Cover
Cover - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Entity Addresses [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, 2022 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-37611 | |
Entity Registrant Name | PYXIS TANKERS INC. | |
Entity Central Index Key | 0001640043 | |
Entity 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 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 | 1084 | 1457 |
Auditor Name | KPMG Certified Auditors S.A. | Ernst & Young (Hellas) |
Auditor Location | Athens, Greece | Athens, Greece |
Common Stock, par value $0.001 per share | ||
Entity Addresses [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 | 10,614,319 | |
Series A Cumulative Convertible Preferred Shares, par value $0.001 per share | ||
Entity Addresses [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 | 449,473 | |
Warrants [Member] | ||
Entity Addresses [Line Items] | ||
Title of 12(b) Security | Warrants to purchase Common Stock, par value of $0.001 per share | |
Trading Symbol | PXSAW | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 1,590,540 | |
Business Contact [Member] | ||
Entity Addresses [Line Items] | ||
Entity Address, Address Line One | 59 K. Karamanli Street | |
Entity Address, City or Town | Maroussi | |
Entity Address, Country | GR | |
Entity Address, Postal Zip Code | 15125 | |
City Area Code | 30 | |
Local Phone Number | 210 638 0200 | |
Contact Personnel Name | Mr. Henry Williams |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 7,563 | $ 6,180 |
Restricted cash, current portion | 376 | 944 |
Inventories | 1,911 | 1,567 |
Trade accounts receivable, net | 10,469 | 1,716 |
Vessels held-for-sale | 8,509 | |
Prepayments and other current assets | 204 | 186 |
Insurance claim receivable | 608 | |
Total current assets | 21,131 | 19,102 |
FIXED ASSETS, NET: | ||
Vessels, net | 114,185 | 119,724 |
Total fixed assets, net | 114,185 | 119,724 |
OTHER NON-CURRENT ASSETS: | ||
Restricted cash, net of current portion | 2,250 | 2,750 |
Financial derivative instrument | 619 | 74 |
Deferred dry dock and special survey costs, net | 794 | 912 |
Total other non-current assets | 3,663 | 3,736 |
Total assets | 138,979 | 142,562 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of deferred financing costs | 5,829 | 11,695 |
Trade accounts payable | 2,604 | 3,084 |
Due to related parties | 1,028 | 6,962 |
Hire collected in advance | 2,133 | |
Accrued and other liabilities | 967 | 1,089 |
Total current liabilities | 12,561 | 22,830 |
NON-CURRENT LIABILITIES: | ||
Long-term debt, net of current portion and deferred financing costs | 59,047 | 64,880 |
Promissory note | 6,000 | 6,000 |
Total non-current liabilities | 65,047 | 70,880 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock ($0.001 par value; 50,000,000 shares authorized; of which 1,000,000 authorized Series A Convertible Preferred Shares; 449,673 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2021 and 449,473 at December 31, 2022) | ||
Common stock ($0.001 par value; 450,000,000 shares authorized; 10,613,964 shares issued and outstanding as at December 31, 2021 and 10,614,319 at December 31, 2022, respectively) | 11 | 11 |
Additional paid-in capital | 111,869 | 111,871 |
Accumulated deficit | (50,509) | (63,030) |
Total stockholders’ equity | 61,371 | 48,852 |
Total liabilities and stockholders’ equity | $ 138,979 | $ 142,562 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 10,614,319 | 10,613,964 |
Common stock, shares outstanding | 10,614,319 | 10,613,964 |
Series A Convertible Preferred Shares [Member] | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 449,473 | 449,673 |
Preferred stock, shares outstanding | 449,473 | 449,673 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Net Income/(Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Revenues, net | $ 58,344 | $ 25,341 | $ 21,711 |
Expenses: | |||
Voyage related costs and commissions | (17,357) | (9,589) | (4,268) |
Vessel operating expenses | (12,481) | (12,454) | (10,880) |
General and administrative expenses | (2,508) | (2,538) | (2,378) |
Management fees, related parties | (702) | (716) | (637) |
Management fees, other | (916) | (852) | (819) |
Amortization of special survey costs | (384) | (406) | (253) |
Depreciation | (6,100) | (4,898) | (4,418) |
Allowance for credit losses | (118) | (11) | |
Loss on vessel held for sale | (2,389) | ||
(Loss) / Gain from the sale of vessels, net | (466) | 7 | |
Operating income / (loss) | 17,312 | (8,512) | (1,935) |
Other expenses, net: | |||
Loss from debt extinguishment | (34) | (541) | |
Gain / (loss) from financial derivative instruments | 555 | (1) | |
Interest and finance costs, net | (4,441) | (3,285) | (4,964) |
Total other expenses, net | (3,920) | (3,826) | (4,965) |
Net income / (loss) | 13,392 | (12,338) | (6,900) |
Dividend Series A Convertible Preferred Stock | (885) | (555) | (82) |
Net income / (loss) attributable to common shareholders | $ 12,507 | $ (12,893) | $ (6,982) |
Income / (loss) per common share, basic and diluted | $ 1.18 | $ (1.43) | $ (1.30) |
Income / (loss) per common share, diluted | $ 1.06 | $ (1.43) | $ (1.30) |
Weighted average number of common shares, basic | 10,613,672 | 8,994,768 | 5,387,031 |
Weighted average number of common shares, diluted | 12,640,581 | 8,994,768 | 5,387,031 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Series A Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2019 | $ 5 | $ 75,170 | $ (43,175) | $ 32,000 | |
Balance, shares at Dec. 31, 2019 | 5,342,568 | ||||
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 | 65,124 | ||||
Issuance of Series A Convertible Preferred shares, net | 4,313 | 4,313 | |||
Issuance of Series A Convertible Preferred shares, net, shares | 200,000 | ||||
Conversion of Series A Convertible Preferred Shares to common stock | |||||
Conversion of Series A Convertible Preferred Shares to common stock, shares | (18,525) | 83,027 | |||
Preferred stock dividends | (71) | (71) | |||
Net income (loss) | (6,900) | (6,900) | |||
Balance at Dec. 31, 2020 | $ 5 | 79,709 | (50,155) | 29,559 | |
Balance, shares at Dec. 31, 2020 | 181,475 | 5,490,719 | |||
Issuance of common stock under the promissory note | $ 1 | 1,111 | 1,112 | ||
Issuance of common stock under the promissory note, shares | 300,834 | ||||
Issuance of Series A Convertible Preferred shares, net | 5,563 | 5,563 | |||
Issuance of Series A Convertible Preferred shares, net, shares | 308,487 | ||||
Conversion of Series A Convertible Preferred Shares to common stock | |||||
Conversion of Series A Convertible Preferred Shares to common stock, shares | (40,289) | 180,106 | |||
Preferred stock dividends | (537) | (537) | |||
Net income (loss) | (12,338) | (12,338) | |||
Issuance of common stock under the PIPE, net | $ 4 | 23,115 | 23,119 | ||
Issuance of common stock under the PIPE, net, shares | 3,571,429 | ||||
Common stock from exercise of warrants | 202 | 202 | |||
Common stock from exercise of warrants, shares | 36,125 | ||||
Common stock issued for vessel acquisition | $ 1 | 2,171 | 2,172 | ||
Common stock issued for vessel acquisition, shares | 1,034,751 | ||||
Balance at Dec. 31, 2021 | $ 11 | 111,871 | (63,030) | 48,852 | |
Balance, shares at Dec. 31, 2021 | 449,673 | 10,613,964 | |||
Conversion of Series A Convertible Preferred Shares to common stock | (1) | (1) | |||
Conversion of Series A Convertible Preferred Shares to common stock, shares | (200) | 896 | |||
Preferred stock dividends | (871) | (871) | |||
Net income (loss) | 13,392 | 13,392 | |||
Cancellation of share | |||||
Cancellation of share, shares | (1,000) | ||||
Fractional shares settlement for reverse split | (1) | (1) | |||
Fractional shares settlement for reverse split, shares | (540,000) | ||||
Balance at Dec. 31, 2022 | $ 11 | $ 111,869 | $ (50,509) | $ 61,371 | |
Balance, shares at Dec. 31, 2022 | 449,473 | 10,614,319 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income/(loss) | $ 13,392 | $ (12,338) | $ (6,900) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation | 6,100 | 4,898 | 4,418 |
Amortization and write-off of special survey costs | 384 | 406 | 253 |
Allowance for credit losses | 118 | 11 | |
Amortization and write-off of financing costs | 303 | 247 | 328 |
Loss from debt extinguishment | 34 | 541 | |
(Gain) / loss from financial derivative instrument | (555) | 1 | |
Loss on vessel held for sale | 2,389 | ||
Gain on sale of vessel, net | (7) | ||
Issuance of common stock under the promissory note | 55 | 169 | |
Changes in assets and liabilities: | |||
Inventories | (344) | (886) | (180) |
Due from related parties | (2,940) | 6,276 | (9,157) |
Trade accounts receivable, net | (8,871) | (1,064) | 571 |
Prepayments and other assets | (18) | (53) | 239 |
Insurance claim receivable | (608) | ||
Special survey cost | (519) | (1,068) | |
Trade accounts payable | (227) | (618) | (939) |
Hire collected in advance | 2,133 | (726) | (689) |
Accrued and other liabilities | (108) | (34) | (69) |
Net cash provided by / (used in) operating activities | 8,274 | (896) | (13,030) |
Cash flow from investing activities: | |||
Proceeds from the sale of vessel, net | 8,509 | 13,197 | |
Payments for vessel acquisition | (2,995) | (43,005) | |
Ballast water treatment system installation | (561) | (175) | (542) |
Vessel additions | (14) | (25) | |
Net cash provided by / (used in) investing activities | 4,953 | (43,194) | 12,630 |
Cash flows from financing activities: | |||
Proceeds from long-term debt | 59,500 | 15,250 | |
Repayment of long-term debt | (12,030) | (35,980) | (19,909) |
Gross proceeds from issuance of common stock | 25,000 | ||
Common stock offering costs | (1,899) | (57) | |
Gross proceeds from the issuance of Series A Convertible Preferred units | 6,170 | 4,571 | |
Preferred shares offering costs | (548) | (260) | |
Proceeds from exercise of warrants into common shares | 202 | ||
Repayment of promissory note | (1,000) | ||
Financial derivative instrument | 10 | (74) | |
Payment of financing costs | (20) | (907) | (265) |
Preferred stock dividends paid | (871) | (537) | (69) |
Fractional shares paid | (1) | ||
Net cash (used in) / provided by financing activities | (12,912) | 49,927 | (739) |
Net (decrease) / increase in cash and cash equivalents and restricted cash | 315 | 5,837 | (1,139) |
Cash and cash equivalents and restricted cash at the beginning of the period | 9,874 | 4,037 | 5,176 |
Cash and cash equivalents and restricted cash at the end of the period | 10,189 | 9,874 | 4,037 |
SUPPLEMENTAL INFORMATION: | |||
Cash paid for interest | 3,912 | 2,929 | 4,432 |
Non-cash financing activities – issuance of common stock under the promissory note | 1,055 | 226 | |
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 | |
Unpaid portion of financing costs | 412 | ||
Unpaid portion of vessel additions | 15 | ||
Unpaid portion of Ballast water treatment system installation | 16 | 174 | |
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, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information PYXIS TANKERS INC. (“Pyxis”) is a corporation incorporated in the Republic of the Marshall Islands on March 23, 2015. As of December 31, 2022, Pyxis owns 100% ownership interest in the following five vessel-owning companies: ● 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 ● SECONDONE CORPORATION LTD, established under the laws of the Republic of the Marshall Islands (“Secondone”) that owned the Northsea Alpha that was sold to an unaffiliated third party on January 28, 2022; ● THIRDONE CORPORATION LTD, established under the laws of the Republic of the Marshall Islands (“Thirdone”) that owned the Northsea Beta that was sold to an unaffiliated third party on March 1, 2022; ● SIXTHONE CORP., established under the laws of the Republic of the Marshal Islands (“Sixthone”) that owned the vessel “Pyxis Delta” that was sold to an unaffiliated third party on January 13, 2020 and, ● MARITIME TECHNOLOGIES CORP, established under the laws of Delaware. All of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below: Schedule of Ownership and Operation of Tanker Vessels Vessel-owning Company Incorporation date Vessel DWT Year built Acquisition date Secondone 05/23/2007 Northsea Alpha (sold) 8,615 2010 05/28/2010 Thirdone 05/23/2007 Northsea Beta (sold) 8,647 2010 05/25/2010 Fourthone 05/30/2007 Pyxis Malou (sold) 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. In December 2022, Secondone and Thirdone re-domiciled again under the jurisdiction of the Republic of the Marshall Islands. For further information, please refer to Note 8. Northsea Alpha, Northsea Beta and Pyxis Malou was sold to an unaffiliated third party on January 28, 2022, March 1, 2022 and March 23, 2023 respectively. 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, 2021 and 2022 and for the years ended December 31, 2020, 2021 and 2022. 