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Basis of Presentation and General Information
 9 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
Basis of Presentation and General Information

1. Basis of Presentation and General Information:

 

PYXIS TANKERS INC. (“Pyxis”) is a corporation incorporated in the Republic of the Marshall Islands on March 23, 2015. As of September 30, 2022, Pyxis owns 100% ownership interest in the following seven vessel-owning companies:

 

●FOURTHONE CORPORATION LTD, established under the laws of the Republic of Malta (“Fourthone”);
●SEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Seventhone”);
●EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eighthone”);
●TENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Tenthone”);
●ELEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Eleventhone” and collectively with Fourthone, Seventhone, Eighthone and Tenthone the “Vessel-owning companies”).

 

Pyxis also currently owns 100% ownership interest in the following non-vessel owning companies:

 

●SECONDONE CORPORATION LTD, established under the laws of the Republic of Malta (“Secondone”) that owned the vessel “Northsea Alpha” that was sold to an unaffiliated third party on January 28, 2022;
●THIRDONE CORPORATION LTD, established under the laws of the Republic of Malta (“Thirdone”) that owned the vessel “Northsea Beta” that was sold to an unaffiliated third party on March 1, 2022;
●SIXTHONE CORP., established under the laws of the Republic of the Marshal Islands (“Sixthone”) that owned the vessel “Pyxis Delta” that was sold to an unaffiliated third party on January 13, 2020 and,
●MARITIME TECHNOLOGIES CORP, established under the laws of Delaware.

 

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

 

Vessel-owning
Company

 

Incorporation
date

   Vessel  Dead Weight
tons “DWT”		  

Year
built

  

Acquisition
date

 
Fourthone   05/30/2007   Pyxis Malou   50,667    2009    02/16/2009 
Seventhone   05/31/2011   Pyxis Theta   51,795    2013    09/16/2013 
Eighthone   02/08/2013   Pyxis Epsilon   50,295    2015    01/14/2015 
Tenthone   04/22/2021   Pyxis Karteria   46,652    2013    07/15/2021 
Eleventhone   11/09/2021   Pyxis Lamda   50,145    2017    12/20/2021 

 

Effective May 13, 2022, the Company effected a four-for-one reverse stock split on its issued and outstanding common stock. All share and per share amounts disclosed in the accompanying financial statements give effect to this reverse stock split retroactively, for all periods presented.

 

The accompanying Unaudited Interim Condensed 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 Condensed Consolidated Financial Statements. Interim results are not necessarily indicative of results that may be expected for the year ending December 31, 2022. These Unaudited Interim Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and footnotes for the year ended December 31, 2021, included in the Company’s Annual Report on Form 20-F filed with the SEC on April 1, 2022 (the “2021 Annual Report”).

 

Revenues for the nine month periods ended September 30, 2021 and 2022, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows:

 

Charterer  Nine months ended September 30, 
   2021   2022 
A   0%   38%
B   12%   31%
C   39%   0%
D   13%   0%
E   0%   0%
Total   64%   69%

 

 

PYXIS TANKERS INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in thousands of U.S. Dollars, except for share and per share data)

 

1.Basis of Presentation and General Information: -Continued:

 

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying Consolidated Balance Sheets that are presented in the accompanying interim condensed consolidated statement of cash flows for the nine month periods ended September 30, 2021 and 2022.

 

   September 30,   September 30, 
   2021   2022 
Cash and cash equivalents  $7,742   $4,250 
Restricted cash, current portion   347    350 
Restricted cash, net of current portion   2,700    2,250 
Total cash and cash equivalents and restricted cash  $10,789   $6,850 

 

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 September 30, 2022, the Company had a working capital surplus of $1,955, defined as current assets minus current liabilities. As of the filing date of the Unaudited Interim Condensed 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.

 

As of September 30, 2022, Mr. Valentis beneficially owned approximately 54.0% of the Company’s common stock.