10-Q Filing

ODYSSEY MARINE EXPLORATION INC CIK: 798528 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001193125-19-147971`
Period End Date	20190331
Filing Date	20190515
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	omex-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 32 Cash Flow Statement 54 Stockholders Equity 12

Balance Sheet 70 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`	$1.22M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.79M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	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
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$10.13K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$10.13K	USD	Point-in-time
Accounts receivable and other, net	`AccountsReceivableNetCurrent`	$758.49K	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
Accounts receivable and other, net	`AccountsReceivableNetCurrent`	$789.42K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.22M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.22M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$545.85K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.02M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.60M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.22M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.22M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$2.53M	USD	Point-in-time
Equipment and office fixtures	`PropertyPlantAndEquipmentGross`	$10.86M	USD	Point-in-time
Equipment and office fixtures	`PropertyPlantAndEquipmentGross`	$11.03M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$10.92M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$10.81M	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$117.98K	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$51.38K	USD	Point-in-time
Investment in unconsolidated entity	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$752.67K	USD	Point-in-time
Investment in unconsolidated entity	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$973.16K	USD	Point-in-time
Total non-current assets	`AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment`	$973.16K	USD	Point-in-time
Total non-current assets	`AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment`	$752.67K	USD	Point-in-time
Total assets	`Assets`	$3.56M	USD	Point-in-time
Total assets	`Assets`	$5.47M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.12M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.77M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesAndOtherLiabilities`	$9.80M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesAndOtherLiabilities`	$10.56M	USD	Point-in-time
Loans payable	`LoansPayableCurrent`	$29.45M	USD	Point-in-time
Loans payable	`LoansPayableCurrent`	$29.61M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$43.28M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$42.03M	USD	Point-in-time
Deferred income and revenue participation rights	`DeferredRevenueNoncurrent`	$3.82M	USD	Point-in-time
Deferred income and revenue participation rights	`DeferredRevenueNoncurrent`	$4.64M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$3.82M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$4.64M	USD	Point-in-time
Total liabilities	`Liabilities`	$47.10M	USD	Point-in-time
Total liabilities	`Liabilities`	$46.67M	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; 9,222,199 and 9,222,199 issued and outstanding	`CommonStockValue`	$922.00	USD	Point-in-time
Common stock $.0001 par value; 75,000,000 shares authorized; 9,222,199 and 9,222,199 issued and outstanding	`CommonStockValue`	$922.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$218.02M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$217.99M	USD	Point-in-time
Accumulated (deficit)	`RetainedEarningsAccumulatedDeficit`	$-241.05M	USD	Point-in-time
Accumulated (deficit)	`RetainedEarningsAccumulatedDeficit`	$-239.88M	USD	Point-in-time
Total stockholders' equity/(deficit) before non-controlling interest	`StockholdersEquity`	$-23.03M	USD	Point-in-time
Total stockholders' equity/(deficit) before non-controlling interest	`StockholdersEquity`	$-21.89M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-20.51M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-19.31M	USD	Point-in-time
Total stockholders' equity/(deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-43.54M	USD	Point-in-time
Total stockholders' equity/(deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-40.52M	USD	Point-in-time
Total stockholders' equity/(deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-41.20M	USD	Point-in-time
Total stockholders' equity/(deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-37.98M	USD	Point-in-time
Total liabilities and stockholders' equity/(deficit)	`LiabilitiesAndStockholdersEquity`	$3.56M	USD	Point-in-time
Total liabilities and stockholders' equity/(deficit)	`LiabilitiesAndStockholdersEquity`	$5.47M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$511.74K	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$794.93K	USD	1 Quarter
Marketing, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.45M	USD	1 Quarter
Marketing, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.31M	USD	1 Quarter
Operations and research	`OperationsAndResearchExpense`	$1.72M	USD	1 Quarter
Operations and research	`OperationsAndResearchExpense`	$1.02M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$3.03M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$2.47M	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-1.96M	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-2.24M	USD	1 Quarter
Interest expense	`InterestExpense`	$959.28K	USD	1 Quarter
Interest expense	`InterestExpense`	$710.49K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$828.64K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$26.35K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-130.64K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-684.14K	USD	1 Quarter
(LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.37M	USD	1 Quarter
(LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.64M	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
NET (LOSS) BEFORE NON-CONTROLLING INTEREST	`ProfitLoss`	$-2.37M	USD	1 Quarter
NET (LOSS) BEFORE NON-CONTROLLING INTEREST	`ProfitLoss`	$-2.64M	USD	1 Quarter
Non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-896.62K	USD	1 Quarter
Non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-1.20M	USD	1 Quarter
NET (LOSS)	`NetIncomeLoss`	$-1.74M	USD	1 Quarter
NET (LOSS)	`NetIncomeLoss`	$-1.17M	USD	1 Quarter
Basic and diluted (See NOTE B)	`EarningsPerShareBasicAndDiluted`	$-0.21	USD	1 Quarter
Basic and diluted (See NOTE B)	`EarningsPerShareBasicAndDiluted`	$-0.13	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.22M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.47M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.22M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.47M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net (loss) before non-controlling interest	`ProfitLoss`	$-2.37M	USD	1 Quarter
Net (loss) before non-controlling interest	`ProfitLoss`	$-2.64M	USD	1 Quarter
Investment in unconsolidated entity	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Investment in unconsolidated entity	`IncomeLossFromEquityMethodInvestments`	$220.49K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$69.10K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$149.34K	USD	1 Quarter
Note payable interest accretion	`IncreaseDecreaseInInterestPayableNet`	$156.47K	USD	1 Quarter
Note payable interest accretion	`IncreaseDecreaseInInterestPayableNet`	$36.56K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$103.90K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$23.00K	USD	1 Quarter
Deferred income	`ContractWithCustomerLiabilityRevenueRecognized`	-	USD	1 Quarter
Deferred income	`ContractWithCustomerLiabilityRevenueRecognized`	$825.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-30.93K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$310.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$21.65K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-470.29K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-30.83K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$342.79K	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$704.42K	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$857.71K	USD	1 Quarter
NET CASH (USED) BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.46M	USD	1 Quarter
NET CASH (USED) BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-2.01M	USD	1 Quarter
Deposit related to the future sale of marine assets	`DepositRelatedToFutureSaleOfMarineAssets`	-	USD	1 Quarter
Deposit related to the future sale of marine assets	`DepositRelatedToFutureSaleOfMarineAssets`	$1.00M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.50K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.62K	USD	1 Quarter
NET CASH (USED) PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$990.38K	USD	1 Quarter
NET CASH (USED) PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-2.50K	USD	1 Quarter
Proceeds from issuance of notes payable	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	1 Quarter
Proceeds from issuance of notes payable	`ProceedsFromIssuanceOfLongTermDebt`	$375.00K	USD	1 Quarter
Settlement receipts from contractual obligation	`SettlementReceiptsFromContractualObligations`	-	USD	1 Quarter
Settlement receipts from contractual obligation	`SettlementReceiptsFromContractualObligations`	$15.00M	USD	1 Quarter
Payment of contractual obligation	`PaymentOfContractualObligations`	$14.00M	USD	1 Quarter
Payment of contractual obligation	`PaymentOfContractualObligations`	-	USD	1 Quarter
Repayment of debt obligations	`RepaymentsOfDebt`	$100.87K	USD	1 Quarter
Repayment of debt obligations	`RepaymentsOfDebt`	$104.60K	USD	1 Quarter
NET CASH (USED) BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$1.27M	USD	1 Quarter
NET CASH (USED) BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-104.60K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.57M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$254.87K	USD	1 Quarter
CASH AT BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.22M	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.79M	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.36M	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.11M	USD	Point-in-time
CASH AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.22M	USD	Point-in-time
CASH AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.79M	USD	Point-in-time
CASH AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.36M	USD	Point-in-time
CASH AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.11M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$362.56K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$219.64K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Acquisition of equipment with debt	`NoncashOrPartNoncashAcquisitionDebtAssumed1`	$74.00K	USD	1 Quarter
Acquisition of equipment with debt	`NoncashOrPartNoncashAcquisitionDebtAssumed1`	-	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-43.54M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-40.52M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-41.20M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-37.98M	USD	Point-in-time
Share-based compensation	`StockGrantedDuringPeriodValueSharebasedCompensation`	$23.00K	USD	1 Quarter
Share-based compensation	`StockGrantedDuringPeriodValueSharebasedCompensation`	$103.90K	USD	1 Quarter
Net (loss)	`ProfitLoss`	$-2.37M	USD	1 Quarter
Net (loss)	`ProfitLoss`	$-2.64M	USD	1 Quarter
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-43.54M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-40.52M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-41.20M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-37.98M	USD	Point-in-time

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