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” PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 1. Basis of Presentation and General Information: -Continued: 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% 100% 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. As of December 31, 2022, Mr. Valentis beneficially owned approximately 54.0% |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies (a) Principles of Consolidation PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: – Continued: 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. (b) Use of Estimates (c) Comprehensive Income / (Loss) (d) Foreign Currency Translation (e) Commitments and Contingencies (f) Insurance Claims Receivable that there is no material impact on the Company’s as of the date of the adoption of ASC 326 on January 1, 2021 and as of December 31, 2021 and 2022, and thus no provision for credit losses was recorded as of those dates PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: – Continued: (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 8 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, 2021 and 2022 and thus no provision for credit losses was recorded as of those dates. (i) Income Taxes: Neither Pyxis Tankers Inc. nor any of its subsidiaries are subject to income taxes Under the laws of the Republic of Malta, the country of incorporation of certain of the Company’s other 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 vessel-owning companies with vessels that have called on the United States during the relevant year of operation are obliged to file income tax returns with the Internal Revenue Service. The applicable tax is 50% of 4% of U.S. related gross transportation income unless an exemption applies. The Company believes that based on current legislation the relevant vessel-owning companies are entitled to an exemption because they satisfy the relevant requirements, namely that (i) the related vessel-owning companies are incorporated in a jurisdiction granting an equivalent exemption to U.S. corporations and (ii) over 50% of the ultimate stockholders of the vessel-owning companies are residents of a country granting an equivalent exemption to U.S. persons. The Company and each of its subsidiaries expects it qualifies for this statutory tax exemption for the 2022, 2021 and 2020 taxable years (the tax years that remain subject to examination), and the Company takes this position for United States federal income tax return reporting purposes. (j) Inventories (k) Trade Accounts Receivable, Net 1,736 10,572 20 138 nil 35 nil 2,133 (l) Allowance for credit losses (9) PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: – Continued: 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 Income/(Loss). As of December 31, 2021 and December 31, 2022, the Company concluded on an expected credit loss rate of 0.1% and 1.3% on the total outstanding receivables arising from voyage charters and 2.8% and 1.6% on outstanding receivables from demurrages 11 118 (m) Vessels, Net The cost of each of the Company’s vessels is depreciated from the date of acquisition on a straight-line basis over the vessels’ remaining estimated economic useful life, after considering the estimated residual value. A vessel’s residual value is equal to the product of its lightweight tonnage and estimated scrap rate per ton. Following the reassessment of the scrap rates effective October 1, 2021, the Company increased the estimated scrap rate per ton from $ 300 340 130 32 25 years (n) Impairment of Long-Lived Assets In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions 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, 2021 and 2022 (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 90.0% 82.0% 98.6% 4% 0.34 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, 2020, 2021 and 2022, did no (o) Long-lived Assets Classified as Held for Sale (p) Financial Derivative Instruments 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 income/(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 income/(loss) as financial income or expense. (q) Accounting for Special Survey and Dry-docking Costs PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (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 (s) Fair Value Measurements ● 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 one (u) Income/(Loss) per Share 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, 2020 and 2021, the effect of any incremental shares would be antidilutive and thus excluded from the computation of loss per share, however for the year ended December 31, 2022 the effect of any incremental shares dilutes the income per share and have been included. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: – Continued: (v) Going Concern As of December 31, 2022, the Company had a working capital surplus of $ 8,570 (w) Revenues, net The following table presents the Company’s revenue disaggregated by revenue source, net of commissions, for the years ended December 31, 2020, 2021 and 2022: Schedule of Revenue Disaggregated by Revenue Source 2020 2021 2022 Year ended December 31, 2020 2021 2022 Revenues derived from spot charters, net $ 7,022 $ 13,711 $ 39,099 Revenues derived from time charters, net 14,689 11,630 19,245 Revenues, net $ 21,711 $ 25,341 $ 58,344 Revenue from customers (ASC 606): 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). The Company recognize the voyage costs during the ballast voyage represented costs to fulfil a contract which give rise to an asset that being capitalized and amortized over the spot charter, consistent with the recognition of voyage revenues from spot charter from load-to-discharge, while voyage costs incurred during the spot charter should be expensed as incurred. With respect to incremental costs, the Company has adopted the practical expedient in the guidance and any costs to obtain a contract will be expensed as incurred, for the Company’s spot charters that do not exceed one year. Vessel operating expenses are expensed as incurred. In addition, pursuant to this standard and the Leases standard (discussed below), the Company presents 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 Income/(Loss). PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: – Continued: 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 Revenues for the years ended December 31, 2020, 2021 and 2022, deriving from significant charterers individually accounting for 10% Summary of Revenue from Significant Charterers for 10% or More of Revenue 2020 2021 2022 Charterer Year ended December 31, 2020 2021 2022 A 58 % 27 % — B — — 41 % C 16 % 17 % 27 % D — 12 % — Total 74 % 56 % 68 % Revenues 74 % 56 % 68 % 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 8,834 (x) Restricted Cash Statement of Cash Flows (Topic 230): Restricted Cash 2,417 3,694 2,626 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, 2020, 2021 and 2022. Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash 2020 2021 2022 December 31, 2020 2021 2022 Cash and cash equivalents $ 1,620 $ 6,180 $ 7,563 Restricted cash, current portion — 944 376 Restricted cash, net of current portion 2,417 2,750 2,250 Total cash and cash equivalents and restricted cash $ 4,037 $ 9,874 $ 10,189 PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: – Continued: (y) Business combinations (z) Debt Modifications and Extinguishments On July 8, 2020, Seventhone entered into a $ 15,250 11,293 On March 30, 2021, Eighthone’s entered into a $ 17,000 24,000 458 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 272,766 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 On December 20, 2021, the Company entered into a new $ 29,000 7,320 83 PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: – Continued: (aa) Distinguishing Liabilities from Equity (ab) New Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion model. As compared with current U.S. GAAP, more convertible debt instruments will be reported as a single liability instrument and the interest rate of more convertible debt instruments will be closer to the coupon interest rate. The ASU also aligns the consistency of diluted Earnings Per Share (“EPS”) calculations for convertible instruments by requiring that (1) an entity use the if-converted method and (2) share settlement be included in the diluted EPS calculation for both convertible instruments and equity contracts when those contracts include an option of cash settlement or share settlement. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The FASB has specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company 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, 2021 and 2022 (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. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
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 December 31, 2015 The Head Management Agreement (the “Head Management Agreement”) with Maritime commenced on March 23, 2015 and continued through March 23, 2020 five 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. 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. Effective January 1, the Ship-Management Fees and the Administration Fees for 2023 were increased by 9.65% in line with the average inflation rate in Greece in 2022 and were approximately $368 per day per ship and $1.8 million annually, respectively. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 3. Transactions with Related Parties: – Continued: 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 Income/(Loss): Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss 2020 2021 2022 Year ended December 31, 2020 2021 2022 Included in Voyage related costs and commissions Charter hire commissions $ 276 $ 322 $ 735 Included in Management fees, related parties Ship-management Fees 637 716 702 Included in General and administrative expenses Administration Fees 1,632 1,632 1,652 Total $ 2,545 $ 2,670 $ 3,089 As of December 31, 2021 and 2022, there was a balance due from Maritime of $ 3,967 1,028 On October 28, 2015, the Company issued a Promissory Note in favor of Maritime Investors in the amount of $ 2,500 2.75% January 15, 2017 5,000 March 31, 2020 4.5% 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 8), b) January 15, 2024 and c) repayment of any Paid-In-Kind (“PIK”) interest and principal deficiency amount under the Credit Facility 9.0% 4.5% 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 272,766 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 $ 3.6660 ) 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 of principal 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. 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 . The fair value of the acquisition of the Pyxis “Lamda” amounted to $ 31,172 (Note 5) and consisted of $ 21,680 senior loan facility that matures in seven years and is secured by the vessel (Note 8), $ 3 million, at fair value, under an amended unsecured Promissory Note due 2024, the issuance of 1,034,751 of the Company’s common shares having a fair value of $ 2.17 million on the delivery date of the vessel on December 20, 2021 and $ 4.32 million cash on hand. Of the amount payable in cash, $ 1,325 was settled in December 2021 and the balance of $ 2,995 was included in Due to related parties in the accompanying 2021 Consolidated Balance Sheet. The balance was cash settled on January 10, 2022. On February 10, 2023 we repaid $ 3 6 7.5% March 14, 2023 PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 3. Transactions with Related Parties: – Continued: Interest charged on the Promissory Note for the years ended December 31, 2020, 2021 and 2022, amounted to $ 452 335 450 226 226 169 57 216 64 55 64 337 113 113 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, 2021 and 2022, amounting to $ 6,000 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows: Schedule of Inventories December 31, 2021 2022 Lubricants $ 552 $ 617 Bunkers 1,015 1,294 Total $ 1,567 $ 1,911 |
Vessels, net
Vessels, net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Vessels, net | 5. Vessels, net The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows: Schedule of Vessels Vessel Cost Accumulated Depreciation Net Book Value Balance January 1, 2021 $ 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 Vessel Cost Accumulated Depreciation Net Book Value Balance January 1, 2022 $ 148,175 $ (28,451 ) $ 119,724 BWTS installation 561 — 561 Depreciation — (6,100 ) (6,100 ) Balance December 31, 2022 $ 148,736 $ (34,551 ) $ 114,185 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 seven years PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 5. Vessels, net: – Continued: 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 21,680 seven years 3 due 2024 1,034,751 2.8992 4,320 2,172 31,172 2,995 On December 23, 2021, the Company entered into an agreement with a third-party to sell the small tankers, “Northsea Alpha” and “Northsea Beta”. Considering the required criteria by the relevant accounting standard, ASC 360-10-45-9, for the classification of the vessels as “held for sale”, the Company concluded that all the criteria were met for both vessels. As at December 31, 2021, the aggregate amount of $ 8,509 2,389 8,900 5,780 As of December 31, 2020, 2021 and 2022, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels held and used. This review indicated that such carrying amounts were fully recoverable for the Company’s vessels held and used and, consequently, no As of December 31, 2021, additions amounted to $ 45 14 31 561 562 1 Subsequent on March 23, 2023 we sold the “Pyxis Malou”, the 2009 built 50,667 dwt. MR product tanker, for a sale price of $ 24.8 18.9 All of the Company’s vessels have been pledged as collateral to secure the bank loans discussed in Note 8. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) |
