Odyssey Marine Exploration (OMEX) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 05, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	ODYSSEY MARINE EXPLORATION, INC.
Entity Central Index Key	0000798528
Entity Filer Category	Non-accelerated Filer
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Trading Symbol	OMEX
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		20,594,180
Entity File Number	001-31895
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	84-1018684
Entity Address, Address Line One	205 S. Hoover Blvd
Entity Address, City or Town	Tampa
Entity Address, Postal Zip Code	33609
City Area Code	813
Local Phone Number	876-1776
Entity Address, Address Line Two	Suite 210
Entity Address, State or Province	FL

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
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
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 – $.0001 par value; 24,984,166 shares authorized; none outstanding	0	0
Common stock - $.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 deficit	(294,126,036)	(296,096,957)
Total stockholders' deficit before non-controlling interest	(35,711,004)	(32,478,729)
Non-controlling interest	(58,206,485)	(53,427,805)
Total stockholders' deficit	(93,917,489)	(85,906,534)
Total liabilities and stockholders' deficit	$ 26,282,002	$ 22,752,297

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	24,984,166	24,984,166
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	20,590,644	20,420,896
Common stock, shares outstanding	20,590,644	20,420,896

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - Unaudited - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUE
Revenue	$ 215,565	$ 172,575	$ 418,629	$ 461,314
OPERATING EXPENSES
Marketing, general and administrative	2,204,852	1,809,328	6,239,379	3,625,254
Operations and research	1,026,715	1,210,836	1,912,382	2,495,563
Total operating expenses	3,231,567	3,020,164	8,151,761	6,120,817
LOSS FROM OPERATIONS	(3,016,002)	(2,847,589)	(7,733,132)	(5,659,503)
OTHER INCOME (EXPENSE)
Interest income	7,314	23,424	7,723	411,956
Interest expense	(1,833,773)	(1,074,661)	(3,653,767)	(1,781,183)
Loss on equity method investment	(133,419)	0	(347,365)	0
Change in derivative liabilities fair value	(8,925,464)	(2,762,397)	(1,070,562)	284,489
Gain / (Loss) on debt extinguishment	0	(301,414)	0	21,177,200
Residual Economic Interest In Shipwreck	9,400,000	0	9,400,000	0
Other	772,617	(284,331)	589,344	(1,607,683)
Total other income (expense)	(712,725)	(4,399,379)	4,925,373	18,484,779
INCOME/(LOSS) BEFORE INCOME TAXES	(3,728,727)	(7,246,968)	(2,807,759)	12,825,276
Income tax benefit	0	0	0	0
NET INCOME (LOSS) BEFORE NON-CONTROLLING INTEREST	(3,728,727)	(7,246,968)	(2,807,759)	12,825,276
Net loss attributable to non-controlling interest	2,201,624	2,315,359	4,778,680	4,550,802
NET INCOME/(LOSS) attributable to Odyssey Marine Exploration Inc.	$ (1,527,103)	$ (4,931,609)	$ 1,970,921	$ 17,376,078
NET INCOME/(LOSS) PER SHARE
Basic	$ (0.07)	$ (0.25)	$ 0.1	$ 0.88
Diluted	$ (0.07)	$ (0.25)	$ 0.03	$ 0.87
Weighted average number of common shares outstanding
Basic	20,481,072	19,918,677	20,453,503	19,793,265
Diluted	20,481,072	19,918,677	26,362,113	20,057,894
Marine Services [Member]
REVENUE
Revenue	$ 179,821	$ 166,832	$ 382,885	$ 438,208
Operating and Other [Member]
REVENUE
Revenue	$ 35,744	$ 5,743	$ 35,744	$ 23,106

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Deficit - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Non-controlling Interest [Member]
Beginning Balance at Dec. 31, 2022	$ (88,674,942)	$ 1,954	$ 256,963,264	$ (301,442,776)	$ (44,197,384)
Share-based compensation	665,081	14	665,067
Common stock issued for debt extinguishment	1,000,000	30	999,970
Fair value of warrants issued	3,536,154		3,536,154
Net income/(loss)	12,825,276			17,376,078	(4,550,802)
Ending Balance at Jun. 30, 2023	(70,648,431)	1,998	262,164,455	(284,066,698)	(48,748,186)
Beginning Balance at Mar. 31, 2023	(63,876,515)	1,989	261,689,412	(279,135,089)	(46,432,827)
Share-based compensation	355,492	9	355,483
Common stock issued for debt extinguishment	119,560		119,560
Net income/(loss)	(7,246,968)			(4,931,609)	(2,315,359)
Ending Balance at Jun. 30, 2023	(70,648,431)	1,998	262,164,455	(284,066,698)	(48,748,186)
Beginning Balance at Dec. 31, 2023	(85,906,534)	2,042	263,616,186	(296,096,957)	(53,427,805)
Share-based compensation	1,564,533	1	1,564,532
Cancellation of stock awards for payment of withholding tax requirements	(16,398)		(16,398)
Director fees settled with stock options	246,150		246,150
Fair value of warrants classified as liabilities	(7,754,438)		(7,754,438)
Common stock issued for convertible debt conversion	327,388	6	327,382
Common stock issued and exchanged with related party	429,569	10	429,559
Net income/(loss)	(2,807,759)			1,970,921	(4,778,680)
Ending Balance at Jun. 30, 2024	(93,917,489)	2,059	258,412,973	(294,126,036)	(58,206,485)
Beginning Balance at Mar. 31, 2024	(91,058,753)	2,043	257,542,998	(292,598,933)	(56,004,861)
Share-based compensation	101,785		101,785
Director fees settled with stock options	11,250		11,250
Common stock issued for convertible debt conversion	327,388	6	327,382
Common stock issued and exchanged with related party	429,568	10	429,558
Net income/(loss)	(3,728,727)			(1,527,103)	(2,201,624)
Ending Balance at Jun. 30, 2024	$ (93,917,489)	$ 2,059	$ 258,412,973	$ (294,126,036)	$ (58,206,485)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$ (3,728,727)	$ (7,246,968)	$ (2,807,759)	$ 12,825,276
Adjustments to reconcile net income/(loss) to net cash used in operating activities:
Services provided to unconsolidated entities			(382,885)	(438,208)
Depreciation			36,766	289,511
Financing fees amortization			54,290	268,673
Amortization of finance liability			45,512	0
Amortization of deferred discount			2,029,298	0
Amortization of loan prepayment premium			0	116,826
Note payable interest accretion			1,184,785	862,467
Paid-in-Kind Interest			1,034,102	0
Note receivable interest accretion			0	(288,991)
Right of use asset amortization			96,512	86,917
Share-based compensation			1,564,532	372,831
Loss on equity method investment			347,365	0
Gain on debt extinguishment, net of note receivable write-off	0	301,414	0	(21,177,200)
Gain on sale of equipment			0	(40,000)
Change in derivatives liability fair value	8,925,464	2,762,397	1,070,562	(284,489)
Director fees settled with stock options			246,150	0
(Increase) decrease in:
Accounts and other related party receivables			(32,065)	(997,642)
Short-term notes receivable related party			0	(176,501)
Change in operating lease liability			(102,561)	(89,852)
Other assets			352,475	(33,779)
Increase (decrease) in:
Accounts payable			(30,245)	(1,056,107)
Accrued expenses and other			(741,073)	2,189,782
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES			3,965,761	(7,570,486)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of equipment			0	40,001	$ 4,500,000
Purchase of property and equipment			(84,350)	(895,856)
Proceeds from related party			0	1,000,000
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES			(84,350)	144,145
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of loans payable			0	15,067,746
Repurchase of stock-based awards withheld for payment of withholding tax requirements			(16,398)	0
Offering Cost Paid on Financing			0	(98,504)
Payment of debt obligation			(310,737)	(11,139,244)
Proceeds from sale leaseback financing, net			0	4,050,000
Payment on sale leaseback financing			0	(65,000)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES			(327,135)	7,814,998
NET INCREASE/(DECREASE) IN CASH			3,554,276	388,657
CASH AT BEGINNING OF PERIOD			4,021,720	1,443,421	1,443,421
CASH AT END OF PERIOD	$ 7,575,996	$ 1,832,078	7,575,996	1,832,078	$ 4,021,720
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid			$ 399,465	$ 134,717
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Conversion of debt to common stock			0	1,000,000
Warrants Issued			$ 0	$ 3,536,154
Director compensation settled with equity			$ 246,150	$ 0

