PYXIS TANKERS INC., 6-K filed on 8/10/2020
Report of Foreign Issuer
v3.20.2
Document and Entity Information
6 Months Ended
Jun. 30, 2020
Cover [Abstract]  
Entity Registrant Name Pyxis Tankers Inc.
Entity Central Index Key 0001640043
Document Type 6-K
Document Period End Date Jun. 30, 2020
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Period Focus Q2
Document Fiscal Year Focus 2020
v3.20.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
CURRENT ASSETS:    
Cash and cash equivalents $ 10 $ 1,441
Restricted cash, current portion 701 535
Inventories 502 501
Trade accounts receivable 463 1,243
Less: Allowance for credit losses (9)
Trade accounts receivable, net 454 1,243
Vessel held-for-sale 13,190
Prepayments and other assets 78 325
Total current assets 1,745 17,235
FIXED ASSETS, NET:    
Vessels, net 85,318 87,507
Total fixed assets, net 85,318 87,507
OTHER NON-CURRENT ASSETS:    
Restricted cash, net of current portion 3,200 3,200
Financial derivative instrument 3 1
Deferred charges, net 837 779
Prepayments and other assets 198 47
Total other non-current assets 4,238 4,027
Total assets 91,301 108,769
CURRENT LIABILITIES:    
Current portion of long-term debt, net of deferred financing costs 2,939 8,984
Trade accounts payable 3,360 4,538
Due to related parties 1,286 6,849
Hire / freight collected in advance 27 1,415
Accrued and other liabilities 813 750
Total current liabilities 8,425 22,536
NON-CURRENT LIABILITIES:    
Long-term debt, net of current portion and deferred financing costs 48,175 49,233
Promissory note 5,000 5,000
Total non-current liabilities 53,175 54,233
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; 21,370,280 and 21,491,475 shares issued and outstanding as at December 31, 2019 and June 30, 2020, respectively) 21 21
Additional paid-in capital 75,267 75,154
Accumulated deficit (45,587) (43,175)
Total stockholders' equity 29,701 32,000
Total liabilities and stockholders' equity $ 91,301 $ 108,769
v3.20.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2020
Dec. 31, 2019
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 21,491,475 21,370,280
Common stock, shares outstanding 21,491,475 21,370,280
v3.20.2
Interim Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Income Statement [Abstract]    
Revenues, net $ 12,124 $ 13,180
Expenses:    
Voyage related costs and commissions (2,629) (2,926)
Vessel operating expenses (5,228) (6,402)
General and administrative expenses (1,113) (1,187)
Management fees, related parties (332) (359)
Management fees, other (432) (465)
Amortization of special survey costs (97) (117)
Depreciation (2,189) (2,705)
Gain from the sale of vessel, net 7
Bad debt provisions (26)
Operating (loss) / income 111 (1,007)
Other income / (expenses):    
(Loss) / Gain from financial derivative instrument 2 (25)
Interest and finance costs, net (2,516) (2,905)
Total other expenses, net (2,514) (2,930)
Net loss $ (2,403) $ (3,937)
Loss per common share, basic and diluted $ (0.11) $ (0.19)
Weighted average number of common shares, basic and diluted 21,455,291 21,072,472
v3.20.2
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, 2018 $ 21 $ 74,767 $ (34,845) $ 39,943
Balance, shares at Dec. 31, 2018 21,060,190      
Net result from the issuance of common stock (8) (8)
Net result from the issuance of common stock, shares 28,349      
Net loss (3,937) (3,937)
Balance at Jun. 30, 2019 $ 21 74,759 (38,782) 35,998
Balance, shares at Jun. 30, 2019 21,088,539      
Balance at Dec. 31, 2019 $ 21 75,154 (43,175) 32,000
Balance, shares at Dec. 31, 2019 21,370,280      
Impact of adoption of new accounting standard for credit losses (ASU 2016-13) (9) (9)
Issuance of common stock under the promissory note 113 113
Issuance of common stock under the promissory note, shares 121,195      
Net loss (2,403) (2,403)
Balance at Jun. 30, 2020 $ 21 $ 75,267 $ (45,587) $ 29,701
Balance, shares at Jun. 30, 2020 21,491,475      
v3.20.2
Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Cash flows from operating activities:      
Net loss $ (2,403) $ (3,937)  
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation 2,189 2,705  
Amortization of special survey costs 97 117  
Amortization and write-off of financing costs 153 131  
(Loss) / Gain from financial derivative instrument (2) 25  
Gain on sale of vessel, net (7)  
Bad debt provisions 26  
Issuance of common stock under the promissory note 56  
Changes in assets and liabilities:      
Inventories (1) 103  
Trade accounts receivable, net 780 2,150  
Prepayments and other assets 96 (237)  
Special survey cost (155) (480)  
Trade accounts payable (1,088) (178)  
Due to related parties (5,563) 1,625  
Hire / freight collected in advance (1,388) 952  
Accrued and other liabilities 120 181  
Net cash provided by / (used in) operating activities (7,116) 3,183  
Cash flow from investing activities:      
Proceeds from the sale of vessel, net 13,197  
Ballast water treatment system installation (56) (268)  
Net cash (used in) / provided by investing activities 13,141 (268)  
Cash flows from financing activities:      
Repayment of long-term debt (7,256) (2,201)  
Gross proceeds from issuance of common stock 43  
Common stock offering costs (34) (1)  
Net cash used in financing activities (7,290) (2,159)  
Net increase / (decrease) in cash and cash equivalents and restricted cash (1,265) 756  
Cash and cash equivalents and restricted cash at the beginning of the period 5,176 4,204 $ 4,204
Cash and cash equivalents and restricted cash at the end of the period 3,911 4,960 5,176
SUPPLEMENTAL INFORMATION:      
Cash paid for interest 2,198 2,623  
Non-cash financing activities-issuance of common stock under the promissory note 112  
Reconciliation table of cash and restricted cash      
Cash and cash equivalents 10   1,441
Restricted cash, current portion 701   535
Restricted cash, net of current portion 3,200   3,200
Total cash and cash equivalents and restricted cash $ 3,911   $ 5,176
v3.20.2
Basis of Presentation and General Information
6 Months Ended
Jun. 30, 2020
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 five 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”);
   
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”).

 

We also currently own 100% ownership interest in the following non-vessel owning company:

 

SIXTHONE CORP., established under the laws of the Republic of the Marshal Islands (“Sixthone”);

 

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

 

* Pyxis Delta, which was owned by Sixthone Corp. (“Sixthone”), was sold to an unaffiliated third party on January 13, 2020

 

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 subsidiaries (collectively the “Company”) as discussed above as of December 31, 2019 and June 30, 2020 and for the six–month periods ended June 30, 2019 and 2020.

 

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, 2020. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes for the year ended December 31, 2019, included in the Company’s Annual Report on Form 20-F filed with the SEC on March 31, 2020 (the “2019 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.

 

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

 

As of June 30, 2020, Mr. Valentis beneficially owned approximately 80.7% of the Company’s common stock.

v3.20.2
Significant Accounting Policies
6 Months Ended
Jun. 30, 2020
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, 2019. See Note 2 to the Company’s consolidated financial statements for the year ended December 31, 2019, included in the 2019 Annual Report. There have been no material changes to these policies in the six-month period ended June 30, 2020, except as discussed below:

 

Recent Accounting Pronouncements – Adopted

 

Expected credit losses: In June 2016, the FASB issued ASU No. 2016-13—Financial Instruments—Credit Losses (Topic 326) —Measurement of Credit Losses on Financial Instruments. ASU No. 2016-13 amended guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. In May 2019, the FASB issued ASU 2019-05, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments”, the amendments of which provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments—Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The amendments clarify that receivables arising from operating leases are outside of the scope of Subtopic 326-20. Accordingly, any impairment of receivables arising from operating leases i.e. time charters, should be accounted for in accordance with Topic 842, Leases, and not in accordance with Topic 326. Impairment of receivables arising from voyage charters, which are accounted for in accordance with Topic 606, Revenues from Contracts with Customers, are within the scope of Subtopic 326 and must therefore be assessed for expected credit losses.

