10-Q Filing

ODYSSEY MARINE EXPLORATION INC CIK: 798528 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001193125-20-144114`
Period End Date	20200331
Filing Date	20200515
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	omex-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 32 Cash Flow Statement 54 Stockholders Equity 13

Balance Sheet 79 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`	$437.29K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$213.39K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable and other, net	`AccountsReceivableNetCurrent`	$622.61K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable and other, net	`AccountsReceivableNetCurrent`	$421.59K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$542.98K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$589.84K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.54M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.48M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.22M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.60M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.54M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.48M	shares	Point-in-time
Equipment and office fixtures	`PropertyPlantAndEquipmentGross`	$10.66M	USD	Point-in-time
Equipment and office fixtures	`PropertyPlantAndEquipmentGross`	$10.66M	USD	Point-in-time
Right of use operating lease, net	`PropertyPlantAndEquipmentSubjectToOperatingLeases`	$707.74K	USD	Point-in-time
Right of use operating lease, net	`PropertyPlantAndEquipmentSubjectToOperatingLeases`	$739.80K	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$10.65M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$10.65M	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$756.84K	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$722.02K	USD	Point-in-time
Investment in unconsolidated entity	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$1.50M	USD	Point-in-time
Investment in unconsolidated entity	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$1.50M	USD	Point-in-time
Exploration license	`ExplorationLicense`	$1.82M	USD	Point-in-time
Exploration license	`ExplorationLicense`	$1.82M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$26.81K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$26.81K	USD	Point-in-time
Total non-current assets	`AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment`	$3.35M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment`	$3.35M	USD	Point-in-time
Total assets	`Assets`	$5.33M	USD	Point-in-time
Total assets	`Assets`	$5.67M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.24M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.74M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesAndOtherLiabilities`	$13.42M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesAndOtherLiabilities`	$15.17M	USD	Point-in-time
Operating lease obligation	`OperatingLeaseLiabilityCurrent`	$127.69K	USD	Point-in-time
Operating lease obligation	`OperatingLeaseLiabilityCurrent`	$123.15K	USD	Point-in-time
Loans payable	`LoansPayableCurrent`	$31.45M	USD	Point-in-time
Loans payable	`LoansPayableCurrent`	$32.07M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$51.23M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$53.10M	USD	Point-in-time
Deferred income and revenue participation rights	`DeferredRevenueNoncurrent`	$3.82M	USD	Point-in-time
Deferred income and revenue participation rights	`DeferredRevenueNoncurrent`	$3.82M	USD	Point-in-time
Operating lease obligation	`OperatingLeaseLiabilityNoncurrent`	$587.38K	USD	Point-in-time
Operating lease obligation	`OperatingLeaseLiabilityNoncurrent`	$621.05K	USD	Point-in-time
Loans payable	`LongTermLoansPayable`	$2.96M	USD	Point-in-time
Loans payable	`LongTermLoansPayable`	$4.62M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$9.03M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$7.40M	USD	Point-in-time
Total liabilities	`Liabilities`	$58.63M	USD	Point-in-time
Total liabilities	`Liabilities`	$62.13M	USD	Point-in-time
Commitments and contingencies (NOTE H)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (NOTE H)	`CommitmentsAndContingencies`	-	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; 9,542,449 and 9,478,009 issued and outstanding	`CommonStockValue`	$954.00	USD	Point-in-time
Common stock $.0001 par value; 75,000,000 shares authorized; 9,542,449 and 9,478,009 issued and outstanding	`CommonStockValue`	$948.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$221.03M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$222.21M	USD	Point-in-time
Accumulated (deficit)	`RetainedEarningsAccumulatedDeficit`	$-250.32M	USD	Point-in-time
Accumulated (deficit)	`RetainedEarningsAccumulatedDeficit`	$-253.22M	USD	Point-in-time
Total stockholders' equity/(deficit) before non-controlling interest	`StockholdersEquity`	$-31.01M	USD	Point-in-time
Total stockholders' equity/(deficit) before non-controlling interest	`StockholdersEquity`	$-29.29M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-25.45M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-24.00M	USD	Point-in-time
Total stockholders' equity/(deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-53.30M	USD	Point-in-time
Total stockholders' equity/(deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-41.20M	USD	Point-in-time
Total stockholders' equity/(deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-56.46M	USD	Point-in-time
Total stockholders' equity/(deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-43.54M	USD	Point-in-time
Total liabilities and stockholders' equity/(deficit)	`LiabilitiesAndStockholdersEquity`	$5.67M	USD	Point-in-time
Total liabilities and stockholders' equity/(deficit)	`LiabilitiesAndStockholdersEquity`	$5.33M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$1.01M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$794.93K	USD	1 Quarter
Marketing, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.31M	USD	1 Quarter
Marketing, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.40M	USD	1 Quarter