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	- BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of Odyssey Marine Exploration, Inc. and subsidiaries (the “Company,” “Odyssey,” “us,” “we” or “our”) have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and the instructions to Form 10-Q and, therefore, do not include all information and footnotes normally included in financial statements prepared in accordance with generally accepted accounting principles. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, these financial statements reflect all adjustments, including normal recurring adjustments, necessary for a fair presentation of these interim condensed consolidated financial statements. Operating results for the three and six months ended June 30, 2024, are not necessarily indicative of the results that may be expected for the full year. Going Concern Consideration We have experienced several years of net losses and may continue to do so. Our ability to generate net income or positive cash flows for the following twelve months is dependent upon financings, our success in developing and monetizing our interests in mineral exploration entities, generating income from contracted services, and collecting amounts owed to us. Our 2024 business plan requires us to generate new cash inflows to effectively allow us to perform our planned projects. We continually plan to generate new cash inflows through the monetization of our receivables and equity stakes in seabed mineral companies, financings, syndications or other partnership opportunities. If cash inflow becomes insufficient to meet our desired projected business plan requirements, we would be required to follow a contingency business plan based on curtailed expenses and fewer cash requirements. On December 1, 2023, we entered into the December 2023 Note Purchase Agreement (as defined below) with institutional investors pursuant to which we issued and sold to the investors the December 2023 Notes (as defined below) in the principal amount of up to $ 6.0 million and the December 2023 Warrants (as defined below) to purchase shares of our Common Stock. In addition, on May 3, 2024, we received a payment of approximately $ 9.4 million arising from a residual economic interest in a salvaged shipwreck. The balance of the proceeds from the December 2023 Notes and a portion of the proceeds received in May 2024, together with other anticipated cash inflows, are expected to provide sufficient operating funds through at least the fourth quarter of 2024. Our consolidated non-restricted cash balance at June 30, 2024 was $ 7.6 million . We have a working capital deficit at June 30, 2024 of $ 29.7 million . The total consolidated book value of our assets was approximately $ 26.3 million at June 30, 2024, which includes cash of $ 7.6 million . The fair market value of these assets may differ from their net carrying book value. The factors noted above raise substantial doubt about our ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should we be unable to continue as a going concern.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This summary of significant accounting policies of the Company is presented to assist in understanding our condensed consolidated financial statements. The financial statements and notes are representations of the Company’s management, who are responsible for their integrity and objectivity and have prepared them in accordance with our customary accounting practices. Principles of Consolidation The c onsolidated financial statements include the accounts of the Company and its direct and indirect wholly owned subsidiaries, both domestic and international. Equity investments in which we exercise significant influence but do not control and of which we are not the primary beneficiary are accounted for using the equity method. All significant inter-company and intra-company transactions and balances have been eliminated. The portion of the consolidated subsidiaries not owned by the Company and any related activity is eliminated through non-controlling interests in the condensed consolidated balance sheets and net income or loss attributable to redeemable non-controlling interests in the condensed consolidated statements of operations. The results of operations attributable to the non-controlling interest are presented within equity and net income or loss and are shown separately from the Company’s equity and net income attributable to the Company. Some of the existing inter-company balances, which are eliminated upon consolidation, include features allowing the liabilities of Exploraciones Oceánicas S. de R.L. de CV (“ExO”) and Oceanica Resources, S. de R.L. (“Oceanica”), majority-owned subsidiaries of the Company, to be converted into additional equity of a subsidiary, which, if exercised, could increase the Company’s direct or indirect interest in the non-wholly owned subsidiaries. Use of Estimates Management used estimates and assumptions in preparing these condensed 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 revenue and expenses. Actual results could vary from the estimates that were used. Bismarck Exploration License The Company follows the guidance pursuant to Financial Accounting Standards Board (“FASB”) ASC 350, “Intangibles-Goodwill and Other” (“ASC 350”) in accounting for the exploration license held by Bismarck Mining Corporation, Ltd., (the “Bismarck Exploration License ”). Management determined the rights to use the license to have an indefinite life. This assessment is based on the historical success of renewing the license every two years since 2006, and the fact that management believes there are no legal, regulatory, or contractual provisions that would limit the useful life of the asset. The Company was notified in November 2023 that the 2022 exploration license renewal application was approved. The Bismarck Exploration License is not dependent on another asset or group of assets that could potentially limit the useful life of the Bismarck Exploration License. We test the Bismarck Exploration License for impairment annually, and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired, per the guidance of the ASC 350. We did no t have any impairment indicators for the three and six months ended June 30, 2024 and 2023 . Investment in Unconsolidated Entities As discussed in Note 6, Investment in Unconsolidated Entities , the Company has cost basis method investments and equity method investments with related parties. As of June 30, 2024 and December 31, 2023, there were no variable interest entities (“VIE”) for which the Company was the primary beneficiary. We also review these investments for any potential impairment annually. Long-Lived Assets We did no t have any impairment indicators related to long-lived assets for the three and six months ended June 30, 2024 and 2023 . Earnings Per Share (“EPS”) Basic EPS has been computed pursuant to FASB ASC Topic 260, Earnings Per Share, and is computed by dividing income or loss available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if dilutive securities and other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. We use the treasury stock method to compute potential common shares from stock options, restricted stock units and warrants and use the if-converted method to compute potential common shares from preferred stock, convertible notes or other convertible securities. Dilutive common stock equivalents include the dilutive effect of in-the-money stock equivalents, which are calculated based on the average share price for each period using the treasury stock method, excluding any common stock equivalents if their effect would be anti-dilutive. The potential common shares in the following tables represent potential common shares from outstanding options, restricted stock awards, convertible notes and other convertible securities that were excluded from the calculation of diluted EPS during periods due to having an anti-dilutive effect are: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Average market price during the period $ 4.29 $ 3.24 $ 4.37 $ 3.22 Option awards 1,529,824 1,064,355 1,000,722 1,045,933 Unvested restricted stock awards 10,087 207,774 — 10,999 Convertible notes 341,776 585,735 147,134 — Common Stock Warrant related 10,923,525 11,977,294 1,819,473 11,977,294 Put Options 3,871,880 — — — The following is a reconciliation of the numerators and denominators used in computing basic and diluted net income per share: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (As Restated) (As Restated) Net (loss) income attributable to Odyssey Marine Exploration, Inc. $ ( 1,527,103 ) $ ( 4,931,609 ) $ 1,970,921 $ 17,376,078 Numerator: Basic net (loss) income available to stockholders $ ( 1,527,103 ) $ ( 4,931,609 ) $ 1,970,921 $ 17,376,078 Fair value change of debt instruments — — ( 243,253 ) — Fair value change of warrants — — ( 682,667 ) — Fair value change of convertible debt — — ( 354,411 ) — Diluted net (loss) income available to stockholders $ ( 1,527,103 ) $ ( 4,931,609 ) $ 690,590 $ 17,376,078 Denominator: Weighted average common shares outstanding – Basic 20,481,072 19,918,677 20,453,503 19,793,265 Dilutive effect of options — — 69,816 4,533 Dilutive effect of other derivative instruments — — 3,871,880 171,361 Dilutive effect of warrants — — 1,777,412 — Dilutive effect of convertible instruments — — 189,502 88,735 Weighted average common shares outstanding – Diluted 20,481,072 19,918,677 26,362,113 20,057,894 Net (loss) income per share: Basic $ ( 0.07 ) $ ( 0.25 ) $ 0.10 $ 0.88 Diluted $ ( 0.07 ) $ ( 0.25 ) $ 0.03 $ 0.87 Segment Reporting We evaluate the products and services that produce our revenue and the geographical regions in which we operate to determine reportable segments in accordance with ASC 280 – Segment Reporting. Based on that evaluation, we have determined that we have only one operating segment and therefore we do not disclose segment information. Accounting Standards Not Yet Adopted In December 2023, the FASB issued new guidance on income tax disclosures (ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”). Among other requirements, this update adds specific disclosure requirements for income taxes, including: (1) disclosing specific categories in the rate reconciliation and (2) providing additional information for reconciling items that meet quantitative thresholds. The guidance is effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of evaluating the impact of the adoption of ASU 2023-09 on the Company’s condensed consolidated financial statements and disclosures. Other recent accounting pronouncements issued by the FASB, the AICPA and the SEC did not or are not believed by management to have a material effect, if any, on the Company’s financial statements.

Accounts Receivable and Other R

Accounts Receivable and Other Related Party , Net	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Accounts Receivable and Other Related Party, Net	NOTE 3 – ACCOUNTS RECEIVABLE AND OTHER RELATED PARTY, NET Our accounts receivable consist of the following: June 30, 2024 December 31, 2023 Related party (see Notes 5 and 6) $ 75,573 $ 46,394 Other — 63,926 Total accounts receivable and other, net $ 75,573 $ 110,320

