PYXIS TANKERS INC., 6-K filed on 11/16/2018
Report of Foreign Issuer
v3.10.0.1
Document and Entity Information
 9 Months Ended
Sep. 30, 2018
Document And Entity Information  
Entity Registrant Name Pyxis Tankers Inc.
Entity Central Index Key 0001640043
Document Type 6-K
Document Period End Date Sep. 30, 2018
Amendment Flag false
Current Fiscal Year End Date --12-31
Trading Symbol PXS
Document Fiscal Period Focus Q3
Document Fiscal Year Focus 2018
v3.10.0.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
CURRENT ASSETS:    
Cash and cash equivalents $ 7,383 $ 1,693
Restricted cash, current portion 141
Inventories 1,920 1,016
Trade accounts receivable, net 2,077 703
Prepayments and other assets 587 342
Total current assets 11,967 3,895
FIXED ASSETS, NET:    
Vessels, net 110,112 115,774
Total fixed assets, net 110,112 115,774
OTHER NON-CURRENT ASSETS:    
Restricted cash, net of current portion 3,490 4,859
Financial derivative instrument 59
Deferred charges, net 784 285
Total other non-current assets 4,333 5,144
Total assets 126,412 124,813
CURRENT LIABILITIES:    
Current portion of long-term debt, net of deferred financing costs, current 4,227 7,304
Trade accounts payable 6,276 2,293
Due to related parties 7,471 2,125
Accrued and other liabilities 839 809
Total current liabilities 18,813 12,531
NON-CURRENT LIABILITIES:    
Long-term debt, net of current portion and deferred financing costs, non-current 59,217 59,126
Promissory note 5,000 5,000
Total non-current liabilities 64,217 64,126
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:    
Preferred stock ($0.001 par value; 50,000,000 shares authorized; none issued)
Common stock ($0.001 par value; 450,000,000 shares authorized; 20,877,893 shares issued and outstanding at each of December 31, 2017 and September 30, 2018) 21 21
Additional paid-in capital 74,766 74,766
Accumulated deficit (31,405) (26,631)
Total stockholders' equity 43,382 48,156
Total liabilities and stockholders' equity $ 126,412 $ 124,813
v3.10.0.1
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
Sep. 30, 2018
Dec. 31, 2017
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 50,000,000 50,000,000
Preferred stock, shares issued 0 0
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 450,000,000 450,000,000
Common stock, shares issued 20,877,893 20,877,893
Common stock, shares outstanding 20,877,893 20,877,893
v3.10.0.1
Interim Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]    
Voyage revenues $ 20,982 $ 22,328
Expenses:    
Voyage related costs and commissions (8,783) (6,597)
Vessel operating expenses (9,468) (9,414)
General and administrative expenses (1,793) (2,276)
Management fees, related parties (538) (532)
Management fees, other (697) (697)
Amortization of special survey costs (88) (54)
Depreciation (4,119) (4,164)
Vessel impairment charge (1,543)
Bad debt provisions (13) (231)
Operating loss (6,060) (1,637)
Other (expenses) / income:    
Gain from debt extinguishment 4,306
Gain from financial derivative instrument 12
Interest and finance costs, net (3,032) (2,157)
Total other (expenses) / income, net 1,286 (2,157)
Net loss $ (4,774) $ (3,794)
Loss per common share, basic and diluted $ (0.23) $ (0.21)
Weighted average number of common shares, basic and diluted 20,877,893 18,277,893
v3.10.0.1
Interim Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
Total
Balance at Dec. 31, 2016 $ 18 $ 70,123 $ (21,388) $ 48,753
Balance, shares at Dec. 31, 2016 18,277,893      
Net loss (3,794) (3,794)
Balance at Sep. 30, 2017 $ 18 70,123 (25,182) 44,959
Balance, shares at Sep. 30, 2017 18,277,893      
Balance at Dec. 31, 2017 $ 21 74,766 (26,631) 48,156
Balance, shares at Dec. 31, 2017 20,877,893      
Net loss (4,774) (4,774)
Balance at Sep. 30, 2018 $ 21 $ 74,766 $ (31,405) $ 43,382
Balance, shares at Sep. 30, 2018 20,877,893      
v3.10.0.1
Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net loss $ (4,774) $ (3,794)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 4,119 4,164
Amortization of special survey costs 88 54
Amortization and write-off of financing costs 318 116
Vessel impairment charge 1,543
Gain from debt extinguishment (4,306)
Change in fair value of financial derivative instrument (59)
Bad debt provisions 13 231
Changes in assets and liabilities:    
Inventories (904) 365
Trade accounts receivable, net (1,387) 367
Prepayments and other assets (245) 143
Special survey costs (587)
Trade accounts payable 4,037 (410)
Due to related parties 5,346 3,824
Hire collected in advance 387
Accrued and other liabilities 30 116
Net cash provided by operating activities 3,232 5,563
Cash flow from investing activities:    
Net cash provided by / (used in) investing activities
Cash flows from financing activities:    
Proceeds from long-term debt 44,500
Repayment of long-term debt (42,590) (5,552)
Common stock offering costs (54)
Payment of financing costs (908) (190)
Net cash (used in) / provided by financing activities 948 (5,742)
Net (decrease) / increase in cash and cash equivalents and restricted cash 4,180 (179)
Cash and cash equivalents and restricted cash at the beginning of the period 6,693 5,783
Cash and cash equivalents and restricted cash at the end of the period $ 10,873 $ 5,604
v3.10.0.1
Basis of Presentation and General Information
 9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and General Information

1. Basis of Presentation and General Information:

 

PYXIS TANKERS INC. (“Pyxis”) is a corporation incorporated in the Republic of the Marshall Islands on March 23, 2015. Pyxis currently owns 100% ownership interest in the following six vessel-owning companies:

 

● SECONDONE CORPORATION LTD, established under the laws of the Republic of Malta (“Secondone”);
● THIRDONE CORPORATION LTD, established under the laws of the Republic of Malta (“Thirdone”);
● FOURTHONE CORPORATION LTD, established under the laws of the Republic of Malta (“Fourthone”);
● SIXTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Sixthone”);
● SEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Seventhone”); and
● EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eighthone,” and collectively with Secondone, Thirdone, Fourthone, Sixthone and Seventhone, the “Vessel-owning companies”).

 

All of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below:

 

Vessel-owning

company

  

Incorporation

date

   Vessel   DWT    

Year

built

    

Acquisition

date

Secondone   05/23/2007   Northsea Alpha     8,615       2010     05/28/2010
Thirdone   05/23/2007   Northsea Beta     8,647       2010     05/25/2010
Fourthone   05/30/2007   Pyxis Malou     50,667       2009     02/16/2009
Sixthone   01/15/2010   Pyxis Delta     46,616       2006     03/04/2010
Seventhone   05/31/2011   Pyxis Theta     51,795       2013     09/16/2013
Eighthone   02/08/2013   Pyxis Epsilon     50,295       2015     01/14/2015

 

Secondone, Thirdone and Fourthone were initially established under the laws of the Republic of the Marshall Islands, under the names SECONDONE CORP., THIRDONE CORP. and FOURTHONE CORP., respectively. In March and April 2018, these vessel-owning companies completed their re-domiciliation under the jurisdiction of the Republic of Malta and were renamed as mentioned above. For further information, please refer to Note 7.

 

The accompanying unaudited interim consolidated financial statements include the accounts of Pyxis and its Vessel-owning companies (collectively the “Company”) as discussed above as of December 31, 2017 and September 30, 2018 and for the nine–month periods ended September 30, 2017 and 2018.

 

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In the opinion of the management of the Company, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, operating results and cash flows have been included in the accompanying unaudited interim consolidated financial statements. Interim results are not necessarily indicative of results that may be expected for the year ending December 31, 2018. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes for the year ended December 31, 2017, included in the Company’s Annual Report on Form 20-F filed with the SEC on March 23, 2018 (the “2017 Annual Report”).

 

PYXIS MARITIME CORP. (“Maritime”), a corporation established under the laws of the Republic of the Marshall Islands, which is beneficially owned by Mr. Valentios (“Eddie”) Valentis, the Company’s Chairman, Chief Executive Officer and Class I Director, provides certain ship management services to the Vessel-owning companies, as discussed in Note 3 to the Company’s consolidated financial statements for the year ended December 31, 2017, included in the 2017 Annual Report.

 

With effect from the delivery of each vessel, the crewing and technical management of the vessels were contracted to INTERNATIONAL TANKER MANAGEMENT LTD. (“ITM”) with permission from Maritime. ITM is an unrelated third party technical manager, represented by its branch based in Dubai, UAE. Each ship-management agreement with ITM continues by its terms until it is terminated by either party. The ship-management agreements can be cancelled by the Company for any reason at any time upon three months’ advance notice.