 

As of January 1, 2020, the Company adopted ASU 2016-13—Financial Instruments—Credit Losses (Topic 326). The accounting standard amends the current financial instrument impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. Under the new guidance, an entity recognizes as an allowance its estimate of lifetime expected credit losses which will result in more timely recognition of such losses. The Company adopted the accounting standard using the prospective transition approach as of January 1, 2020, which resulted in a cumulative adjustment of $(9), in the opening balance of accumulated deficit for the fiscal year of 2020. The Company maintains an allowance for credit losses for expected uncollectable accounts receivable, which is recorded as an offset to trade accounts receivable and changes in such, if any, are classified as Bad debt provisions in the Consolidated Statements of Comprehensive Loss.

 

The adoption of ASC 326 primarily impacted trade receivables recorded on Consolidated Balance Sheet. The Company assessed collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considered historical collectability based on past due status. The Company also considered customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data.

 

The Company concluded on an expected credit loss rate of 0.06% on the total outstanding receivables arising from voyage charters and 2.1% on outstanding receivables from demurrages. Management monitors its trade receivables on a daily and on a charter-by charterer basis in order to determine if adjustments are necessary in the expected credit loss rate. No additional allowance was warranted for the six month period ended June 30, 2020.

 

Fair Value measurement: On January 1, 2020, the Company adopted ASU 2018-13, “Fair Value Measurement (Topic 820)—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”, which improves the effectiveness of fair value measurement disclosures. In particular, the amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments in the Update apply to all entities that are required under existing GAAP to make disclosures about recurring and non-recurring fair value measurements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements and related disclosures.

 

Impact of COVID-19 on the Company’s Business

 

The spread of the COVID-19 virus, which has been declared a pandemic by the World Health Organization, in 2020 has caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain.

 

The impact of the COVID-19 pandemic continues to unfold and may continue to have negative effect on the Company’s business, financial performance and the results of its operations, including due to decreased demand for global seaborne refined petroleum products trade and related charter rates, the extent of which will depend largely on future developments. In light of COVID-19, the Company, as of June 30, 2020, evaluated whether there are conditions or events that cause substantial doubt about its ability to continue as a going concern. The Company reviewed its revenue concentration risk, the recoverability of its accounts receivable (i.e. credit risk) and tested its assets for potential impairment. As a result of this evaluation it was determined that COVID-19 did not have material adverse effect on its business, results of operation and financial condition as of such date. However, many of the Company’s estimates and assumptions, especially charter rate and vessel utilization, require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change in future periods.

 

As of June 30, 2020, the Company has evaluated the impact of current economic situation on the recoverability of the carrying amount of its vessels. The Company obtained market valuations for all its vessels from reputable marine appraisers. Based on these valuations, the Company identified impairment indications for two of its vessels. More specifically, the market values of these vessels were, in aggregate, $4,592 lower than their carrying values, including any unamortized deferred charges relating to special survey costs, as of that date. In this respect, the Company performed an impairment analysis to estimate the future undiscounted cash flows for each of these vessels. The analysis resulted in higher undiscounted cash flows than each vessel’s carrying value as of June 30, 2020, and, accordingly, no adjustment to the vessels’ carrying values was required.

 

Recent Accounting Pronouncements – Not Yet Adopted:

 

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. ASU 2020-04 can be adopted as of March 12, 2020 through December 31, 2022. The Company does not currently have any contracts that have been changed to a new reference rate, but the Company will continue to evaluate its contracts and the effects of this standard on its consolidated financial position, results of operations, and cash flows prior to adoption.

 

The Company had no transactions which effect comprehensive loss during the six months ended June 30, 2019 and 2020 and accordingly, comprehensive loss was equal to net loss.

v3.20.2
Transactions with Related Parties
6 Months Ended
Jun. 30, 2020
Related Party Transactions [Abstract]  
Transactions with Related Parties
3. Transactions with Related Parties:

 

The following transactions with related parties occurred during the six–month periods ended June 30, 2019 and 2020.

 

(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:

 

    Six Months Ended June 30,  
    2019     2020  
Included in Voyage related costs and commissions                
Charter hire commissions   $ 167     $ 154  
                 
Included in Management fees, related parties                
Ship-management Fees     359       332  
                 
Included in General and administrative expenses                
Administration Fees     807       812  
                 
Total   $ 1,333     $ 1,298  

 

As of December 31, 2019 and June 30, 2020, the balances due to Maritime were $6,849 and $1,286, 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 Company uses the services of Maritime, to provide a wide range of shipping services, including but not limited to, chartering, sale and purchase, insurance, operations and dry-docking and construction supervision, all provided at a fixed daily fee per vessel. For the ship management services, Maritime charges a fee payable by each subsidiary of $0.325 per day per vessel while the vessel is in operation including any pool arrangements and $0.450 per day per vessel while the vessel is under construction, as well as an additional daily fee (which is dependent on the seniority of the personnel) to cover the cost of engineers employed to conduct the supervision of the newbuilding (collectively the “Ship-management Fees”). In addition, Maritime charges the Company a commission rate of 1.25% on all charter hire agreements arranged by Maritime. Under the Head Management Agreement, the Company pays Maritime a fixed fee of $1,600 annually (the “Administration Fees”). In the event of a change of control of the Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime an amount equal to 2.5 times the then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of the then daily Ship-management Fees.

 

The Ship-management Fees and the Administration Fees are adjusted annually according to the official inflation rate in Greece or such other country where Maritime was headquartered during the preceding year. On August 9, 2016, the Company amended the Head Management Agreement with Maritime to provide that in the event that the official inflation rate for any calendar year is deflationary, no adjustment shall be made to the Ship-management Fees and the Administration Fees, which will remain, for the particular calendar year, as per the previous calendar year. Effective January 1, 2019 and 2020, the Ship-management Fees and the Administration Fees were increased by 0.62% and 0.26%, respectively, in line with the average inflation rate in Greece in 2018 and 2019, respectively.

 

(b) Maritime Investors Corp.:

 

On May 14, 2019, the Company entered into a second amendment to the Amended & Restated Promissory Note which (i) extended the repayment of the outstanding principal, in whole or in part, until the earlier of a) one year after the repayment of the credit facility of Eighthone with EntrustPermal (the “Credit Facility”) on September 2023 (see Note 7), b) January 15, 2024 and c) repayment of any PIK interest and principal deficiency amount under the Credit Facility, and (ii) increased the interest rate to 9.0% per annum of which 4.5% shall be paid in cash and 4.5% shall be paid in common shares of the Company calculated on the volume weighted average closing share price for the 10 day period immediately prior to each quarter end. The new interest rate is effective from April 1, 2019. After the repayment restrictions have been lifted per the Credit Facility, the Company, at its option, may continue to pay interest on the Amended & Restated Promissory Note in the afore-mentioned combination of cash and shares or pay all interest costs in cash. The Company considered the guidance under ASC 470-50 “Debt Modifications and Extinguishments”, and concluded that the transaction should be accounted for as debt extinguishment.

 

With respect to the portion of interest that will be settled in common shares, the Company considered the guidance in ASC 480 that requires obligations that can be settled in shares with a fixed monetary value at settlement (e.g., share-settled debt) to be carried at fair value and followed the guidance in ASC 835-30 to accrue the liability to the redemption amount using the interest method.