Other Current Assets

Other Current Assets	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current Assets	NOTE 4 – OTHER CURRENT ASSETS Our other current assets consisted of the following: June 30, 2024 December 31, 2023 Prepaid assets $ 231,261 $ 608,353 Other 124,437 119,820 Deposits 35,266 15,266 Total other current assets $ 390,964 $ 743,439 All prepaid expenses are amortized on a straight-line basis over the term of the underlying agreements. Deposits may be held by various entities for equipment, services, and in accordance with agreements in the normal course of business.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 5 – RELATED PARTY TRANSACTIONS CIC Limited The Company provides services to and owns approximately 15.2 % of the equity interests in CIC Limited (“CIC”), a deep-sea mineral exploration company. The Company’s lead director, Mark B. Justh, made an investment into CIC’s parent company and indirectly owns approximately 11.5 % of CIC. We believe Mr. Justh’s indirect ownership in CIC does not impair his independence under applicable rules, and Odyssey’s board of directors has formed a special committee to address any matters relating to CIC. The Company is providing services to CIC in accordance with the terms of a Services Agreement pursuant to which Odyssey provides certain back-office services to CIC in exchange for a recurring monthly fee, as well as other deep-sea mineral related services on a cost-plus profit basis and is compensated for these services with a combination of cash and equity in CIC. We invoiced CIC for technical services a total of $ 0.1 million and $ 0.2 million for the three months ended June 30, 2024 and 2023, respectively, and $ 0.3 million and $ 0.4 million for the six months ended June 30, 2024 and 2023, respectively, which amounts are recorded in Marine services in our condensed consolidated statements of operations. The Company is paid in equity for its services. In addition, the Company has the option to accept equity for payment of cash expenditures due from CIC in lieu of cash. The Company has not opted to accept equity from CIC in lieu of cash for its cash expenditures. Ocean Minerals, LLC The Company provides services to Ocean Minerals, LLC (“OML”), a deep-sea mineral exploration company in which we hold approximately 7.0 % of the equity interests (see Note 6, Investment in Unconsolidated Entities ). The Company is providing these services to OML pursuant to the Contribution Agreement (defined below) that provides for deep-sea mineral related services on a cost-plus profit basis and will be compensated for these services with equity in OML. See Note 6, Investment in Unconsolidated Entities, for amounts the Company invoiced OML during the three and six months ended June 30, 2024 and 2023. Salvage Agreement The Company holds a 40 % interest in proceeds under a salvage agreement from our legacy shipwreck business. A company controlled by Mr. Justh obtained the right to the remaining 60 % of those proceeds from an unrelated third party in exchange for the obligation to finance legal expenses relating to the recovery of the proceeds, pursuant to a funding arrangement to which the Company is also a party. Odyssey and Mr. Justh’s controlled entity will be responsible for any remaining legal costs on a pro rata basis. On May 3, 2024, the Company received a payment of approximately $ 9.4 million arising from its residual economic interest in one of the shipwrecks, which is recorded in Residual economic interest in shipwreck in our condensed consolidated statements of operations. The entity controlled by Mr. Justh also received a payment arising from the shipwreck. Oceanica and ExO Odyssey and its subsidiary, Oceanica Marine Operations S.R.L. (“OMO”), hold three notes (the “`Oceanica-ExO Notes”) issued and/or guaranteed by our majority-owned subsidiaries, ExO and Oceanica, in the aggregate principal amount of approximately $ 23.0 million , which was advanced to ExO and Oceanica to fund working capital, exploration and legal expenses. Approximately $ 11.4 million was advanced to ExO and Oceanica between 2012 and 2014, and approximately $ 7.6 million between 2015 and 2017; the balance has been advanced since 2017. In addition, Odyssey provides management and administrative services to ExO and funds ExO’s ongoing administrative expenses pursuant to a services agreement in exchange for a recurring monthly fee and reimbursement of funded amounts. The Oceanica-ExO Notes and outstanding receivables under the management and services agreement accrue interest at 18 % per annum. Certain of Odyssey’s former and current directors and officers are also directors or officers of ExO and Oceanica. As of June 30, 2024 and December 31, 2023, the aggregate outstanding amount, including accrued interest, of the Oceanica-ExO Notes was approximately $ 114.1 million and $ 105.0 million , respectively, and the aggregate receivable pursuant to the management and services agreement was approximately $ 1.1 million and $ 0.7 million as of June 30, 2024 and December 31, 2023, respectively. Certain Stockholders We have entered into financing transactions with certain stockholders that beneficially own more than five percent of our Common Stock. FourWorld Capital Management LLC (“FourWorld”) beneficially owns approximately 20.0 % of our Common Stock. Part of that holding includes two of FourWorld’s funds, each of which individually beneficially owns more than five percent of our Common Stock as of July 31, 2024, and has participated in our financial transactions: each of FW Deep Value Opportunities Fund LLC and FourWorld Global Opportunities Fund, Ltd beneficially owns approximately 6.0 % of our Common Stock. Funds managed by Two Seas Capital LP (“Two Seas”) own approximately 9.99 % of our Common Stock after giving effect to the 9.99 % beneficial ownership limitation applicable to warrants held by its funds as of July 31, 2024. Greywolf Distressed Opportunities Master Fund, L.P. and its affiliates (“Greywolf”) beneficially own approximately 9.2 % of our Common Stock as of July 31, 2024. On June 10, 2022, we completed the 2022 Equity Transaction, in which FourWorld funds purchased 292,628 shares of our Common Stock and 2022 Warrants (as defined below) to purchase 292,628 shares of our Common Stock, Two Seas purchased 447,761 shares of our Common Stock and 2022 Warrants to purchase 447,761 shares of our Common Stock, and Greywolf purchased 940,298 shares of our Common Stock and 2022 Warrants to purchase 940,298 shares of our Common Stock. On August 31, 2023, FourWorld exercised 2022 Warrants to purchase 1,000 shares of Common Stock at $ 3.35 per share. As of June 30, 2024, FourWorld, Two Seas and Greywolf held 2022 Warrants to purchase 291,628 shares of our Common Stock, 447,761 shares of our Common Stock and 940,298 shares of our Common Stock, respectively, at an exercise price of $ 3.35 per share. On March 6, 2023, we entered into the March 2023 Note Purchase Agreement, pursuant to which we issued the March 2023 Note and the March 2023 Warrants. FourWorld, Two Seas and Greywolf each purchased portions of the March 2023 Note and March 2023 Warrants. No principal was repaid during the six months ended June 30, 2024 and 2023. Interest payments during the six months ended June 30, 2024 are detailed below and there was no interest paid during the six months ended June 30, 2023. • FourWorld: Interest expense for the March 2023 Note held by FourWorld amounted to $ 33,282 and $ 65,676 for the three and six months ended June 30, 2024 , of which $ 32,394 was capitalized to the principal on April 1, 2024 as paid-in-kind and $ 33,282 was paid in cash on June 29, 2024 . As of June 30, 2024, FourWorld held March 2023 Warrants to purchase 285,715 shares of our Common Stock at an exercise price of $ 3.78 per share. • Two Seas: Interest expense for the March 2023 Note held by Two Seas amounted to $ 83,946 and $ 165,651 for the three and six months ended June 30, 2024 , of which $ 81,705 was capitalized to the principal on April 1, 2024 as paid-in-kind and $ 83,946 was paid in cash on June 29, 2024 . As of June 30, 2024, Two Seas held March 2023 Warrants to purchase 727,514 shares of our Common Stock at an exercise price of $ 3.78 per share. • Greywolf: Interest expense for the March 2023 Note held by Greywolf amounted to $ 215,717 and $ 425,675 for the three and six months ended June 30, 2024, of which $ 209,959 was capitalized to the principal on April 1, 2024 as paid-in-kind and $ 215,717 was paid in cash on June 29, 2024 . As of June 30, 2024, Greywolf held March 2023 Warrants to purchase 1,851,852 shares of our Common Stock at an exercise price of $ 3.78 per share. On December 1, 2023, we entered into the December 2023 Note Purchase Agreement, in which FourWorld, Two Seas and Greywolf participated. No principal was repaid and no cash interest was paid during the three and six months ended June 30, 2024 and 2023. Any accrued and unpaid interest is capitalized to the principal as paid-in-kind on a quarterly basis on the first day immediately following the close of the quarter. • FourWorld: Interest expense for the December 2023 Notes held by FourWorld amounted to $ 14,220 and $ 28,060 for the three and six months ended June 30, 2024, which was accrued as of June 30, 2024. As of June 30, 2024 , FourWorld held December 2023 Warrants to purchase 117,648 shares and 17,631 shares of our Common Stock at an exercise price of $ 4.25 per share and $ 7.09 per share, respectively. • Two Seas: Interest expense for the December 2023 Notes held by Two Seas amounted to $ 56,880 and $ 112,242 for the three and six months ended June 30, 2024, which was accrued as of June 30, 2024. As of June 30, 2024 , Two Seas held December 2023 Warrants to purchase 470,588 shares and 70,521 shares of our Common Stock at an exercise price of $ 4.25 per share and $ 7.09 per share, respectively . • Greywolf: Interest expense for the December 2023 Notes held by Greywolf amounted of $ 28,440 and $ 56,121 for the three and six months ended June 30, 2024, which was accrued as of June 30, 2024. As of June 30, 2024, Greywolf held December 2023 Warrants to purchase 235,295 and 35,261 shares of our Common Stock at an exercise price of $ 4.25 per share and $ 7.09 per share, respectively.

