10-Q Filing

ODYSSEY MARINE EXPLORATION INC CIK: 798528 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001193125-22-151678`
Period End Date	20220331
Filing Date	20220516
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	d633061d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 31 Cash Flow Statement 60 Stockholders Equity 15

Balance Sheet 78 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
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.11M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.27M	USD	Point-in-time
Accounts receivable and other, net	`AccountsReceivableNetCurrent`	$262.13K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable and other, net	`AccountsReceivableNetCurrent`	$268.87K	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$753.50K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$776.63K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.32M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	14.49M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	14.31M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$3.12M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	14.31M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	14.49M	shares	Point-in-time
Equipment and office fixtures	`PropertyPlantAndEquipmentGross`	$5.60M	USD	Point-in-time
Equipment and office fixtures	`PropertyPlantAndEquipmentGross`	$5.61M	USD	Point-in-time
Right to use operating lease, net	`PropertyPlantAndEquipmentSubjectToOperatingLeases`	$422.34K	USD	Point-in-time
Right to use operating lease, net	`PropertyPlantAndEquipmentSubjectToOperatingLeases`	$461.11K	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$5.58M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$5.59M	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$479.14K	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentNet`	$440.87K	USD	Point-in-time
Investment in unconsolidated entity	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$3.25M	USD	Point-in-time
Investment in unconsolidated entity	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$3.55M	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`	$34.30K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$34.30K	USD	Point-in-time
Total non-current assets	`AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment`	$5.40M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment`	$5.11M	USD	Point-in-time
Total assets	`Assets`	$8.97M	USD	Point-in-time
Total assets	`Assets`	$8.91M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.68M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.82M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesAndOtherLiabilities`	$30.83M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesAndOtherLiabilities`	$27.84M	USD	Point-in-time
Operating lease obligation	`OperatingLeaseLiabilityCurrent`	$168.81K	USD	Point-in-time
Operating lease obligation	`OperatingLeaseLiabilityCurrent`	$163.17K	USD	Point-in-time
Loans payable	`LoansPayableCurrent`	$22.78M	USD	Point-in-time
Loans payable	`LoansPayableCurrent`	$24.98M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$52.61M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$61.66M	USD	Point-in-time
Loans payable	`LongTermLoansPayable`	$19.48M	USD	Point-in-time
Loans payable	`LongTermLoansPayable`	$18.47M	USD	Point-in-time
Operating lease obligation	`OperatingLeaseLiabilityNoncurrent`	$271.43K	USD	Point-in-time
Operating lease obligation	`OperatingLeaseLiabilityNoncurrent`	$315.80K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$18.79M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$19.76M	USD	Point-in-time
Total liabilities	`Liabilities`	$81.41M	USD	Point-in-time
Total liabilities	`Liabilities`	$71.40M	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; 14,487,146 and 14,309,315 issued and outstanding	`CommonStockValue`	$1.45K	USD	Point-in-time
Common stock $.0001 par value; 75,000,000 shares authorized; 14,487,146 and 14,309,315 issued and outstanding	`CommonStockValue`	$1.43K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$249.06M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$249.19M	USD	Point-in-time
Accumulated (deficit)	`RetainedEarningsAccumulatedDeficit`	$-283.32M	USD	Point-in-time
Accumulated (deficit)	`RetainedEarningsAccumulatedDeficit`	$-275.09M	USD	Point-in-time
Total stockholders' equity/(deficit) before non-controlling interest	`StockholdersEquity`	$-34.13M	USD	Point-in-time
Total stockholders' equity/(deficit) before non-controlling interest	`StockholdersEquity`	$-26.03M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-38.32M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$-36.45M	USD	Point-in-time
Total stockholders' equity/(deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-72.45M	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 stockholders' equity/(deficit)	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-62.49M	USD	Point-in-time
Total liabilities and stockholders' equity/(deficit)	`LiabilitiesAndStockholdersEquity`	$8.91M	USD	Point-in-time
Total liabilities and stockholders' equity/(deficit)	`LiabilitiesAndStockholdersEquity`	$8.97M	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$299.61K	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$291.68K	USD	1 Quarter
Marketing, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.29M	USD	1 Quarter
Marketing, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.92M	USD	1 Quarter
Operations and research	`OperationsAndResearchExpense`	$1.80M	USD	1 Quarter
Operations and research	`OperationsAndResearchExpense`	$5.06M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$6.98M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$3.09M	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-2.80M	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-6.68M	USD	1 Quarter
Interest expense	`InterestExpense`	$2.38M	USD	1 Quarter
Interest expense	`InterestExpense`	$3.23M	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$54.38K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$-190.26K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-3.42M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-2.33M	USD	1 Quarter
(LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-10.09M	USD	1 Quarter
(LOSS) BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-5.12M	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
NET (LOSS) BEFORE NON-CONTROLLING INTEREST	`ProfitLoss`	$-10.09M	USD	1 Quarter
NET (LOSS) BEFORE NON-CONTROLLING INTEREST	`ProfitLoss`	$-5.12M	USD	1 Quarter
Non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-1.40M	USD	1 Quarter
Non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-1.86M	USD	1 Quarter
NET (LOSS)	`NetIncomeLoss`	$-3.72M	USD	1 Quarter
NET (LOSS)	`NetIncomeLoss`	$-8.23M	USD	1 Quarter
Basic and diluted (See NOTE B)	`EarningsPerShareBasicAndDiluted`	$-0.57	USD	1 Quarter
Basic and diluted (See NOTE B)	`EarningsPerShareBasicAndDiluted`	$-0.29	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	14.37M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.61M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.61M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	14.37M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net (loss) before non-controlling interest	`ProfitLoss`	$-10.09M	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
Investment in unconsolidated entity	`IncomeLossFromEquityMethodInvestments`	$294.98K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$2.37K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$1.83K	USD	1 Quarter
Financing fees amortization	`DebtRelatedCommitmentFeesAndDebtIssuanceCosts`	$28.98K	USD	1 Quarter
Financing fees amortization	`DebtRelatedCommitmentFeesAndDebtIssuanceCosts`	$36.72K	USD	1 Quarter
Loan payable prepayment premium	`LoanPayablePrepaymentPremium`	-	USD	1 Quarter
Loan payable prepayment premium	`LoanPayablePrepaymentPremium`	$200.00K	USD	1 Quarter
Note payable interest accretion	`IncreaseDecreaseInInterestPayableNet`	$68.14K	USD	1 Quarter
Note payable interest accretion	`IncreaseDecreaseInInterestPayableNet`	$-45.20K	USD	1 Quarter
Right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$38.77K	USD	1 Quarter
Right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$35.18K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$312.65K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$281.69K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-6.74K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$60.73K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-23.14K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-87.15K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.63M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$389.67K	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$3.23M	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$3.38M	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.69M	USD	1 Quarter
NET CASH USED IN OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$-1.43M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.88K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-2.88K	USD	1 Quarter
Proceeds from issuance of loans payable	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	1 Quarter
Proceeds from issuance of loans payable	`ProceedsFromIssuanceOfLongTermDebt`	$2.20M	USD	1 Quarter
Payment of operating lease liability	`PaymentOfOperatingLeaseLiability`	$33.67K	USD	1 Quarter
Payment of operating lease liability	`PaymentOfOperatingLeaseLiability`	$38.73K	USD	1 Quarter
Proceeds from sale of equity of subsidiary	`ProceedsFromSaleOfEquityOfSubsidiary`	$713.88K	USD	1 Quarter
Proceeds from sale of equity of subsidiary	`ProceedsFromSaleOfEquityOfSubsidiary`	-	USD	1 Quarter
Payment of debt obligation	`RepaymentsOfDebt`	$177.44K	USD	1 Quarter
Payment of debt obligation	`RepaymentsOfDebt`	$186.78K	USD	1 Quarter
Repurchase of stock-based awards withheld for payment of withholding tax requirements	`RepurchaseOfStockbasedAwardsWithheldForPaymentOfWithholdingTaxRequirements`	-	USD	1 Quarter
Repurchase of stock-based awards withheld for payment of withholding tax requirements	`RepurchaseOfStockbasedAwardsWithheldForPaymentOfWithholdingTaxRequirements`	$454.36K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$502.77K	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$1.52M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-168.44K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-928.38K	USD	1 Quarter
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.16M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.27M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.23M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.11M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.16M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.27M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.23M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.11M	USD	Point-in-time
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Director compensation settled with equity	`StockIssued1`	$100.00K	USD	1 Quarter
Director compensation settled with equity	`StockIssued1`	$276.01K	USD	1 Quarter
Accrued interest settled with common stock	`CommonStockAccruedInterestWriteOff`	$34.52K	USD	1 Quarter
Accrued interest settled with common stock	`CommonStockAccruedInterestWriteOff`	-	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-72.45M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-60.49M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-57.91M	USD	Point-in-time
Beginning Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-62.49M	USD	Point-in-time
Share-based compensation	`StockGrantedDuringPeriodValueSharebasedCompensation`	$134.30K	USD	1 Quarter
Share-based compensation	`StockGrantedDuringPeriodValueSharebasedCompensation`	$281.69K	USD	1 Quarter
Common stock issued for converted convertible debt	`StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments`	$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
Net (loss)	`ProfitLoss`	$-10.09M	USD	1 Quarter
Net (loss)	`ProfitLoss`	$-5.12M	USD	1 Quarter
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-72.45M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-60.49M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-57.91M	USD	Point-in-time
Ending Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-62.49M	USD	Point-in-time

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