 

Interest charged on the Amended & Restated Promissory Note for the six months ended June 30, 2019 and 2020, amounted to $168 and $224, respectively, and is included in Interest and finance costs, net in the accompanying unaudited interim consolidated statements of comprehensive loss. Out of the total interest charged on the Amended & Restated Promissory Note during the six month period ended June 30, 2020, $112 has been paid in cash and the remaining $112 has been settled in common shares. Of the amount settled in common shares, $56 was settled in common shares during the period ended June 30, 2020 and the remaining amount of $56 were settled in July 2020 (please refer to Note 14).

 

The amount of $5,000 is separately reflected in the accompanying consolidated balance sheets under non-current liabilities.

v3.20.2
Inventories
6 Months Ended
Jun. 30, 2020
Inventory Disclosure [Abstract]  
Inventories
4. Inventories:

 

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

 

   

December 31,

2019

   

June 30,

2020

 
Lubricants   $ 403     $ 379  
Bunkers     98       123  
Total   $ 501     $ 502  

v3.20.2
Vessels, Net
6 Months Ended
Jun. 30, 2020
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, 2020   $ 108,524     $ (21,017 )   $ 87,507  
Depreciation     -       (2,189 )     (2,189 )
Balance June 30, 2020   $ 108,524     $ (23,206 )   $ 85,318  

 

All of the Company’s vessels have been pledged as collateral to secure the loans discussed in Note 7.

 

On November 13, 2019, the Company decided to make arrangements to sell Pyxis Delta and the Company concluded that all the criteria required by the relevant accounting standard, ASC 360-10-45-9, for the classification of the vessel Pyxis Delta as “held for sale” were met. On December 11, 2019, the Company entered into an agreement with a third-party to sell the vessel. On January 13, 2020, pursuant to the sale agreement that the Company entered into in late 2019, Pyxis Delta was delivered to her buyers. The total net proceeds from the sale of the vessel were $13,197, $5,674 out of which was used to prepay the loan facility secured by Pyxis Delta and Pyxis Theta and $7,523 for the repayment of the Company’s liabilities to Maritime and obligations to its trade creditors.

v3.20.2
Deferred Charges, Net
6 Months Ended
Jun. 30, 2020
Deferred Charges Net Abstract  
Deferred Charges, Net
6. Deferred Charges, net:

 

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

 

   

Dry docking

costs

 
Balance, January 1, 2020   $ 779  
Amortization of special survey costs     (97 )
Additions     155  
Balance, June 30, 2020   $ 837  

 

Additions consist of advances for the scheduled special surveys of Pyxis Epsilon, Northsea Alpha and Northsea Beta of $138, $9 and $8, respectively.

 

The amortization of the special survey costs is separately reflected in the accompanying unaudited interim consolidated statements of comprehensive loss.

v3.20.2
Long-term Debt
6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Long-term Debt
7. Long-term Debt:

 

The amounts shown in the accompanying consolidated balance sheets at December 31, 2019 and June 30, 2020, are analyzed as follows:

 

Vessel (Borrower)  

December 31,

2019

   

June 30,

2020

 
Northsea Alpha (Secondone)   $ 3,690     $ 3,490  
Northsea Beta (Thirdone)     3,690       3,490  
Pyxis Malou (Fourthone)     10,020       9,390  
Pyxis Delta (Sixthone)     4,050       -  
Pyxis Theta (Seventhone)     13,469       11,293  
Pyxis Epsilon (Eighthone)     24,000       24,000  
Total   $ 58,919     $ 51,663  
                 
Current portion   $ 9,241     $ 3,123  
Less: Current portion of deferred financing costs     (257 )     (184 )
Current portion of long-term debt, net of deferred financing costs, current   $ 8,984     $ 2,939  
                 
Long-term portion   $ 49,678     $ 48,540  
Less: Non-current portion of deferred financing costs     (445 )     (365 )
Long-term debt, net of current portion and deferred financing costs, non-current   $ 49,233     $ 48,175  

 

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, 2019, included in the 2019 Annual Report.

 

As of June 30, 2020, each of Secondone’s and Thirdone’s outstanding loan balance, amounting to $3,490, is repayable in 11 remaining quarterly installments of $100 each, the first falling due in August 2020, and the last installment accompanied by a balloon payment of $2,390 falling due in February 2023. As of June 30, 2020, the outstanding balance of Fourthone loan of $9,390 is repayable in 11 remaining quarterly installments amounting to $3,990, the first falling due in August 2020, and the last installment accompanied by a balloon payment of $5,400 falling due in February 2023. The first three installments, amounting to $330 each are followed by four amounting to $360 each and four amounting to $390 each. The loan bears interest at LIBOR plus a margin of 4.65% per annum.

 

On September 27, 2018, Eighthone entered into a new $24,000 loan agreement, for the purpose of refinancing the outstanding indebtedness of $16,000 under the previous loan facility and for general corporate purposes. The 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 loan facility bears an interest rate of 11% of which 1.0% can be paid as PIK interest per annum for first two years, and 11.0% per annum thereafter and incurs fees due upfront and upon early prepayment or final repayment of outstanding principal. The principal obligation amortizes in 12 quarterly installments starting in September 30, 2020, equal to the lower of $400 and excess cash computed through a cash sweep mechanism, plus a balloon payment due at maturity. As of June 30, 2020, the outstanding balance of Eighthone loan is $24,000. Management cannot currently assess with any certainty that any amount under the cash sweep will be made prior to loan maturity.

 

Under the facility, a deferred fee may be payable on the occurrence of certain events including, among others, the sale of the vessel or on repayment or maturity of the loan. Management has assessed this deferred fee as a contingent liability under ASC 450 and concluded that such loss contingency shall not be accrued by a charge in the interim consolidated statements of comprehensive loss, since information available does not indicate that is probable that the liability has been incurred as of the balance sheet date at June 30, 2020 and cannot be estimated.

 

On January 13, 2020, pursuant to the sale agreement that the Company entered into in late 2019, Pyxis Delta was delivered to her buyers. The total net proceeds from the sale of the vessel were $13,197, $5,674 out of which was used to prepay the loan facility secured by Pyxis Delta and Pyxis Theta and $7,523 for the repayment of the Company’s liabilities to Maritime and obligations to its trade creditors. On June 25, 2020, the Company signed a Commitment Letter with a new lender for the refinancing of the existing facility. As of June 30, 2020, the outstanding balance of the loan facility secured by Pyxis Theta was $11,293. On July 8, 2020, Seventhone entered into the new $15,250 secured loan agreement with the new lender, for the purpose of refinancing the outstanding indebtedness of $11,293 under the previous loan facility. The new loan bears interest at LIBOR plus a margin of 3.35% per annum. The principal obligation amortizes in 20 consecutive quarterly installments of $300 each, the first falling due in October 2020, and the last installment accompanied by a balloon payment of $9,250 falling due in July 2025. Standard collateral interests and customary covenants are incorporated in this facility. As of June 30, 2020, the Company considering the guidance under ASC 470-10 “Debt – Overall” and ASC 470-10-45-14 and by analogy concluded that classification of the loan agreement should be based on the new facility with the new lender, on the grounds that before the balance sheet date, the Company entered into a commitment letter with the new lender and shortly after June 30, 2020, the new loan agreement was signed. As of June 30, 2020, the portion of the loan secured by Pyxis Theta reported under the line item “Current portion of long-term debt, net of deferred financing costs” of the unaudited consolidated Balance Sheets, represents the short-term obligations of Seventhone under the new loan facility.

