2015 Form 10-K Financial Statement

#000119312516522498 Filed on March 30, 2016

View on sec.gov

Income Statement

Concept 2015 2014 Q4 2014 Q3
Revenue $5.330M $288.5K $120.0K
YoY Change 302.93% -98.33% -97.84%
Cost Of Revenue $1.447M $40.00K $27.03K
YoY Change 485.76% -85.71% -84.06%
Gross Profit $3.883M $245.9K $93.02K
YoY Change 260.93% -98.55% -98.27%
Gross Profit Margin 72.85% 85.24% 77.49%
Selling, General & Admin $11.46M $6.120M $2.782M
YoY Change 17.03% -41.1% -40.42%
% of Gross Profit 295.1% 2488.66% 2991.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.419M $1.710M $2.470M
YoY Change -74.25% 216.67% 394.0%
% of Gross Profit 36.55% 695.36% 2655.34%
Operating Expenses $26.85M $6.120M $7.924M
YoY Change -9.02% -41.15% -11.95%
Operating Profit -$21.52M -$5.874M -$7.804M
YoY Change -23.65% -189.57% 126.54%
Interest Expense $4.552M -$300.0K $268.9K
YoY Change 191.73% -111.15% -69.93%
% of Operating Profit
Other Income/Expense, Net $272.9K -$10.00K $130.0K
YoY Change -128.7% -102.27% 36.23%
Pretax Income -$21.25M -$6.190M -$7.674M
YoY Change -27.08% -163.81% 129.12%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$18.21M -$5.243M -$7.415M
YoY Change -31.22% -148.77% 106.86%
Net Earnings / Revenue -341.58% -1817.54% -6176.9%
Basic Earnings Per Share -$0.09
Diluted Earnings Per Share -$2.457M -$737.0K -$0.09
COMMON SHARES
Basic Shares Outstanding 7.414M shares 85.32M shares 85.27M shares
Diluted Shares Outstanding 7.414M shares 85.27M shares

Balance Sheet

Concept 2015 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.240M $3.140M $3.710M
YoY Change -28.66% -85.27% -66.79%
Cash & Equivalents $2.240M $3.144M $3.712M
Short-Term Investments
Other Short-Term Assets $510.0K $655.7K $598.3K
YoY Change -56.78% -39.31% -48.72%
Inventory $0.00 $675.0K $676.4K
Prepaid Expenses $650.2K
Receivables $680.0K $6.476M $6.420M
Other Receivables $120.0K $60.00K $50.00K
Total Short-Term Assets $3.550M $11.47M $12.07M
YoY Change -69.05% -65.87% -39.42%
LONG-TERM ASSETS
Property, Plant & Equipment $2.830M $7.236M $8.806M
YoY Change -60.91% -26.0% -3.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $540.0K $1.272M $1.290M
YoY Change -91.54% -55.61% 1.68%
Total Long-Term Assets $3.360M $13.62M $15.23M
YoY Change -75.33% -23.71% -2.29%
TOTAL ASSETS
Total Short-Term Assets $3.550M $11.47M $12.07M
Total Long-Term Assets $3.360M $13.62M $15.23M
Total Assets $6.910M $25.09M $27.30M
YoY Change -72.46% -51.25% -23.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.570M $5.071M $3.832M
YoY Change -69.03% 46.03% 58.96%
Accrued Expenses $4.270M $2.388M $3.213M
YoY Change 78.66% -54.9% -27.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $15.06M $9.360M $9.360M
YoY Change 60.9% -42.82% -55.06%
Total Short-Term Liabilities $24.68M $19.04M $19.37M
YoY Change 29.62% -31.87% -42.4%
LONG-TERM LIABILITIES
Long-Term Debt $3.140M $11.81M $7.980M
YoY Change -73.41% 108.66% 369.41%
Other Long-Term Liabilities $4.640M $4.640M $4.640M
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Liabilities $7.780M $16.45M $12.62M
YoY Change -52.71% 59.63% 98.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.68M $19.04M $19.37M
Total Long-Term Liabilities $7.780M $16.45M $12.62M
Total Liabilities $23.11M $35.49M $32.00M
YoY Change -20.8% -7.21% -19.96%
SHAREHOLDERS EQUITY
Retained Earnings -$202.4M -$197.2M
YoY Change 15.05% 5.61%
Common Stock $198.3M $8.532K
YoY Change 2.61% 4.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$16.20M -$10.40M -$4.701M
YoY Change
Total Liabilities & Shareholders Equity $6.910M $25.09M $27.30M
YoY Change -72.46% -51.25% -23.12%

