$OMEX
ODYSSEY MARINE EXPLORATION INC

2020 Q2 Form 10-Q Financial Statement

#000119312520220504 Filed on August 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $520.0K $774.4K
YoY Change -32.86% -27.86%
Cost Of Revenue
YoY Change
Gross Profit $520.0K $774.4K
YoY Change -32.86% -27.86%
Gross Profit Margin 100.0% 100.0%
Selling, General & Admin $1.283M $1.560M
YoY Change -17.76% 4.75%
% of Gross Profit 246.71% 201.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $40.00K
YoY Change -100.0% -69.23%
% of Gross Profit 0.0% 5.17%
Operating Expenses $1.283M $1.560M
YoY Change -17.76% 4.75%
Operating Profit -$4.047M -$2.455M
YoY Change 64.86% 182.66%
Interest Expense $1.562M $1.299M
YoY Change 20.24% 77.7%
% of Operating Profit
Other Income/Expense, Net -$1.775M -$1.290M
YoY Change 37.64% 73.94%
Pretax Income -$5.823M -$3.745M
YoY Change 55.49% 132.59%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$4.099M -$2.774M
YoY Change 47.74% 332.43%
Net Earnings / Revenue -788.24% -358.23%
Basic Earnings Per Share -$0.43 -$0.30
Diluted Earnings Per Share -$0.43 -$0.30
COMMON SHARES
Basic Shares Outstanding 9.542M 9.224M
Diluted Shares Outstanding 9.542M 9.224M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $220.0K $370.0K
YoY Change -40.54% -35.09%
Cash & Equivalents $223.7K $372.5K
Short-Term Investments
Other Short-Term Assets $322.8K $285.3K
YoY Change 13.14% 0.68%
Inventory
Prepaid Expenses
Receivables $791.0K $586.4K
Other Receivables $0.00 $50.00K
Total Short-Term Assets $1.338M $1.254M
YoY Change 6.63% -21.65%
LONG-TERM ASSETS
Property, Plant & Equipment $687.0K $23.19K
YoY Change 2862.55% -92.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.500M $1.190M
YoY Change 26.05%
Other Assets $26.81K $25.06K
YoY Change 6.97% -95.29%
Total Long-Term Assets $4.035M $1.242M
YoY Change 224.9% 9.52%
TOTAL ASSETS
Total Short-Term Assets $1.338M $1.254M
Total Long-Term Assets $4.035M $1.242M
Total Assets $5.373M $2.496M
YoY Change 115.23% -8.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.925M $4.083M
YoY Change 69.6% 52.48%
Accrued Expenses $17.41M $11.74M
YoY Change 48.3% 45.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $32.59M $29.37M
YoY Change 10.96% 13.53%
Total Short-Term Liabilities $56.93M $45.19M
YoY Change 25.97% 23.42%
LONG-TERM LIABILITIES
Long-Term Debt $5.960M $720.0K
YoY Change 727.78% -79.43%
Other Long-Term Liabilities $4.370M $3.820M
YoY Change 14.4% -17.67%
Total Long-Term Liabilities $10.34M $4.537M
YoY Change 127.8% -44.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $56.93M $45.19M
Total Long-Term Liabilities $10.34M $4.537M
Total Liabilities $67.27M $49.73M
YoY Change 35.26% 11.1%
SHAREHOLDERS EQUITY
Retained Earnings -$257.3M -$243.8M
YoY Change 5.53% 2.84%
Common Stock $222.6M $218.1M
YoY Change 2.08% 2.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$34.72M -$25.76M
YoY Change
Total Liabilities & Shareholders Equity $5.373M $2.496M
YoY Change 115.23% -8.73%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$4.099M -$2.774M
YoY Change 47.74% 332.43%
Depreciation, Depletion And Amortization $0.00 $40.00K
YoY Change -100.0% -69.23%
Cash From Operating Activities -$1.090M -$730.0K
YoY Change 49.32% -39.17%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$20.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00 -$20.00K
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 880.0K -110.0K
YoY Change -900.0% -127.5%
NET CHANGE
Cash From Operating Activities -1.090M -730.0K
Cash From Investing Activities 0.000 -20.00K
Cash From Financing Activities 880.0K -110.0K
Net Change In Cash -210.0K -860.0K
YoY Change -75.58% 7.5%
FREE CASH FLOW
Cash From Operating Activities -$1.090M -$730.0K
Capital Expenditures $0.00 -$20.00K
Free Cash Flow -$1.090M -$710.0K
YoY Change 53.52% -40.83%