Insurance claim receivable
Insurance claim receivable | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Insurance claim receivable | 6. Insurance claim receivable In February 2022, the “Pyxis Epsilon” experienced a brief grounding at port which resulted in minor damages to the vessel. The vessel was off-hire for 43 days including shipyard repairs and returned to commercial employment at the end of March 2022. As of the date of this Annual report, the outstanding balance of this insurance claim is $ 288 2,022 |
Deferred dry dock and special s
Deferred dry dock and special survey costs, net | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Dry Dock And Special Survey Costs Net | |
Deferred dry dock and special survey costs, net | 7. 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 2020 2021 2022 Balance January 1, $ 779 $ 1,594 $ 912 Additions 1,068 253 266 Amortization of special survey costs (253 ) (406 ) (384 ) Transfer to vessels held for sale — (529 ) — Balance December 31, $ 1,594 $ 912 $ 794 The amortization of the special survey costs is separately reflected in the accompanying Consolidated Statements of Comprehensive Income/(Loss). |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 8. Long-term Debt The amounts shown in the accompanying Consolidated Balance Sheets at December 31, 2021 and 2022, are analyzed as follows: Schedule of Long-Term Debt Vessel (Borrower) 2021 2022 December 31, Vessel (Borrower) 2021 2022 (a) “Northsea Alpha” (Secondone) $ 2,890 $ — (a) “Northsea Beta” (Thirdone) 2,890 — (b) “Pyxis Malou” (Fourthone) 7,320 6,616 (c) “Pyxis Theta” (Seventhone) 13,750 12,550 (d) “Pyxis Epsilon” (Eighthone) 16,100 14,900 (e) “Pyxis Karteria” (Tenthone) 13,150 11,800 (b) “Pyxis Lamda” (Eleventhone) 21,680 19,884 Total $ 77,780 $ 65,750 Long-term Debt $ 77,780 $ 65,750 Current portion $ 12,030 $ 6,100 Less: Current portion of deferred financing costs (335 ) (271 ) Current portion of long-term debt, net of deferred financing costs, current $ 11,695 $ 5,829 Long-term portion $ 65,750 $ 59,650 Less: Non-current portion of deferred financing costs (870 ) (603 ) Long-term debt, net of current portion and deferred financing costs, non-current $ 64,880 $ 59,047 (a) Each of Secondone’s and Thirdone’s outstanding loan balance at December 31, 2021, amounting to $ 2,890 100 500 2,390 February 2023 On December 23, 2021, the Company entered into an agreement with a third-party to sell the small tankers, “Northsea Alpha” and “Northsea Beta” and the Company concluded that all the criteria required by the relevant accounting standard, ASC 360-10-45-9, for the classification of the vessels “Northsea Alpha” and “Northsea Beta” as “held for sale” were met. As at December 31, 2021, upon classification of “Northsea Alpha” and “Northsea Beta” as vessels held-for-sale, the aggregate outstanding loan balances of $ 5,780 PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 8. Long-term Debt: – Continued: (b) On the same date, Fourthone drew down an amount of $ 7,320 7,320 6,616 176 March 2023 3,800 December 2026 Upon delivery of “Pyxis Lamda”, on December 20, 2021, Eleventhone drew down an amount of $ 21,680 19,884 449 March 2023 12,700 December 2026 The loan bears interest at LIBOR plus a margin of 3.15% Standard loan covenants include, among others, a minimum liquidity and a minimum required Security Cover Ratio (“MSC”). The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreements: Covenants: ● The borrowers undertook to maintain minimum deposit with the bank of $ 1,500 1,000 500 “Pyxis Malou” 500 “Pyxis Lamda” ● The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75% 36.9% 38.1% ● MSC is to be at least 125% ● No change of control shall be made directly or indirectly in the ownership, beneficial ownership, control or management of any of the borrower and the corporate guarantor or any share therein or the vessels, as a result of which less than 100% of the shares and voting rights in each borrower are owned by the corporate guarantor or less than 25% of the shares and voting rights in the corporate guarantor will remain in the ultimate legal and beneficial ownership of the beneficial shareholders. (c) 15,250 11,293 12,550 300 9,250 3.35 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 ● The ratio of the Corporate Guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75% 36.9% 38.1% PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 8. Long-term Debt: – Continued: ● 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) 14,900 300 11,000 3.35% Standard loan covenants include, among others, a minimum liquidity and a MSC. The facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal. Certain major covenants include, as defined in such agreement: ● The borrower undertakes to maintain minimum deposit with the bank of $ 500 ● The ratio of the corporate guarantor’s total liabilities (exclusive of the Promissory Note) to market adjusted total assets is not to exceed 75% 36.9% 38.1% ● 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, 2022, the Tenthone outstanding loan balance amounting to $ 11,800 300 4,900 4.8% 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 ● 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. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 8. Long-term Debt: – Continued: The annual principal payments required to be made after December 31, 2022, are as follows: Schedule of Principal Payments To December 31, Amount 2023 $ 6,100 2024 6,100 2025 15,050 2026 and thereafter 38,500 Total $ 65,750 Total interest expense on long-term debt and the Promissory Note for the years ended December 31, 2020, 2021 and 2022, amounted to $ 4,636 2,963 4,148 7.69% 5.04% 5.41% |
Equity Capital Structure and Eq
Equity Capital Structure and Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Equity Capital Structure and Equity Incentive Plan | 9. Equity Capital Structure and Equity Incentive Plan Effective May 13, 2022, the Company effected a four-for-one Reverse Stock Split on its issued and outstanding common stock. All share and per share amounts disclosed in the accompanying financial statements give effect to this Reverse Stock Split retroactively, for all periods presented. The Company’s authorized common and preferred stock consists of 450,000,000 common shares, 50,000,000 preferred shares of which 1,000,000 are authorized as Series A Convertible Preferred Shares. As of December 31, 2021 and 2022, the Company had a total of 10,613,964 common shares and 10,614,319 common shares issued and outstanding, respectively and 449,673 and 449,473 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 25.00 7.75% 1,600,000 5.60 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 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 $5.60 per common share, or 4.46 common shares, at any time at the option of the holder, subject to certain customary adjustments. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 9. Equity Capital Structure and Equity Incentive Plan: - Continued: If the trading price of Pyxis Tankers’ common stock equals or exceeds $9.52 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. 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 PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 9. Equity Capital Structure and Equity Incentive Plan: - Continued: 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 2,000 24.92 16,000 0.01 at any time on or after April 6, 2021 and prior to October 8, 2025 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 $5.60 or, in case of absence of an effective registration statement, to exchange those cashless based on a formula set in the Underwriting Agreement. The Company received gross proceeds of $ 5.0 4.3 During 2020, 18,525 Series A Convertible Preferred Shares were converted into 83,027 registered common shares of the Company while no Warrants were exercised. At December 31, 2020, the Company had 181,475 outstanding Series A Convertible Preferred Shares and 1,735,040 Warrants (exclusive of 2,000 underwriter’s Warrants to purchase 2,000 Series A Convertible Preferred Shares and 16,000 underwriter’s warrant to purchase 16,000 common shares which remained outstanding as of December 31, 2020). On July 16, 2021, the Company completed a follow-on public offering of 308,487 25 20.00 6,170 5,563 2,683 25.00 During 2021, an aggregate of 40,289 of Series A Convertible Preferred Shares were converted into 180,106 registered common shares of the Company and 144,500 Warrants were exercised for 36,125 registered common shares. The Company received $0.2 million from the Warrant exercise. At December 31, 2021, the Company had 449,673 outstanding Series A Convertible Preferred Shares and 1,590,540 Warrants (exclusive of 4,683 underwriter’s Warrants to purchase 4,683 Series A Convertible Preferred Shares and 16,000 underwriter’s warrant to purchase 16,000 common shares which remained outstanding as of December 31, 2021). During 2022, an aggregate of 200 of Series A Convertible Preferred Shares were converted into 895 registered common shares of the Company while no Warrants were exercised. After December 31, 2022 through March 31, 2023 further 29,388 Series A Convertible Preferred Shares had been converted, resulting in the issuance of 131,335 PXS common shares. At December 31, 2022, the Company had 449,473 outstanding Series A Convertible Preferred Shares and 1,590,540 Warrants (exclusive of 4,683 underwriter’s Warrants to purchase 4,683 Series A Convertible Preferred Shares and 16,000 underwriter’s warrant to purchase 16,000 common shares which remained outstanding as of December 31, 2022). Furthermore, as of December 31, 2021 and December 31, 2022, the Company had outstanding warrants which amounted to 1,590,540 , (exclusive of 4,683 underwriter’s warrants to purchase 4,683 Series A Convertible Preferred Shares at an average exercise price of $ 24.97 and 16,000 underwriter’s warrant to purchase 16,000 common shares with exercise price $ 5.60 . The Company has also issued to the placement agent 428,571 non-tradeable warrants for the purchase of common shares, which can be exercised commencing one hundred eighty (180) days after the closing date, or on August 23, 2021 and expire on the five -year anniversary of the closing date, or on February 24, 2026. The initial exercise price per common share was $ 8.75 , or 125% of the offering price of the shares. As of December 31, 2021 and December 31, 2022 all the respective non-tradeable underwriter’s warrants remain outstanding. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 9. Equity Capital Structure and Equity Incentive Plan: - Continued: On November 20, 2020, the Company paid a cash dividend of $ 0.1991 0.1615 0.1615 537 0.1615 871 On January 4, 2021 and April 2, 2021, following the second amendment to the Amended & Restated Promissory Note, the Company issued 16,112 and 11,957 , 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. 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 3,571,429 shares of common stock at a price of $ 7.00 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 8), 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 $ 4 and $ 23,115 , 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 non-tradeable warrants for the purchase of common shares, which can be exercised commencing one hundred eighty (180) days after the closing date, or on August 23, 2021 and expire on the five -year anniversary of the closing date, or on February 24, 2026. The initial exercise price per common share was $ 8.75 , or 125% of the Offering Price of the Shares. As of December 31, 2021, all the respective non-tradeable underwriter’s warrants remain outstanding. 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 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 1,000 272,766 3,000 April 1, 2023 7.5% On June 16, 2021, Nasdaq notified the Company of noncompliance with the minimum bid price of $ 1.00 On December 20, 2021, the Company issued 1,034,751 2.8992 1,034,751 2,172 PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 9. Equity Capital Structure and Equity Incentive Plan: - Continued: On May 11, 2022, following the Company’s annual shareholder meeting the board of directors of the Company approved the implementation of a reverse-split of our common shares at the ratio of one share for four existing common shares, effective May 13, 2022 (the “Reverse Stock Split”). Following the Reverse Stock Split, our common shares continued trading on the Nasdaq Capital Markets under its existing symbol, “PXS”, with a new CUSIP number, 71726130. The payment for fractional share interests in connection with the Reverse Stock Split reduced the outstanding common shares to 10,613,424 post-Reverse Stock Split. The Reverse Stock Split was undertaken with the objective of meeting the minimum $1.00 per share requirement for maintaining the listing of the common shares on the Nasdaq Capital Markets. Furthermore, following the Reverse Stock Split, (a) the Conversion Price, as defined in the certification of designation of the Company’s 7.75% Series A Cumulative Convertible Preferred Shares (NASDAQ Cap Mkts: PXSAP), was adjusted from $1.40 to $5.60 and (b) the Exercise Price, as defined in the Company’s warrants to purchase common shares (NASDAQ Cap Mkts: PXSAW), was adjusted from $1.40 to $5.60. All the share and per share information for all periods presented has been adjusted to reflect the one for four Reverse Stock Split. The Company in order to regain compliance with NASDAQ minimum bid price, and effective May 13, 2022, effected a four-for-one Reverse Stock Split on its issued and outstanding common stock. All share and per share amounts disclosed in the accompanying financial statements give effect to this Reverse Stock Split retroactively, for all periods presented. As of the date of this annual report, Mr. Valentis beneficially owned 5,705,730 or approximately 53.1 of our outstanding common shares. |
