Odyssey Marine Exploration Files Q2 2024 10-Q
Ticker: OMEX · Form: 10-Q · Filed: Aug 8, 2024 · CIK: 798528
Sentiment: neutral
Topics: 10-Q, financials, operations, subsidiaries
TL;DR
**ODYSSEY MARINE EXPLORATION FILES Q2 10-Q - FINANCIALS & OPERATIONS UPDATE**
AI Summary
Odyssey Marine Exploration Inc. filed its 10-Q for the period ending June 30, 2024. The company reported on its financial condition and operations, including details related to its subsidiaries like Ocean Minerals LLC and Odyssey Minerals Cayman Limited. The filing also references various agreements and financial instruments, such as the March 2023 Note and Warrant Purchase Agreement and warrants from December 2023.
Why It Matters
This filing provides investors with an update on Odyssey Marine Exploration's financial health and operational progress for the second quarter of 2024.
Risk Assessment
Risk Level: medium — The company's business involves significant exploration and potential litigation risks, which are inherent in its industry.
Key Players & Entities
- ODYSSEY MARINE EXPLORATION INC (company) — Filer
- Ocean Minerals LLC (company) — Subsidiary
- Odyssey Minerals Cayman Limited (company) — Subsidiary
- March 2023 Note and Warrant Purchase Agreement (document) — Financial Agreement
- DecemberTwoThousandAndTwentyThreeWarrantsMember (financial_instrument) — Warrants
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, indicating the filing covers the period ending June 30, 2024.
Which subsidiaries are mentioned in the filing?
The filing mentions subsidiaries such as omex:OceanMineralsLlcMember and omex:OdysseyMineralsCaymanLimitedMember.
What specific agreements are referenced in the filing?
The filing references agreements like omex:UnitPurchaseAgreementMember, omex:DecemberTwoThousandAndTwentyThreePurchaseAgreement2Member, and omex:March2023NoteAndWarrantPurchaseAgreementMember.
What is Odyssey Marine Exploration Inc.'s Standard Industrial Classification?
Odyssey Marine Exploration Inc.'s Standard Industrial Classification is WATER TRANSPORTATION [4400].
When was the company formerly known as Universal Capital Corp?
The company was formerly known as Universal Capital Corp, with a date of name change on 19920703.
Filing Stats: 4,326 words · 17 min read · ~14 pages · Grade level 15.5 · Accepted 2024-08-08 16:04:56
Key Financial Figures
- $0.0001 — ge on which registered Common Stock , $0.0001 par value OMEX NASDAQ Capital Marke
Filing Documents
- omex-20240630.htm (10-Q) — 1971KB
- omex-ex10_1.htm (EX-10.1) — 68KB
- omex-ex10_2.htm (EX-10.2) — 105KB
- omex-ex31_1.htm (EX-31.1) — 12KB
- omex-ex32_1.htm (EX-32.1) — 8KB
- img260956959_0.jpg (GRAPHIC) — 7KB
- 0000950170-24-093873.txt ( ) — 9842KB
- omex-20240630.xsd (EX-101.SCH) — 1603KB
- omex-20240630_htm.xml (XML) — 1740KB
Financial Statements (unaudited)
Financial Statements (unaudited): Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three and six months ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 6 Notes to the Condensed Consolidated Financial Statements 7 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 23 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 32 Item 4.
Controls and Procedures
Controls and Procedures 33 Part II: Other Information Item 1.
Legal Proceedings
Legal Proceedings 34 Item 1A.
Risk Factors
Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 35
: FINANCIAL INFORMATION
PART I: FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS ODYSSEY MARINE EXPLORATION, INC. AND SUBSIDIARIES COND ENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 7,575,996 $ 4,021,720 Accounts and other related party receivables 75,573 110,320 Other current assets 390,964 743,439 Total current assets 8,042,533 4,875,479 NON-CURRENT ASSETS Investment in unconsolidated entity 9,533,533 9,001,646 Option to purchase equity securities in related party 6,253,094 6,373,402 Bismarck exploration license 1,821,251 1,821,251 Property and equipment, net 572,240 524,656 Right of use - operating leases 25,056 121,568 Other non-current assets 34,295 34,295 Total non-current assets 18,239,469 17,876,818 Total assets $ 26,282,002 $ 22,752,297 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable $ 345,949 $ 345,378 Accrued expenses 8,906,238 8,493,358 Operating lease liability, current portion 26,579 129,140 Forward contract liability 1,446,796 1,446,796 Put option liability 5,393,909 5,637,162 Loans payable, current portion 21,670,783 15,413,894 Total current liabilities 37,790,254 31,465,728 LONG-TERM LIABILITIES Loans payable 4,267,845 7,903,074 Warrant liabilities 23,868,881 15,792,385 Litigation financing and other 53,713,113 52,817,938 Deferred contract liability 559,398 679,706 Total long-term liabilities 82,409,237 77,193,103 Total liabilities 120,199,491 108,658,831 Commitments and contingencies (Note 8) STOCKHOLDERS' DEFICIT Preferred stock – $ 0.0001 par value; 24,984,166 shares authorized; none outstanding — — Common stock – $ 0.0001 par value; 75,000,000 shares authorized; 20,590,644 and 20,420,896 issued and outstanding 2,059 2,042 Additional paid-in capital 258,412,973 263,616,186 Accumulated d