Investment in Unconsolidated Re

Investment in Unconsolidated Related Entities	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entities	NOTE 6 – INVESTMENT IN UNCONSOLIDATED ENTITIES June 30, 2024 December 31, 2023 CIC Limited $ 4,776,824 $ 4,514,618 Ocean Minerals, LLC 4,756,709 4,487,028 Chatham Rock Phosphate, Limited — — Neptune Minerals, Inc. — — Investment in unconsolidated entities $ 9,533,533 $ 9,001,646 CIC Limited Due to the structure of CIC, we determined this venture to be a VIE consistent with ASC 810. We have determined we are not the primary beneficiary of the VIE and, therefore, we have not consolidated this entity. We record our investment under the cost method as this company is incorporated and we have determined we do not exercise significant influence over the entity. We provide services to CIC, as detailed in Note 5, Related Party Transactions . We assess our investment for impairment annually and, if a loss in value is deemed other than temporary, an impairment charge will be recorded. Ocean Minerals, LLC On June 4, 2023, Odyssey, Odyssey Minerals Cayman Limited, a wholly owned subsidiary of Odyssey (the “Purchaser”), and OML entered into a Unit Purchase Agreement (as amended on July 1, 2023, October 3, 2023 and October 17, 2023, the “OML Purchase Agreement”) pursuant to which the Purchaser agreed to purchase, and OML agreed to issue and sell to the Purchaser, an aggregate of 733,497 membership interest units of OML (the “Purchased Units”) for a total purchase price of $ 15.0 million. After giving effect to the issuance and sale of all the Purchased Units, the Purchased Units represented approximately 15.0 % of the issued and outstanding membership interest units of OML (based upon the number of membership interest units outstanding on June 1, 2023). At June 30, 2024 and December 31, 2023, Odyssey owned approximately 7.0 % and 6.3 % , respectively, of the issued and outstanding membership interest units of Ocean Minerals, LLC (“OML”). The Company determined that OML is a VIE as it does not have sufficient equity at-risk to permit OML to finance its activities without additional subordinated financial support. However, as Odyssey’s lack of power to direct the activities that most significantly impact OML’s economic performance, it is not the primary beneficiary of OML and therefore is not required to consolidate OML. We record our investment under the equity method. Equity Exchange Agreement In connection with the transactions contemplated by the OML Purchase Agreement, Odyssey and the existing members of OML entered into an Equity Exchange Agreement (the “Exchange Agreement”) pursuant to which such members of OML have the right, but not the obligation, to exchange membership interest units of OML held by them for shares of Odyssey’s common stock. Notwithstanding anything in the Exchange Agreement to the contrary, the aggregate maximum number of shares of Odyssey’s common stock that may be issued under the Exchange Agreement will not (a) exceed 19.9 % of the number of outstanding shares of Odyssey’s common stock immediately prior to the date of the Exchange Agreement, (b) exceed 19.9 % of the combined voting power of the outstanding voting securities of Odyssey immediately prior to the date of the Exchange Agreement, or (c) otherwise exceed such number of shares of Odyssey’s common stock that would violate applicable listing rules of the Nasdaq Capital Market. The Equity Exchange Agreement is a liability within the scope of ASC 480 that is initially measured at fair value and was included within the initial consideration transferred. Subsequently, changes in the fair value of the liability will be recognized in earnings and not as an adjustment to the cost basis of the Company’s investment in OML. Contribution Agreement In connection with the transactions contemplated by the OML Purchase Agreement, Odyssey, the Purchaser, and OML also entered into a Contribution Agreement pursuant to which additional membership interest units of OML may be issued to the Purchaser in consideration of the contribution to OML by Odyssey from time to time of certain property or other assets and services with an aggregate value of up to $ 10.0 million. We concluded that the Contribution Agreement is within the scope of ASC 606, as the services provided are within Odyssey’s ordinary activities, and OML is therefore, considered a customer of Odyssey. Equity Method of Accounting The Company has determined that OML operates more like a partnership, and as the Company holds more than 3 %— 5 % and has greater than virtually no influence over OML, the investment is within the scope of ASC 323, Investments – Equity and Joint Ventures. Odyssey applied the equity method investment accounting for its interest in OML, starting on July 3, 2023. As a result, OML is considered a related party. The Company further concluded that the initial closing consideration transferred is $ 10.3 million, and includes the cash amount paid, the fair value of the contribution of ORI, the fair value of the second and third closings and Equity Exchange Agreement, and acquisition costs. Furthermore, the total consideration transferred is allocated to the different components identified in the OML Purchase Agreement based on their closing date fair value, including, (1) the Initial OML Units, (2) the Second OML Units option, (3) the Third OML Units option and (4) the Optional Units, each as defined below, as well as the Equity Exchange Agreement as previously defined above. Through a series of transactions pursuant to the OML Unit Purchase Agreement, the Company agreed to pay a total purchase price of $ 15 million, or $ 20.45 per unit, for 733,497 units, as follows: (1) The Initial Closing – The Company purchased 293,399 of the Purchased Units (the “Initial OML Units”), representing approximately 6.28 % of the OML Units, in return for the initial purchase price of $ 1.0 million cash and Odyssey’s shares of ORI. The initial closing of the purchase and sale of the Purchased Units was amended to July 3, 2023. (2) The Second Closing – The Company agreed to purchase 195,599 of the Purchase Units (the “Second OML Units”) in return for the second purchase price of $ 4.0 million, payable in cash at that time (“Second Closing”). The parties entered into the third amendment to the OML Purchase Agreement to amend the closing date of the Second Closing to be February 16, 2024, the fourth amendment to amend the closing date of the Second Closing to June 28, 2024, and the fifth amendment to amend the closing date of the Second Closing to September 30, 2024. (3) The Third Closing – The Company agreed to purchase 244,499 of the Purchased Units (the “Third OML Units”) in return for the purchase price of $ 5 million, payable in cash at that time. Pursuant to the fifth amendment to the OML Purchase Agreement, the third closing (“Third Closing”) will occur on the date that is six months from the date of the Second Closing. (4) Optional Units – The Company has the option to purchase up to additional 1,466,993 of OML Interest Units (“the Units”), at the Company’s discretion (“Optional Units”), at the agreed upon price of $ 20.45 per unit within the eighteen-month anniversary of the Initial Closing Date, July 3, 2023. The recorded asset value of this option is $ 5.7 million on June 30, 2024. The Optional Units are within the scope of ASC 321 and would therefore, be initially recognized at cost as part of the initial consideration transferred, and thereafter, will be accounted for under the measurement alternative at cost with adjustments related to impairment and observable market conditions. If the Company does not purchase all the Optional Units prior to the eighteen-month anniversary, the Company may purchase any of such unpurchased Optional Units at the higher price of (i) a discount of 10 % to the price paid for which OML sold the Units in the most recent transaction for the Units immediately preceding such discounted purchase of Optional Units or (ii) $ 20.45 . On October 17, 2023, the parties entered into the third amendment to the OML Purchase Agreement to remove the second part of the Optional Units provision. Therefore, as of the amendment date, the Company may only purchase the Optional Units through January 2, 2025 (eighteen months from the Initial Closing Date) (“Optional Units Amendment”). The Company concluded that the Second OML Units option, the Third OML Units option and the Optional Units are within the scope of ASC 321 Investments – Equity and Joint Ventures and would therefore be initially recognized at cost as part of the initial consideration transferred, and thereafter will be accounted for under the measurement alternative at cost with adjustments related to impairment and observable market adjustments. The Company concluded that the Contribution Agreement is within the scope of ASC 606, Revenue from Contracts with Customers, as the services provided are within the Company’s ordinary activities, and OML is therefore considered a customer of Odyssey. During the three and six months ended June 30, 2024 , we invoiced OML for technical services a total of $ 50,780 and $ 0.1 million, respectively, recorded in Marine services in our condensed consolidated statements of operations. The Company concluded that the Equity Exchange Agreement is a liability within the scope of ASC 480, Distinguishing Liabilities from Equity, that is initially measured at fair value and will be included within the initial consideration transferred. Subsequently, changes in the fair value of the liability will be recognized in earnings and not as an adjustment to the cost basis of Odyssey’s investment in OML. As part of the Initial Closing, Odyssey transferred its equity interest of ORI, free of debt of the finance liability owed on the sale-leaseback arrangement. This portion was determined to be part of the Initial Consideration Transferred, as of July 3, 2023, as it meets the definition of a subsidiary of the acquirer. ASC 805, Business Combination, further provides that the consideration transferred in a business combination is measured at fair value, determined in accordance with ASC 820, Fair Value Measurement, except for (i) assets and liabilities transferred that remain under the control of the acquiree after the business combination, and (ii) any portion of the acquirer’s shared-based replacement awards exchanged for awards held by the acquiree’s grantees included in the consideration transferred. Therefore, the Company determined that although the OML Purchase Agreement provides that the contractual amount of ORI is $ 5.0 million, the Company is required to determine whether the contractual amount represents the fair value of the transferred asset. It is further noted that ORI primarily consists of one asset (the “Retriever asset”) that was previously acquired and refurbished by Odyssey. Given the uniqueness of the asset, a 6,000-meter rated remotely operated vehicle (“ROV”), and its then-relatively recent acquisition and refurbishment, the Company determined to apply the cost method in order to evaluate the estimated fair value of the asset of $ 3.3 million. The Company transferred ORI but retained the obligation to pay the lease payments for the Retriever asset as the Company retained the obligation to continue making payments. The net book value of ORI as of July 3, 2023 was $ 3.1 million. Therefore, at the Closing Date, Odyssey recognized a Gain on the sale of an entity in the consolidated statement of operations in the amount of $ 174,107 related to the disposal of ORI. The Company determined that the initial Closing Consideration is as follows: Cash Consideration $ 1,000,000 Fair value of Odyssey Retriever, Inc. 3,280,261 Fair value of the Second Closing 676,921 Fair value of the Third Closing 769,875 Fair value of the Equity Exchange Agreement 4,516,007 Transaction costs 49,988 Initial closing consideration $ 10,293,052 At June 30, 2024 and December 31, 2023, the Company ’ s accumulated investment in OML was $ 4.8 million and $ 4.5 million , respectively, which is classified as an investment in unconsolidated entities in our condensed consolidated balance sheets. For the three and six months ended June 30, 2024 , the company recognized an increase of $ 1.0 million and a decrease of $ 0.2 million, respectively, in the put option liability assumed in the condensed consolidated statement of operations to record the fair value adjustment of the equity exchange agreement. For the three and six months ended June 30, 2024, based on estimated financial information for our equity-method investee, we recognized a Loss on Equity Method Investment of $ 0.1 million and $ 0.3 million in the condensed consolidated statement of operations for our proportionate share of the net loss of our equity method investee, which decreased our net income for the three and six months ended June 30, 2024 in our consolidated statement of operations. Our proportionate share of the net loss of our equity method investee can have a significant impact on the amount of Loss on Equity Method Investment in our condensed consolidated statement of operations and our carrying value of those investments. We eliminated from our financial results all significant intercompany transactions to the extent of our ownership interest. Neptune Minerals, Inc. We have an ownership interest of approximately 14 % in Neptune Minerals, Inc. (“NMI”). We currently apply the cost method of accounting for this investment. Previously, when we accounted for this investment using the equity method of accounting, we accumulated and did not recognize $ 21.3 million in our income statement because these losses exceeded our investment in NMI. Our investment has a carrying value of zero as a result of the recognition of our share of prior losses incurred by NMI under the equity method of accounting. If we recognize value on our balance sheet for any future incremental NMI investment, we would expect to allocate the loss carryforward of $ 21.3 million to that investment because the loss occurred when we accounted for NMI ownership as an equity-method investment. Chatham Rock Phosphate, Limited. We have an ownership of approximately a 1 % in Chatham Rock Phosphate, Limited (“CRPL”). We record our investment under the cost method. During 2012, we performed deep-sea mining exploratory services for Chatham Rock Phosphate, Ltd. (“CRP”) valued at $ 1.7 million. As payment for these services, CRP issued 9,320,348 ordinary shares to us. During March 2017, Antipodes Gold Limited completed the acquisition of CRP. The surviving entity is now CRPL. In exchange for our 9,320,348 shares of CRP, we received 141,884 shares of CPRL, which represents equity ownership of, at most, approximately 1 % of the surviving entity with zero value. We continue to carry the value of our investment in CPRL at zero in our consolidated financial statements.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 7 - INCOME TAXES During the six months ended June 30, 2024, we generated a federal taxable income of $ 2.4 million and generated $ 4.9 million of foreign net operating loss (“NOL ”) carryforwards. As of June 30, 2024, we had consolidated income tax NOL carryforwards for federal tax purposes of approximately $ 210.0 million and net operating loss carryforwards for foreign income tax purposes of approximately $ 51.0 million . From 2025 through 2027, approximately $ 29.0 million of the NOL will expire, and from 2028 through 2037, approximately $ 128.0 million of the NOL will expire. The NOL generated in 2018 through 2023 of approximately $ 53.0 million will be carried forward indefinitely.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	– COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company may be subject to a variety of claims and suits that arise from time to time in the ordinary course of business. We are not a party to any litigation as a defendant where a loss contingency is required to be reflected in our condensed consolidated financial statements. Contingency ExO owes consultants success fees of up to $ 0.7 million that are contingent upon the approval and issuance of the Environmental Impact Assessment (“EIA”). The EIA has not been approved as of the date of this report and the contingent success fees have not been accrued. Lease commitments At June 30, 2024, the right-of-use (“ROU”) asset and lease obligation for our corporate office operating lease were $ 25,056 and $ 26,579 , respectively. Future minimum lease payments for assets under non-cancelable operating lease agreements with original terms of more than one year for the remainder of 2024 and thereafter are as follows: Year ending December 31, Annual payment obligation 2024 $ 26,913 We recognized approximately $ 53,188 and $ 53,084 in rent expense associated with these leases for the three months ended June 30, 2024 and 2023, respectively, and $ 109,846 and $ 123,911 for the six months ended June 30, 2024 and 2023 , respectively, which was recorded in Marketing, general and administrative expenses on the condensed consolidated statement of operations.

