,880 PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 7. Long-term Debt: -Continued: (a) Each of Secondone’s and Thirdone’s outstanding loan balance at December 31, 2021, amounting to $ 2,890 , was repayable in 5 remaining quarterly installments of $100 each amounting to $ 500 in the aggregate, the first falling due in February 2022 , and the last installment accompanied by a balloon payment of $ 2,390 falling due in February 2023 . On December 23, 2021, the Company entered into an agreement with a third-party to sell the small tankers, “Northsea Alpha” and “Northsea Beta” and the Company concluded that all the criteria required by the relevant accounting standard, ASC 360-10-45-9, for the classification of the vessels “Northsea Alpha” and “Northsea Beta” as “held for sale” were met. As at December 31, 2021, upon classification of “Northsea Alpha” and “Northsea Beta” as vessels held-for-sale, the aggregate outstanding loan balances of $ 5,780 was classified in the Consolidated Balance Sheet under the line item “Current portion of long-term debt, net of deferred financing costs”. On January 28, 2022 and on March 1, 2022, the “Northsea Alpha” and “Northsea Beta”, respectively were sold. The Company upon the sale of two vessels, prepaid Secondone and Thirdone’s outstanding loan balance. (b) 7,320 and fully settled the previous loan facility outstanding balance of $ 7,320 . The new facility is repayable in 20 quarterly installments amounting to $ 176 , the first falling due in March 2022 , and the last installment accompanied by a balloon payment of $ 3,800 falling due in December 2026 . Upon delivery of “Pyxis Lamda”, on December 20, 2021, Eleventhone drew down an amount of $ 21,680. The facility is repayable in 20 quarterly installments amounting to $ 449 , the first falling due in March 2022 , and the last installment accompanied by a balloon payment of $ 12,700 falling due in December 2026 . The loan bears interest at LIBOR plus a margin of 3.15% Standard loan covenants include, among others, a minimum liquidity and a minimum required Security Cover Ratio (“MSC”). The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreements: Covenants: ● The Borrowers undertook to maintain minimum deposit with the bank of $ 1,500 at all times, (which shall be reduced to the amount of $ 1,000 , comprising of $ 500 with respect to the “Pyxis Malou” and $ 500 with respect to the “Pyxis Lamda”, upon receipt of time charter employment for a period of at least six months for one of the vessels ● The ratio of the Corporate Guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75% . This requirement is only applicable in order to assess whether the Borrowers are entitled to distribute dividends to Pyxis. As of December 31, 2021, the requirement was met as such ratio was 60% , or 15% lower than the required threshold. ● MSC is to be at least 125% ● No change of control shall be made directly or indirectly in the ownership, beneficial ownership, control or management of any of the Borrower and the Corporate Guarantor or any share therein or the vessels, as a result of which less than 100% of the shares and voting rights in each Borrower are owned by the Corporate Guarantor or less than 25% of the shares and voting rights in the Corporate Guarantor will remain in the ultimate legal and beneficial ownership of the Beneficial Shareholders. (c) 15,250 11,293 13,750 300 9,250 July 2025 3.35% PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 7. Long-term Debt: -Continued: Standard loan covenants include, among others, a minimum liquidity and a minimum required Security Cover Ratio (“MSC”). The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreement: Covenants: ● The Borrower undertakes to maintain minimum deposit with the bank of $ 500 at all times. ● The ratio of the Corporate Guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75% . This requirement is only applicable in order to assess whether the Borrower is entitled to distribute dividends to Pyxis. As of December 31, 2021, the requirement was met as such ratio was 60% , or 15% lower than the required threshold. ● MSC is to be at least 125% ● No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Seventhone or of the Company or any share therein or the “Pyxis Theta”, as a result of which less than 100% of the shares and voting rights in Seventhone or less than 20% of the shares and voting rights in the Corporate Guarantor remain in the ultimate legal and beneficial ownership of the Beneficial shareholders. (d) 24,000 16,000 11 1.0 11.0 equal to the lower of $400 and excess cash computed through a cash sweep mechanism, plus a balloon payment due at maturity. 24,000 On March 30, 2021, Eighthone and the Company completed the refinancing of the Entrust Global Permal loan facility of $ 24,000 17,000 7,000 240 218 458 As of December 31, 2021, the outstanding balance of new the Eighthone loan amounted to $ 16,100 , and is repayable in 17 quarterly installments of $ 300 each, the first due in March 2022, and the last installment accompanied by a balloon payment of $ 11,000 due in March 2026 . The loan bears interest at LIBOR plus a margin of 3.35% per annum. Standard loan covenants include, among others, a minimum liquidity and a minimum required Security Cover Ratio (“MSC”). The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreement: ● The Borrower undertakes to maintain minimum deposit with the bank of $ 500 at all times. ● The ratio of the Corporate Guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75% . This requirement is only applicable in order to assess whether the Borrower is entitled to distribute dividends to Pyxis. As of December 31, 2021, the requirement was met as such ratio was 60% , or 15% lower than the required threshold. ● MSC is to be at least 125% ● No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Eighthone or of Pyxis or any share therein or the “Pyxis Epsilon”, as a result of which less than 100% of the shares and voting rights in Eighthone or less than 20% of the shares and voting rights in Pyxis remain in the ultimate legal and beneficial owners disclosed at the negotiation of this loan agreement. (e) 13,500 13,500 As of December 31, 2021, the Tenthone outstanding loan balance amounting to $ 13,150 4,900 July 2028 350 300 4.8% PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 7. Long-term Debt: -Continued: Standard loan covenants of the Tenthone loan include, among others, a minimum liquidity and a minimum required Security Cover Ratio (“MSC”). Certain major covenants include, as defined in such agreement: ● The Borrower undertakes to maintain minimum deposit with the bank of $ 250 at all times; ● The Borrower undertakes to maintain a monthly retention account to ensure that, in each calendar month an amount equal with one third of the repayment instalment and the relevant aggregate amount of interest falling due which is payable on the next due date for payment must be transferred to the retention account. ● MSC is to be at least 120% ● Not less than 20% of the ultimate beneficial ownership of (i) the shares in the Corporate Guarantor and (ii) the ultimate voting rights attaching to such shares is held directly or indirectly by the Permitted Holder. Amounts presented in Restricted cash, current and non-current, in the Consolidated Balance Sheets are related to minimum cash and the retention account requirements imposed by the Company’s debt agreements. The annual principal payments required to be made after December 31, 2021, are as follows: Schedule of Principal Payments To December 31, Amount 2022 $ 12,030 2023 6,100 2024 6,100 2025 and thereafter 53,550 Total $ 77,780 Total interest expense on long-term debt and the Promissory Note for the years ended December 31, 2019, 2020 and 2021, amounted to $ 5,517 , $ 4,636 and $ 2,963 , respectively, and is included in Interest and finance costs, net (Note 12) in the accompanying Consolidated Statements of Comprehensive Loss. The Company’s weighted average interest rate (including the margin) for the years ended December 31, 2019, 2020 and 2021, was 8.18% , 7.69% and 5.04% per annum, including the Promissory Note discussed in Note 3, respectively. |
Equity Capital Structure and Eq
Equity Capital Structure and Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Equity Capital Structure and Equity Incentive Plan | 8. Equity Capital Structure and Equity Incentive Plan The Company’s authorized common and preferred stock consists of 450,000,000 common shares, 50,000,000 preferred shares of which 1,000,000 are authorized as Series A Convertible Preferred Shares. As of December 31, 2020 and 2021, the Company had a total of 21,962,881 and 42,455,857 common shares respectively, and 181,475 and 449,673 Series A Convertible Preferred Shares issued and outstanding, respectively, each with a par value of USD 0.001 per share. On October 13, 2020, the Company announced the closing of its offering of 200,000 Units at an offering price of $ 25.00 per Unit (the “Offering”). Each Unit was immediately separable into one 7.75 % Series A Convertible Preferred Shares and eight (8) detachable Warrants, each warrant exercisable for one common share, for a total of up to 1,600,000 common shares of the Company. Each Warrant will entitle the holder to purchase one common share at an initial exercise price of $ 1.40 per share at any time prior to October 13, 2025 or, in case of absence of an effective registration statement, to exchange those cashless based on a formula. Any Warrants that remain unexercised on October 13, 2025, shall be automatically exercised by way of a cashless exercise on that date. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 8. Equity Capital Structure and Equity Incentive Plan: -Continued On October 13, 2020, the Company had granted the underwriter a 45-day option to purchase up to 30,000 240,000 23.051 0.00925 135,040 1 The Series A Convertible Preferred Shares and Warrants are listed on the Nasdaq Capital Market under the symbols “PXSAP” and “PXSAW”, respectively. Each Series A Convertible Preferred Share is convertible into common shares at an initial conversion price of $ 1.40 If the trading price of Pyxis Tankers’ common stock equals or exceeds $2.38 per share for at least 20 days in any 30 consecutive trading day period ending 5 days prior to notice, the Company can call, in whole or in part, for mandatory conversion of the Series A Convertible Preferred Shares. Beginning on October 13, 2023, the Company may, at its option, redeem the Series A Convertible Preferred Shares, in whole or in part, by paying $ 25.00 If the Company liquidates, dissolves or winds up, holders of the Series A Convertible Preferred Shares will have the right to receive $ 25.00 The Series A Convertible Preferred Shares are not redeemable for a period of three years from issuance, except upon change of control. In the case of a change of control that is pre-approved by the Company’s Board of Directors, holders of Series A Convertible Preferred Shares have the option to (i) demand that the Company redeem the Series A Convertible Preferred Shares at (a) $26.63 per Series A Convertible Preferred Share from the date of issuance until October 13, 2021, (b) $25.81 per Series A Convertible Preferred Share from October 13, 2021 until October 13, 2022 and (c) $25.00 after October 13, 2022, or (ii) continue to hold the Series A Convertible Preferred Shares. Upon a change of control, the holders also have the option to convert some or all of the Series A Convertible Preferred Shares, together with any accrued or unpaid dividends, into shares of common stock at the conversion rate. Change of Control means that (i) Mr. Valentios Valentis and his affiliates cease to own at least 20% of the voting securities of the Company, or (ii) a person or group acquires at least 50% voting control of the Company, and in the case of each of either (i) or (ii), neither the Company nor any surviving entity has its common stock listed on a recognized U.S. exchange. The Series A Convertible Preferred Shares did not generate a beneficial conversion feature (BCF) upon issuance as the fair value of the Company’s common shares was lower than the conversion price. The Series A Convertible Preferred Shares did not meet the criteria for mandatorily redeemable financial instruments. Additionally, the Company determined that the nature of the Series A Convertible Preferred Shares was more akin to an equity instrument and that the economic characteristics and risks of the embedded conversion options were clearly and closely related to the Series A Convertible Preferred Shares. As such, the conversion options were not required to be bifurcated from the equity host under ASC 815, Derivatives and Hedging. The Company also determined that the redemption call option did meet the definition of a derivative but is eligible for exception from derivative accounting and thus no bifurcation of the feature was performed. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 8. Equity Capital Structure and Equity Incentive Plan: -Continued The Series A Convertible Preferred Shares will not vote with the common shares, however, if dividends on the Series A Convertible Preferred Shares are in arrears for eighteen (18) or more consecutive or non-consecutive monthly dividends, the holders of the Series A Convertible Preferred Shares, voting as a single class, shall be entitled to vote for the election of one additional director to serve on the Board of Directors until the next annual meeting of shareholders following the date on which all dividends that are owed and are in arrears have been paid. In addition, unless the Company has received the affirmative vote or consent of the holders of at least 66.67% of the then outstanding Series A Convertible Preferred Shares, voting as a single class, the Company may not create or issue any class or series of capital stock ranking senior to the Series A Convertible Preferred Shares with respect to dividends or distributions. Dividends on the Series A Convertible Preferred Shares are cumulative from and including the date of original issuance in the amount of $ 1.9375 7.75 25.00 The Company also agreed to issue and sell to designees of the underwriter as compensation, two separate types of Underwriter’s Warrants for an aggregate purchase price of $ 100 (absolute amount). The warrants were issued pursuant to an Underwriting Agreement dated October 8, 2020. The first type of the Underwriter’s Warrants is a warrant for the purchase of an aggregate of 2,000 Series A Convertible Preferred Shares at an exercise price of $ 24.92 and the second type is a warrant for the purchase of an aggregate of 16,000 Warrants at an exercise price of $ 0.01 , at any time on or after April 6, 2021 and prior to October 8, 2025 (the “Termination Date”). On exercise, each Underwriter Warrant allows the holder to purchase one Series A Convertible Preferred Share or one Warrant to purchase one common share of the Company at $1,40 or, in case of absence of an effective registration statement, to exchange those cashless based on a formula set in the Underwriting Agreement. Any Underwriter’s Warrants that remain unexercised on the Termination Date shall be automatically exercised by way of a cashless exercise on that date. The Underwriter’s Warrants are also subject to customary adjustment provisions similar to the detachable Warrants discussed above. The Company has accounted for Underwriter’s Warrants in accordance with ASC 718-Compensation-Stock Compensation, classified within stockholders’ equity. The Company received gross proceeds of $ 5.0 4.3 During 2020, 18,525 332,106 At December 31, 2020, the Company had 181,475 1,735,040 2,000 2,000 16,000 16,000 On July 16, 2021, the Company completed a follow-on public offering of 308,487 20.00 6,170 5,563 The Company agreed to issue to the representative of the underwriter warrants to purchase 2,683 25.00 During 2021, an aggregate of 40,289 720,423 144,500 144,500 At December 31, 2021, the Company had 449,673 1,590,540 4,683 4,683 16,000 16,000 On November 20, 2020, the Company paid a cash dividend of $ 0.1991 0.1615 0.1615 537 During the year ended December 31, 2020, the Company issued additional 260,495 On January 4, 2021 and April 2, 2021, following the second amendment to the Amended & Restated Promissory Note, the Company issued 64,446 and 47,827 , common shares respectively, at the volume weighted average closing share price for the 10-day period immediately prior to the quarter end, to settle the interest charged on the Amended & Restated Promissory Note as discussed in Note 3. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 8. Equity Capital Structure and Equity Incentive Plan: -Continued On February 24, 2021, the Company announced that it had closed definitive securities purchase agreements with a group of investors, which resulted in gross proceeds to the Company of $ 25,000 before deducting placement offering expenses. The Company issued 14,285,715 shares of common stock at a price of $ 1.75 per share. The Company used a portion of the net proceeds from the equity offering for the repayment of the Entrust Permal loan facility (see Note 7), improvement of working capital and some of the remaining proceeds for the vessel acquisition mentioned in Note 5 above. The securities offered and sold by the Company in the private placement were subsequently registered under the Securities Act, under a resale registration statement filed with the SEC which became effective on March 11, 2021. Common stock par value and additional paid in capital increased by $ 14 and $ 23,105 , respectively, from the issuance of common stock under the mentioned Private Investment in Public Equity (‘‘PIPE’’). The Company also issued to the placement agent on the closing date 428,571 five-year 2.1875 On May 14, 2021, the Company filed, with the Securities and Exchange Commission (“SEC”) a registration statement on Form F-3 (the “Shelf Registration Statement”), under which the Company 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 $ 250.0 million. The registration statement was declared effective by the SEC on May 25, 2021. On May 27, 2021, the existing unsecured Amended and Restated Promissory Note was restructured and amended as of May 27, 2021, on the following basis: a) repayment of $ 1,000 1,000 1,091,062 3,000 April 1, 2023 7.5 On December 20, 2021, the Company issued 4,139,003 0.7248 4,139,003 2,172 As of December 31, 2019, following the issuance and sale of 214,828 354 1.65 95,262 21,060,190 21,370,280 PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 8. Equity Capital Structure and Equity Incentive Plan: -Continued On June 16, 2021, Nasdaq notified the Company of noncompliance with the minimum bid price of $ 1.00 As of the date of this annual report, Mr. Valentis beneficially owned 22,827,922 or approximately 53.8% of our outstanding common shares. |
Loss per Common Share
Loss per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
Loss Per Common Share | |
Loss per Common Share | 9. Loss per Common Share The amounts shown in the accompanying Consolidated Statements of Comprehensive Loss for the years ended December 31, 2019, 2020 and 2021, are analyzed as follows: Schedule of Loss Per Common Share Year ended December 31, 2019 2020 2021 Net loss $ (8,330 ) $ (6,900 ) $ (12,338 ) Dividend Series A Convertible Preferred Stock — (82 ) (555 ) Net loss available to common stockholders $ (8,330 ) $ (6,982 ) $ (12,893 ) Weighted average number of common shares, basic and diluted 21,161,164 21,548,126 35,979,071 Loss per common share, basic and diluted $ (0.39 ) $ (0.32 ) $ (0.36 ) As of December 31, 2021, securities that could potentially dilute basic loss per share in the future that were not included in the computation of diluted loss per share, because to do so would have anti-dilutive effect, were any incremental shares of the unexercised warrants, calculated with the treasury stock method, as well as shares assumed to be converted with respect to the Series A Convertible Preferred Shares calculated with the if-converted method. At December 31, 2019, 2020 and 2021, there were no securities that could potentially dilute basic loss per share. |
Risk Management and Fair Value
Risk Management and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Risk Management And Fair Value Measurements | |
Risk Management and Fair Value Measurements | 10. Risk Management and Fair Value Measurements The principal financial assets of the Company consist of cash and cash equivalents, trade accounts receivable due from charterers and amounts due from related parties. The principal financial liabilities of the Company consist of long-term bank loans, trade accounts payable and a Promissory Note. Interest rate risk 10.0 million with a cap rate of 3.5 %. The interest rate cap will terminate on July 18, 2022 . Similarly, on July 16, 2021, the same subsidiary purchased an additional interest rate cap for the amount of $ 9.6 million at a cap rate of 2 % with a termination date of July 8, 2025 Credit risk PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 10. Risk Management and Fair Value Measurements: -Continued Currency risk Fair value: The Management has determined that the fair values of the assets and liabilities as of December 31, 2021, are as follows: Schedule of Fair Value of Assets and Liabilities Carrying Value Fair Value Cash and cash equivalents (including restricted cash) $ 9,874 $ 9,874 Trade accounts receivable $ 1,716 $ 1,716 Trade accounts payable $ 3,084 $ 3,084 Long-term debt with variable interest rates, net $ 77,780 $ 77,780 Promissory note with non-variable interest rate * $ 6,000 $ 5,956 Due to related parties $ 6,962 $ 6,962 * As at December 31, 2021, Carrying Value and the Theoretical Fair Value of the Promissory Note is $ 6,000 and $ 5,956 respectively. Assets measured at fair value on a recurring basis: Interest rate cap The Company’s interest rate cap does not qualify for hedge accounting. The Company adjusts its interest rate cap contract to fair market value at the end of every period and records the resulting gain or loss during the period in the Consolidated Statements of Comprehensive Loss. Information on the classification, the derivative fair value and the loss from financial derivative instrument included in the Consolidated Financial Statements is shown below: Schedule of Financial Derivative Instrument Location Consolidated Balance Sheets – Location December 31, December 31, Financial derivative instrument – Other non-current assets $ — $ 74 Schedule of Gains Losses on Derivative Instruments Consolidated Statements of Comprehensive Loss – Location December 31, 2020 December 31, 2021 Financial derivative instrument – Fair value at the beginning of the period $ (1 ) $ — Financial derivative instrument – Additions of the period — 74 Financial derivative instrument – Fair value as at period end — 74 Loss from financial derivative instrument $ (1 ) $ — Assets measured at fair value on a recurring basis: Interest rate cap The fair value of the Company’s interest rate cap agreement is determined based on market-based LIBOR rates. LIBOR rates are observable at commonly quoted intervals for the full term of the cap and therefore, are considered Level 2 items in accordance with the fair value hierarchy. Assets measured at fair value on a non-recurring basis: Long lived assets held and used and held for sale As of December 31, 2019, 2020 and 2021, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels held and used. This review indicated that such carrying amount was fully recoverable for the Company’s vessels held and used. No impairment loss was recognized for the years ended December 31, 2019, 2020 and 2021. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 10. Risk Management and Fair Value Measurements: -Continued On December 23, 2021, the Company entered into an agreement with a third-party to sell the small tankers, “Northsea Alpha” and “Northsea Beta” and the Company concluded that all the criteria required by the relevant accounting standard, ASC 360-10-45-9, for the classification of the vessels “Northsea Alpha” and “Northsea Beta” as “held for sale” were met. Long lived assets classified as held-for-sale are measured at the lower of their carrying amount or fair value less costs to sell. As at December 31, 2021, the Company has classified “Northsea Alpha” and “Northsea Beta” under Vessel held-for-sale on the Consolidated Balance Sheet, at an aggregate value of $8,509 representing the selling price of the vessels, net of costs to sell, based on the agreement signed with a third party to sell the vessels, on December 23, 2021. (Level 1 inputs of the fair value hierarchy). On December 20, 2021, the Company issued 4,139,003 common shares with an average price of $ 0.7248 per common share, to finance a portion of the acquisition price of the “Pyxis Lamda”. The fair value of these shares on delivery date was $ 2,172 and was determined through Level 1 input of the fair value hierarchy, based on NASDAQ closing price of PXS share as of the same date. On December 20, 2021, the Company issued to Maritime Investors $ 3.0 3.0 3.0 6.0 6.0 As of December 31, 2020 and 2021, the Company did not have any other assets or liabilities measured at fair value on a non-recurring basis. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Minimum contractual charter revenues: Future minimum contractual charter revenues, gross of 1.25% address commission and 1.25% brokerage commissions to Maritime and of any other brokerage commissions to third parties, based on the vessels’ committed, non-cancelable, long-term time charter contracts as of December 31, 2021, are as follows: Schedule of Future Minimum Contractual Charter Revenues Year ending December 31, Amount Minimum Contractual Charter Revenues 2022 $ 174 Total $ 174 Other |
Interest and Finance Costs, net
Interest and Finance Costs, net | 12 Months Ended |
Dec. 31, 2021 | |
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 Loss are analyzed as follows: Schedule of Interest and Finance Costs Year ended December 31, 2019 2020 2021 Interest on long-term debt (Note 7) $ 5,122 $ 4,184 $ 2,628 Interest on Promissory Note (Note 3) 395 452 335 Amortization of financing costs 258 328 247 Financing fees and charges — — 75 Total $ 5,775 $ 4,964 $ 3,285 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events Series A Convertible Preferred Shares Dividend Payments: 0.1615 218 Minimum liquidity deposi t : 1,500 to $ 1,000 , comprising of $ 500 for each vessel, upon receipt of a time charter employment for a period of at least of six months for one of the vessels. Completion of the Sale of the Two Small Tankers: 8,900 . The vessels were delivered to their buyers on January 28, 2022 and on March 1, 2022, respectively. An amount of $ 5,780 Uncertainties caused by the Russian-Ukrainian War: |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, no such interest existed. On January 1, 2020, the Company adopted ASU 2018-17, “Consolidation (Topic 810) – Targeted Improvements to Related Party Guidance for Variable Interest Entities”, which improves the accounting for the following areas: (i) applying the variable interest entity (VIE) guidance to private companies under common control and (ii) considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests, thereby improving general purpose financial reporting. The Company applied the amendments in this Update retrospectively, as required. The adoption of this new accounting guidance did not have a material effect on the Company’s Consolidated Financial Statements and related disclosures. |
Use of Estimates | (b) Use of Estimates |
Comprehensive Income / (Loss) | (c) Comprehensive Income / (Loss) |
Foreign Currency Translation | (d) Foreign Currency Translation : The functional currency of the Company is the U.S. dollar as the Company’s vessels operate in international shipping markets and, therefore, primarily transact business in U.S. dollars. The Company’s accounting records are maintained in U.S. dollars. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Resulting gains or losses are included in Vessel operating expenses in the accompanying Consolidated Statements of Comprehensive Loss. All amounts in the Consolidated Financial Statements are presented in thousand U.S. dollars rounded to the nearest thousand. |