Cashflow Statement

Concept 2015 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income -$18.21M -$5.243M -$7.415M
YoY Change -31.22% -148.77% 106.86%
Depreciation, Depletion And Amortization $1.419M $1.710M $2.470M
YoY Change -74.25% 216.67% 394.0%
Cash From Operating Activities -$17.16M -$5.530M -$6.560M
YoY Change -39.89% -136.6% -20.58%
INVESTING ACTIVITIES
Capital Expenditures $48.41K -$140.0K -$180.0K
YoY Change -98.37% -88.43% -72.73%
Acquisitions
YoY Change
Other Investing Activities $850.0K $0.00
YoY Change -100.0%
Cash From Investing Activities $800.0K -$140.0K -$180.0K
YoY Change -126.94% -450.0% -90.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 15.46M 5.100M 4.730M
YoY Change 15.89% -202.0% -57.04%
NET CHANGE
Cash From Operating Activities -17.16M -5.530M -6.560M
Cash From Investing Activities 800.0K -140.0K -180.0K
Cash From Financing Activities 15.46M 5.100M 4.730M
Net Change In Cash -900.0K -570.0K -2.010M
YoY Change -95.05% -105.62% -339.29%
FREE CASH FLOW
Cash From Operating Activities -$17.16M -$5.530M -$6.560M
Capital Expenditures $48.41K -$140.0K -$180.0K
Free Cash Flow -$17.21M -$5.390M -$6.380M
YoY Change -45.4% -133.03% -16.05%