Loans Payable

Loans Payable	6 Months Ended
	Jun. 30, 2024
Text Block [Abstract]
Loans Payable	NOTE 9 –LOANS PAYABLE The Company’s consolidated loans payable consisted of the following carrying values at: Note payable June 30, 2024 December 31, 2023 March 2023 Note $ 15,689,588 $ 14,858,816 December 2023 Note 6,203,330 6,000,000 Emergency Injury Disaster Loan 150,000 150,000 Vendor note payable 484,009 484,009 AFCO Insurance note payable 158,014 468,751 Pignatelli note 500,000 500,000 37N Note 574,191 804,997 Finance liability (Note 14) 4,157,845 4,112,332 Total Loans payable $ 27,916,977 $ 27,378,905 Less: Unamortized deferred lender fee ( 52,199 ) ( 106,488 ) Less: Unamortized deferred discount ( 1,926,150 ) ( 3,955,449 ) Total Loans payable, net $ 25,938,628 $ 23,316,968 Less: Current portion of loans payable ( 21,670,783 ) ( 15,413,894 ) Loans payable—long term $ 4,267,845 $ 7,903,074 March 2023 Note and Warrant Purchase Agreement On March 6, 2023, Odyssey entered into a Note and Warrant Purchase Agreement (the “March 2023 Note Purchase Agreement”) with an institutional investor pursuant to which Odyssey issued and sold to the investor (a) a promissory note (the “March 2023 Note”) in the principal amount of up to $ 14.0 million and (b) a warrant (the “March 2023 Warrants” and, together with the March 2023 Note, the “Securities”) to purchase shares of our Common Stock. On January 30, 2024, the March 2023 Warrants were amended to add a cashless exercise provision. Due to that amendment, the Company determined that the March 2023 Warrants meets the definition of a derivative and are not considered indexed to the Company’s own stock due to the settlement adjustment that provides that the share price input upon cashless exercise is always based on the highest of three prices. As such, the March 2023 Warrants are now recognized as a derivative liability, which was initially measured at fair value and any subsequent changes in fair value will be recognized in earnings in the period incurred. The amended March 2023 Warrants were measured using the Black-Scholes valuation method on January 30, 2024, and re-classified from equity to warrant liability. The difference between the warrant liability and initial equity balance was recognized as an additional discount to additional paid-in capital (“APIC”). The change in fair value of the March 2023 Warrants for the three and six months ended June 30, 2024 was an increase of $ 2.2 million and a decrease of $ 0.3 million, respectively, which has been recorded in the change in derivative liabilities fair value in the condensed consolidated statement of operations. The fair value of the March 2023 Warrants at June 30, 2024 was $ 7.4 million. For the three months ended June 30, 2024 and 2023 , we incurred $ 0.6 million and $ 0.5 million, respectively, of interest expense from the amortization of the debt discount and $ 16,628 and $ 16,268 , respectively, interest from the fee amortization which has been recorded in interest expense on the condensed consolidated Statement of Operations. For the six months ended June 30, 2024 and 2023 , we incurred $ 1.2 million and $ 0.8 million, respectively, of interest expense from the amortization of the debt discount and $ 32,537 and $ 20,916 , respectively, interest from the fee amortization which has been recorded in interest expense on the condensed consolidated Statement of Operations. The June 30, 2024 carrying value of the debt was $ 15.2 million, which includes interest Paid-In-Kind (“PIK”) of $ 1.7 million, and was net of unamortized debt fees of $ 12,157 , net of unamortized debt discount of $ 0.5 million associated with the fair value of the warrant. The total face value of this obligation on June 30, 2024, and December 31, 2023 , was $ 15.7 million and $ 14.9 million, respectively. December 2023 Notes and Warrant Purchase Agreement On December 1, 2023, we entered into a Note and Warrant Purchase Agreement (the “December 2023 Note Purchase Agreement”) with institutional investors pursuant to which we issued and sold to the investors (a) a series of promissory notes (the “December 2023 Notes”) in the aggregate principal amount of up to $ 6.0 million and (b) two tranches of warrants (the “December 2023 Warrants” and, together with the December 2023 Notes, the “December 2023 Securities”) to purchase shares of our Common Stock. The Company determined that the December 2023 Warrants meet the definition of a derivative and are not considered indexed to the Company’s own stock due to the settlement adjustment that provides that the share price input upon cashless exercise is always based on the highest of three prices. As such, the December 2023 Warrants were recognized as derivative liabilities and were initially measured at fair value with subsequent gains or losses due to changes in fair value recognized in the condensed consolidated statement of operations. The Company noted that when debt is issued with liability-classified stock purchase warrants, the residual method should be used so that the warrants are recognized at fair value at issuance and the residual proceeds are allocated to the debt. We incurred $ 65,500 in related expenses, which are being amortized over the term of the December 2023 Note Purchase Agreement and charged to interest expense. The total proceeds of $ 6.0 million were allocated between debt and warrant liability by recognizing the warrants at their full fair value and allocating the residual proceeds to the December 2023 Notes. The initial fair value of the December 2023 Warrants was $ 2.4 million, resulting in a corresponding discount on the December 2023 Notes which is being amortized over the remaining term of the December 2023 Note Purchase Agreement using the effective interest method, which is charged to interest expense. For the three and six months ended June 30, 2024 , we recorded $ 0.4 million and $ 0.8 million, respectively, of interest expense from the amortization of the debt discount and $ 10,877 and $ 21,754 , respectively, of interest from the fee amortization. At June 30, 2024 , the carrying value of the debt was $ 4.7 million and was net of unamortized debt fees of $ 40,041 , net of unamortized debt discount of $ 1.5 million associated with the fair value of the warrant. The total face value of this obligation at June 30, 2024 was $ 6.2 million. The current interest rate of the December 2023 Notes was 11.0 %. Emergency Injury Disaster Loan The Company obtained an Economic Injury Disaster Loan (the “EIDL Loan”) from the United States Small Business Administration (the “SBA”) with a principal amount of $ 150,000 , which was used for working capital purposes. The Company made payments amounting to $ 2,193 and $ 4,386 for each of the three and six months ended June 30, 2024 and 2023, respectively . All payments reduce accrued interest first and are then applied against principal. As of June 30, 2024, the Company ’ s principal balance on the EIDL Loan amounted to $ 150,000 and is recorded as Loans payable in the condensed consolidated balance sheets. Vendor Note Payable We currently owe a vendor $ 0.5 million as an interest-bearing trade payable. This trade payable bears simple annual interest at a rate of 12 %. As collateral, we granted the vendor a primary lien on certain of our equipment. The carrying value of this equipment is zero . This agreement matured in August 2018 . Even though this agreement has matured, the creditor has not demanded payment. There are no covenant requirements to meet that would expose the Company to default situations. AFCO Insurance Note Payable On November 1, 2023, we entered into the Premium Finance Agreement (“AFCO Insurance Note Payable”) with AFCO Credit Corporation (“AFCO”). Pursuant to the Premium Finance Agreement, AFCO agreed to finance the D&O Insurance premiums evidenced by the promissory note, bearing interest at a rate of 4.95 % per annum, maturing on October 31, 2024 . As of June 30, 2024, the Company ’ s balance on the AFCO Insurance Note Payable amounted to $ 158,014 and is recorded as Loans payable in the condensed consolidated balance sheets. Pignatelli On March 6, 2023, Odyssey issued a new Unsecured Convertible Promissory Note in the principal amount of $ 0.5 million to Mr. Pignatelli that bears interest at the rate of 10.0 % per annum convertible into common stock of Odyssey at a conversion price of $ 3.78 per share. As of June 30, 2024, the Company ’ s balance on this convertible note amounted to $ 0.5 million, and is recorded as Loans payable in the condensed consolidated balance sheets. Accrued interest on this promissory note is $ 66,164 and included within Accrued interest in the condensed consolidated balance sheets. 37North On June 29, 2023 we entered into a Note Purchase Agreement (“Note Agreement”) with 37North SPV 11, LLC (“37N”) pursuant to which 37N agreed to loan us $ 1.0 million. The proceeds from this transaction were received in full on June 29, 2023. Pursuant to the Note Agreement, the indebtedness was non-interest bearing and matured on July 30, 2023. At any time from 31 days after the maturity date, 37N has the option to convert all or a portion of the outstanding amount of the indebtedness into conversion shares equal to the quotient obtained by dividing (A) 120% of the amount of the indebtedness, by (B) the lower of $3.66 or 70% of the 10-day volume-weighted average principal (“VWAP”) market trading price of Common Stock. The aggregate maximum number of shares of Common Stock to be issued in connection with conversion of the indebtedness is not to exceed (i) 19.9 % of the outstanding shares of Common Stock prior to the date of the Agreement, (ii) 19.9 % of the combined voting power of the outstanding voting securities, or (iii) such number of shares of Common Stock that would violate the applicable listing rules of the Principal Market if the stockholders did not approve the issuance of Common Stock upon conversion of the indebtedness. Any time prior to maturity, we had the option to prepay the indebtedness at an amount of 108 % of the unpaid principal. From the maturity date to 29 days after the maturity date (August 27, 2023), we were permitted to repay all (but not less than) of an amount equal to 112.5 % of the unpaid amount of the indebtedness. At any time after the 30th day after the maturity date (August 28, 2023), we are permitted to repay all (but not less than) of an amount equal to 115 % of the unpaid amount of the indebtedness after 10 days’ notice. If 37N delivers an exercise notice during this 10-day period, the note issued pursuant to the Note Agreement (the “37N Note”) would be converted to shares of Common Stock, instead of being repaid. As of June 30, 2024, we have not repaid this Note Agreement. If 37N delivers an exercise notice and the number of shares issuable is limited by the 19.9 % limitation outlined above, then we are permitted to repay all the remaining unpaid amount of the Loan in an amount equal to 130 % of the remaining unpaid amount. On December 27, 2023, 37N delivered an exercise notice to us pursuant to which it exercised its right to convert $ 360,003 of the outstanding indebtedness under the Note Agreement into shares of our Common Stock. In accordance with the Note Agreement, based on the applicable conversation rate of $ 2.3226 under the agreement, we