Commitments and Contingencies | (e) Commitments and Contingencies |
Insurance Claims Receivable | (f) Insurance Claims Receivable : The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company’s fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies and the claim is not subject to litigation. The Company assessed the provisions of ASC 326 regarding the collectability of insurance claims recoveries and concluded that there is no material impact on the Company’s Consolidated Financial Statements as of the date of the adoption of ASC 326 on January 1, 2020 and as of December 31, 2020 and 2021, and thus no provision for credit losses was recorded as of those dates |
Concentration of Credit Risk | (g) Concentration of Credit Risk |
Cash and Cash Equivalents and Restricted Cash | (h) Cash and Cash Equivalents and Restricted Cash : The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. Restricted cash is associated with pledged retention accounts in connection with the loan repayments and minimum liquidity requirements under the loan agreements discussed in Note 7 and is presented separately in the accompanying Consolidated Balance Sheets. The Company assessed the provisions of ASC 326 for cash equivalents and restricted cash and concluded that there is no impact on the Company’s Consolidated Financial Statements as of the date of the adoption of ASC 326 on January 1, 2020 and as of December 31, 2020 and 2021 and thus no provision for credit losses was recorded as of those dates. |
Income Taxation | (i) Income Taxation Under the laws of the Republic of Malta, the country of incorporation of certain of the Company’s vessel-owning companies, and/or the vessels’ registration, these vessel-owning companies are not liable for any income tax on their income derived from shipping operations. The Republic of Malta is a country that has an income tax treaty with the United States. Accordingly, income earned by vessel-owning companies organized under the laws of the Republic of Malta may qualify for a treaty-based exemption. Specifically, Article 8 (Shipping and Air Transport) of the treaty sets out the relevant rule to the effect that profits of an enterprise of a Contracting State from the operation of ships in international traffic shall be taxable only in that State. |
Inventories | (j) Inventories |
Trade Accounts Receivable, Net | (k) Trade Accounts Receivable, Net : Under spot charters, the Company normally issues its invoices to charterers at the completion of the voyage. Invoices are due upon issuance of the invoice. Since the Company satisfies its performance obligation over the time of the spot charter, the Company recognizes its unconditional right to consideration in trade accounts receivable, net of an allowance for credit losses. Trade accounts receivable from spot charters as of December 31, 2020 and 2021, amounted to $ 671 and $ 1,736 , respectively. The allowance for expected credit losses at December 31, 2020 and 2021 was $ 9 and $ 20 , respectively (Note 2(l)). Under time charter contracts, the Company normally issues invoices on a monthly basis 30 days in advance of providing its services. Trade accounts receivable from time charters as of December 31, 2020 and 2021, amounted to $ 1 and nil , respectively. Hire collected in advance includes cash received in advance of performance under the contract prior to the balance sheet date and is realized when the associated revenue is recognized under the contract in periods after such date. The hire collected in advance as of December 31, 2020 and 2021, was $ 726 and nil , respectively and concerns hire received in advance from time charters. |
Allowance for credit losses | (l) Allowance for credit losses (9) The adoption of ASC 326 primarily impacted trade receivables recorded on Consolidated Balance Sheet. In particular, the Company assessed that any impairment of receivables arising from operating leases, i.e. time charters, should be accounted for in accordance with Topic 842, Leases, and not in accordance with Topic 326. Impairment of receivables arising from voyage charters, which are accounted for in accordance with Topic 606, Revenues from Contracts with Customers, are within the scope of Subtopic 326 and must therefore be assessed for expected credit losses. The Company assessed collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considered historical collectability based on past due status. The Company also considered customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. The Company maintains an allowance for credit losses for expected uncollectable accounts receivable, which is recorded as an offset to trade accounts receivable and changes in such, if any, are classified as Allowance of credit losses in the Consolidated Statements of Comprehensive Loss. As of December 31, 2020 and December 31, 2021, the Company concluded on an expected credit loss rate of 0.05% and 0.1% on the total outstanding receivables arising from voyage charters and 2.4% and 2.8% on outstanding receivables from demurrages. For the year ended December 31, 2020 no additional allowance was warranted, other than that recognized as of January 1, 2020 upon adoption of ASC326. For the year ended December 31, 2021, additional allowance of $11 was recognized and included in the accompanying Consolidated Statement of Comprehensive Loss for the year. |
Vessels, Net | (m) Vessels, Net : Vessels are stated at cost, which consists of the contract price or the fair value of the consideration given on the acquisition date and any material expenses incurred in connection with the acquisition (initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for her initial voyage, as well as professional fees directly associated with the vessel acquisition). Subsequent expenditures for major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise, these amounts are expensed as incurred. 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 per ton. Following the reassessment of the scrap rates effective October 1, 2021, the Company increased the estimated scrap rate per ton from $ 300 /ton to $ 340 /ton due to higher scrap rates worldwide. This change in accounting estimate which did not require retrospective adoption as per ASC 250 “Accounting Changes and Error Corrections,” will result in a decrease in the future annual depreciation of $130. For fiscal year 2021, the effect of the change in the estimate on the depreciation charge and on net loss was a decrease of approximately $ 32 with no effect in the loss per share. 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 : The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount plus the unamortized dry-dock and survey balances of these assets may not be recoverable. In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to time charter equivalent rates by vessel type, while other assumptions include vessels’ operating expenses, management fees, 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. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: 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 the most recent seven year historical average rates 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 96 % for the unfixed days, 98.6 0.34 per lightweight ton in accordance with the vessels’ depreciation policy. Should the carrying value plus the unamortized dry-dock and survey balance of the vessel exceed its estimated future undiscounted net operating cash flows, impairment is measured based on the excess of the carrying value plus the unamortized dry-dock and survey balance of the vessel over the fair market value of the asset. The Company determines the fair value of its vessels based on management estimates and assumptions and by making use of available market data and taking into consideration third party valuations. The review of the carrying amounts plus the unamortized dry-dock and survey balances in connection with the estimated recoverable amount of the Company’s vessels as of December 31, 2019, 2020 and 2021, did no t indicate any impairment charge. |
Long-lived Assets Classified as Held for Sale | (o) Long-lived Assets Classified as Held for Sale : The Company classifies long-lived assets and disposal groups as being held-for-sale in accordance with ASC 360, “Property, Plant and Equipment”, when: (i) management, having the authority to approve the action, commits to a plan to sell the asset; (ii) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets classified as held-for-sale are measured at the lower of their carrying amount or fair value less costs to sell. According to ASC 360-10-35, the fair value less costs to sell of the long-lived asset (disposal group) should be assessed at each reporting period it remains classified as held-for-sale. Subsequent changes in the long-lived asset’s fair value less costs to sell (increase or decrease) would be reported as an adjustment to its carrying amount, not exceeding the carrying amount of the long-lived asset at the time it was initially classified as held-for-sale. These long-lived assets are not depreciated once they meet the criteria to be classified as held-for-sale and are classified in current assets on the Consolidated Balance Sheet (Notes 5 and 6). |
Financial Derivative Instruments | (p) Financial Derivative Instruments : The Company enters into interest rate derivatives to manage its exposure to fluctuations of interest rate risk associated with its borrowings. All derivatives are recognized in the Consolidated Financial Statements at their fair value. The fair value of the interest rate derivatives is based on a discounted cash flow analysis. When such derivatives do not qualify for hedge accounting, the Company recognizes their fair value changes in current period earnings. When the derivatives qualify for hedge accounting, the Company recognizes the effective portion of the gain or loss on the hedging instrument directly in other comprehensive income / (loss), while the ineffective portion, if any, is recognized immediately in current period earnings. The Company, at the inception of the transaction, documents the relationship between the hedged item and the hedging instrument, as well as its risk management objective and the strategy of undertaking various hedging transactions. The Company also assesses at hedge inception whether the hedging instruments are highly effective in offsetting changes in the cash flows of the hedged items. The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or its designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the consolidated statement of comprehensive loss. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to the current period’s consolidated statement of comprehensive loss as financial income or expense. |
Accounting for Special Survey and Dry-docking Costs | (q) Accounting for Special Survey and Dry-docking Costs : The Company follows the deferral method of accounting for special survey and dry-docking costs, whereby actual costs incurred at the yard and parts used in the dry-docking or special survey, are deferred and are amortized on a straight-line basis over the period through the date the next survey is scheduled to become due. Costs deferred are limited to actual costs incurred at the shipyard and costs incurred in the dry-docking or special survey. If a dry-dock or a survey is performed prior to the scheduled date, any remaining unamortized balances of the previous dry-dock and survey are immediately written-off. Unamortized dry-dock and survey balances of vessels that are sold are written-off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: Furthermore, unamortized dry-docking and special survey balances of vessels that are classified as Assets held-for-sale and are not recoverable as of the date of such classification are immediately written-off and included in the resulting loss on vessels held-for-sale. |
Financing Costs | (r) Financing Costs : Costs associated with new loans or refinancing of existing ones, which meet the criteria for debt modification, including fees paid to lenders or required to be paid to third parties on the lender’s behalf for obtaining new loans or refinancing existing loans, are recorded as a direct deduction from the carrying amount of the debt liability. Such costs are deferred and amortized to Interest and finance costs in the Consolidated Statements of Comprehensive Loss during the life of the related debt using the effective interest method. For loans repaid or refinanced that meet the criteria of debt extinguishment, the difference between the settlement price and the net carrying amount of the debt being extinguished (which includes any deferred debt issuance costs) is recognized as a gain or loss in the Consolidated Statement of Comprehensive Loss. Commitment fees relating to undrawn loan principal are expensed as incurred. |
Fair Value Measurements | (s) Fair Value Measurements : The Company follows the provisions of ASC 820 “Fair Value Measurements and Disclosures”, which defines fair value and provides guidance for using fair value to measure assets and liabilities. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at the fair value in one of the following categories: ● Level 1: Quoted market prices in active markets for identical assets or liabilities; ● Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; ● Level 3: Unobservable inputs that are not corroborated by market data. |
Segment Reporting | (t) Segment Reporting : The Company reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers, i.e., spot or time charters. The Company does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide (subject to certain agreed exclusions) and, as a result, the disclosure of geographic information is impracticable. As a result, management, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under one reportable segment. |
