10-Q Filing

ODYSSEY MARINE EXPLORATION INC CIK: 798528 Q3 2018

Filing Information

Form Type	10-Q
Accession Number	`0001193125-18-324883`
Period End Date	20180930
Filing Date	20181113
Fiscal Year	2018
Fiscal Period	Q3
XBRL Instance	omex-20180930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 64 Cash Flow Statement 56

Balance Sheet 71 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`	$130.36K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.11M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	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`	$10.13K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$10.01K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Accounts receivable and other	`AccountsReceivableNetCurrent`	$667.18K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Accounts receivable and other	`AccountsReceivableNetCurrent`	$232.38K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.47M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$286.22K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.47M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$495.53K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.85M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.09M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.47M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.47M	shares	Point-in-time
Equipment and office fixtures	`FixturesAndEquipmentGross`	$16.74M	USD	Point-in-time
Equipment and office fixtures	`FixturesAndEquipmentGross`	$11.03M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$10.84M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$16.15M	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$593.82K	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$195.46K	USD	Point-in-time
Investment in unconsolidated entity	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$529.88K	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`	$1.06M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment`	$532.50K	USD	Point-in-time
Total assets	`Assets`	$2.97M	USD	Point-in-time
Total assets	`Assets`	$2.35M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.40M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.00M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesAndOtherLiabilities`	$8.76M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesAndOtherLiabilities`	$6.55M	USD	Point-in-time
Loans payable	`LoansPayableCurrent`	$24.36M	USD	Point-in-time
Loans payable	`LoansPayableCurrent`	$25.89M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$37.65M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$33.31M	USD	Point-in-time
Loans payable	`LongTermLoansPayable`	$3.50M	USD	Point-in-time
Loans payable	`LongTermLoansPayable`	$3.00M	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`	$8.14M	USD	Point-in-time
Total liabilities	`Liabilities`	$40.96M	USD	Point-in-time
Total liabilities	`Liabilities`	$45.80M	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 - $.0001 par value; 24,984,166 shares authorized; none outstanding	`PreferredStockValueOutstanding`	-	USD	Point-in-time
Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding	`PreferredStockValueOutstanding`	-	USD	Point-in-time
Common stock - $.0001 par value; 75,000,000 shares authorized; 8,466,909 and 8,466,909 issued and outstanding for each period end presented	`CommonStockValue`	$847.00	USD	Point-in-time
Common stock - $.0001 par value; 75,000,000 shares authorized; 8,466,909 and 8,466,909 issued and outstanding for each period end presented	`CommonStockValue`	$847.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$212.10M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$213.22M	USD	Point-in-time
Accumulated (deficit)	`RetainedEarningsAccumulatedDeficit`	$-234.71M	USD	Point-in-time
Accumulated (deficit)	`RetainedEarningsAccumulatedDeficit`	$-238.41M	USD	Point-in-time
Total stockholders' equity/(deficit) before non-controlling interest	`StockholdersEquity`	$-25.19M	USD	Point-in-time
Total stockholders' equity/(deficit) before non-controlling interest	`StockholdersEquity`	$-22.61M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-15.38M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-18.26M	USD	Point-in-time
Total stockholders' equity/(deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-37.98M	USD	Point-in-time
Total stockholders' equity/(deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-43.45M	USD	Point-in-time
Total liabilities and stockholders' equity/(deficit)	`LiabilitiesAndStockholdersEquity`	$2.97M	USD	Point-in-time
Total liabilities and stockholders' equity/(deficit)	`LiabilitiesAndStockholdersEquity`	$2.35M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$886.33K	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$1.25M	USD	3 Qtrs
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$11.85K	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$2.47M	USD	3 Qtrs
Marketing, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.30M	USD	3 Qtrs
Marketing, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.86M	USD	1 Quarter
Marketing, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.24M	USD	3 Qtrs
Marketing, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.36M	USD	1 Quarter
Operations and research	`OperationsAndResearchExpense`	$2.82M	USD	3 Qtrs
Operations and research	`OperationsAndResearchExpense`	$2.54M	USD	3 Qtrs
Operations and research	`OperationsAndResearchExpense`	$618.46K	USD	1 Quarter
Operations and research	`OperationsAndResearchExpense`	$1.07M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$2.48M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$6.84M	USD	3 Qtrs
Total operating expenses	`CostsAndExpenses`	$2.43M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$8.06M	USD	3 Qtrs
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-6.82M	USD	3 Qtrs
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-4.37M	USD	3 Qtrs
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-1.54M	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-2.47M	USD	1 Quarter
Interest expense	`InterestExpense`	$816.73K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.26M	USD	3 Qtrs
Interest expense	`InterestExpense`	$638.94K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.02M	USD	3 Qtrs
Other	`OtherNonoperatingIncomeExpense`	$3.11K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$64.10K	USD	3 Qtrs
Other	`OtherNonoperatingIncomeExpense`	$54.05K	USD	3 Qtrs