Operations and research	`OperationsAndResearchExpense`	$2.46M	USD	1 Quarter
Operations and research	`OperationsAndResearchExpense`	$1.72M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$3.03M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$3.85M	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-2.85M	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-2.24M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.34M	USD	1 Quarter
Interest expense	`InterestExpense`	$959.28K	USD	1 Quarter
Loss in hybrid-instrument fair value	`GainLossOnDerivativeInstrumentsNetPretax`	$-203.12K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$828.64K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$42.05K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-130.64K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-1.50M	USD	1 Quarter
(LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-4.34M	USD	1 Quarter
(LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.37M	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`	$-4.34M	USD	1 Quarter
Non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-1.20M	USD	1 Quarter
Non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-1.45M	USD	1 Quarter
NET (LOSS)	`NetIncomeLoss`	$-1.17M	USD	1 Quarter
NET (LOSS)	`NetIncomeLoss`	$-2.90M	USD	1 Quarter
Basic and diluted (See NOTE B)	`EarningsPerShareBasicAndDiluted`	$-0.13	USD	1 Quarter
Basic and diluted (See NOTE B)	`EarningsPerShareBasicAndDiluted`	$-0.30	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.22M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.52M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.22M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.52M	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`	$-4.34M	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`	$2.76K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$69.10K	USD	1 Quarter
Note payable interest accretion	`IncreaseDecreaseInInterestPayableNet`	$156.47K	USD	1 Quarter
Note payable interest accretion	`IncreaseDecreaseInInterestPayableNet`	$-54.89K	USD	1 Quarter
Financed lender fee amortization	`AmortizationOfFinancingCosts`	$8.51K	USD	1 Quarter
Right of use amortization	`OperatingLeaseRightOfUseAssetAmortization`	$32.06K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$105.16K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$23.00K	USD	1 Quarter
Change in derivatives liability fair value	`GainLossOnDerivativeInstrumentsNetPretax`	$-203.12K	USD	1 Quarter
Deferred income	`ContractWithCustomerLiabilityRevenueRecognized`	$825.00K	USD	1 Quarter
Deferred income	`ContractWithCustomerLiabilityRevenueRecognized`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-30.93K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$201.01K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-46.86K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-470.29K	USD	1 Quarter
Amount settlement from vendor	`LitigationSettlementAmountAwardedFromOtherParty`	$899.28K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$676.17K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$342.79K	USD	1 Quarter
Debt discount amount	`DebtInstrumentUnamortizedDiscount`	$796.81K	USD	Point-in-time
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$2.02M	USD	1 Quarter
Fair value of warrants attached to convertible debt	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$796.81K	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$857.71K	USD	1 Quarter
Lender financed debt fees	`LenderFinancedDebtFees`	$200.00K	USD	1 Quarter
NET CASH (USED) BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.46M	USD	1 Quarter
NET CASH (USED) BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.51M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.50K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
NET CASH (USED) PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-2.50K	USD	1 Quarter
NET CASH (USED) PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds from issuance of notes payable	`ProceedsFromIssuanceOfLongTermDebt`	$1.87M	USD	1 Quarter
Operating lease liability reduction	`PaymentOfOperatingLeaseLiability`	$29.13K	USD	1 Quarter
Payment of contractual obligation	`PaymentOfContractualObligations`	-	USD	1 Quarter
Repayment of debt obligations	`RepaymentsOfDebt`	$104.60K	USD	1 Quarter
Repayment of debt obligations	`RepaymentsOfDebt`	$109.96K	USD	1 Quarter
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$1.73M	USD	1 Quarter
NET CASH PROVIDED (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`	$223.90K	USD	1 Quarter
CASH AT BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$213.39K	USD	Point-in-time
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`	$437.29K	USD	Point-in-time
CASH AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$213.39K	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`	$437.29K	USD	Point-in-time
Interest paid	`InterestPaidNet`	$362.56K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$367.68K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
2019 Director fees paid with equity	`StockIssued1`	$278.60K	USD	1 Quarter

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-53.30M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-41.20M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-56.46M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-43.54M	USD	Point-in-time
Share-based compensation	`StockGrantedDuringPeriodValueSharebasedCompensation`	$23.00K	USD	1 Quarter
Share-based compensation	`StockGrantedDuringPeriodValueSharebasedCompensation`	$383.76K	USD	1 Quarter
Fair value of warrants issued	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$796.81K	USD	1 Quarter
Net (loss)	`ProfitLoss`	$-2.37M	USD	1 Quarter
Net (loss)	`ProfitLoss`	$-4.34M	USD	1 Quarter
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-53.30M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-41.20M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-56.46M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-43.54M	USD	Point-in-time

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