Income/(Loss) per Share | (u) Income/(Loss) per Share : Basic income/(loss) per share is computed by dividing the net income/(loss) attributable to common shareholders by the weighted average number of common shares outstanding during the period. The computation of diluted income/(loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at the beginning of the periods presented, or issuance date, if later. The treasury stock method is used to compute the dilutive effect of warrants and shares issued under the equity incentive plan and the Promissory Note. The if-converted method is used to compute the dilutive effect of shares which could be issued upon conversion of the Series A Convertible Preferred Shares into common shares. Potential common shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share. As the Company reported losses for the years ended December 31, 2019, 2020 and 2021, the effect of any incremental shares would be antidilutive and thus excluded from the computation of loss per share. |
Going Concern | (v) Going Concern : The Company performs cash flow projections on a regular basis to evaluate whether it will be in a position to cover its liquidity needs for the next 12-month period and in compliance with the financial and security collateral cover ratio covenants under its existing debt agreements. In developing estimates of future cash flows, the Company makes assumptions about the vessels’ future performance, with significant assumptions relating to time charter equivalent rates by vessel type, vessels’ operating expenses, vessels’ capital expenditures, fleet utilization, the Company’s management fees and general and administrative expenses, and cash flow requirements for debt servicing. The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations. As of December 31, 2021, the Company had a working capital deficit of $ 3,728, defined as current assets minus current liabilities. The Company considered such deficit in conjunction with the future market prospects and potential future financings. As of the filing date of these 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 the cash generated from the vessels’ operations. The Company believes that will be in compliance with the financial and security collateral cover ratio covenants under its existing debt agreements for the next 12-month period. |
Revenues, net | (w) Revenues, net : The Company generates its revenues from charterers. The vessels are chartered using either spot charters, where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified charter rate, or time charters, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. The following table presents the Company’s revenue disaggregated by revenue source, net of commissions, for the years ended December 31, 2019, 2020 and 2021: Schedule of Revenue Disaggregated by Revenue Source 2019 2020 2021 Year ended December 31, 2019 2020 2021 Revenues derived from spot charters, net $ 8,067 $ 7,022 $ 13,711 Revenues derived from time charters, net 19,686 14,689 11,630 Revenues, net $ 27,753 $ 21,711 $ 25,341 Revenue from customers (ASC 606): Revenue from Contracts with Customers (Topic 606) The Company assessed its contracts with charterers for spot charters and concluded that there is one single performance obligation for its spot charter, which is to provide the charterer with a transportation service within a specified time period. In addition, the Company has concluded that a spot charter meets the criteria to recognize revenue over time as the charterer simultaneously receives and consumes the benefits of the Company’s performance. The adoption of this standard resulted in a change whereby the Company’s method of revenue recognition changed from discharge-to-discharge (assuming a new charter has been agreed before the completion of the previous spot charter) to load-to-discharge. This resulted in no revenue being recognized from discharge of the prior spot charter to loading of the current spot charter and all revenue being recognized from loading of the current spot charter to discharge of the current spot charter. This change results in revenue being recognized later in the voyage, which may cause additional volatility in revenues and earnings between periods. Demurrage income represents payments by a charterer to a vessel owner when loading or discharging time exceeds the stipulated time in the spot charter. The Company has determined that demurrage represents a variable consideration and estimates demurrage at contract inception. Demurrage income estimated, net of address commission, is recognized over the time of the charter as the performance obligation is satisfied. Under a spot charter, the Company incurs and pays for certain voyage expenses, primarily consisting of brokerage commissions, port and canal costs and bunker consumption, during the spot charter (load-to-discharge) and during the ballast voyage (date of previous discharge to loading, assuming a new charter has been agreed before the completion of the previous spot charter). Before the adoption of ASC 606, all voyage expenses were expensed as incurred, except for brokerage commissions. Brokerage 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. Under ASC 606 and after the implementation of ASC 340-40 “Other assets and deferred costs” PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: In addition, pursuant to this standard and the Leases standard (discussed below), as of January 1, 2018, the Company elected to present Revenues net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue in the accompanying Consolidated Statements of Comprehensive Loss. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less, in accordance with the optional exception in ASC 606. |
Leases | Leases : The Company adopted the lease standard “ Leases” ASC 842 the lease component of the time charter contracts, if accounted for separately, would be classified as an operating lease, and Upon adoption of ASC 842, the Company made an accounting policy election to not recognize contract fulfillment costs for time charters under ASC 340-40. Revenues for the years ended December 31, 2019, 2020 and 2021, deriving from significant charterers individually accounting for 10 Summary of Revenue from Significant Charterers for 10% or More of Revenue Charterer Year ended December 31, 2019 2020 2021 A 71 % 58 % 27 % B — 16 % 17 % C — — 12 % Total 71 % 74 % 56 % The maximum aggregate amount of loss due to credit risk, net of related allowances, that the Company would incur if the aforementioned charterers failed completely to perform according to the terms of the relevant charter parties, amounted to $ 738 nil |
Restricted Cash | (x) Restricted Cash : The Company follows the provisions of ASU 2016-18 “ Statement of Cash Flows (Topic 230): Restricted Cash 3,735 , $ 2,417 and $ 3,694 as at December 31, 2019, 2020 and 2021, respectively, has been aggregated with cash and cash equivalents in both the beginning-of-year and end-of-year line items of the consolidated statements of cash flows for each of the periods presented. The implementation of this update has no impact on the Company’s Consolidated Balance Sheet and consolidated statement of comprehensive loss. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying Consolidated Balance Sheets that are presented in the accompanying consolidated statement of cash flows for the years ended December 31, 2019, 2020 and 2021. Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash 2019 2020 2021 December 31, 2019 2020 2021 Cash and cash equivalents $ 1,441 $ 1,620 $ 6,180 Restricted cash, current portion 535 — 944 Restricted cash, net of current portion 3,200 2,417 2,750 Total cash and cash equivalents and restricted cash $ 5,176 $ 4,037 $ 9,874 |
Business combinations | (y) Business combinations : The Company follows the provisions of ASU No. 2017-01, “Business Combinations” (Topic 805) which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. Under current implementation guidance, the existence of an integrated set of acquired activities (inputs and processes that generate outputs) constitutes an acquisition of business. This ASU provides a screen to determine when a set of assets and activities does not constitute a business. |
Debt Modifications and Extinguishments | (z) Debt Modifications and Extinguishments : The Company follows the provisions of ASC 470-50, Modifications and Extinguishments, to account for all modifications or extinguishments of debt instruments, except debt that is extinguished through a troubled debt restructuring or a conversion of debt to equity securities of the debtor pursuant to conversion privileges provided in terms of the debt at issuance. This standard also provides guidance on whether an exchange of debt instruments with the same creditor constitutes an extinguishment and whether a modification of a debt instrument should be accounted for in the same manner as an extinguishment. In circumstances where an exchange of debt instruments or a modification of a debt instrument does not result in extinguishment accounting, this standard provides guidance on the appropriate accounting treatment. On July 8, 2020, Seventhone entered into a $ 15,250 secured loan agreement with a new lender, for the purpose of refinancing the outstanding indebtedness of $ 11,293 under the previous loan facility, which was fully settled on the same day. The Company considered the guidance under ASC 470-50 “Debt Modifications and Extinguishments” and concluded that the transaction should be accounted for as debt extinguishment (Note 7). Upon repayment of this loan facility, the Company did not incur any additional fees related to the extinguishment. On March 30, 2021, Eightone’s entered into a $ 17,000 24,000 The Company considered the guidance under ASC 470-50 “Debt Modifications and Extinguishments” and concluded that the transaction should be accounted for as debt extinguishment (Note 7). Upon repayment of this loan in full, the Company incurred a loss on debt extinguishment of approximately $ 458 containing an early repayment fee and a write off of the unamortized deferred finance fees related to the extinguishment. This loss is included in “Loss from debt extinguishment” in the accompanying Consolidated Statement of Comprehensive Loss Upon repayment of the credit facility referred above, the maturity date for the Promissory Note (Note 3) became March 30, 2022. The existing Promissory Note was restructured and amended as of May 27, 2021 on the following basis: a) repayment on June 17, 2021 of $ 1,000 in principal and $ 433 for accrued interest, b) conversion on June 17, 2021 of $ 1,000 of principal into 1,091,062 restricted common shares of the Company and c) remaining balance of $ 3,000 in principal will have a maturity date of April 1, 2023 and interest shall accrue at annual rate of 7.5% , since June 17, 2021, payable quarterly in cash. Furthermore, and in conjunction with the acquisition of the “Pyxis Lamda”, the Promissory Note was further amended on December 20, 2021, increasing the principal balance from $ 3,000 to $ 6,000 with maturity date on April 1, 2024 . Also, the Company considered the guidance under ASC 470-50 “Debt Modifications and Extinguishments” for both transactions with respect to the Promissory Note and concluded that the first should be accounted for as a debt modification and the second as a debt extinguishment. Upon the aforementioned Promissory Note amendment, the Company did not recognize any loss or gain on debt extinguishment, as these transactions incurred additional fees or finance fee write-offs PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: On December 20, 2021, the Company entered into a new $ 29,000 senior loan facility with an existing lender, under which borrowings, of an amount of $ 7,320 was used to refinance Fourthone’s existing indebtedness secured by the “Pyxis Malou”. The Company considered the guidance under ASC 470-50 “Debt Modifications and Extinguishments” and concluded that the transaction should be accounted for as debt extinguishment (Note 7). Upon repayment of this loan in full, the Company incurred a loss on debt extinguishment of approximately $ 83 containing an early repayment fee and a write off of the unamortized deferred finance fees related to the extinguishment and is included in Loss from debt extinguishment in the accompanying Consolidated Statement of Comprehensive Loss. |
Distinguishing Liabilities from Equity | (aa) Distinguishing Liabilities from Equity : The Company follows the provisions of ASC 480 “Distinguishing liabilities from equity” to determine the classification of certain freestanding financial instruments as either liabilities or equity. The Company in its assessment for the accounting of the Series A Convertible Preferred Shares and warrants issued in connection with the October 13, 2020 public offering and the July 16, 2021, follow-on offering, has taken into consideration ASC 480 “Distinguishing liabilities from equity” and determined that the Series A Convertible Preferred Shares and warrants should be classified as equity instead of liability (Note 8). The Company further analyzed key features of the Series A Convertible Preferred Shares and detachable warrants to determine whether these are more akin to equity or to debt and concluded that the Series A Convertible Preferred Shares and warrants are equity-like. In its assessment, the Company identified certain embedded features and examined whether these fall under the definition of a derivative according to ASC 815 applicable guidance or whether certain of these features affected the classification. Derivative accounting was deemed inappropriate and thus no bifurcation of these features was performed. |
