$OMEX
ODYSSEY MARINE EXPLORATION INC

2018 Q4 Form 10-Q Financial Statement

#000119312518324883 Filed on November 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $804.2K $886.3K $11.85K
YoY Change 7377.03% -99.59%
Cost Of Revenue
YoY Change
Gross Profit $804.2K $886.3K $11.85K
YoY Change 7377.03% -99.59%
Gross Profit Margin 100.0% 100.0% 100.0%
Selling, General & Admin $2.500M $1.360M $1.863M
YoY Change 62.34% -27.02% -15.06%
% of Gross Profit 310.86% 153.43% 15718.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $70.00K $100.0K $170.0K
YoY Change -56.25% -41.18% -29.17%
% of Gross Profit 8.7% 11.28% 1434.12%
Operating Expenses $2.500M $1.360M $1.863M
YoY Change 62.34% -27.02% -15.06%
Operating Profit -$1.696M -$1.544M -$2.470M
YoY Change 10.12% -37.47% 12.41%
Interest Expense -$830.0K $816.7K $638.9K
YoY Change 16.9% 27.83% 6.68%
% of Operating Profit
Other Income/Expense, Net -$10.00K -$778.5K -$635.8K
YoY Change 22.45% 5.93%
Pretax Income -$2.530M -$2.323M -$3.106M
YoY Change 12.44% -25.2% 11.02%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.477M -$1.309M -$2.251M
YoY Change 6.08% -41.84% 5.57%
Net Earnings / Revenue -183.64% -147.72% -18990.19%
Basic Earnings Per Share -$0.15 -$0.27
Diluted Earnings Per Share -$165.7K -$0.15 -$0.27
COMMON SHARES
Basic Shares Outstanding 8.467M shares 8.467M 8.389M shares
Diluted Shares Outstanding 8.467M 8.389M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.790M $130.0K $1.340M
YoY Change 151.35% -90.3% 152.83%
Cash & Equivalents $2.787M $130.4K $1.342M
Short-Term Investments
Other Short-Term Assets $1.016M $286.2K $242.1K
YoY Change 105.06% 18.23% -41.82%
Inventory
Prepaid Expenses $478.6K
Receivables $789.4K $667.2K $263.7K
Other Receivables $120.0K $50.00K $50.00K
Total Short-Term Assets $4.603M $1.094M $1.858M
YoY Change 149.31% -41.13% -16.89%
LONG-TERM ASSETS
Property, Plant & Equipment $118.0K $195.5K $749.8K
YoY Change -80.13% -73.93% -62.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $750.0K $530.0K
YoY Change
Other Assets $0.00 $532.5K $532.5K
YoY Change -100.0% 0.0% 0.0%
Total Long-Term Assets $870.6K $1.258M $1.282M
YoY Change -22.7% -1.91% -49.73%
TOTAL ASSETS
Total Short-Term Assets $4.603M $1.094M $1.858M
Total Long-Term Assets $870.6K $1.258M $1.282M
Total Assets $5.473M $2.352M $3.140M
YoY Change 84.13% -25.11% -34.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.772M $3.001M $2.113M
YoY Change 15.67% 42.03% 0.66%
Accrued Expenses $9.805M $8.760M $6.070M
YoY Change 49.66% 44.32% 28.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $29.45M $25.89M $23.15M
YoY Change 20.89% 11.84% 30.35%
Total Short-Term Liabilities $42.03M $37.65M $31.33M
YoY Change 26.16% 20.19% 27.45%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $3.500M $3.000M
YoY Change -100.0% 16.67% -29.91%
Other Long-Term Liabilities $4.640M $4.640M $4.640M
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Liabilities $4.644M $8.144M $7.644M
YoY Change -39.25% 6.54% -14.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.03M $37.65M $31.33M
Total Long-Term Liabilities $4.644M $8.144M $7.644M
Total Liabilities $46.67M $45.80M $38.97M
YoY Change 13.95% 17.51% 16.32%
SHAREHOLDERS EQUITY
Retained Earnings -$239.9M -$238.4M -$233.3M
YoY Change 2.2% 2.18% 3.91%
Common Stock $218.0M $213.2M $212.0M
YoY Change 2.78% 0.57% 2.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$21.89M -$25.19M -$21.31M
YoY Change
Total Liabilities & Shareholders Equity $5.473M $2.352M $3.140M
YoY Change 84.13% -25.11% -34.39%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$1.477M -$1.309M -$2.251M
YoY Change 6.08% -41.84% 5.57%
Depreciation, Depletion And Amortization $70.00K $100.0K $170.0K
YoY Change -56.25% -41.18% -29.17%
Cash From Operating Activities -$2.080M -$1.160M -$1.580M
YoY Change 58.78% -26.58% 29.51%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $30.00K
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00 $30.00K
YoY Change -100.0% -142.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.740M 730.0K 1.420M
YoY Change 338.89% -48.59% -14300.0%
NET CHANGE
Cash From Operating Activities -2.080M -1.160M -1.580M
Cash From Investing Activities 0.000 0.000 30.00K
Cash From Financing Activities 4.740M 730.0K 1.420M
Net Change In Cash 2.660M -430.0K -130.0K
YoY Change -1256.52% 230.77% -90.0%
FREE CASH FLOW
Cash From Operating Activities -$2.080M -$1.160M -$1.580M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$2.080M -$1.160M -$1.580M
YoY Change 58.78% -26.58% 37.39%

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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Expiration Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate
2015-08-31
dei Trading Symbol
TradingSymbol
OMEX
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8466909 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8466909 shares
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
923095
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 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 Payments For Proceeds From Restricted Cash Held As Collateral
PaymentsForProceedsFromRestrictedCashHeldAsCollateral
125
omex Operations And Research Expense
OperationsAndResearchExpense
2544559
omex Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-3695592
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
0.250 pure
omex Noncash Marine Services Revenue
NoncashMarineServicesRevenue
529882
CY2017Q2 us-gaap Debt Instrument Decrease Forgiveness
DebtInstrumentDecreaseForgiveness
650000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
208496
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
308255 shares
CY2017Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
11854
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1863328
CY2017Q3 us-gaap Accelerated Share Repurchases Final Price Paid Per Share
AcceleratedShareRepurchasesFinalPricePaidPerShare
4.18
CY2017Q3 us-gaap Costs And Expenses
CostsAndExpenses
2481789
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.27
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.27
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.27
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-3105768
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2017Q3 us-gaap Interest Expense
InterestExpense
638940
CY2017Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-635833
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-2251097
CY2017Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-854671
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3107
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2469935
CY2017Q3 us-gaap Profit Loss
ProfitLoss
-3105768
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8388821 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8388821 shares
CY2017Q3 omex Operations And Research Expense
OperationsAndResearchExpense
618461
CY2017Q3 omex Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-2251097
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
103904
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
266158 shares
CY2018Q3 us-gaap Accelerated Share Repurchases Final Price Paid Per Share
AcceleratedShareRepurchasesFinalPricePaidPerShare
7.89
CY2018Q3 us-gaap Costs And Expenses
CostsAndExpenses
2430814
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.15
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-2323034
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2018Q3 us-gaap Interest Expense
InterestExpense
816732
CY2018Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-778547
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-1309275
CY2018Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1013759
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
38185
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1544487
CY2018Q3 us-gaap Profit Loss
ProfitLoss
-2323034
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
886327
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1359898
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8466909 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8466909 shares
CY2018Q3 omex Operations And Research Expense
OperationsAndResearchExpense
1070916
CY2018Q3 omex Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-1309275

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