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<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><b>1. Basis
of Presentation and General Information</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">PYXIS TANKERS INC. (“Pyxis”) is
a corporation incorporated in the Republic of the Marshall Islands on March 23, 2015. As of December 31, 2019 Pyxis owns 100% ownership
interest in the following six vessel-owning companies:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">SECONDONE CORPORATION LTD, established under the laws of the Republic of Malta (“Secondone”);</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">THIRDONE CORPORATION LTD, established under the laws of the Republic of Malta (“Thirdone”);</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">FOURTHONE CORPORATION LTD, established under the laws of the Republic of Malta (“Fourthone”);</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">SIXTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Sixthone”);</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">SEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (“Seventhone”); and</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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”).</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Vessel-owning</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>company</b></p></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Incorporation</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>date</b></p></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Vessel</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>DWT</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>built</b></p></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Acquisition</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>date</b></p></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 20%"><font style="font: 10pt Times New Roman, Times, Serif">Secondone</font></td>
<td style="width: 1%"> </td>
<td style="width: 15%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">05/23/2007</font></td>
<td style="width: 1%"> </td>
<td style="width: 15%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><i>Northsea Alpha</i></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,615</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 15%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2010</font></td>
<td style="width: 1%"> </td>
<td style="width: 15%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">05/28/2010</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Thirdone</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">05/23/2007</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><i>Northsea Beta</i></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,647</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2010</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">05/25/2010</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Fourthone</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">05/30/2007</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><i>Pyxis Malou</i></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">50,667</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2009</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">02/16/2009</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Sixthone</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">01/15/2010</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><i>Pyxis Delta</i></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,616</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2006</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">03/04/2010</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Seventhone</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">05/31/2011</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><i>Pyxis Theta</i></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">51,795</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2013</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">09/16/2013</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Eighthone</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">02/08/2013</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><i>Pyxis Epsilon</i></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">50,295</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2015</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">01/14/2015</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying consolidated financial statements
have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)
and include the accounts of Pyxis and its wholly-owned subsidiaries (collectively the “Company”), as of December 31,
2018 and 2019 and for the years ended December 31, 2017, 2018 and 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All of the Company’s vessels are double-hulled
and are engaged in the transportation of refined petroleum products and other liquid bulk items, such as organic chemicals and
vegetable oils. The vessels <i>Northsea Alpha</i> and <i>Northsea Beta</i> are smaller tanker sister ships and <i>Pyxis Malou</i>,
<i>Pyxis Delta</i>, <i>Pyxis Theta</i> and <i>Pyxis Epsilon</i>, are medium-range tankers.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to the consummation of the transactions
discussed below, Mr. Valentios (“Eddie”) Valentis was the sole ultimate stockholder of Pyxis and the Vessel-owning
companies, holding all of their issued and outstanding share capital through MARITIME INVESTORS CORP. (“Maritime Investors”).
Maritime Investors owned directly 100% of Pyxis, Secondone and Thirdone, and owned indirectly (through the intermediate holding
company PYXIS HOLDINGS INC. (“Holdings”)) 100% of Fourthone, Sixthone, Seventhone and Eighthone.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 25, 2015, Pyxis caused MARITIME TECHNOLOGIES
CORP., a Delaware corporation (“Merger Sub”), to be formed as its wholly-owned subsidiary and to be a party to the
agreement and plan of merger discussed below.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 23, 2015, Pyxis and Merger Sub entered
into an agreement and plan of merger (the “Agreement and Plan of Merger”) (further amended on September 22, 2015) with
among others, LOOKSMART LTD. (“LS”), a digital advertising solutions company listed on NASDAQ. Merger Sub served as
the entity into which LS was merged in accordance with the Agreement and Plan of Merger (the “Merger”). Upon execution
of the Agreement and Plan of Merger, Pyxis paid LS a cash consideration of $600.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to the Merger, on October 26, 2015, Holdings
and Maritime Investors transferred all of their shares in the Vessel-owning companies to Pyxis as a contribution in kind, at no
consideration. Since there was no change in ultimate ownership or control of the business of the Vessel-owning companies, the transaction
constituted a reorganization of companies under common control and was accounted for in a manner similar to a pooling of interests.
Accordingly, upon the transfer of the assets and liabilities of the Vessel-owning companies, the financial statements of the Company
were presented using combined historical carrying amounts of the assets and liabilities of the Vessel-owning companies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 28, 2015, in accordance with the
terms of the Agreement and Plan of Merger, LS, after having divested of its business and all of its assets and liabilities, merged
with and into the Merger Sub, with Merger Sub surviving the Merger and continuing to be a wholly-owned subsidiary of Pyxis.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 28, 2015, the Merger was consummated
and the Company’s shares commenced their listing on the NASDAQ Capital Markets thereafter.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pyxis was both the legal and accounting acquirer
of LS. The acquisition by Pyxis of LS was not an acquisition of an operating company as the business, assets and liabilities of
LS were spun-off prior to the Merger. As such, for accounting purposes, the Merger between Merger Sub and LS was accounted for
as a capital transaction rather than as a business combination.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">PYXIS MARITIME CORP. (“Maritime”),
a corporation established under the laws of the Republic of the Marshall Islands, which is beneficially owned by Mr. Valentis,
provides certain ship management services to the Vessel-owning companies (Note 3).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019, Mr. Valentis beneficially
owned approximately 80.2% of the Company’s common stock.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>2. Significant Accounting Policies:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(a) Principles of Consolidation:</i></b>
The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP. The consolidated financial
statements include the accounts of Pyxis and its wholly-owned subsidiaries (the Vessel-owning companies and Merger Sub). All intercompany
balances and transactions have been eliminated upon consolidation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pyxis, as the holding company, determines whether
it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable
interest entity. Under Accounting Standards Codification (“ASC”) 810 “Consolidation” a voting interest
entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently
and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make
financial and operating decisions. Pyxis consolidates voting interest entities in which it owns all, or at least a majority (generally,
greater than 50%), of the voting interest. Variable interest entities (“VIE”) are entities as defined under ASC 810-10,
that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient
financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company
absorbs a majority of an entity’s expected losses, receives a majority of an entity’s expected residual returns, or
both. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE.
Pyxis evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary,
and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of December
31, 2019, no such interest existed.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(b) Use of Estimates:</i></b> The preparation
of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these
estimates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(c) Comprehensive Income / (Loss): </i></b>The
Company follows the provisions of ASC 220 “Comprehensive Income”, which requires separate presentation of certain transactions
which are recorded directly as components of equity. The Company had no transactions which affect comprehensive loss during the
years ended December 31, 2017, 2018 and 2019 and, accordingly, comprehensive loss was equal to net loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(d) Foreign Currency Translation: </i></b>The
functional currency of the Company is the U.S. dollar as the Company’s vessels operate in international shipping markets
and, therefore, primarily transact business in U.S. dollars. The Company’s accounting records are maintained in U.S. dollars.
Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the
time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies,
are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Resulting gains or losses are included
in Vessel operating expenses in the accompanying consolidated statements of comprehensive loss. All amounts in the financial statements
are presented in thousand U.S. dollars rounded to the nearest thousand.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(e) Commitments and Contingencies: </i></b>Provisions
are recognized when: the Company has a present legal or constructive obligation as a result of past events; it is probable that
an outflow of resources embodying economic benefits will be required to settle the obligation; and a reliable estimate of the amount
of the obligation can be made. Provisions are reviewed at each balance sheet date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(f) Insurance Claims Receivable:</i></b>
The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical
expenses. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company’s fixed assets
suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies and
the claim is not subject to litigation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(g) Concentration of Credit Risk:</i></b>
Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally
of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly
of deposits, with qualified financial institutions with high creditworthiness. The Company performs periodic evaluations of the
relative creditworthiness of those financial institutions that are considered in the Company’s investment strategy. The Company
limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition
and generally does not require collateral for its accounts receivable.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(h) Cash and Cash Equivalents and Restricted
Cash:</i></b> The Company considers highly liquid investments such as time deposits and certificates of deposit with an original
maturity of three months or less to be cash equivalents. Restricted cash is associated with pledged retention accounts in connection
with the loan repayments and minimum liquidity requirements under the loan agreements discussed in Note 7 and is presented separately
in the accompanying consolidated balance sheets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(i) Income Taxation:</i></b> Under the
laws of the Republic of the Marshall Islands, the country of incorporation of certain of the Company’s vessel-owning companies,
and/or the vessels’ registration, the vessel-owning companies are not liable for any income tax on their income derived from
shipping operations. Instead, a tax is levied depending on the countries where the vessels trade based on their tonnage, which
is included in Vessel operating expenses in the accompanying consolidated statements of comprehensive loss. The vessel-owning companies
with vessels that have called on the United States during the relevant year of operation are obliged to file tax returns with the
Internal Revenue Service. The applicable tax is 50% of 4% of U.S. related gross transportation income unless an exemption applies.
The Company believes that based on current legislation the relevant vessel-owning companies are entitled to an exemption because
they satisfy the relevant requirements, namely that (i) the related vessel-owning companies are incorporated in a jurisdiction
granting an equivalent exemption to U.S. corporations and (ii) over 50% of the ultimate stockholders of the vessel-owning companies
are residents of a country granting an equivalent exemption to U.S. persons.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the laws of the Republic of Malta, the
country of incorporation of certain of the Company’s vessel-owning companies, and/or the vessels’ registration, these
vessel-owning companies are not liable for any income tax on their income derived from shipping operations. The Republic of Malta
is a country that has an income tax treaty with the United States. Accordingly, income earned by vessel-owning companies organized
under the laws of the Republic of Malta may qualify for a treaty-based exemption. Specifically, Article 8 (Shipping and Air Transport)
of the treaty sets out the relevant rule to the effect that profits of an enterprise of a Contracting State from the operation
of ships in international traffic shall be taxable only in that State.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(j) Inventories:</i></b> Inventories
consist of lubricants and bunkers (where applicable) on board the vessels, which are stated at the lower of cost and net realizable
value. Cost is determined by the first-in, first-out (“FIFO”) method.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(k) Trade Accounts Receivable, Net:</i></b>
Under spot charters, the Company normally issues its invoices to charterers at the completion of the voyage. Invoices are due upon
issuance of the invoice. Since the Company satisfies its performance obligation over the time of the spot charter, the Company
recognizes its unconditional right to consideration in trade accounts receivable, net of a provision for doubtful accounts, if
any. Trade accounts receivable from spot charters as of December 31, 2018 and 2019, amounted to $2,581 and $743, respectively.
The allowance for doubtful accounts at December 31, 2018 and 2019, was nil and $26, respectively. Under time charter contracts,
the Company normally issues invoices on a monthly basis 30 days in advance of providing its services. Trade accounts receivable
from time charters as of December 31, 2018 and 2019, amounted to $4 and $500, respectively. Hire collected in advance includes
cash received in advance of performance under the contract prior to the balance sheet date and is realized when the associated
revenue is recognized under the contract in periods after such date. The hire collected in advance as of December 31, 2018 and
2019 was $422 and $1,415 respectively and concerns hire received in advance from time charters.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(l) Vessels, Net:</i></b> Vessels are
stated at cost, which consists of the contract price and any material expenses incurred in connection with the acquisition (initial
repairs, improvements, delivery expenses and other expenditures to prepare the vessel for her initial voyage, as well as professional
fees directly associated with the vessel acquisition). Subsequent expenditures for major improvements are also capitalized when
they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise,
these amounts are expensed as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The cost of each of the Company’s vessels
is depreciated from the date of acquisition on a straight-line basis over the vessels’ remaining estimated economic useful
life, after considering the estimated residual value. A vessel’s residual value is equal to the product of its lightweight
tonnage and estimated scrap rate of $0.300 per ton. The Company estimates the useful life of the Company’s vessels to be
25 years from the date of initial delivery from the shipyard. In the event that future regulations place limitations over the ability
of a vessel to trade on a worldwide basis, its remaining useful life will be adjusted at the date such regulations are adopted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(m) Impairment of Long Lived Assets:</i></b>
The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying
amount of these assets may not be recoverable.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In developing estimates of future undiscounted
cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions
relating to time charter equivalent rates by vessel type, vessels’ operating expenses, management fees, vessels’ capital
expenditures, vessels’ residual value, fleet utilization and the estimated remaining useful life of each vessel. The assumptions
used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent impairment indicators are present,
the projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed
days and an estimated daily time charter rate for the unfixed days (based on the most recent seven year historical average rates
over the remaining estimated useful life of the vessels), expected outflows for vessels’ operating expenses, planned dry-docking
and special survey expenditures, management fees expenditures which are adjusted every year, pursuant to the Company’s existing
group management agreement, and fleet utilization of 75.0% to 98.6% (depending on the type of the vessel) or 70% to 93.0%, including
scheduled off-hire days for planned dry-dockings and vessel surveys, based on historical experience. The residual value used in
the impairment test is estimated to be approximately $0.3 per lightweight ton in accordance with the vessels’ depreciation
policy.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017, the Company obtained
market valuations for all its vessels from reputable marine appraisers. Based on these valuations, the Company identified impairment
indications for certain of its vessels. More specifically, the market values of these vessels were, in aggregate, $8,299 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 December 31, 2017 and, accordingly,
no adjustment to the vessels’ carrying values was required.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2018, the Company obtained
market valuations for all its vessels from reputable marine appraisers. Based on these valuations, the Company identified impairment
indications for all of its vessels, except for the <i>Pyxis Epsilon</i>. More specifically, the market values of these vessels
were, in aggregate, $9,987 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 December 31, 2018, except for the <i>Northsea Alpha</i> and the <i>Northsea Beta,</i> for which a total Vessel impairment
charge of $2,282 was recorded as of December 31, 2018, against Vessels, net (Notes 5, 6 and 10).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019, 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, $3,354 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 December 31, 2019, and, accordingly, no
adjustment to the vessels’ carrying values was required.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(n) Long-lived Assets Classified as Held
for Sale:</i></b> The Company classifies long lived assets and disposal groups as being held-for-sale in accordance with ASC 360,
“Property, Plant and Equipment”, when: (i) management, having the authority to approve the action, commits to a plan
to sell the asset; (ii) the asset is available for immediate sale in its present condition subject only to terms that are usual
and customary for sales of such assets; (iii) an active program to locate a buyer and other actions required to complete the plan
to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify
for recognition as a completed sale, within one year; (v) the asset is being actively marketed for sale at a price that is reasonable
in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant
changes to the plan will be made or that the plan will be withdrawn. Long lived assets classified as held-for-sale are measured
at the lower of their carrying amount or fair value less costs to sell. According to ASC 360-10-35, the fair value less costs to
sell of the long-lived asset (disposal group) should be assessed at each reporting period it remains classified as held-for-sale.
