10-Q Filing

ODYSSEY MARINE EXPLORATION INC CIK: 798528 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001193125-12-210364`
Period End Date	20120331
Filing Date	20120504
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	omex-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 38 Cash Flow Statement 58

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashEquivalentsAtCarryingValue`	$7.97M	USD	Point-in-time
Cash and cash equivalents	`CashEquivalentsAtCarryingValue`	$5.08M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	9.36M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	9.36M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$205.33K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$212.79K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$500.63K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.51M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventory	`InventoryNet`	$543.56K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$557.15K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$779.48K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.25M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	73.23M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	73.10M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$8.58M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.02M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	73.23M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	73.10M	shares	Point-in-time
Equipment and office fixtures	`FixturesAndEquipmentGross`	$15.45M	USD	Point-in-time
Equipment and office fixtures	`FixturesAndEquipmentGross`	$15.67M	USD	Point-in-time
Building and land	`BuildingAndLand`	$4.70M	USD	Point-in-time
Building and land	`BuildingAndLand`	$4.70M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$13.87M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$13.62M	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$6.50M	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$6.53M	USD	Point-in-time
Inventory	`InventoryNoncurrent`	$5.50M	USD	Point-in-time
Inventory	`InventoryNoncurrent`	$5.48M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$251.79K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$211.85K	USD	Point-in-time
Investment in unconsolidated entity	`EquityMethodInvestments`	-	USD	Point-in-time
Investment in unconsolidated entity	`EquityMethodInvestments`	-	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$1.11M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$1.11M	USD	Point-in-time
Total other assets	`OtherAssets`	$6.86M	USD	Point-in-time
Total other assets	`OtherAssets`	$6.80M	USD	Point-in-time
Total assets	`Assets`	$21.88M	USD	Point-in-time
Total assets	`Assets`	$23.41M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.11M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.06M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$2.06M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$1.82M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$3.55M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$3.55M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesCurrent`	$7.33M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesCurrent`	$7.21M	USD	Point-in-time
Mortgage and loans payable	`MortgageAndLoansPayableCurrent`	$7.87M	USD	Point-in-time
Mortgage and loans payable	`MortgageAndLoansPayableCurrent`	$4.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.85M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$22.51M	USD	Point-in-time
Mortgage and loans payable	`MortgageAndLoansPayableNonCurrent`	$5.69M	USD	Point-in-time
Mortgage and loans payable	`MortgageAndLoansPayableNonCurrent`	$5.21M	USD	Point-in-time
Deferred income from revenue participation rights	`DeferredRevenueNoncurrent`	$8.40M	USD	Point-in-time
Deferred income from revenue participation rights	`DeferredRevenueNoncurrent`	$8.40M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$13.61M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$14.09M	USD	Point-in-time
Total liabilities	`Liabilities`	$36.12M	USD	Point-in-time
Total liabilities	`Liabilities`	$32.94M	USD	Point-in-time
Commitments and contingencies (Note H)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note H)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Redeemable Series G Convertible Preferred stock	`TemporaryEquityCarryingAmount`	$250.00K	USD	Point-in-time
Redeemable Series G Convertible Preferred stock	`TemporaryEquityCarryingAmount`	$250.00K	USD	Point-in-time
Preferred stock	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock	`PreferredStockValue`	-	USD	Point-in-time
Common stock - $.0001 par value; 150,000,000 shares authorized; 73,233,909 and 73,095,384 issued and outstanding, respectively	`CommonStockValue`	$7.31K	USD	Point-in-time
Common stock - $.0001 par value; 150,000,000 shares authorized; 73,233,909 and 73,095,384 issued and outstanding, respectively	`CommonStockValue`	$7.32K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$138.01M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$137.24M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-147.02M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-152.51M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-14.49M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-9.77M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$21.88M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$23.41M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Artifact sales and other	`SalesRevenueGoodsNet`	$348.89K	USD	1 Quarter
Artifact sales and other	`SalesRevenueGoodsNet`	$54.15K	USD	1 Quarter
Exhibit	`ExhibitRevenue`	$42.99K	USD	1 Quarter
Exhibit	`ExhibitRevenue`	$25.00K	USD	1 Quarter
Expedition	`ExpeditionCharterRevenue`	$2.82M	USD	1 Quarter
Expedition	`ExpeditionCharterRevenue`	$1.70M	USD	1 Quarter
Total revenue	`Revenues`	$2.09M	USD	1 Quarter
Total revenue	`Revenues`	$2.90M	USD	1 Quarter
Cost of sales - artifacts and other	`CostOfGoodsSold`	$173.58K	USD	1 Quarter
Cost of sales - artifacts and other	`CostOfGoodsSold`	$34.19K	USD	1 Quarter