issued 155,000 shares of our common Stock to 37N on December 29, 2023. In June 2024, 37N delivered an exercise notice to us pursuant to which it exercised its right to convert $ 230,806 of the outstanding indebtedness under the Note Agreement into shares of our Common Stock. In accordance with the Note Agreement, based on the applicable conversation rate of $ 3.6491 , we issued 55,000 shares of our common Stock to 37N on June 24, 2024. We evaluated the indebtedness and, based on the criteria of ASC 480 Distinguishing Liabilities from Equity and 815 Derivatives and Hedging, the 37N convertible note is classified as a liability on the consolidated balance sheet with a share settled redemption feature that is recorded as an embedded derivative. As a result, the share settled redemption and conversion features were recorded at fair value at each reporting period outstanding with changes recognized through Interest expenses on the consolidated statement of operations. The Company analyzed the conversion feature of the note and determined that, because it includes a conditional obligation to issue a variable number of shares based on a fixed amount known at inception, the debt is properly classified as a liability in the balance sheet. The Company identified seven embedded features, all of which were of de minimis fair value other than the Share Settled Redemption Feature. As such, only that was bifurcated and accounted for separately from the debt host. Certain default put provisions were not considered to be clearly and closely related to the debt host, but management concluded that the value of these default put provisions was de minimis. At June 30, 2024 , the debt instrument and embedded derivatives were recorded on the consolidated balance sheets at fair value of $ 0.6 million and $ 0.3 million, respectively, under Loans payable – short term and Litigation financing and other – long term. At December 31, 2023, the debt instrument and embedded derivatives were recorded on the consolidated balance sheets at fair value of $ 0.8 million and $ 0.7 million, respectively, under Loans payable – short term and Litigation financing and other – long term. Accrued interest Total accrued interest associated with our financings was $ 0.7 million and $ 0.9 million as of June 30, 2024 and December 31, 2023 , respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair value measurements	NOTE 10 - FAIR VALUE MEASUREMENTS The Company did not have any financial assets measured on a recurring basis. The following tables summarize our fair value hierarchy for our financial liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023. Fair Value Level June 30, 2024 December 31, 2023 Liabilities 37N Note embedded derivative 3 $ 251,298 $ 702,291 Put option liability 3 5,393,909 5,637,162 Litigation financing 3 53,461,815 52,115,647 Warrant liabilities issued with debt (December 2023 Warrants) 3 3,397,288 2,392,563 Warrant liabilities issued with equity (2022 Warrants) 3 13,046,608 13,399,822 March 2023 Warrants 3 7,424,985 — Total of fair valued liabilities $ 82,975,903 $ 74,247,485 At June 30, 2024, the Company recorded the 37N Note at fair value, Level 3, for which the valuation techniques used to measure the fair value of the Company’s debt instruments are generally based on observable inputs other than quoted prices in active market. The OML equity exchange agreement, that results in a Put option liability (the “Put Option”), and Litigation financing are measured at fair value, Level 3. The OML Put Option valuation was based on the exercise period of the equity exchange agreement, share price and volatility. The Litigation Financing valuation was based on the following assumptions: amounts funded by the Funder, the corresponding IRR calculation, applicable percentage applicable to the recovery percentage calculation and management’s good-faith estimates for estimated outcome probabilities and estimated debt repayment dates. The 2022 Warrants, the December 2023 Warrants and the March 2023 Warrants are measured at fair value, Level 3, using a Black-Scholes valuation model. The assumptions used in this model included the use key inputs, including expected stock volatility, the risk–free interest rate, the expected life of the option and the expected dividend yield. Expected volatility is calculated based on the historical volatility of our Common Stock over the term of the warrant. Risk–free interest rates are calculated based on risk–free rates for the appropriate term. The expected life is estimated based on contractual terms as well as expected exercise dates. The dividend yield is based on the historical dividends issued by us. If the volatility rate or risk-free interest rate were to change, the value of the warrants would be impacted. Changes in our Level 3 fair value measurements were as follows: March 2023 37N Note Put option Litigation December 2022 Warrants Total Year ended December 31, 2023 $ — $ 702,291 $ 5,637,162 $ 52,115,647 $ 2,392,563 $ 13,399,822 $ 74,247,485 Change in fair value ( 2,491,420 ) ( 365,434 ) ( 1,252,385 ) 576,173 ( 124,091 ) ( 4,197,744 ) ( 7,854,901 ) Classification of warrants as liability 7,754,438 — — — — — 7,754,438 Three months ended March 31, 2024 5,263,018 336,857 4,384,777 52,691,820 2,268,472 9,202,078 74,147,022 Debt conversion - 55,000 common shares ( 96,582 ) ( 96,582 ) Change in fair value 2,161,967 11,023 1,009,132 769,995 1,128,816 3,844,530 8,925,463 Six months ended June 30, 2024 $ 7,424,985 $ 251,298 $ 5,393,909 $ 53,461,815 $ 3,397,288 $ 13,046,608 $ 82,975,903 Year ended December 31, 2022 $ — $ — $ — $ 45,368,948 $ — $ 13,602,467 $ 58,971,415 Change in fair value — — — 1,685,517 — ( 4,732,403 ) ( 3,046,886 ) Other — — — 2,528 — — 2,528 Three months ended March 31, 2023, As Restated — — — 47,056,993 — 8,870,064 55,927,057 Issuance of new instrument — 423,696 — — — — 423,696 Issuance of new funding — — — 4,633 — — 4,633 Change in fair value — — — 1,682,988 — 1,076,881 2,759,869 Six months ended June 30, 2023, As Restated $ — $ 423,696 $ — $ 48,744,614 $ — $ 9,946,945 $ 59,115,255 Additional information about the Litigation Financing liability, the 2022 Warrants, the December 2023 Warrants and the March 2023 Warrants is included in Note 9, Loans Payable . Derivative Financial Instruments Litigation financing On June 14, 2019, Odyssey and ExO (together, the “Claimholder”), and Poplar Falls LLC (the “Funder”) entered into an International Claims Enforcement Agreement (the “Agreement”), as amended in January 2020, December 2020, June 2021 and March 2023, pursuant to which the Funder agreed to provide financial assistance to the Claimholder to facilitate the prosecution and recovery of the claim by the Claimholder against the United Mexican States under Chapter Eleven of the North American Free Trade Agreement (“NAFTA”) for violations of the Claimholder’s rights under NAFTA related to the development of an undersea phosphate deposit off the coast of Baja Sur, Mexico (the “Project”), on our own behalf and on behalf of ExO and United Mexican States (the “Subject Claim”). Pursuant to the Agreement, as amended, the Funder agreed to specified fees and expenses regarding the Subject Claim (the “Claims Payments”) incrementally and at the Funder’s sole discretion. The fair value of this derivative instrument at June 30, 2024 and December 31, 2023 was $ 53.5 million and $ 52.1 million, respectively, and is recorded in our consolidated balance sheet in Litigation financing and other. The Company determined that the financing arrangement was a derivative, measured at fair value within the scope of ASC 815 Derivatives and Hedging . Subsequently, any changes in the fair value of the derivative are reported in earnings for the period. Fair value was calculated as the midpoint of estimated ranges of the probability-weighted present value of potential results based on management assumptions. As such, the fair value of the obligation on June 30, 2024 and December 31, 2023 was $ 53.5 million and $ 52.1 million, respectively, with changes in the fair value of increases of $ 0.8 million and $ 1.7 million for the three months ended June 30, 2024 and 2023 , respectively, and increases of $ 1.4 million and $ 3.4 million for the six months ended June 30, 2024 and 2023, respectively. 37N Note See Note 9, Loans Payable, for discussion related to the accounting for the 37N embedded derivative. Warrant Liability 2022 Warrants On June 10, 2022, we sold an aggregate of 4,939,515 shares of our Common Stock and the 2022 Warrants to holders to purchase up to 4,939,515 shares of our Common Stock (“ 2022 Warrants ”). The net proceeds received from sale, after offering expenses of $ 1.8 million, were $ 14.7 million. The shares of common stock and warrants were sold in units, with each unit consisting of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $ 3.35 (the “2022 Warrant Price”) per share of common stock. Each unit was sold at a negotiated price of $ 3.35 per unit. The 2022 Warrants are exercisable at any time beginning on December 10, 2022 , and ending on the close of business on June 10, 2027 . The Company determined that the 2022 Warrants meet the definition of a derivative and are not considered indexed to the Company’s own stock due to the input related to the price per share and any non-cash consideration. Management determined that this input would preclude the 2022 Warrants from being indexed to the Company’s stock given that this input could be affected by variables that are extraneous to the pricing of a fixed-for-fixed option or forward contract on equity shares. As such, the 2022 Warrants were recognized as derivative liabilities and will be initially and subsequently measured at fair value with the gain or loss due to changes in fair value recognized in the current period. The Company noted that when debt is issued with liability-classified stock purchase warrants, the residual method should be used so that the warrants are recognized at fair value at issuance and the residual proceeds are allocated to the debt. The fair value of the obligation on June 30, 2024 and December 31, 2023 was $ 13.0 million and $ 13.4 million, respectively, with changes in the fair value of increases of $ 3.8 million and $ 1.1 million for the three months ended June 30, 2024 and 2023 , respectively, and decreases of $ 0.4 million and $ 3.7 million for the six months ended June 30, 2024 and 2023, respectively. March 2023 Warrants and December 2023 Warrants See Note 9, Loans Payable , for discussion related to the accounting for the March 2023 Warrants and the December 2023 Warrants. Put Option Liability See Note 6, Investment in unconsolidated entities , for discussion regarding the Ocean Minerals, LLC Exchange Agreement.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses	– ACCRUED EXPENSES Accrued expenses consist of the following: June 30, 2024 December 31, 2023 Compensation and incentives $ 2,037 $ 5,239 Professional services 337,192 296,332 Deposits 450,000 450,000 Interest 685,956 912,915 Exploration license fees 7,431,053 6,828,872 Total accrued expenses 8,906,238 8,493,358 Deposits consist of an earnest money deposit from CIC, which relates to a draft agreement related to the potential sale of a stake of our equity in CIC. This transaction has not yet been agreed upon or consummated.

