10-Q Filing

ODYSSEY MARINE EXPLORATION INC CIK: 798528 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001193125-17-252812`
Period End Date	20170630
Filing Date	20170809
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	omex-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 71 Cash Flow Statement 59

Balance Sheet 74 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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	24.98M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	24.98M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.48M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.66M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.24M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.83M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.50M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$10.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$10.00K	USD	Point-in-time
Accounts receivable and other, net	`AccountsReceivableNetCurrent`	$285.38K	USD	Point-in-time
Accounts receivable and other, net	`AccountsReceivableNetCurrent`	$473.81K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.39M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$224.44K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.72M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$609.46K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.72M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$2.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.76M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.39M	shares	Point-in-time
Equipment and office fixtures	`FixturesAndEquipmentGross`	$17.19M	USD	Point-in-time
Equipment and office fixtures	`FixturesAndEquipmentGross`	$16.74M	USD	Point-in-time
Marine asset held for sale	`MarineAssetHeldForSale`	$416.33K	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$15.82M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$15.81M	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$923.16K	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$1.80M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$532.50K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$532.50K	USD	Point-in-time
Total non-current assets	`AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment`	$532.50K	USD	Point-in-time
Total non-current assets	`AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment`	$532.50K	USD	Point-in-time
Total assets	`Assets`	$5.08M	USD	Point-in-time
Total assets	`Assets`	$3.45M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.40M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.48M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesAndOtherLiabilities`	$5.71M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesAndOtherLiabilities`	$5.08M	USD	Point-in-time
Loans payable	`LoansPayableCurrent`	$20.73M	USD	Point-in-time
Loans payable	`LoansPayableCurrent`	$21.61M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$27.21M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.81M	USD	Point-in-time
Loans payable	`LongTermLoansPayable`	$3.00M	USD	Point-in-time
Loans payable	`LongTermLoansPayable`	$4.34M	USD	Point-in-time
Revenue participation rights	`DeferredRevenueNoncurrent`	$4.64M	USD	Point-in-time
Revenue participation rights	`DeferredRevenueNoncurrent`	$4.64M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$7.64M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$8.98M	USD	Point-in-time
Total liabilities	`Liabilities`	$36.19M	USD	Point-in-time
Total liabilities	`Liabilities`	$36.45M	USD	Point-in-time
Commitments and contingencies (NOTE G)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (NOTE G)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock	`PreferredStockValueOutstanding`	-	USD	Point-in-time
Preferred stock	`PreferredStockValueOutstanding`	-	USD	Point-in-time
Common stock - $.0001 par value; 75,000,000 shares authorized; 8,388,821 and; 7,718,366 issued and outstanding for each period end presented	`CommonStockValue`	$839.00	USD	Point-in-time
Common stock - $.0001 par value; 75,000,000 shares authorized; 8,388,821 and; 7,718,366 issued and outstanding for each period end presented	`CommonStockValue`	$772.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$207.96M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$211.73M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-226.95M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-231.07M	USD	Point-in-time
Total stockholders' equity/(deficit) before non-controlling interest	`StockholdersEquity`	$-18.99M	USD	Point-in-time
Total stockholders' equity/(deficit) before non-controlling interest	`StockholdersEquity`	$-19.33M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-12.12M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-13.66M	USD	Point-in-time
Total stockholders' equity/(deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-33.00M	USD	Point-in-time
Total stockholders' equity/(deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-31.10M	USD	Point-in-time
Total liabilities and stockholders' equity/(deficit)	`LiabilitiesAndStockholdersEquity`	$5.08M	USD	Point-in-time
Total liabilities and stockholders' equity/(deficit)	`LiabilitiesAndStockholdersEquity`	$3.45M	USD	Point-in-time