Marketing, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.17M	USD	1 Quarter
Marketing, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.36M	USD	1 Quarter
Operations and research	`OperationsAndResearch`	$5.15M	USD	1 Quarter
Operations and research	`OperationsAndResearch`	$3.53M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.54M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.88M	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-3.78M	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-4.64M	USD	1 Quarter
Interest income	`InvestmentIncomeNonoperating`	$22.44K	USD	1 Quarter
Interest income	`InvestmentIncomeNonoperating`	$386.00	USD	1 Quarter
Interest expense	`InterestExpense`	$985.33K	USD	1 Quarter
Interest expense	`InterestExpense`	$97.90K	USD	1 Quarter
Change in derivative liabilities fair value	`GainOnDerivativeInstrumentsPretax`	$123.07K	USD	1 Quarter
Change in derivative liabilities fair value	`GainOnDerivativeInstrumentsPretax`	$-1.29M	USD	1 Quarter
Other	`OtherExpenses`	$-1.08K	USD	1 Quarter
Other	`OtherExpenses`	$5.07K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-838.74K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-1.39M	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-5.17M	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-5.48M	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
NET LOSS	`ProfitLoss`	$-5.17M	USD	1 Quarter
NET LOSS	`ProfitLoss`	$-5.48M	USD	1 Quarter
Basic and diluted (See NOTE B)	`EarningsPerShareBasicAndDiluted`	$-0.09	USD	1 Quarter
Basic and diluted (See NOTE B)	`EarningsPerShareBasicAndDiluted`	$-0.08	USD	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	67.15M	shares	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	73.17M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-5.17M	USD	1 Quarter
Net loss	`ProfitLoss`	$-5.48M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$396.40K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$527.72K	USD	1 Quarter
Loan fee amortization	`AmortizationOfDebtDiscountPremium`	$32.79K	USD	1 Quarter
Change in derivatives liabilities fair value	`GainOnDerivativeInstrumentsPretax`	$123.07K	USD	1 Quarter
Change in derivatives liabilities fair value	`GainOnDerivativeInstrumentsPretax`	$-1.29M	USD	1 Quarter
Note payable interest accretion	`NotePayableInterestAccretion`	$676.57K	USD	1 Quarter
Investment in unconsolidated entity	`InvestmentInUnconsolidatedEntity`	$-310.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$448.84K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$388.42K	USD	1 Quarter
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$-47.40K	USD	1 Quarter
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$-114.02K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.01M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$517.42K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-166.66K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-34.19K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$142.50K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$499.62K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$955.48K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.77M	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$-1.38M	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$113.54K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$6.81M	USD	1 Quarter
NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$62.34K	USD	1 Quarter
NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-4.47M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$229.48K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$336.27K	USD	1 Quarter
NET CASH (USED) BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-336.27K	USD	1 Quarter
NET CASH (USED) BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-229.48K	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$38.10K	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$126.00K	USD	1 Quarter
Deferred income from revenue participation rights	`DeferredIncomeFromRevenueParticipationRights`	$5.96M	USD	1 Quarter
Proceeds from issuance loan payable	`ProceedsFromIssuanceOfLongTermDebt`	$2.00M	USD	1 Quarter
Repayment of mortgage and loans payable	`RepaymentOfMortgageAndLoansPayable`	$-130.95K	USD	1 Quarter
Repayment of mortgage and loans payable	`RepaymentOfMortgageAndLoansPayable`	$-37.31K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$1.91M	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$6.05M	USD	1 Quarter
NET INCREASE (DECREASE) INCREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$5.88M	USD	1 Quarter
NET INCREASE (DECREASE) INCREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.90M	USD	1 Quarter
CASH AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$5.08M	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$7.97M	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$6.12M	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$235.76K	USD	Point-in-time
CASH AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$5.08M	USD	Point-in-time
CASH AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$7.97M	USD	Point-in-time
CASH AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$6.12M	USD	Point-in-time
CASH AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$235.76K	USD	Point-in-time
Interest paid	`InterestPaid`	$97.99K	USD	1 Quarter
Interest paid	`InterestPaid`	$279.22K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Accrued compensation paid by equity instruments	`PriorPeriodAccruedCompensationPaidByEquityInstruments`	$229.56K	USD	1 Quarter
Accrued compensation paid by equity instruments	`PriorPeriodAccruedCompensationPaidByEquityInstruments`	$347.53K	USD	1 Quarter
Equipment purchased with financing	`EquipmentPurchasedWithFinancing`	$27.20K	USD	1 Quarter
Series G Preferred Stock dividend declaration	`SeriesGPreferredStockDividendDeclaration`	$10.00K	USD	1 Quarter
Series G Preferred Stock dividend declaration	`SeriesGPreferredStockDividendDeclaration`	$240.00K	USD	1 Quarter
Series G Preferred Stock accretion	`SeriesGPreferredStockAccretion`	$423.40K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.