XML 81 R47.htm IDEA: XBRL DOCUMENT v3.21.1
Equity Capital Structure and Equity Incentive Plan (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
12 Months Ended
Dec. 21, 2020
Nov. 20, 2020
Oct. 13, 2020
Oct. 08, 2020
Nov. 19, 2018
Mar. 30, 2018
Feb. 02, 2018
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Common stock, shares authorized               450,000,000 450,000,000    
Series A Convertible Preferred Shares authorized               50,000,000 50,000,000    
Common stock, par value               $ 0.001 $ 0.001    
Preferred stock, par value               $ 0.001 $ 0.001    
Offering units     200,000                
Offering price     $ 25.00                
Percentage of preferred shares     7.75%                
Outstanding number of Warrants               1,735,040      
Gross proceeds from the Offering     $ 5,000                
Net proceeds from the Offering     $ 4,300                
Series A Convertible Preferred Shares - automatic conversion upon market trigger               If the trading price of Pyxis Tankers' common stock equals or exceeds $2.38 per share for at least 20 days in any 30 consecutive trading day period ending 5 days prior to notice, the Company can call for mandatory conversion of the Series A Convertible Preferred Shares.      
Change of control terms line item               In the case of a change of control that is pre-approved by the Company's Board of Directors, holders of Series A Convertible Preferred Shares have the option to (i) demand that the Company redeem the Series A Convertible Preferred Shares at (a) $26.63 per Series A Convertible Preferred Share from the date of issuance until October 13, 2021, (b) $25.81 per Series A Convertible Preferred Share from October 13, 2021 until October 13, 2022 and (c) $25.00 after October 13, 2022, or (ii) continue to hold the Series A Convertible Preferred Shares. Upon a change of control, the holders also have the option to convert some or all of the Series A Convertible Preferred Shares, together with any accrued or unpaid dividends, into shares of common stock at the conversion rate. Change of Control means that (i) Mr. Valentios Valentis and his affiliates cease to own at least 20% of the voting securities of the Company, or (ii) a person or group acquires at least 50% voting control of the Company, and in the case of each of either (i) or (ii), neither the Company nor any surviving entity has its common stock listed on a recognized U.S. exchange.      
Common stock, shares outstanding               21,962,881 21,370,280    
Common stock, shares issued               21,962,881 21,370,280    
Overallotment Option [Member]                      
Additional number of Series A Convertible Preferred Shares (optional preferred shares)     up to 30,000                
Purchase price per optional preferred share     $ 23.051                
Additional number of warrants (optional warrants)     240,000                
Purchase price per optional warrant     $ 0.00925                
Partial overallotment of warrants exercised by the underwriter     135,040                
Gross proceeds     $ 1                
Underwriter's Warrants [Member]                      
Warrant aggregate purchase price       100              
Termination date       at any time on or after April 6, 2021 and prior to October 8, 2025              
First type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares       2,000              
First type - Exercise price       $ 24.92              
Second type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares       16,000              
Second type - Exercise price       $ 0.01              
Common Stock [Member]                      
Conversion of Series A convertible preferred shares to common stock, shares               332,106      
Issuance of common stock under the promissory note, shares               260,495 95,262    
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  
Common stock, shares outstanding                   21,060,190 20,877,893
Gross proceeds under the atm                 $ 354    
Series A Convertible Preferred Shares [Member]                      
Series A Convertible Preferred Shares authorized               1,000,000      
Series A Convertible Preferred Shares issued               181,475 0    
Series A Convertible Preferred Shares outstanding               181,475 0    
Initial conversion price per common share               $ 1.40      
Series A Convertible Preferred Share, description               Each Series A Convertible Preferred Share is convertible into common shares at an initial conversion price of $1.40 per common share, or 17.86 common shares, at any time at the option of the holder, subject to certain customary adjustments.      
Conversion of Series A convertible preferred shares to common stock, shares               18,525      
Series A Convertible Preferred Shares and detachable Warrants [Member]                      
Number of detachable Warrants per Series A Convertible Preferred Share     8                
Number of common shares from the exercise of detachable warrants     up to 1,600,000                
Warrant exercise price     $ 1.40                
Warrant exercisable date     at any time prior to October 13, 2025 or, in case of absence of an effective registration statement, to exchange those cashless based on a formula.                
Cash dividend per share $ 0.1615 $ 0.1991                  
Annual cash dividend per share     $ 1.9375                
Preferred dividend percentage 7.75% 7.75% 7.75%