Income Statement 71 line items

Line Item	Tag	Value	Unit	Period
Recovered cargo sales and other	`SalesRevenueGoodsNet`	$4.67K	USD	2 Qtrs
Expedition	`ExpeditionCharterRevenue`	$1.22M	USD	1 Quarter
Expedition	`ExpeditionCharterRevenue`	$1.24M	USD	2 Qtrs
Expedition	`ExpeditionCharterRevenue`	$587.27K	USD	1 Quarter
Expedition	`ExpeditionCharterRevenue`	$1.80M	USD	2 Qtrs
Total revenue	`Revenues`	$1.80M	USD	2 Qtrs
Total revenue	`Revenues`	$1.24M	USD	2 Qtrs
Total revenue	`Revenues`	$1.22M	USD	1 Quarter
Total revenue	`Revenues`	$587.27K	USD	1 Quarter
Marketing, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.75M	USD	1 Quarter
Marketing, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.32M	USD	2 Qtrs
Marketing, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.38M	USD	2 Qtrs
Marketing, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.94M	USD	1 Quarter
Operations and research	`OperationsAndResearchExpense`	$3.49M	USD	2 Qtrs
Operations and research	`OperationsAndResearchExpense`	$900.80K	USD	1 Quarter
Operations and research	`OperationsAndResearchExpense`	$2.20M	USD	2 Qtrs
Operations and research	`OperationsAndResearchExpense`	$1.29M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$5.58M	USD	2 Qtrs
Total operating expenses	`CostsAndExpenses`	$2.65M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$7.81M	USD	2 Qtrs
Total operating expenses	`CostsAndExpenses`	$3.23M	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-2.01M	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-6.01M	USD	2 Qtrs
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-2.06M	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-4.35M	USD	2 Qtrs
Interest expense	`InterestExpense`	$664.74K	USD	1 Quarter
Interest expense	`InterestExpense`	$930.35K	USD	2 Qtrs
Interest expense	`InterestExpense`	$596.29K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.38M	USD	2 Qtrs
Change in derivative liabilities fair value	`GainLossOnDerivativeInstrumentsNetPretax`	$61.05K	USD	1 Quarter
Change in derivative liabilities fair value	`GainLossOnDerivativeInstrumentsNetPretax`	$3.40M	USD	2 Qtrs
Other	`OtherNonoperatingIncomeExpense`	$21.34K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$391.63K	USD	2 Qtrs
Other	`OtherNonoperatingIncomeExpense`	$61.00K	USD	2 Qtrs
Other	`OtherNonoperatingIncomeExpense`	$9.65K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$2.86M	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-643.40K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-525.58K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-1.32M	USD	2 Qtrs
(LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.15M	USD	2 Qtrs
(LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-5.66M	USD	2 Qtrs
(LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.54M	USD	1 Quarter
(LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.71M	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
NET (LOSS) BEFORE NON-CONTROLLING INTEREST	`ProfitLoss`	$-5.66M	USD	2 Qtrs
NET (LOSS) BEFORE NON-CONTROLLING INTEREST	`ProfitLoss`	$-2.54M	USD	1 Quarter
NET (LOSS) BEFORE NON-CONTROLLING INTEREST	`ProfitLoss`	$-2.71M	USD	1 Quarter
NET (LOSS) BEFORE NON-CONTROLLING INTEREST	`ProfitLoss`	$-3.15M	USD	2 Qtrs
Non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-680.81K	USD	1 Quarter
Non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-1.55M	USD	2 Qtrs
Non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-789.64K	USD	1 Quarter
Non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-1.38M	USD	2 Qtrs
NET (LOSS) INCOME	`NetIncomeLoss`	$-1.77M	USD	2 Qtrs
NET (LOSS) INCOME	`NetIncomeLoss`	$-4.12M	USD	2 Qtrs
NET (LOSS) INCOME	`NetIncomeLoss`	$-1.86M	USD	1 Quarter
NET (LOSS) INCOME	`NetIncomeLoss`	$-1.92M	USD	1 Quarter
Basic and diluted (See NOTE B)	`EarningsPerShareBasicAndDiluted`	$-0.51	USD	2 Qtrs
Basic and diluted (See NOTE B)	`EarningsPerShareBasicAndDiluted`	$-0.24	USD	2 Qtrs
Basic and diluted (See NOTE B)	`EarningsPerShareBasicAndDiluted`	$-0.23	USD	1 Quarter
Basic and diluted (See NOTE B)	`EarningsPerShareBasicAndDiluted`	$-0.25	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.54M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.02M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.54M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.32M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.02M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.32M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.54M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.54M	shares	2 Qtrs