Income_(Loss) per Common Share
Income/(Loss) per Common Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Income/(Loss) per Common Share | 10. Income/(Loss) per Common Share The amounts shown in the accompanying Consolidated Statements of Comprehensive Income/(Loss) for the years ended December 31, 2020, 2021 and 2022, are analyzed as follows: Schedule of Loss Per Common Share 2020 2021 2022 Year ended December 31, 2020 2021 2022 Net income / (loss) available to common stockholders, basic $ (6,982 ) $ (12,893 ) $ 12,507 Weighted average number of common shares, basic 5,387,031 8,994,768 10,613,672 Net Income / (loss) per common share, basic $ (1.30 ) $ (1.43 ) $ 1.18 Net income / (loss) available to common stockholders, diluted $ (6,982 ) $ (12,893 ) $ 13,392 Weighted average number of common shares, diluted 5,387,031 8,994,768 12,640,581 Net Income / (loss) per common share, diluted $ (1.30 ) $ (1.43 ) $ 1.06 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, 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, 2022 | |
Risk Management And Fair Value Measurements | |
Risk Management and Fair Value Measurements | 11. Risk Management and Fair Value Measurements The principal financial assets of the Company consist of cash and cash equivalents, trade accounts receivable due from charterers and amounts due from related parties. The principal financial liabilities of the Company consist of long-term bank loans, trade accounts payable and a Promissory Note. Interest rate risk 10.0 3.5% July 18, 2022 9.6 2% July 8, 2025 0.5 PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 11. Risk Management and Fair Value Measurements: - Continued: Four of our bank loans accrue interest based on LIBOR, typically for one and three month interest periods, which has been historically volatile. The publication of U.S. Dollar LIBOR for the one-week and two-month U.S. Dollar LIBOR tenors ceased on December 31, 2021, and the ICE Benchmark Administration (“IBA”), the administrator of LIBOR, with the support of the United States Federal Reserve and the United Kingdom’s Financial Conduct Authority, announced the publication of all other U.S. Dollar LIBOR tenors will cease on June 30, 2023. The United States Federal Reserve concurrently issued a statement advising banks to cease issuing U.S. Dollar LIBOR instruments after 2021. As such, any new loan agreements we enter into will not use LIBOR as an interest rate, and we will need to transition our existing loan agreements from U.S. Dollar LIBOR to an alternative reference rate prior to June 2023. In response to the discontinuation of LIBOR, working groups are converging on alternative reference rates. The Alternative Reference Rate Committee, a committee convened by the Federal Reserve that includes major market participants, has proposed an alternative rate to replace U.S. Dollar LIBOR: the Secured Overnight Financing Rate, or “SOFR.” Our remaining bank loan accrues interest on SOFR, with optional interest periods of one, three and six months. At this time, it is not possible to predict how markets will respond to SOFR or other alternative reference rates. The impact of such a transition from LIBOR to SOFR or another alternative reference rate could be significant for us. Credit risk Currency risk Fair value: Schedule of Fair Value of Assets and Liabilities Carrying Value Fair Value Cash and cash equivalents (including restricted cash) $ 10,189 $ 10,189 Trade accounts receivable $ 10,469 $ 10,469 Trade accounts payable $ 2,604 $ 2,604 Long-term debt with variable interest rates, net $ 65,750 $ 65,750 Promissory note with non-variable interest rate * $ 6,000 $ 5,968 Due to related parties $ 1,028 $ 1,028 * As at December 31, 2022, Carrying Value and the Theoretical Fair Value of the Promissory Note is $ 6,000 and $ 5,968 , respectively. i. Assets measured at fair value on a recurring basis: Interest rate cap The Company’s interest rate cap does not qualify for hedge accounting. The Company adjusts its interest rate cap contract to fair market value at the end of every period and records the resulting gain or loss during the period in the Consolidated Statements of Comprehensive Income/(Loss). Information on the classification, the derivative fair value and the loss from financial derivative instrument included in the Consolidated Financial Statements is shown below: Schedule of Financial Derivative Instrument Location Consolidated Balance Sheets – Location 2021 2022 December 31, Consolidated Balance Sheets – Location 2021 2022 Financial derivative instrument – Other non-current assets $ 74 $ 619 PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 11. Risk Management and Fair Value Measurements: - Continued: Schedule of Gains Losses on Derivative Instruments Consolidated Statements of Comprehensive Income/(Loss) – Location 2021 2022 December 31, Consolidated Statements of Comprehensive Income/(Loss) – Location 2021 2022 Financial derivative instrument – Fair value at the beginning of the period $ — $ 74 Financial derivative instrument – Additions of the period 74 — Financial derivative instrument – Amounts received — (10 ) Financial derivative instrument – Fair value as at period end 74 619 Gain/(Loss) from financial derivative instrument $ — $ 555 ii. 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. iii. Assets measured at fair value on a non-recurring basis: Long lived assets held and used and held for sale As of December 31, 2020, 2021 and 2022, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels held and used. This review indicated that such carrying amount was fully recoverable for the Company’s vessels held and used. No 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 On December 20, 2021, the Company issued 1,034,751 common shares with an average price of $ 2.8992 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, 2021 and 2022, the Company did not have any other assets or liabilities measured at fair value on a non-recurring basis. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Minimum contractual charter revenues: PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 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, 2022, are as follows: Schedule of Future Minimum Contractual Charter Revenues Year ending December 31, Amount 2023 $ 13,100 Total $ 13,100 Other The Company accrues for the cost of environmental and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. As of December 31, 2022 and as of the date of the issuance of the Consolidated Financial Statements, management is not aware of any other claims or contingent liabilities, which should be disclosed or for which a provision should be established in the accompanying Consolidated Financial Statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs. |
Interest and Finance Costs, net
Interest and Finance Costs, net | 12 Months Ended |
Dec. 31, 2022 | |
Interest And Finance Costs Net | |
Interest and Finance Costs, net | 13. Interest and Finance Costs, net The amounts in the accompanying Consolidated Statements of Comprehensive Income/(Loss) are analyzed as follows: Schedule of Interest and Finance Costs 2020 2021 2022 Year ended December 31, 2020 2021 2022 Interest on long-term debt (Note 8) $ 4,184 $ 2,628 $ 3,698 Interest on promissory note (Note 3) 452 335 450 Amortization of financing costs 328 247 303 Financing fees and charges — 75 (10 ) Total $ 4,964 $ 3,285 $ 4,441 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events Series A Convertible Preferred Shares Dividend Payments: 0.1615 per share on its outstanding Series A Convertible Preferred Shares, which aggregated to $ 208 . Sale of Vessel: 24.8 18.9 750 19,435 18,685 Loan refinancing and Promissory Note repayment: 15.5 2.7% 3 6 3 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | (a) Principles of Consolidation PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: – Continued: 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 |
Commitments and Contingencies | (e) Commitments and Contingencies |
Insurance Claims Receivable | (f) Insurance Claims Receivable that there is no material impact on the Company’s as of the date of the adoption of ASC 326 on January 1, 2021 and as of December 31, 2021 and 2022, and thus no provision for credit losses was recorded as of those dates PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: – Continued: |
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 8 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, 2021 and 2022 and thus no provision for credit losses was recorded as of those dates. |
Income Taxes: Neither Pyxis Tankers Inc. nor any of its subsidiaries are subject to income taxes | (i) Income Taxes: Neither Pyxis Tankers Inc. nor any of its subsidiaries are subject to income taxes Under the laws of the Republic of Malta, the country of incorporation of certain of the Company’s other 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 vessel-owning companies with vessels that have called on the United States during the relevant year of operation are obliged to file income tax returns with the Internal Revenue Service. The applicable tax is 50% of 4% of U.S. related gross transportation income unless an exemption applies. The Company believes that based on current legislation the relevant vessel-owning companies are entitled to an exemption because they satisfy the relevant requirements, namely that (i) the related vessel-owning companies are incorporated in a jurisdiction granting an equivalent exemption to U.S. corporations and (ii) over 50% of the ultimate stockholders of the vessel-owning companies are residents of a country granting an equivalent exemption to U.S. persons. The Company and each of its subsidiaries expects it qualifies for this statutory tax exemption for the 2022, 2021 and 2020 taxable years (the tax years that remain subject to examination), and the Company takes this position for United States federal income tax return reporting purposes. |
Inventories | (j) Inventories |
Trade Accounts Receivable, Net | (k) Trade Accounts Receivable, Net 1,736 10,572 20 138 nil 35 nil 2,133 |
Allowance for credit losses | (l) Allowance for credit losses (9) PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: – Continued: 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 Income/(Loss). As of December 31, 2021 and December 31, 2022, the Company concluded on an expected credit loss rate of 0.1% and 1.3% on the total outstanding receivables arising from voyage charters and 2.8% and 1.6% on outstanding receivables from demurrages 11 118 |
Vessels, Net | (m) Vessels, Net The cost of each of the Company’s vessels is depreciated from the date of acquisition on a straight-line basis over the vessels’ remaining estimated economic useful life, after considering the estimated residual value. A vessel’s residual value is equal to the product of its lightweight tonnage and estimated scrap rate per ton. Following the reassessment of the scrap rates effective October 1, 2021, the Company increased the estimated scrap rate per ton from $ 300 340 130 32 25 years |
