$OMEX
ODYSSEY MARINE EXPLORATION INC

2023 Q2 Form 10-Q Financial Statement

#000095017023021774 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $172.6K $288.7K $299.6K
YoY Change -55.78% -3.63% 2.72%
Cost Of Revenue
YoY Change
Gross Profit $299.6K
YoY Change 2.72%
Gross Profit Margin 100.0%
Selling, General & Admin $1.821M $1.878M $6.975M
YoY Change -20.56% -73.08% 440.02%
% of Gross Profit 2328.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $262.7K $143.6K $2.370K
YoY Change 3200.13% 5961.05% 29.3%
% of Gross Profit 0.79%
Operating Expenses $1.821M $1.878M $6.975M
YoY Change -20.56% -73.08% 440.02%
Operating Profit -$3.147M -$3.377M -$6.675M
YoY Change 0.5% -49.41% 138.63%
Interest Expense $4.333M $3.809M -$3.226M
YoY Change 22.05% -218.08% -235.5%
% of Operating Profit
Other Income/Expense, Net -$4.895M $17.74M -$190.3K
YoY Change 43.55% -9422.14% -91.82%
Pretax Income -$8.042M $14.36M -$10.09M
YoY Change 22.94% -242.3% 96.96%
Income Tax -$3.046K -$5.746K $0.00
% Of Pretax Income -0.04%
Net Earnings -$5.724M $16.60M -$8.230M
YoY Change 22.21% -301.7% 121.23%
Net Earnings / Revenue -3316.64% 5749.32% -2746.98%
Basic Earnings Per Share -$0.29 $0.84 -$0.57
Diluted Earnings Per Share -$0.29 $0.83 -$572.9K
COMMON SHARES
Basic Shares Outstanding 19.89M 19.59M 14.37M
Diluted Shares Outstanding 19.92M 19.89M 14.37M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.832M $674.4K $2.106M
YoY Change -82.61% -67.98% -59.73%
Cash & Equivalents $1.800M $674.4K $2.106M
Short-Term Investments
Other Short-Term Assets $981.2K $1.065M $753.5K
YoY Change 79.35% 41.32% 50.63%
Inventory
Prepaid Expenses
Receivables $1.005M $17.00 $260.8K
Other Receivables $1.691M $2.034M $1.310K
Total Short-Term Assets $4.520M $3.780M $3.122M
YoY Change -60.39% 21.08% -47.58%
LONG-TERM ASSETS
Property, Plant & Equipment $2.768M $2.851M $440.9K
YoY Change 293.86% 546.64% -23.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.843M $4.676M $3.549M
YoY Change 25.83% 31.76% 34.94%
Other Assets $34.30K $34.30K $34.30K
YoY Change 0.0% -0.01% -17.95%
Total Long-Term Assets $9.480M $9.382M $5.845M
YoY Change 48.4% 60.51% 15.34%
TOTAL ASSETS
Total Short-Term Assets $4.520M $3.780M $3.122M
Total Long-Term Assets $9.480M $9.382M $5.845M
Total Assets $14.00M $13.16M $8.967M
YoY Change -21.35% 46.78% -18.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $932.9K $1.439M $5.677M
YoY Change -65.88% -74.66% 383.66%
Accrued Expenses $36.92M $32.99M $31.00M
YoY Change 8.1% 6.43% 29.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.217M $1.907M $24.98M
YoY Change -89.12% -92.37% -16.75%
Total Short-Term Liabilities $40.27M $36.33M $61.66M
YoY Change -29.69% -41.07% 11.88%
LONG-TERM LIABILITIES
Long-Term Debt $38.71M $34.20M $19.48M
YoY Change 60.12% 75.55% 60.36%
Other Long-Term Liabilities $26.58K $78.50K $271.4K
YoY Change -88.24% -71.08% -93.63%
Total Long-Term Liabilities $38.73M $34.28M $19.76M
YoY Change 58.74% 73.54% 20.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $40.27M $36.33M $61.66M
Total Long-Term Liabilities $38.73M $34.28M $19.76M
Total Liabilities $79.00M $70.62M $43.10M
YoY Change -3.27% 63.85% -39.74%
SHAREHOLDERS EQUITY
Retained Earnings -$287.4M -$281.6M
YoY Change -0.23%
Common Stock $271.1M $270.6M
YoY Change 2.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$16.27M -$11.02M -$34.13M
YoY Change
Total Liabilities & Shareholders Equity $13.99M $13.16M $8.967M
YoY Change -21.51% 46.78% -18.66%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$5.724M $16.60M -$8.230M
YoY Change 22.21% -301.7% 121.23%
Depreciation, Depletion And Amortization $262.7K $143.6K $2.370K
YoY Change 3200.13% 5961.05% 29.3%
Cash From Operating Activities -$3.881M -$3.488M -$1.686M
YoY Change 293.25% 106.92% 17.79%
INVESTING ACTIVITIES
Capital Expenditures $92.26K $5.326K -$2.880K
YoY Change -129.81% -284.93%
Acquisitions
YoY Change
Other Investing Activities $1.040M
YoY Change
Cash From Investing Activities $947.7K -$5.326K -$2.880K
YoY Change -406.2% 84.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.091M 2.724M 1.520M
YoY Change -57.94% 79.21% 202.35%
NET CHANGE
Cash From Operating Activities -3.881M -3.488M -1.686M
Cash From Investing Activities 947.7K -5.326K -2.880K
Cash From Financing Activities 4.091M 2.724M 1.520M
Net Change In Cash 1.158M -769.0K -168.4K
YoY Change -86.26% 356.54% -81.86%
FREE CASH FLOW
Cash From Operating Activities -$3.881M -$3.488M -$1.686M
Capital Expenditures $92.26K $5.326K -$2.880K
Free Cash Flow -$3.973M -$3.493M -$1.683M
YoY Change 486.57% 107.59% 17.58%