New Accounting Pronouncements – | (ab) New Accounting Pronouncements – Not Yet Adopted: In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion model. As compared with current U.S. GAAP, more convertible debt instruments will be reported as a single liability instrument and the interest rate of more convertible debt instruments will be closer to the coupon interest rate. The ASU also aligns the consistency of diluted Earnings Per Share (“EPS”) calculations for convertible instruments by requiring that (1) an entity use the if-converted method and (2) share settlement be included in the diluted EPS calculation for both convertible instruments and equity contracts when those contracts include an option of cash settlement or share settlement. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The FASB has specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company will evaluate its debt contracts and the effects of this standard on its consolidated financial position, results of operations, and cash flows prior to adoption. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments (Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). The ASU addresses the diversity in practice in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (e.g., warrants) that remain equity classified after modification or exchange. Under the guidance, an issuer determines the accounting for the modification or exchange based on whether the transaction was done to issue equity, to issue or modify debt or for other reasons. The ASU is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but entities need to apply the guidance as of the beginning of the fiscal year that includes the interim period in which they choose to early adopt the guidance. The guidance is applied prospectively to all modifications or exchanges that occur on or after the date of adoption. The Company is currently evaluating the impact this guidance may have on its Consolidated Financial Statements and related disclosures. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2020 and 2021 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: -Continued: In July 2021, the FASB issued ASU No. 2021-05 Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments. The ASU amends the lessor lease classification guidance in ASC 842 for leases that include any amount of variable lease payments that are not based on an index or rate. If such a lease meets the criteria in ASC 842-10-25-2 through 25-3 for classification as either a sales-type or direct financing lease, and application of the sales-type or direct financing lease recognition guidance would result in recognition of a selling loss, then the amendments require the lessor to classify the lease as an operating lease. For public business entities that have adopted ASC 842 as of July 19, 2021, the amendments in ASU 2021-05 are effective for fiscal years beginning after Dec 15, 2021 and for interim periods within those fiscal years. The Company is currently evaluating the impact this guidance may have on its Consolidated Financial Statements and related disclosures. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Ownership and Operation of Tanker Vessels | All of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below: Schedule of Ownership and Operation of Tanker Vessels Vessel-owning Company Incorporation date Vessel 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 Seventhone 05/31/2011 Pyxis Theta 51,795 2013 09/16/2013 Eighthone 02/08/2013 Pyxis Epsilon 50,295 2015 01/14/2015 Tenthone 04/22/2021 Pyxis Karteria 46,652 2013 07/15/2021 Eleventhone 11/09/2021 Pyxis Lamda 50,145 2017 12/20/2021 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Revenue Disaggregated by Revenue Source | The following table presents the Company’s revenue disaggregated by revenue source, net of commissions, for the years ended December 31, 2019, 2020 and 2021: Schedule of Revenue Disaggregated by Revenue Source 2019 2020 2021 Year ended December 31, 2019 2020 2021 Revenues derived from spot charters, net $ 8,067 $ 7,022 $ 13,711 Revenues derived from time charters, net 19,686 14,689 11,630 Revenues, net $ 27,753 $ 21,711 $ 25,341 |
Summary of Revenue from Significant Charterers for 10% or More of Revenue | Revenues for the years ended December 31, 2019, 2020 and 2021, deriving from significant charterers individually accounting for 10 Summary of Revenue from Significant Charterers for 10% or More of Revenue Charterer Year ended December 31, 2019 2020 2021 A 71 % 58 % 27 % B — 16 % 17 % C — — 12 % Total 71 % 74 % 56 % |
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying Consolidated Balance Sheets that are presented in the accompanying consolidated statement of cash flows for the years ended December 31, 2019, 2020 and 2021. Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash 2019 2020 2021 December 31, 2019 2020 2021 Cash and cash equivalents $ 1,441 $ 1,620 $ 6,180 Restricted cash, current portion 535 — 944 Restricted cash, net of current portion 3,200 2,417 2,750 Total cash and cash equivalents and restricted cash $ 5,176 $ 4,037 $ 9,874 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss | Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss 2019 2020 2021 Year ended December 31, 2019 2020 2021 Included in Voyage related costs and commissions Charter hire commissions $ 351 $ 276 $ 322 Included in Management fees, related parties Ship-management Fees 724 637 716 Included in General and administrative expenses Administration Fees 1,628 1,632 1,632 Total $ 2,703 $ 2,545 $ 2,670 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows: Schedule of Inventories December 31, 2020 December 31, 2021 Lubricants $ 348 $ 552 Bunkers 333 1,015 Total $ 681 $ 1,567 |
Vessels, net (Tables)
Vessels, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Vessels | The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows: Schedule of Vessels Vessel Cost Accumulated Net Book Value Balance January 1, 2020 $ 108,523 $ (21,016 ) $ 87,507 Vessel additions 685 — 685 Depreciation — (4,418 ) (4,418 ) Balance December 31, 2020 $ 109,208 $ (25,434 ) $ 83,774 Vessel acquisition - “Pyxis Karteria” 20,000 — 20,000 Vessel acquisition - “Pyxis Lamda” 31,172 — 31,172 Vessel additions 45 — 45 Transfer to vessels held-for-sale (12,250 ) 1,881 (10,369 ) Depreciation — (4,898 ) (4,898 ) Balance December 31, 2021 $ 148,175 $ (28,451 ) $ 119,724 |
Deferred dry dock and special_2
Deferred dry dock and special survey costs, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Dry Dock And Special Survey Costs Net | |
Schedule of Deferred Charges | The movement in deferred charges, net, in the accompanying Consolidated Balance Sheets are as follows: Schedule of Deferred Charges Dry docking costs 2019 2020 2021 Balance January 1, $ 740 $ 779 $ 1,594 Additions 435 1,068 253 Amortization of special survey costs (240 ) (253 ) (406 ) Transfer to vessels held-for-sale (156 ) — (529 ) Balance December 31, $ 779 $ 1,594 $ 912 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | The amounts shown in the accompanying Consolidated Balance Sheets at December 31, 2020 and 2021, are analyzed as follows: Schedule of Long-Term Debt Vessel (Borrower) December 31, December 31, (a) “Northsea Alpha” (Secondone) $ 3,290 $ 2,890 (a) “Northsea Beta” (Thirdone) 3,290 2,890 (b) “Pyxis Malou” (Fourthone) 8,730 7,320 (c) “Pyxis Theta” (Seventhone) 14,950 13,750 (d) “Pyxis Epsilon” (Eighthone) 24,000 16,100 (e) “Pyxis Karteria” (Tenthone) — 13,150 (b) “Pyxis Lamda” (Eleventhone) — 21,680 Total $ 54,260 $ 77,780 Current portion $ 3,410 $ 12,030 Less: Current portion of deferred financing costs (155 ) (335 ) Current portion of long-term debt, net of deferred financing costs, current $ 3,255 $ 11,695 Long-term portion $ 50,850 $ 65,750 Less: Non-current portion of deferred financing costs (519 ) (870 ) Long-term debt, net of current portion and deferred financing costs, non-current $ 50,331 $ 64,880 |
Schedule of Principal Payments | The annual principal payments required to be made after December 31, 2021, are as follows: Schedule of Principal Payments To December 31, Amount 2022 $ 12,030 2023 6,100 2024 6,100 2025 and thereafter 53,550 Total $ 77,780 |
Loss per Common Share (Tables)
Loss per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Loss Per Common Share | |
Schedule of Loss Per Common Share | The amounts shown in the accompanying Consolidated Statements of Comprehensive Loss for the years ended December 31, 2019, 2020 and 2021, are analyzed as follows: Schedule of Loss Per Common Share Year ended December 31, 2019 2020 2021 Net loss $ (8,330 ) $ (6,900 ) $ (12,338 ) Dividend Series A Convertible Preferred Stock — (82 ) (555 ) Net loss available to common stockholders $ (8,330 ) $ (6,982 ) $ (12,893 ) Weighted average number of common shares, basic and diluted 21,161,164 21,548,126 35,979,071 Loss per common share, basic and diluted $ (0.39 ) $ (0.32 ) $ (0.36 ) |
Risk Management and Fair Valu_2
Risk Management and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Risk Management And Fair Value Measurements | |
Schedule of Fair Value of Assets and Liabilities | Fair value: The Management has determined that the fair values of the assets and liabilities as of December 31, 2021, are as follows: Schedule of Fair Value of Assets and Liabilities Carrying Value Fair Value Cash and cash equivalents (including restricted cash) $ 9,874 $ 9,874 Trade accounts receivable $ 1,716 $ 1,716 Trade accounts payable $ 3,084 $ 3,084 Long-term debt with variable interest rates, net $ 77,780 $ 77,780 Promissory note with non-variable interest rate * $ 6,000 $ 5,956 Due to related parties $ 6,962 $ 6,962 * As at December 31, 2021, Carrying Value and the Theoretical Fair Value of the Promissory Note is $ 6,000 and $ 5,956 respectively. |
Schedule of Financial Derivative Instrument Location | Schedule of Financial Derivative Instrument Location Consolidated Balance Sheets – Location December 31, December 31, Financial derivative instrument – Other non-current assets $ — $ 74 |
Schedule of Gains Losses on Derivative Instruments | Schedule of Gains Losses on Derivative Instruments Consolidated Statements of Comprehensive Loss – Location December 31, 2020 December 31, 2021 Financial derivative instrument – Fair value at the beginning of the period $ (1 ) $ — Financial derivative instrument – Additions of the period — 74 Financial derivative instrument – Fair value as at period end — 74 Loss from financial derivative instrument $ (1 ) $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Contractual Charter Revenues | Future minimum contractual charter revenues, gross of 1.25% address commission and 1.25% brokerage commissions to Maritime and of any other brokerage commissions to third parties, based on the vessels’ committed, non-cancelable, long-term time charter contracts as of December 31, 2021, are as follows: Schedule of Future Minimum Contractual Charter Revenues Year ending December 31, Amount Minimum Contractual Charter Revenues 2022 $ 174 Total $ 174 |
Interest and Finance Costs, n_2
Interest and Finance Costs, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interest And Finance Costs Net | |
Schedule of Interest and Finance Costs | The amounts in the accompanying Consolidated Statements of Comprehensive Loss are analyzed as follows: Schedule of Interest and Finance Costs Year ended December 31, 2019 2020 2021 Interest on long-term debt (Note 7) $ 5,122 $ 4,184 $ 2,628 Interest on Promissory Note (Note 3) 395 452 335 Amortization of financing costs 258 328 247 Financing fees and charges — — 75 Total $ 5,775 $ 4,964 $ 3,285 |
Schedule of Ownership and Opera
Schedule of Ownership and Operation of Tanker Vessels (Details) - Vessels [Member] Integer in Thousands | 12 Months Ended |
Dec. 31, 2021Integer | |
Secondone Corporation Ltd [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date of incorporation | May 23, 2007 |
Vessel | Northsea Alpha |
DWT | 8,615 |
Year built | 2010 |
Acquisition date | May 28, 2010 |
Thirdone Corporation Ltd [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date of incorporation | May 23, 2007 |
Vessel | Northsea Beta |
DWT | 8,647 |
Year built | 2010 |
Acquisition date | May 25, 2010 |
Fourthone Corporation Ltd [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date of incorporation | May 30, 2007 |
Vessel | Pyxis Malou |
DWT | 50,667 |
Year built | 2009 |
Acquisition date | Feb. 16, 2009 |
Seventhone Corp [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date of incorporation | May 31, 2011 |
Vessel | Pyxis Theta |
DWT | 51,795 |
Year built | 2013 |
Acquisition date | Sep. 16, 2013 |
Eighthone Corp [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date of incorporation | Feb. 8, 2013 |
Vessel | Pyxis Epsilon |
DWT | 50,295 |
Year built | 2015 |
Acquisition date | Jan. 14, 2015 |
Tenthone Corp [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date of incorporation | Apr. 22, 2021 |
Vessel | Pyxis Karteria |
DWT | 46,652 |
Year built | 2013 |
Acquisition date | Jul. 15, 2021 |
Eleventhone Corp [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date of incorporation | Nov. 9, 2021 |
Vessel | Pyxis Lamda |
DWT | 50,145 |
Year built | 2017 |
Acquisition date | Dec. 20, 2021 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (Details Narrative) $ in Thousands | Apr. 23, 2015USD ($) | Dec. 31, 2021Integer |
Restructuring Cost and Reserve [Line Items] | ||
Entity ownership interest | 100.00% | |
LOOKSMART LTD. ("LS") [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Expenses of merger | $ | $ 600 | |
Mr Valentis [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Percentage of beneficially owned common stock | 53.80% | |
Vessel Ownership [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Number of vessel ownership interest entities | Integer | 7 |
Schedule of Revenue Disaggregat
Schedule of Revenue Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Product Information [Line Items] | |||
Revenues, net | $ 25,341 | $ 21,711 | $ 27,753 |
Revenues Derived from Spot Charters, Net [Member] | |||
Product Information [Line Items] | |||
Revenues, net | 13,711 | 7,022 | 8,067 |
Revenues Derived from Time Charters, Net [Member] | |||
Product Information [Line Items] | |||
Revenues, net | $ 11,630 | $ 14,689 | $ 19,686 |
Summary of Revenue from Signifi
Summary of Revenue from Significant Charterers for 10% or More of Revenue (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Charterer A [Member] | |||
Product Information [Line Items] | |||
Total | 27.00% | 58.00% | 71.00% |
Charterer B [Member] | |||
Product Information [Line Items] | |||
Total | 17.00% | 16.00% | |
Charterer C [Member] | |||
Product Information [Line Items] | |||
Total | 12.00% | ||