Impairment of Long-Lived Assets | (n) Impairment of Long-Lived Assets In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions 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, 2021 and 2022 (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 90.0% 82.0% 98.6% 4% 0.34 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, 2020, 2021 and 2022, did no |
Long-lived Assets Classified as Held for Sale | (o) Long-lived Assets Classified as Held for Sale |
Financial Derivative Instruments | (p) Financial Derivative Instruments 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 income/(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 income/(loss) as financial income or expense. |
Accounting for Special Survey and Dry-docking Costs | (q) Accounting for Special Survey and Dry-docking Costs PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (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 |
Fair Value Measurements | (s) Fair Value Measurements ● 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 one |
Income/(Loss) per Share | (u) Income/(Loss) per Share 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, 2020 and 2021, the effect of any incremental shares would be antidilutive and thus excluded from the computation of loss per share, however for the year ended December 31, 2022 the effect of any incremental shares dilutes the income per share and have been included. PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: – Continued: |
Going Concern | (v) Going Concern As of December 31, 2022, the Company had a working capital surplus of $ 8,570 |
Revenues, net | (w) Revenues, net The following table presents the Company’s revenue disaggregated by revenue source, net of commissions, for the years ended December 31, 2020, 2021 and 2022: Schedule of Revenue Disaggregated by Revenue Source 2020 2021 2022 Year ended December 31, 2020 2021 2022 Revenues derived from spot charters, net $ 7,022 $ 13,711 $ 39,099 Revenues derived from time charters, net 14,689 11,630 19,245 Revenues, net $ 21,711 $ 25,341 $ 58,344 Revenue from customers (ASC 606): 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). The Company recognize the voyage costs during the ballast voyage represented costs to fulfil a contract which give rise to an asset that being capitalized and amortized over the spot charter, consistent with the recognition of voyage revenues from spot charter from load-to-discharge, while voyage costs incurred during the spot charter should be expensed as incurred. With respect to incremental costs, the Company has adopted the practical expedient in the guidance and any costs to obtain a contract will be expensed as incurred, for the Company’s spot charters that do not exceed one year. Vessel operating expenses are expensed as incurred. In addition, pursuant to this standard and the Leases standard (discussed below), the Company presents 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 Income/(Loss). PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: – Continued: 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 Revenues for the years ended December 31, 2020, 2021 and 2022, deriving from significant charterers individually accounting for 10% Summary of Revenue from Significant Charterers for 10% or More of Revenue 2020 2021 2022 Charterer Year ended December 31, 2020 2021 2022 A 58 % 27 % — B — — 41 % C 16 % 17 % 27 % D — 12 % — Total 74 % 56 % 68 % Revenues 74 % 56 % 68 % 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 8,834 |
Restricted Cash | (x) Restricted Cash Statement of Cash Flows (Topic 230): Restricted Cash 2,417 3,694 2,626 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, 2020, 2021 and 2022. Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash 2020 2021 2022 December 31, 2020 2021 2022 Cash and cash equivalents $ 1,620 $ 6,180 $ 7,563 Restricted cash, current portion — 944 376 Restricted cash, net of current portion 2,417 2,750 2,250 Total cash and cash equivalents and restricted cash $ 4,037 $ 9,874 $ 10,189 PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: – Continued: |
Business combinations | (y) Business combinations |
Debt Modifications and Extinguishments | (z) Debt Modifications and Extinguishments On July 8, 2020, Seventhone entered into a $ 15,250 11,293 On March 30, 2021, Eighthone’s entered into a $ 17,000 24,000 458 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 272,766 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 On December 20, 2021, the Company entered into a new $ 29,000 7,320 83 PYXIS TANKERS INC. Notes to the Consolidated Financial Statements December 31, 2021 and 2022 (Expressed in thousands of U.S. dollars, except for share and per share data) 2. Significant Accounting Policies: – Continued: |
Distinguishing Liabilities from Equity | (aa) Distinguishing Liabilities from Equity |
New Accounting Pronouncements | (ab) New Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion model. As compared with current U.S. GAAP, more convertible debt instruments will be reported as a single liability instrument and the interest rate of more convertible debt instruments will be closer to the coupon interest rate. The ASU also aligns the consistency of diluted Earnings Per Share (“EPS”) calculations for convertible instruments by requiring that (1) an entity use the if-converted method and (2) share settlement be included in the diluted EPS calculation for both convertible instruments and equity contracts when those contracts include an option of cash settlement or share settlement. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The FASB has specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company 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, 2021 and 2022 (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, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Ownership and Operation of Tanker Vessels | All of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below: Schedule of Ownership and Operation of Tanker Vessels Vessel-owning Company Incorporation date Vessel DWT Year built Acquisition date Secondone 05/23/2007 Northsea Alpha (sold) 8,615 2010 05/28/2010 Thirdone 05/23/2007 Northsea Beta (sold) 8,647 2010 05/25/2010 Fourthone 05/30/2007 Pyxis Malou (sold) 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, 2022 | |
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, 2020, 2021 and 2022: Schedule of Revenue Disaggregated by Revenue Source 2020 2021 2022 Year ended December 31, 2020 2021 2022 Revenues derived from spot charters, net $ 7,022 $ 13,711 $ 39,099 Revenues derived from time charters, net 14,689 11,630 19,245 Revenues, net $ 21,711 $ 25,341 $ 58,344 |
Summary of Revenue from Significant Charterers for 10% or More of Revenue | Revenues for the years ended December 31, 2020, 2021 and 2022, deriving from significant charterers individually accounting for 10% Summary of Revenue from Significant Charterers for 10% or More of Revenue 2020 2021 2022 Charterer Year ended December 31, 2020 2021 2022 A 58 % 27 % — B — — 41 % C 16 % 17 % 27 % D — 12 % — Total 74 % 56 % 68 % Revenues 74 % 56 % 68 % |
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, 2020, 2021 and 2022. Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash 2020 2021 2022 December 31, 2020 2021 2022 Cash and cash equivalents $ 1,620 $ 6,180 $ 7,563 Restricted cash, current portion — 944 376 Restricted cash, net of current portion 2,417 2,750 2,250 Total cash and cash equivalents and restricted cash $ 4,037 $ 9,874 $ 10,189 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss | The following amounts were charged by Maritime pursuant to the head management and ship-management agreements with the Company, and are included in the accompanying Consolidated Statements of Comprehensive Income/(Loss): Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss 2020 2021 2022 Year ended December 31, 2020 2021 2022 Included in Voyage related costs and commissions Charter hire commissions $ 276 $ 322 $ 735 Included in Management fees, related parties Ship-management Fees 637 716 702 Included in General and administrative expenses Administration Fees 1,632 1,632 1,652 Total $ 2,545 $ 2,670 $ 3,089 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows: Schedule of Inventories December 31, 2021 2022 Lubricants $ 552 $ 617 Bunkers 1,015 1,294 Total $ 1,567 $ 1,911 |
Vessels, net (Tables)
Vessels, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Vessels | The amounts in the accompanying Consolidated Balance Sheets are analyzed as follows: Schedule of Vessels Vessel Cost Accumulated Depreciation Net Book Value Balance January 1, 2021 $ 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 Vessel Cost Accumulated Depreciation Net Book Value Balance January 1, 2022 $ 148,175 $ (28,451 ) $ 119,724 BWTS installation 561 — 561 Depreciation — (6,100 ) (6,100 ) Balance December 31, 2022 $ 148,736 $ (34,551 ) $ 114,185 |
Deferred dry dock and special_2
Deferred dry dock and special survey costs, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Dry Dock And Special Survey Costs Net | |
Schedule of Deferred Charges | The movement in deferred charges, net, in the accompanying Consolidated Balance Sheets are as follows: Schedule of Deferred Charges Dry docking costs 2020 2021 2022 Balance January 1, $ 779 $ 1,594 $ 912 Additions 1,068 253 266 Amortization of special survey costs (253 ) (406 ) (384 ) Transfer to vessels held for sale — (529 ) — Balance December 31, $ 1,594 $ 912 $ 794 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | The amounts shown in the accompanying Consolidated Balance Sheets at December 31, 2021 and 2022, are analyzed as follows: Schedule of Long-Term Debt Vessel (Borrower) 2021 2022 December 31, Vessel (Borrower) 2021 2022 (a) “Northsea Alpha” (Secondone) $ 2,890 $ — (a) “Northsea Beta” (Thirdone) 2,890 — (b) “Pyxis Malou” (Fourthone) 7,320 6,616 (c) “Pyxis Theta” (Seventhone) 13,750 12,550 (d) “Pyxis Epsilon” (Eighthone) 16,100 14,900 (e) “Pyxis Karteria” (Tenthone) 13,150 11,800 (b) “Pyxis Lamda” (Eleventhone) 21,680 19,884 Total $ 77,780 $ 65,750 Long-term Debt $ 77,780 $ 65,750 Current portion $ 12,030 $ 6,100 Less: Current portion of deferred financing costs (335 ) (271 ) Current portion of long-term debt, net of deferred financing costs, current $ 11,695 $ 5,829 Long-term portion $ 65,750 $ 59,650 Less: Non-current portion of deferred financing costs (870 ) (603 ) Long-term debt, net of current portion and deferred financing costs, non-current $ 64,880 $ 59,047 |
Schedule of Principal Payments | The annual principal payments required to be made after December 31, 2022, are as follows: Schedule of Principal Payments To December 31, Amount 2023 $ 6,100 2024 6,100 2025 15,050 2026 and thereafter 38,500 Total $ 65,750 |
Income_(Loss) per Common Share
Income/(Loss) per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Loss Per Common Share | The amounts shown in the accompanying Consolidated Statements of Comprehensive Income/(Loss) for the years ended December 31, 2020, 2021 and 2022, are analyzed as follows: Schedule of Loss Per Common Share 2020 2021 2022 Year ended December 31, 2020 2021 2022 Net income / (loss) available to common stockholders, basic $ (6,982 ) $ (12,893 ) $ 12,507 Weighted average number of common shares, basic 5,387,031 8,994,768 10,613,672 Net Income / (loss) per common share, basic $ (1.30 ) $ (1.43 ) $ 1.18 Net income / (loss) available to common stockholders, diluted $ (6,982 ) $ (12,893 ) $ 13,392 Weighted average number of common shares, diluted 5,387,031 8,994,768 12,640,581 Net Income / (loss) per common share, diluted $ (1.30 ) $ (1.43 ) $ 1.06 |
Risk Management and Fair Valu_2
Risk Management and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Risk Management And Fair Value Measurements | |
Schedule of Fair Value of Assets and Liabilities | Fair value: Schedule of Fair Value of Assets and Liabilities Carrying Value Fair Value Cash and cash equivalents (including restricted cash) $ 10,189 $ 10,189 Trade accounts receivable $ 10,469 $ 10,469 Trade accounts payable $ 2,604 $ 2,604 Long-term debt with variable interest rates, net $ 65,750 $ 65,750 Promissory note with non-variable interest rate * $ 6,000 $ 5,968 Due to related parties $ 1,028 $ 1,028 * As at December 31, 2022, Carrying Value and the Theoretical Fair Value of the Promissory Note is $ 6,000 and $ 5,968 , respectively. |
Schedule of Financial Derivative Instrument Location | Schedule of Financial Derivative Instrument Location Consolidated Balance Sheets – Location 2021 2022 December 31, Consolidated Balance Sheets – Location 2021 2022 Financial derivative instrument – Other non-current assets $ 74 $ 619 |