 

As of September 30, 2018, Mr. Valentis beneficially owned approximately 81.6% of the Company’s common stock.
v3.10.0.1
Significant Accounting Policies
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Significant Accounting Policies

2. Significant Accounting Policies:

 

The same accounting policies have been followed in these unaudited interim consolidated financial statements as were applied in the preparation of the Company’s consolidated financial statements for the year ended December 31, 2017. See Note 2 to the Company’s consolidated financial statements for the year ended December 31, 2017, included in the 2017 Annual Report. There have been no material changes to these policies in the nine-month period ended September 30, 2018, except as discussed below:

 

Revenue from Contracts with Customers: As discussed in Note 2(q) of the Company’s consolidated financial statements included in its 2017 Annual Report, the Company generates its revenues from charterers. The vessels are chartered using either spot charters, where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified charter rate, or time charters, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate.

 

The following table presents the Company’s revenue disaggregated by revenue source for the nine-month periods ended September 30, 2017 and 2018:

 

    September 30, 2017     September 30, 2018  
Voyage revenues derived from spot charters   $ 13,080     $ 11,678  
Voyage revenues derived from time charters     9,248       9,304  
Total   $ 22,328     $ 20,982  

 

As of January 1, 2018, the Company adopted Accounting Standard Update (“ASU”) 2014-09 “Revenue from Contracts with Customers (Topic 606)”. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. The Company analyzed its contacts with charterers and has determined that its spot charters fall under the provisions of ASC 606, while its time charter agreements are lease agreements that contain certain non-lease elements.

 

The Company elected to adopt ASC 606 by applying the modified retrospective transition method, recognizing the cumulative effect of adopting this guidance as an adjustment to the 2018 opening balance of retained earnings. As of December 31, 2017, there were no vessels employed under spot charters and as a result, the Company has not included any adjustments to the 2018 opening balance of retained earnings and prior periods were not retrospectively adjusted. The Company also assessed whether any adjustment should be recorded with respect to the revenues for non-lease components from its time charter agreements and concluded that since the performance obligation for these services is satisfied over time, no adjustment is required.

 

The Company assessed its contract with charterers for spot charters during the nine-month period ended September 30, 2018 and concluded that there is one single performance obligation for each of its spot charters, which is to provide the charterer with a transportation service within a specified time period. In addition, the Company has concluded that spot charters meet the criteria to recognize revenue over time as the charterer simultaneously receives and consumes the benefits of the Company’s performance. The adoption of this standard resulted in a change whereby the Company’s method of determining proportional performance from discharge-to-discharge (assuming a new charter has been agreed before the completion of the previous spot charter) to load-to-discharge. This resulted in no revenue being recognized from discharge of the prior spot charter to loading of the current spot charter and all revenue being recognized from loading of the current spot charter to discharge of the current spot charter. This change results in revenue being recognized later in the voyage, which may cause additional volatility in revenues and earnings between periods. Demurrage income represents payments by a charterer to a vessel owner when loading or discharging time exceeds the stipulated time in the spot charter. The Company has determined that demurrage represents variable consideration and estimates demurrage at contract inception using either the expected value or most likely amount approaches. Such estimate is reviewed and updated over the term of the spot charter. As of the balance sheet date, demurrage income was not material. 

 

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 (discharge-to-discharge, assuming a new charter has been agreed before the completion of the previous spot charter). Before the adoption of ASC 606, all voyage expenses are expensed as incurred, except for brokerage commissions. Brokerage commissions are deferred and amortized over the related voyage period in a charter to the extent revenue has been deferred since commissions are earned as the Company’s revenues are earned. Under ASC 606 and after implementation of ASC 340-40 “Other assets and deferred costs” for contract costs, incremental costs of obtaining a contract with a customer and contract fulfillment costs, should be capitalized and amortized as the performance obligation is satisfied, if certain criteria are met. The Company assessed the new guidance and concluded that voyage costs during the ballast voyage should be 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. As of September 30, 2018, deferred contract fulfillment costs were not material. With respect to incremental costs, the Company has selected to adopt the practical expedient discussed above and any incremental costs will be expensed as incurred, for the Company’s spot charters that do not exceed one year.

 

In addition, pursuant to this standard, as of January 1, 2018, the Company elected to present Voyage 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 unaudited interim consolidated statements of comprehensive loss. In this respect, for the nine-month period ended September 30, 2017, Voyage revenues and Voyage related costs and commissions each decreased by $181. This reclassification has no impact on the Company’s consolidated financial position and results of operations for any of the periods presented.

 

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: In February 2016, Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, “Leases (Topic 842)”, which was amended and supplemented by ASU 2017-13, ASU 2018-01 and ASU 2018-11. The new lease standard does not substantially change lessor accounting. ASC 842 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. Entities are also provided with practical expedients that allow entities to not (i) reassess whether any expired or existing contracts are considered or contain leases; (ii) reassess the lease classification for any expired or existing leases; and (iii) reassess initial direct costs for any existing leases. In addition, the new standard (i) provides entities with an additional (and optional) transition method to adopt the new leases standard, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers’ requests and (ii) provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if both of the following are met: (a) The timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (b) The lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component or components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with ASC 606. Otherwise, the entity should account for the combined component as an operating lease in accordance with ASC 842.

 

The Company elected to early adopt ASC 842 as of September 30, 2018. The Company selected the optional transition method and adopted the standard by using the modified retrospective method. The Company also selected to apply all the practical expedients discussed above. In this respect no cumulative-effect adjustment recognized to the 2018 opening balance of retained earnings. The Company assessed its new time charter contracts within the period under the new guidance and concluded that these contracts contain a lease with the related executory costs (insurance), as well as non-lease elements to provide other services related to the operation of the vessel, with the most substantial service being the crew cost to operate the vessel. The Company concluded that the criteria for not separating lease and non-lease components of its time charter contracts are met, since (i) the time pattern of recognizing revenues for crew and other services for the operation of the vessels, is similar to the time pattern of recognizing rental income, (ii) the lease component of the time charter contracts, if accounted for separately, would be classified as an operating lease, and (iii) the predominant component in its time charter agreements is the lease component. In this respect, the Company accounts for the combined component as an operating lease in accordance with ASC 842. The early adoption of ASC 842 had no effect on the Company’s consolidated financial position and results of operations for the nine-month period ended September 30, 2018. 

 

Trade Accounts Receivable, Net: Under spot charters, the Company normally issues its invoices to charterers at the completion of the voyage. Invoices are due upon issuance of the invoice. Since the Company satisfies its performance obligation over the time of the spot charter, the Company recognizes its unconditional right to consideration in trade accounts receivable, net of a provision for doubtful accounts, if any. Trade receivables from spot charters as of September 30, 2017 and 2018 amounted to $1,080 and $1,727, respectively. No contract assets or contract liabilities are recognized as of September 30, 2017 and 2018. Under time charter contracts, the Company normally issues invoices on a monthly basis 30 days in advance of providing its services. Trade receivables from time charters as of September 30, 2017 and 2018 amounted to $3 and $350, respectively. Hire collected in advance includes cash received prior to the balance sheet date and is related to revenue earned after such date.

 

Restricted Cash: As of January 1, 2018, the Company adopted the ASU 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash”, which requires that the statement of cash flows explain the change in the total of cash and cash equivalents and restricted cash. ASU 2016-18 was adopted retrospectively for the nine-month periods ended September 30, 2017 and 2018, and restricted cash of $5,000 and $3,490, respectively, has been aggregated with cash and cash equivalents in both the beginning-of-period and end-of-period line items of the consolidated statements of cash flows for each of the periods presented. The implementation of this update has no impact on the Company’s consolidated balance sheet and consolidated statement of comprehensive loss.

 

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 unaudited interim consolidated statement of cash flows for the nine-month period ended September 30, 2018.

 

    December 31, 2017     September 30, 2018  
Cash and cash equivalents   $ 1,693     $ 7,383  
Restricted cash, current portion     141       -  
Restricted cash, net of current portion     4,859       3,490  
Total cash and cash equivalents and restricted cash   $ 6,693     $ 10,873  

 

Financial Derivative Instruments: The Company enters into interest rate derivatives to manage its exposure to fluctuations of interest rate risk associated with its borrowings. All derivatives are recognized in the consolidated financial statements at their fair value. The fair value of the interest rate derivatives is based on a discounted cash flow analysis. When such derivatives do not qualify for hedge accounting, the Company recognizes their fair value changes in current period earnings. When the derivatives qualify for hedge accounting, the Company recognizes the effective portion of the gain or loss on the hedging instrument directly in other comprehensive income / (loss), while the ineffective portion, if any, is recognized immediately in current period earnings. The Company, at the inception of the transaction, documents the relationship between the hedged item and the hedging instrument, as well as its risk management objective and the strategy of undertaking various hedging transactions. The Company also assesses at hedge inception whether the hedging instruments are highly effective in offsetting changes in the cash flows of the hedged items.

 

The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or 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 current period earnings. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to current period earnings as financial income or expense.

 

Recent Accounting Pronouncements: There are no recent accounting pronouncements the adoption of which would have a material effect on the Company’s unaudited interim consolidated financial statements in the current period or expected to have an impact on future periods, other than the ones discussed in Note 2 to the Company’s consolidated financial statements for the year ended December 31, 2017, included in the 2017 Annual Report.