Subsequent changes in the long-lived asset’s fair value less costs to sell (increase or decrease) would be reported as an
adjustment to its carrying amount, not exceeding the carrying amount of the long-lived asset at the time it was initially classified
as held-for-sale. These long-lived assets are not depreciated once they meet the criteria to be classified as held-for-sale and
are classified in current assets on the consolidated balance sheet (Notes 5, 6).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(o) Financial Derivative Instruments:
</i></b>The Company enters into interest rate derivatives to manage its exposure to fluctuations of interest rate risk associated
with its borrowings. All derivatives are recognized in the consolidated financial statements at their fair value. The fair value
of the interest rate derivatives is based on a discounted cash flow analysis. When such derivatives do not qualify for hedge accounting,
the Company recognizes their fair value changes in current period earnings. When the derivatives qualify for hedge accounting,
the Company recognizes the effective portion of the gain or loss on the hedging instrument directly in other comprehensive income
/ (loss), while the ineffective portion, if any, is recognized immediately in current period earnings. The Company, at the inception
of the transaction, documents the relationship between the hedged item and the hedging instrument, as well as its risk management
objective and the strategy of undertaking various hedging transactions. The Company also assesses at hedge inception whether the
hedging instruments are highly effective in offsetting changes in the cash flows of the hedged items.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company discontinues cash flow hedge accounting
if the hedging instrument expires and it no longer meets the criteria for hedge accounting or its designation is revoked by the
Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted
transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized
in the consolidated statement of comprehensive loss. If a hedged transaction is no longer expected to occur, the net cumulative
gain or loss recognized in equity is transferred to the current period’s consolidated statement of comprehensive loss as
financial income or expense.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(p) Accounting for Special Survey and
Dry-docking Costs:</i></b> The Company follows the deferral method of accounting for special survey and dry-docking costs, whereby
actual costs incurred at the yard and parts used in the dry-docking or special survey, are deferred and are amortized on a straight-line
basis over the period through the date the next survey is scheduled to become due. Costs deferred are limited to actual costs incurred
at the shipyard and costs incurred in the dry-docking or special survey. If a dry-dock or a survey is performed prior to the scheduled
date, any remaining unamortized balances of the previous dry-dock and survey are immediately written-off. Unamortized dry-dock
and survey balances of vessels that are sold are written-off and included in the calculation of the resulting gain or loss in the
period of the vessel’s sale.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Furthermore, unamortized dry-docking and special
survey balances of vessels that are classified as Assets held-for-sale and are not recoverable as of the date of such classification
are immediately written-off in the consolidated statement of comprehensive loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(q) Financing Costs:</i></b> Costs associated
with new loans or refinancing of existing loans, including fees paid to lenders or required to be paid to third parties on the
lender’s behalf for obtaining new loans or refinancing existing loans, are recorded as a direct deduction from the carrying
amount of the debt liability. Such costs are deferred and amortized to Interest and finance costs in the consolidated statements
of comprehensive loss during the life of the related debt using the effective interest method. Unamortized costs relating to loans
repaid or refinanced, meeting the criteria of debt extinguishment, are expensed in the period the repayment or refinancing is made.
Commitment fees relating to undrawn loan principal are expensed as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(r) Fair Value Measurements:</i></b>
The Company follows the provisions of Accounting Standard Update (“ASU”) 2015-07 “Fair Value Measurements and
Disclosures”, Topic 820, which defines and provides guidance as to the measurement of fair value. This standard creates a
hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest
priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data, for example, the
reporting entity’s own data. Under the standard, fair value measurements are separately disclosed by level within the fair
value hierarchy (Note 10).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(s) Segment Reporting:</i></b> The Company
reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its
customers, i.e., spot or time charters. The Company does not use discrete financial information to evaluate the operating results
for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify
expenses, profitability or other financial information for these charters. Furthermore, when the Company charters a vessel to a
charterer, the charterer is free to trade the vessel worldwide (subject to certain agreed exclusions) and, as a result, the disclosure
of geographic information is impracticable. As a result, management, reviews operating results solely by revenue per day and operating
results of the fleet and thus the Company has determined that it operates under one reportable segment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(t) Earnings / (loss) per Share:</i></b>
Basic earnings / (loss) per share are computed by dividing net income / (loss) attributable to common equity holders by the weighted
average number of shares of common stock outstanding.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The computation of diluted earnings / (loss)
per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised
and is performed using the treasury stock method. The Company had no dilutive securities outstanding during the three-year period
ended December 31, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(u) Stock Compensation:</i></b> The Company
has a stock based incentive plan that covers directors and officers of the Company and its affiliates and its consultants and service
providers. Awards granted are valued at fair value and compensation cost is recognized on a straight-line basis, net of estimated
forfeitures, over the requisite service period of each award. The fair value of restricted stock awarded at the grant date is equal
to the closing stock price on that date and is amortized over the applicable vesting period using the straight-line method.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(v) Going Concern: </i></b>The Company
performs cash flow projections on a regular basis to evaluate whether it will be in a position to cover its liquidity needs for
the next 12-month period and in compliance with the financial and security collateral cover ratio covenants under its existing
debt agreements. In developing estimates of future cash flows, the Company makes assumptions about the vessels’ future performance,
with significant assumptions relating to time charter equivalent rates by vessel type, vessels’ operating expenses, vessels’
capital expenditures, fleet utilization, the Company’s management fees and general and administrative expenses, and cash
flow requirements for debt servicing. The assumptions used to develop estimates of future cash flows are based on historical trends
as well as future expectations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019, the Company had a
working capital deficit of $5,301, defined as current assets minus current liabilities. The Company considered such deficit in
conjunction with the future market prospects and potential future financings. As of the filing date of these 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. The Company believes that will be in compliance with the financial and security collateral cover ratio
covenants under its existing debt agreements for the next 12-month period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(w) Revenues, net:</i></b> The Company
generates its revenues from charterers. The vessels are chartered using either spot charters, where a contract is made in the spot
market for the use of a vessel for a specific voyage for a specified charter rate, or time charters, where a contract is entered
into for the use of a vessel for a specific period of time and a specified daily charter hire rate.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents the Company’s
revenue disaggregated by revenue source, net of commissions, for the years ended December 31, 2017, 2018 and 2019:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2017</b></p></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2018</b></p></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2019</b></p></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 55%"><font style="font: 10pt Times New Roman, Times, Serif">Revenues derived from spot charters, net</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,668</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,990</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,067</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Revenues derived from time charters, net</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,911</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,467</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">19,686</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Revenues, net</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>29,579</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>28,457</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>27,753</b></font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Revenue from customers (ASC 606):</i></b>
As of January 1, 2018, the Company adopted Accounting Standard Update (“ASU”) 2014-09 “<i>Revenue from Contracts
with Customers (Topic 606)</i>”. The core principle is that a company should recognize revenue when promised goods or services
are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods
or services. The Company analyzed its contracts with charterers at the adoption date and has determined that its spot charters
fall under the provisions of ASC 606, while its time charter agreements are lease agreements that fall under the provisions of
ASC 842 and that contain certain non-lease components. The Company elected to adopt ASC 606 by applying the modified retrospective
transition method, recognizing the cumulative effect of adopting this guidance as an adjustment to the 2018 opening balance of
accumulated deficit. As of December 31, 2017, there were no vessels employed under spot charters and as a result, the Company has
not included any adjustments to the 2018 opening balance of accumulated deficit and prior periods were not retrospectively adjusted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company assessed its contracts with charterers
for spot charters and concluded that there is one single performance obligation for its spot charter, which is to provide the charterer
with a transportation service within a specified time period. In addition, the Company has concluded that a spot charter meets
the criteria to recognize revenue over time as the charterer simultaneously receives and consumes the benefits of the Company’s
performance. The adoption of this standard resulted in a change whereby the Company’s method of revenue recognition changed
from discharge-to-discharge (assuming a new charter has been agreed before the completion of the previous spot charter) to load-to-discharge.
This resulted in no revenue being recognized from discharge of the prior spot charter to loading of the current spot charter and
all revenue being recognized from loading of the current spot charter to discharge of the current spot charter. This change results
in revenue being recognized later in the voyage, which may cause additional volatility in revenues and earnings between periods.
Demurrage income represents payments by a charterer to a vessel owner when loading or discharging time exceeds the stipulated time
in the spot charter. The Company has determined that demurrage represents a variable consideration and estimates demurrage at contract
inception. Demurrage income estimated, net of address commission, is recognized over the time of the charter as the performance
obligation is satisfied.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under a spot charter, the Company incurs and
pays for certain voyage expenses, primarily consisting of brokerage commissions, port and canal costs and bunker consumption, during
the spot charter (load-to-discharge) and during the ballast voyage (date of previous discharge to loading, assuming a new charter
has been agreed before the completion of the previous spot charter). Before the adoption of ASC 606, all voyage expenses were expensed
as incurred, except for brokerage commissions. Brokerage commissions are deferred and amortized over the related voyage period
in a charter to the extent revenue has been deferred since commissions are earned as the Company’s revenues are earned. Under
ASC 606 and after the implementation of ASC 340-40 <i>“Other assets and deferred costs”</i> for contract costs, incremental
costs of obtaining a contract with a customer and contract fulfillment costs, should be capitalized and amortized as the performance
obligation is satisfied, if certain criteria are met. The Company assessed the new guidance and concluded that voyage costs during
the ballast voyage represented costs to fulfil a contract which give rise to an asset and should be capitalized and amortized over
the spot charter, consistent with the recognition of voyage revenues from spot charter from load-to-discharge, while voyage costs
incurred during the spot charter should be expensed as incurred. With respect to incremental costs, the Company has selected to
adopt the practical expedient in the guidance and any costs to obtain a contract will be expensed as incurred, for the Company’s
spot charters that do not exceed one year. Vessel operating expenses are expensed as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, pursuant to this standard and
the new Leases standard (discussed below), as of January 1, 2018, the Company elected to present Revenues net of address commissions.
Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter.
Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit
is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue
in the accompanying consolidated statements of comprehensive loss. In this respect, for the year ended December 31, 2017, Revenues,
net and Voyage related costs and commissions each decreased by $247. This reclassification has no impact on the Company’s
consolidated financial position and results of operations for any of the periods presented.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues for the years ended December 31, 2017,
2018 and 2019, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total
revenues), were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Charterer</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 34%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 19%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 19%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 19%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">C</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">D</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">71</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">E</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: center"> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>49</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>%</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>38</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>%</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>71</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>%</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Leases: </i></b>The Company elected to
early adopt the new lease standard <i>“Leases” ASC 842</i> as of September 30, 2018 with adoption reflected as of January
1, 2018. The Company adopted the standard by using the modified retrospective method and selected the additional optional transition
method. Also, the Company elected to apply a package of practical expedients under ASC 842, which allowed the Company, not to reassess
(i) whether any existing contracts, on the date of adoption, contained a lease, (ii) lease classification of existing leases classified
as operating leases in accordance with ASC 840 and (iii) initial direct costs for any existing leases. In this respect no <font style="background-color: white">cumulative-effect
adjustment was recognized </font>to the 2018 opening balance of accumulated deficit<font style="background-color: white">. </font>The
Company assessed its new time charter contracts at the adoption date under the new guidance and concluded that these contracts
contain a lease with the related executory costs (insurance), as well as non-lease components to provide other services related
to the operation of the vessel, with the most substantial service being the crew cost to operate the vessel. The Company concluded
that the criteria for not separating the lease and non-lease components of its time charter contracts are met, since (i) the time
pattern of recognizing revenues for crew and other services for the operation of the vessels, is similar to the time pattern of
recognizing rental income, (ii) <font style="background-color: white">the lease component of the time charter contracts, if accounted
for separately, would be classified as an operating lease, and </font>(iii) the predominant component in its time charter agreements
is the lease component. Brokerage and address commissions on time charter revenues are deferred and amortized over the related
voyage period, to the extent revenue has been deferred, since commissions are earned as revenues earned, and are presented in voyage
expenses and as a reduction to voyage revenues (see above), respectively. Vessel operating expenses are expensed as incurred. By
taking the practical expedients, existing time charters at January 1, 2018 continued to be accounted for under ASC 840 while new
time charters commencing in 2018 and onwards are accounted for under ASC 842. The adoption of ASC 842 had no effect on the Company’s
consolidated financial position and results of operations for the year ended December 31, 2018.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(x) Restricted Cash: </i></b>As of January
1, 2018, the Company adopted the ASU 2016-18 “<i>Statement of Cash Flows (Topic 230): Restricted Cash</i>”, which requires
that the statement of cash flows explain the change in the total of cash and cash equivalents and restricted cash. ASU 2016-18
was adopted retrospectively for the years ended December 31, 2017, 2018 and 2019, and restricted cash of $5,000, $3,659 and $3,735,
respectively, has been aggregated with cash and cash equivalents in both the beginning-of-period and end-of-period line items of
the consolidated statements of cash flows for each of the periods presented. The implementation of this update has no impact on
the Company’s consolidated balance sheet and consolidated statement of comprehensive loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 consolidated statement of cash flows for the years ended December 31, 2017, 2018 and 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2017</b></p></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2018</b></p></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2019</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 55%"><font style="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,693</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">545</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,441</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Restricted cash, current portion</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">141</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">255</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">535</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Restricted cash, net of current portion</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,859</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,404</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,200</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Total cash and cash equivalents and restricted cash</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>6,693</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,204</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>5,176</b></font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(y) Business combinations:</i></b> As
of January 1, 2018, the Company adopted the ASU No. 2017-01, “Business Combinations” (Topic 805) which clarifies the
definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be
accounted for as acquisition (or disposals) of assets or businesses. Under current implementation guidance, the existence of an
integrated set of acquired activities (inputs and processes that generate outputs) constitutes an acquisition of business. This
ASU provides a screen to determine when a set of assets and activities does not constitute a business. The implementation of this
update had no effect on the Company’s consolidated financial position and results of operations for the year ended December
31, 2018.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(z) New Accounting Pronouncements –
Adopted</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In July 2017, the FASB issued ASU No. 2017-11,
Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): Part
I. Accounting for Certain Financial Instruments with Down Round Features; Part II. Replacement of the Indefinite Deferral for Mandatorily
Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Non-Controlling Interests with
a Scope Exception, (ASU No. 2017-11). Part I of this Update addresses the complexity of accounting for certain financial instruments
with down round features. Down round features are features of certain equity-linked instruments (or embedded features) that result
in the strike price being reduced on the basis of the pricing of future equity offerings. Current accounting guidance creates cost
and complexity for entities that issue financial instruments (such as warrants and convertible instruments) with down round features
that require fair value measurement of the entire instrument or conversion option. Part II of this Update addresses the difficulty
of navigating Topic 480, Distinguishing Liabilities from Equity, because of the existence of extensive pending content in the FASB
Accounting Standards Codification. This pending content is the result of the indefinite deferral of accounting requirements about
mandatorily redeemable financial instruments of certain nonpublic entities and certain mandatorily redeemable non-controlling interests.