Schedule of Gains Losses on Derivative Instruments | Schedule of Gains Losses on Derivative Instruments Consolidated Statements of Comprehensive Income/(Loss) – Location 2021 2022 December 31, Consolidated Statements of Comprehensive Income/(Loss) – Location 2021 2022 Financial derivative instrument – Fair value at the beginning of the period $ — $ 74 Financial derivative instrument – Additions of the period 74 — Financial derivative instrument – Amounts received — (10 ) Financial derivative instrument – Fair value as at period end 74 619 Gain/(Loss) from financial derivative instrument $ — $ 555 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, are as follows: Schedule of Future Minimum Contractual Charter Revenues Year ending December 31, Amount 2023 $ 13,100 Total $ 13,100 |
Interest and Finance Costs, n_2
Interest and Finance Costs, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Interest And Finance Costs Net | |
Schedule of Interest and Finance Costs | The amounts in the accompanying Consolidated Statements of Comprehensive Income/(Loss) are analyzed as follows: Schedule of Interest and Finance Costs 2020 2021 2022 Year ended December 31, 2020 2021 2022 Interest on long-term debt (Note 8) $ 4,184 $ 2,628 $ 3,698 Interest on promissory note (Note 3) 452 335 450 Amortization of financing costs 328 247 303 Financing fees and charges — 75 (10 ) Total $ 4,964 $ 3,285 $ 4,441 |
Schedule of Ownership and Opera
Schedule of Ownership and Operation of Tanker Vessels (Details) - Vessels [Member] Integer in Thousands | 12 Months Ended |
Dec. 31, 2022 Integer | |
Secondone Corporation Ltd [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date of incorporation | May 23, 2007 |
Vessel | Northsea Alpha (sold) |
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 (sold) |
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 (sold) |
DWT | 50,667 |
Year built | 2009 |
Acquisition date | Feb. 16, 2009 |
Seventhone Corp [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date of incorporation | May 31, 2011 |
Vessel | Pyxis Theta |
DWT | 51,795 |
Year built | 2013 |
Acquisition date | Sep. 16, 2013 |
Eighthone Corp [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date of incorporation | Feb. 08, 2013 |
Vessel | Pyxis Epsilon |
DWT | 50,295 |
Year built | 2015 |
Acquisition date | Jan. 14, 2015 |
Tenthone Corp [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date of incorporation | Apr. 22, 2021 |
Vessel | Pyxis Karteria |
DWT | 46,652 |
Year built | 2013 |
Acquisition date | Jul. 15, 2021 |
Eleventhone Corp [Member] | |
Property, Plant and Equipment [Line Items] | |
Entity incorporation date of incorporation | Nov. 09, 2021 |
Vessel | Pyxis Lamda |
DWT | 50,145 |
Year built | 2017 |
Acquisition date | Dec. 20, 2021 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (Details Narrative) $ in Thousands | Apr. 23, 2015 USD ($) | Dec. 31, 2022 Integer |
LOOKSMART LTD. ("LS") [Member] | ||
Expenses of merger | $ | $ 600 | |
Mr Valentis [Member] | ||
Percentage of beneficially owned common stock | 54% | |
Vessel Ownership [Member] | ||
Number of vessel ownership interest entities | Integer | 5 | |
Vessel Ownership [Member] | ||
Entity ownership interest | 100% | |
Non Vessels [Member] | ||
Entity ownership interest | 100% | |
Maritime Investors [Member] | ||
Entity ownership interest | 100% | |
Pyxis Holdings Inc [Member] | ||
Entity ownership interest | 100% |
Schedule of Revenue Disaggregat
Schedule of Revenue Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Product Information [Line Items] | |||
Revenues, net | $ 58,344 | $ 25,341 | $ 21,711 |
Revenues Derived From Spot Charters [Member] | |||
Product Information [Line Items] | |||
Revenues, net | 39,099 | 13,711 | 7,022 |
Revenues Derived From Time Charters [Member] | |||
Product Information [Line Items] | |||
Revenues, net | $ 19,245 | $ 11,630 | $ 14,689 |
Summary of Revenue from Signifi
Summary of Revenue from Significant Charterers for 10% or More of Revenue (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Individual Charterers [Member] | |||
Product Information [Line Items] | |||
Revenues | 10% | ||
Charterer A [Member] | |||
Product Information [Line Items] | |||
Revenues | 27% | 58% | |
Charterer B [Member] | |||
Product Information [Line Items] | |||
Revenues | 41% | ||
Charterer C [Member] | |||
Product Information [Line Items] | |||
Revenues | 27% | 17% | 16% |
Charterer D [Member] | |||
Product Information [Line Items] | |||
Revenues | 12% | ||
Charterers [Member] | |||
Product Information [Line Items] | |||
Revenues | 68% | 56% | 74% |
Schedule of Reconciliation of C
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | |||
Cash and cash equivalents | $ 7,563 | $ 6,180 | $ 1,620 |
Restricted cash, current portion | 376 | 944 | |
Restricted cash, net of current portion | 2,250 | 2,750 | 2,417 |
Total cash and cash equivalents and restricted cash | $ 10,189 | $ 9,874 | $ 4,037 |
Significant Accounting Polici_4
Significant Accounting Policies (Details Narrative) | 12 Months Ended | ||||||||
Dec. 20, 2021 USD ($) | Jun. 17, 2021 USD ($) shares | Mar. 30, 2021 USD ($) | Mar. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) Segment $ / t | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) | Jul. 17, 2021 USD ($) | Jul. 08, 2020 USD ($) | |
Product Information [Line Items] | |||||||||
Allowance for expected credit losses | $ 138,000 | $ 20,000 | |||||||
Hire collected in advance | $ 2,133,000 | ||||||||
Cumulative adjustment of accumulated deficit | (9,000) | ||||||||
Credit loss description | the Company concluded on an expected credit loss rate of 0.1% and 1.3% on the total outstanding receivables arising from voyage charters and 2.8% and 1.6% on outstanding receivables from demurrages | ||||||||
Doubtful accounts allowance | $ 118,000 | 11,000 | |||||||
Impairment test | $ / t | 0.34 | ||||||||
Depreciation charge | $ 6,100,000 | $ 4,898,000 | 4,418,000 | ||||||
Estimates the useful | 25 years | ||||||||
Utilization of unfixed days | 82% | 90% | |||||||
Estimated fleet utilization rate depending on the type of the vessel | 98.60% | ||||||||
Utilization of unfixed days less | 4% | ||||||||
Impairment charge | $ 0 | $ 0 | 0 | ||||||
Operating reportable segment | Segment | 1 | ||||||||
Working capital | $ 8,570,000 | ||||||||
Maximum aggregate amount of loss due to credit risk | 8,834,000 | 738,000 | |||||||
Restricted cash | 2,626,000 | 3,694,000 | 2,417,000 | ||||||
Debt extinguishment | (34,000) | $ (541,000) | |||||||
Restricted common shares | shares | 1,034,751 | ||||||||
Promissory Note [Member] | |||||||||
Product Information [Line Items] | |||||||||
Senior loan facility | $ 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. 01, 2024 | Apr. 01, 2023 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ||||||||
Promissory Note [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||
Product Information [Line Items] | |||||||||
Restricted common shares | shares | 272,766 | ||||||||
Eighthone Corp [Member] | |||||||||
Product Information [Line Items] | |||||||||
Line of credit | $ 24,000,000 | $ 24,000,000 | |||||||
Secured Debt [Member] | Eighthone Corp [Member] | |||||||||
Product Information [Line Items] | |||||||||
Borrowings amount | $ 17,000,000 | ||||||||
Debt extinguishment | $ 458,000 | ||||||||
Senior Loan Facility [Member] | |||||||||
Product Information [Line Items] | |||||||||
Borrowings amount | $ 7,320,000 | ||||||||
Debt extinguishment | 83,000 | ||||||||
Senior loan facility | $ 29,000,000 | ||||||||
Secured Loan - Seventhone Corp. [Member] | |||||||||
Product Information [Line Items] | |||||||||
Outstanding indebtedness | $ 15,250,000 | ||||||||
Previous Secured Loan - Seventhone Corp [Member] | |||||||||
Product Information [Line Items] | |||||||||
Outstanding indebtedness | $ 11,293,000 | ||||||||
Operating Income (Loss) [Member] | |||||||||
Product Information [Line Items] | |||||||||
Depreciation charge | $ 130,000 | ||||||||
Minimum [Member] | |||||||||
Product Information [Line Items] | |||||||||
Impairment test | $ / t | 300 | ||||||||
Maximum [Member] | |||||||||
Product Information [Line Items] | |||||||||
Impairment test | $ / t | 340 | ||||||||
Depreciation charge | $ 32,000 | ||||||||
Spot Charters [Member] | |||||||||
Product Information [Line Items] | |||||||||
Accounts receivable | $ 10,572,000 | 1,736,000 | |||||||
Time Charters [Member] | |||||||||
Product Information [Line Items] | |||||||||
Accounts receivable | $ 35,000 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |||
Charter hire commissions | $ 735 | $ 322 | $ 276 |
Ship-management Fees | 702 | 716 | 637 |
Administration Fees | 1,652 | 1,632 | 1,632 |
Total | $ 3,089 | $ 2,670 | $ 2,545 |
Transactions with Related Par_3
Transactions with Related Parties (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||
Feb. 10, 2023 | Dec. 20, 2021 | Nov. 15, 2021 | Nov. 15, 2021 | Jun. 17, 2021 | Jan. 01, 2021 | May 14, 2019 | Oct. 28, 2015 | Jan. 31, 2023 | Jan. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 17, 2021 | Jun. 16, 2021 | May 14, 2020 | |
Related Party Transaction [Line Items] | ||||||||||||||||
Administration fees payable to related party | $ 1,652 | $ 1,632 | $ 1,632 | |||||||||||||
Due from related parties | 3,967 | |||||||||||||||
Due to related parties | 1,028 | |||||||||||||||
issuance of common stock, shares | 1,034,751 | |||||||||||||||
Due to Related Parties, Current | 1,028 | $ 6,962 | ||||||||||||||
Outstanding balance of promissory note | 6,000 | 6,000 | ||||||||||||||
Memorandum of Agreement [Member] | SPP Shipbuilding Co. Ltd [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Line of Credit Facility, Expiration Period | 7 years | |||||||||||||||
Promissory Note [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Promissory note percentage | 7.50% | |||||||||||||||
Maturity date | Apr. 01, 2024 | Apr. 01, 2023 | ||||||||||||||
Principal amount | $ 6,000 | $ 3,000 | $ 1,000 | |||||||||||||
Interest Payable | 433 | |||||||||||||||
Interest on promissory note to be settled in common shares | $ 1,000 | |||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 3.6660 | |||||||||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 1,000 | |||||||||||||||
Promissory Note [Member] | Subsequent Event [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Promissory note percentage | 7.50% | |||||||||||||||
Maturity date | Mar. 14, 2023 | |||||||||||||||
Principal amount | $ 6,000 | |||||||||||||||
Payment of debt | $ 3,000 | |||||||||||||||
Promissory Note [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
issuance of common stock, shares | 272,766 | |||||||||||||||
Maritime Investors Promissory Note [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Promissory Note | $ 2,500 | |||||||||||||||
Promissory note percentage | 9% | 2.75% | ||||||||||||||
Maturity date | Jan. 15, 2017 | |||||||||||||||
Principal balance | $ 5,000 | |||||||||||||||
Interest rate paid in cash | 4.50% | 4.50% | ||||||||||||||
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 8), 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 restricted shares | 4.50% | |||||||||||||||
Payment of debt | 226 | |||||||||||||||
Maritime Investors Promissory Note [Member] | Extended Maturity [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Maturity date | Mar. 31, 2020 | |||||||||||||||
Promissory Note [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Payment of debt | $ 64 | |||||||||||||||
Interest charged on promissory note | 450 | 335 | 452 | |||||||||||||
Promissory Note [Member] | Accrued and Other Liabilities [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Payment of debt | 337 | 216 | ||||||||||||||
Cash payable | $ 113 | 64 | ||||||||||||||
Promissory Note [Member] | Common Stock [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Interest on promissory note to be settled in common shares | $ 57 | 226 | $ 169 | |||||||||||||
Promissory Note [Member] | Common Stock [Member] | Accrued and Other Liabilities [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Interest on promissory note to be settled in common shares | $ 55 | |||||||||||||||
Promissory Note [Member] | Subsequent Event [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Payment of debt | $ 113 | |||||||||||||||
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% | |||||||||||||||
Vessels 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 | |||||||||||||||
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 | 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. Effective January 1, the Ship-Management Fees and the Administration Fees for 2023 were increased by 9.65% in line with the average inflation rate in Greece in 2022 and were approximately $368 per day per ship and $1.8 million annually, respectively. | |||||||||||||||
Pyxis Maritime Corporation [Member] | Pyxis Malou Vessel [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Base term expired | December 31, 2015 | |||||||||||||||
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] | ||||||||||||||||
Interest on promissory note to be settled in common shares | $ 2,170 | |||||||||||||||
issuance of common stock, shares | 1,034,751 | |||||||||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 1,325 | |||||||||||||||