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net loss before non-controlling interest	`ProfitLoss`	$-5.66M	USD	2 Qtrs
Net loss before non-controlling interest	`ProfitLoss`	$-2.54M	USD	1 Quarter
Net loss before non-controlling interest	`ProfitLoss`	$-2.71M	USD	1 Quarter
Net loss before non-controlling interest	`ProfitLoss`	$-3.15M	USD	2 Qtrs
Depreciation and amortization	`Depreciation`	$431.42K	USD	2 Qtrs
Depreciation and amortization	`Depreciation`	$598.20K	USD	2 Qtrs
Director fees settled with equity instruments	`DirectorFeesSettledWithEquityInstruments`	$18.41K	USD	2 Qtrs
Accrued interest converted into common stock	`AccruedInterestConvertedIntoCommonStock`	$302.27K	USD	2 Qtrs
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$289.33K	USD	2 Qtrs
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$125.99K	USD	2 Qtrs
Financed lender fees	`DebtRelatedCommitmentFeesAndDebtIssuanceCosts`	$50.00K	USD	2 Qtrs
Change in derivatives liabilities fair value	`GainLossOnDerivativeInstrumentsNetPretax`	$61.05K	USD	1 Quarter
Change in derivatives liabilities fair value	`GainLossOnDerivativeInstrumentsNetPretax`	$3.40M	USD	2 Qtrs
Note payable interest accretion	`IncreaseDecreaseInInterestPayableNet`	$87.53K	USD	2 Qtrs
Note payable interest accretion	`IncreaseDecreaseInInterestPayableNet`	$242.13K	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$416.99K	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$692.50K	USD	2 Qtrs
Deferred revenue	`RecognitionOfDeferredRevenue`	$383.15K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-218.43K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$798.35K	USD	2 Qtrs
Cash proceeds from sale of vessel	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$200.00K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$120.72K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-385.02K	USD	2 Qtrs
Cash proceeds from sale of vessel	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$50.00K	USD	2 Qtrs
Loans payable	`LoansPayable`	$24.61M	USD	Point-in-time
Loans payable	`LoansPayable`	$25.07M	USD	Point-in-time
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-279.20K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$87.03K	USD	2 Qtrs
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$915.83K	USD	2 Qtrs
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$1.51M	USD	2 Qtrs
NET CASH (USED) BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-2.96M	USD	2 Qtrs
NET CASH (USED) BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-5.30M	USD	2 Qtrs
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$200.00K	USD	2 Qtrs
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$50.00K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$58.82K	USD	2 Qtrs
NET CASH PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$50.00K	USD	2 Qtrs
NET CASH PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$141.18K	USD	2 Qtrs
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$3.00M	USD	2 Qtrs
Proceeds from issuance of notes payable	`ProceedsFromNotesPayable`	$4.83M	USD	2 Qtrs
Repayment of mortgage and loans payable	`RepaymentsOfDebt`	$76.79K	USD	2 Qtrs
Repayment of mortgage and loans payable	`RepaymentsOfDebt`	$280.87K	USD	2 Qtrs
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$2.72M	USD	2 Qtrs
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$4.75M	USD	2 Qtrs
NET (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-185.95K	USD	2 Qtrs
NET (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-409.15K	USD	2 Qtrs
CASH AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.48M	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.66M	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$2.24M	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.83M	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.50M	USD	Point-in-time
CASH AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.48M	USD	Point-in-time
CASH AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.66M	USD	Point-in-time
CASH AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$2.24M	USD	Point-in-time
CASH AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.83M	USD	Point-in-time
CASH AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$1.50M	USD	Point-in-time
Interest paid	`InterestPaid`	$718.72K	USD	2 Qtrs
Interest paid	`InterestPaid`	$210.51K	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	-	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	-	USD	2 Qtrs

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