 

The Company had no transactions which affect comprehensive loss during the nine months ended September 30, 2017 and 2018 and accordingly, comprehensive loss was equal to net loss.
v3.10.0.1
Transactions with Related Parties
 9 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
Transactions with Related Parties

3. Transactions with Related Parties:

 

The following transactions with related parties occurred during the nine–month periods ended September 30, 2017 and 2018.

 

(a) Maritime:

 

The following amounts were charged by Maritime pursuant to the head management and ship-management agreements with the Company, and are included in the accompanying unaudited interim consolidated statements of comprehensive loss:

 

    Nine Months Ended September 30,  
    2017     2018  
Included in Voyage related costs and commissions                
Charter hire commissions   $ 279     $ 262  
                 
Included in Management fees, related parties                
Ship-management fees     532       538  
                 
Included in General and administrative expenses                
Administration fees     1,197       1,210  
                 
Total   $ 2,008     $ 2,010  

 

As of December 31, 2017 and September 30, 2018, the balances due to Maritime were $2,125 and $7,471, respectively, and are included in Due to related parties in the accompanying consolidated balance sheets. The balances with Maritime are interest free and with no specific repayment terms.

 

The 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 both will remain, for the particular calendar year, as per the previous calendar year. Effective January 1, 2018, the ship-management fees and the administration fees were increased by 1.12% in line with the average inflation rate in Greece in 2017.

 

(b) Maritime Investors Corp. (“Maritime Investors”):

 

The promissory note dated October 28, 2015, bore interest at a rate of 2.75% per annum payable quarterly in arrears in cash or additional shares of the Company, at a price per share based on a five day volume weighted average price, at the Company’s discretion. On March 7, 2017, the Company agreed with Maritime Investors to extend the maturity of the promissory note, at the same terms and at no additional cost to the Company. The maturity of the promissory note, as amended, was January 2019. On December 29, 2017, the promissory note was amended and restated, pursuant to which (i) the outstanding principal balance increased from $2,500 to $5,000, (ii) the maturity date was extended to June 15, 2019 and, (iii) the fixed interest rate was increased to 4.00% per annum, payable only in cash. In exchange for entering into the third amendment, the Company reduced the outstanding balance due to Maritime by $2,500. In addition, on June 29, 2018, the Company entered into an amendment to the promissory note, pursuant to which (i) the maturity date was extended to March 31, 2020, and (ii) the fixed interest rate was increased to 4.5% per annum, effective from July 1, 2018 until maturity. The amount of $5,000 is separately reflected in the accompanying consolidated balance sheets under non-current liabilities.

 

Interest charged on the promissory note for the nine months ended September 30, 2017 and 2018, amounted to $51 and $156, respectively, and is included in Interest and finance costs, net in the accompanying unaudited interim consolidated statement of comprehensive loss.
v3.10.0.1
Inventories
 9 Months Ended
Sep. 30, 2018
Inventory Disclosure [Abstract]  
Inventories

4. Inventories:

 

The amounts in the accompanying consolidated balance sheets are analyzed as follows:

 

    December 31, 2017     September 30, 2018  
Lubricants   $ 404     $ 481  
Bunkers     612       1,439  
Total   $ 1,016     $ 1,920  
v3.10.0.1
Vessels, Net
 9 Months Ended
Sep. 30, 2018
Property, Plant and Equipment [Abstract]  
Vessels, Net

5. Vessels, net:

 

The amounts in the accompanying consolidated balance sheets are analyzed as follows:

 

    Vessel
Cost		     Accumulated
Depreciation		     Net Book
Value		  
Balance January 1, 2018   $ 138,060     $ (22,286 )   $ 115,774  
Depreciation     —       (4,119 )     (4,119 )
Vessel impairment charge     (2,500 )     957       (1,543 )
Balance September 30, 2018   $ 135,560     $ (25,448 )   $ 110,112  

 

As of March 31, 2018, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels. This review indicated that such carrying amount was not fully recoverable for the Company’s vessels Northsea Alpha and Northsea Beta. Consequently, the carrying value of these vessels was written down to its fair value resulting in a total impairment charge of $1,543 that was charged against Vessels, net, based on level 2 inputs of the fair value hierarchy, as discussed in Note 10.

 

All of the Company’s vessels have been pledged as collateral to secure the loans discussed in Note 7.
v3.10.0.1
Deferred Charges, Net
 9 Months Ended
Sep. 30, 2018
Deferred Charges Net  
Deferred Charges, Net

6. Deferred Charges, net:

 

The movement in Deferred charges, net, in the accompanying consolidated balance sheets are as follows:

 

    Special Survey
Costs		  
Balance, January 1, 2018   $ 285  
Additions     587  
Amortization of special survey costs     (88 )
Balance, September 30, 2018   $ 784  

 

Additions of $587 for the nine-month period ended September 30, 2018, relate to certain works for Pyxis Malou performed during the first quarter of 2018 that resulted in $268 incurred costs and to the first special survey of the Pyxis Theta performed during the third quarter of 2018 that resulted in $319 dry-docking costs. Although the Pyxis Malou is scheduled to undertake its next special survey in the first quarter of 2019, the Company elected to perform certain works one year earlier to improve the vessel’s operating performance.

 

The amortization of the special survey costs is separately reflected in the accompanying unaudited interim consolidated statements of comprehensive loss.
v3.10.0.1
Long-term Debt
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Long-term Debt

7. Long-term Debt:

 

The amounts shown in the accompanying consolidated balance sheets at December 31, 2017 and September 30, 2018, are analyzed as follows:

 

Vessel (Borrower)   December 31, 2017     September 30, 2018  
Northsea Alpha (Secondone)   $ 4,348     $ 4,120  
Northsea Beta (Thirdone)     4,348       4,120  
Pyxis Malou (Fourthone)     18,210       11,460  
Pyxis Delta (Sixthone)     7,087       5,738  
Pyxis Theta (Seventhone)     15,975       15,035  
Pyxis Epsilon (Eighthone)     16,900       24,000  
Total   $ 66,868     $ 64,473  
                 
Current portion   $ 7,440     $ 4,403  
Less: Current portion of deferred financing costs     (136 )     (176 )
Current portion of long-term debt, net of deferred financing costs, current   $ 7,304     $ 4,227  
                 
Long-term portion   $ 59,428     $ 60,070  
Less: Non-current portion of deferred financing costs     (302 )     (853 )
Long-term debt, net of current portion and deferred financing costs, non-current   $ 59,126     $ 59,217  

 

Each loan is secured by a first priority mortgage over the respective vessel and a first priority assignment of the vessel’s insurances and earnings. Each loan agreement contains customary ship finance covenants including restrictions as to changes in management and ownership of the vessel, in dividends distribution when certain financial ratios are not met, as well as requirements regarding minimum security cover ratios. For more information, please refer to Note 7 to the Company’s consolidated financial statements for the year ended December 31, 2017, included in the 2017 Annual Report.

 

On June 6, 2017, the lender of Sixthone and Seventhone agreed to extend the maturity of its respective loans from September 2018 to September 2022 under the same applicable margin, but with an extended amortization schedule. The aggregate outstanding balance of these loans as of September 30, 2018, of $20,773 is scheduled to be repaid in 16 quarterly installments of $651 each and a balloon payment of $10,357.

 

On February 28, 2018, the Company refinanced existing indebtedness of $26,906 under the Secondone, Thirdone and Fourthone loan agreements with a new 5-year secured loan of $20,500 and cash of $2,100. The remaining balance of approximately $4,306 was written-off by the previous lender at closing, which was recorded as Gain from debt extinguishment in the first quarter of 2018, and is separately reflected in the accompanying unaudited interim consolidated statement of comprehensive loss. The new loan bears interest at LIBOR plus a margin of 4.65% per annum. The loan is repayable in 20 quarterly installments amounting to $10,320 in the aggregate, the first falling due in May 2018, and the last installment accompanied by a balloon payment of $10,180 falling due in February 2023. The first four quarterly installments, amounting to $400 each, are followed by four amounting to $500 each, four amounting to $530 each, four amounting to $560 each and four amounting to $590 each. Standard loan covenants include, among others, a minimum loan to value ratio and liquidity. As a condition subsequent to the execution of this loan agreement, the borrowers, Secondone, Thirdone and Fourthone, were required to complete all required procedures for their re-domiciliation to the jurisdiction of the Republic of Malta by May 1, 2018. The relevant re-domiciliation was completed in March and April 2018, as discussed in Note 1. 

 

On September 27, 2018, Eighthone, the Company’s vessel owning subsidiary that owns the Pyxis Epsilon, entered into a new $24,000 loan agreement, for the purpose of refinancing the outstanding indebtedness under the previous loan facility. The new facility matures in September 2023 and is secured by a first priority mortgage over the vessel, general assignment covering earnings, insurances and requisition compensation, an account pledge agreement and a share pledge agreement concerning the respective vessel-owning subsidiary and technical and commercial managers’ undertakings. The new loan facility bears an interest rate of 11.0% per annum and incurs fees due upfront and upon early prepayment or final repayment of outstanding principal. The principal obligation amortizes in 18 quarterly installments starting in March 29, 2019, equal to the lower of $400 and excess cash computed through a cash sweep mechanism, plus a balloon payment due at maturity. The facility also 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.