Payments for Construction in Process | $ 32,000 | |||||||||||||||
Business Combination, Assets Arising from Contingencies, Amount Recognized, Other than at Fair Value | 31,172 | $ 31,172 | ||||||||||||||
Line of Credit, Current | $ 21,680 | 21,680 | ||||||||||||||
Cash | 4,320 | |||||||||||||||
Due to Related Parties, Current | $ 2,995 | |||||||||||||||
SPP Shipbuilding Co. Ltd [Member] | Memorandum of Agreement [Member] | Secured Debt [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Line of Credit Facility, Collateral Fees, Amount | $ 3,000 |
Schedule of Inventories (Detail
Schedule of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory [Line Items] | ||
Inventories | $ 1,911 | $ 1,567 |
Lubricants [Member] | ||
Inventory [Line Items] | ||
Inventories | 617 | 552 |
Bunkers [Member] | ||
Inventory [Line Items] | ||
Inventories | $ 1,294 | $ 1,015 |
Schedule of Vessels (Details)
Schedule of Vessels (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Net book value beginning balance | $ 119,724 | ||
Vessel additions | $ 45 | ||
Depreciation | (6,100) | (4,898) | $ (4,418) |
Net book value, ending balance | 114,185 | 119,724 | |
Vessel Cost [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Vessel cost, beginning balance | 148,175 | 109,208 | |
Vessel acquisition - "Pyxis Karteria" | 20,000 | ||
Vessel acquisition - "Pyxis Lamda" | 31,172 | ||
Vessel additions | 45 | ||
Transfer to vessels held-for-sale | (12,250) | ||
Depreciation | |||
Vessel cost, ending balance | 148,736 | 148,175 | 109,208 |
BWTS installation | 561 | ||
Accumulated Depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Accumulated depreciation, beginning balance | (28,451) | (25,434) | |
Vessel acquisition - "Pyxis Karteria" | |||
Vessel acquisition - "Pyxis Lamda" | |||
Vessel additions | |||
Transfer to vessels held-for-sale | 1,881 | ||
Depreciation | (6,100) | (4,898) | |
Accumulated depreciation, ending balance | (34,551) | (28,451) | (25,434) |
BWTS installation | |||
Net Book Value [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Net book value beginning balance | 119,724 | 83,774 | |
Vessel acquisition - "Pyxis Karteria" | 20,000 | ||
Vessel acquisition - "Pyxis Lamda" | 31,172 | ||
Vessel additions | 45 | ||
Transfer to vessels held-for-sale | (10,369) | ||
Depreciation | (6,100) | (4,898) | |
Net book value, ending balance | 114,185 | $ 119,724 | $ 83,774 |
BWTS installation | $ 561 |
Vessels, net (Details Narrative
Vessels, net (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||
Mar. 23, 2023 | Dec. 23, 2021 | Dec. 20, 2021 | Nov. 15, 2021 | Jul. 15, 2021 | Jul. 15, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 20, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||||||||||
Purchase consideration | $ 20,000 | |||||||||
Proceeds from bank debt | $ 13,500 | |||||||||
Debt instrument, term | 7 years | |||||||||
Debt conversion, converted instrument, shares issued | 1,034,751 | |||||||||
Common stock issued for vessel acquisition | $ 2,172 | $ 2,172 | ||||||||
Due to related parties, current | $ 1,028 | 6,962 | ||||||||
Assets held-for-sale, not part of disposal group, current | 8,509 | |||||||||
Loss on vessel held-for-sale | 2,389 | |||||||||
Aggregate sale price for the vessels | $ 8,900 | |||||||||
Prepayment for loan facility | $ 5,780 | |||||||||
Impairment charges | 0 | 0 | 0 | |||||||
Previous year credits | 45 | |||||||||
Payment for additions of vessels | 14 | |||||||||
Accrued and unpaid amount | 31 | |||||||||
Proceeds from sale of property | 8,509 | $ 13,197 | ||||||||
Subsequent Event [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Proceeds from sale of property | $ 24,800 | |||||||||
Proceeds from repayment of debt | $ 18,900 | |||||||||
Pyxis Lamda [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Previous year credits | 562 | |||||||||
Pyxis Epsilon Vessel [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Previous year credits | 1 | |||||||||
Ballast Water Treatment System [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Previous year credits | $ 561 | |||||||||
Memorandum of Agreement [Member] | SPP Shipbuilding Co. Ltd [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Debt conversion, converted instrument, shares issued | 1,034,751 | |||||||||
Cash | $ 4,320 | |||||||||
Fair value of acquistion | $ 31,172 | |||||||||
Due to related parties, current | 2,995 | |||||||||
Memorandum of Agreement [Member] | SPP Shipbuilding Co. Ltd [Member] | Secured Debt [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Line of Credit Facility, Collateral Fees, Amount | $ 3,000 | |||||||||
Unsecured Promissory Note [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Debt instrument, term | 7 years | |||||||||
Facility cost | $ 21,680 | |||||||||
Debt Instrument, Maturity Date, Description | due 2024 | |||||||||
Shares Issued, Price Per Share | $ 2.8992 | |||||||||
Chairman and Chief Executive Officer [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Purchase consideration | $ 32,000 |
Insurance claim receivable (Det
Insurance claim receivable (Details Narrative) $ in Thousands | Feb. 28, 2022 USD ($) |
Insurance [Abstract] | |
Outstanding insurance | $ 288 |
Insurance claim | $ 2,022 |
Schedule of Deferred Charges (D
Schedule of Deferred Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Dry Dock And Special Survey Costs Net | |||
Balance January 1, | $ 912 | $ 1,594 | $ 779 |
Additions | 266 | 253 | 1,068 |
Amortization of special survey costs | (384) | (406) | (253) |
Transfer to vessels held for sale | (529) | ||
Balance December 31, | $ 794 | $ 912 | $ 1,594 |
Schedule of Long-Term Debt (Det
Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 20, 2021 |
Property, Plant and Equipment [Line Items] | |||
Long-term Debt | $ 65,750 | $ 77,780 | |
Current portion | 6,100 | 12,030 | |
Less: Current portion of deferred financing costs | (271) | (335) | |
Current portion of long-term debt, net of deferred financing costs, current | 5,829 | 11,695 | |
Long-term portion | 59,650 | 65,750 | |
Less: Non-current portion of deferred financing costs | (603) | (870) | |
Long-term debt, net of current portion and deferred financing costs, non-current | 59,047 | 64,880 | |
Fourth one [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Long-term Debt | $ 7,320 | ||
Northsea Alpha Vessel [Member] | Secondone [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Long-term Debt | 2,890 | ||
Northsea Beta Vessel [Member] | Thirdone [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Long-term Debt | 2,890 | ||
Pyxis Malou Vessel [Member] | Fourth one [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Long-term Debt | 6,616 | 7,320 | |
Pyxis Theta Vessel [Member] | Seventhone [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Long-term Debt | 12,550 | 13,750 | |
Pyxis Epsilon Vessel [Member] | Eighth one [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Long-term Debt | 14,900 | 16,100 | |
Pyxis Karteria Vessel [Member] | Tenth one [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Long-term Debt | 11,800 | 13,150 | |
Pyxis Lamda Vessel [Member] | Eleventh one [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Long-term Debt | $ 19,884 | $ 21,680 |
Schedule of Long-Term Debt (D_2
Schedule of Long-Term Debt (Details) (Parenthetical) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Dec. 20, 2021 | Dec. 20, 2021 | Jul. 08, 2020 | Jul. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 09, 2021 | |
Debt Instrument [Line Items] | |||||||
Assets held-for-sale, not part of disposal group, current | $ 8,509 | ||||||
Long-Term Debt, Gross | 65,750 | 77,780 | |||||
Total long-term debt outstanding | 65,750 | ||||||
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 | 6,616 | |||||
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 balloon payment year | 2026-12 | ||||||
Long-Term Debt, Gross | 6,616 | 7,320 | |||||
Quarterly installments payable twenty installments | $ 176 | ||||||
Long-term debt first periodic payment | 2023-03 | ||||||
Long term debt balloon payment | $ 3,800 | $ 3,800 | |||||
Pyxis Lamda Vessel [Member] | Eleventh one [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt balloon payment year | 2026-12 | ||||||
Down payment | $ 21,680 | 19,884 | |||||
Long-Term Debt, Gross | 19,884 | 21,680 | |||||
Quarterly installments payable twenty installments | 449 | ||||||
Long-term debt first periodic payment | 2023-03 | ||||||
Long term debt balloon payment | $ 12,700 | $ 12,700 | |||||
Pyxis Epsilon Vessel [Member] | Eighth one [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt, Gross | 14,900 | $ 16,100 | |||||
Total long-term debt | 14,900 | ||||||
Pyxis Epsilon Vessel [Member] | Tenth one [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total long-term debt | 11,800 | ||||||
Vessel acquisition date | 300 | ||||||
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 $2,890 | ||||||
Debt instrument carrying amount per facility | $ 2,890 | ||||||
Quarterly installments payable | 100 | ||||||
Quarterly installments payable in the aggregate, per facility | 500 | ||||||
Long-term debt balloon payment, per facility | $ 2,390 | ||||||
Long term debt balloon payment year | 2023-02 | ||||||
Secured Loan Fourthone Corp [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Minimum cash deposits | 1,500 | ||||||
Reduced minimum cash deposits | $ 1,000 | ||||||
Maximum required leverage ratio | 75% | ||||||
Debt to market value of adjusted assets ratio actual | 36.90% | ||||||
Assets ratio threshold | 38.10% | ||||||
Minimum security collateral cover required | 125% | ||||||
Secured Loan Fourthone Corp [Member] | Pyxis Malou [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Reduced minimum cash deposits | $ 500 | ||||||
Secured Loan Fourthone Corp [Member] | Pyxis Lamda [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Reduced minimum cash deposits | 500 | ||||||
Secured Loan - Seventhone Corp. [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt balloon payment | $ 9,250 | ||||||
Minimum cash deposits | $ 500 | ||||||
Maximum required leverage ratio | 75% | 75% | |||||
Debt to market value of adjusted assets ratio actual | 36.90% | ||||||
Assets ratio threshold | 38.10% | ||||||
Minimum security collateral cover required | 125% | ||||||
Total long-term debt | 15,250 | ||||||
Total long-term debt outstanding | $ 12,550 | ||||||
Quarterly installments payable (15 installments) | $ 300 | ||||||
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 | ||||||
Secured Loan Eighth one Corp [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt balloon payment | $ 11,000 | ||||||
Interest rate margin | 3.35% | ||||||
Vessel acquisition date | $ 300 | ||||||
Secured Loan Eightth one Corp [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Minimum cash deposits | $ 500 | ||||||
Secured Loan Tenthone Corp [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Down payment | $ 13,500 | ||||||
Minimum cash deposits | $ 250 | ||||||
Maximum required leverage ratio | 120% | ||||||
Loan amount | $ 13,500 | ||||||
Secured Loan Tenthone Corp [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate margin | 4.80% | ||||||
New Secured Loan Tenthone [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt balloon payment, per facility | $ 4,900 |
Schedule of Principal Payments
Schedule of Principal Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 6,100 |
2024 | 6,100 |
2025 | 15,050 |
2026 and thereafter | 38,500 |
Total | $ 65,750 |
Long-term Debt (Details Narrati
Long-term Debt (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Short-Term Debt [Line Items] | |||
Weighted average interest rate | 5.41% | 5.04% | 7.69% |
Long Term Debt and Promissory Note [Member] | |||
Short-Term Debt [Line Items] | |||
Interest expense on longterm debt and promissory note | $ 4,148 | $ 2,963 | $ 4,636 |
Equity Capital Structure and _2
Equity Capital Structure and Equity Incentive Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||||||||||||
May 11, 2022 | 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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 23, 2021 | May 14, 2021 | Dec. 21, 2020 | Nov. 20, 2020 | Apr. 06, 2020 | |
Common stock, shares authorized | 450,000,000 | 450,000,000 | ||||||||||||||||||
Common stock, shares authorized | 50,000,000 | 50,000,000 | ||||||||||||||||||
Common stock, shares outstanding | 10,614,319 | 10,613,964 | ||||||||||||||||||
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 | $ 8.75 | |||||||||||||||||||
Series A Convertible Preferred Share, description | Each Series A Convertible Preferred Share is convertible into common shares at an initial conversion price of $5.60 per common share, or 4.46 common shares, at any time at the option of the holder, subject to certain customary adjustments. | |||||||||||||||||||