The amendments in Part II of this Update do not have an accounting effect. This ASU is effective for fiscal years, and interim
periods within those years, beginning after December 15, 2018. The implementation of this update had no effect on the Company’s
consolidated financial position and results of operations for the year ended December 31, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2017, the FASB issued ASU No. 2017-12,
Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (ASU No. 2017-12), which amends
and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management
activities in the financial statements. This ASU is effective for fiscal years, and interim periods within those years, beginning
after December 15, 2018. Furthermore, in October 2018, the FASB issued ASU 2018-16, “Derivatives and Hedging (Topic 815)—Inclusion
of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting
Purposes”, which permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes
under Topic 815 in addition to the UST, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate and the SIFMA Municipal
Swap Rate. The amendments in this Update apply to all entities that elect to apply hedge accounting to benchmark interest rate
hedges under Topic 815. For entities that have not already adopted Update 2017-12, the amendments in this Update are required to
be adopted concurrently with the amendments in Update 2017-12. Early adoption is permitted in any interim period upon issuance
of this Update if an entity already has adopted Update 2017-12. The amendments should be adopted on a prospective basis for qualifying
new or redesignated hedging relationships entered into on or after the date of adoption. The implementation of this update had
no effect on the Company’s consolidated financial position and results of operations for the year ended December 31, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In June 2018, the FASB issued ASU No. 2018-07,
Improvements to Non-Employee Share-Based Payment Accounting (Topic 718): ASU No. 2018-07 simplifies the accounting for share-based
payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. For
public business entities, the amendments in ASU No. 2018-07 are effective for annual periods beginning after December 15, 2018,
and interim periods within those annual periods. The implementation of this update had no effect on the Company’s consolidated
financial position and results of operations for the year ended December 31, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(aa) New Accounting Pronouncements –
Not Yet Adopted:</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. For public
entities, the amendments of this Update are effective for fiscal years beginning after December 15, 2019, including interim periods
within those fiscal years. Early application is permitted. Furthermore, in November 2018, the FASB issued ASU 2018-19, “Codification
Improvements to Topic 326, Financial Instruments—Credit Losses”. The amendments clarify that receivables arising from
operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases
should be accounted for in accordance with Topic 842, Leases. In addition, in April 2019, the FASB issued ASU 2019-04, “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 clarify the modification of accounting for available
for sale debt securities excluding applicable accrued interest, which must be individually assessed for credit losses when fair
value is less than the amortized cost basis. 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 fair value option election does not apply to held-to-maturity debt securities.
An entity that elects the fair value option should subsequently apply the guidance in Subtopics 820-10, Fair Value Measurement—Overall,
and 825-10. The effective date and transition requirements for the amendments in these Updates are the same as the effective dates
and transition requirements in Update 2016-13, as amended by these Updates. The Company has assessed all the expected credit losses
of its financial assets and the adoption of this ASU does not have a material impact on the Company’s consolidated financial
statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2018, the FASB issued 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. ASU 2018-13 is effective for annual periods, including
interim periods within those annual periods, beginning after December 15, 2019. 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. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any
removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective
date. The Company has assessed the impact of this new accounting guidance and the adoption of this ASU does not have a material
impact on its consolidated financial statements and related disclosures.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In October 2018, the FASB issued ASU 2018-17,
“Consolidation (Topic 810)—Targeted Improvements to Related Party Guidance for Variable Interest Entities”.
The FASB is issuing this Update in response to stakeholders’ observations that Topic 810, Consolidation, could be improved
in the following areas: (i) applying the variable interest entity (VIE) guidance to private companies under common control and
(ii) considering indirect interests held through related parties under common control for determining whether fees paid to decision
makers and service providers are variable interests. The amendments in this Update improve the accounting for those areas, thereby
improving general purpose financial reporting. ASU 2018-17 is effective for annual periods, including interim periods within those
annual periods, beginning after December 15, 2019. All entities are required to apply the amendments in this update retrospectively
with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is
permitted. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated
financial statements and related disclosures.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>3. Transactions with Related Parties:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company uses the services of Maritime,
a ship management company with its principal office in Greece and an office in the U.S.A. Maritime is engaged under separate management
agreements directly by the Company’s respective subsidiaries 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The management agreements for the vessels have
an initial term of five years. For the Northsea Alpha, Northsea Beta and Pyxis Delta the base term expired on December 31, 2015,
for Pyxis Theta it expired on December 31, 2017 and for the Pyxis Epsilon and the Pyxis Malou it expired on December 31, 2018.
Following their initial expiration dates, the management agreements are automatically renewed for consecutive five year periods,
or until terminated by either party on three months’ notice.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Head Management Agreement (the “Head
Management Agreement”) with Maritime commenced on March 23, 2015 and continued through March 23, 2020. Following the initial
expiration date, the Head Management Agreement is automatically renewed for a five-year period (unless terminated by either party
on 90 days’ notice). Maritime provides administrative services to the Company, which include, among other, the provision
of the services of the Company’s Chief Executive Officer, Chief Financial Officer, General Counsel and Corporate Secretary,
Chief Operating Officer, one or more internal auditor(s) and a secretary, as well as the use of office space in Maritime’s
premises. 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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, 2018, 2019 and 2020, the Ship-management Fees and the Administration Fees were increased by 1.12%, 0.62% and 0.26%,
respectively in line with the average inflation rate in Greece in 2017, 2018 and 2019, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 consolidated
statements of comprehensive loss:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year Ended December 31,</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Included in Voyage related costs and commissions</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 55%"><font style="font: 10pt Times New Roman, Times, Serif">Charter hire commissions</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">368</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">354</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">351</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Included in Management fees, related parties</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Ship-management Fees</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">712</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">720</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">724</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Included in General and administrative expenses</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Administration Fees</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,600</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,618</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,628</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,680</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,692</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,703</b></font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 28, 2015 the Company issued a promissory
note in favor of Maritime Investors in the amount of $2.5 million, with an interest rate payable of 2.75% and maturity of January
15, 2017. Certain amendments were made increasing the principal balance to $5.0 million, extending the maturity date to March 31,
2020 and the interest rate to 4.5%. 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 Entrust Global (the “Credit Facility”) on September
2023 (see Note 7), b) January 15, 2024 and c) repayment of any Paid-In-Kind (“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 was 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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) and followed the guidance in ASC 835-30 to accrue
the liability to the redemption amount using the interest method.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest charged on the Amended & Restated
Promissory Note for the years ended December 31, 2017, 2018 and 2019, amounted to $70 and $213 and $395, respectively, and is included
in Interest and finance costs, net (Note 12) in the accompanying consolidated statements of comprehensive loss. Out of the total
interest charged on the Amended & Restated Promissory Note during the year ended December 31, 2019, $225 is payable in cash
and the remaining amount of $170 is settled in common shares. Of the amount settled in common shares, $113 was settled in common
shares during 2019 and the remaining amount of $57 were settled in January 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amount of $5,000 is separately reflected
in the accompanying consolidated balance sheets under non-current liabilities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2018 and 2019, the balances
due to Maritime were $3,402 and $6,849, respectively, and are reflected in Due to related parties in the accompanying consolidated
balance sheets. The balance with Maritime is interest free and with no specific repayment terms.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>4. Inventories:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts in the accompanying consolidated
balance sheets are analyzed as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2019</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Lubricants</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">428</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">403</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Bunkers</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">379</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">98</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>807</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>501</b></font></td>
<td> </td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>5. Vessels, net:</b></p>
<p style="font: 10pt/50% Times New Roman, Times, Serif; margin: 0 0 0 24.4pt; text-align: justify; text-indent: -24.4pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts in the accompanying consolidated
balance sheets are analyzed as follows:</p>
<p style="font: 10pt/50% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Vessel</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Accumulated</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Net Book</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Cost</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Depreciation</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Value</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 60%"><font style="font-size: 10pt"><b>Balance January 1, 2017</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>138,060</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 11%; text-align: right"><font style="font-size: 10pt"><b>(16,719)</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 11%; text-align: right"><font style="font-size: 10pt"><b>121,341</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Depreciation</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">—</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5,567)</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5,567)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td><font style="font-size: 10pt"><b>Balance December 31, 2017</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>138,060</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(22,286)</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>115,774</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Depreciation</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(5,500)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(5,500)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Vessel impairment charge</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(3,750)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,468</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(2,282)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Balance December 31, 2018</b></font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>134,310</b></font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(26,318)</b></font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>107,992</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Depreciation</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(5,320)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(5,320)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Additions</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">625</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">625</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Reclassification of vessel as held-for-sale</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(26,412)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">10,622</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(15,790)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Balance December 31, 2019</b></font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>108,523</b></font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>(21,016)</b></font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>87,507</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">As of December 31, 2018, the Company
reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels. This review indicated
that such carrying amount was not fully recoverable for the Company’s vessels <i>Northsea Alpha</i> and <i>Northsea Beta</i>.
Consequently, the carrying value of these vessels was written down resulting in a total impairment charge of $2,282 that was charged
against Vessels, net, based on level 2 inputs of the fair value hierarchy, as discussed in Notes 2 and 10. No impairment charge
was deemed necessary for the year ended December 31, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">All of the Company’s vessels have
been pledged as collateral to secure the bank loans discussed in Note 7.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">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. As at December 31, 2019, the amount of $13,190 was
separately reflected in Vessel held-for-sale on the consolidated balance sheet, representing the estimated fair market value of
the vessel based on the vessel’s sale price, net of costs to sell. The difference between the estimated fair value less costs
to sell the vessel and the vessel's carrying value (including the unamortized balance of its associated dry-docking cost), amounting
to $2,756, was written-off and included in the consolidated statement of comprehensive loss for the year ended December 31, 2019
and classified as Loss on vessel held-for-sale. The total net proceeds from the sale of the vessel were approximately $13.2
million, $5.7 million out of which was used for the prepayment of Pyxis Delta and Pyxis Theta loan facility and $7.5 million for
the repayment of the Company's liabilities to its related party (Maritime) and for the repayment of obligations to its trade creditors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">As of December 31, 2019, additions of
$625 relate to the ballast water treatment system installation of Pyxis Malou, out of which $569 has been paid and $56 is accrued
and remains unpaid.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>6. Deferred charges, net:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt">The movement
in the deferred charges, net in the accompanying consolidated balance sheets are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Dry docking costs</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 82%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance, January 1, 2017</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="width: 15%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>358</b></font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Amortization</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(73</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance, December 31, 2017</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>285</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Additions</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">588</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Amortization</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(133</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance, December 31, 2018</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>740</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Additions</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">435</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Amortization</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(240</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Transfer to vessel held-for-sale</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(156</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance, December 31, 2019</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>779</b></font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amortization of the dry-docking costs
is separately reflected in the accompanying consolidated statements of comprehensive loss.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>7. Long-term Debt:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts shown in the accompanying consolidated
balance sheets at December 31, 2018 and 2019, are analyzed as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Vessel (Borrower)</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2019</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 62%"><font style="font: 10pt Times New Roman, Times, Serif"><i>(a) Northsea Alpha (Secondone)</i></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,055</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,690</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>(a) Northsea Beta (Thirdone)</i></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,055</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,690</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>(b) Pyxis Malou (Fourthone)</i></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,190</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,020</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>(c) Pyxis Delta (Sixthone)</i></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,400</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,050</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>(c) Pyxis Theta (Seventhone)</i></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">14,722</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,469</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>(d) Pyxis Epsilon (Eighthone)</i></font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">24,000</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">24,000</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>63,422</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>58,919</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Current portion</b></font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,503</b></font></td>
<td> </td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>9,241</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Less: Current portion of deferred financing costs</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(170</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(257</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Current portion of long-term debt, net of deferred financing costs, current</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,333</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>8,984</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Long-term portion</b></font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>58,919</b></font></td>
<td> </td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>49,678</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Less: Non-current portion of deferred financing costs</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(790</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(445</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Long-term debt, net of current portion and deferred financing costs, non-current</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>58,129</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>49,233</b></font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(a)</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On September 26, 2007, Secondone and Thirdone jointly entered into a loan agreement with a financial institution for an amount of up to $24,560, in order to partly finance the acquisition cost of the vessels <i>Northsea Alpha </i>and <i>Northsea Beta</i>.</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(b)</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Based on a loan agreement concluded on December 12, 2008, Fourthone borrowed $41,600 in February 2009 in order to partly finance the acquisition cost of the <i>Pyxis Malou</i>.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 28, 2018, the Company refinanced
the then existing indebtedness of $26,906 under the Secondone, Thirdone and Fourthone loan agreements with a new 5-year secured
loan of $20,500 and cash of $2,100. The remaining balance of $4,306 was written-off by the previous lender at closing, which was
recorded as gain from debt extinguishment in the 2018 consolidated statement of comprehensive loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each of Secondone’s and Thirdone’s
outstanding loan balance at December 31, 2019, amounting to $3,690, is repayable in 13 remaining quarterly installments of $100
each amounting to $1,300 in the aggregate, the first falling due in February 2020, and the last installment accompanied by a balloon
payment of $2,390 falling due in February 2023.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019, the outstanding balance
of the Fourthone loan of $10,020 is repayable in 13 quarterly installments amounting to $4,620, the first falling due in February
2020, and the last installment accompanied by a balloon payment of $5,400 falling due in February 2023. The first installment,
amounting to $300, is followed by four amounting to $330 each, four amounting to $360 each and four amounting to $390.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The loan bears interest at LIBOR plus a margin
of 4.65% per annum.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a condition subsequent to the execution
of this loan agreement, the borrowers, Secondone, Thirdone and Fourthone, were required to re-domicile to the jurisdiction of the
Republic of Malta. In March and April 2018, these vessel-owning companies completed their re-domiciliation and were renamed to
SECONDONE CORPORATION LTD., THIRDONE CORPORATION LTD. and FOURTHONE CORPORATION LTD., respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Standard loan covenants include, among others,
a minimum liquidity and a minimum required Security Cover Ratio (“MSC”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Covenants:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company undertakes to maintain minimum deposits with the bank of $1,450 at all times, plus Maintenance Account of $60 per quarter ($30 for each of Secondone and Thirdone) until next special survey.</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">MSC is to be at least 140% of the respective outstanding loan balance until February 2020, at least 150% until February 2022 and at least 155% thereafter.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt; text-align: justify; text-indent: -0.25in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(c)</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On October 12, 2012, Sixthone and Seventhone concluded as joint and several borrowers a loan agreement with a financial institution in order to partly finance the acquisition and construction cost of the <i>Pyxis Delta</i> and the <i>Pyxis Theta</i>, respectively. In February 2013, Sixthone drew down an amount of $13,500, while in September 2013, Seventhone drew down an amount of $21,300 (“Tranche A” and “Tranche B”, respectively). On September 29, 2016, the Company agreed with the lender of Sixthone to extend the maturity of Tranche A from May 2017 to September 2018, under the same amortization schedule and applicable margin. In addition, on June 6, 2017, the lender of Sixthone and Seventhone agreed to further extend the maturity of its respective loans from September 2018 to September 2022 under the same applicable margin, but with an extended amortization schedule.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. As at December 31, 2019,
upon classification of Pyxis Delta as vessel held-for-sale, the total outstanding balance of Tranche A of $4,050 was classified
in the consolidated balance sheet under the line item “Current portion of long-term debt, net of deferred financing costs”.