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CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
6848
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
0
CY2023Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
117428
CY2022Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-23135
CY2023Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-657416
CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
4633450
CY2023Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
4507406
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
3378543
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3487948
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1724423
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5326
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2878
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5326
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2878
CY2023Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
13515100
CY2022Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
2200000
CY2023Q1 omex Waiver Fee Paid
WaiverFeePaid
1000000
CY2022Q1 omex Waiver Fee Paid
WaiverFeePaid
0
CY2023Q1 omex Offering Cost Paid On Financing
OfferingCostPaidOnFinancing
98504
CY2022Q1 omex Offering Cost Paid On Financing
OfferingCostPaidOnFinancing
0
CY2023Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
9692315
CY2022Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
186777
CY2023Q1 omex Repurchase Of Stockbased Awards Withheld For Payment Of Withholding Tax Requirements
RepurchaseOfStockbasedAwardsWithheldForPaymentOfWithholdingTaxRequirements
0
CY2022Q1 omex Repurchase Of Stockbased Awards Withheld For Payment Of Withholding Tax Requirements
RepurchaseOfStockbasedAwardsWithheldForPaymentOfWithholdingTaxRequirements
454360
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2724281
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1558863
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-768993
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-168438
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1443421
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2274751
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
674428
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2106313
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
0
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
0
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
72359
CY2022Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0
CY2023Q1 us-gaap Stock Issued1
StockIssued1
187245
CY2022Q1 us-gaap Stock Issued1
StockIssued1
276012
CY2023Q1 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
1000000
CY2022Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0
CY2023Q1 omex Warrants Issued
WarrantsIssued
3416594
CY2022Q1 omex Warrants Issued
WarrantsIssued
0
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Management uses estimates and assumptions in preparing these condensed consolidated financial statements in accordance with U.S. GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were used.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Reclassifications</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Certain reclassifications have been made to the 2022 condensed consolidated financial statements in order to conform to the classifications used in 2023</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">. The reclassifications had no impact to operations or working capital.</span></p>
CY2023Q1 omex Short Term Investments Maturity Period
ShortTermInvestmentsMaturityPeriod
P3M
CY2023Q1 omex Exploration License Impairments
ExplorationLicenseImpairments
0
CY2022Q1 omex Exploration License Impairments
ExplorationLicenseImpairments
0
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
470546
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19666459
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14365633
CY2023Q1 us-gaap Accelerated Share Repurchases Final Price Paid Per Share
AcceleratedShareRepurchasesFinalPricePaidPerShare
3.21
CY2022Q1 us-gaap Accelerated Share Repurchases Final Price Paid Per Share
AcceleratedShareRepurchasesFinalPricePaidPerShare
5.91
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12706362
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
916158
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
16600534
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-8230229
CY2023Q1 omex Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
16600534
CY2022Q1 omex Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-8230229
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19666459
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14365633
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19892079
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14365633
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.84
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.57
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.83
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.57
CY2023Q1 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
2033744
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
17
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
7515
CY2022Q4 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
1576717
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
674428
CY2023Q1 omex Working Capital Deficit
WorkingCapitalDeficit
32600000
CY2022Q3 us-gaap Assets
Assets
13200000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
117876
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
92884
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
210760
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
54700
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
54000
CY2023Q1 us-gaap Loans Payable
LoansPayable
36110652
CY2022Q4 us-gaap Loans Payable
LoansPayable
46743703
CY2023Q1 omex Unamortized Waiver Fee
UnamortizedWaiverFee
974806
CY2022 omex Unamortized Waiver Fee
UnamortizedWaiverFee
0
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
439206
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
354187
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
393628
CY2022Q4 omex Earnest Money Deposit
EarnestMoneyDeposit
843242
CY2021Q4 omex Earnest Money Deposit
EarnestMoneyDeposit
657331
CY2022Q4 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
26392827
CY2021Q4 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
35131587
CY2022Q4 omex Accrued Exploration License Fees
AccruedExplorationLicenseFees
4741094
CY2021Q4 omex Accrued Exploration License Fees
AccruedExplorationLicenseFees
3867553
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
32809997
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
40481204
CY2023Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
3465778
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
3.78
CY2023Q1 omex Class Of Warrant Or Right Expiration Date
ClassOfWarrantOrRightExpirationDate
2026-03-06
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
122339
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
312646
CY2023Q1 us-gaap Loans Receivable With Variable Rates Of Interest1
LoansReceivableWithVariableRatesOfInterest1
0

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