Other	`OtherNonoperatingIncomeExpense`	$38.19K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-1.95M	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-635.83K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-2.20M	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-778.55K	USD	1 Quarter
(LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-6.57M	USD	3 Qtrs
(LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.11M	USD	1 Quarter
(LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.32M	USD	1 Quarter
(LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-8.77M	USD	3 Qtrs
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
NET (LOSS) BEFORE NON-CONTROLLING INTEREST	`ProfitLoss`	$-6.57M	USD	3 Qtrs
NET (LOSS) BEFORE NON-CONTROLLING INTEREST	`ProfitLoss`	$-3.11M	USD	1 Quarter
NET (LOSS) BEFORE NON-CONTROLLING INTEREST	`ProfitLoss`	$-8.77M	USD	3 Qtrs
NET (LOSS) BEFORE NON-CONTROLLING INTEREST	`ProfitLoss`	$-2.32M	USD	1 Quarter
Non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-854.67K	USD	1 Quarter
Non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-2.40M	USD	3 Qtrs
Non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-2.88M	USD	3 Qtrs
Non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-1.01M	USD	1 Quarter
NET (LOSS)	`NetIncomeLoss`	$-2.25M	USD	1 Quarter
NET (LOSS)	`NetIncomeLoss`	$-6.37M	USD	3 Qtrs
NET (LOSS)	`NetIncomeLoss`	$-1.31M	USD	1 Quarter
NET (LOSS)	`NetIncomeLoss`	$-3.70M	USD	3 Qtrs
Basic and diluted (See NOTE B)	`EarningsPerShareBasicAndDiluted`	$-0.15	USD	1 Quarter
Basic and diluted (See NOTE B)	`EarningsPerShareBasicAndDiluted`	$-0.44	USD	3 Qtrs
Basic and diluted (See NOTE B)	`EarningsPerShareBasicAndDiluted`	$-0.27	USD	1 Quarter
Basic and diluted (See NOTE B)	`EarningsPerShareBasicAndDiluted`	$-0.78	USD	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.39M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.47M	shares	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.15M	shares	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.47M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.15M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.39M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.47M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.47M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss before non-controlling interest	`ProfitLoss`	$-6.57M	USD	3 Qtrs
Net loss before non-controlling interest	`ProfitLoss`	$-3.11M	USD	1 Quarter
Net loss before non-controlling interest	`ProfitLoss`	$-8.77M	USD	3 Qtrs
Net loss before non-controlling interest	`ProfitLoss`	$-2.32M	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$604.78K	USD	3 Qtrs
Depreciation and amortization	`Depreciation`	$375.99K	USD	3 Qtrs
Accrued interest converted into common stock	`AccruedInterestConvertedIntoCommonStock`	$302.27K	USD	3 Qtrs
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$897.66K	USD	3 Qtrs
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$289.33K	USD	3 Qtrs
Lender financed fees	`FinancedLenderFees`	$50.00K	USD	3 Qtrs
Note payable interest accretion	`IncreaseDecreaseInInterestPayableNet`	$296.14K	USD	3 Qtrs
Note payable interest accretion	`IncreaseDecreaseInInterestPayableNet`	$56.96K	USD	3 Qtrs
Non-cash marine services revenue	`NoncashMarineServicesRevenue`	$529.88K	USD	3 Qtrs
Share-based compensation	`ShareBasedCompensation`	$625.49K	USD	3 Qtrs
Share-based compensation	`ShareBasedCompensation`	$311.71K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$455.92K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-210.06K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-209.31K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-367.36K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$715.51K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$724.50K	USD	3 Qtrs
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$2.41M	USD	3 Qtrs
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$1.34M	USD	3 Qtrs
Cash proceeds from sale of vessel	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.00M	USD	3 Qtrs
Cash proceeds from sale of vessel	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$80.00K	USD	3 Qtrs
NET CASH (USED) BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-4.54M	USD	3 Qtrs
NET CASH (USED) BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-4.37M	USD	3 Qtrs
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.00M	USD	3 Qtrs
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$80.00K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.62K	USD	3 Qtrs
NET CASH PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$80.00K	USD	3 Qtrs
NET CASH PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$994.04K	USD	3 Qtrs
Restricted cash held as collateral	`PaymentsForProceedsFromRestrictedCashHeldAsCollateral`	$125.00	USD	3 Qtrs
Proceeds from issuance of convertible notes payable	`ProceedsFromIssuanceOfLongTermDebt`	$1.68M	USD	3 Qtrs
Proceeds from issuance of convertible notes payable	`ProceedsFromIssuanceOfLongTermDebt`	$4.50M	USD	3 Qtrs
Settlement receipts from contractual obligation	`SettlementReceiptsFromContractualObligations`	$15.00M	USD	3 Qtrs
Payment of contractual obligation	`PaymentOfContractualObligations`	$14.00M	USD	3 Qtrs
Repayment of debt obligations	`RepaymentsOfDebt`	$356.72K	USD	3 Qtrs
Repayment of debt obligations	`RepaymentsOfDebt`	$274.88K	USD	3 Qtrs
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$4.14M	USD	3 Qtrs
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$2.40M	USD	3 Qtrs
NET (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-320.44K	USD	3 Qtrs
NET (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-977.83K	USD	3 Qtrs
CASH AT BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.11M	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.34M	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.66M	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$130.36K	USD	Point-in-time
CASH AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.11M	USD	Point-in-time
CASH AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.34M	USD	Point-in-time
CASH AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.66M	USD	Point-in-time
CASH AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$130.36K	USD	Point-in-time
Interest paid	`InterestPaidNet`	$423.76K	USD	3 Qtrs
Interest paid	`InterestPaidNet`	$867.44K	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaid`	-	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaid`	-	USD	3 Qtrs
Financed equipment purchase	`CapitalExpendituresIncurredButNotYetPaid`	$74.00K	USD	3 Qtrs

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