 

Amounts presented in Restricted cash, current and non-current in the consolidated balance sheet are related to minimum cash requirements imposed by the Company’s debt agreements.

 

Assuming no principal repayments under the loan of Eighthone discussed above, the annual principal payments required to be made after June 30, 2020, are as follows:

 

To June 30,   Amount  
2021     3,123  
2022     3,572  
2023     21,041  
2024 and thereafter     23,927  
Total   $ 51,663  

 

The Company’s weighted average interest rate (including the margin) for the six months ended June 30, 2019 and 2020, was 8.19% and 8.06%, including the Amended & Restated Promissory Note discussed in Note 3, respectively.

 

As of June 30, 2020, the Company was in compliance with all of the loan covenants in its loan agreements. In connection to the loan secured by vessel Pyxis Theta, the ratio of total liabilities over the market value of the adjusted total assets was 67.0%, or 2.0% higher than the required threshold which only restricts the ability of Seventhone to distribute dividends to Pyxis. The specific breach affects only the dividend distribution ability of the respective ship-owning company and is not a condition of default, even if not remedied, based on the terms of the related loan agreement. In addition, as of June 30, 2020, there was no amount available to be drawn down by the Company under its existing loan agreements.

 

As of June 30, 2020, the Company had a working capital deficit of $6,680, 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 operating cash flows, management of working capital, sale of assets, refinancing indebtedness or raising additional equity capital, or a combination thereof.

v3.20.2
Equity Capital Structure and Equity Incentive Plan
6 Months Ended
Jun. 30, 2020
Retirement Benefits [Abstract]  
Equity Capital Structure and Equity Incentive Plan
8. Equity Capital Structure and Equity Incentive Plan:

 

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

 

As of December 31, 2019 and June 30, 2020, the Company had a total of 21,370,280 and 21,491,475 common shares, respectively, and no preferred shares outstanding.

 

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. On November 19, 2018, the prospectus supplement was amended to increase the offering to $3,675.

 

As of August 10, 2020, no shares have been sold under the ATM Program in 2020. 

 

As of December 31, 2018, following the issuance and sale of 182,297 shares of common stock under the ATM Program, the Company’s outstanding common shares increased from 20,877,893 to 21,060,190. During the year ended December 31, 2019, the Company offered and sold an additional 214,828 common shares under this program to raise $354 at an average (gross) price of $1.65/share. Furthermore, during the same period, the Company issued 95,262 of common shares to settle the interest charged on the Amended & Restated Promissory Note, discussed in Note 3. At December 31, 2019, the Company had a total of 21,370,280 common shares issued and outstanding. During the six months ended June 30, 2020, the Company issued 121,195 of common shares to settle the interest charged on the Amended & Restated Promissory Note, discussed in Note 3. At June 30, 2020, the Company had a total of 21,491,475 common shares issued and outstanding.

v3.20.2
Loss Per Common Share
6 Months Ended
Jun. 30, 2020
Northsea Alpha Vessel [Member]  
Loss Per Common Share
9. Loss per Common Share:

 

    Six Months Ended June 30,  
    2019     2020  
Net loss available to common stockholders   $ (3,937 )   $ (2,403 )
                 
Weighted average number of common shares, basic and diluted     21,072,472       21,455,291  
                 
Loss per common share, basic and diluted   $ (0.19 )   $ (0.11 )

 

The weighted average number of common shares, basic and diluted, for the six months ended June 30, 2020, includes shares that were issued subsequent to June 30, 2020 as discussed in Note 14 of these unaudited interim consolidated financial statements. According to the guidance of ASC 260-10-45-13, Contingently issuable shares shall be considered outstanding common shares and included in the computation of basic EPS/LPS as of the date that all necessary conditions have been satisfied (in essence, when issuance of the shares is no longer contingent), even if the shares have not been physically issued. In this respect, such shares have no effect in the calculation of diluted Loss per Share for the period. Due to the fact that the Company is experiencing losses, basic and diluted LPS is equal, since including any additional shares would have an anti-dilutive effect.

v3.20.2
Risk Management and Fair Value Measurements
6 Months Ended
Jun. 30, 2020
Risk Management And Fair Value Measurements Abstract  
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, 2019, included in the 2019 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 consolidated 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 Management has determined that the fair values of the assets and liabilities as of June 30, 2020, are as follows:

 

   

Carrying

Value

   

Fair

Value

 
Cash and cash equivalents (including restricted cash)   $ 3,911     $ 3,911  
Trade accounts receivable   $ 463     $ 463  
Trade accounts payable   $ 3,360     $ 3,360  
Long-term debt with variable interest rates, net   $ 27,663     $ 27,663  
Long-term loans and promissory note with non-variable interest rates, net   $ 29,000     $ 29,000  

 

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 loss. Information on the location and amount of derivative fair value in the consolidated balance sheets and loss from financial derivative instrument in the unaudited interim consolidated statements of comprehensive loss is shown below:

 

Consolidated Balance Sheets – Location   December 31,
2019
    June 30,
2020
 
Financial derivative instrument – Other non-current assets   $ 1     $ 3  
Consolidated Statements of Comprehensive Loss – Location     June 30, 2019       June 30, 2020  
Financial derivative instrument – Fair value at the beginning of the period   $ (28 )   $ (1 )
Financial derivative instrument – Fair value as at period end     3       3  
(Loss) / Gain from financial derivative instrument   $ (25 )   $ 2  

 

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

 

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

 

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

 

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 which is mainly based on recent sales and purchase transactions of similar vessels.

 

The Company performs an impairment exercise whenever there are indicators of impairment.

 

No impairment loss was recognized for the six months ended June 30, 2019 and 2020.

 

On November 13, 2019, the Company decided to make arrangements to sell Pyxis Delta, and the Company concluded that all the criteria required by the relevant accounting standard, ASC 360-10-45-9, for the classification of the vessel as “held for sale”, were met. Long lived assets classified as held-for-sale are measured at the lower of their carrying amount or fair value less costs to sell. As at December 31, 2019, the Company has classified Pyxis Delta under Vessel held-for-sale on the consolidated balance sheet, at a value of $13,190 representing the estimated fair market value of the vessel, net of costs to sell, based on the gross selling price of the agreement signed with a third party to sell the vessel, on December 11, 2019. (Level 2 inputs of the fair value hierarchy).

 

As of December 31, 2019 and June 30, 2020, the Company did not have any other assets or liabilities measured at fair value on a non- recurring basis.

v3.20.2
Commitments and Contingencies
6 Months Ended
Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
11. Commitments and Contingencies:

 

Minimum contractual charter revenues: Future minimum lease payments, gross of 1.25% address commission and 1.25% brokerage commissions to Maritime and of any other brokerage commissions to third parties, based on vessels committed, non-cancelable, long-term time charter contracts as of June 30, 2020, expiring through June 30, 2021, amount to $2,066.

 

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.

v3.20.2
Interest and Finance Costs, Net
6 Months Ended
Jun. 30, 2020
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:

 

    Six Months Ended June 30,  
    2019     2020  
Interest on long-term debt (Note 7)   $ 2,606     $ 2,139  
Interest on promissory note (Note 3)     168       224  
Amortization and write-off of financing costs     131       153  
Total   $ 2,905     $ 2,516  

 

Out of the total interest charged during the six month period ended June 30, 2020, $112 has been paid in cash and the remaining $112 has been settled in common shares (please refer to Note 14).

v3.20.2
Revenues, Net
6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenues, Net
13. Revenues, net:

 

The Company disaggregates its revenue from contracts with customers by the type of charter (time charters and spot charters).