 

Assuming no principal repayments under the new loan of Eighthone discussed above, the annual principal payments required to be made after September 30, 2018, are as follows:

 

To September 30,   Amount  
2019   $ 4,403  
2020     4,663  
2021     4,783  
2022     15,264  
2023     35,360  
2024 and thereafter     -  
Total   $ 64,473  

 

The Company’s weighted average interest rate (including the margin) for the nine months ended September 30, 2017 and 2018, was 3.68% and 5.34%, including the promissory note discussed in Note 3, respectively.

 

As of September 30, 2018, the ratio of the Company’s total liabilities to market value adjusted total assets was 70%, or 5% higher than the required threshold under the loan agreement with one of its lenders. This requirement is only applicable in order to assess whether the relevant two Vessel-owning companies are entitled to distribute dividends to Pyxis. Other than the above, the Company was in compliance with all of its financial and security collateral cover ratio covenants with respect to its loan agreements. In addition, as of September 30, 2018, there was no amount available to be drawn down by the Company under its existing loan agreements.

 

As of September 30, 2018, the Company had a working capital deficit of $6,846, defined as current assets minus current liabilities. As of the filing date of the unaudited interim consolidated financial statements, the Company believes that it will be in a position to cover its liquidity needs for the next 12-month period through cash generated from operations and will be in compliance with the financial and security collateral cover ratio covenants under its existing debt agreements as discussed in Note 7 to the Company’s consolidated financial statements for the year ended December 31, 2017, included in the 2017 Annual Report.
v3.10.0.1
Capital Structure and Equity Incentive Plan
 9 Months Ended
Sep. 30, 2018
Retirement Benefits [Abstract]  
Capital Structure and Equity Incentive Plan

8. Capital Structure and Equity Incentive Plan:

 

The Company’s authorized common and preferred stock consists of 450,000,000 common shares and 50,000,000 preferred shares with a par value of USD 0.001 per share.

 

As of December 31, 2017 and September 30, 2018, the Company had a total of 20,877,893 common shares and no preferred shares outstanding.

 

On October 28, 2015, the Company’s board of directors approved an equity incentive plan (the “EIP”), providing for the granting of share-based awards to directors, officers and employees of the Company and its affiliates and to its consultants and service providers. The maximum aggregate number of shares of common stock of the Company that may be delivered pursuant to awards granted under the EIP, shall be equal to 15% of the then issued and outstanding number of shares of common stock. On November 15, 2017, 200,000 restricted shares of the Company’s common stock were granted and issued to a senior officer of the Company, which were vested immediately upon issuance. The fair value of such restricted shares based on the average of the high-low trading price of the shares on November 15, 2017, was $355, which was recorded as a non-cash share based compensation in the fourth quarter of 2017. During the nine months ended September 30, 2018, no additional shares were granted under the EIP, and as of September 30, 2018, there was no unrecognized compensation cost.

 

On December 6, 2017, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain accredited investors (the “Investors”), pursuant to which the Company, in a private placement, agreed to issue and sell to the Investors an aggregate of 2,400,000 shares of its common stock at a price per share of $2.00 (the “Private Placement”). In connection with the Private Placement, the Company also entered into a registration rights agreement with the Investors, pursuant to which the Company was obligated to prepare and file with the SEC a registration statement to register for resale the registrable securities (as defined therein) on or prior to December 21, 2017. The Private Placement closed on December 8, 2017, resulting in gross proceeds of $4,800, before deducting placement offering expenses of approximately $509, which were used for general corporate purposes, including the repayment of outstanding indebtedness. On December 19, 2017, the Company filed with the SEC a registration statement on Form F-3 to register for resale the shares of common stock issued under the Purchase Agreement, which was declared effective on January 3, 2018.

 

On February 2, 2018, the Company filed with the SEC a registration statement on Form F-3 (the “Shelf Registration Statement”), under which it may sell from time to time common stock, preferred stock, debt securities, warrants, purchase contracts and units, each as described therein, in any combination, in one or more offerings up to an aggregate dollar amount of $100,000. In addition, the selling stockholders referred to in the registration statement may sell in one of more offerings up to 5,233,222 shares of the Company’s common stock from time to time as described therein. The registration statement was declared effective by the SEC on February 12, 2018. On March 30, 2018, the Company filed a prospectus supplement to the Shelf Registration Statement related to an at-the-market program (“ATM Program”) under which it may, from time to time, issue and sell shares of its common stock up to an aggregate offering of $2,300 through a sales agent as either agent or principal. Through September 30, 2018, the Company has not sold any shares under the ATM Program.
v3.10.0.1
Loss per Common Share
 9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Loss per Common Share

9. Loss per Common Share:

 

    Nine Months Ended September 30,  
    2017     2018  
Net loss   $ (3,794 )   $ (4,774 )
                 
Weighted average number of common shares, basic and diluted     18,277,893       20,877,893  
                 
 Loss per common share, basic and diluted   $ (0.21 )   $ (0.23 )
v3.10.0.1
Risk Management and Fair Value Measurements
 9 Months Ended
Sep. 30, 2018
Risk Management And Fair Value Measurements  
Risk Management and Fair Value Measurements

10. Risk Management and Fair Value Measurements:

 

The principal financial assets of the Company consist of cash and cash equivalents and trade accounts receivable due from charterers. The principal financial liabilities of the Company consist of long-term loans, trade accounts payable, amounts due to related parties and a promissory note.

 

Interest rate risk: The Company’s interest rates are calculated at LIBOR plus a margin, as described in Note 7 above, as well as in Note 7 to the Company’s consolidated financial statements for the year ended December 31, 2017, included in the 2017 Annual Report, and hence the Company is exposed to movements in LIBOR. In order to hedge its variable interest rate exposure, on January 19, 2018, the Company, via one of its vessel-owning subsidiaries, purchased an interest rate cap with one of its lenders for a notional amount of $10,000 and a cap rate of 3.5%. The interest rate cap will terminate on July 18, 2022.

 

Credit risk: Credit risk is minimized since trade accounts receivable from charterers are presented net of the relevant provision for uncollectible amounts, whenever required. On the balance sheet dates there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset on the balance sheet.

 

Currency risk: The Company’s transactions are denominated primarily in U.S. Dollars; therefore overall currency exchange risk is limited. Balances in foreign currency other than U.S. Dollars are not considered significant.

 

Fair value: The fair values of cash and cash equivalents, trade accounts receivable, trade accounts payable and amounts due to related parties approximate their respective carrying amounts due to their short-term nature. The fair value of long-term loans with variable interest rates approximate the recorded values, generally due to their variable interest rates. The fair value of the new loan agreement of Eighthone discussed in Note 7, is considered to approximate the recorded value as of September 30, 2018, as the drawdown date occurred close to the balance sheet date (i.e., September 28, 2018). The fair value of the promissory note approximates its carrying amount as its fixed interest rate of 4.00%, or 4.50% effective July 1, 2018, until maturity, approximates recent variable interest rates.

 

Assets measured at fair value on a recurring basis: Interest rate cap

 

The Company’s interest rate cap does not qualify for hedge accounting. The Company adjusts its interest rate cap contract to fair market value at the end of every period and records the resulting gain / (loss) during the period in the consolidated statements of comprehensive income / (loss). Information on the location and amount of derivative fair value in the consolidated balance sheets and gain from financial derivative instrument in the unaudited interim consolidated statements of comprehensive loss is shown below:

 

Consolidated Balance Sheets – Location   December 31, 2017     September 30, 2018  
Financial derivative instrument – Other non-current assets   $          -     $ 59  
                 

 

Consolidated Statements of Comprehensive Income / (Loss) - Location   September 30, 2017     September 30, 2018  
Financial derivative instrument – Initial cost   $          -     $ (47 )
Financial derivative instrument – Fair value as at period end     -       59  
Gain from financial derivative instrument   $ -     $ 12  

 

The fair value of the Company’s interest rate cap agreement is determined based on market-based LIBOR rates. LIBOR rates are observable at commonly quoted intervals for the full term of the cap and therefore, are considered Level 2 items in accordance with the fair value hierarchy.

 

Assets measured at fair value on a non-recurring basis: Long lived assets held and used

 

As of March 31, 2018, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels. This review indicated that such carrying amount was not fully recoverable for the Company’s vessels Northsea Alpha and Northsea Beta. Consequently the carrying value of these vessels was written down to their respective fair values as presented in the table below.

 

Vessel   Significant Other
Observable Inputs
(Level 2)		     Vessel Impairment
Charge (charged
against Vessels, net)		  
Northsea Alpha   $ 6,750     $ 772  
Northsea Beta     6,750       771  
TOTAL   $ 13,500     $ 1,543  

 

The fair value is based on level 2 inputs of the fair value hierarchy and reflects the Company’s best estimate of the value of each vessel on a time charter free basis, and is supported by a vessel valuation of an independent shipbroker as of March 31, 2018, which is mainly based on recent sales and purchase transactions of similar vessels.

 

The Company recognized the total Vessel impairment charge of $1,543 which is included in the accompanying unaudited interim consolidated statements of comprehensive loss for the nine-month period ended September 30, 2018. No such loss was recognized for the nine-month period ended September 30, 2017.