Series A Convertible Preferred Shares - automatic conversion upon market trigger | If the trading price of Pyxis Tankers’ common stock equals or exceeds $9.52 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 $5.60 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 | |||||||||||||||||||
Class of Warrant or Right, Outstanding | 1,590,540 | 1,735,040 | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 428,571 | |||||||||||||||||||
Warrants and Rights Outstanding, Term | 5 years | |||||||||||||||||||
General Partners' Offering Costs | $ 250,000 | |||||||||||||||||||
Bid price | $ 1 | |||||||||||||||||||
Reverse stock split, description | Following the Reverse Stock Split, our common shares continued trading on the Nasdaq Capital Markets under its existing symbol, “PXS”, with a new CUSIP number, 71726130. The payment for fractional share interests in connection with the Reverse Stock Split reduced the outstanding common shares to 10,613,424 post-Reverse Stock Split. The Reverse Stock Split was undertaken with the objective of meeting the minimum $1.00 per share requirement for maintaining the listing of the common shares on the Nasdaq Capital Markets. Furthermore, following the Reverse Stock Split, (a) the Conversion Price, as defined in the certification of designation of the Company’s 7.75% Series A Cumulative Convertible Preferred Shares (NASDAQ Cap Mkts: PXSAP), was adjusted from $1.40 to $5.60 and (b) the Exercise Price, as defined in the Company’s warrants to purchase common shares (NASDAQ Cap Mkts: PXSAW), was adjusted from $1.40 to $5.60. All the share and per share information for all periods presented has been adjusted to reflect the one for four Reverse Stock Split. | |||||||||||||||||||
Valentis [Member] | ||||||||||||||||||||
Investment balance shares | 5,705,730 | |||||||||||||||||||
Outstanding percentage | 53.10% | |||||||||||||||||||
Securities Purchase Agreement [Member] | ||||||||||||||||||||
Number of common stock issued, shares | 3,571,429 | |||||||||||||||||||
Proceeds from investors | $ 25,000 | |||||||||||||||||||
Share price | $ 7 | |||||||||||||||||||
Increase in common stock par or stated value per share | $ 4 | |||||||||||||||||||
Adjustments to Additional Paid in Capital, Other | $ 23,115 | |||||||||||||||||||
Underwriter's Warrants [Member] | ||||||||||||||||||||
Warrant exercise price per shares | $ 5.60 | |||||||||||||||||||
Warrant aggregate purchase price | $ 100 | |||||||||||||||||||
First type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares | 2,000 | 4,683 | 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 | 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 | |||||||||||||||||||
Class of Warrant or Right, Outstanding | 16,000 | 16,000 | ||||||||||||||||||
Converted Preferred shares | 200 | |||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||
Second type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares | 16,000 | |||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 896 | 180,106 | 83,027 | |||||||||||||||||
Converted Preferred shares | 895 | 180,106 | ||||||||||||||||||
Conversion of common shares | 144,500 | |||||||||||||||||||
Registered shares of common stock | 36,125 | |||||||||||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||||||||||
Warrant exercise price per shares | $ 24.97 | |||||||||||||||||||
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 | 4,683 | ||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | (200) | (40,289) | (18,525) | |||||||||||||||||
Converted Preferred shares | 40,289 | |||||||||||||||||||
Over-Allotment Option [Member] | ||||||||||||||||||||
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] | ||||||||||||||||||||
Proceeds from offering | $ 6,170 | |||||||||||||||||||
Number of common stock issued, shares | 308,487 | |||||||||||||||||||
Preference per share | $ 25 | |||||||||||||||||||
Purchase price | $ 20 | |||||||||||||||||||
Net of offering expense | $ 5,563 | |||||||||||||||||||
Amended and Restated Promissory Note [Member] | ||||||||||||||||||||
Number of common stock issued, shares | 11,957 | 16,112 | ||||||||||||||||||
Repayment of principal amount | $ 1,000 | |||||||||||||||||||
Conversion of principal amount | 1,000 | |||||||||||||||||||
Restructured principal amount | $ 3,000 | |||||||||||||||||||
Maturity date | Apr. 01, 2023 | |||||||||||||||||||
Accrue interest rate | 7.50% | |||||||||||||||||||
Amended and Restated Promissory Note [Member] | Restricted Stock [Member] | ||||||||||||||||||||
Number of common stock issued, shares | 272,766 | |||||||||||||||||||
Series A Convertible Preferred Shares [Member] | ||||||||||||||||||||
Common stock, shares authorized | 1,000,000 | 1,000,000 | ||||||||||||||||||
Preferred stock, shares outstanding | 449,473 | 449,673 | 181,475 | |||||||||||||||||
First type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares | 2,000 | |||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 18,525 | |||||||||||||||||||
Class of Warrant or Right, Outstanding | 1,590,540 | |||||||||||||||||||
Conversion of Stock, Description | After December 31, 2022 through March 31, 2023 further 29,388 Series A Convertible Preferred Shares had been converted, resulting in the issuance of 131,335 PXS common shares. | |||||||||||||||||||
Series A Convertible Preferred Shares [Member] | Common Stock [Member] | ||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 83,027 | |||||||||||||||||||
Series A Convertible Preferred Shares and Detachable Warrants [Member] | ||||||||||||||||||||
Warrant exercise price per shares | $ 5.60 | |||||||||||||||||||
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 | $ 0.1615 | ||||||||||||||||||
Dividend payable | $ 871 | $ 537 | ||||||||||||||||||
Series A Convertible Preferred Shares and Detachable Warrants [Member] | Maximum [Member] | ||||||||||||||||||||
Common shares from exerciseable of detachable warrants | 1,600,000 | |||||||||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||||||
Share price | $ 25 | |||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||
Number of common stock issued, shares | 1,034,751 | |||||||||||||||||||
Share price | $ 2.8992 | $ 2.8992 | ||||||||||||||||||
Common Stock [Member] | Pyxis Lamda [Member] | ||||||||||||||||||||
Number of common stock issued, shares | 1,034,751 | |||||||||||||||||||
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Net income / (loss) available to common stockholders, basic | $ 12,507 | $ (12,893) | $ (6,982) |
Weighted average number of common shares, basic | 10,613,672 | 8,994,768 | 5,387,031 |
Net Income / (loss) per common share, basic | $ 1.18 | $ (1.43) | $ (1.30) |
Net income / (loss) available to common stockholders, diluted | $ 13,392 | $ (12,893) | $ (6,982) |
Net income / (loss) | $ 13,392 | $ (12,338) | $ (6,900) |
Weighted average number of common shares, diluted | 12,640,581 | 8,994,768 | 5,387,031 |
Net Income / (loss) per common share, diluted | $ 1.06 | $ (1.43) | $ (1.30) |
Schedule of Fair Value of Asset
Schedule of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Trade accounts payable | $ 2,604 | $ 3,084 | |
Carrying Value [Member] | |||
Cash and cash equivalents (including restricted cash) | 10,189 | ||
Trade accounts receivable | 10,469 | ||
Trade accounts payable | 2,604 | ||
Long-term debt with variable interest rates, net | 65,750 | ||
Promissory note with non-variable interest rate | [1] | 6,000 | |
Due to related parties | 1,028 | ||
Fair Value [Member] | |||
Cash and cash equivalents (including restricted cash) | 10,189 | ||
Trade accounts receivable | 10,469 | ||
Trade accounts payable | 2,604 | ||
Long-term debt with variable interest rates, net | 65,750 | ||
Promissory note with non-variable interest rate | [1] | 5,968 | |
Due to related parties | $ 1,028 | ||
[1]As at December 31, 2022, Carrying Value and the Theoretical Fair Value of the Promissory Note is $ 6,000 |
Schedule of Fair Value of Ass_2
Schedule of Fair Value of Assets and Liabilities (Details) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Short-Term Debt [Line Items] | ||
Long-term debt, gross | $ 65,750 | $ 77,780 |
Promissory Note [Member] | ||
Short-Term Debt [Line Items] | ||
Long-term debt, gross | 6,000 | |
Long-term debt, fair value | $ 5,968 |
Schedule of Financial Derivativ
Schedule of Financial Derivative Instrument Location (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Risk Management And Fair Value Measurements | ||
Financial derivative instrument – Other non-current assets | $ 619 | $ 74 |
Schedule of Gains Losses on Der
Schedule of Gains Losses on Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Risk Management And Fair Value Measurements | |||
Financial derivative instrument – Fair value at the beginning of the period | $ 74 | ||
Financial derivative instrument – Additions of the period | 74 | ||
Financial derivative instrument – Amounts received | (10) | ||
Financial derivative instrument – Fair value as at period end | 619 | 74 | |
Gain/(Loss) from financial derivative instrument | $ 555 | $ (1) |
Risk Management and Fair Valu_3
Risk Management and Fair Value Measurements (Details Narrative) - USD ($) | 12 Months Ended | ||||||||
Jan. 25, 2023 | Jul. 16, 2022 | Dec. 20, 2021 | Jan. 19, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 23, 2021 | Jul. 16, 2021 | |
Impairment, Long-Lived Asset, Held-for-Use | $ 0 | $ 0 | $ 0 | ||||||
Assets held-for-sale, not part of disposal group, current | 8,509,000 | ||||||||
Maritime Investors Promissory Note [Member] | |||||||||
Senior loan facility | $ 3,000,000 | ||||||||
Debt instrument, fair value disclosure | 6,000,000 | ||||||||
Pyxis Lamda Vessel [Member] | |||||||||
Stock Issued During Period, Shares, New Issues | 1,034,751 | ||||||||
Shares Issued, Price Per Share | $ 2.8992 | ||||||||
Fair Value, Inputs, Level 1 [Member] | Maritime Investors Promissory Note [Member] | |||||||||
Senior loan facility | $ 6,000,000 | ||||||||
Fair Value, Inputs, Level 1 [Member] | Pyxis Lamda Vessel [Member] | |||||||||
Equity Securities, FV-NI | $ 2,172,000 | ||||||||
Fair Value, Inputs, Level 2 [Member] | Maritime Investors Promissory Note [Member] | |||||||||
Debt instrument, fair value disclosure | $ 3,000,000 | ||||||||
Northsea Alpha and Northsea Beta [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||
Assets held-for-sale, not part of disposal group, current | $ 8,509,000 | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Vessel Owing Company [Member] | |||||||||
Derivative, notional amount | $ 10,000,000 | $ 9,600,000 | |||||||
Derivative, cap interest rate | 3.50% | 2% | |||||||
Derivative, maturity date | Jul. 08, 2025 | Jul. 18, 2022 | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Vessel Owing Company [Member] | Subsequent Event [Member] | |||||||||
Cash gain on derivatives | $ 500,000 |
Schedule of Future Minimum Cont
Schedule of Future Minimum Contractual Charter Revenues (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 13,100 |
Total | $ 13,100 |
Schedule of Interest and Financ
Schedule of Interest and Finance Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest And Finance Costs Net | |||
Interest on long-term debt (Note 8) | $ 3,698 | $ 2,628 | $ 4,184 |
Interest on promissory note (Note 3) | 450 | 335 | 452 |
Amortization of financing costs | 303 | 247 | 328 |
Financing fees and charges | (10) | 75 | |
Total | $ 4,441 | $ 3,285 | $ 4,964 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Mar. 23, 2023 | Mar. 13, 2023 | Dec. 23, 2021 | Feb. 28, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsequent Event [Line Items] | ||||||||
Convertible preferred stock dividends paid | $ 871 | $ 537 | $ 69 | |||||
Aggregate sale price for the vessels | $ 8,900 | |||||||
Loan outstanding | $ 5,780 | |||||||
Pyxis Lamda [Member] | Unsecured Promissory Note [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Outstanding loan amount | $ 19,435 | |||||||
Remaining loan amount | 18,685 | |||||||
Subsequent Event [Member] | Maritime Investors Corp [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Loan outstanding | 6,000 | |||||||
Senior loan facility | 3,000 | |||||||
Subsequent Event [Member] | Valentis [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Loan outstanding | $ 3,000 | |||||||
Subsequent Event [Member] | Pyxis Malou [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Aggregate sale price for the vessels | 24,800 | |||||||
Loan outstanding | 18,900 | |||||||
Subsequent Event [Member] | Pyxis Lamda [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Loan outstanding | $ 750 | |||||||
Subsequent Event [Member] | Pyxis Karteria [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Loan outstanding | $ 15,500 | |||||||
Subsequent Event [Member] | Pyxis Karteria [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Interest rate | 2.70% | |||||||
Subsequent Event [Member] | Series A Convertible Preferred Shares [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Cash dividends per share | $ 0.1615 | |||||||
Convertible preferred stock dividends paid | $ 208 |