Stockholders' Equity_(Deficit)

Stockholders' Equity/(Deficit)	6 Months Ended
	Jun. 30, 2024
Federal Home Loan Banks [Abstract]
Stockholders' Equity/(Deficit)	– STOCKHOLDERS’ EQUITY/(DEFICIT) Share-Based Compensation The Company recorded share-based compensation expense related to our options and restricted stock units of $ 0.1 million and $ 0.3 million , for the three months ended June 30, 2024 and 2023, respectively, and $ 1.6 million and $ 0.4 million , for the six months ended June 30, 2024 and 2023, respectively. On January 29, 2024, we granted options to purchase an aggregate of 90,000 shares of Common Stock to directors, options to purchase an aggregate of 200,000 shares of common stock to officers, and options to purchase an aggregate of 302,000 shares of common stock to employees. The value of the stock options granted was determined using the Black-Scholes-Merton option-pricing model ( “ BSM ” ), which values options based on the stock price at the grant date, the expected life of the option, the estimated volatility of the stock, the expected dividend payments, and the risk-free interest rate over the life of the option. Expected volatilities are based on the historical volatility of the Company’s stock as well as other companies operating similar businesses. The expected term (in years) is determined using historical data to estimate option exercise patterns. Forfeitures are recognized in compensation cost when they occur. The expected dividend yield is based on the annualized dividend rate over the vesting period. The risk-free interest rate is based on the rate for US Treasury bonds commensurate with the expected term of the granted option. The Company used the following assumptions for the BSM to determine the fair value of the stock options granted during the six months ended June 30, 2024.  January 29, 2024 Risk free interest rate 3.97 % Expected life 5 years Expected volatility 62.42 % Expected dividend yield — Grant-date fair value 2.61

Concentration of Credit Risk

Concentration of Credit Risk	6 Months Ended
	Jun. 30, 2024
Risks and Uncertainties [Abstract]
Concentration of Credit Risk	– CONCENTRATION OF CREDIT RISK We do not currently have any debt obligations with variable interest rates. For the three and six months ended June 30, 2024 , we had two customers, CIC and OML, both of which are related parties (see Note 5, Related Party Transactions ), that accounted for 100 % of our total revenue. For the three and six months ended June 30, 2023 , we had one customer, CIC, which is a related party, that accounted for 100 % of our total revenue. As of both June 30, 2024 and December 31, 2023, the Company held cash in financial institutions that were over the federally insured limits. The Company has not incurred losses on these accounts.

Sale-leaseback Financing Obliga

Sale-leaseback Financing Obligations	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Sale-leaseback Financing Obligations	NOTE 14 – SALE-LEASEBACK FINANCING OBLIGATIONS During the year ended December 31, 2023, the Company’s subsidiaries sold marine equipment to third-party buyers for an aggregate of $ 4.5 million. Simultaneously with each sale, the subsidiaries entered into lease agreements with each buyer of the respective marine equipment (the sale of the property and simultaneous leaseback is referred to as a “sale-leaseback”). The Company accounted for the sale-leaseback transactions as financing transactions with the purchasers of the property in accordance with ASC Topic 842 as the lease agreements were determined to be finance leases. The Company concluded the lease agreements both met the qualifications to be classified as finance leases due to the obligation to repurchase the equipment. ORI was one of Odyssey’s subsidiaries that entered into one of the sale-leaseback financing obligations noted above. As noted in Note 6, Investment in Unconsolidated Entity , Odyssey transferred all of its shares in ORI to OML as part of the Investment in OML. Pursuant to the OML Purchase Agreement, Odyssey is obligated to pay all amounts owed for rent and the repurchase of the marine equipment under the sale-leaseback agreement. As of June 30, 2024 and December 31, 2023, the carrying values of the financing liabilities were $ 4.2 million and $ 4.1 million . The monthly lease payments are split between a reduction of principal and interest expense using the effective interest rate method. Remaining future cash payments related to the financing liability, for the remainder of 2024 and thereafter are as follows: Year Ending December 31, Annual payment obligation 2024 $ 270,000 2025 540,000 2026 540,000 2027 4,710,000 Thereafter — $ 6,060,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Principles of Consolidation	Principles of Consolidation The c onsolidated financial statements include the accounts of the Company and its direct and indirect wholly owned subsidiaries, both domestic and international. Equity investments in which we exercise significant influence but do not control and of which we are not the primary beneficiary are accounted for using the equity method. All significant inter-company and intra-company transactions and balances have been eliminated. The portion of the consolidated subsidiaries not owned by the Company and any related activity is eliminated through non-controlling interests in the condensed consolidated balance sheets and net income or loss attributable to redeemable non-controlling interests in the condensed consolidated statements of operations. The results of operations attributable to the non-controlling interest are presented within equity and net income or loss and are shown separately from the Company’s equity and net income attributable to the Company. Some of the existing inter-company balances, which are eliminated upon consolidation, include features allowing the liabilities of Exploraciones Oceánicas S. de R.L. de CV (“ExO”) and Oceanica Resources, S. de R.L. (“Oceanica”), majority-owned subsidiaries of the Company, to be converted into additional equity of a subsidiary, which, if exercised, could increase the Company’s direct or indirect interest in the non-wholly owned subsidiaries.
Use of Estimates	Use of Estimates Management used estimates and assumptions in preparing these condensed 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 revenue and expenses. Actual results could vary from the estimates that were used.
Bismarck Exploration License	Bismarck Exploration License The Company follows the guidance pursuant to Financial Accounting Standards Board (“FASB”) ASC 350, “Intangibles-Goodwill and Other” (“ASC 350”) in accounting for the exploration license held by Bismarck Mining Corporation, Ltd., (the “Bismarck Exploration License ”). Management determined the rights to use the license to have an indefinite life. This assessment is based on the historical success of renewing the license every two years since 2006, and the fact that management believes there are no legal, regulatory, or contractual provisions that would limit the useful life of the asset. The Company was notified in November 2023 that the 2022 exploration license renewal application was approved. The Bismarck Exploration License is not dependent on another asset or group of assets that could potentially limit the useful life of the Bismarck Exploration License. We test the Bismarck Exploration License for impairment annually, and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired, per the guidance of the ASC 350. We did no t have any impairment indicators for the three and six months ended June 30, 2024 and 2023 .
Investment in Unconsolidated Entities	Investment in Unconsolidated Entities As discussed in Note 6, Investment in Unconsolidated Entities , the Company has cost basis method investments and equity method investments with related parties. As of June 30, 2024 and December 31, 2023, there were no variable interest entities (“VIE”) for which the Company was the primary beneficiary. We also review these investments for any potential impairment annually.
Long-Lived Assets	Long-Lived Assets We did no t have any impairment indicators related to long-lived assets for the three and six months ended June 30, 2024 and 2023 .
Earnings Per Share	Earnings Per Share (“EPS”) Basic EPS has been computed pursuant to FASB ASC Topic 260, Earnings Per Share, and is computed by dividing income or loss available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if dilutive securities and other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. We use the treasury stock method to compute potential common shares from stock options, restricted stock units and warrants and use the if-converted method to compute potential common shares from preferred stock, convertible notes or other convertible securities. Dilutive common stock equivalents include the dilutive effect of in-the-money stock equivalents, which are calculated based on the average share price for each period using the treasury stock method, excluding any common stock equivalents if their effect would be anti-dilutive. The potential common shares in the following tables represent potential common shares from outstanding options, restricted stock awards, convertible notes and other convertible securities that were excluded from the calculation of diluted EPS during periods due to having an anti-dilutive effect are: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Average market price during the period $ 4.29 $ 3.24 $ 4.37 $ 3.22 Option awards 1,529,824 1,064,355 1,000,722 1,045,933 Unvested restricted stock awards 10,087 207,774 — 10,999 Convertible notes 341,776 585,735 147,134 — Common Stock Warrant related 10,923,525 11,977,294 1,819,473 11,977,294 Put Options 3,871,880 — — — The following is a reconciliation of the numerators and denominators used in computing basic and diluted net income per share: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (As Restated) (As Restated) Net (loss) income attributable to Odyssey Marine Exploration, Inc. $ ( 1,527,103 ) $ ( 4,931,609 ) $ 1,970,921 $ 17,376,078 Numerator: Basic net (loss) income available to stockholders $ ( 1,527,103 ) $ ( 4,931,609 ) $ 1,970,921 $ 17,376,078 Fair value change of debt instruments — — ( 243,253 ) — Fair value change of warrants — — ( 682,667 ) — Fair value change of convertible debt — — ( 354,411 ) — Diluted net (loss) income available to stockholders $ ( 1,527,103 ) $ ( 4,931,609 ) $ 690,590 $ 17,376,078 Denominator: Weighted average common shares outstanding – Basic 20,481,072 19,918,677 20,453,503 19,793,265 Dilutive effect of options — — 69,816 4,533 Dilutive effect of other derivative instruments — — 3,871,880 171,361 Dilutive effect of warrants — — 1,777,412 — Dilutive effect of convertible instruments — — 189,502 88,735 Weighted average common shares outstanding – Diluted 20,481,072 19,918,677 26,362,113 20,057,894 Net (loss) income per share: Basic $ ( 0.07 ) $ ( 0.25 ) $ 0.10 $ 0.88 Diluted $ ( 0.07 ) $ ( 0.25 ) $ 0.03 $ 0.87
Segment Reporting	Segment Reporting We evaluate the products and services that produce our revenue and the geographical regions in which we operate to determine reportable segments in accordance with ASC 280 – Segment Reporting. Based on that evaluation, we have determined that we have only one operating segment and therefore we do not disclose segment information.
Accounting Standards Not Yet Adopted	Accounting Standards Not Yet Adopted In December 2023, the FASB issued new guidance on income tax disclosures (ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”). Among other requirements, this update adds specific disclosure requirements for income taxes, including: (1) disclosing specific categories in the rate reconciliation and (2) providing additional information for reconciling items that meet quantitative thresholds. The guidance is effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of evaluating the impact of the adoption of ASU 2023-09 on the Company’s condensed consolidated financial statements and disclosures. Other recent accounting pronouncements issued by the FASB, the AICPA and the SEC did not or are not believed by management to have a material effect, if any, on the Company’s financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Reconciliation of Numerators and Denominators used in Computing Basic and Diluted Net Income Per Share	The following is a reconciliation of the numerators and denominators used in computing basic and diluted net income per share: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (As Restated) (As Restated) Net (loss) income attributable to Odyssey Marine Exploration, Inc. $ ( 1,527,103 ) $ ( 4,931,609 ) $ 1,970,921 $ 17,376,078 Numerator: Basic net (loss) income available to stockholders $ ( 1,527,103 ) $ ( 4,931,609 ) $ 1,970,921 $ 17,376,078 Fair value change of debt instruments — — ( 243,253 ) — Fair value change of warrants — — ( 682,667 ) — Fair value change of convertible debt — — ( 354,411 ) — Diluted net (loss) income available to stockholders $ ( 1,527,103 ) $ ( 4,931,609 ) $ 690,590 $ 17,376,078 Denominator: Weighted average common shares outstanding – Basic 20,481,072 19,918,677 20,453,503 19,793,265 Dilutive effect of options — — 69,816 4,533 Dilutive effect of other derivative instruments — — 3,871,880 171,361 Dilutive effect of warrants — — 1,777,412 — Dilutive effect of convertible instruments — — 189,502 88,735 Weighted average common shares outstanding – Diluted 20,481,072 19,918,677 26,362,113 20,057,894 Net (loss) income per share: Basic $ ( 0.07 ) $ ( 0.25 ) $ 0.10 $ 0.88 Diluted $ ( 0.07 ) $ ( 0.25 ) $ 0.03 $ 0.87
In the Money Potential Common Shares [Member]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The potential common shares in the following tables represent potential common shares from outstanding options, restricted stock awards, convertible notes and other convertible securities that were excluded from the calculation of diluted EPS during periods due to having an anti-dilutive effect are: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Average market price during the period $ 4.29 $ 3.24 $ 4.37 $ 3.22 Option awards 1,529,824 1,064,355 1,000,722 1,045,933 Unvested restricted stock awards 10,087 207,774 — 10,999 Convertible notes 341,776 585,735 147,134 — Common Stock Warrant related 10,923,525 11,977,294 1,819,473 11,977,294 Put Options 3,871,880 — — —

