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Basis of Presentation and General Information | 6 Months Ended
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Jun. 30, 2023
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 June 30, 2023, Pyxis owns 100% ownership interest in the following four vessel-owning companies:
● | 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 Seventhone, Eighthone and Tenthone the “Vessel-owning companies”).
We also currently own 100% ownership interest in the following non-vessel owning companies:
● | SECONDONE CORPORATION LTD, established under the laws of the Republic of the Marshal Islands (“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 the Marshal Islands (“Thirdone”) that owned the vessel “Northsea Beta” that was sold to an unaffiliated third party on March 1, 2022;
● | FOURTHONE CORPORATION LTD, established under the laws of the Republic of Malta (“Fourthone”) that owned the vessel “Pyxis Malou” that was sold to an unaffiliated third party on March 23, 2023;
● | SIXTHONE CORP., established under the laws of the Republic of the Marshal Islands (“Sixthone”) that owned the vessel “Pyxis Delta” that was sold to an unaffiliated third party on January 13, 2020 and,
● | MARITIME TECHNOLOGIES CORP, established under the laws of Delaware.
All of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below: Schedule of Ownership and Operation of Tanker Vessels
Vessel-owning Company |  | Incorporation date |  | Vessel |  | Dead Weight tons “DWT” |  | Year built |  | Acquisition date
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, 2023. 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, 2022, included in the Company’s Annual Report on Form 20-F filed with the SEC on April 12, 2023 (the “2022 Annual Report”). Revenues for the six month periods ended June 30, 2022 and 2023, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows: Summary of Revenue from Significant Charterers for 10% or More of Revenue
Charterer |  | Six months ended June 30,
|  | 2022 |  | 2023
A |  |  | — |  |  |  | 50 | %
B |  |  | 23 | % |  |  | 31 | %
C |  |  | 36 | % |  |  | 13 | %
Total |  |  | 59 | % |  |  | 94 | %
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 six month periods ended June 30, 2022 and 2023. 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: Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash
|  | June 30,
|  | 2022 |  | 2023
Cash and cash equivalents |  | $ | 3,636 |  |  | $ | 32,048 |
Restricted cash, current portion |  |  | 355 |  |  |  | 400 |
Restricted cash, net of current portion |  |  | 2,250 |  |  |  | 2,000 |
Total cash and cash equivalents and restricted cash |  | $ | 6,241 |  |  | $ | 34,448 |
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, 2023, the Company had a working capital surplus of $27.5, 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 June 30, 2023, Mr. Valentis beneficially owned approximately 53% of the Company’s common stock.

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- Definition The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//235/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//275/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205/tableOfContent + Details
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