Facts In Submission

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CY2020Q2 omex Exploration License
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CY2019Q4 omex Exploration License
ExplorationLicense
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CY2020Q2 us-gaap Operating Lease Liability Noncurrent
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CY2019Q4 us-gaap Operating Lease Liability Noncurrent
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CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9224318
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Litigation Settlement Amount Awarded From Other Party
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omex Lender Financed Debt Fees
LenderFinancedDebtFees
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CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9224318
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.43
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.30
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.43
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2019Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
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CY2020Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2020Q2 us-gaap Deferred Tax Assets Valuation Allowance
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CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
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us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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1620897
omex Estimated Annual Effective Tax Rate
EstimatedAnnualEffectiveTaxRate
0.2331
CY2020Q2 omex Working Capital Deficit
WorkingCapitalDeficit
55600000
CY2020Q2 omex Percentage Of Annual Rent Accretion In Operating Lease
PercentageOfAnnualRentAccretionInOperatingLease
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CY2020Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
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CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
72505
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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147539
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
156524
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
92884
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
621417
CY2020Q2 omex Fair Value Reacquisition Price
FairValueReacquisitionPrice
1340024
CY2020Q2 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
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omex Debt Modification Inducement
DebtModificationInducement
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CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
105162
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23000
CY2020Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
700000
CY2020Q2 us-gaap Accounts Payable Interest Bearing Interest Rate
AccountsPayableInterestBearingInterestRate
0.12
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2020-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0000798528
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
dei Entity Address State Or Province
EntityAddressStateOrProvince
FL
dei Trading Symbol
TradingSymbol
OMEX
dei Security12b Title
Security12bTitle
Common Stock
dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2020Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
9572449
CY2020Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
1500000
CY2020Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2020Q2 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2020Q2 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
1600000
CY2020Q2 omex Collateral Asset Carrying Value
CollateralAssetCarryingValue
0
us-gaap Stock Issued1
StockIssued1
278602
CY2020Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
1080260
CY2020Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
67372
dei Entity Registrant Name
EntityRegistrantName
ODYSSEY MARINE EXPLORATION INC
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-290024
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2020Q2 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-222100
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-425215
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
1080260
omex Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
64860
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-425215
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
0
omex Payment Of Contractual Obligations
PaymentOfContractualObligations
207357
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; 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="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Management uses 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 Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
210324
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
46000
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
498474
us-gaap Operating Lease Expense
OperatingLeaseExpense
108000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
138978
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
us-gaap Debt Conversion Description
DebtConversionDescription
Applicable Conversion Amount&#8221; means, on the date of determination and with respect to each Note, (a) for the period beginning on the date of issuance and ending on the day immediately preceding the Maturity Date, an amount equal to 100.0% of the amount of the Loan evidenced by such Note then outstanding; (b) on the Maturity Date, 136.0% of the amount of the Loan evidenced by such Note then outstanding (such amount, the &#8220;Enhanced Conversion Amount&#8221;); (c) for the period beginning on the day immediately following the Maturity Date and for a period of three months thereafter (such three-month period, the &#8220;Accrual Period&#8221;), an amount equal to (i) the Enhanced Conversion Amount then outstanding plus (ii) an additional amount equal to 3.0% per month (prorated for any period of less than a full month) accrued on the amount described in clause (i); and (d) on any date after the Accrual Period, the amount then outstanding after giving effect to the accrual described in clause (c) during the Accrual Period (it being understood that no additional amount shall accrue after the expiration of the Accrual Period); and &#8220;Applicable Conversion Rate&#8221; means (x) with respect to any conversion on or prior to the Maturity Date, $5.00, and (y) with respect to any conversion after the Maturity Date, the lower of (i) $5.00 and (ii) 80.0% of the ten-day volume-weighted average price of Odyssey&#8217;s common stock. Notwithstanding anything in the Purchase Agreement to the contrary, we are prohibited from issuing any Conversion Shares, to the extent such shares, after giving effect to such issuance after conversion and when added to the number of Conversion Shares previously issued upon conversion of any of the Notes sold pursuant to the Purchase Agreement, would represent in excess of 19.9% of (A) the number of shares of our common stock outstanding immediately after giving effect to such issuances or (B) the total voting power of our securities outstanding immediately after giving effect to such issuances that are entitled to vote on a matter being voted on by holders of our common stock.
CY2020Q3 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
100000
CY2020Q3 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
30000
CY2020Q3 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
3.71

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