According to the loan agreement, the early prepayment of the outstanding balance of Tranche A obliges the Company to make a prepayment
of $1,624 for Tranche B so that the required security cover ratio of the facility remains the same as the ratio applied immediately
prior to the sale. As of December 31, 2019, the amount of $1,624 of Tranche B, that is due to be prepaid upon the early prepayment
of Tranche A, has also been classified in the consolidated balance sheet under the line item “Current portion of long-term
debt, net of deferred financing costs”.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After the prepayment of $1,624 of Tranche B
for Pyxis Theta, the outstanding balance will be $11,845 which will be repayable in 11 remaining quarterly installments of $275
each, amounting to $3,025 in the aggregate, the first falling due in March 2020, and the last installment accompanied by a balloon
payment of $8,820 falling due in September 2022.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The main terms and conditions of the loan agreement
dated October 12, 2012, as subsequently amended, are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The loan bears interest at LIBOR, plus a margin of 3.35% per annum.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt; text-align: justify; text-indent: -0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Covenants:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company undertakes to maintain minimum deposits with the bank of $1,000 at all times.</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The ratio of the Company’s total liabilities to market value adjusted total assets is not to exceed 65%. This requirement is only applicable in order to assess whether the two Vessel-owning companies are entitled to distribute dividends to Pyxis. As of December 31, 2018 and 2019, the requirement was not met as such ratio was 68%, or 3% higher than the required threshold.</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">MSC is to be at least 130% of the respective outstanding loan balance.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt; text-align: justify; text-indent: -0.25in"><b> </b></p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(d)</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Based on a loan agreement concluded on January 12, 2015, Eighthone borrowed $21,000 on the same date in order to partly finance the construction cost of the <i>Pyxis Epsilon</i>. The outstanding balance of the loan at December 31, 2017, was $16,900.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 new facility matures in September 2023 and is secured by a first priority mortgage over
the vessel, general assignment covering earnings, insurances and requisition compensation, an account pledge agreement and a share
pledge agreement concerning the respective vessel-owning subsidiary and technical and commercial managers’ undertakings.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The new loan facility bears an interest rate
of 11% of which 1.0% can be paid as PIK interest per annum for the first two years, and 11.0% per annum thereafter and incurs fees
due upfront and upon early prepayment or final repayment of outstanding principal.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The principal obligation amortizes in 14 quarterly
installments starting in March 29, 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 December 31, 2019, 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The facility also imposes certain customary
covenants and restrictions with respect to, among other things, the borrower’s ability to distribute dividends, incur additional
indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding
loan principal.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Covenants:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company undertakes to maintain minimum deposits with the bank of $750 at all times, plus an additional Dry Docking and Special Survey Reserve of $0.25 per day accumulated quarterly.</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">●</font></td>
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">MSC is to be at least 115% of the respective outstanding loan balance until September, 2020 and at least 125% thereafter.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt; text-align: justify; text-indent: -0.25in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. If
payable, the amount due is calculated as the lesser of (a) 15% of the amount of the loan borrowed under the facility agreement
and (b) 15% of the difference between (i) the charter-free fair market value of the vessel plus any dry dock reserve account balance
and (ii) any outstanding loan amount at the time of the repayment or maturity of the facility. In the event that the deferred fee
and the prepayment fee become simultaneously payable, only the higher of the prepayment fee or the deferred fee will be payable.
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 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 December 31, 2019 and cannot be reliably
estimated.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 and in dividend
distributions when certain financial ratios are not met.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019, the Company was in
compliance with all of its financial and MSC covenants with respect to its loan agreements, other than the ratio of total liabilities
over the market value of the Company’s adjusted total assets with one of its lenders, which only restricts the ability of
two vessel-owning companies to distribute dividends to Pyxis as discussed above in 7(c). In addition, as of December 31, 2019,
there was no amount available to be drawn down by the Company under its existing loan agreements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The annual principal payments required to be
made after December 31, 2019, are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>To December 31,</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 82%"><font style="font: 10pt Times New Roman, Times, Serif">2020 <b>*</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 15%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,241</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">2021</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,312</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">2022</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,971</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">2023</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">34,395</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">2024 and thereafter</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>58,919</b></font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>* </b>$5,674 relate to prepayments for Pyxis
Delta and Pyxis Theta loan facility (as discussed earlier in this Note). The scheduled principal payments in 2020 are $3,192</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Total interest expense on long-term debt for
the years ended December 31, 2017, 2018 and 2019, amounted to $2,674, $3,835 and $5,122 respectively, and is included in Interest
and finance costs, net (Note 12) in the accompanying consolidated statements of comprehensive loss. The Company’s weighted
average interest rate (including the margin) for the years ended December 31, 2017, 2018 and 2019, was 3.74%, 6.00% and 8.2% per
annum, including the promissory note discussed in Note 3, respectively.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>8. Equity Capital Structure and Equity Incentive
Plan:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts shown in the accompanying consolidated
balance sheets as Additional paid-in capital represent contributions made by the stockholders at various dates to finance vessel
acquisitions in excess of the amounts of bank loans obtained and advances for working capital purposes, net of subsequent distributions
primarily from re-imbursement of certain payments to shipyards in respect to the construction of new-built vessels. There was no
paid-in capital re-imbursement for the years ended December 31, 2018 and 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 28, 2015, the Company’s board
of directors approved an equity incentive plan (the “EIP”), providing for the granting of share-based awards to directors,
officers and employees of the Company and its affiliates and to its consultants and service providers. The maximum aggregate number
of shares of common stock of the Company that may be delivered pursuant to awards granted under the EIP, shall be equal to 15%
of the then issued and outstanding number of shares of common stock. On the same date the Company’s board of directors approved
the issuance of 33,222 restricted shares of the Company’s common stock to certain of its officers that were issued later
in 2016. On November 15, 2017, 200,000 restricted shares of the Company’s common stock were granted and issued to a senior
officer of the Company, which were vested immediately upon issuance. The fair value of such restricted shares based on the average
of the high-low trading price of the shares on November 15, 2017, was $355, which was recorded as a non-cash stock compensation
and included in the consolidated statement of comprehensive loss under General and administrative expenses for the year ended December
31, 2017. During the year ended December 31, 2018 and 2019, no additional shares were granted under the EIP and as of December
31, 2018 and 2019, there was no unrecognized compensation cost.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 6, 2017, the Company entered into
a securities purchase agreement (the “Purchase Agreement”) with certain accredited investors (the “Investors”),
pursuant to which the Company, in a private placement, agreed to issue and sell to the Investors an aggregate of 2,400,000 shares
of its common stock at a price per share of $2.00 (the “Private Placement”). As a condition of the Purchase Agreement,
the Company, Maritime Investors and each of the Company’s directors and executive officers entered into lock-up agreements
pursuant to which they could not, among other things, offer or sell shares of the Company’s common stock until the earlier
of i) 30 days after effective date (as defined therein) and ii) the disposition by the Investors of all of the shares of common
stock they received in the Private Placement. In connection with the Private Placement, the Company also entered into a registration
rights agreement with the Investors, pursuant to which the Company was obligated to prepare and file with the Securities and Exchange
Commission (“SEC”) a registration statement to register for resale the registrable securities (as defined therein)
on or prior to December 21, 2017. The Private Placement closed on December 8, 2017, resulting in gross proceeds of $4,800, before
deducting offering expenses of approximately $509, which were used for general corporate purposes, including the repayment of outstanding
indebtedness. On December 19, 2017, the Company filed with the SEC a registration statement on Form F-3 to register for resale
the shares of common stock issued under the Purchase Agreement, which was declared effective on January 3, 2018.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 2, 2018, the Company filed with
the SEC a registration statement on Form F-3, 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. No
shares were sold under this initial ATM Program, but on November 19, 2018, the prospectus supplement was amended to increase the
offering to $3,675.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>11. Commitments and Contingencies:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Minimum contractual charter revenues:</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company employs certain of its vessels
under lease agreements. Time charters typically may provide for variable lease payments, charterers’ options to extend the
lease terms at higher rates and termination clauses. The Company’s contracted time charters as of December 31, 2019, range
from one to three months, with varying extension periods at the charterers’ option and do not provide for variable lease
payments. Our time charters contain customary termination clauses which protect either the Company or the charterers from material
adverse situations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Future minimum contractual charter revenues,
gross of 1.25% address commission and 1.25% brokerage commissions to Maritime and of any other brokerage commissions to third parties,
based on the vessels’ committed, non-cancelable, long-term time charter contracts as of December 31, 2019, are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year ending December 31,</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 82%"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td>
<td style="width: 1%"> </td>
<td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1.5pt solid; width: 15%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,894</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>3,894</b></font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Other</i></b>: 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
consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 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.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>12. Interest and Finance Costs, net:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts in the accompanying consolidated
statements of comprehensive loss are analyzed as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>For the years ended December 31,</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 55%"><font style="font: 10pt Times New Roman, Times, Serif">Interest on long-term debt (Note 7)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,674</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,835</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,122</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Interest on promissory note (Note 3)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">70</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">213</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">395</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Long-term debt prepayment fees</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">56</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Amortization and write-off of financing costs</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">153</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">386</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">258</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,897</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,490</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>5,775</b></font></td>
<td> </td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>13. Subsequent Events:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Sale of vessel:</i></b> On December 11,
2019, the Company entered into an agreement to sell Pyxis Delta (Note 5), at a gross sales price of $13,500. The vessel was delivered
to its buyers on January 13, 2020. The total net proceeds from the sale of the vessel were approximately $13.2 million, $5.7 million
out of which was used for the prepayment of Pyxis Delta and Pyxis Theta loan facility and $7.5 million for the repayment of the
Company's liabilities to its related party (Maritime) and for the repayment of obligations to its trade creditors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Loan prepayment:</i></b> Following the
sale of Pyxis Delta, the Company prepaid the aggregate amount of $5,674 of outstanding debt in accordance with the terms of the
loan agreement as discussed in more detail in Note 7.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Issuance of shares:</i></b> On January
2, 2020, following the second amendment to the Amended & Restated Promissory Note dated May 14, 2019, the Company issued 50,188
of common shares at the volume weighted average closing share price for the 10-day period immediately prior to the quarter end,
as discussed in Note 8.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>COVID-19 outbreak:</i></b> The Company’s
financial and operating performance may be adversely affected by the recent COVID-19 outbreak. Any prolonged restrictive measures
in order to control the spread of COVID-19 or other adverse public health development in Asia or the Company’s targeted
markets may have a material and adverse effect on the Company’s business operations, and demand for its vessels and financial
condition.</p>
5122000
2674000
3835000
354000
4800000
315000
4800000
315000
354000
240000
73000
133000
450000000
450000000
450000000
450000000
0.001
0.001
0.001
0.001
50000000
50000000
50000000
50000000
21060190
21370280
21060190
21370280
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Vessel-owning</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>company</b></p></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Incorporation</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>date</b></p></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Vessel</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>DWT</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>built</b></p></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Acquisition</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>date</b></p></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 20%"><font style="font: 10pt Times New Roman, Times, Serif">Secondone</font></td>
<td style="width: 1%"> </td>
<td style="width: 15%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">05/23/2007</font></td>
<td style="width: 1%"> </td>
<td style="width: 15%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><i>Northsea Alpha</i></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,615</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 15%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2010</font></td>
<td style="width: 1%"> </td>
<td style="width: 15%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">05/28/2010</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Thirdone</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">05/23/2007</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><i>Northsea Beta</i></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,647</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2010</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">05/25/2010</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Fourthone</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">05/30/2007</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><i>Pyxis Malou</i></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">50,667</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2009</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">02/16/2009</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Sixthone</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">01/15/2010</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><i>Pyxis Delta</i></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,616</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2006</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">03/04/2010</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Seventhone</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">05/31/2011</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><i>Pyxis Theta</i></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">51,795</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2013</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">09/16/2013</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Eighthone</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">02/08/2013</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><i>Pyxis Epsilon</i></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">50,295</font></td>
<td> </td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2015</font></td>
<td> </td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">01/14/2015</font></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 consolidated
statements of comprehensive loss:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year Ended December 31,</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Included in Voyage related costs and commissions</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 55%"><font style="font: 10pt Times New Roman, Times, Serif">Charter hire commissions</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">368</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">354</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">351</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Included in Management fees, related parties</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Ship-management Fees</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">712</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">720</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">724</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Included in General and administrative expenses</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Administration Fees</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,600</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,618</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,628</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,680</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,692</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,703</b></font></td>
<td> </td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts in the accompanying consolidated
balance sheets are analyzed as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2019</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Lubricants</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">428</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">403</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Bunkers</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">379</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">98</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>807</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>501</b></font></td>
<td> </td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts in the accompanying consolidated
balance sheets are analyzed as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Vessel</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Accumulated</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Net Book</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Depreciation</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Value</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 55%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance January 1, 2017</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>138,060</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(16,719</b></font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"><b>)</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>121,341</b></font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Depreciation</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5,567</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5,567</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance December 31, 2017</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>138,060</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(22,286</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>)</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>115,774</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Depreciation</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5,500</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5,500</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Vessel impairment charge</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,750</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,468</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,282</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance December 31, 2018</b></font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>134,310</b></font></td>
<td> </td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(26,318</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>)</b></font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>107,992</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Depreciation</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5,320</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5,320</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Additions</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">625</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">625</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Reclassification of vessel as held-for-sale</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(26,412</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,622</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(15,790</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance December 31, 2019</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>108,523</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(21,016</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>)</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>87,507</b></font></td>
<td> </td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt">The movement
