10-Q Filing

ODYSSEY MARINE EXPLORATION INC CIK: 798528 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001193125-21-163701`
Period End Date	20210331
Filing Date	20210517
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	omex-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 32 Cash Flow Statement 51 Stockholders Equity 16

Balance Sheet 80 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
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.23M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.16M	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
Accounts receivable and other, net	`AccountsReceivableNetCurrent`	$220.99K	USD	Point-in-time
Accounts receivable and other, net	`AccountsReceivableNetCurrent`	$160.26K	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`	$500.24K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$587.39K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$6.91M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.59M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$5.96M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	13.02M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.59M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	13.02M	shares	Point-in-time
Equipment and office fixtures	`PropertyPlantAndEquipmentGross`	$7.30M	USD	Point-in-time
Equipment and office fixtures	`PropertyPlantAndEquipmentGross`	$7.30M	USD	Point-in-time
Right to use operating lease, net	`PropertyPlantAndEquipmentSubjectToOperatingLeases`	$571.86K	USD	Point-in-time
Right to use operating lease, net	`PropertyPlantAndEquipmentSubjectToOperatingLeases`	$607.04K	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$7.29M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$7.29M	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$614.76K	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$577.75K	USD	Point-in-time
Investment in unconsolidated entity	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$2.63M	USD	Point-in-time
Investment in unconsolidated entity	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$2.37M	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`	$41.81K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$41.81K	USD	Point-in-time
Total non-current assets	`AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment`	$4.23M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment`	$4.49M	USD	Point-in-time
Total assets	`Assets`	$11.76M	USD	Point-in-time
Total assets	`Assets`	$11.02M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.46M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.17M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesAndOtherLiabilities`	$21.17M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesAndOtherLiabilities`	$23.78M	USD	Point-in-time
Operating lease obligation	`OperatingLeaseLiabilityCurrent`	$142.08K	USD	Point-in-time
Operating lease obligation	`OperatingLeaseLiabilityCurrent`	$147.14K	USD	Point-in-time
Loans payable	`LoansPayableCurrent`	$30.01M	USD	Point-in-time
Loans payable	`LoansPayableCurrent`	$31.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$55.11M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$53.88M	USD	Point-in-time
Loans payable	`LongTermLoansPayable`	$12.15M	USD	Point-in-time
Loans payable	`LongTermLoansPayable`	$11.49M	USD	Point-in-time
Operating lease obligation	`OperatingLeaseLiabilityNoncurrent`	$478.97K	USD	Point-in-time
Operating lease obligation	`OperatingLeaseLiabilityNoncurrent`	$440.24K	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
Total long-term liabilities	`LiabilitiesNoncurrent`	$15.79M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$16.41M	USD	Point-in-time
Total liabilities	`Liabilities`	$69.67M	USD	Point-in-time
Total liabilities	`Liabilities`	$71.51M	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
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; 13,023,330 and 12,591,084 issued and outstanding	`CommonStockValue`	$1.26K	USD	Point-in-time
Common stock $.0001 par value; 75,000,000 shares authorized; 13,023,330 and 12,591,084 issued and outstanding	`CommonStockValue`	$1.30K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$237.51M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$240.05M	USD	Point-in-time
Accumulated (deficit)	`RetainedEarningsAccumulatedDeficit`	$-265.13M	USD	Point-in-time
Accumulated (deficit)	`RetainedEarningsAccumulatedDeficit`	$-268.85M	USD	Point-in-time
Total stockholders' equity/(deficit) before non-controlling interest	`StockholdersEquity`	$-28.80M	USD	Point-in-time
Total stockholders' equity/(deficit) before non-controlling interest	`StockholdersEquity`	$-27.63M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-31.69M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-30.28M	USD	Point-in-time
Total stockholders' equity/(deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-53.30M	USD	Point-in-time
Total stockholders' equity/(deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-56.46M	USD	Point-in-time
Total stockholders' equity/(deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-60.49M	USD	Point-in-time
Total stockholders' equity/(deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-57.91M	USD	Point-in-time
Total liabilities and stockholders' equity/(deficit)	`LiabilitiesAndStockholdersEquity`	$11.76M	USD	Point-in-time
Total liabilities and stockholders' equity/(deficit)	`LiabilitiesAndStockholdersEquity`	$11.02M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$291.68K	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$1.01M	USD	1 Quarter
Marketing, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.40M	USD	1 Quarter
Marketing, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.29M	USD	1 Quarter
Operations and research	`OperationsAndResearchExpense`	$1.80M	USD	1 Quarter
Operations and research	`OperationsAndResearchExpense`	$2.46M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$3.09M	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`	$-2.80M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.34M	USD	1 Quarter
Interest expense	`InterestExpense`	$2.38M	USD	1 Quarter
Loss in hybrid-instrument fair value	`GainLossOnDerivativeInstrumentsNetPretax`	$-203.12K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$42.05K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$54.38K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-1.50M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-2.33M	USD	1 Quarter
(LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-5.12M	USD	1 Quarter
(LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-4.34M	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
NET (LOSS) BEFORE NON-CONTROLLING INTEREST	`ProfitLoss`	$-4.34M	USD	1 Quarter
NET (LOSS) BEFORE NON-CONTROLLING INTEREST	`ProfitLoss`	$-5.12M	USD	1 Quarter
Non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-1.45M	USD	1 Quarter
Non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-1.40M	USD	1 Quarter
NET (LOSS)	`NetIncomeLoss`	$-3.72M	USD	1 Quarter
NET (LOSS)	`NetIncomeLoss`	$-2.90M	USD	1 Quarter
Basic and diluted (See NOTE B)	`EarningsPerShareBasicAndDiluted`	$-0.29	USD	1 Quarter
Basic and diluted (See NOTE B)	`EarningsPerShareBasicAndDiluted`	$-0.30	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.61M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.52M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.52M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.61M	shares	1 Quarter