 

The following table presents the Company’s revenue disaggregated by revenue source for the six-month periods ended June 30, 2019 and 2020:

 

    June 30, 2019     June 30, 2020  
Revenues derived from spot charters, net   $ 4,397     $ 4,458  
Revenues derived from time charters, net     8,783       7,666  
Revenues, net   $ 13,180     $ 12,124  

 

The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less, in accordance with the optional exception in ASC 606.

 

The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as at June 30, 2020 and December 31, 2019:

 

   

December 31,

2019

   

June 30,

2020

 
Accounts receivable trade from spot charters   $ 743     $ 345  
Accounts receivable trade from time charters     500       118  
Total   $ 1,243     $ 463  

 

As of December 31, 2019 and June 30, 2020, the deferred revenue of $1,415 and $27, respectively, reported under Hire / freight collected in advance in the Unaudited Consolidated Balance Sheets, related solely to time charter and to spot revenues, respectively.

v3.20.2
Subsequent Events
6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events
14. Subsequent Events:

 

Issuance of shares: On July 1, 2020, following the second amendment to the Amended & Restated Promissory Note dated May 14, 2019, the Company issued 68,410 of common shares at the volume weighted average closing share price for the 10 day period immediately prior to the quarter end.

 

Loan refinance: On July 8, 2020, Seventhone entered into a new $15,250 secured loan agreement, for the purpose of refinancing the outstanding indebtedness of $11,293 under the previous loan facility. The new facility was drawndown on the same day, and the proceeds were used to prepay the outstanding indebtedness of $11,293 in full as well as provide for working capital.

 

COVID-19 outbreak: Public health threats, such as COVID-19, in any geographical area, including areas where the Company does not operate, could disrupt international transportation. COVID-19 has negatively affected the global demand for petroleum

 

products and seaborne trade and has recently resulted in a decline in charter rates for tankers. Lower revenues could result in the Company’s inability to service its debt and meet its loan covenants. Lower ship values could also occur and lead to impairment of carrying asset values. The inability to collect amounts receivable may result in charge offs thereby further impacting the Company’s financial condition. The evolving effects of COVID-19 remain uncertain and could have a material adverse effect on the Company’s business, results of operations and financial condition. Except for lower charter rates recently, the Company’s financial and operating performance has not been adversely affected by the COVID-19 outbreak so far. However, the future impacts cannot be reasonably estimated at this time, it may take some time to materialize and may not be fully reflected in the results until late during the year ending December 31, 2020.

 

Minimum Bid Price Requirement: On July 2, 2020 the Company announced that it received a deficiency notice from The NASDAQ Stock Market, Inc. (“Nasdaq”), on June 29, 2020 stating that, for a period of 30 consecutive business days, the Company’s common shares closed below the minimum bid price of $1.00 per share as required for continued listing on Nasdaq (the “Minimum Bid Price Requirement”). The Company has until December 28, 2020 to regain compliance with the Minimum Bid Price Requirement. If at any time during this period, the closing bid price of the Company’s common shares is at least $1 for a minimum of 10 consecutive business days, Nasdaq will provide confirmation of the Company’s compliance with the Minimum Bid Price Requirement and the matter will be closed. If the Company does not regain compliance during the initial compliance period, it may be eligible for an additional 180 calendar day compliance period. In order to qualify for this additional compliance period, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during such compliance period, including by effecting a reverse stock split, if necessary. If the Nasdaq staff concludes that the Company will not be able to cure the deficiency or if the Company is otherwise not eligible, the Company’s common shares will be subject to delisting by Nasdaq. The Company is currently reviewing options to meet the requirements for continued listing on Nasdaq. This notice will have no effect on the operations of the Company’s business, and the Company will take all reasonable measures to regain compliance with the exchange. During this time, the Company’s common shares will continue to be listed and trade on the Nasdaq.

v3.20.2
Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Recent Accounting Pronouncements - Adopted

Recent Accounting Pronouncements – Adopted

 

Expected credit losses: In June 2016, the FASB issued ASU No. 2016-13—Financial Instruments—Credit Losses (Topic 326) —Measurement of Credit Losses on Financial Instruments. ASU No. 2016-13 amended guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. In May 2019, the FASB issued ASU 2019-05, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments”, the amendments of which provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments—Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The amendments clarify that receivables arising from operating leases are outside of the scope of Subtopic 326-20. Accordingly, any impairment of receivables arising from operating leases i.e. time charters, should be accounted for in accordance with Topic 842, Leases, and not in accordance with Topic 326. Impairment of receivables arising from voyage charters, which are accounted for in accordance with Topic 606, Revenues from Contracts with Customers, are within the scope of Subtopic 326 and must therefore be assessed for expected credit losses.

 

As of January 1, 2020, the Company adopted ASU 2016-13—Financial Instruments—Credit Losses (Topic 326). The accounting standard amends the current financial instrument impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. Under the new guidance, an entity recognizes as an allowance its estimate of lifetime expected credit losses which will result in more timely recognition of such losses. The Company adopted the accounting standard using the prospective transition approach as of January 1, 2020, which resulted in a cumulative adjustment of $(9), in the opening balance of accumulated deficit for the fiscal year of 2020. The Company maintains an allowance for credit losses for expected uncollectable accounts receivable, which is recorded as an offset to trade accounts receivable and changes in such, if any, are classified as Bad debt provisions in the Consolidated Statements of Comprehensive Loss.

 

The adoption of ASC 326 primarily impacted trade receivables recorded on Consolidated Balance Sheet. The Company assessed collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considered historical collectability based on past due status. The Company also considered customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data.

 

The Company concluded on an expected credit loss rate of 0.06% on the total outstanding receivables arising from voyage charters and 2.1% on outstanding receivables from demurrages. Management monitors its trade receivables on a daily and on a charter-by charterer basis in order to determine if adjustments are necessary in the expected credit loss rate. No additional allowance was warranted for the six month period ended June 30, 2020.

 

Fair Value measurement: On January 1, 2020, the Company adopted ASU 2018-13, “Fair Value Measurement (Topic 820)—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”, which improves the effectiveness of fair value measurement disclosures. In particular, the amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments in the Update apply to all entities that are required under existing GAAP to make disclosures about recurring and non-recurring fair value measurements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements and related disclosures.

 

Impact of COVID-19 on the Company’s Business

 

The spread of the COVID-19 virus, which has been declared a pandemic by the World Health Organization, in 2020 has caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain.

 

The impact of the COVID-19 pandemic continues to unfold and may continue to have negative effect on the Company’s business, financial performance and the results of its operations, including due to decreased demand for global seaborne refined petroleum products trade and related charter rates, the extent of which will depend largely on future developments. In light of COVID-19, the Company, as of June 30, 2020, evaluated whether there are conditions or events that cause substantial doubt about its ability to continue as a going concern. The Company reviewed its revenue concentration risk, the recoverability of its accounts receivable (i.e. credit risk) and tested its assets for potential impairment. As a result of this evaluation it was determined that COVID-19 did not have material adverse effect on its business, results of operation and financial condition as of such date. However, many of the Company’s estimates and assumptions, especially charter rate and vessel utilization, require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change in future periods.

 

As of June 30, 2020, the Company has evaluated the impact of current economic situation on the recoverability of the carrying amount of its vessels. The Company obtained market valuations for all its vessels from reputable marine appraisers. Based on these valuations, the Company identified impairment indications for two of its vessels. More specifically, the market values of these vessels were, in aggregate, $4,592 lower than their carrying values, including any unamortized deferred charges relating to special survey costs, as of that date. In this respect, the Company performed an impairment analysis to estimate the future undiscounted cash flows for each of these vessels. The analysis resulted in higher undiscounted cash flows than each vessel’s carrying value as of June 30, 2020, and, accordingly, no adjustment to the vessels’ carrying values was required.