in the deferred charges, net in the accompanying consolidated balance sheets are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Dry docking costs</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 82%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance, January 1, 2017</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="width: 15%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>358</b></font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Amortization</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(73</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance, December 31, 2017</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>285</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Additions</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">588</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Amortization</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(133</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance, December 31, 2018</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>740</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Additions</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">435</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Amortization</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(240</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Transfer to vessel held-for-sale</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(156</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance, December 31, 2019</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>779</b></font></td>
<td> </td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts shown in the accompanying consolidated
balance sheets at December 31, 2018 and 2019, are analyzed as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Vessel (Borrower)</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2019</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 62%"><font style="font: 10pt Times New Roman, Times, Serif"><i>(a) Northsea Alpha (Secondone)</i></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,055</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,690</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>(a) Northsea Beta (Thirdone)</i></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,055</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,690</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>(b) Pyxis Malou (Fourthone)</i></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,190</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,020</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>(c) Pyxis Delta (Sixthone)</i></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,400</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,050</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>(c) Pyxis Theta (Seventhone)</i></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">14,722</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,469</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><i>(d) Pyxis Epsilon (Eighthone)</i></font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">24,000</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">24,000</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>63,422</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>58,919</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Current portion</b></font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,503</b></font></td>
<td> </td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>9,241</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Less: Current portion of deferred financing costs</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(170</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(257</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Current portion of long-term debt, net of deferred financing costs, current</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,333</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>8,984</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Long-term portion</b></font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>58,919</b></font></td>
<td> </td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>49,678</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Less: Non-current portion of deferred financing costs</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(790</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(445</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Long-term debt, net of current portion and deferred financing costs, non-current</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>58,129</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>49,233</b></font></td>
<td> </td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The annual principal payments required to be
made after December 31, 2019, are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>To December 31,</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 82%"><font style="font: 10pt Times New Roman, Times, Serif">2020 <b>*</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 15%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,241</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">2021</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,312</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">2022</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,971</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">2023</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">34,395</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">2024 and thereafter</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>58,919</b></font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>* </b>$5,674 relate to prepayments for
Pyxis Delta and Pyxis Theta loan facility (as discussed earlier in this Note). The scheduled principal payments in 2020 are $3,192</p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>For the years ended December 31,</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 58%"><font style="font: 10pt Times New Roman, Times, Serif">Net loss available to common stockholders</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5,243</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(8,214</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(8,330</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Weighted average number of common shares, basic and diluted</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,461,455</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20,894,202</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21,161,164</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Loss per common share, basic and diluted</b></font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(0.28</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>)</b></font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(0.39</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>)</b></font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(0.39</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>)</b></font></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts in the accompanying consolidated
statements of comprehensive loss are analyzed as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>For the years ended December 31,</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 55%"><font style="font: 10pt Times New Roman, Times, Serif">Interest on long-term debt (Note 7)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,674</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,835</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,122</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Interest on promissory note (Note 3)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">70</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">213</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">395</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Long-term debt prepayment fees</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">56</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Amortization and write-off of financing costs</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">153</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">386</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">258</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,897</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,490</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>5,775</b></font></td>
<td> </td></tr>
</table>
<p style="margin: 0pt"></p>
545000
1441000
1693000
28000
1000
-27000
-19000
4306000
4306000
972000
910000
-2489000
2564000
-2678000
-16000
4204000
5176000
6693000
-3750000
1468000
-2282000
2282000
2282000
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>10. Risk Management and Fair Value Measurements:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 bank loans, trade accounts payable, amounts due to related parties and a promissory note.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Interest rate risk</i>: </b>The Company’s
interest rates are calculated at LIBOR plus a margin, as discussed in Note 7 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-ownings subsidiaries,
entered into an interest rate cap agreement 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Credit risk</i>: </b>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 date there were no significant concentrations on credit risk. The maximum exposure to credit risk
is represented by the carrying amount of each financial asset on the balance sheet.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Currency risk</i>: </b>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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Fair value: </i></b>The Management has
determined that the fair values of the assets and liabilities as of December 31, 2019 are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Carrying</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Value</b></p></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Fair</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Value</b></p></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,176</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,176</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Trade accounts receivable, net</font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,243</font></td>
<td> </td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,243</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Trade accounts payable</font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,538</font></td>
<td> </td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,538</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Long-term debt with variable interest rates, net</font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">34,919</font></td>
<td> </td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">34,919</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Long-term loans and promissory note with non-variable interest rates, net</font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29,000</font></td>
<td> </td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29,000</font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Assets measured at fair value on a recurring
basis: Interest rate cap</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 or loss during the period in the consolidated statements of comprehensive loss. Information on the
classification, the derivative fair value and the loss from financial derivative instrument included in the consolidated financial
statements is shown below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated Balance Sheets – Location</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2019</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 62%"><font style="font: 10pt Times New Roman, Times, Serif">Financial derivative instrument – Other non-current assets</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">          28</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">         1</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated Statements of Comprehensive Loss - Location</b></font></td>
<td style="text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2019</b></font></td>
<td style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 62%"><font style="font: 10pt Times New Roman, Times, Serif">Financial derivative instrument – Fair value at the beginning of the period</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">         (47</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">         (28</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Financial derivative instrument – Fair value as at period end</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">28</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Loss from financial derivative instrument</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(19</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>)</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(27</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Assets measured at fair value on a recurring
basis: Interest rate cap</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Assets measured at fair value on a non-recurring
basis: Long lived assets held and used and Held for sale</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2018, the Company reviewed
the carrying amount in connection with the estimated recoverable amount for each of its vessels. This review indicated that such
carrying amount was not fully recoverable for the Company’s vessels <i>Northsea Alpha</i> and <i>Northsea Beta</i>. Consequently,
the carrying value of these vessels was written-down to their respective fair values as presented in the table below.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Vessel</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Significant Other<br />
Observable Inputs <br />
(Level 2)</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Vessel Impairment<br />
Charge (charged against<br />
Vessels, net)</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 62%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Northsea Alpha</i></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,125</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,142</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Northsea Beta</i></font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,125</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,140</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>TOTAL</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12,250</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,282</b></font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company performs an impairment exercise
whenever there are indicators of impairment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognized the total Vessel impairment
charge of $2,282 which is included in the accompanying consolidated statements of comprehensive loss for the year ended December
31, 2018.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No impairment loss was recognized for the years
ended December 31, 2017 and 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2018 and 2019, the Company
did not have any other assets or liabilities measured at fair value on a non- recurring basis.</p>
0.001
0.001
0.001
0.001
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents the Company’s
revenue disaggregated by revenue source, net of commissions, for the years ended December 31, 2017, 2018 and 2019:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2017</b></p></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2018</b></p></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2019</b></p></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 55%"><font style="font: 10pt Times New Roman, Times, Serif">Revenues derived from spot charters, net</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,668</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,990</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,067</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Revenues derived from time charters, net</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,911</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,467</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">19,686</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Revenues, net</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>29,579</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>28,457</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>27,753</b></font></td>
<td> </td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2018, the Company reviewed
the carrying amount in connection with the estimated recoverable amount for each of its vessels. This review indicated that such
carrying amount was not fully recoverable for the Company’s vessels <i>Northsea Alpha</i> and <i>Northsea Beta</i>. Consequently,
the carrying value of these vessels was written-down to their respective fair values as presented in the table below.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Vessel</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Significant Other<br />
Observable Inputs <br />
(Level 2)</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Vessel Impairment<br />
Charge (charged against<br />
Vessels, net)</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 62%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Northsea Alpha</i></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,125</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,142</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Northsea Beta</i></font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,125</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,140</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>TOTAL</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12,250</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,282</b></font></td>
<td> </td></tr>
</table>
<p style="margin: 0pt"></p>
23000
414000
407000
414000
407000
23000
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 consolidated statement of cash flows for the years ended December 31, 2017, 2018 and 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2017</b></p></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2018</b></p></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2019</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 55%"><font style="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,693</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">545</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,441</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Restricted cash, current portion</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">141</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">255</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">535</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Restricted cash, net of current portion</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,859</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,404</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,200</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Total cash and cash equivalents and restricted cash</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>6,693</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,204</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>5,176</b></font></td>
<td> </td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Information on the classification, the derivative
fair value and the loss from financial derivative instrument included in the consolidated financial statements is shown below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated Balance Sheets – Location</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2019</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 62%"><font style="font: 10pt Times New Roman, Times, Serif">Financial derivative instrument – Other non-current assets</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">          28</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">         1</font></td>
<td style="width: 1%"> </td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated Statements of Comprehensive Loss - Location</b></font></td>
<td style="text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td>
<td style="text-align: center"> </td>
<td style="text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2019</b></font></td>
<td style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 62%"><font style="font: 10pt Times New Roman, Times, Serif">Financial derivative instrument – Fair value at the beginning of the period</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">         (47</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">         (28</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Financial derivative instrument – Fair value as at period end</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">28</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Loss from financial derivative instrument</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(19</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>)</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(27</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
</table>
<p style="margin: 0pt"></p>
3402000
6849000
3402000
6849000
No
No
Yes
Non-accelerated Filer
true
false
false
146000
47000
3000
4288000
4291000
4291000
3000
4288000
200000
200000
355000
355000
355000
355000
355000
355000
1142000
1140000
2282000
138060000
138060000
134310000
108523000
16719000
22286000
26318000
21016000
435000
588000
63422000
58919000
4055000
4055000
11190000
5400000
14722000
24000000
3690000
3690000
10020000
4050000
13469000
24000000
26906000
20500000
11845000
24000000
16000000
16900000
10020000
4503000
9241000
170000
257000
58919000
49678000
790000
445000
24560000
21000000
41600000
13500000
21300000
2100000
The outstanding balance will be $11,845 which will be repayable in 11 remaining quarterly installments of $275 each, amounting to $3,025 in the aggregate, the first falling due in March 2020, and the last installment accompanied by a balloon payment of $8,820 falling due in September 2022.
Each of Secondone's and Thirdone's outstanding loan balance at December 31, 2019, amounting to $3,690, is repayable in 13 remaining quarterly installments of $100 each amounting to $1,300 in the aggregate, the first falling due in February 2020, and the last installment accompanied by a balloon payment of $2,390 falling due in February 2023.
The outstanding balance of the Fourthone loan of $10,020 is repayable in 13 quarterly installments amounting to $4,620, the first falling due in February 2020, and the last installment accompanied by a balloon payment of $5,400 falling due in February 2023. The first installment, amounting to $300, is followed by four amounting to $330 each, four amounting to $360 each and four amounting to $390.
1000000
750000
1450000
1.30
1.15
1.25
0.65
0.65
0.68
0.68
0.68
0.68
0.03
0.03
0.03
0.03
0.0600
0.082
0.0374
3312000
11971000
34395000
58919000
4050000
600000
0.802
2007-05-23
2007-05-23
2007-05-30
2010-01-15
2011-05-31
2013-02-08
Northsea Alpha
Northsea Beta
Pyxis Malou
Pyxis Delta
Pyxis Theta
Pyxis Epsilon
8615
8647
50667
46616
51795
50295
2010
2010
2009
2006
2013
2015
2010-05-28
2010-05-25
2009-02-16
2010-03-04
2013-09-16
2015-01-14
247000
3659000
3735000
5000000
0.300
P25Y
3354000
8299000
9987000
1
27753000
16990000
16668000
11467000
12911000
29579000
28457000
8067000
19686000
0.71
0.49
0.38
0.00
0.00
0.00
0.71
0.00
0.15
0.16
0.18
0.00
0.00
0.00
0.00
0.00
0.23
0.15
0.325
0.450
0.0125
P5Y
2015-12-31
2015-12-31
2015-12-31
2017-12-31
2018-12-31
2018-12-31
P5Y
2015-03-23
2020-03-23
2017-01-15
2020-03-31
1628000
1600000
1618000
2703000
2680000
2692000
-4172000
-2767000
-187000
4386000
-92000
331000
-517000
-99000
5661000
3677000
-2203000
-1822000
-2586000
-347000
182297
182297
214828
214828
-27000
-19000
-306000
-157000
-209000
-1316000
-747000
1895000
435000
588000
47000
44500000
4503000
6963000
43640000
190000
908000
5163000
2549000
4283000
69000
174000
2500000
2500000
2020-03
2020-02
2020-02
2022-09
2023-02
2023-02
8820000
5400000
September 2023
loans from September 2018 to September 2022
loans from September 2018 to September 2022
Mar. 31, 2020 (before second amendment to the Amended and Restated Promissory Note dated 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 Entrust Global (the "Credit Facility") on September 2023 (see Note 7), b) January 15, 2024 and c) repayment of any Paid-In-Kind ("PIK") interest and principal deficiency amount under the Credit Facility
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(a) Principles of Consolidation:</i></b>
The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP. The consolidated financial
statements include the accounts of Pyxis and its wholly-owned subsidiaries (the Vessel-owning companies and Merger Sub). All intercompany
balances and transactions have been eliminated upon consolidation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pyxis, as the holding company, determines
whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity
or a variable interest entity. Under Accounting Standards Codification (“ASC”) 810 “Consolidation” a voting
interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself
independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and
the right to make financial and operating decisions. Pyxis consolidates voting interest entities in which it owns all, or at least
a majority (generally, greater than 50%), of the voting interest. Variable interest entities (“VIE”) are entities
as defined under ASC 810-10, that in general either do not have equity investors with voting rights or that have equity investors
that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest
in a VIE is present when a company absorbs a majority of an entity’s expected losses, receives a majority of an entity’s
expected residual returns, or both. The company with a controlling financial interest, known as the primary beneficiary, is required
to consolidate the VIE. Pyxis evaluates all arrangements that may include a variable interest in an entity to determine if it
may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated
financial statements. As of December 31, 2019, no such interest existed.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(b) Use of Estimates:</i></b> The preparation
of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these
estimates.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(d) Foreign Currency Translation: </i></b>The
functional currency of the Company is the U.S. dollar as the Company’s vessels operate in international shipping markets
and, therefore, primarily transact business in U.S. dollars. The Company’s accounting records are maintained in U.S. dollars.
Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at
the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies,
are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Resulting gains or losses are included
in Vessel operating expenses in the accompanying consolidated statements of comprehensive loss. All amounts in the financial statements
are presented in thousand U.S. dollars rounded to the nearest thousand.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(e) Commitments and Contingencies: </i></b>Provisions
are recognized when: the Company has a present legal or constructive obligation as a result of past events; it is probable that
an outflow of resources embodying economic benefits will be required to settle the obligation; and a reliable estimate of the
amount of the obligation can be made. Provisions are reviewed at each balance sheet date.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(f) Insurance Claims Receivable:</i></b>
The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical
expenses. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company’s fixed assets
suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies and
the claim is not subject to litigation.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(g) Concentration of Credit Risk:</i></b>
Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally
of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly
of deposits, with qualified financial institutions with high creditworthiness. The Company performs periodic evaluations of the
relative creditworthiness of those financial institutions that are considered in the Company’s investment strategy. The
Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial
condition and generally does not require collateral for its accounts receivable.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(h) Cash and Cash Equivalents and Restricted
Cash:</i></b> The Company considers highly liquid investments such as time deposits and certificates of deposit with an original
maturity of three months or less to be cash equivalents. Restricted cash is associated with pledged retention accounts in connection
with the loan repayments and minimum liquidity requirements under the loan agreements discussed in Note 7 and is presented separately
in the accompanying consolidated balance sheets.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(i) Income Taxation:</i></b> Under the
laws of the Republic of the Marshall Islands, the country of incorporation of certain of the Company’s vessel-owning companies,
and/or the vessels’ registration, the vessel-owning companies are not liable for any income tax on their income derived from
shipping operations. Instead, a tax is levied depending on the countries where the vessels trade based on their tonnage, which
is included in Vessel operating expenses in the accompanying consolidated statements of comprehensive loss. The vessel-owning companies
with vessels that have called on the United States during the relevant year of operation are obliged to file tax returns with the
Internal Revenue Service. The applicable tax is 50% of 4% of U.S. related gross transportation income unless an exemption applies.
The Company believes that based on current legislation the relevant vessel-owning companies are entitled to an exemption because
they satisfy the relevant requirements, namely that (i) the related vessel-owning companies are incorporated in a jurisdiction
granting an equivalent exemption to U.S. corporations and (ii) over 50% of the ultimate stockholders of the vessel-owning companies
are residents of a country granting an equivalent exemption to U.S. persons.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the laws of the Republic of Malta, the
country of incorporation of certain of the Company’s vessel-owning companies, and/or the vessels’ registration, these
vessel-owning companies are not liable for any income tax on their income derived from shipping operations. The Republic of Malta
is a country that has an income tax treaty with the United States. Accordingly, income earned by vessel-owning companies organized
under the laws of the Republic of Malta may qualify for a treaty-based exemption. Specifically, Article 8 (Shipping and Air Transport)
of the treaty sets out the relevant rule to the effect that profits of an enterprise of a Contracting State from the operation
of ships in international traffic shall be taxable only in that State.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(j) Inventories:</i></b> Inventories
consist of lubricants and bunkers (where applicable) on board the vessels, which are stated at the lower of cost and net realizable
value. Cost is determined by the first-in, first-out (“FIFO”) method.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(k) Trade Accounts Receivable, Net:
</i></b>Under spot charters, the Company normally issues its invoices to charterers at the completion of the voyage. Invoices
are due upon issuance of the invoice. Since the Company satisfies its performance obligation over the time of the spot charter,
the Company recognizes its unconditional right to consideration in trade accounts receivable, net of a provision for doubtful
accounts, if any. Trade accounts receivable from spot charters as of December 31, 2018 and 2019, amounted to $2,581 and $743,
respectively. The allowance for doubtful accounts at December 31, 2018 and 2019, was nil and $26, respectively. Under time charter
contracts, the Company normally issues invoices on a monthly basis 30 days in advance of providing its services. Trade accounts
receivable from time charters as of December 31, 2018 and 2019, amounted to $4 and $500, respectively. Hire collected in advance
includes cash received in advance of performance under the contract prior to the balance sheet date and is realized when the associated
revenue is recognized under the contract in periods after such date. The hire collected in advance as of December 31, 2018 and
2019 was $422 and $1,415 respectively and concerns hire received in advance from time charters.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(l) Vessels, Net:</i></b> Vessels are
stated at cost, which consists of the contract price and any material expenses incurred in connection with the acquisition (initial
repairs, improvements, delivery expenses and other expenditures to prepare the vessel for her initial voyage, as well as professional
fees directly associated with the vessel acquisition). Subsequent expenditures for major improvements are also capitalized when
they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise,
these amounts are expensed as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The cost of each of the Company’s vessels
is depreciated from the date of acquisition on a straight-line basis over the vessels’ remaining estimated economic useful
life, after considering the estimated residual value. A vessel’s residual value is equal to the product of its lightweight
tonnage and estimated scrap rate of $0.300 per ton. The Company estimates the useful life of the Company’s vessels to be
25 years from the date of initial delivery from the shipyard. In the event that future regulations place limitations over the
ability of a vessel to trade on a worldwide basis, its remaining useful life will be adjusted at the date such regulations are
adopted.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(m) Impairment of Long Lived Assets:</i></b>
The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying
amount of these assets may not be recoverable.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In developing estimates of future undiscounted
cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions
relating to time charter equivalent rates by vessel type, vessels’ operating expenses, management fees, vessels’ capital
expenditures, vessels’ residual value, fleet utilization and the estimated remaining useful life of each vessel. The assumptions
used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent impairment indicators are present,
the projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed
days and an estimated daily time charter rate for the unfixed days (based on the most recent seven year historical average rates
over the remaining estimated useful life of the vessels), expected outflows for vessels’ operating expenses, planned dry-docking
and special survey expenditures, management fees expenditures which are adjusted every year, pursuant to the Company’s existing
group management agreement, and fleet utilization of 75.0% to 98.6% (depending on the type of the vessel) or 70% to 93.0%, including
scheduled off-hire days for planned dry-dockings and vessel surveys, based on historical experience. The residual value used in
the impairment test is estimated to be approximately $0.3 per lightweight ton in accordance with the vessels’ depreciation
policy.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2017, the Company obtained
market valuations for all its vessels from reputable marine appraisers. Based on these valuations, the Company identified impairment
indications for certain of its vessels. More specifically, the market values of these vessels were, in aggregate, $8,299 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 December 31, 2017 and, accordingly,
no adjustment to the vessels’ carrying values was required.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2018, the Company obtained
market valuations for all its vessels from reputable marine appraisers. Based on these valuations, the Company identified impairment
indications for all of its vessels, except for the <i>Pyxis Epsilon</i>. More specifically, the market values of these vessels
were, in aggregate, $9,987 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 December 31, 2018, except for the <i>Northsea Alpha</i> and the <i>Northsea Beta,</i> for which a total Vessel impairment
charge of $2,282 was recorded as of December 31, 2018, against Vessels, net (Notes 5, 6 and 10).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019, 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, $3,354 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 December 31, 2019, and, accordingly,
no adjustment to the vessels’ carrying values was required.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(o) Financial Derivative Instruments:
</i></b>The Company enters into interest rate derivatives to manage its exposure to fluctuations of interest rate risk associated
with its borrowings. All derivatives are recognized in the consolidated financial statements at their fair value. The fair value
of the interest rate derivatives is based on a discounted cash flow analysis. When such derivatives do not qualify for hedge accounting,
the Company recognizes their fair value changes in current period earnings. When the derivatives qualify for hedge accounting,
the Company recognizes the effective portion of the gain or loss on the hedging instrument directly in other comprehensive income
/ (loss), while the ineffective portion, if any, is recognized immediately in current period earnings. The Company, at the inception
of the transaction, documents the relationship between the hedged item and the hedging instrument, as well as its risk management
objective and the strategy of undertaking various hedging transactions. The Company also assesses at hedge inception whether the
hedging instruments are highly effective in offsetting changes in the cash flows of the hedged items.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company discontinues cash flow hedge accounting
if the hedging instrument expires and it no longer meets the criteria for hedge accounting or its designation is revoked by the
Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the
forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is
recognized in the consolidated statement of comprehensive loss. If a hedged transaction is no longer expected to occur, the net
cumulative gain or loss recognized in equity is transferred to the current period’s consolidated statement of comprehensive
loss as financial income or expense.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(p) Accounting for Special Survey and
Dry-docking Costs:</i></b> The Company follows the deferral method of accounting for special survey and dry-docking costs, whereby
actual costs incurred at the yard and parts used in the dry-docking or special survey, are deferred and are amortized on a straight-line
basis over the period through the date the next survey is scheduled to become due. Costs deferred are limited to actual costs incurred
at the shipyard and costs incurred in the dry-docking or special survey. If a dry-dock or a survey is performed prior to the scheduled
date, any remaining unamortized balances of the previous dry-dock and survey are immediately written-off. Unamortized dry-dock
and survey balances of vessels that are sold are written-off and included in the calculation of the resulting gain or loss in the
period of the vessel’s sale.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Furthermore, unamortized dry-docking and special
survey balances of vessels that are classified as Assets held-for-sale and are not recoverable as of the date of such classification
are immediately written-off in the consolidated statement of comprehensive loss.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(q) Financing Costs:</i></b> Costs associated
with new loans or refinancing of existing loans, including fees paid to lenders or required to be paid to third parties on the
lender’s behalf for obtaining new loans or refinancing existing loans, are recorded as a direct deduction from the carrying
amount of the debt liability. Such costs are deferred and amortized to Interest and finance costs in the consolidated statements
of comprehensive loss during the life of the related debt using the effective interest method. Unamortized costs relating to loans
repaid or refinanced, meeting the criteria of debt extinguishment, are expensed in the period the repayment or refinancing is
made. Commitment fees relating to undrawn loan principal are expensed as incurred.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(r) Fair Value Measurements:</i></b>
The Company follows the provisions of Accounting Standard Update (“ASU”) 2015-07 “Fair Value Measurements and
Disclosures”, Topic 820, which defines and provides guidance as to the measurement of fair value. This standard creates
a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest
priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data, for example, the
reporting entity’s own data. Under the standard, fair value measurements are separately disclosed by level within the fair
value hierarchy (Note 10).</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(s) Segment Reporting:</i></b> The Company
reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its
customers, i.e., spot or time charters. The Company does not use discrete financial information to evaluate the operating results
for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not
identify expenses, profitability or other financial information for these charters. Furthermore, when the Company charters a vessel
to a charterer, the charterer is free to trade the vessel worldwide (subject to certain agreed exclusions) and, as a result, the
disclosure of geographic information is impracticable. As a result, management, reviews operating results solely by revenue per
day and operating results of the fleet and thus the Company has determined that it operates under one reportable segment.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(t) Earnings / (loss) per Share:</i></b>
Basic earnings / (loss) per share are computed by dividing net income / (loss) attributable to common equity holders by the weighted
average number of shares of common stock outstanding.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The computation of diluted earnings / (loss)
per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised
and is performed using the treasury stock method. The Company had no dilutive securities outstanding during the three-year period
ended December 31, 2019.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(u) Stock Compensation:</i></b> The
Company has a stock based incentive plan that covers directors and officers of the Company and its affiliates and its consultants
and service providers. Awards granted are valued at fair value and compensation cost is recognized on a straight-line basis, net
of estimated forfeitures, over the requisite service period of each award. The fair value of restricted stock awarded at the grant
date is equal to the closing stock price on that date and is amortized over the applicable vesting period using the straight-line
method.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(v) Going Concern: </i></b>The Company
performs cash flow projections on a regular basis to evaluate whether it will be in a position to cover its liquidity needs for
the next 12-month period and in compliance with the financial and security collateral cover ratio covenants under its existing
debt agreements. In developing estimates of future cash flows, the Company makes assumptions about the vessels’ future performance,
with significant assumptions relating to time charter equivalent rates by vessel type, vessels’ operating expenses, vessels’
capital expenditures, fleet utilization, the Company’s management fees and general and administrative expenses, and cash
flow requirements for debt servicing. The assumptions used to develop estimates of future cash flows are based on historical trends
as well as future expectations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019, the Company had a
working capital deficit of $5,301, defined as current assets minus current liabilities. The Company considered such deficit in
conjunction with the future market prospects and potential future financings. As of the filing date of these 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. The Company believes that will be in compliance with the financial and security collateral cover ratio
covenants under its existing debt agreements for the next 12-month period.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(z) New Accounting Pronouncements –
Adopted</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In July 2017, the FASB issued ASU No. 2017-11,
Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): Part
I. Accounting for Certain Financial Instruments with Down Round Features; Part II. Replacement of the Indefinite Deferral for Mandatorily
Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Non-Controlling Interests with
a Scope Exception, (ASU No. 2017-11). Part I of this Update addresses the complexity of accounting for certain financial instruments
with down round features. Down round features are features of certain equity-linked instruments (or embedded features) that result
in the strike price being reduced on the basis of the pricing of future equity offerings. Current accounting guidance creates cost
and complexity for entities that issue financial instruments (such as warrants and convertible instruments) with down round features
that require fair value measurement of the entire instrument or conversion option. Part II of this Update addresses the difficulty
of navigating Topic 480, Distinguishing Liabilities from Equity, because of the existence of extensive pending content in the FASB
Accounting Standards Codification. This pending content is the result of the indefinite deferral of accounting requirements about
mandatorily redeemable financial instruments of certain nonpublic entities and certain mandatorily redeemable non-controlling interests.
