$OMEX
ODYSSEY MARINE EXPLORATION INC

2015 Q2 Form 10-Q Financial Statement

#000119312515282170 Filed on August 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $443.5K $348.3K
YoY Change 27.36% 37.25%
Cost Of Revenue $164.6K $57.89K
YoY Change 184.34% -39.12%
Gross Profit $279.0K $290.4K
YoY Change -3.93% 83.02%
Gross Profit Margin 62.89% 83.38%
Selling, General & Admin $3.354M $2.394M
YoY Change 40.09% -18.24%
% of Gross Profit 1202.42% 824.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $350.0K $700.0K
YoY Change -50.0% 55.56%
% of Gross Profit 125.47% 241.06%
Operating Expenses $6.408M $5.200M
YoY Change 23.24% -58.52%
Operating Profit -$5.965M -$4.852M
YoY Change 22.95% -60.49%
Interest Expense $1.019M $135.3K
YoY Change 653.43% -85.27%
% of Operating Profit
Other Income/Expense, Net -$800.0K -$70.18K
YoY Change 1039.93% -106.49%
Pretax Income -$6.765M -$4.922M
YoY Change 37.45% -56.05%
Income Tax $0.00 -$481.1K
% Of Pretax Income
Net Earnings -$6.126M -$4.016M
YoY Change 52.55% -63.98%
Net Earnings / Revenue -1381.2% -1153.11%
Basic Earnings Per Share -$0.84 -$0.05
Diluted Earnings Per Share -$0.84 -$0.05
COMMON SHARES
Basic Shares Outstanding 7.469M shares 84.90M shares
Diluted Shares Outstanding 7.469M shares 84.90M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.620M $5.730M
YoY Change -1.92% -44.58%
Cash & Equivalents $5.624M $5.731M
Short-Term Investments
Other Short-Term Assets $501.3K $791.0K
YoY Change -36.63% -68.15%
Inventory $336.0K $662.0K
Prepaid Expenses
Receivables $280.2K $3.846M
Other Receivables $50.00K
Total Short-Term Assets $6.975M $11.83M
YoY Change -41.04% -13.22%
LONG-TERM ASSETS
Property, Plant & Equipment $5.648M $11.10M
YoY Change -49.12% 24.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.365M $1.290M
YoY Change 5.75% 1.66%
Total Long-Term Assets $18.29M $17.54M
YoY Change 4.25% 12.7%
TOTAL ASSETS
Total Short-Term Assets $6.975M $11.83M
Total Long-Term Assets $18.29M $17.54M
Total Assets $25.26M $29.37M
YoY Change -13.99% 0.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.503M $4.063M
YoY Change -38.41% -23.61%
Accrued Expenses $3.482M $2.391M
YoY Change 45.62% -13.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $23.34M $9.120M
YoY Change 155.92% -37.83%
Total Short-Term Liabilities $32.19M $18.02M
YoY Change 78.66% -39.17%
LONG-TERM LIABILITIES
Long-Term Debt $11.83M $4.550M
YoY Change 160.0% 712.5%
Other Long-Term Liabilities $4.640M $4.640M
YoY Change 0.0% 0.0%
Total Long-Term Liabilities $16.47M $9.199M
YoY Change 79.08% 76.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.19M $18.02M
Total Long-Term Liabilities $16.47M $9.199M
Total Liabilities $48.66M $27.22M
YoY Change 78.8% -21.83%
SHAREHOLDERS EQUITY
Retained Earnings -$218.3M -$189.8M
YoY Change 15.02% 2.15%
Common Stock $202.2M $8.523K
YoY Change 2372815.3% 7.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$16.02M $2.158M
YoY Change
Total Liabilities & Shareholders Equity $25.26M $29.37M
YoY Change -13.99% 0.6%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$6.126M -$4.016M
YoY Change 52.55% -63.98%
Depreciation, Depletion And Amortization $350.0K $700.0K
YoY Change -50.0% 55.56%
Cash From Operating Activities -$7.870M -$5.950M
YoY Change 32.27% -42.46%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$1.070M
YoY Change -100.0% 311.54%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00 -$1.070M
YoY Change -100.0% 311.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.79M 6.980M
YoY Change 83.24% -29.42%
NET CHANGE
Cash From Operating Activities -7.870M -5.950M
Cash From Investing Activities 0.000 -1.070M
Cash From Financing Activities 12.79M 6.980M
Net Change In Cash 4.920M -40.00K
YoY Change -12400.0% -94.37%
FREE CASH FLOW
Cash From Operating Activities -$7.870M -$5.950M
Capital Expenditures $0.00 -$1.070M
Free Cash Flow -$7.870M -$4.880M
YoY Change 61.27% -51.59%