 

As of December 31, 2017 and September 30, 2018, the Company did not have any other assets or liabilities measured at fair value on a non- recurring basis.
v3.10.0.1
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

11. Commitments and Contingencies:

 

Minimum contractual charter revenues: As of September 30, 2018, all of the vessels in the Company’s fleet were employed on the spot market and therefore, the Company has no future minimum contractual charter revenues based on vessels committed, non-cancelable, long-term time charter contracts to report.

 

Make-Whole and Put Right: The Make-Whole Right is defined in Section 4.12(a) of the Agreement and Plan of Merger, dated as of April 23, 2015 and as thereafter amended between the Company, Maritime Technologies Corp., LookSmart, Ltd. (“LS”) and LookSmart Group, Inc. (the “Merger Agreement” and the transactions contemplated therein, the “Merger”). Pursuant to the Make-Whole Right, if Pyxis conducts an offering of its common stock or a sale of Pyxis and/or substantially all of its assets (either, a “Future Pyxis Offering”) at a price per share (the “New Offering Price”) that is less than $4.30 following the Merger, then a LS stockholder of record on April 29, 2015, who on the date of the consummation of a Future Pyxis Offering continues to hold Pyxis common shares that the LS stockholder received in connection with the Merger (the “MWR Holder”), is entitled to receive in Pyxis common shares the difference between the New Offering Price and $4.30 (i.e., the Make-Whole Right) per Pyxis common share still held by such MWR Holder. Under Section 4.12(d) of the Merger Agreement, the Make-Whole Right applies only to the first Future Pyxis Offering following the closing of the Merger, provided that such Future Pyxis Offering results in gross proceeds to Pyxis of at least $5 million (excluding the proceeds from any shares purchased by certain affiliates). In December 2017, Pyxis completed a common stock offering (the “Offering”), which resulted in gross proceeds of $4.8 million. The Offering qualified as Future Pyxis Offering and thus, the Make-Whole Right is no longer available.

 

The Put Right is defined in Section 4.12(c) of the Merger Agreement. Pursuant to the Put Right, if a Future Pyxis Offering has not occurred within three (3) years of the closing date of the Merger (i.e., by October 28, 2018), each MWR Holder may, at its option following written notice to Pyxis, require that Pyxis purchase a pro rata amount of Pyxis common stock from such MWR Holder (based on the total amount of shares of Pyxis common stock held by all MWR Holders) that will result in, among other things, an amount of gross proceeds not to exceed an aggregate of $2 million (i.e., the Put Right). As discussed above, in December 2017 Pyxis completed the Offering, which qualified as a Future Pyxis Offering and accordingly, the Put Right is no longer available to MWR Holders.

 

Other: Various claims, suits and complaints, including those involving government regulations and environmental liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. Currently, management is not aware of any such claims not covered by insurance or contingent liabilities, which should be disclosed, or for which a provision has not been established in the accompanying unaudited interim consolidated financial statements.

 

The Company accrues for the cost of environmental and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any other claims or contingent liabilities, which should be disclosed or for which a provision should be established in the accompanying unaudited interim consolidated financial statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.
v3.10.0.1
Interest and Finance Costs, Net
 9 Months Ended
Sep. 30, 2018
Interest And Finance Costs Net  
Interest and Finance Costs, Net

12. Interest and Finance Costs, net:

 

The amounts in the accompanying unaudited interim consolidated statements of comprehensive loss are analyzed as follows:

 

    Nine Months Ended September 30,  
    2017     2018  
Interest on long-term debt   $ 1,990     $ 2,502  
Interest on promissory note (Note 3)     51       156  
Long-term debt prepayment fees     -       56  
Amortization and write-off of financing costs     116       318  
Total   $ 2,157     $ 3,032  
v3.10.0.1
Subsequent Events
 9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

13. Subsequent Events:

 

The Company evaluated subsequent events up to November 16, 2018 and assessed that there are no subsequent events that should be disclosed.
v3.10.0.1
Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Revenue from Contracts with Customers

Revenue from Contracts with Customers: As discussed in Note 2(q) of the Company’s consolidated financial statements included in its 2017 Annual Report, the Company generates its revenues from charterers. The vessels are chartered using either spot charters, where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified charter rate, or time charters, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate.

 

The following table presents the Company’s revenue disaggregated by revenue source for the nine-month periods ended September 30, 2017 and 2018:

 

    September 30, 2017     September 30, 2018  
Voyage revenues derived from spot charters   $ 13,080     $ 11,678  
Voyage revenues derived from time charters     9,248       9,304  
Total   $ 22,328     $ 20,982  

 

As of January 1, 2018, the Company adopted Accounting Standard Update (“ASU”) 2014-09 “Revenue from Contracts with Customers (Topic 606)”. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. The Company analyzed its contacts with charterers and has determined that its spot charters fall under the provisions of ASC 606, while its time charter agreements are lease agreements that contain certain non-lease elements.

 

The Company elected to adopt ASC 606 by applying the modified retrospective transition method, recognizing the cumulative effect of adopting this guidance as an adjustment to the 2018 opening balance of retained earnings. As of December 31, 2017, there were no vessels employed under spot charters and as a result, the Company has not included any adjustments to the 2018 opening balance of retained earnings and prior periods were not retrospectively adjusted. The Company also assessed whether any adjustment should be recorded with respect to the revenues for non-lease components from its time charter agreements and concluded that since the performance obligation for these services is satisfied over time, no adjustment is required.

 

The Company assessed its contract with charterers for spot charters during the nine-month period ended September 30, 2018 and concluded that there is one single performance obligation for each of its spot charters, which is to provide the charterer with a transportation service within a specified time period. In addition, the Company has concluded that spot charters meet the criteria to recognize revenue over time as the charterer simultaneously receives and consumes the benefits of the Company’s performance. The adoption of this standard resulted in a change whereby the Company’s method of determining proportional performance from discharge-to-discharge (assuming a new charter has been agreed before the completion of the previous spot charter) to load-to-discharge. This resulted in no revenue being recognized from discharge of the prior spot charter to loading of the current spot charter and all revenue being recognized from loading of the current spot charter to discharge of the current spot charter. This change results in revenue being recognized later in the voyage, which may cause additional volatility in revenues and earnings between periods. Demurrage income represents payments by a charterer to a vessel owner when loading or discharging time exceeds the stipulated time in the spot charter. The Company has determined that demurrage represents variable consideration and estimates demurrage at contract inception using either the expected value or most likely amount approaches. Such estimate is reviewed and updated over the term of the spot charter. As of the balance sheet date, demurrage income was not material. 

 

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 (discharge-to-discharge, assuming a new charter has been agreed before the completion of the previous spot charter). Before the adoption of ASC 606, all voyage expenses are expensed as incurred, except for brokerage commissions. Brokerage commissions are deferred and amortized over the related voyage period in a charter to the extent revenue has been deferred since commissions are earned as the Company’s revenues are earned. Under ASC 606 and after implementation of ASC 340-40 “Other assets and deferred costs” for contract costs, incremental costs of obtaining a contract with a customer and contract fulfillment costs, should be capitalized and amortized as the performance obligation is satisfied, if certain criteria are met. The Company assessed the new guidance and concluded that voyage costs during the ballast voyage should be 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. As of September 30, 2018, deferred contract fulfillment costs were not material. With respect to incremental costs, the Company has selected to adopt the practical expedient discussed above and any incremental costs will be expensed as incurred, for the Company’s spot charters that do not exceed one year.

 

In addition, pursuant to this standard, as of January 1, 2018, the Company elected to present Voyage 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 unaudited interim consolidated statements of comprehensive loss. In this respect, for the nine-month period ended September 30, 2017, Voyage revenues and Voyage related costs and commissions each decreased by $181. This reclassification has no impact on the Company’s consolidated financial position and results of operations for any of the periods presented.

 

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: In February 2016, Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, “Leases (Topic 842)”, which was amended and supplemented by ASU 2017-13, ASU 2018-01 and ASU 2018-11. The new lease standard does not substantially change lessor accounting. ASC 842 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. Entities are also provided with practical expedients that allow entities to not (i) reassess whether any expired or existing contracts are considered or contain leases; (ii) reassess the lease classification for any expired or existing leases; and (iii) reassess initial direct costs for any existing leases. In addition, the new standard (i) provides entities with an additional (and optional) transition method to adopt the new leases standard, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers’ requests and (ii) provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if both of the following are met: (a) The timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (b) The lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component or components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with ASC 606. Otherwise, the entity should account for the combined component as an operating lease in accordance with ASC 842.

