$OMEX
ODYSSEY MARINE EXPLORATION INC

2021 Q1 Form 10-Q Financial Statement

#000119312521163701 Filed on May 17, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q3
Revenue $291.7K $301.3K $211.5K
YoY Change -70.99% -59.36% -72.25%
Cost Of Revenue
YoY Change
Gross Profit $291.7K $301.3K $211.5K
YoY Change -70.99% -59.36% -72.25%
Gross Profit Margin 100.0% 100.0% 100.0%
Selling, General & Admin $1.292M $1.360M $23.35K
YoY Change -7.57% -53.58% -98.89%
% of Gross Profit 442.82% 451.36% 11.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.833K $0.00 $10.00K
YoY Change -33.59% -100.0%
% of Gross Profit 0.63% 0.0% 4.73%
Operating Expenses $1.292M $1.360M $23.35K
YoY Change -7.57% -53.58% -98.89%
Operating Profit -$2.797M -$1.059M -$4.680M
YoY Change -1.78% -51.63% 34.85%
Interest Expense $2.380M -$2.210M $1.858M
YoY Change 78.23% 61.31% -9.34%
% of Operating Profit
Other Income/Expense, Net -$2.326M -$80.00K -$2.897M
YoY Change 55.42% -500.0% 21.97%
Pretax Income -$5.123M -$3.350M -$7.577M
YoY Change 17.92% -5.37% 29.62%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.720M -$2.368M -$5.448M
YoY Change 28.37% 4.39% 28.8%
Net Earnings / Revenue -1275.46% -785.73% -2575.45%
Basic Earnings Per Share -$0.29 -$0.51
Diluted Earnings Per Share -$0.29 -$190.1K -$0.51
COMMON SHARES
Basic Shares Outstanding 12.61M 12.21M 10.62M
Diluted Shares Outstanding 12.61M 10.62M

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.230M $6.160M $9.110M
YoY Change 1088.64% 2980.0% 2936.67%
Cash & Equivalents $5.235M $6.163M $9.108M
Short-Term Investments
Other Short-Term Assets $500.2K $587.4K $222.9K
YoY Change -7.87% -0.41% -27.45%
Inventory
Prepaid Expenses $582.3K
Receivables $221.0K $160.3K $46.71K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.956M $6.911M $9.377M
YoY Change 271.59% 464.23% 913.34%
LONG-TERM ASSETS
Property, Plant & Equipment $577.7K $614.8K $651.2K
YoY Change -19.98% -18.77% 10.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.630M $2.370M $2.150M
YoY Change 75.33% 58.0% 52.48%
Other Assets $41.81K $41.81K $41.81K
YoY Change 55.96% 55.96% 55.96%
Total Long-Term Assets $5.068M $4.849M $4.668M
YoY Change 24.52% 18.12% 21.16%
TOTAL ASSETS
Total Short-Term Assets $5.956M $6.911M $9.377M
Total Long-Term Assets $5.068M $4.849M $4.668M
Total Assets $11.02M $11.76M $14.05M
YoY Change 94.33% 120.64% 193.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.174M $1.464M $8.236M
YoY Change -79.54% -76.54% 69.49%
Accrued Expenses $23.93M $18.97M $17.91M
YoY Change 56.41% 41.34% 34.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $30.01M $30.62M $32.06M
YoY Change -6.42% -2.64% 4.57%
Total Short-Term Liabilities $55.11M $53.88M $58.20M
YoY Change 3.78% 5.18% 19.2%
LONG-TERM LIABILITIES
Long-Term Debt $12.15M $11.49M $8.120M
YoY Change 162.99% 288.18% 475.89%
Other Long-Term Liabilities $4.260M $4.300M $4.340M
YoY Change -3.4% -3.15% 0.93%
Total Long-Term Liabilities $16.41M $15.79M $12.45M
YoY Change 81.66% 113.42% 118.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.11M $53.88M $58.20M
Total Long-Term Liabilities $16.41M $15.79M $12.45M
Total Liabilities $71.51M $69.67M $70.66M
YoY Change 15.1% 18.84% 29.56%
SHAREHOLDERS EQUITY
Retained Earnings -$268.9M -$265.1M -$262.8M
YoY Change 6.17% 5.92% 5.93%
Common Stock $240.1M $237.5M $235.5M
YoY Change 8.03% 7.46% 6.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$28.80M -$27.63M -$27.31M
YoY Change
Total Liabilities & Shareholders Equity $11.02M $11.76M $14.05M
YoY Change 94.33% 120.64% 193.93%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q3
OPERATING ACTIVITIES
Net Income -$3.720M -$2.368M -$5.448M
YoY Change 28.37% 4.39% 28.8%
Depreciation, Depletion And Amortization $1.833K $0.00 $10.00K
YoY Change -33.59% -100.0%
Cash From Operating Activities -$1.431M -$3.770M -$2.920M
YoY Change -5.01% 110.61% 100.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $11.20M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 502.8K 820.0K 11.81M
YoY Change -70.95% -51.76% 749.64%
NET CHANGE
Cash From Operating Activities -1.431M -3.770M -2.920M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 502.8K 820.0K 11.81M
Net Change In Cash -928.4K -2.950M 8.890M
YoY Change -514.64% 3177.78% -12800.0%
FREE CASH FLOW
Cash From Operating Activities -$1.431M -$3.770M -$2.920M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$1.431M -$3.770M -$2.920M
YoY Change -5.01% 110.61% 100.0%

