$OMEX
ODYSSEY MARINE EXPLORATION INC

2019 Q4 Form 10-Q Financial Statement

#000119312519292364 Filed on November 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $741.4K $762.2K $886.3K
YoY Change -7.8% -14.01% 7377.03%
Cost Of Revenue
YoY Change
Gross Profit $741.4K $762.2K $886.3K
YoY Change -7.8% -14.01% 7377.03%
Gross Profit Margin 100.0% 100.0% 100.0%
Selling, General & Admin $2.930M $2.111M $1.360M
YoY Change 17.2% 55.2% -27.02%
% of Gross Profit 395.17% 276.91% 153.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.00K $0.00 $100.0K
YoY Change -85.71% -100.0% -41.18%
% of Gross Profit 1.35% 0.0% 11.28%
Operating Expenses $2.930M $2.111M $1.360M
YoY Change 17.2% 55.2% -27.02%
Operating Profit -$2.189M -$3.471M -$1.544M
YoY Change 29.06% 124.72% -37.47%
Interest Expense -$1.370M $2.050M $816.7K
YoY Change 65.06% 151.0% 27.83%
% of Operating Profit
Other Income/Expense, Net $20.00K -$2.375M -$778.5K
YoY Change -300.0% 205.07% 22.45%
Pretax Income -$3.540M -$5.846M -$2.323M
YoY Change 39.92% 151.65% -25.2%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.268M -$4.230M -$1.309M
YoY Change 53.57% 223.07% -41.84%
Net Earnings / Revenue -305.88% -554.97% -147.72%
Basic Earnings Per Share -$0.45 -$0.15
Diluted Earnings Per Share -$239.5K -$0.45 -$0.15
COMMON SHARES
Basic Shares Outstanding 9.478M 9.456M 8.467M
Diluted Shares Outstanding 9.456M 8.467M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $200.0K $300.0K $130.0K
YoY Change -92.83% 130.77% -90.3%
Cash & Equivalents $213.4K $303.7K $130.4K
Short-Term Investments
Other Short-Term Assets $589.8K $307.2K $286.2K
YoY Change -41.95% 7.32% 18.23%
Inventory
Prepaid Expenses $584.8K
Receivables $421.6K $304.4K $667.2K
Other Receivables $40.00K $40.00K $50.00K
Total Short-Term Assets $1.225M $925.4K $1.094M
YoY Change -73.39% -15.4% -41.13%
LONG-TERM ASSETS
Property, Plant & Equipment $756.8K $590.5K $195.5K
YoY Change 541.5% 202.08% -73.93%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.500M $1.410M $530.0K
YoY Change 100.0% 166.04%
Other Assets $26.81K $26.81K $532.5K
YoY Change -94.97% 0.0%
Total Long-Term Assets $4.105M $3.853M $1.258M
YoY Change 371.48% 206.33% -1.91%
TOTAL ASSETS
Total Short-Term Assets $1.225M $925.4K $1.094M
Total Long-Term Assets $4.105M $3.853M $1.258M
Total Assets $5.330M $4.779M $2.352M
YoY Change -2.62% 103.19% -25.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.238M $4.860M $3.001M
YoY Change 125.0% 61.94% 42.03%
Accrued Expenses $13.42M $13.31M $8.760M
YoY Change 36.9% 51.94% 44.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $31.45M $30.66M $25.89M
YoY Change 6.79% 18.42% 11.84%
Total Short-Term Liabilities $51.23M $48.83M $37.65M
YoY Change 21.9% 29.67% 20.19%
LONG-TERM LIABILITIES
Long-Term Debt $2.960M $1.410M $3.500M
YoY Change -59.71% 16.67%
Other Long-Term Liabilities $4.440M $4.300M $4.640M
YoY Change -4.31% -7.33% 0.0%
Total Long-Term Liabilities $7.397M $5.712M $8.144M
YoY Change 59.29% -29.87% 6.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $51.23M $48.83M $37.65M
Total Long-Term Liabilities $7.397M $5.712M $8.144M
Total Liabilities $58.63M $54.54M $45.80M
YoY Change 25.62% 19.09% 17.51%
SHAREHOLDERS EQUITY
Retained Earnings -$250.3M -$248.1M -$238.4M
YoY Change 4.35% 4.05% 2.18%
Common Stock $221.0M $221.0M $213.2M
YoY Change 1.39% 3.66% 0.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$29.29M -$27.03M -$25.19M
YoY Change
Total Liabilities & Shareholders Equity $5.330M $4.779M $2.352M
YoY Change -2.62% 103.19% -25.11%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$2.268M -$4.230M -$1.309M
YoY Change 53.57% 223.07% -41.84%
Depreciation, Depletion And Amortization $10.00K $0.00 $100.0K
YoY Change -85.71% -100.0% -41.18%
Cash From Operating Activities -$1.790M -$1.460M -$1.160M
YoY Change -13.94% 25.86% -26.58%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.700M 1.390M 730.0K
YoY Change -64.14% 90.41% -48.59%
NET CHANGE
Cash From Operating Activities -1.790M -1.460M -1.160M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 1.700M 1.390M 730.0K
Net Change In Cash -90.00K -70.00K -430.0K
YoY Change -103.38% -83.72% 230.77%
FREE CASH FLOW
Cash From Operating Activities -$1.790M -$1.460M -$1.160M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$1.790M -$1.460M -$1.160M
YoY Change -13.94% 25.86% -26.58%