Charterers [Member] | |||
Product Information [Line Items] | |||
Total | 56.00% | 74.00% | 71.00% |
Schedule of Reconciliation of C
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 6,180 | $ 1,620 | $ 1,441 |
Restricted cash, current portion | 944 | 535 | |
Restricted cash, net of current portion | 2,750 | 2,417 | 3,200 |
Total cash and cash equivalents and restricted cash | $ 9,874 | $ 4,037 | $ 5,176 |
Significant Accounting Polici_4
Significant Accounting Policies (Details Narrative) | Dec. 21, 2021USD ($) | Dec. 20, 2021USD ($) | Jun. 17, 2021USD ($)shares | Mar. 30, 2021USD ($) | Mar. 30, 2021USD ($) | Dec. 31, 2021USD ($)Segment$ / t | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 17, 2021USD ($) | Jul. 08, 2021USD ($) | Jul. 08, 2020USD ($) |
Product Information [Line Items] | |||||||||||
Accounts Receivable, before Allowance for Credit Loss, Current | $ 1,736,000 | $ 672,000 | |||||||||
Accounts Receivable, Allowance for Credit Loss, Current | 20,000 | 9,000 | |||||||||
Hire collected in advance | 726,000 | ||||||||||
Cumulative adjustment of accumulated deficit | $ (9) | ||||||||||
Credit loss description | the Company concluded on an expected credit loss rate of 0.05% and 0.1% on the total outstanding receivables arising from voyage charters and 2.4% and 2.8% on outstanding receivables from demurrages. | ||||||||||
[custom:ResidualValuePerLightweightTon-0] | $ / t | 0.34 | ||||||||||
Depreciation | $ 4,898,000 | 4,418,000 | $ 5,320,000 | ||||||||
Property, Plant and Equipment, Useful Life | 25 years | ||||||||||
[custom:EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveys-0] | 96.00% | ||||||||||
Estimated fleet utilization rate depending on the type of the vessel | 98.60% | ||||||||||
Impairment, Long-Lived Asset, Held-for-Use | $ 0 | 0 | |||||||||
Number of Reportable Segments | Segment | 1 | ||||||||||
[custom:WorkingCapitalDeficit-0] | $ 3,728,000 | ||||||||||
Maximum aggregate amount of loss due to credit risk | 738 | ||||||||||
Restricted Cash | 3,694,000 | 2,417,000 | 3,735,000 | ||||||||
Gain (Loss) on Extinguishment of Debt | $ 458,000 | $ (541,000) | |||||||||
Promissory Note [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 6,000,000 | $ 3,000,000 | $ 1,000,000 | ||||||||
Interest Payable | $ 433,000 | ||||||||||
Debt Conversion, Converted Instrument, Amount | $ 1,000,000 | ||||||||||
Debt Instrument, Maturity Date | Apr. 1, 2024 | Apr. 1, 2023 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ||||||||||
Promissory Note [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 1,091,062 | ||||||||||
Eighthone Corp [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Line of credit | $ 24,000 | 24,000 | |||||||||
Secured Debt [Member] | Eighthone Corp [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Credit facility refinanced amount | $ 17,000 | ||||||||||
Gain (Loss) on Extinguishment of Debt | $ 458,000 | ||||||||||
Senior Loan Facility [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Credit facility refinanced amount | $ 7,320,000 | ||||||||||
Gain (Loss) on Extinguishment of Debt | $ 83,000 | ||||||||||
Debt Instrument, Face Amount | $ 29,000,000 | ||||||||||
Secured Loan - Seventhone Corp. [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Sixthone Corp [Member] | $ 15,250,000 | $ 15,250,000 | |||||||||
Previous Secured Loan - Seventhone Corp [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Sixthone Corp [Member] | $ 11,293,000 | $ 11,293,000 | |||||||||
Minimum [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
[custom:ResidualValuePerLightweightTon-0] | $ / t | 300 | ||||||||||
Maximum [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
[custom:ResidualValuePerLightweightTon-0] | $ / t | 340 | ||||||||||
Depreciation | $ 32 | ||||||||||
Spot Charters [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Accounts Receivable, before Allowance for Credit Loss, Current | $ 1,736,000 | 671,000 | |||||||||
Time Charters [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Accounts Receivable, before Allowance for Credit Loss, Current | $ 1,000 |
Schedule of Amounts Charged by
Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |||
Charter hire commissions | $ 322 | $ 276 | $ 351 |
Ship-management Fees | 716 | 637 | 724 |
Administration Fees | 1,632 | 1,632 | 1,628 |
Total | $ 2,670 | $ 2,545 | $ 2,703 |
Transactions with Related Par_3
Transactions with Related Parties (Details Narrative) - USD ($) | Dec. 20, 2021 | Nov. 15, 2021 | Nov. 15, 2021 | Jun. 17, 2021 | May 14, 2020 | Oct. 28, 2015 | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 17, 2021 | Jun. 16, 2021 | Mar. 30, 2021 | Sep. 27, 2018 |
Related Party Transaction [Line Items] | ||||||||||||||||
Administration fees payable to related party | $ 1,632,000 | $ 1,632,000 | $ 1,628,000 | |||||||||||||
Due from related parties | 2,308 | 2,308 | ||||||||||||||
Due to related parties | 3,967 | 3,967 | ||||||||||||||
Outstanding balance of promissory note | 6,000,000 | 5,000,000 | ||||||||||||||
Cash on hand | $ 7,000,000 | |||||||||||||||
Due to related parties | 6,962,000 | |||||||||||||||
Promissory Note [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |||||||||||||||
Debt Instrument, Maturity Date | Apr. 1, 2024 | Apr. 1, 2023 | ||||||||||||||
Debt Instrument, Face Amount | $ 6,000,000 | $ 3,000,000 | $ 1,000,000 | |||||||||||||
Interest Payable | 433,000 | |||||||||||||||
Fair value of shares issued for debt conversion | $ 1,000,000 | |||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 0.9165 | |||||||||||||||
Amount payable in cash | $ 1,000,000 | |||||||||||||||
Promissory Note [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Number of shares issued for debt conversion | 1,091,062 | |||||||||||||||
Maritime Investors Promissory Note [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Promissory note issued | $ 2,500,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 2.75% | 11.00% | |||||||||||||
Debt Instrument, Maturity Date | Jan. 15, 2017 | |||||||||||||||
Increase in promissory note issued | $ 5,000,000 | |||||||||||||||
Interest rate paid in cash | 4.50% | 1.00% | ||||||||||||||
Debt Instrument, Maturity Date, Description | the Company entered into a second amendment to the Amended & Restated Promissory Note which (i) extended the repayment of the outstanding principal, in whole or in part, until the earlier of a) one year after the repayment of the credit facility of Eighthone with Entrust Global Permal (the “Credit Facility”) on September 2023 (see Note 7), b) January 15, 2024 and c) repayment of any Paid-In-Kind (“PIK”) interest and principal deficiency amount under the Credit Facility | |||||||||||||||
Interest rate paid in common shares - effective from April 1, 2019 | 4.50% | |||||||||||||||
Head Management Agreement With Related Party Commencement Date | 335,000 | 452,000 | 395,000 | |||||||||||||
Total cash paid during the year | 226,000 | 225,000 | ||||||||||||||
Interest on promissory note settled in common shares early 2022 | 170,000 | |||||||||||||||
Interest on promissory note to be settled in common shares | $ 57,000 | $ 57,000 | 226,000 | $ 169,000 | $ 113,000 | |||||||||||
Maritime Investors Promissory Note [Member] | Extended Maturity [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Debt Instrument, Maturity Date | Mar. 31, 2020 | |||||||||||||||
Promissory Note [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Total cash paid during the year | 216,000 | |||||||||||||||
Interest on promissory note to be settled in common shares | 55,000 | |||||||||||||||
Cash payable | $ 64,000 | |||||||||||||||
Promissory Note [Member] | Subsequent Event [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Total cash paid during the year | $ 64,000 | |||||||||||||||
SPP Shipbuilding Co. Ltd [Member] | Memorandum Of Agreement [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Senior loan facility maturities | 7 years | |||||||||||||||
Pyxis Maritime Corporation [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Ship management services per day per vessel | $ 0.325 | |||||||||||||||
Charter hire agreement commission rate | 1.25% | |||||||||||||||
Management Agreements Initial Term | 5 years | |||||||||||||||
Head management agreement commencement date | Mar. 23, 2020 | |||||||||||||||
Management agreements renewal period | 5 years | |||||||||||||||
Administration fees payable to related party | $ 1,600,000 | |||||||||||||||
Head management agreement, terms and manner of settlement | In the event of a change of control of the Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime an amount equal to 2.5 times the then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of the then daily Ship-management Fees. | |||||||||||||||
Ship-management and administration fees percentage increase | Effective January 1, 2020, the Ship-management Fees and the Administration Fees were increased by 0.26% in line with the average inflation rate of Greece for 2019. For 2020, the average rate in Greece was a deflation of 1.24% and, as a result, no adjustment was made to the Ship-management Fees and the Administration Fees for 2021. The average inflation rate in Greece in 2021 was 1.23% and, as a result, an adjustment to the Ship-management Fees and the Administration Fees have been made effective January 1, 2022. | |||||||||||||||
Pyxis Maritime Corporation [Member] | Pyxis Malou Vessel [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Management Agreements Initial Term | December 31, 2015, for “Pyxis Theta” it expired on December 31, 2017, for the “Pyxis Epsilon” and the “Pyxis Malou” it expired on December 31, 2018. The management agreements for the “Pyxis Karteria” and the “Pyxis Lamda” have an initial term of five years and they expire on December 31, 2026. Following their initial expiration dates, the management agreements were automatically renewed for consecutive five year periods, or until terminated by either party on three months’ notice. | |||||||||||||||
Pyxis Maritime Corporation [Member] | While Vessel is Under Construction [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Ship management services per day per vessel | $ 0.450 | |||||||||||||||
SPP Shipbuilding Co. Ltd [Member] | Memorandum Of Agreement [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Fair value of shares issued for debt conversion | $ 2,170,000 | |||||||||||||||
Number of shares issued for debt conversion | 4,139,003 | |||||||||||||||
Amount payable in cash | $ 1,325 | |||||||||||||||
Payment of construction | $ 32,000 | |||||||||||||||
Fair value of acquistion | 31,172 | $ 31,172 | ||||||||||||||
Senior loan facility | $ 21,680 | 21,680 | ||||||||||||||
Cash on hand | 4,320,000 | |||||||||||||||
Due to related parties | $ 2,995 | |||||||||||||||
SPP Shipbuilding Co. Ltd [Member] | Memorandum Of Agreement [Member] | Secured Debt [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Fair value senior loan facility | $ 3,000,000 |
Schedule of Inventories (Detail
Schedule of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory [Line Items] | ||
Inventories | $ 1,567 | $ 681 |
Lubricants [Member] | ||
Inventory [Line Items] | ||
Inventories | 552 | 348 |
Bunkers [Member] | ||
Inventory [Line Items] | ||
Inventories | $ 1,015 | $ 333 |
Schedule of Vessels (Details)
Schedule of Vessels (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Net book value beginning balance | $ 83,774 | ||
Vessel additions | 45 | $ 685 | |
Depreciation | (4,898) | (4,418) | $ (5,320) |
Net book value ending balance | 119,724 | 83,774 | |
Vessel Cost [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Vessel cost, beginning balance | 109,208 | 108,523 | |
Vessel additions | 45 | 685 | |
Depreciation | |||
Vessel acquisition - "Pyxis Karteria" | 20,000 | ||
Vessel acquisition - "Pyxis Lamda" | 31,172 | ||
Transfer to vessels held-for-sale | (12,250) | ||
Vessel cost, ending balance | 148,175 | 109,208 | 108,523 |
Accumulated Depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Accumulated depreciation, beginning balance | (25,434) | (21,016) | |
Vessel additions | |||
Depreciation | (4,898) | (4,418) | |
Vessel acquisition - "Pyxis Karteria" | |||
Vessel acquisition - "Pyxis Lamda" | |||
Transfer to vessels held-for-sale | 1,881 | ||
Accumulated depreciation, ending balance | (28,451) | (25,434) | (21,016) |
Net Book Value [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Net book value beginning balance | 83,774 | 87,507 | |
Vessel additions | 45 | 685 | |
Depreciation | (4,898) | (4,418) | |
Vessel acquisition - "Pyxis Karteria" | 20,000 | ||
Vessel acquisition - "Pyxis Lamda" | 31,172 | ||
Transfer to vessels held-for-sale | (10,369) | ||
Net book value ending balance | $ 119,724 | $ 83,774 | $ 87,507 |
Vessels, net (Details Narrative
Vessels, net (Details Narrative) - USD ($) | Dec. 23, 2021 | Dec. 20, 2021 | Nov. 15, 2021 | Jul. 15, 2021 | Dec. 31, 2021 | Dec. 20, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 30, 2021 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||
Purchase consideration | $ 20,000,000 | ||||||||
Proceeds from Bank Debt | $ 13,500,000 | ||||||||
Debt Instrument, Term | 7 years | ||||||||
Cash | $ 7,000,000 | ||||||||
[custom:CommonStockIssuedForVesselAcquisition] | $ 2,172,000 | $ 2,172,000 | |||||||
Due to Related Parties, Current | 6,962,000 | ||||||||
Assets Held-for-sale, Not Part of Disposal Group, Current | $ 8,900,000 | 8,509,000 | |||||||
Loss on vessel held-for-sale | 2,389,000 | $ 2,756,000 | |||||||
Aggregate sale price for the vessels | 8,900,000 | ||||||||
Prepayment for loan facility | $ 5,780,000 | ||||||||
Property, Plant and Equipment, Additions | 45,000 | 685,000 | |||||||
Vessels cost ballast water treatment system installation (BWTS) | 14,000 | 660,000 | |||||||
[custom:PaymentForInstallation] | 486,000 | ||||||||
Accrued and remains unpaid amount of ballast water treatment system installation (BWTS) | $ 31,000 | $ 174,000 | |||||||
Memorandum Of Agreement [Member] | SPP Shipbuilding Co. Ltd [Member] | |||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||
Debt Conversion, Converted Instrument, Shares Issued | 4,139,003 | ||||||||
Cash | $ 4,320,000 | ||||||||