 

The Company elected to early adopt ASC 842 as of September 30, 2018. The Company selected the optional transition method and adopted the standard by using the modified retrospective method. The Company also selected to apply all the practical expedients discussed above. In this respect no cumulative-effect adjustment recognized to the 2018 opening balance of retained earnings. The Company assessed its new time charter contracts within the period under the new guidance and concluded that these contracts contain a lease with the related executory costs (insurance), as well as non-lease elements to provide other services related to the operation of the vessel, with the most substantial service being the crew cost to operate the vessel. The Company concluded that the criteria for not separating lease and non-lease components of its time charter contracts are met, since (i) the time pattern of recognizing revenues for crew and other services for the operation of the vessels, is similar to the time pattern of recognizing rental income, (ii) the lease component of the time charter contracts, if accounted for separately, would be classified as an operating lease, and (iii) the predominant component in its time charter agreements is the lease component. In this respect, the Company accounts for the combined component as an operating lease in accordance with ASC 842. The early adoption of ASC 842 had no effect on the Company’s consolidated financial position and results of operations for the nine-month period ended September 30, 2018.
Trade Accounts Receivable, Net

Trade Accounts Receivable, Net: Under spot charters, the Company normally issues its invoices to charterers at the completion of the voyage. Invoices are due upon issuance of the invoice. Since the Company satisfies its performance obligation over the time of the spot charter, the Company recognizes its unconditional right to consideration in trade accounts receivable, net of a provision for doubtful accounts, if any. Trade receivables from spot charters as of September 30, 2017 and 2018 amounted to $1,080 and $1,727, respectively. No contract assets or contract liabilities are recognized as of September 30, 2017 and 2018. Under time charter contracts, the Company normally issues invoices on a monthly basis 30 days in advance of providing its services. Trade receivables from time charters as of September 30, 2017 and 2018 amounted to $3 and $350, respectively. Hire collected in advance includes cash received prior to the balance sheet date and is related to revenue earned after such date.
Restricted Cash

Restricted Cash: As of January 1, 2018, the Company adopted the ASU 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash”, which requires that the statement of cash flows explain the change in the total of cash and cash equivalents and restricted cash. ASU 2016-18 was adopted retrospectively for the nine-month periods ended September 30, 2017 and 2018, and restricted cash of $5,000 and $3,490, respectively, has been aggregated with cash and cash equivalents in both the beginning-of-period and end-of-period line items of the consolidated statements of cash flows for each of the periods presented. The implementation of this update has no impact on the Company’s consolidated balance sheet and consolidated statement of comprehensive loss.

 

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 unaudited interim consolidated statement of cash flows for the nine-month period ended September 30, 2018.

 

    December 31, 2017     September 30, 2018  
Cash and cash equivalents   $ 1,693     $ 7,383  
Restricted cash, current portion     141       -  
Restricted cash, net of current portion     4,859       3,490  
Total cash and cash equivalents and restricted cash   $ 6,693     $ 10,873  
Financial Derivative Instruments

Financial Derivative Instruments: The Company enters into interest rate derivatives to manage its exposure to fluctuations of interest rate risk associated with its borrowings. All derivatives are recognized in the consolidated financial statements at their fair value. The fair value of the interest rate derivatives is based on a discounted cash flow analysis. When such derivatives do not qualify for hedge accounting, the Company recognizes their fair value changes in current period earnings. When the derivatives qualify for hedge accounting, the Company recognizes the effective portion of the gain or loss on the hedging instrument directly in other comprehensive income / (loss), while the ineffective portion, if any, is recognized immediately in current period earnings. The Company, at the inception of the transaction, documents the relationship between the hedged item and the hedging instrument, as well as its risk management objective and the strategy of undertaking various hedging transactions. The Company also assesses at hedge inception whether the hedging instruments are highly effective in offsetting changes in the cash flows of the hedged items.

 

The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or 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 current period earnings. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to current period earnings as financial income or expense.
Recent Accounting Pronouncements

Recent Accounting Pronouncements: There are no recent accounting pronouncements the adoption of which would have a material effect on the Company’s unaudited interim consolidated financial statements in the current period or expected to have an impact on future periods, other than the ones discussed in Note 2 to the Company’s consolidated financial statements for the year ended December 31, 2017, included in the 2017 Annual Report.

 

The Company had no transactions which affect comprehensive loss during the nine months ended September 30, 2017 and 2018 and accordingly, comprehensive loss was equal to net loss.
v3.10.0.1
Basis of Presentation and General Information (Tables)
 9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Ownership and Operation of Tanker Vessels

All of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below:

 

Vessel-owning

company

  

Incorporation

date

   Vessel   DWT    

Year

built

    

Acquisition

date

Secondone   05/23/2007   Northsea Alpha     8,615       2010     05/28/2010
Thirdone   05/23/2007   Northsea Beta     8,647       2010     05/25/2010
Fourthone   05/30/2007   Pyxis Malou     50,667       2009     02/16/2009
Sixthone   01/15/2010   Pyxis Delta     46,616       2006     03/04/2010
Seventhone   05/31/2011   Pyxis Theta     51,795       2013     09/16/2013
Eighthone   02/08/2013   Pyxis Epsilon     50,295       2015     01/14/2015
v3.10.0.1
Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Schedule of Revenue Disaggregated by Revenue Source

The following table presents the Company’s revenue disaggregated by revenue source for the nine-month periods ended September 30, 2017 and 2018:

 

    September 30, 2017     September 30, 2018  
Voyage revenues derived from spot charters   $ 13,080     $ 11,678  
Voyage revenues derived from time charters     9,248       9,304  
Total   $ 22,328     $ 20,982  
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 unaudited interim consolidated statement of cash flows for the nine-month period ended September 30, 2018.

 

    December 31, 2017     September 30, 2018  
Cash and cash equivalents   $ 1,693     $ 7,383  
Restricted cash, current portion     141       -  
Restricted cash, net of current portion     4,859       3,490  
Total cash and cash equivalents and restricted cash   $ 6,693     $ 10,873  
v3.10.0.1
Transactions with Related Parties (Tables)
 9 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss

The following amounts were charged by Maritime pursuant to the head management and ship-management agreements with the Company, and are included in the accompanying unaudited interim consolidated statements of comprehensive loss:

 

    Nine Months Ended September 30,  
    2017     2018  
Included in Voyage related costs and commissions                
Charter hire commissions   $ 279     $ 262  
                 
Included in Management fees, related parties                
Ship-management fees     532       538  
                 
Included in General and administrative expenses                
Administration fees     1,197       1,210  
                 
Total   $ 2,008     $ 2,010  
v3.10.0.1
Inventories (Tables)
 9 Months Ended
Sep. 30, 2018
Inventory Disclosure [Abstract]  
Schedule of Inventories

The amounts in the accompanying consolidated balance sheets are analyzed as follows:

 

    December 31, 2017     September 30, 2018  
Lubricants   $ 404     $ 481  
Bunkers     612       1,439  
Total   $ 1,016     $ 1,920  
v3.10.0.1
Vessels, Net (Tables)
 9 Months Ended
Sep. 30, 2018
Property, Plant and Equipment [Abstract]  
Schedule of Vessels

The amounts in the accompanying consolidated balance sheets are analyzed as follows:

 

    Vessel
Cost		     Accumulated
Depreciation		     Net Book
Value		  
Balance January 1, 2018   $ 138,060     $ (22,286 )   $ 115,774  
Depreciation     —       (4,119 )     (4,119 )
Vessel impairment charge     (2,500 )     957       (1,543 )
Balance September 30, 2018   $ 135,560     $ (25,448 )   $ 110,112  
v3.10.0.1
Deferred Charges, Net (Tables)
 9 Months Ended
Sep. 30, 2018
Deferred Charges Net  
Schedule of Deferred Charges

The movement in Deferred charges, net, in the accompanying consolidated balance sheets are as follows:

 

    Special Survey
Costs		  
Balance, January 1, 2018   $ 285  
Additions     587  
Amortization of special survey costs     (88 )
Balance, September 30, 2018   $ 784  
v3.10.0.1
Long-term Debt (Tables)
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt

The amounts shown in the accompanying consolidated balance sheets at December 31, 2017 and September 30, 2018, are analyzed as follows:

 

Vessel (Borrower)   December 31, 2017     September 30, 2018  
Northsea Alpha (Secondone)   $ 4,348     $ 4,120  
Northsea Beta (Thirdone)     4,348       4,120  
Pyxis Malou (Fourthone)     18,210       11,460  
Pyxis Delta (Sixthone)     7,087       5,738  
Pyxis Theta (Seventhone)     15,975       15,035  
Pyxis Epsilon (Eighthone)     16,900       24,000  
Total   $ 66,868     $ 64,473  
                 
Current portion   $ 7,440     $ 4,403  
Less: Current portion of deferred financing costs     (136 )     (176 )
Current portion of long-term debt, net of deferred financing costs, current   $ 7,304     $ 4,227  
                 
Long-term portion   $ 59,428     $ 60,070  
Less: Non-current portion of deferred financing costs     (302 )     (853 )
Long-term debt, net of current portion and deferred financing costs, non-current   $ 59,126     $ 59,217  
Schedule of Principal Payments

Assuming no principal repayments under the new loan of Eighthone discussed above, the annual principal payments required to be made after September 30, 2018, are as follows:

 

To September 30,   Amount  
2019   $ 4,403  
2020     4,663  
2021     4,783  
2022     15,264  
2023     35,360  
2024 and thereafter     -  
Total   $ 64,473  
v3.10.0.1
Loss per Common Share (Tables)
 9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Schedule of Loss per Common Share

    Nine Months Ended September 30,  
    2017     2018  
Net loss   $ (3,794 )   $ (4,774 )
                 
Weighted average number of common shares, basic and diluted     18,277,893       20,877,893  
                 
 Loss per common share, basic and diluted   $ (0.21 )   $ (0.23 )
v3.10.0.1
Risk Management and Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2018
Risk Management And Fair Value Measurements  
Schedule of Financial Derivative Instrument Location

Consolidated Balance Sheets – Location   December 31, 2017     September 30, 2018  
Financial derivative instrument – Other non-current assets   $          -     $ 59  
Schedule of Gains Losses on Derivative Instruments

Consolidated Statements of Comprehensive Income / (Loss) - Location   September 30, 2017     September 30, 2018  
Financial derivative instrument – Initial cost   $          -     $ (47 )
Financial derivative instrument – Fair value as at period end     -       59  
Gain from financial derivative instrument   $ -     $ 12  
Schedule of Assets Measured at Fair Value on a Non-recurring Basis Long Lived Assets Held and Used

This review indicated that such carrying amount was not fully recoverable for the Company’s vessels Northsea Alpha and Northsea Beta. Consequently the carrying value of these vessels was written down to their respective fair values as presented in the table below.