The amendments in Part II of this Update do not have an accounting effect. This ASU is effective for fiscal years, and interim
periods within those years, beginning after December 15, 2018. The implementation of this update had no effect on the Company’s
consolidated financial position and results of operations for the year ended December 31, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2017, the FASB issued ASU No. 2017-12,
Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (ASU No. 2017-12), which amends
and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management
activities in the financial statements. This ASU is effective for fiscal years, and interim periods within those years, beginning
after December 15, 2018. Furthermore, in October 2018, the FASB issued ASU 2018-16, “Derivatives and Hedging (Topic 815)—Inclusion
of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting
Purposes”, which permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes
under Topic 815 in addition to the UST, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate and the SIFMA Municipal
Swap Rate. The amendments in this Update apply to all entities that elect to apply hedge accounting to benchmark interest rate
hedges under Topic 815. For entities that have not already adopted Update 2017-12, the amendments in this Update are required to
be adopted concurrently with the amendments in Update 2017-12. Early adoption is permitted in any interim period upon issuance
of this Update if an entity already has adopted Update 2017-12. The amendments should be adopted on a prospective basis for qualifying
new or redesignated hedging relationships entered into on or after the date of adoption. The implementation of this update had
no effect on the Company’s consolidated financial position and results of operations for the year ended December 31, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In June 2018, the FASB issued ASU No. 2018-07,
Improvements to Non-Employee Share-Based Payment Accounting (Topic 718): ASU No. 2018-07 simplifies the accounting for share-based
payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. For
public business entities, the amendments in ASU No. 2018-07 are effective for annual periods beginning after December 15, 2018,
and interim periods within those annual periods. The implementation of this update had no effect on the Company’s consolidated
financial position and results of operations for the year ended December 31, 2019.</p>
<p style="margin: 0pt"></p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year ending December 31,</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 82%"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td>
<td style="width: 1%"> </td>
<td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1.5pt solid; width: 15%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,894</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>3,894</b></font></td>
<td> </td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Schedule I – Condensed Financial Information
of PYXIS TANKERS INC. (Parent Company Only)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Balance Sheets</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As at December 31, 2018 and 2019</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in thousands of U.S. Dollars, except
for share and per share data)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 71%"><font style="font-size: 10pt"><b>ASSETS</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 3%"> </td>
<td style="width: 10%; text-align: right"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 13%; text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>CURRENT ASSETS:</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Cash and cash equivalents</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">17</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">1</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt">Due from related parties*</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">9,578</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">7,696</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Prepayments and other assets</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">29</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Total current assets</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>9,624</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>7,699</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>NON-CURRENT ASSETS:</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Investment in subsidiaries*</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">35,598</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">29,944</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Total non-current assets</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>35,598</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>29,944</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Total assets</b></font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 1.5pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: Black 1.5pt double; text-align: right"><font style="font-size: 10pt"><b>45,222</b></font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 1.5pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: Black 1.5pt double; text-align: right"><font style="font-size: 10pt"><b>37,643</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt"><b>LIABILITIES AND STOCKHOLDERS’ EQUITY</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt"><b>CURRENT LIABILITIES:</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td><font style="font-size: 10pt">Accounts payable</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">162</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">251</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Accrued and other liabilities</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">117</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">392</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Total current liabilities</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>279</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>643</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td><font style="font-size: 10pt"><b>NON-CURRENT LIABILITIES:</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Promissory note</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">5,000</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">5,000</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Total non-current liabilities</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>5,000</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>5,000</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td><font style="font-size: 10pt"><b>COMMITMENTS AND CONTINGENCIES</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>—</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>—</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td><font style="font-size: 10pt"><b>STOCKHOLDERS’ EQUITY:</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">Preferred stock ($0.001 par value; 50,000,000 shares authorized; none issued)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>—</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>—</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td><font style="font-size: 10pt">Common stock ($0.001 par value; 450,000,000 shares authorized; 21,060,190 and 21,370,280 shares issued and outstanding as of December 31, 2018 and 2019, respectively)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">21</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">21</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">Additional paid-in capital</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">74,767</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">75,154</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Accumulated deficit</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(34,845)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(43,175)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Total stockholders’ equity</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>39,943</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>32,000</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Total liabilities and stockholders’ equity</b></font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 1.5pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: Black 1.5pt double; text-align: right"><font style="font-size: 10pt"><b>45,222</b></font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 1.5pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: Black 1.5pt double; text-align: right"><font style="font-size: 10pt"><b>37,643</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">* Eliminated on consolidation</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Schedule I – Condensed Financial Information
of PYXIS TANKERS INC. (Parent Company Only)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Statements of Comprehensive Loss</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the years ended December 31, 2017, 2018
and 2019</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in thousands of U.S. Dollars, except
for share and per share data)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 59%"><font style="font-size: 10pt"><b>Expenses:</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 12%; text-align: right"> </td>
<td style="width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 9%; text-align: right"> </td>
<td style="width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 12%; text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">General and administrative expenses</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(3,121)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(2,314)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(2,282)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Operating loss</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(3,121)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(2,314)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(2,282)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Other expenses:</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Interest and finance costs, net</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(73)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(215)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(395)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Total other expenses, net</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(73)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(215)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(395)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Equity in loss of subsidiaries*</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(2,049)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(5,685)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(5,653)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Net loss</b></font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>(5,243)</b></font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>(8,214)</b></font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>(8,330)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Loss per common share, basic and diluted</b></font></td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(0.28)</b></font></td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(0.39)</b></font></td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(0.39)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Weighted average number of shares, basic and diluted</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>18,461,455</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>20,894,202</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>21,161,164</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">* Eliminated on consolidation</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Schedule I – Condensed Financial Information
of PYXIS TANKERS INC. (Parent Company Only)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Statements of Stockholders’ Equity</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the years ended December 31, 2017, 2018
and 2019</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in thousands of U.S. Dollars, except
for share and per share data)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Common Stock</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="padding-bottom: 1.5pt; text-align: center"><font style="font-size: 10pt"><b>Additional <br />
Paid-in</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="padding-bottom: 1.5pt; text-align: center"><font style="font-size: 10pt"><b>Accumulated</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="padding-bottom: 1.5pt; text-align: center"><font style="font-size: 10pt"><b>Total <br />
Stockholders’</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b># of Shares</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Par value</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Capital</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Deficit</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Equity</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td style="width: 40%; padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>BALANCE, January 1, 2017</b></font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid; width: 1%"> </td>
<td style="border-bottom: black 1.5pt solid; width: 9%; text-align: right"><font style="font-size: 10pt"><b>18,277,893</b></font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; width: 7%; text-align: right"><font style="font-size: 10pt"><b>18</b></font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; width: 8%; text-align: right"><font style="font-size: 10pt"><b>70,123</b></font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid; width: 2%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; width: 10%; text-align: right"><font style="font-size: 10pt"><b>(21,388)</b></font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; width: 14%; text-align: right"><font style="font-size: 10pt"><b>48,753</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">Issuance of common stock</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">2,400,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">3</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">4,288</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">4,291</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td><font style="font-size: 10pt">Issuance of common stock – EIP</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">200,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"> —</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">Stock compensation</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">355</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">355</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Net loss</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">—</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">—</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">—</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5,243)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(5,243)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>BALANCE, December 31, 2017</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>20,877,893</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>21</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>74,766</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(26,631)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>48,156</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td><font style="font-size: 10pt">Net proceeds from the issuance of common stock</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">182,297</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Net loss</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">—</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">—</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">—</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(8,214)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(8,214)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>BALANCE, December 31, 2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>21,060,190</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>21</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>74,767</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(34,845)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>39,943</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">Net proceeds from the issuance of common stock</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">214,828</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">274</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">274</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Issuance of common stock under the promissory note</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">95,262</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">113</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">113</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Net loss</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">—</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">—</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">—</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(8,330)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(8,330)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>BALANCE, December 31, 2019</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>21,370,280</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>21</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>75,154</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(43,175)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>32,000</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Schedule I – Condensed Financial Information
of PYXIS TANKERS INC. (Parent Company Only)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Statements of Cash Flows</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the years ended December 31, 2017, 2018
and 2019</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in thousands of U.S. Dollars)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2017</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 59%"><font style="font-size: 10pt"><b>Cash flows from operating activities:</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 10%; text-align: right"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 14%; text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Net loss</b></font></td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(5,243)</b></font></td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(8,214)</b></font></td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(8,330)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt">Adjustments to reconcile net loss to net cash from operating activities:</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Stock compensation</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">355</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt">Equity in loss of subsidiaries *</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">2,049</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">5,685</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">5,653</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">Issuance of common stock under the promissory note</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">113</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt"><b>Changes in assets and liabilities:</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td><font style="font-size: 10pt">Due from related parties</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(572)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(206)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1,882</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">Prepayments and other assets</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(77)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">13</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">27</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td><font style="font-size: 10pt">Accounts payable</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(34)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">182</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">33</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">Due to related parties</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1,678</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Accrued and other liabilities</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">22</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(46)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">275</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Net cash used in operating activities</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(1,822)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(2,586)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(347)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt"><b>Cash flows from investing activities:</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Net cash provided by investing activities</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">—</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">—</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">—</font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td><font style="font-size: 10pt"><b>Cash flows from financing activities:</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">Gross proceeds from issuance of common stock</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">4,800</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">315</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">354</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Common stock offering costs</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(414)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(407)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(23)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Net cash provided by / (used in) financing activities</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>4,386</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(92)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>331</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt"><b>Net increase / (decrease) in cash and cash equivalents and restricted cash</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">2,564</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(2,678)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(16)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Cash and cash equivalents and restricted cash at the beginning of the year</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">131</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">2,695</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">17</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Cash and cash equivalents and restricted cash at the end of the year</b></font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 1.5pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 10pt"><b>2,695</b></font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 1.5pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 10pt"><b>17</b></font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 1.5pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1.5pt double; text-align: right"><font style="font-size: 10pt"><b>1</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>SUPPLEMENTAL INFORMATION:</b></font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td> </td>
<td style="text-align: right"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Cash paid for interest</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt">69</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">174</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">-</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Non-cash financing activities – increase in promissory note</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">2,500</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>-</b></font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>-</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CFF0FC">
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Non-cash financing activities – issuance of common stock under the promissory note</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>-</b></font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>-</b></font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">113</font></td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Unpaid portion for Common stock offering costs</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">57</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">* Eliminated in consolidation</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Schedule I – Condensed Financial Information
of PYXIS TANKERS INC. (Parent Company Only)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For years ended December 31, 2017, 2018 and
2019</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Expressed in thousands of U.S. Dollars, except
for share and per share data)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the condensed financial information of Pyxis,
Pyxis’ investment in subsidiaries is stated at cost plus equity in undistributed earnings / losses of subsidiaries. During
the years ended December 31, 2017, 2018 and 2019, Pyxis did not receive any dividend distributions from its subsidiaries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The lender of Sixthone and Seventhone requires
the ratio of the Company’s total liabilities to market value adjusted total assets not to exceed 65%. This requirement is
only applicable in order to assess whether the two Vessel-owning companies are entitled to distribute dividends to Pyxis. As of
December 31, 2018 and 2019, the requirement was not met as such ratio was 68%, or 3% higher than the required threshold. The aggregate
net assets of Sixthone and Seventhone as at December 31, 2019 were approximately $26.6 million. The restrictions
on the net assets will be lifted upon full repayment of the debt to the lender or if we are in compliance with the market value
adjusted total assets covenant. As discussed in Note 7, until the Company cures such non-compliance, neither Sixthone nor Seventhone
will be permitted to make dividend distributions. Other than the above, there are no legal or regulatory restrictions on Pyxis’
ability to obtain funds from its subsidiaries through dividends, loans or advances.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The condensed financial information of Pyxis,
as parent company only, should be read in conjunction with the Company’s consolidated financial statements.</p>
993000
-415000
422000
351000
368000
354000
4620000
Dry Docking and Special Survey Reserve of $0.25 per day accumulated quarterly.
If payable, the amount due is calculated as the lesser of (a) 15% of the amount of the loan borrowed under the facility agreement and (b) 15% of the difference between (i) the charter-free fair market value of the vessel plus any dry dock reserve account balance and (ii) any outstanding loan amount at the time of the repayment or maturity of the facility.
11.0% of which 1% can be paid as PIK
quarterly
1.40
1.50
1.55
30000
3690000
274000
1000
1000
1000
1000
274000
274000
274000
47000
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>9. Loss per Common Share:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>For the years ended December 31,</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 58%"><font style="font: 10pt Times New Roman, Times, Serif">Net loss available to common stockholders</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5,243</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(8,214</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(8,330</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Weighted average number of common shares, basic and diluted</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,461,455</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20,894,202</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21,161,164</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Loss per common share, basic and diluted</b></font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(0.28</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>)</b></font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(0.39</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>)</b></font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(0.39</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>)</b></font></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(c) Comprehensive Income / (Loss): </i></b>The
Company follows the provisions of ASC 220 “Comprehensive Income”, which requires separate presentation of certain
transactions which are recorded directly as components of equity. The Company had no transactions which affect comprehensive loss
during the years ended December 31, 2017, 2018 and 2019 and, accordingly, comprehensive loss was equal to net loss.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues for the years ended December 31, 2017,
2018 and 2019, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total
revenues), were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Charterer</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 34%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 19%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 19%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 19%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">C</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">D</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">71</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">E</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: center"> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>49</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>%</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>38</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>%</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>71</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>%</b></font></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Management has determined that the fair
values of the assets and liabilities as of December 31, 2019 are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Carrying</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Value</b></p></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Fair</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Value</b></p></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,176</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,176</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Trade accounts receivable, net</font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,243</font></td>
<td> </td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,243</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Trade accounts payable</font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,538</font></td>
<td> </td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,538</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Long-term debt with variable interest rates, net</font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">34,919</font></td>
<td> </td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">34,919</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Long-term loans and promissory note with non-variable interest rates, net</font></td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29,000</font></td>
<td> </td>
<td> </td>
<td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29,000</font></td>
<td> </td></tr>
</table>
<p style="margin: 0pt"></p>
247000
213000
70000
395000
27753000
29579000
28457000
2500000
21370280
13190000
95262
95262
113000
113000
113000
113000
-2756000
4204000
5176000
5783000
2695000
17000
131000
6693000
1000
56000
-470000
-99000
1.00
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.