Business Combination, Assets Arising from Contingencies, Amount Recognized, Other than at Fair Value | $ 31,172 | ||||||||
Due to Related Parties, Current | 2,995 | ||||||||
Memorandum Of Agreement [Member] | SPP Shipbuilding Co. Ltd [Member] | Secured Debt [Member] | |||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||
Line of Credit Facility, Collateral Fees, Amount | $ 3,000,000 | ||||||||
Unsecured Promissory Note [Member] | |||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||
Debt Instrument, Term | 7 years | ||||||||
Facility cost | $ 21,680,000 | ||||||||
Debt Instrument, Maturity Date, Description | due 2024 | ||||||||
Shares Issued, Price Per Share | $ 0.7248 | $ 0.7248 | |||||||
Chairman and Chief Executive Officer [Member] | |||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||
Purchase consideration | $ 32,000,000 |
Schedule of Deferred Charges (D
Schedule of Deferred Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Dry Dock And Special Survey Costs Net | |||
Balance January 1, | $ 1,594 | $ 779 | $ 740 |
Additions | 253 | 1,068 | 435 |
Amortization of special survey costs | (406) | (253) | (240) |
Transfer to vessels held-for-sale | (529) | (156) | |
Balance December 31, | $ 912 | $ 1,594 | $ 779 |
Schedule of Long-Term Debt (Det
Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 20, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | |||
Total | $ 77,780 | $ 54,260 | |
Current portion | 12,030 | 3,410 | |
Less: Current portion of deferred financing costs | (335) | (155) | |
Current portion of long-term debt, net of deferred financing costs, current | 11,695 | 3,255 | |
Long-term portion | 65,750 | 50,850 | |
Less: Non-current portion of deferred financing costs | (870) | (519) | |
Long-term debt, net of current portion and deferred financing costs, non-current | 64,880 | 50,331 | |
Fourth one [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | $ 7,320 | ||
Northsea Alpha Vessel [Member] | Second one [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | 2,890 | 3,290 | |
Northsea Beta Vessel [Member] | Third one [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | 2,890 | 3,290 | |
Pyxis Malou Vessel [Member] | Fourth one [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | 7,320 | 8,730 | |
Pyxis Theta Vessel [Member] | Seventh one [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | 13,750 | 14,950 | |
Pyxis Epsilon Vessel [Member] | Eighth one [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | 16,100 | 24,000 | |
Pyxis Karteria Vessel [Member] | Tenth one [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | 13,150 | ||
Pyxis Lamda Vessel [Member] | Eleventh one [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total | $ 21,680 |
Schedule of Long-Term Debt (D_2
Schedule of Long-Term Debt (Details) (Parenthetical) - USD ($) $ in Thousands | Dec. 20, 2021 | Dec. 20, 2021 | Mar. 30, 2021 | Jul. 08, 2020 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 23, 2021 | Jul. 09, 2021 | Jul. 08, 2021 |
Debt Instrument [Line Items] | |||||||||||
Assets Held-for-sale, Not Part of Disposal Group, Current | $ 8,509 | $ 8,900 | |||||||||
Long-term Debt, Gross | 77,780 | 54,260 | |||||||||
Total long-term debt outstanding | 77,780 | ||||||||||
Cash | $ 7,000 | ||||||||||
Early Repayment of Senior Debt | 240 | ||||||||||
[custom:DeferredFinacingCost] | 218 | ||||||||||
Gain (Loss) on Extinguishment of Debt | 458 | $ (541) | |||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 5.04% | 7.69% | 8.18% | ||||||||
Long Term Debt and Promissory Note [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Head Management Agreement With Related Party Commencement Date | $ 2,963 | $ 4,636 | $ 5,517 | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate margin | 3.15% | 3.15% | |||||||||
Fourth one [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Down payment | $ 7,320 | ||||||||||
Long-term Debt, Gross | $ 7,320 | $ 7,320 | |||||||||
Northsea Alpha and Northsea Beta [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Assets Held-for-sale, Not Part of Disposal Group, Current | 5,780 | ||||||||||
Pyxis Malou Vessel [Member] | Fourth one [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Gross | 7,320 | 8,730 | |||||||||
Debt Instrument, Payment Terms | The new facility is repayable in 20 quarterly installments amounting to $ | ||||||||||
Long term debt balloon payment | $ 3,800 | 3,800 | |||||||||
Pyxis Lamda Vessel [Member] | Eleventh one [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Down payment | $ 21,680 | ||||||||||
Long-term Debt, Gross | 21,680 | ||||||||||
Debt Instrument, Payment Terms | The facility is repayable in 20 quarterly installments amounting to $ | ||||||||||
Long term debt balloon payment | $ 12,700 | $ 12,700 | |||||||||
Pyxis Epsilon Vessel [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total long-term debt | 24,000 | ||||||||||
Pyxis Epsilon Vessel [Member] | Eighth one [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Gross | 16,100 | $ 24,000 | |||||||||
Total long-term debt | 16,100 | ||||||||||
Pyxis Epsilon Vessel [Member] | Tenth one [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total long-term debt | $ 13,150 | ||||||||||
New Secured Loan - Secondone, and Thirdone [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long term debt balloon payment year | Each of Secondone’s and Thirdone’s outstanding loan balance at December 31, 2021, amounting to $ | ||||||||||
Long-term debt balloon payment, per facility | $ 2,390 | ||||||||||
Secured Loan Fourthone Corp [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Minimum Cash Deposits | 1,500 | ||||||||||
[custom:ReducedMinimumCashDeposits-0] | $ 1,000 | ||||||||||
Maximum required leverage ratio | 75.00% | ||||||||||
Debt To Market Value Of Adjusted Assets Ratio Actual | 60.00% | ||||||||||
Ratio Difference By Which Actual Exceeds Required Debt To Assets Ratio Threshold | 15.00% | ||||||||||
Minimum security collateral cover required | 125.00% | ||||||||||
Secured Loan Fourthone Corp [Member] | Pyxis Malou [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
[custom:ReducedMinimumCashDeposits-0] | $ 500 | ||||||||||
Secured Loan Fourthone Corp [Member] | Pyxis Lamda [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
[custom:ReducedMinimumCashDeposits-0] | 500 | ||||||||||
Secured Loan - Seventhone Corp. [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Minimum Cash Deposits | $ 500 | ||||||||||
Maximum required leverage ratio | 75.00% | ||||||||||
Debt To Market Value Of Adjusted Assets Ratio Actual | 60.00% | ||||||||||
Ratio Difference By Which Actual Exceeds Required Debt To Assets Ratio Threshold | 15.00% | ||||||||||
Minimum security collateral cover required | 125.00% | ||||||||||
Total long-term debt | $ 15,250 | $ 15,250 | |||||||||
Total long-term debt outstanding | $ 13,750 | ||||||||||
Quarterly installments payable (15 installments) | 300 | ||||||||||
Long term debt balloon payment | $ 9,250 | ||||||||||
Secured Loan - Seventhone Corp. [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate margin | 3.35% | ||||||||||
Previous Secured Loan - Seventhone Corp [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total long-term debt | $ 11,293 | $ 11,293 | |||||||||
Secured Loan Eighth one Corp [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate margin | 3.35% | ||||||||||
Long term debt balloon payment | $ 11,000 | ||||||||||
Vessel Acquisition Date | 300 | ||||||||||
Secured Loan Eighth one Corp [Member] | Pyxis Epsilon Vessel [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total long-term debt | $ 17,000 | ||||||||||
Secured Loan Eightth one Corp [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Minimum Cash Deposits | 500 | ||||||||||
Secured Loan Tenthone Corp [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Down payment | $ 13,500 | ||||||||||
Minimum Cash Deposits | $ 250 | ||||||||||
Maximum required leverage ratio | 120.00% | ||||||||||
Loan amount | $ 13,500 | ||||||||||
Secured Loan Tenthone Corp [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate margin | 4.80% | ||||||||||
New Secured Loan Tenthone [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt balloon payment, per facility | $ 4,900 | ||||||||||
Quarterly installments payable (3 installments) | 350 | ||||||||||
Vessel Acquisition Date | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Quarterly installments payable (24 installments) | $ 300 |
Schedule of Principal Payments
Schedule of Principal Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 12,030 |
2023 | 6,100 |
2024 | 6,100 |
2025 and thereafter | 53,550 |
Total | $ 77,780 |
Long-term Debt (Details Narrati
Long-term Debt (Details Narrative) - USD ($) $ in Thousands | Dec. 20, 2021 | Dec. 20, 2021 | Jul. 08, 2020 | May 14, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 27, 2018 | Oct. 28, 2015 |
Debt Instrument [Line Items] | ||||||||
Total long-term debt outstanding | $ 77,780 | $ 54,260 | ||||||
Maritime Investors Promissory Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity date | the Company entered into a second amendment to the Amended & Restated Promissory Note which (i) extended the repayment of the outstanding principal, in whole or in part, until the earlier of a) one year after the repayment of the credit facility of Eighthone with Entrust Global Permal (the “Credit Facility”) on September 2023 (see Note 7), b) January 15, 2024 and c) repayment of any Paid-In-Kind (“PIK”) interest and principal deficiency amount under the Credit Facility | |||||||
Promissory note interest rate | 9.00% | 11.00% | 2.75% | |||||
Interest rate paid in cash | 4.50% | 1.00% | ||||||
Fourth one [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt outstanding | $ 7,320 | $ 7,320 | ||||||
Pyxis Malou Vessel [Member] | Fourth one [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt first periodic payment | 2022-03 | |||||||
Long Term Debt Balloon Payment Year | 2026-12 | |||||||
Quarterly installments payable twenty installments | $ 176 | |||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 3,800 | $ 3,800 | ||||||
Debt Instrument, Payment Terms | The new facility is repayable in 20 quarterly installments amounting to $ | |||||||
Total long-term debt outstanding | 7,320 | 8,730 | ||||||
Pyxis Lamda Vessel [Member] | Eleventh one [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt first periodic payment | 2022-03 | |||||||
Long Term Debt Balloon Payment Year | 2026-12 | |||||||
Quarterly installments payable twenty installments | $ 449 | |||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 12,700 | $ 12,700 | ||||||
Debt Instrument, Payment Terms | The facility is repayable in 20 quarterly installments amounting to $ | |||||||
Total long-term debt outstanding | 21,680 | |||||||
New Secured Loan - Secondone, and Thirdone [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
[custom:DebtInstrumentCarryingAmountPerFacility-0] | 2,890 | |||||||
[custom:QuarterlyInstallmentsPayableInAggregatePerFacility] | $ 500 | |||||||
Long-term debt first periodic payment | 2022-02 | |||||||
[custom:LongtermDebtBalloonPaymentPerFacility-0] | $ 2,390 | |||||||
Long Term Debt Balloon Payment Year | 2023-02 | |||||||
Secured Loan - Seventhone Corp. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 9,250 | |||||||
Maturity date | July 2025 | |||||||
Eighthone New Secured Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt outstanding | $ 24,000 | $ 24,000 | ||||||
Interest rate margin | 11.00% | |||||||
Quarterly installments payable (10 installments) | equal to the lower of $400 and excess cash computed through a cash sweep mechanism, plus a balloon payment due at maturity. | |||||||
Eighthone Previous Secured Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total long-term debt outstanding | $ 16,000 | |||||||
Secured Loan Eighth one Corp [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 11,000 | |||||||
Maturity date | March 2026 | |||||||
Interest rate margin | 3.35% | |||||||
New Secured Loan Tenthone [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
[custom:LongtermDebtBalloonPaymentPerFacility-0] | $ 4,900 | |||||||
Maturity date | July 2028 |
Equity Capital Structure and _2
Equity Capital Structure and Equity Incentive Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Dec. 20, 2021 | Jul. 16, 2021 | May 27, 2021 | Apr. 02, 2021 | Mar. 11, 2021 | Feb. 24, 2021 | Jan. 04, 2021 | Dec. 20, 2020 | Dec. 20, 2020 | Oct. 13, 2020 | Oct. 08, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 23, 2021 | May 14, 2021 | Dec. 21, 2020 | Nov. 20, 2020 | Apr. 06, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
Common Stock, Shares Authorized | 450,000,000 | 450,000,000 | |||||||||||||||||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | |||||||||||||||||
Common stock shares outstanding | 42,455,857 | 21,962,881 | |||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||||||||||||||||
Offering units | 200,000 | ||||||||||||||||||
Offering price | $ 25 | $ 25 | |||||||||||||||||
Percentage of preferred shares | $ 0.0775 | ||||||||||||||||||
Warrant exercise price per shares | $ 2.1875 | ||||||||||||||||||
Series A Convertible Preferred Shares - automatic conversion upon market trigger | If the trading price of Pyxis Tankers’ common stock equals or exceeds $2.38 per share for at least 20 days in any 30 consecutive trading day period ending 5 days prior to notice, the Company can call, in whole or in part, for mandatory conversion of the Series A Convertible Preferred Shares. | ||||||||||||||||||
Change of control terms line item | In the case of a change of control that is pre-approved by the Company’s Board of Directors, holders of Series A Convertible Preferred Shares have the option to (i) demand that the Company redeem the Series A Convertible Preferred Shares at (a) $26.63 per Series A Convertible Preferred Share from the date of issuance until October 13, 2021, (b) $25.81 per Series A Convertible Preferred Share from October 13, 2021 until October 13, 2022 and (c) $25.00 after October 13, 2022, or (ii) continue to hold the Series A Convertible Preferred Shares. Upon a change of control, the holders also have the option to convert some or all of the Series A Convertible Preferred Shares, together with any accrued or unpaid dividends, into shares of common stock at the conversion rate. Change of Control means that (i) Mr. Valentios Valentis and his affiliates cease to own at least 20% of the voting securities of the Company, or (ii) a person or group acquires at least 50% voting control of the Company, and in the case of each of either (i) or (ii), neither the Company nor any surviving entity has its common stock listed on a recognized U.S. exchange. | ||||||||||||||||||