Facts In Submission

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CY2020Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
383764
CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-56461562
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
796812
CY2021Q1 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: &quot;times new roman&quot;; 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: &quot;times new roman&quot;; 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>
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
111109
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
151965
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
156524
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
92884
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
512482
CY2021Q1 omex Working Capital Deficit
WorkingCapitalDeficit
49200000
CY2021Q1 omex Percentage Of Annual Rent Accretion In Operating Lease
PercentageOfAnnualRentAccretionInOperatingLease
0.03
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
421397
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
433145
CY2021Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
41000
CY2020Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
54000
CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
69157126
CY2021Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
297142
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
68859984
CY2021Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2021Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2021Q1 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
297142
CY2021Q1 omex Estimated Annual Effective Tax Rate
EstimatedAnnualEffectiveTaxRate
0.0799
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2020Q1 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
8511
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0
CY2020Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
796812
CY2021Q1 dei Document Type
DocumentType
10-Q
CY2021Q1 dei Document Period End Date
DocumentPeriodEndDate
2021-03-31
CY2021Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
CY2021Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000798528
CY2021Q1 dei Security12b Title
Security12bTitle
Common Stock
CY2021Q1 dei Trading Symbol
TradingSymbol
OMEX
CY2021Q1 dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2021Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
FL
CY2021Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
13023330
CY2021Q1 omex Short Term Investments Maturity Period
ShortTermInvestmentsMaturityPeriod
P3M
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12610924
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9517664
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.29
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.30
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.29
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.30
CY2021Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
1448697
CY2021Q1 us-gaap Sale Of Stock Consideration Received Per Transaction
SaleOfStockConsiderationReceivedPerTransaction
713879
CY2021Q1 omex Payment Of Operating Lease Liability
PaymentOfOperatingLeaseLiability
33668
CY2020Q1 omex Payment Of Operating Lease Liability
PaymentOfOperatingLeaseLiability
29127
CY2021Q1 omex Proceeds From Sale Of Equity Of Subsidiary
ProceedsFromSaleOfEquityOfSubsidiary
713879
CY2021Q1 us-gaap Stock Issued1
StockIssued1
100000
CY2020Q1 us-gaap Stock Issued1
StockIssued1
278602
CY2021Q1 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
484009
CY2021Q1 us-gaap Accounts Payable Interest Bearing Interest Rate
AccountsPayableInterestBearingInterestRate
0.12
CY2021Q1 omex Collateral Asset Carrying Value
CollateralAssetCarryingValue
0
CY2021Q1 dei Amendment Flag
AmendmentFlag
false
CY2021Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2021Q1 dei Entity Registrant Name
EntityRegistrantName
ODYSSEY MARINE EXPLORATION INC
CY2021Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2020Q1 omex Common Stock Accrued Interest Writeoff
CommonStockAccruedInterestWriteoff
34520
CY2020Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2021Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2021Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2021Q1 dei Entity Shell Company
EntityShellCompany
false
CY2021Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2021Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2020Q4 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0
CY2021Q1 us-gaap Exploration Abandonment And Impairment Expense
ExplorationAbandonmentAndImpairmentExpense
0
CY2021Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-53297416
CY2021Q1 us-gaap Debt Instrument Convertible Threshold Consecutive Trading Days1
DebtInstrumentConvertibleThresholdConsecutiveTradingDays1
20
CY2021Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
220991
CY2021Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2020Q4 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
195862

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