Facts In Submission

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us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 8%"> Management used estimates and assumptions in preparing these financial statements in accordance with generally accepted accounting principles. 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.</p> </div>
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1168947
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
14750001
dei Trading Symbol
TradingSymbol
OMEX
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
42828
us-gaap Net Income Loss
NetIncomeLoss
-15840689
us-gaap Revenues
Revenues
558836
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-251013
us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
215130
us-gaap Interest Paid
InterestPaid
724389
us-gaap Profit Loss
ProfitLoss
-16903415
us-gaap Operating Income Loss
OperatingIncomeLoss
-14959898
us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
95
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-464388
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
90158
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
2000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-10874
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1943517
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-4803499
us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
253347
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
94628
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
-29404
us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
45000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
246653
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
500000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
321174
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-251013
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-16903415
us-gaap Share Based Compensation
ShareBasedCompensation
1393379
us-gaap Proceeds From Derivative Instrument Financing Activities
ProceedsFromDerivativeInstrumentFinancingActivities
10000000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
2480792
us-gaap Operating Expenses
OperatingExpenses
15518734
us-gaap Interest Expense
InterestExpense
1681725
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
805172
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
13854898
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
850000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
477886
us-gaap Inventory Write Down
InventoryWriteDown
151922
us-gaap Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
10750
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
162121
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6370213
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
747126
us-gaap Cost Of Goods Sold
CostOfGoodsSold
377465
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2568382
us-gaap Depreciation
Depreciation
751126
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1062726
omex Percentage Of Subsequent Cash Proceeds After Reimbursement
PercentageOfSubsequentCashProceedsAfterReimbursement
0.45 pure
omex Common Stock Warrants Expiration Period
CommonStockWarrantsExpirationPeriod
P5Y
omex Borrowing Base Value Of Secured Collateral Percentage
BorrowingBaseValueOfSecuredCollateralPercentage
0.40 pure
omex Percentage Of Conversion Price Of Quoted Market Prices
PercentageOfConversionPriceOfQuotedMarketPrices
0.75 pure
omex Percentage Of Cash Proceeds From Monetization Of Recovered Cargo
PercentageOfCashProceedsFromMonetizationOfRecoveredCargo
0.80 pure
omex Short Term Investments Maturity Period
ShortTermInvestmentsMaturityPeriod
Three months or less
omex Period For Registration Statement Subject To Review
PeriodForRegistrationStatementSubjectToReview
120 days thereafter
omex Expedition Charter Revenue
ExpeditionCharterRevenue
204310
omex Operations And Research
OperationsAndResearch
6251056
omex Estimated Annual Effective Tax Rate
EstimatedAnnualEffectiveTaxRate
0.3140 pure
omex Bank Loan Maturity Period
BankLoanMaturityPeriod
2015
omex Common Stock Issued For Subsidiary Stock Option Settlement
CommonStockIssuedForSubsidiaryStockOptionSettlement
2520000
omex Shares Of Common Stock Issuable Upon Exercise Of Warrant
SharesOfCommonStockIssuableUponExerciseOfWarrant
434027 shares
omex Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-15840689
omex Number Of Stock Incentive Plans
NumberOfStockIncentivePlans
2 Incentive_Plan
omex Share Repurchase Agreement Expiration Date
ShareRepurchaseAgreementExpirationDate
2016-03-30
omex Exhibit Revenue
ExhibitRevenue
33352
omex Period For Warrant Term
PeriodForWarrantTerm
P5Y6M
omex Period For Registration Statement Of Initial Closing Date
PeriodForRegistrationStatementOfInitialClosingDate
P6M
omex Percentage Of Debt Instrument Conversion Price On Market Price Of Common Stock
PercentageOfDebtInstrumentConversionPriceOnMarketPriceOfCommonStock
1.250 pure
omex Dividends Received From Subsidiary
DividendsReceivedFromSubsidiary
16300000
omex Percentage Of Acceleration Payment Of Remaining Face Value
PercentageOfAccelerationPaymentOfRemainingFaceValue
1.25 pure
omex Number Of Financial Institutions In Which Cash Deposited
NumberOfFinancialInstitutionsInWhichCashDeposited
1 Institution
omex Period For Registration Statement To Be Declared Effective
PeriodForRegistrationStatementToBeDeclaredEffective
90 days thereafter
omex Secured Collateral
SecuredCollateral
24200 Coins
omex Repayment Of Mortgage And Loans Payable
RepaymentOfMortgageAndLoansPayable
1182281
omex Proceeds From Payment For Restricted Cash Held As Collateral On Loan Payable
ProceedsFromPaymentForRestrictedCashHeldAsCollateralOnLoanPayable
287178
omex Option Agreement Period Of Extension
OptionAgreementPeriodOfExtension
P2Y
CY2014Q2 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
5225 shares
CY2013Q3 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0075 pure
CY2014 us-gaap Recovery Of Direct Costs
RecoveryOfDirectCosts
6290465
CY2014Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
271606
CY2015Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
0
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
323264
CY2014Q2 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
553693
CY2014Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-522500
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-4921833
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
CY2014Q2 us-gaap Accelerated Share Repurchases Final Price Paid Per Share
AcceleratedShareRepurchasesFinalPricePaidPerShare
1.79
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
84898133 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84898133 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-4015881
CY2014Q2 us-gaap Revenues
Revenues
348264
CY2014Q2 us-gaap Profit Loss
ProfitLoss
-4440778
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4851651
CY2014Q2 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
22586
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
11346
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-70182
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-481055
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
5199915
CY2014Q2 us-gaap Interest Expense
InterestExpense
135307
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1393379
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2394323
CY2014Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
57885
CY2014Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-424897
CY2014Q2 omex Operations And Research
OperationsAndResearch
2747707
CY2014Q2 omex Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-4015881
CY2014Q2 omex Exhibit Revenue
ExhibitRevenue
25000
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2015Q2 us-gaap Accelerated Share Repurchases Final Price Paid Per Share
AcceleratedShareRepurchasesFinalPricePaidPerShare
0.60
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89633458 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
89633458 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-6126218
CY2015Q2 us-gaap Revenues
Revenues
443543
CY2015Q2 us-gaap Profit Loss
ProfitLoss
-6764886
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-5964863
CY2015Q2 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
36
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
7494
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-800023
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
226733
CY2015Q2 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
211890
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-6764886
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
6408406
CY2015Q2 us-gaap Interest Expense
InterestExpense
1019443
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
798773
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3354227
CY2015Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
164589
CY2015Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-638668
CY2015Q2 omex Expedition Charter Revenue
ExpeditionCharterRevenue
204310
CY2015Q2 omex Operations And Research
OperationsAndResearch
2889590
CY2015Q2 omex Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-6126218
CY2015Q2 omex Exhibit Revenue
ExhibitRevenue
12500

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