Dividend distribution terms | In addition, unless the Company has received the affirmative vote or consent of the holders of at least 66.67% of the then outstanding Series A Convertible Preferred Shares, voting as a single class, the Company may not create or issue any class or series of capital stock ranking senior to the Series A Convertible Preferred Shares with respect to dividends or distributions. | ||||||||||||||||||
Description of warrant purchase | On exercise, each Underwriter Warrant allows the holder to purchase one Series A Convertible Preferred Share or one Warrant to purchase one common share of the Company at $1,40 or, in case of absence of an effective registration statement, to exchange those cashless based on a formula set in the Underwriting Agreement. | ||||||||||||||||||
Gross proceeds from the Offering | $ 5,000 | ||||||||||||||||||
Proceeds from offering | $ 4,300 | ||||||||||||||||||
Warrants outstanding | 1,590,540 | 1,735,040 | |||||||||||||||||
Number of non-tradable warrant to purchase shares of common stock | 428,571 | ||||||||||||||||||
Warrant term | 5 years | ||||||||||||||||||
General Partners' Offering Costs | $ 250,000 | ||||||||||||||||||
Number of common stock issued, value | $ 5,563 | $ 4,313 | |||||||||||||||||
Bid price | $ 1 | ||||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | ||||||||||||||||||
Mr.Valentis [Member] | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
Investment Owned, Balance, Shares | 22,827,922 | ||||||||||||||||||
Equity Method Investment, Ownership Percentage | 53.80% | ||||||||||||||||||
Securities Purchase Agreement [Member] | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
Number of common stock issued, shares | 14,285,715 | ||||||||||||||||||
[custom:ProceedsFromInvestors] | $ 25,000 | ||||||||||||||||||
Share price | $ 1.75 | ||||||||||||||||||
Increase in common stock par or stated value per share | $ 14 | ||||||||||||||||||
Adjustments to Additional Paid in Capital, Other | $ 23,105 | ||||||||||||||||||
ATM Program [Member] | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
Shares issued price per share | $ 1.65 | ||||||||||||||||||
Number of common stock offered and sold under the ATM | 214,828 | ||||||||||||||||||
Gross proceeds under the atm | $ 354 | ||||||||||||||||||
Underwriter's Warrants [Member] | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
Warrant aggregate purchase price | $ 100 | ||||||||||||||||||
First type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares | 2,000 | 4,683 | |||||||||||||||||
First - type exercise price | $ 24.92 | ||||||||||||||||||
Second type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares | 16,000 | 16,000 | |||||||||||||||||
Second type - Exercise price | $ 0.01 | ||||||||||||||||||
Termination date | at any time on or after April 6, 2021 and prior to October 8, 2025 | ||||||||||||||||||
Warrants outstanding | 16,000 | ||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
Second type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares | 16,000 | ||||||||||||||||||
Conversion of Series A convertible preferred shares to common stock, shares | 720,423 | 332,106 | |||||||||||||||||
Number of common stock issued, shares | 95,262 | ||||||||||||||||||
Conversion of stock shares converted | 720,423 | ||||||||||||||||||
Exercise of warrants | 144,500 | ||||||||||||||||||
Registered shares of common stock | 144,500 | ||||||||||||||||||
Issuance of common stock under the promissory note, shares | 1,203,335 | 260,495 | 95,262 | ||||||||||||||||
Number of common stock issued, value | |||||||||||||||||||
Series A Convertible Preferred Shares [Member] | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
First type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares | 2,683 | ||||||||||||||||||
First - type exercise price | $ 25 | ||||||||||||||||||
Second type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares | 4,683 | ||||||||||||||||||
Conversion of Series A convertible preferred shares to common stock, shares | (40,289) | (18,525) | |||||||||||||||||
Number of common stock issued, shares | 308,487 | 200,000 | |||||||||||||||||
Conversion of stock shares converted | 40,289 | ||||||||||||||||||
Number of common stock issued, value | |||||||||||||||||||
Over-Allotment Option [Member] | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
Additional number of Series A Convertible Preferred Shares (optional preferred shares) | 30,000 | ||||||||||||||||||
Additional number of warrants (optional warrants) | 240,000 | ||||||||||||||||||
Purchase price per optional preferred share | $ 23.051 | ||||||||||||||||||
Purchase price per optional warrant | $ 0.00925 | ||||||||||||||||||
Partial over allotment of warrants exercised by the underwriter | 135,040 | ||||||||||||||||||
Gross proceeds | $ 1 | ||||||||||||||||||
IPO [Member] | 7.75% Series A Cumulative Convertible Preferred Shares [Member] | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
Proceeds from offering | $ 6,170 | ||||||||||||||||||
Number of common stock issued, shares | 308,487 | ||||||||||||||||||
Purchase price | $ 20 | ||||||||||||||||||
Net of offering expense | $ 5,563 | ||||||||||||||||||
Amended and Restated Promissory Note [Member] | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
Number of common stock issued, shares | 47,827 | 64,446 | |||||||||||||||||
Repayment of principal amount | $ 1,000 | ||||||||||||||||||
Conversion of principal amount | 1,000 | ||||||||||||||||||
Restructured principal amount | $ 3,000 | ||||||||||||||||||
Maturity date | Apr. 1, 2023 | ||||||||||||||||||
Accrue interest rate | 7.50% | ||||||||||||||||||
Amended and Restated Promissory Note [Member] | Restricted Stock [Member] | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
Number of common stock issued, shares | 1,091,062 | ||||||||||||||||||
Maximum [Member] | ATM Program [Member] | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
Common stock shares outstanding | 21,370,280 | ||||||||||||||||||
Minimum [Member] | ATM Program [Member] | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
Common stock shares outstanding | 21,060,190 | ||||||||||||||||||
Series A Convertible Preferred Shares [Member] | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | |||||||||||||||||
Preferred stock shares outstanding | 449,673 | 181,475 | |||||||||||||||||
Series A Convertible Preferred Share, description | Each Series A Convertible Preferred Share is convertible into common shares at an initial conversion price of $1.40 per common share, or 17.86 common shares, at any time at the option of the holder, subject to certain customary adjustments. | ||||||||||||||||||
Initial conversion price per common share | $ 1.40 | ||||||||||||||||||
First type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares | 2,000 | ||||||||||||||||||
Conversion of Series A convertible preferred shares to common stock, shares | 18,525 | ||||||||||||||||||
Series A Convertible Preferred Shares and Detachable Warrants [Member] | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
Number of common shares from the exercise of detachable warrants | each warrant exercisable for one common share, for a total of up to | ||||||||||||||||||
Warrant exercise price per shares | $ 1.40 | ||||||||||||||||||
Warrant exercisable date | at any time prior to October 13, 2025 or, in case of absence of an effective registration statement, to exchange those cashless based on a formula. | ||||||||||||||||||
Annual cash dividend per share | 1.9375 | ||||||||||||||||||
Preferred dividend percentage | 7.75% | ||||||||||||||||||
Liquidation preference per share | 25 | ||||||||||||||||||
Cash dividend per share | $ 0.1615 | $ 0.1991 | |||||||||||||||||
Monthly cash dividend paid per share | $ 0.1615 | ||||||||||||||||||
Dividend payable | $ 537 | ||||||||||||||||||
Series A Convertible Preferred Shares and Detachable Warrants [Member] | Maximum [Member] | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
[custom:NumberOfCommonSharesFromExerciseableOfDetachableWarrants] | 1,600,000 | ||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
Shares issued price per share | $ 25 | ||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
Number of common stock issued, shares | 4,139,003 | ||||||||||||||||||
Share price | $ 0.7248 | $ 0.7248 | |||||||||||||||||
Common Stock [Member] | Pyxis Lamda [Member] | |||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||
Number of common stock issued, shares | 4,139,003 | ||||||||||||||||||
Number of common stock issued, value | $ 2,172 |
Schedule of Loss Per Common Sha
Schedule of Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loss Per Common Share | |||
Net loss | $ (12,338) | $ (6,900) | $ (8,330) |
Dividend Series A Convertible Preferred Stock | (555) | (82) | |
Net loss available to common stockholders | $ (12,893) | $ (6,982) | $ (8,330) |
Weighted average number of common shares, basic and diluted | 35,979,071 | 21,548,126 | 21,161,164 |
Loss per common share, basic and diluted | $ (0.36) | $ (0.32) | $ (0.39) |
Schedule of Fair Value of Asset
Schedule of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Trade accounts payable | $ 3,084 | $ 3,642 | |
Carrying Value [Member] | |||
Cash and cash equivalents (including restricted cash) | 9,874 | ||
Trade accounts receivable | 1,716 | ||
Trade accounts payable | 3,084 | ||
Long-term debt with variable interest rates, net | 77,780 | ||
Promissory note with non-variable interest rate * | [1] | 6,000 | |
Due to related parties | 6,962 | ||
Fair Value [Member] | |||
Cash and cash equivalents (including restricted cash) | 9,874 | ||
Trade accounts receivable | 1,716 | ||
Trade accounts payable | 3,084 | ||
Long-term debt with variable interest rates, net | 77,780 | ||
Promissory note with non-variable interest rate * | [1] | 5,956 | |
Due to related parties | $ 6,962 | ||
[1] | As at December 31, 2021, Carrying Value and the Theoretical Fair Value of the Promissory Note is $ |
Schedule of Fair Value of Ass_2
Schedule of Fair Value of Assets and Liabilities (Details) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Long-term Debt, Gross | $ 77,780 | $ 54,260 |
Promissory Note [Member] | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Gross | 6,000 | |
Long-term Debt, Fair Value | $ 5,956 |
Schedule of Financial Derivativ
Schedule of Financial Derivative Instrument Location (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Risk Management And Fair Value Measurements | ||
Financial derivative instrument – Other non-current assets | $ 74 |
Schedule of Gains Losses on Der
Schedule of Gains Losses on Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Risk Management And Fair Value Measurements | |||
Financial derivative instrument – Fair value at the beginning of the period | $ (1) | ||
Financial derivative instrument – Additions of the period | 74 | ||
Financial derivative instrument – Fair value as at period end | 74 | $ (1) | |
Loss from financial derivative instrument | $ (1) | $ (27) |
Risk Management and Fair Valu_3
Risk Management and Fair Value Measurements (Details Narrative) - USD ($) | Jul. 16, 2021 | Jan. 19, 2018 | Dec. 20, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 20, 2021 | Dec. 19, 2021 |
Debt Instrument [Line Items] | |||||||
Impairment, Long-Lived Asset, Held-for-Use | $ 0 | $ 0 | |||||
Maritime Investors Promissory Note [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | 6,000,000 | $ 3,000,000 | |||||
Debt instrument, fair value disclosure | $ 6,000,000 | 3,000,000 | |||||
Pyxis Lamda Vessel [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 4,139,003 | ||||||
Shares Issued, Price Per Share | $ 0.7248 | ||||||
Pyxis Lamda Vessel [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Equity Securities, FV-NI | $ 2,172 | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Vessel Owing Company [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Derivative, Notional Amount | $ 9,600,000 | $ 10,000,000 | |||||
Derivative, Cap Interest Rate | 2.00% | 3.50% | |||||
Derivative, Maturity Date | Jul. 8, 2025 | Jul. 18, 2022 |
Schedule of Future Minimum Cont
Schedule of Future Minimum Contractual Charter Revenues (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Minimum Contractual Charter Revenues | |
2022 | $ 174 |
Total | $ 174 |
Schedule of Interest and Financ
Schedule of Interest and Finance Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest And Finance Costs Net | |||
Interest on long-term debt (Note 7) | $ 2,628 | $ 4,184 | $ 5,122 |
Interest on Promissory Note (Note 3) | 335 | 452 | 395 |
Amortization of financing costs | 247 | 328 | 258 |
Financing fees and charges | 75 | ||
Total | $ 3,285 | $ 4,964 | $ 5,775 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Dec. 23, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 31, 2022 |
Subsequent Event [Line Items] | ||||||
Convertible preferred stock dividends paid | $ 537,000 | $ 69,000 | ||||
Assets Held-for-sale, Not Part of Disposal Group, Current | $ 8,900,000 | $ 8,509,000 | ||||
Proceeds from assets | $ 5,780,000 | |||||
Subsequent Event [Member] | Two Vessels [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Aggregate previous minimum liquidity | $ 1,500 | |||||
Aggregate new minimum liquidity | 1,000 | |||||
Subsequent Event [Member] | Vessel Two [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Minimum liquidity | $ 500 | |||||
Subsequent Event [Member] | Series A Convertible Preferred Shares [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividends per share | $ 0.1615 | |||||
Convertible preferred stock dividends paid | $ 218,000 |