 

Vessel   Significant Other
Observable Inputs
(Level 2)		     Vessel Impairment
Charge (charged
against Vessels, net)		  
Northsea Alpha   $ 6,750     $ 772  
Northsea Beta     6,750       771  
TOTAL   $ 13,500     $ 1,543  
v3.10.0.1
Interest and Finance Costs, Net (Tables)
 9 Months Ended
Sep. 30, 2018
Interest And Finance Costs Net  
Schedule of Interest and Finance Costs

The amounts in the accompanying unaudited interim consolidated statements of comprehensive loss are analyzed as follows:

 

    Nine Months Ended September 30,  
    2017     2018  
Interest on long-term debt   $ 1,990     $ 2,502  
Interest on promissory note (Note 3)     51       156  
Long-term debt prepayment fees     -       56  
Amortization and write-off of financing costs     116       318  
Total   $ 2,157     $ 3,032  
v3.10.0.1
Basis of Presentation and General Information (Details Narrative) - Integer
Mar. 23, 2015
Sep. 30, 2018
Entity ownership interest 100.00%  
Number of ownership interest entities 6  
Mr. Valentis [Member]    
Percentage of beneficially owned common stock   81.60%
v3.10.0.1
Basis of Presentation and General Information - Schedule of Ownership and Operation of Tanker Vessels (Details) - Vessels [Member]
 9 Months Ended
Sep. 30, 2018
Integer
Secondone Corporation Ltd [Member]  
Property, Plant and Equipment [Line Items]  
Entity incorporation date of incorporation May 23, 2007
Vessel Northsea Alpha
DWT 8,615
Year built 2010
Acquisition date May 28, 2010
Thirdone Corporation Ltd [Member]  
Property, Plant and Equipment [Line Items]  
Entity incorporation date of incorporation May 23, 2007
Vessel Northsea Beta
DWT 8,647
Year built 2010
Acquisition date May 25, 2010
Fourthone Corporation Ltd [Member]  
Property, Plant and Equipment [Line Items]  
Entity incorporation date of incorporation May 30, 2007
Vessel Pyxis Malou
DWT 50,667
Year built 2009
Acquisition date Feb. 16, 2009
Sixthone Corp [Member]  
Property, Plant and Equipment [Line Items]  
Entity incorporation date of incorporation Jan. 15, 2010
Vessel Pyxis Delta
DWT 46,616
Year built 2006
Acquisition date Mar. 04, 2010
Seventhone Corp [Member]  
Property, Plant and Equipment [Line Items]  
Entity incorporation date of incorporation May 31, 2011
Vessel Pyxis Theta
DWT 51,795
Year built 2013
Acquisition date Sep. 16, 2013
Eighthone Corp. [Member]  
Property, Plant and Equipment [Line Items]  
Entity incorporation date of incorporation Feb. 08, 2013
Vessel Pyxis Epsilon
DWT 50,295
Year built 2015
Acquisition date Jan. 14, 2015
v3.10.0.1
Significant Accounting Policies (Details Narrative) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Sep. 30, 2017
Trade accounts receivable, net $ 2,077 $ 703  
Restricted cash 3,490   $ 5,000
Spot Charters [Member]      
Trade accounts receivable, net 1,727   1,080
Time Charters [Member]      
Trade accounts receivable, net $ 350   $ 3
v3.10.0.1
Significant Accounting Policies - Schedule of Revenue Disaggregated by Revenue Source (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Voyage revenues $ 20,982 $ 22,328
Voyage Revenues Derived from Spot Charters [Member]    
Voyage revenues 11,678 13,080
Voyage Revenues Derived from Time Charters [Member]    
Voyage revenues $ 9,304 $ 9,248
v3.10.0.1
Significant Accounting Policies - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Sep. 30, 2017
Dec. 31, 2016
Accounting Policies [Abstract]        
Cash and cash equivalents $ 7,383 $ 1,693    
Restricted cash, current portion 141    
Restricted cash, net of current portion 3,490 4,859    
Total cash and cash equivalents and restricted cash $ 10,873 $ 6,693 $ 5,604 $ 5,783
v3.10.0.1
Transactions with Related Parties (Details Narrative) - USD ($)
$ in Thousands
 9 Months Ended
Jun. 29, 2018
Dec. 29, 2017
Sep. 30, 2018
Sep. 30, 2017
Jul. 01, 2018
Jun. 30, 2018
Dec. 31, 2017
Oct. 28, 2015
Due to related parties     $ 7,471       $ 2,125  
Interest and finance costs, net     $ 156 $ 51        
Maritime Investors / Promissory Note [Member]                
Promissory note, interest rate 4.50% 4.00%     4.50% 4.00%   2.75%
Increase in promissory note outstanding balance     The outstanding principal balance increased from $2,500 to $5,000          
Promissory note maturity date Mar. 31, 2020 Jun. 15, 2019            
Interest and finance costs, net     $ 156 $ 51        
Decrease in due to related parties   $ 2,500            
Pyxis Maritime Corporation [Member]                
Due to related parties     $ 7,471       $ 2,125  
Ship-management and administration fees percentage increase     Effective January 1, 2018, the ship-management fees and the administration fees were increased by 1.12% in line with the average inflation rate in Greece in 2017.          
v3.10.0.1
Transactions with Related Parties - Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Related Party Transaction [Line Items]    
Charter hire commissions $ (8,783) $ (6,597)
Ship-management fees (538) (532)
Pyxis Maritime Corporation [Member]    
Related Party Transaction [Line Items]    
Charter hire commissions 262 279
Ship-management fees 538 532
Administration fees 1,210 1,197
Related party transaction expenses, total $ 2,010 $ 2,008
v3.10.0.1
Inventories - Schedule of Inventories (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Inventory [Line Items]    
Inventories $ 1,920 $ 1,016
Lubricants [Member]    
Inventory [Line Items]    
Inventories 481 404
Bunkers [Member]    
Inventory [Line Items]    
Inventories $ 1,439 $ 612
v3.10.0.1
Vessels, net - Schedule of Vessels (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Property, Plant and Equipment [Line Items]    
Beginning balance $ 115,774  
Depreciation (4,119) $ (4,164)
Vessel impairment charge 1,543
Ending balance 110,112  
Vessel Cost [Member]    
Property, Plant and Equipment [Line Items]    
Beginning balance 138,060  
Depreciation  
Vessel impairment charge (2,500)  
Ending balance 135,560  
Accumulated Depreciation [Member]    
Property, Plant and Equipment [Line Items]    
Beginning balance (22,286)  
Depreciation (4,119)  
Vessel impairment charge 957  
Ending balance (25,448)  
Net Book Value [Member]    
Property, Plant and Equipment [Line Items]    
Beginning balance 115,774  
Depreciation (4,119)  
Vessel impairment charge (1,543)  
Ending balance $ 110,112  
v3.10.0.1
Deferred Charges, Net (Details Narrative)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
USD ($)
Pyxis Malou Vessel [Member]  
Dry-docking costs $ 268
Pyxis Theta Vessel [Member]  
Dry-docking costs $ 319
v3.10.0.1
Deferred Charges, Net - Schedule of Deferred Charges (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Deferred Charges Net    
Deferred charges, beginning balance $ 285  
Additions 587  
Amortization of special survey costs (88) $ (54)
Deferred charges, ending balance $ 784  
v3.10.0.1
Long-Term Debt (Details Narrative) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 27, 2018
Feb. 28, 2018
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Total long-term debt outstanding     $ 64,473   $ 66,868
Gain from debt extinguishment     $ 4,306  
Long-term debt, weighted average interest rate     5.34% 3.68%  
Working capital deficit     $ 6,846    
Eighthone Corp. [Member]          
Total long-term debt outstanding $ 24,000        
Interest rate margin 11.00%        
Quarterly installments payable (18 installments) Equal to the lower of $400 and excess cash computed through a cash sweep mechanism        
New Secured Loan - Secondone, Thirdone and Fourthone [Member]          
Total long-term debt outstanding   $ 20,500      
Secured loan term   5 years      
Interest rate margin   4.65%      
Loan amortization profile   The loan is repayable in 20 quarterly installments amounting to $10,320 in the aggregate, the first falling due in May 2018, and the last installment accompanied by a balloon payment of $10,180 falling due in February 2023. The first four quarterly installments, amounting to $400 each, are followed by four amounting to $500 each, four amounting to $530 each, four amounting to $560 each and four amounting to $590 each.      
Previous Secured Loan - Secondone, Thirdone and Fourthone [Member]          
Total long-term debt outstanding   $ 26,906      
Cash used for refinance of existing Indebtedness   2,100      
Gain from debt extinguishment   $ 4,306      
Lender of SixthoneCorp and SeventhoneCorp [Member] | Loan Agreement [Member]          