Recent Accounting Pronouncements - Not Yet Adopted

Recent Accounting Pronouncements – Not Yet Adopted:

 

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. ASU 2020-04 can be adopted as of March 12, 2020 through December 31, 2022. The Company does not currently have any contracts that have been changed to a new reference rate, but the Company will continue to evaluate its contracts and the effects of this standard on its consolidated financial position, results of operations, and cash flows prior to adoption.

 

The Company had no transactions which effect comprehensive loss during the six months ended June 30, 2019 and 2020 and accordingly, comprehensive loss was equal to net loss.

v3.20.2
Basis of Presentation and General Information (Tables)
6 Months Ended
Jun. 30, 2020
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

 

* Pyxis Delta, which was owned by Sixthone Corp. (“Sixthone”), was sold to an unaffiliated third party on January 13, 2020

v3.20.2
Transactions with Related Parties (Tables)
6 Months Ended
Jun. 30, 2020
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:

 

    Six Months Ended June 30,  
    2019     2020  
Included in Voyage related costs and commissions                
Charter hire commissions   $ 167     $ 154  
                 
Included in Management fees, related parties                
Ship-management Fees     359       332  
                 
Included in General and administrative expenses                
Administration Fees     807       812  
                 
Total   $ 1,333     $ 1,298  

v3.20.2
Inventories (Tables)
6 Months Ended
Jun. 30, 2020
Inventory Disclosure [Abstract]  
Schedule of Inventories

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

 

   

December 31,

2019

   

June 30,

2020

 
Lubricants   $ 403     $ 379  
Bunkers     98       123  
Total   $ 501     $ 502  

v3.20.2
Vessels, Net (Tables)
6 Months Ended
Jun. 30, 2020
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, 2020   $ 108,524     $ (21,017 )   $ 87,507  
Depreciation     -       (2,189 )     (2,189 )
Balance June 30, 2020   $ 108,524     $ (23,206 )   $ 85,318  

v3.20.2
Deferred Charges, Net (Tables)
6 Months Ended
Jun. 30, 2020
Deferred Charges Net Abstract  
Schedule of Deferred Charges

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

 

   

Dry docking

costs

 
Balance, January 1, 2020   $ 779  
Amortization of special survey costs     (97 )
Additions     155  
Balance, June 30, 2020   $ 837  

v3.20.2
Long-term Debt (Tables)
6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt

The amounts shown in the accompanying consolidated balance sheets at December 31, 2019 and June 30, 2020, are analyzed as follows:

 

Vessel (Borrower)  

December 31,

2019

   

June 30,

2020

 
Northsea Alpha (Secondone)   $ 3,690     $ 3,490  
Northsea Beta (Thirdone)     3,690       3,490  
Pyxis Malou (Fourthone)     10,020       9,390  
Pyxis Delta (Sixthone)     4,050       -  
Pyxis Theta (Seventhone)     13,469       11,293  
Pyxis Epsilon (Eighthone)     24,000       24,000  
Total   $ 58,919     $ 51,663  
                 
Current portion   $ 9,241     $ 3,123  
Less: Current portion of deferred financing costs     (257 )     (184 )
Current portion of long-term debt, net of deferred financing costs, current   $ 8,984     $ 2,939  
                 
Long-term portion   $ 49,678     $ 48,540  
Less: Non-current portion of deferred financing costs     (445 )     (365 )
Long-term debt, net of current portion and deferred financing costs, non-current   $ 49,233     $ 48,175  

Schedule of Principal Payments

Assuming no principal repayments under the loan of Eighthone discussed above, the annual principal payments required to be made after June 30, 2020, are as follows:

 

To June 30,   Amount  
2021     3,123  
2022     3,572  
2023     21,041  
2024 and thereafter     23,927  
Total   $ 51,663  

v3.20.2
Loss Per Common Share (Tables)
6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Schedule of Loss Per Common Share
    Six Months Ended June 30,  
    2019     2020  
Net loss available to common stockholders   $ (3,937 )   $ (2,403 )
                 
Weighted average number of common shares, basic and diluted     21,072,472       21,455,291  
                 
Loss per common share, basic and diluted   $ (0.19 )   $ (0.11 )
v3.20.2
Risk Management and Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2020
Risk Management And Fair Value Measurements Abstract  
Schedule of Fair Value of Assets and Liabilities

The Management has determined that the fair values of the assets and liabilities as of June 30, 2020, are as follows:

 

   

Carrying

Value

   

Fair

Value

 
Cash and cash equivalents (including restricted cash)   $ 3,911     $ 3,911  
Trade accounts receivable   $ 463     $ 463  
Trade accounts payable   $ 3,360     $ 3,360  
Long-term debt with variable interest rates, net   $ 27,663     $ 27,663  
Long-term loans and promissory note with non-variable interest rates, net   $ 29,000     $ 29,000  

Schedule of Financial Derivative Instrument Location
Consolidated Balance Sheets – Location   December 31,
2019
    June 30,
2020
 
Financial derivative instrument – Other non-current assets   $ 1     $ 3
Schedule of Gains Losses on Derivative Instruments
Consolidated Statements of Comprehensive Loss – Location     June 30, 2019       June 30, 2020  
Financial derivative instrument – Fair value at the beginning of the period   $ (28 )   $ (1 )
Financial derivative instrument – Fair value as at period end     3       3  
(Loss) / Gain from financial derivative instrument   $ (25 )   $ 2
v3.20.2
Interest and Finance Costs, Net (Tables)
6 Months Ended
Jun. 30, 2020
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:

 

    Six Months Ended June 30,  
    2019     2020  
Interest on long-term debt (Note 7)   $ 2,606     $ 2,139  
Interest on promissory note (Note 3)     168       224  
Amortization and write-off of financing costs     131       153  
Total   $ 2,905     $ 2,516  

v3.20.2
Revenues, Net (Tables)
6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue Disaggregated by Revenue Source

The Company disaggregates its revenue from contracts with customers by the type of charter (time charters and spot charters).

 

The following table presents the Company’s revenue disaggregated by revenue source for the six-month periods ended June 30, 2019 and 2020:

 

    June 30, 2019     June 30, 2020  
Revenues derived from spot charters, net   $ 4,397     $ 4,458  
Revenues derived from time charters, net     8,783       7,666  
Revenues, net   $ 13,180     $ 12,124  

Schedule of Net Trade Accounts Receivable Disaggregated by Revenue Source

The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as at June 30, 2020 and December 31, 2019:

 

   

December 31,

2019

   