Cash Flow Statement 51 line items

Line Item	Tag	Value	Unit	Period
Net loss before non-controlling interest	`ProfitLoss`	$-4.34M	USD	1 Quarter
Net loss before non-controlling interest	`ProfitLoss`	$-5.12M	USD	1 Quarter
Investment in unconsolidated entity	`IncomeLossFromEquityMethodInvestments`	$256.32K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$1.83K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$2.76K	USD	1 Quarter
Note payable interest accretion	`IncreaseDecreaseInInterestPayableNet`	$-54.89K	USD	1 Quarter
Note payable interest accretion	`IncreaseDecreaseInInterestPayableNet`	$-45.20K	USD	1 Quarter
Financed lender fees amortization	`DebtRelatedCommitmentFeesAndDebtIssuanceCosts`	$8.51K	USD	1 Quarter
Financed lender fees amortization	`DebtRelatedCommitmentFeesAndDebtIssuanceCosts`	$28.98K	USD	1 Quarter
Right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortization`	$32.06K	USD	1 Quarter
Right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortization`	$35.18K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$105.16K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$281.69K	USD	1 Quarter
Change in derivatives liabilities fair value	`GainLossOnDerivativeInstrumentsNetPretax`	$-203.12K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$201.01K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$60.73K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-87.15K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-46.86K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$389.67K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$676.17K	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$3.23M	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$2.02M	USD	1 Quarter
NET CASH (USED) BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.43M	USD	1 Quarter
NET CASH (USED) BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.51M	USD	1 Quarter
Debt discount amount	`DebtInstrumentUnamortizedDiscount`	$796.81K	USD	Point-in-time
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
NET CASH (USED) PROVIDED BY INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds from issuance of notes payable	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	1 Quarter
Proceeds from issuance of notes payable	`ProceedsFromIssuanceOfLongTermDebt`	$1.87M	USD	1 Quarter
Operating lease liability reduction	`PaymentOfOperatingLeaseLiability`	$33.67K	USD	1 Quarter
Operating lease liability reduction	`PaymentOfOperatingLeaseLiability`	$29.13K	USD	1 Quarter
Sale of subsidiary equity	`ProceedsFromSaleOfEquityOfSubsidiary`	$713.88K	USD	1 Quarter
Repayment of debt obligations	`RepaymentsOfDebt`	$109.96K	USD	1 Quarter
Repayment of debt obligations	`RepaymentsOfDebt`	$177.44K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$502.77K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$1.73M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$223.90K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-928.38K	USD	1 Quarter
CASH AT BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.23M	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$213.39K	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.16M	USD	Point-in-time
CASH AT BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$437.29K	USD	Point-in-time
CASH AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.23M	USD	Point-in-time
CASH AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$213.39K	USD	Point-in-time
CASH AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.16M	USD	Point-in-time
CASH AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$437.29K	USD	Point-in-time
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Director compensation settled with equity	`StockIssued1`	$278.60K	USD	1 Quarter
Director compensation settled with equity	`StockIssued1`	$100.00K	USD	1 Quarter
Accrued interest settled with common stock	`CommonStockAccruedInterestWriteoff`	$34.52K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-53.30M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-56.46M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-60.49M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-57.91M	USD	Point-in-time
Share-based compensation	`StockGrantedDuringPeriodValueSharebasedCompensation`	$383.76K	USD	1 Quarter
Share-based compensation	`StockGrantedDuringPeriodValueSharebasedCompensation`	$281.69K	USD	1 Quarter
Common stock issued for converted convertible debt	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$1.45M	USD	1 Quarter
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$100.00K	USD	1 Quarter
Sale of subsidiary equity	`SaleOfStockConsiderationReceivedPerTransaction`	$713.88K	USD	1 Quarter
Fair value of warrants issued	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$796.81K	USD	1 Quarter
Net (loss)	`ProfitLoss`	$-4.34M	USD	1 Quarter
Net (loss)	`ProfitLoss`	$-5.12M	USD	1 Quarter
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-53.30M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-56.46M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-60.49M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-57.91M	USD	Point-in-time

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