Total long-term debt outstanding     20,773    
Quarterly installments payable (16 installments)     651    
Long-term debt balloon payments     $ 10,357    
Actual leverage ratio     70.00%    
Difference between actual ratio and required threshold     5.00%    
v3.10.0.1
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Debt Instrument [Line Items]    
Total $ 64,473 $ 66,868
Current portion 4,403 7,440
Less: Current portion of deferred financing costs (176) (136)
Current portion of long-term debt, net of deferred financing costs, current 4,227 7,304
Long-term portion 60,070 59,428
Less: Non-current portion of deferred financing costs (853) (302)
Long-term debt, net of current portion and deferred financing costs, non-current 59,217 59,126
Northsea Alpha Vessel [Member] | Secondone [Member]    
Debt Instrument [Line Items]    
Total 4,120 4,348
Northsea Beta Vessel [Member] | Thirdone [Member]    
Debt Instrument [Line Items]    
Total 4,120 4,348
Pyxis Malou Vessel [Member] | Fourthone [Member]    
Debt Instrument [Line Items]    
Total 11,460 18,210
Pyxis Delta Vessel [Member] | Sixthone [Member]    
Debt Instrument [Line Items]    
Total 5,738 7,087
Pyxis Theta Vessel [Member] | Seventhone [Member]    
Debt Instrument [Line Items]    
Total 15,035 15,975
Pyxis Epsilon Vessel [Member] | Eighthone [Member]    
Debt Instrument [Line Items]    
Total $ 24,000 $ 16,900
v3.10.0.1
Long-Term Debt - Schedule of Principal Payments (Details)
$ in Thousands
Sep. 30, 2018
USD ($)
Debt Instruments [Abstract]  
2019 $ 4,403
2020 4,663
2021 4,783
2022 15,264
2023 35,360
2024 and thereafter
Total $ 64,473
v3.10.0.1
Capital Structure and Equity Incentive Plan (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
Mar. 30, 2018
Feb. 02, 2018
Dec. 06, 2017
Nov. 15, 2017
Oct. 28, 2015
Sep. 30, 2018
Dec. 31, 2017
Common stock, shares authorized           450,000,000 450,000,000
Preferred stock, shares authorized           50,000,000 50,000,000
Common stock, par value           $ 0.001 $ 0.001
Preferred stock, par value           $ 0.001 $ 0.001
Common stock, shares outstanding           20,877,893 20,877,893
Preferred stock, shares outstanding           0 0
F-3 Registration Statement [Member]              
Maximum offering amount under registration statement   $ 100,000          
Maximum number of shares for sale under registration statement   5,233,222          
ATM Program [Member]              
Maximum proceeds under ATM program $ 2,300            
Private Placement [Member]              
Shares of common stock issued     2,400,000        
Price per share of common stock     $ 2.00        
Gross proceeds from issuance of common stock     $ 4,800        
Capitalized costs relating to offering expenses     $ 509        
Equity Incentive Plan [Member]              
Percentage of outstanding stock         15.00%    
Restricted shares of common stock issued       200,000      
Stock compensation expense       $ 355      
v3.10.0.1
Loss per Common Share - Schedule of Loss per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Earnings Per Share [Abstract]    
Net loss $ (4,774) $ (3,794)
Weighted average number of common shares, basic and diluted 20,877,893 18,277,893
Loss per common share, basic and diluted $ (0.23) $ (0.21)
v3.10.0.1
Risk Management and Fair Value Measurements (Details Narrative) - USD ($)
$ in Thousands
 9 Months Ended
Jan. 19, 2018
Sep. 30, 2018
Sep. 30, 2017
Jul. 01, 2018
Jun. 30, 2018
Jun. 29, 2018
Dec. 29, 2017
Oct. 28, 2015
Vessel Impairment Charge   $ 1,543          
Maritime Investors / Promissory Note [Member]                
Promissory note, interest rate       4.50% 4.00% 4.50% 4.00% 2.75%
Interest Rate Cap [Member]                
Notional amount $ 10,000              
Interest rate cap percentage 3.50%              
Interest rate cap termination date Jul. 18, 2022              
v3.10.0.1
Risk Management and Fair Value Measurements - Schedule of Financial Derivative Instrument Location (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Sep. 30, 2017
Risk Management And Fair Value Measurements      
Financial derivative instrument - Other non-current assets $ 59
v3.10.0.1
Risk Management and Fair Value Measurements - Schedule of Gains Losses on Derivative Instruments (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Risk Management And Fair Value Measurements      
Financial derivative instrument - Initial cost $ (47)  
Financial derivative instrument - Fair value as at period end 59
Gain from financial derivative instrument $ 12  
v3.10.0.1
Risk Management and Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Non-recurring Basis Long Lived Assets Held and Used (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Vessel Impairment Charge (charged against Vessels, net) $ 1,543
Significant Other Observable Inputs (Level 2) [Member]    
Fair value of vessel 13,500  
Vessel Impairment Charge (charged against Vessels, net) 1,543  
Significant Other Observable Inputs (Level 2) [Member] | Northsea Alpha Vessel [Member]    
Fair value of vessel 6,750  
Vessel Impairment Charge (charged against Vessels, net) 772  
Significant Other Observable Inputs (Level 2) [Member] | Northsea Beta Vessel [Member]    
Fair value of vessel 6,750  
Vessel Impairment Charge (charged against Vessels, net) $ 771  
v3.10.0.1
Commitments and Contingencies (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 9 Months Ended
Dec. 31, 2017
Sep. 30, 2018
Apr. 29, 2015
MWR Holders [Member]      
Maximum consideration value   $ 2,000  
Merger Agreement [Member]      
Make-Whole and Put Right   Make-Whole and Put Right: The Make-Whole Right is defined in Section 4.12(a) of the Agreement and Plan of Merger, dated as of April 23, 2015 and as thereafter amended between the Company, Maritime Technologies Corp., LookSmart, Ltd. ("LS") and LookSmart Group, Inc. (the "Merger Agreement" and the transactions contemplated therein, the "Merger"). Pursuant to the Make-Whole Right, if Pyxis conducts an offering of its common stock or a sale of Pyxis and/or substantially all of its assets (either, a "Future Pyxis Offering") at a price per share (the "New Offering Price") that is less than $4.30 following the Merger, then a LS stockholder of record on April 29, 2015, who on the date of the consummation of a Future Pyxis Offering continues to hold Pyxis common shares that the LS stockholder received in connection with the Merger (the "MWR Holder"), is entitled to receive in Pyxis common shares the difference between the New Offering Price and $4.30 (i.e., the Make-Whole Right) per Pyxis common share still held by such MWR Holder. Under Section 4.12(d) of the Merger Agreement, the Make-Whole Right applies only to the first Future Pyxis Offering following the closing of the Merger, provided that such Future Pyxis Offering results in gross proceeds to Pyxis of at least $5 million (excluding the proceeds from any shares purchased by certain affiliates). In December 2017, Pyxis completed a common stock offering (the "Offering"), which resulted in gross proceeds of $4.8 million. The Offering qualified as Future Pyxis Offering and thus, the Make-Whole Right is no longer available. The Put Right is defined in Section 4.12(c) of the Merger Agreement. Pursuant to the Put Right, if a Future Pyxis Offering has not occurred within three (3) years of the closing date of the Merger (i.e., by October 28, 2018), each MWR Holder may, at its option following written notice to Pyxis, require that Pyxis purchase a pro rata amount of Pyxis common stock from such MWR Holder (based on the total amount of shares of Pyxis common stock held by all MWR Holders) that will result in, among other things, an amount of gross proceeds not to exceed an aggregate of $2 million (i.e., the Put Right). As discussed above, in December 2017 Pyxis completed the Offering, which qualified as a Future Pyxis Offering and accordingly, the Put Right is no longer available to MWR Holders.  
Consideration value     $ 4.30
Gross proceeds from common share offering $ 4,800 $ 5,000  
v3.10.0.1
Interest and Finance Costs, net - Schedule of Interest and Finance Costs (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Interest And Finance Costs Net    
Interest on long-term debt $ 2,502 $ 1,990
Interest on promissory note 156 51
Long-term debt prepayment fees 56
Amortization and write-off of financing costs 318 116
Total $ 3,032 $ 2,157