June 30,

2020

 
Accounts receivable trade from spot charters   $ 743     $ 345  
Accounts receivable trade from time charters     500       118  
Total   $ 1,243     $ 463  

v3.20.2
Basis of Presentation and General Information (Details Narrative)
6 Months Ended
Jun. 30, 2020
Integer
Entity ownership interest 100.00%
Number of ownership interest in vessel - owning entities 5
Number of ownership interest in non vessel - owning entities 1
Sixthone [Member]  
Entity ownership interest 100.00%
Mr. Valentis [Member]  
Percentage of beneficially owned common stock 80.70%
v3.20.2
Basis of Presentation and General Information - Schedule of Ownership and Operation of Tanker Vessels (Details) - Vessels [Member]
6 Months Ended
Jun. 30, 2020
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 [1]
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
[1] Pyxis Delta, which was owned by Sixthone Corp. ("Sixthone"), was sold to an unaffiliated third party on January 13, 2020
v3.20.2
Significant Accounting Policies (Details Narrative)
$ in Thousands
6 Months Ended
Jun. 30, 2020
USD ($)
Accounting Policies [Abstract]  
Allowance for credit losses $ 9
Expected credit loss rate on total outstanding receivables from voyage charters 0.06%
Expected credit loss rate on total outstanding receivables from demurrages 2.10%
Aggregate difference between market value and carrying value of vessel $ 4,592
v3.20.2
Transactions with Related Parties (Details Narrative) - USD ($)
$ in Thousands
6 Months Ended
May 14, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Due to related parties   $ 1,286   $ 6,849
Interest on promissory note to be paid in cash   112    
Interest on promissory note to be paid in common shares   112    
Promissory note outstanding balance   5,000   5,000
Maritime Investors Promissory Note [Member]        
Promissory note maturity date, description Until the earlier of a) one year after the repayment of the credit facility of Eighthone with EntrustPermal (the "Credit Facility") on September 2023 (see Note 7), b) January 15, 2024 and c) repayment of any PIK interest and principal deficiency amount under the Credit Facility      
Promissory note, interest rate - effective from April 1, 2019 9.00%      
Interest rate paid in cash 4.50%      
Interest rate paid in common shares - effective from April 1, 2019 4.50%      
Interest expense on promissory note   224 $ 168  
Interest on promissory note to be paid in cash   112    
Interest on promissory note to be paid in common shares   112    
Interest on promissory note settled in common shares during the period ended June 30, 2020   56    
Interest on promissory note settled in common shares in July 2020   56    
Promissory note outstanding balance   5,000   5,000
Pyxis Maritime Corporation [Member]        
Due to related parties   $ 1,286   $ 6,849
Ship management fees payable, description   For the ship management services, Maritime charges a fee payable by each subsidiary of $0.325 per day per vessel while the vessel is in operation including any pool arrangements and $0.450 per day per vessel while the vessel is under construction, as well as an additional daily fee (which is dependent on the seniority of the personnel) to cover the cost of engineers employed to conduct the supervision of the newbuilding (collectively the "Ship-management Fees").    
Commission rate on charter hire agreements   1.25%    
Ship-management and administration fees percentage increase   Effective January 1, 2019 and 2020, the Ship-management Fees and the Administration Fees were increased by 0.62% and 0.26%, respectively, in line with the average inflation rate in Greece in 2018 and 2019, respectively. Under the Head Management Agreement, the Company pays Maritime a fixed fee of $1,600 annually (the "Administration Fees").    
Head Management agreement, terms and manner of settlement   In the event of a change of control of the Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime an amount equal to 2.5 times the then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of the then daily Ship-management Fees.    
v3.20.2
Transactions with Related Parties - Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Related Party Transaction [Line Items]    
Ship-management fees $ 332 $ 359
Pyxis Maritime Corporation [Member]    
Related Party Transaction [Line Items]    
Charter hire commissions 154 167
Ship-management fees 332 359
Administration fees 812 807
Related party transaction expenses, total $ 1,298 $ 1,333
v3.20.2
Inventories - Schedule of Inventories (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Inventory [Line Items]    
Inventories $ 502 $ 501
Lubricants [Member]    
Inventory [Line Items]    
Inventories 379 403
Bunkers [Member]    
Inventory [Line Items]    
Inventories $ 123 $ 98
v3.20.2
Vessels, Net (Details Narrative)
6 Months Ended
Jun. 30, 2020
Sale of Vessel Pyxis Delta [Member]  
Net proceeds from sale of vessel The total net proceeds from the sale of the vessel were $13,197, $5,674 out of which was used to prepay the loan facility secured by Pyxis Delta and Pyxis Theta and $7,523 for the repayment of the Company's liabilities to Maritime and obligations to its trade creditors.
v3.20.2
Vessels, Net - Schedule of Vessels (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Property, Plant and Equipment [Line Items]    
Beginning balance $ 87,507  
Depreciation (2,189) $ (2,705)
Ending balance 85,318  
Vessel Cost [Member]    
Property, Plant and Equipment [Line Items]    
Beginning balance 108,524  
Depreciation  
Ending balance 108,524  
Accumulated Depreciation [Member]    
Property, Plant and Equipment [Line Items]    
Beginning balance (21,017)  
Depreciation (2,189)  
Ending balance (23,206)  
Net Book Value [Member]    
Property, Plant and Equipment [Line Items]    
Beginning balance 87,507  
Depreciation (2,189)  
Ending balance $ 85,318  
v3.20.2
Deferred Charges, Net (Details Narrative)
$ in Thousands
6 Months Ended
Jun. 30, 2020
USD ($)
Additions $ 155
Pyxis Epsilon Vessel [Member]  
Additions 138
Vessel Northsea Alpha [Member]  
Additions 9
Vessel Northsea Beta [Member]  
Additions $ 8
v3.20.2
Deferred Charges, Net - Schedule of Deferred Charges (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Deferred Charges Net Abstract    
Deferred charges, beginning balance $ 779  
Amortization of special survey costs (97) $ (117)
Additions 155  
Deferred charges, ending balance $ 837  
v3.20.2
Long-Term Debt (Details Narrative) - USD ($)
$ in Thousands
6 Months Ended
Jul. 08, 2020
Sep. 27, 2018
Jun. 30, 2020
Jun. 30, 2019
Long-term debt, weighted average interest rate     8.06% 8.19%
Working capital deficit     $ 6,680  
Sale of Vessel Pyxis Delta [Member]        
Net proceeds from sale of vessel     The total net proceeds from the sale of the vessel were $13,197, $5,674 out of which was used to prepay the loan facility secured by Pyxis Delta and Pyxis Theta and $7,523 for the repayment of the Company's liabilities to Maritime and obligations to its trade creditors.  
Pyxis Theta Vessel [Member]        
Total long-term debt outstanding     $ 11,293  
Secured Loan - Secondone and Thirdone [Member]        
Total long-term debt outstanding per facility     $ 3,490  
Loan amortization profile     As of June 30, 2020, each of Secondone's and Thirdone's outstanding loan balance, amounting to $3,490, is repayable in 11 remaining quarterly installments of $100 each, the first falling due in August 2020, and the last installment accompanied by a balloon payment of $2,390 falling due in February 2023.  
Long-term debt first periodic payment     2020-08  
Long-term debt balloon payment year     2023-02  
Quarterly installments payable (11 installments per facility)     $ 100  
Long-term debt balloon payment     $ 2,390  
Secured Loan - Fourthone [Member] | Pyxis Malou Vessel [Member]        
Loan amortization profile     As of June 30, 2020, the outstanding balance of Fourthone loan of $9,390 is repayable in 11 remaining quarterly installments amounting to $3,990, the first falling due in August 2020, and the last installment accompanied by a balloon payment of $5,400 falling due in February 2023. The first three installments, amounting to $330 each are followed by four amounting to $360 each and four amounting to $390 each.  
Long-term debt first periodic payment     2020-08  
Long-term debt balloon payment year     2023-02  
