Odyssey Marine Exploration Files Q1 2024 10-Q
Ticker: OMEX · Form: 10-Q · Filed: May 20, 2024 · CIK: 798528
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
**ODYSSEY MARINE EXPLORATION FILES Q1 2024 10-Q. FINANCIALS DETAILED.**
AI Summary
Odyssey Marine Exploration Inc. reported its first quarter 2024 results, ending March 31, 2024. The company's financial performance for the quarter is detailed in this 10-Q filing. Specific financial figures and operational updates for the period are provided.
Why It Matters
This filing provides insight into Odyssey Marine Exploration's financial health and operational progress during the first quarter of 2024, which can influence investor decisions.
Risk Assessment
Risk Level: medium — The company operates in a niche industry with significant capital requirements and potential regulatory hurdles, making its financial performance inherently volatile.
Key Players & Entities
- ODYSSEY MARINE EXPLORATION INC (company) — Filer
- 20240331 (date) — Reporting Period End Date
- 20240520 (date) — Filing Date
- TAMPA (location) — Company Headquarters City
- NV (location) — State of Incorporation
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the first quarter of 2024, ending on March 31, 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted to the SEC on May 20, 2024.
What is the company's principal business address?
The company's principal business address is 205 S. Hoover Blvd., Suite 210, Tampa, FL 33609.
What is Odyssey Marine Exploration Inc.'s Standard Industrial Classification (SIC) code?
Odyssey Marine Exploration Inc.'s Standard Industrial Classification (SIC) code is 4400, which corresponds to Water Transportation.
What was the company's former name?
The company's former name was UNIVERSAL CAPITAL CORP, with a date of name change on July 3, 1992.
Filing Stats: 4,407 words · 18 min read · ~15 pages · Grade level 16.4 · Accepted 2024-05-17 18:16:39
Key Financial Figures
- $0.0001 — ge on which registered Common Stock , $0.0001 par value OMEX NASDAQ Capital Market
Filing Documents
- d838490d10q.htm (10-Q) — 1175KB
- d838490dex311.htm (EX-31.1) — 6KB
- d838490dex321.htm (EX-32.1) — 4KB
- g838490g0514075725952.jpg (GRAPHIC) — 4KB
- 0001193125-24-141913.txt ( ) — 7839KB
- omex-20240331.xsd (EX-101.SCH) — 80KB
- omex-20240331_cal.xml (EX-101.CAL) — 52KB
- omex-20240331_def.xml (EX-101.DEF) — 413KB
- omex-20240331_lab.xml (EX-101.LAB) — 538KB
- omex-20240331_pre.xml (EX-101.PRE) — 502KB
- d838490d10q_htm.xml (XML) — 1191KB
Financial Statements (Unaudited)
Financial Statements (Unaudited): Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 6 Notes to the Condensed Consolidated Financial Statements 7 – 32 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 33 – 43 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 43 Item 4.
Controls and Procedures
Controls and Procedures 43 Part II: Other Information Item 1.
Legal Proceedings
Legal Proceedings 44 Item 1A.
Risk Factors
Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 Item 6. Exhibits 45
Signatures
Signatures 46 2 Table of Contents
: FINANCIAL INFORMATION
PART I: FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS ODYSSEY MARINE EXPLORATION, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,078,055 $ 4,021,720 Accounts and other related party receivables 59,126 110,320 Other current assets 587,834 743,439 Total current assets 2,725,015 4,875,479 NON-CURRENT ASSETS Investment in unconsolidated entities 9,057,563 9,001,646 Option to purchase equity securities in related party 6,312,302 6,373,402 Bismarck exploration license 1,821,251 1,821,251 Property and equipment, net 609,431 524,656 Right of use - operating leases 73,950 121,568 Other non-current assets 34,295 34,295 Total non-current assets 17,908,792 17,876,818 Total assets $ 20,633,807 $ 22,752,297 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable $ 1,298,533 $ 345,378 Accrued expenses 9,381,812 8,493,358 Operating lease liability, current portion 78,497 129,140 Forward contract liability 1,446,796 1,446,796 Put option liability 4,384,777 5,637,162 Loans payable, current portion 16,306,076 15,413,894 Total current liabilities 32,896,491 31,465,728 LONG-TERM LIABILITIES Loans payable 8,415,218 7,903,074 Warrant liabilities 16,733,568 15,792,385 Litigation financing and other 53,028,677 52,817,938 Deferred contract liability 618,606 679,706 Total long-term liabilities 78,796,069 77,193,103 Total liabilities 111,692,560 108,658,831 Commitments and contingencies ( NOTE 9 ) STOCKHOLDERS' DEFICIT Preferred stock - $ .0001 par value; 24,984,166 shares authorized; no ne outstanding — — Common stock - $ .0001 par value; 75,000,000 shares authorized; 20,428,173 and 20,420,896 issued and outstanding 2,043 2,042 Additional paid-in capital 257,542,998 263,616,186 Accumulated deficit ( 292,598,933 ) ( 296,096,