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0000798528
CY2015 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
32.88
CY2015 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.340 pure
CY2015 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P5Y9M15D
CY2015 invest Investment Options Expiration Date
InvestmentOptionsExpirationDate
2016-03-11
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Expiration Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate
2015-08-31
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
12.48
CY2015 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2015 dei Entity Registrant Name
EntityRegistrantName
ODYSSEY MARINE EXPLORATION INC
CY2015 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7413602 shares
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
137667 shares
CY2015 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7413602 shares
CY2015 us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
2014-04-13
CY2015 dei Document Period End Date
DocumentPeriodEndDate
2015-12-31
CY2015 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.08333 pure
CY2015 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 uses 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>
CY2015 dei Trading Symbol
TradingSymbol
OMEX
CY2015 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7413602 shares
CY2015 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y2M1D
CY2015 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
48411
CY2015 us-gaap Net Income Loss
NetIncomeLoss
-18207163
CY2015 us-gaap Revenues
Revenues
5330251
CY2015 us-gaap Interest Paid
InterestPaid
1419224
CY2015 us-gaap Profit Loss
ProfitLoss
-21251245
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1449216
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
-21524114
CY2015 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
137
CY2015 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1189123
CY2015 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-265077
CY2015 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
2000
CY2015 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
388595
CY2015 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
272869
CY2015 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-4240668
CY2015 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
615991
CY2015 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
-29404
CY2015 us-gaap Gains Losses On Restructuring Of Debt
GainsLossesOnRestructuringOfDebt
891345
CY2015 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
5611907
CY2015 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1943709
CY2015 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-1175971
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-21251245
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
2697365
CY2015 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
0
CY2015 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2015 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
1854717
CY2015 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-902233
CY2015 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
4900061
CY2015 us-gaap Operating Expenses
OperatingExpenses
26854365
CY2015 us-gaap Interest Expense
InterestExpense
4551799
CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
799589
CY2015 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
15462385
CY2015 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2015 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
2024299
CY2015 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
850000
CY2015 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-380085
CY2015 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
16750001
CY2015 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2348744
CY2015 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
0
CY2015 us-gaap Inventory Write Down
InventoryWriteDown
151922
CY2015 us-gaap Interest Expense Debt
InterestExpenseDebt
67422
CY2015 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
383148
CY2015 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-6190436
CY2015 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11458528
CY2015 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
2278411
CY2015 us-gaap Professional Fees
ProfessionalFees
716009
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2015 us-gaap Cost Of Goods Sold
CostOfGoodsSold
1447331
CY2015 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-3503353
CY2015 us-gaap Depreciation
Depreciation
1419295
CY2015 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-3044082
CY2015 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-184257
CY2015 omex Percentage Of Subsequent Cash Proceeds After Reimbursement
PercentageOfSubsequentCashProceedsAfterReimbursement
0.45 pure
CY2015 omex Borrowing Base Value Of Secured Collateral Percentage
BorrowingBaseValueOfSecuredCollateralPercentage
0.40 pure
CY2015 omex Shares Used In Computation For Earning Per Share Basic
SharesUsedInComputationForEarningPerShareBasic
7413602 shares
CY2015 omex Percentage Of Cash Proceeds From Monetization Of Recovered Cargo
PercentageOfCashProceedsFromMonetizationOfRecoveredCargo
0.80 pure
CY2015 omex Short Term Investments Maturity Period
ShortTermInvestmentsMaturityPeriod
Three months or less
CY2015 omex Expedition Charter Revenue
ExpeditionCharterRevenue
3328190
CY2015 omex Operations And Research
OperationsAndResearch
11428506
CY2015 omex Common Stock Issued For Subsidiary Stock Option Settlement
CommonStockIssuedForSubsidiaryStockOptionSettlement
2520000
CY2015 omex Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-18207163
CY2015 omex Number Of Stock Incentive Plans
NumberOfStockIncentivePlans
2 Incentive_Plan
CY2015 omex Share Repurchase Agreement Expiration Date
ShareRepurchaseAgreementExpirationDate
2016-03-30
CY2015 omex Exhibit Revenue
ExhibitRevenue
58352
CY2015 omex Payment For One Time Revenue Distribution
PaymentForOneTimeRevenueDistribution
12986
CY2015 omex Alternative Minimum Tax Rate
AlternativeMinimumTaxRate
0.20 pure
CY2015 omex Number Of Financial Institutions In Which Cash Deposited
NumberOfFinancialInstitutionsInWhichCashDeposited
1 Institution
CY2015 omex Repayment Of Mortgage And Loans Payable
RepaymentOfMortgageAndLoansPayable
1808344
CY2015 omex Estimated Market Rate Loan Percentage
EstimatedMarketRateLoanPercentage
0.15 pure
CY2015 omex Bank Loan Maturity Date
BankLoanMaturityDate
2017-03-18
CY2015 omex Payments For Proceeds From Restricted Cash Held As Collateral On Loan Payable
PaymentsForProceedsFromRestrictedCashHeldAsCollateralOnLoanPayable
-520728
CY2015 omex Undiscounted Future Cash Flow Amount
UndiscountedFutureCashFlowAmount
3449632
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.44
CY2014Q1 us-gaap Revenues
Revenues
566086
CY2014Q1 us-gaap Profit Loss
ProfitLoss
-9798757
CY2014Q1 us-gaap Gross Profit
GrossProfit
446481
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.33
CY2015Q1 us-gaap Revenues
Revenues
115292
CY2015Q1 us-gaap Profit Loss
ProfitLoss
-9714471
CY2015Q1 us-gaap Gross Profit
GrossProfit
-97584
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.60
CY2014Q2 us-gaap Revenues
Revenues
348264
CY2014Q2 us-gaap Profit Loss
ProfitLoss
-4015881
CY2014Q2 us-gaap Gross Profit
GrossProfit
290379
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.85
CY2015Q2 us-gaap Revenues
Revenues
443543
CY2015Q2 us-gaap Profit Loss
ProfitLoss
-6126218
CY2015Q2 us-gaap Gross Profit
GrossProfit
278957
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.08
CY2014Q3 us-gaap Revenues
Revenues
120046
CY2014Q3 us-gaap Profit Loss
ProfitLoss
-7415124
CY2014Q3 us-gaap Gross Profit
GrossProfit
93020
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.61
CY2015Q3 us-gaap Revenues
Revenues
1458653
CY2015Q3 us-gaap Profit Loss
ProfitLoss
-4580255
CY2015Q3 us-gaap Gross Profit
GrossProfit
585136
CY2014Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.72
CY2014Q4 us-gaap Revenues
Revenues
288486
CY2014Q4 us-gaap Profit Loss
ProfitLoss
-5243352
CY2014Q4 us-gaap Gross Profit
GrossProfit
245915
CY2015Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.33
CY2015Q4 us-gaap Revenues
Revenues
3312763
CY2015Q4 us-gaap Profit Loss
ProfitLoss
2213781
CY2015Q4 us-gaap Gross Profit
GrossProfit
3116411

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