Facts In Submission

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AcceleratedShareRepurchasesFinalPricePaidPerShare
4.72
CY2018Q3 us-gaap Accelerated Share Repurchases Final Price Paid Per Share
AcceleratedShareRepurchasesFinalPricePaidPerShare
7.89
us-gaap Accelerated Share Repurchases Final Price Paid Per Share
AcceleratedShareRepurchasesFinalPricePaidPerShare
5.35
us-gaap Accelerated Share Repurchases Final Price Paid Per Share
AcceleratedShareRepurchasesFinalPricePaidPerShare
7.05
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1112293
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
266158
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1112293
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-4229833
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-1309275
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2019Q3 omex Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-4229833
CY2018Q3 omex Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-1309275
CY2019Q3 us-gaap Cash Uninsured Amount
CashUninsuredAmount
103195
CY2019Q3 omex Redeemable Preferred Stock Outstanding
RedeemablePreferredStockOutstanding
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
266158
omex Number Of Financial Institutions In Which Cash Deposited
NumberOfFinancialInstitutionsInWhichCashDeposited
1
CY2019Q3 us-gaap Loans Receivable With Variable Rates Of Interest1
LoansReceivableWithVariableRatesOfInterest1
0
CY2019Q3 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
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CY2018Q4 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
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CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9456300
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8466909
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9301796
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8466909
omex Deposit Related To Future Sale Of Marine Assets
DepositRelatedToFutureSaleOfMarineAssets
1003662
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
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CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9456300
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8466909
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.45
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.45
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9301796
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8466909
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.88
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.44
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.88
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.44
CY2019Q3 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2019Q3 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
8200000
CY2019Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
55751874
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
52684059
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
3067815
omex Estimated Annual Effective Tax Rate
EstimatedAnnualEffectiveTaxRate
0.37541
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
CY2019Q3 omex Working Capital Deficit
WorkingCapitalDeficit
48000000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
35368
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
143241
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
147539
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
727521
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
1773369
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
151965
omex Adjustments To Additional Paid In Capital Debt Modification Inducement
AdjustmentsToAdditionalPaidInCapitalDebtModificationInducement
868878
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-290024
CY2019Q3 omex Lessee Operating Lease Liability Payments Due Year Six
LesseeOperatingLeaseLiabilityPaymentsDueYearSix
92884
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
482886
CY2019Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-290024
CY2018Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
7.155
CY2018Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
700000
CY2019Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
120000
omex Stock Issued During Theperiod Share Warrants
StockIssuedDuringTheperiodShareWarrants
120000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
679600
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
103904
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
751996
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
311712
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
800000
CY2019Q3 omex Revenue Participation Agreement Value
RevenueParticipationAgreementValue
15000000
CY2019Q3 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
600000
CY2019Q3 us-gaap Accounts Payable Interest Bearing Interest Rate
AccountsPayableInterestBearingInterestRate
0.12
CY2019Q3 omex Property Plant And Equipment Subject To Operating Leases
PropertyPlantAndEquipmentSubjectToOperatingLeases
570398
CY2019Q3 omex Exploration License
ExplorationLicense
1821251
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
88970
CY2019Q3 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
1773369
CY2019Q3 omex Adjustments To Additional Paid In Capital Debt Modification Inducement
AdjustmentsToAdditionalPaidInCapitalDebtModificationInducement
868878
omex Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
20213
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-290024
omex Debt Modification Inducement
DebtModificationInducement
-868878
omex Payment Of Operating Lease Liability
PaymentOfOperatingLeaseLiability
18755
omex Right Of Use Asset Obtained With Debt Obligation
RightOfUseAssetObtainedWithDebtObligation
590612
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2019Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-290024
dei Entity Address State Or Province
EntityAddressStateOrProvince
FL
dei Security12b Title
Security12bTitle
Common Stock
dei Trading Symbol
TradingSymbol
OMEX
dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2019Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
9478003
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2019-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Registrant Name
EntityRegistrantName
ODYSSEY MARINE EXPLORATION INC
dei Entity Central Index Key
EntityCentralIndexKey
0000798528
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Shell Company
EntityShellCompany
false
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2019Q3 omex Collateral Asset Carrying Value
CollateralAssetCarryingValue
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Expiration Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate
2015-08-31
omex Class Of Warrant Or Right Expiration Date
ClassOfWarrantOrRightExpirationDate
2021-10-01
omex Number Of Stock Incentive Plans
NumberOfStockIncentivePlans
2
CY2019Q3 us-gaap Loans Payable
LoansPayable
32070992
CY2018Q4 us-gaap Loans Payable
LoansPayable
29448988
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
570398
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
571856
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
25000
CY2019Q3 omex Percentage Of Annual Rent Accretion In Operating Lease
PercentageOfAnnualRentAccretionInOperatingLease
0.03
CY2019Q3 omex Fair Value Reacquisition Price
FairValueReacquisitionPrice
1340024
CY2019Q3 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
290024
CY2019Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
53379
CY2019Q3 omex Debt Modification Inducement
DebtModificationInducement
868878
omex Non Cash Marine Services Revenue
NonCashMarineServicesRevenue
662007
omex Non Cash Marine Services Revenue
NonCashMarineServicesRevenue
529882
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
590612
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
590612

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