Effective January 1, 2018, 2019 and 2020, the Ship-management Fees and the Administration Fees were increased by 1.12%, 0.62% and 0.26%, respectively in line with the average inflation rate in Greece in 2017, 2018 and 2019, respectively.
625000
625000
625000
569000
-26412000
10622000
-15790000
-156000
1624000
0.15
33222
200000
355000
2.00
4800000
509000
100000000
2300000
3675000
5233222
182297
214828
354000
1.65
0.035
2022-07-18
5176000
5176000
34919000
34919000
29000000
29000000
-28000
-47000
12250000
6125000
6125000
3894000
3894000
395000
70000
213000
56000
17000
1000
29000
2000
35598000
29944000
39943000
32000000
-572000
-206000
1882000
Yes
10000000
true
false
false
2019
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(n) Long-lived Assets Classified as
Held for Sale:</i></b> The Company classifies long lived assets and disposal groups as being held-for-sale in accordance with
ASC 360, “Property, Plant and Equipment”, when: (i) management, having the authority to approve the action, commits
to a plan to sell the asset; (ii) the asset is available for immediate sale in its present condition subject only to terms that
are usual and customary for sales of such assets; (iii) an active program to locate a buyer and other actions required to complete
the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected
to qualify for recognition as a completed sale, within one year; (v) the asset is being actively marketed for sale at a price
that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely
that significant changes to the plan will be made or that the plan will be withdrawn. Long lived assets classified as held-for-sale
are measured at the lower of their carrying amount or fair value less costs to sell. According to ASC 360-10-35, the fair value
less costs to sell of the long-lived asset (disposal group) should be assessed at each reporting period it remains classified
as held-for-sale. Subsequent changes in the long-lived asset’s fair value less costs to sell (increase or decrease) would
be reported as an adjustment to its carrying amount, not exceeding the carrying amount of the long-lived asset at the time it
was initially classified as held-for-sale. These long-lived assets are not depreciated once they meet the criteria to be classified
as held-for-sale and are classified in current assets on the consolidated balance sheet (Notes 5, 6).</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(w) Revenues, net:</i></b> The Company
generates its revenues from charterers. The vessels are chartered using either spot charters, where a contract is made in the spot
market for the use of a vessel for a specific voyage for a specified charter rate, or time charters, where a contract is entered
into for the use of a vessel for a specific period of time and a specified daily charter hire rate.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents the Company’s
revenue disaggregated by revenue source, net of commissions, for the years ended December 31, 2017, 2018 and 2019:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2017</b></p></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2018</b></p></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2019</b></p></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 55%"><font style="font: 10pt Times New Roman, Times, Serif">Revenues derived from spot charters, net</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,668</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,990</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,067</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Revenues derived from time charters, net</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,911</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,467</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">19,686</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Revenues, net</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>29,579</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>28,457</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>27,753</b></font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Revenue from customers (ASC 606):</i></b>
As of January 1, 2018, the Company adopted Accounting Standard Update (“ASU”) 2014-09 “<i>Revenue from Contracts
with Customers (Topic 606)</i>”. The core principle is that a company should recognize revenue when promised goods or services
are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods
or services. The Company analyzed its contracts with charterers at the adoption date and has determined that its spot charters
fall under the provisions of ASC 606, while its time charter agreements are lease agreements that fall under the provisions of
ASC 842 and that contain certain non-lease components. The Company elected to adopt ASC 606 by applying the modified retrospective
transition method, recognizing the cumulative effect of adopting this guidance as an adjustment to the 2018 opening balance of
accumulated deficit. As of December 31, 2017, there were no vessels employed under spot charters and as a result, the Company has
not included any adjustments to the 2018 opening balance of accumulated deficit and prior periods were not retrospectively adjusted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company assessed its contracts with charterers
for spot charters and concluded that there is one single performance obligation for its spot charter, which is to provide the charterer
with a transportation service within a specified time period. In addition, the Company has concluded that a spot charter meets
the criteria to recognize revenue over time as the charterer simultaneously receives and consumes the benefits of the Company’s
performance. The adoption of this standard resulted in a change whereby the Company’s method of revenue recognition changed
from discharge-to-discharge (assuming a new charter has been agreed before the completion of the previous spot charter) to load-to-discharge.
This resulted in no revenue being recognized from discharge of the prior spot charter to loading of the current spot charter and
all revenue being recognized from loading of the current spot charter to discharge of the current spot charter. This change results
in revenue being recognized later in the voyage, which may cause additional volatility in revenues and earnings between periods.
Demurrage income represents payments by a charterer to a vessel owner when loading or discharging time exceeds the stipulated time
in the spot charter. The Company has determined that demurrage represents a variable consideration and estimates demurrage at contract
inception. Demurrage income estimated, net of address commission, is recognized over the time of the charter as the performance
obligation is satisfied.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under a spot charter, the Company incurs and
pays for certain voyage expenses, primarily consisting of brokerage commissions, port and canal costs and bunker consumption, during
the spot charter (load-to-discharge) and during the ballast voyage (date of previous discharge to loading, assuming a new charter
has been agreed before the completion of the previous spot charter). Before the adoption of ASC 606, all voyage expenses were expensed
as incurred, except for brokerage commissions. Brokerage commissions are deferred and amortized over the related voyage period
in a charter to the extent revenue has been deferred since commissions are earned as the Company’s revenues are earned. Under
ASC 606 and after the implementation of ASC 340-40 <i>“Other assets and deferred costs”</i> for contract costs, incremental
costs of obtaining a contract with a customer and contract fulfillment costs, should be capitalized and amortized as the performance
obligation is satisfied, if certain criteria are met. The Company assessed the new guidance and concluded that voyage costs during
the ballast voyage represented costs to fulfil a contract which give rise to an asset and should be capitalized and amortized over
the spot charter, consistent with the recognition of voyage revenues from spot charter from load-to-discharge, while voyage costs
incurred during the spot charter should be expensed as incurred. With respect to incremental costs, the Company has selected to
adopt the practical expedient in the guidance and any costs to obtain a contract will be expensed as incurred, for the Company’s
spot charters that do not exceed one year. Vessel operating expenses are expensed as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, pursuant to this standard and
the new Leases standard (discussed below), as of January 1, 2018, the Company elected to present Revenues net of address commissions.
Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter.
Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit
is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue
in the accompanying consolidated statements of comprehensive loss. In this respect, for the year ended December 31, 2017, Revenues,
net and Voyage related costs and commissions each decreased by $247. This reclassification has no impact on the Company’s
consolidated financial position and results of operations for any of the periods presented.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues for the years ended December 31, 2017,
2018 and 2019, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total
revenues), were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Charterer</b></font></td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 34%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">A</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 19%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 19%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 19%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">B</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">C</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">D</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">71</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">E</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: center"> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>49</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>%</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>38</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>%</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>71</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>%</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Leases: </i></b>The Company elected
to early adopt the new lease standard <i>“Leases” ASC 842</i> as of September 30, 2018 with adoption reflected as
of January 1, 2018. The Company adopted the standard by using the modified retrospective method and selected the additional optional
transition method. Also, the Company elected to apply a package of practical expedients under ASC 842, which allowed the Company,
not to reassess (i) whether any existing contracts, on the date of adoption, contained a lease, (ii) lease classification of existing
leases classified as operating leases in accordance with ASC 840 and (iii) initial direct costs for any existing leases. In this
respect no <font style="background-color: white">cumulative-effect adjustment was recognized </font>to the 2018 opening balance
of accumulated deficit<font style="background-color: white">. </font>The Company assessed its new time charter contracts at the
adoption date under the new guidance and concluded that these contracts contain a lease with the related executory costs (insurance),
as well as non-lease components to provide other services related to the operation of the vessel, with the most substantial service
being the crew cost to operate the vessel. The Company concluded that the criteria for not separating the lease and non-lease
components of its time charter contracts are met, since (i) the time pattern of recognizing revenues for crew and other services
for the operation of the vessels, is similar to the time pattern of recognizing rental income, (ii) <font style="background-color: white">the
lease component of the time charter contracts, if accounted for separately, would be classified as an operating lease, and </font>(iii)
the predominant component in its time charter agreements is the lease component. Brokerage and address commissions on time charter
revenues are deferred and amortized over the related voyage period, to the extent revenue has been deferred, since commissions
are earned as revenues earned, and are presented in voyage expenses and as a reduction to voyage revenues (see above), respectively.
Vessel operating expenses are expensed as incurred. By taking the practical expedients, existing time charters at January 1, 2018
continued to be accounted for under ASC 840 while new time charters commencing in 2018 and onwards are accounted for under ASC
842. The adoption of ASC 842 had no effect on the Company’s consolidated financial position and results of operations for
the year ended December 31, 2018.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(x) Restricted Cash: </i></b>As of January
1, 2018, the Company adopted the ASU 2016-18 “<i>Statement of Cash Flows (Topic 230): Restricted Cash</i>”, which requires
that the statement of cash flows explain the change in the total of cash and cash equivalents and restricted cash. ASU 2016-18
was adopted retrospectively for the years ended December 31, 2017, 2018 and 2019, and restricted cash of $5,000, $3,659 and $3,735,
respectively, has been aggregated with cash and cash equivalents in both the beginning-of-period and end-of-period line items of
the consolidated statements of cash flows for each of the periods presented. The implementation of this update has no impact on
the Company’s consolidated balance sheet and consolidated statement of comprehensive loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 consolidated statement of cash flows for the years ended December 31, 2017, 2018 and 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2017</b></p></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2018</b></p></td>
<td> </td>
<td> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2019</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 55%"><font style="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,693</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">545</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,441</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif">Restricted cash, current portion</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">141</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">255</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">535</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font: 10pt Times New Roman, Times, Serif">Restricted cash, net of current portion</font></td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,859</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,404</font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,200</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>Total cash and cash equivalents and restricted cash</b></font></td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>6,693</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,204</b></font></td>
<td> </td>
<td> </td>
<td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>5,176</b></font></td>
<td> </td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(y) Business combinations:</i></b> As
of January 1, 2018, the Company adopted the ASU No. 2017-01, “Business Combinations” (Topic 805) which clarifies the
definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should
be accounted for as acquisition (or disposals) of assets or businesses. Under current implementation guidance, the existence of
an integrated set of acquired activities (inputs and processes that generate outputs) constitutes an acquisition of business.
This ASU provides a screen to determine when a set of assets and activities does not constitute a business. The implementation
of this update had no effect on the Company’s consolidated financial position and results of operations for the year ended
December 31, 2018.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(aa) New Accounting Pronouncements –
Not Yet Adopted:</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. For public
entities, the amendments of this Update are effective for fiscal years beginning after December 15, 2019, including interim periods
within those fiscal years. Early application is permitted. Furthermore, in November 2018, the FASB issued ASU 2018-19, “Codification
Improvements to Topic 326, Financial Instruments—Credit Losses”. The amendments clarify that receivables arising from
operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases
should be accounted for in accordance with Topic 842, Leases. In addition, in April 2019, the FASB issued ASU 2019-04, “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 clarify the modification of accounting for available
for sale debt securities excluding applicable accrued interest, which must be individually assessed for credit losses when fair
value is less than the amortized cost basis. 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 fair value option election does not apply to held-to-maturity debt securities.
An entity that elects the fair value option should subsequently apply the guidance in Subtopics 820-10, Fair Value Measurement—Overall,
and 825-10. The effective date and transition requirements for the amendments in these Updates are the same as the effective dates
and transition requirements in Update 2016-13, as amended by these Updates. The Company has assessed all the expected credit losses
of its financial assets and the adoption of this ASU does not have a material impact on the Company’s consolidated financial
statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2018, the FASB issued 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. ASU 2018-13 is effective for annual periods, including
interim periods within those annual periods, beginning after December 15, 2019. 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. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any
removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective
date. The Company has assessed the impact of this new accounting guidance and the adoption of this ASU does not have a material
impact on its consolidated financial statements and related disclosures.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In October 2018, the FASB issued ASU 2018-17,
“Consolidation (Topic 810)—Targeted Improvements to Related Party Guidance for Variable Interest Entities”.
The FASB is issuing this Update in response to stakeholders’ observations that Topic 810, Consolidation, could be improved
in the following areas: (i) applying the variable interest entity (VIE) guidance to private companies under common control and
(ii) considering indirect interests held through related parties under common control for determining whether fees paid to decision
makers and service providers are variable interests. The amendments in this Update improve the accounting for those areas, thereby
improving general purpose financial reporting. ASU 2018-17 is effective for annual periods, including interim periods within those
annual periods, beginning after December 15, 2019. All entities are required to apply the amendments in this update retrospectively
with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is
permitted. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated
financial statements and related disclosures.</p>
113000
113000
422000
1415000
57000
57000
113000
0.750
0.986
0.70
0.930
225000
56000
Equal to the lower of $400 and excess cash computed through a cash sweep mechanism, plus a balloon payment due at maturity
275000
0.0275
0.090
0.045
0.045
6
5301000
170000
113000
57000
2390000
60000
P5Y
1300000
3025000
5674000
4050000
0.0465
0.0335
0.110
26600000
3192000
2585000
1243000
2581000
743000
4000
500000
1243000
1243000
26000
5674000
50188
13500000
The total net proceeds from the sale of the vessel were approximately $13.2 million, $5.7 million out of which was used for the prepayment of Pyxis Delta and Pyxis Theta loan facility and $7.5 million for the repayment of the Company's liabilities to its related party (Maritime) and for the repayment of obligations to its trade creditors.
Eliminated on consolidation
$5,674 relate to prepayments for Pyxis Delta and Pyxis Theta loan facility (as discussed earlier in this Note). The scheduled principal payments in 2020 are $3,192
Eliminated in consolidation