Quarterly installments payable (11 installments per facility)     $ 3,990  
Total long-term debt outstanding     9,390  
Long-term debt balloon payment     $ 5,400  
Secured Loan - Secondone, Thirdone and Fourthone [Member]        
Interest rate margin     4.65%  
Secured Loan - Eighthone Corp [Member]        
Total long-term debt outstanding   $ 24,000 $ 24,000  
Extended Long term debt maturity, description   September 2023    
Quarterly installments payable (12 installments)   Equal to the lower of $400 and excess cash computed through a cash sweep mechanism, plus a balloon payment due at maturity    
Secured Loan - Eighthone Corp [Member] | First Two Year [Member]        
Interest rate margin   11% of which 1.0% can be paid as PIK    
Secured Loan - Eighthone Corp [Member] | Thereafter [Member]        
Interest rate margin   11.00%    
Previous Secured Loan - Eighthone Corp [Member]        
Total long-term debt outstanding   $ 16,000    
Secured Loan - Seventhone Corp [Member] | Subsequent Event [Member]        
Long-term debt first periodic payment 2020-10      
Long-term debt balloon payment year 2025-07      
Long-term debt balloon payment $ 9,250      
Total long-term debt outstanding $ 15,250      
Interest rate margin 3.35%      
Quarterly installments payable (20 installments) $ 300      
Previous Secured Loan - Seventhone Corp [Member] | Subsequent Event [Member]        
Total long-term debt outstanding $ 11,293      
Loan Agreement [Member] | Seventhone Corp [Member]        
Actual leverage ratio     67.00%  
Difference between actual ratio and required threshold     2.00%  
v3.20.2
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Debt Instrument [Line Items]    
Total $ 51,663 $ 58,919
Current portion 3,123 9,241
Less: Current portion of deferred financing costs (184) (257)
Current portion of long-term debt, net of deferred financing costs, current 2,939 8,984
Long-term portion 48,540 49,678
Less: Non-current portion of deferred financing costs (365) (445)
Long-term debt, net of current portion and deferred financing costs, non-current 48,175 49,233
Vessel Northsea Alpha [Member] | Secondone [Member]    
Debt Instrument [Line Items]    
Total 3,490 3,690
Vessel Northsea Beta [Member] | Thirdone [Member]    
Debt Instrument [Line Items]    
Total 3,490 3,690
Pyxis Malou Vessel [Member] | Fourthone [Member]    
Debt Instrument [Line Items]    
Total 9,390 10,020
Pyxis Delta Vessel [Member] | Sixthone [Member]    
Debt Instrument [Line Items]    
Total 4,050
Pyxis Theta Vessel [Member] | Seventhone [Member]    
Debt Instrument [Line Items]    
Total 11,293 13,469
Pyxis Epsilon Vessel [Member] | Eighthone [Member]    
Debt Instrument [Line Items]    
Total $ 24,000 $ 24,000
v3.20.2
Long-Term Debt - Schedule of Principal Payments (Details)
$ in Thousands
Jun. 30, 2020
USD ($)
Debt Instruments [Abstract]  
2021 $ 3,123
2022 3,572
2023 21,041
2024 and thereafter 23,927
Total $ 51,663
v3.20.2
Equity Capital Structure and Equity Incentive Plan (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
6 Months Ended 12 Months Ended
Nov. 19, 2018
Mar. 30, 2018
Feb. 02, 2018
Jun. 30, 2020
Dec. 31, 2019
Dec. 31, 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       21,491,475 21,370,280 21,060,190 20,877,893
Preferred stock, shares outstanding          
Common stock, shares issued       21,491,475 21,370,280    
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        
Prospectus Supplement Filed for Shelf Registration Statement Related to ATM Program [Member]              
Maximum offering amount under registration statement   $ 2,300          
Prospectus Supplement Amended for Shelf Registration Statement Related to ATM Program [Member]              
Maximum offering amount under registration statement $ 3,675            
ATM Program [Member]              
Number of common stock offered and sold under the ATM         214,828 182,297  
Gross proceeds under the ATM         $ 354    
Average (gross) price / share offered and sold under the ATM         $ 1.65    
Number of common stock issued to settle the interest charged on the Amended & Restated Promissory Note       121,195 95,262    
v3.20.2
Loss Per Common Share - Schedule of Loss Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Earnings Per Share [Abstract]    
Net loss available to common stockholders $ (2,403) $ (3,937)
Weighted average number of common shares, basic and diluted 21,455,291 21,072,472
Loss per common share, basic and diluted $ (0.11) $ (0.19)
v3.20.2
Risk Management and Fair Value Measurements (Details Narrative) - USD ($)
$ in Thousands
6 Months Ended
Jan. 19, 2018
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Vessel Impairment Charge    
Vessel held-for-sale     $ 13,190
Interest Rate Cap [Member]        
Notional amount $ 10,000      
Interest rate cap percentage 3.50%      
Interest rate cap termination date Jul. 18, 2022      
v3.20.2
Risk Management and Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Trade accounts payable $ 3,360 $ 4,538
Carrying Value [Member]    
Cash and cash equivalents (including restricted cash) 3,911  
Trade accounts receivable 463  
Trade accounts payable 3,360  
Long-term debt with variable interest rates, net 27,663  
Long-term loans and promissory note with non-variable interest rates, net 29,000  
Fair Value [Member]    
Cash and cash equivalents (including restricted cash) 3,911  
Trade accounts receivable 463  
Trade accounts payable 3,360  
Long-term debt with variable interest rates, net 27,663  
Long-term loans and promissory note with non-variable interest rates, net $ 29,000  
v3.20.2
Risk Management and Fair Value Measurements - Schedule of Financial Derivative Instrument Location (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Risk Management And Fair Value Measurements Abstract    
Financial derivative instrument - Other non-current assets $ 3 $ 1
v3.20.2
Risk Management and Fair Value Measurements - Schedule of Gains Losses on Derivative Instruments (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Risk Management And Fair Value Measurements Abstract    
Financial derivative instrument - Fair value at the beginning of the period $ (1) $ (28)
Financial derivative instrument - Fair value as at period end 3 3
(Loss) / Gain from financial derivative instrument $ 2 $ (25)
v3.20.2
Commitments and Contingencies (Details Narrative)
$ in Thousands
Jun. 30, 2020
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2021 $ 2,066
Total $ 2,066
v3.20.2
Interest and Finance Costs, Net (Details Narrative)
$ in Thousands
6 Months Ended
Jun. 30, 2020
USD ($)
Interest And Finance Costs, Net  
Interest on promissory note to be paid in cash $ 112
Interest on promissory note to be paid in common shares $ 112
v3.20.2
Interest and Finance Costs, Net - Schedule of Interest and Finance Costs (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Interest And Finance Costs, Net    
Interest on long-term debt (Note 7) $ 2,139 $ 2,606
Interest on promissory note (Note 3) 224 168
Amortization and write-off of financing costs 153 131
Total $ 2,516 $ 2,905
v3.20.2
Revenues, Net (Details Narrative) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Revenue from Contract with Customer [Abstract]    
Deferred revenue $ 27 $ 1,415
v3.20.2
Revenues, Net - Schedule of Revenue Disaggregated by Revenue Source (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Revenues, net $ 12,124 $ 13,180
Revenues Derived from Spot Charters, Net [Member]    
Revenues, net 4,458 4,397
Revenues Derived from Time Charters, Net [Member]    
Revenues, net $ 7,666 $ 8,783
v3.20.2
Revenues, Net - Schedule of Net Trade Accounts Receivable Disaggregated by Revenue Source (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Trade accounts receivable $ 463 $ 1,243
Accounts Receivable Trade from Spot Charters [Member]    
Trade accounts receivable 345 743
Accounts Receivable Trade from Time Charters [Member]    
Trade accounts receivable $ 118 $ 500
v3.20.2
Subsequent Events (Details Narrative) - USD ($)
$ in Thousands
Jul. 01, 2020
Jul. 08, 2020
Jun. 30, 2020
Dec. 31, 2019
Long-term debt outstanding     $ 51,663 $ 58,919
Subsequent Event [Member]        
Number of common shares issued 68,410      
Subsequent Event [Member] | Secured Loan - Seventhone Corp [Member]        
Long-term debt outstanding   $ 15,250    
Subsequent Event [Member] | Previous Secured Loan - Seventhone Corp [Member]        
Long-term debt outstanding   $ 11,293