$OMEX
ODYSSEY MARINE EXPLORATION INC

2018 Q2 Form 10-Q Financial Statement

#000119312518244340 Filed on August 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $1.073M $587.3K
YoY Change 82.79% -51.76%
Cost Of Revenue
YoY Change
Gross Profit $1.073M $587.3K
YoY Change 82.79% -51.76%
Gross Profit Margin 100.0% 100.0%
Selling, General & Admin $1.489M $1.750M
YoY Change -14.88% -9.7%
% of Gross Profit 138.73% 297.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $130.0K $210.0K
YoY Change -38.1% -22.22%
% of Gross Profit 12.11% 35.76%
Operating Expenses $1.489M $1.750M
YoY Change -14.88% -45.86%
Operating Profit -$868.6K -$2.063M
YoY Change -57.9% 2.44%
Interest Expense $730.9K $664.7K
YoY Change 9.96% 11.48%
% of Operating Profit
Other Income/Expense, Net -$741.4K -$643.4K
YoY Change 15.23% 22.42%
Pretax Income -$1.610M -$2.707M
YoY Change -40.51% 6.57%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$641.6K -$1.917M
YoY Change -66.53% 3.13%
Net Earnings / Revenue -59.76% -326.41%
Basic Earnings Per Share -$0.08 -$0.23
Diluted Earnings Per Share -$0.08 -$0.23
COMMON SHARES
Basic Shares Outstanding 8.467M 8.323M shares
Diluted Shares Outstanding 8.467M 8.323M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $570.0K $1.480M
YoY Change -61.49% -19.13%
Cash & Equivalents $565.8K $1.477M
Short-Term Investments
Other Short-Term Assets $283.4K $224.4K
YoY Change 26.26% -64.46%
Inventory
Prepaid Expenses
Receivables $741.6K $285.4K
Other Receivables $90.00K
Total Short-Term Assets $1.601M $1.997M
YoY Change -19.82% -50.87%
LONG-TERM ASSETS
Property, Plant & Equipment $295.6K $923.2K
YoY Change -67.98% -58.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $532.5K $532.5K
YoY Change 0.0% -0.02%
Total Long-Term Assets $1.134M $1.456M
YoY Change -22.09% -46.99%
TOTAL ASSETS
Total Short-Term Assets $1.601M $1.997M
Total Long-Term Assets $1.134M $1.456M
Total Assets $2.735M $3.452M
YoY Change -20.78% -49.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.678M $1.484M
YoY Change 80.41% 15.21%
Accrued Expenses $8.070M $5.710M
YoY Change 41.33% -1.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $25.87M $21.61M
YoY Change 19.71% 21.88%
Total Short-Term Liabilities $36.62M $28.81M
YoY Change 27.11% 16.15%
LONG-TERM LIABILITIES
Long-Term Debt $3.500M $3.000M
YoY Change 16.67% -29.08%
Other Long-Term Liabilities $4.640M $4.640M
YoY Change 0.0% 0.0%
Total Long-Term Liabilities $8.144M $7.644M
YoY Change 6.54% -13.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.62M $28.81M
Total Long-Term Liabilities $8.144M $7.644M
Total Liabilities $44.76M $36.45M
YoY Change 22.8% 8.24%
SHAREHOLDERS EQUITY
Retained Earnings -$237.1M -$231.1M
YoY Change 2.61% 3.89%
Common Stock $212.3M $211.7M
YoY Change 0.27% 2.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$24.78M -$19.33M
YoY Change
Total Liabilities & Shareholders Equity $2.735M $3.452M
YoY Change -20.78% -49.3%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$641.6K -$1.917M
YoY Change -66.53% 3.13%
Depreciation, Depletion And Amortization $130.0K $210.0K
YoY Change -38.1% -22.22%
Cash From Operating Activities -$1.200M -$1.740M
YoY Change -31.03% -33.84%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $50.00K
YoY Change -100.0% -75.0%
Cash From Investing Activities $0.00 $50.00K
YoY Change -100.0% -73.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 400.0K 2.100M
YoY Change -80.95% 40.0%
NET CHANGE
Cash From Operating Activities -1.200M -1.740M
Cash From Investing Activities 0.000 50.00K
Cash From Financing Activities 400.0K 2.100M
Net Change In Cash -800.0K 410.0K
YoY Change -295.12% -143.62%
FREE CASH FLOW
Cash From Operating Activities -$1.200M -$1.740M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$1.200M -$1.740M
YoY Change -31.03% -33.59%

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<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: 4%"> Management used estimates and assumptions in preparing these 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.</p> </div>
omex Expedition Charter Revenue
ExpeditionCharterRevenue
1276913
omex Operations And Research Expense
OperationsAndResearchExpense
1473643
omex Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-2386318
omex Payment Of Contractual Obligations
PaymentOfContractualObligations
14000000
omex Settlement Receipts From Contractual Obligations
SettlementReceiptsFromContractualObligations
15000000
omex Class Of Warrant Or Right Expiration Date
ClassOfWarrantOrRightExpirationDate
2021-10-01
omex Number Of Financial Institutions In Which Cash Deposited
NumberOfFinancialInstitutionsInWhichCashDeposited
1 Institution
omex Number Of Stock Incentive Plans
NumberOfStockIncentivePlans
2 Incentive_Plan
omex Short Term Investments Maturity Period
ShortTermInvestmentsMaturityPeriod
P3M
omex Estimated Annual Effective Tax Rate
EstimatedAnnualEffectiveTaxRate
0.2739 pure
CY2017Q2 us-gaap Debt Instrument Decrease Forgiveness
DebtInstrumentDecreaseForgiveness
650000
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
207808
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
317443 shares
CY2017Q2 us-gaap Accelerated Share Repurchases Final Price Paid Per Share
AcceleratedShareRepurchasesFinalPricePaidPerShare
3.58
CY2017Q2 us-gaap Costs And Expenses
CostsAndExpenses
2650400
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.23
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.23
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.23
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-2706530
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2017Q2 us-gaap Interest Expense
InterestExpense
664735
CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-643400
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
-1916885
CY2017Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-789645
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
21335
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2063130
CY2017Q2 us-gaap Profit Loss
ProfitLoss
-2706530
CY2017Q2 us-gaap Revenues
Revenues
587270
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1749601
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8322512 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8322512 shares
CY2017Q2 omex Expedition Charter Revenue
ExpeditionCharterRevenue
587270
CY2017Q2 omex Operations And Research Expense
OperationsAndResearchExpense
900799
CY2017Q2 omex Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-1916885
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
103904
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
224491 shares
CY2018Q2 us-gaap Accelerated Share Repurchases Final Price Paid Per Share
AcceleratedShareRepurchasesFinalPricePaidPerShare
8.66
CY2018Q2 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2018Q2 us-gaap Costs And Expenses
CostsAndExpenses
1942071
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.08
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-1609982
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2018Q2 us-gaap Interest Expense
InterestExpense
730928
CY2018Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-741408
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-641557
CY2018Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-968425
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-10480
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-868574
CY2018Q2 us-gaap Profit Loss
ProfitLoss
-1609982
CY2018Q2 us-gaap Revenues
Revenues
1073497
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1489196
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8466909 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8466909 shares
CY2018Q2 omex Expedition Charter Revenue
ExpeditionCharterRevenue
780915
CY2018Q2 omex Operations And Research Expense
OperationsAndResearchExpense
452875
CY2018Q2 omex Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-641557

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