Odyssey Marine Exploration Q3 2024 Update
Ticker: OMEX · Form: 10-Q · Filed: Nov 13, 2024 · CIK: 798528
Sentiment: neutral
Topics: 10-Q, financials, exploration
TL;DR
OMEX Q3 2024 filing out. Shows assets, subsidiaries, and salvage agreements. Check financials.
AI Summary
Odyssey Marine Exploration Inc. reported its third quarter 2024 results, ending September 30, 2024. The company's filing details various financial activities and assets, including fair value inputs for Level 3 assets and specific subsidiary operations like "CicLimited" and "OceanMineralsLlc". The report also references a "SalvageAgreement" and "LitigationFinancing" as of September 30, 2024.
Why It Matters
This filing provides insight into Odyssey Marine Exploration's financial health and operational activities for the third quarter of 2024, which can impact investor decisions.
Risk Assessment
Risk Level: medium — The company operates in a niche industry with potential for significant financial fluctuations based on exploration success and legal matters.
Key Numbers
- Q3 2024 — Reporting Period (Covers the third quarter of 2024.)
- 2024-09-30 — Period End Date (The end date for the reported financial period.)
Key Players & Entities
- ODYSSEY MARINE EXPLORATION INC (company) — Filer
- 20240930 (date) — Reporting period end date
- 20241113 (date) — Filing date
- CicLimited (company) — Subsidiary mentioned
- OceanMineralsLlc (company) — Subsidiary mentioned
- SalvageAgreement (other) — Financial instrument/activity
- LitigationFinancing (other) — Financial instrument/activity
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended September 30, 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted to the SEC on November 13, 2024.
What are some of the specific entities or subsidiaries mentioned in the filing?
The filing mentions "CicLimited" and "OceanMineralsLlc" as specific entities or subsidiaries.
What types of financial activities or instruments are referenced in the filing?
The filing references "SalvageAgreement", "LitigationFinancing", and "FairValueInputsLevel3Member".
What is the company's primary business classification according to the filing?
The company's Standard Industrial Classification is 'WATER TRANSPORTATION [4400]'.
Filing Stats: 4,238 words · 17 min read · ~14 pages · Grade level 15.9 · Accepted 2024-11-13 16:00:28
Key Financial Figures
- $0.0001 — ge on which registered Common Stock , $0.0001 par value OMEX NASDAQ Capital Marke
Filing Documents
- omex-20240930.htm (10-Q) — 2113KB
- omex-ex31_1.htm (EX-31.1) — 14KB
- omex-ex32_1.htm (EX-32.1) — 8KB
- img260959842_0.jpg (GRAPHIC) — 7KB
- 0000950170-24-126269.txt ( ) — 10397KB
- omex-20240930.xsd (EX-101.SCH) — 1579KB
- omex-20240930_htm.xml (XML) — 1975KB
Financial Statements (unaudited)
Financial Statements (unaudited): Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three and nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 25 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.
Controls and Procedures
Controls and Procedures 35 Part II: Other Information Item 1.
Legal Proceedings
Legal Proceedings 36 Item 1A.
Risk Factors
Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37
: FINANCIAL INFORMATION
PART I: FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS ODYSSEY MARINE EXPLORATION, INC. AND SUBSIDIARIES COND ENSED CONSOLIDATED BALANCE SHEETS September 30, 2024 December 31, 2023 (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,859,267 $ 4,021,720 Accounts and other related party receivables 84,123 110,320 Other current assets 278,736 743,439 Total current assets 3,222,126 4,875,479 NON-CURRENT ASSETS Investment in unconsolidated entities 9,924,954 9,001,646 Option to purchase equity securities in related party 6,200,730 6,373,402 Bismarck exploration license 1,821,251 1,821,251 Property and equipment, net 554,872 524,656 Right of use - operating leases — 121,568 Other non-current assets 34,295 34,295 Total non-current assets 18,536,102 17,876,818 Total assets $ 21,758,228 $ 22,752,297 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable $ 406,515 $ 345,378 Accrued expenses 9,605,818 8,493,358 Operating lease liability, current portion — 129,140 Forward contract liability 1,446,796 1,446,796 Put option liability 108,437 5,637,162 Loans payable, current portion 19,383,847 15,413,894 Total current liabilities 30,951,413 31,465,728 LONG-TERM LIABILITIES Loans payable 3,793,728 7,903,074 Warrant liabilities 4,411,645 15,792,385 Litigation financing and other 58,816,331 52,817,938 Deferred contract liability 507,034 679,706 Total long-term liabilities 67,528,738 77,193,103 Total liabilities 98,480,151 108,658,831 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; 20,863,100 and 20,420,896 issued and outstanding 2,086 2,042 Additional paid-in capital 259,373,077 263,616,186 Accumulated deficit