Accounts Receivable and Other_2

Accounts Receivable and Other Related Party , Net (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Summary of Accounts Receivable	Our accounts receivable consist of the following: June 30, 2024 December 31, 2023 Related party (see Notes 5 and 6) $ 75,573 $ 46,394 Other — 63,926 Total accounts receivable and other, net $ 75,573 $ 110,320

Other Current Assets (Tables)

Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Other Current Assets	Our other current assets consisted of the following: June 30, 2024 December 31, 2023 Prepaid assets $ 231,261 $ 608,353 Other 124,437 119,820 Deposits 35,266 15,266 Total other current assets $ 390,964 $ 743,439

Investment In Unconsolidated En

Investment In Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investment in Unconsolidated Entities	June 30, 2024 December 31, 2023 CIC Limited $ 4,776,824 $ 4,514,618 Ocean Minerals, LLC 4,756,709 4,487,028 Chatham Rock Phosphate, Limited — — Neptune Minerals, Inc. — — Investment in unconsolidated entities $ 9,533,533 $ 9,001,646
Schedule of Initial Closing Consideration	The Company determined that the initial Closing Consideration is as follows: Cash Consideration $ 1,000,000 Fair value of Odyssey Retriever, Inc. 3,280,261 Fair value of the Second Closing 676,921 Fair value of the Third Closing 769,875 Fair value of the Equity Exchange Agreement 4,516,007 Transaction costs 49,988 Initial closing consideration $ 10,293,052

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]	Future minimum lease payments for assets under non-cancelable operating lease agreements with original terms of more than one year for the remainder of 2024 and thereafter are as follows: Year ending December 31, Annual payment obligation 2024 $ 26,913

Loans Payable (Tables)

Loans Payable (Tables)	6 Months Ended
	Jun. 30, 2024
Text Block [Abstract]
Schedule of Consolidated Notes Payable	The Company’s consolidated loans payable consisted of the following carrying values at: Note payable June 30, 2024 December 31, 2023 March 2023 Note $ 15,689,588 $ 14,858,816 December 2023 Note 6,203,330 6,000,000 Emergency Injury Disaster Loan 150,000 150,000 Vendor note payable 484,009 484,009 AFCO Insurance note payable 158,014 468,751 Pignatelli note 500,000 500,000 37N Note 574,191 804,997 Finance liability (Note 14) 4,157,845 4,112,332 Total Loans payable $ 27,916,977 $ 27,378,905 Less: Unamortized deferred lender fee ( 52,199 ) ( 106,488 ) Less: Unamortized deferred discount ( 1,926,150 ) ( 3,955,449 ) Total Loans payable, net $ 25,938,628 $ 23,316,968 Less: Current portion of loans payable ( 21,670,783 ) ( 15,413,894 ) Loans payable—long term $ 4,267,845 $ 7,903,074

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Fair Value Hierarchy for Financial Liabilities Measured At Fair Value on a Recurring Basis	The following tables summarize our fair value hierarchy for our financial liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023. Fair Value Level June 30, 2024 December 31, 2023 Liabilities 37N Note embedded derivative 3 $ 251,298 $ 702,291 Put option liability 3 5,393,909 5,637,162 Litigation financing 3 53,461,815 52,115,647 Warrant liabilities issued with debt (December 2023 Warrants) 3 3,397,288 2,392,563 Warrant liabilities issued with equity (2022 Warrants) 3 13,046,608 13,399,822 March 2023 Warrants 3 7,424,985 — Total of fair valued liabilities $ 82,975,903 $ 74,247,485
Schedule of Changes in Level 3 Fair Value Measurements	Changes in our Level 3 fair value measurements were as follows: March 2023 37N Note Put option Litigation December 2022 Warrants Total Year ended December 31, 2023 $ — $ 702,291 $ 5,637,162 $ 52,115,647 $ 2,392,563 $ 13,399,822 $ 74,247,485 Change in fair value ( 2,491,420 ) ( 365,434 ) ( 1,252,385 ) 576,173 ( 124,091 ) ( 4,197,744 ) ( 7,854,901 ) Classification of warrants as liability 7,754,438 — — — — — 7,754,438 Three months ended March 31, 2024 5,263,018 336,857 4,384,777 52,691,820 2,268,472 9,202,078 74,147,022 Debt conversion - 55,000 common shares ( 96,582 ) ( 96,582 ) Change in fair value 2,161,967 11,023 1,009,132 769,995 1,128,816 3,844,530 8,925,463 Six months ended June 30, 2024 $ 7,424,985 $ 251,298 $ 5,393,909 $ 53,461,815 $ 3,397,288 $ 13,046,608 $ 82,975,903 Year ended December 31, 2022 $ — $ — $ — $ 45,368,948 $ — $ 13,602,467 $ 58,971,415 Change in fair value — — — 1,685,517 — ( 4,732,403 ) ( 3,046,886 ) Other — — — 2,528 — — 2,528 Three months ended March 31, 2023, As Restated — — — 47,056,993 — 8,870,064 55,927,057 Issuance of new instrument — 423,696 — — — — 423,696 Issuance of new funding — — — 4,633 — — 4,633 Change in fair value — — — 1,682,988 — 1,076,881 2,759,869 Six months ended June 30, 2023, As Restated $ — $ 423,696 $ — $ 48,744,614 $ — $ 9,946,945 $ 59,115,255

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Components of Accrued Expenses	Accrued expenses consist of the following: June 30, 2024 December 31, 2023 Compensation and incentives $ 2,037 $ 5,239 Professional services 337,192 296,332 Deposits 450,000 450,000 Interest 685,956 912,915 Exploration license fees 7,431,053 6,828,872 Total accrued expenses 8,906,238 8,493,358

Sale-leaseback Financing Obli_2

Sale-leaseback Financing Obligations (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Remaining future cash payments related to the financing liability	Remaining future cash payments related to the financing liability, for the remainder of 2024 and thereafter are as follows: Year Ending December 31, Annual payment obligation 2024 $ 270,000 2025 540,000 2026 540,000 2027 4,710,000 Thereafter — $ 6,060,000

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Tables)	6 Months Ended
	Jun. 30, 2024
Federal Home Loan Banks [Abstract]
Summary of Options Valued in Estimated on Date of Grant Using Black-Scholes Option-Pricing Model with Following Assumptions Used for Grants Issued	The Company used the following assumptions for the BSM to determine the fair value of the stock options granted during the six months ended June 30, 2024.  January 29, 2024 Risk free interest rate 3.97 % Expected life 5 years Expected volatility 62.42 % Expected dividend yield — Grant-date fair value 2.61

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - USD ($)	May 03, 2024	Jun. 30, 2024	Dec. 31, 2023	Dec. 01, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Proceeds from other operating activities	$ 9,400,000
Non restricted cash balance		$ 7,600,000
Working capital deficit		29,700,000
Assets		26,282,002	$ 22,752,297
Cash		$ 7,600,000
Residual Economic Interests Received From Shipwreck [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Proceeds from other operating activities	$ 9,400,000
December 2023 Note [Member] | Promissory Note [Member] | Maximum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt instrument face amount				$ 6,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Segment	Jun. 30, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Exploration license impairments	$ 0	$ 0	$ 0	$ 0
Asset impairment charges	$ 0	$ 0	$ 0	$ 0
Number of operating segment | Segment			1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share for in the Money Potential Common Shares (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Average market price during the period	$ 4.29	$ 3.24	$ 4.37	$ 3.22
Option awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from EPS	1,529,824	1,064,355	1,000,722	1,045,933
Out Of The Money Unrestricted Stock Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from EPS	10,087	207,774		10,999
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from EPS	341,776	585,735	147,134
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from EPS	10,923,525	11,977,294	1,819,473	11,977,294
Put Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from EPS	3,871,880	0	0	0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Reconciliation of Numerators and Denominators used in Computing Basic and Diluted Net Income Per Share (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Net (loss) income attributable to Odyssey Marine Exploration, Inc.	$ (1,527,103)	$ (4,931,609)	$ 1,970,921	$ 17,376,078
Numerator:
Basic net (loss) income available to stockholders	(1,527,103)	(4,931,609)	1,970,921	17,376,078
Fair value change inof debt instruments	0	0	(243,253)	0
Fair value change of warrants	0	0	(682,667)	0
Fair value change of convertible debt	0	0	(354,411)	0
Diluted net (loss) income available to stockholders	$ (1,527,103)	$ (4,931,609)	$ 690,590	$ 17,376,078
Denominator:
Weighted average common shares outstanding - Basic	20,481,072	19,918,677	20,453,503	19,793,265
Dilutive effect of options	0	0	69,816	4,533
Dilutive effect of restricted stock awards	0	0	3,871,880	171,361
Dilutive effect of warrants	0	0	1,777,412	0
Dilutive effect of convertible instruments	0	0	189,502	88,735
Weighted average common shares outstanding	20,481,072	19,918,677	26,362,113	20,057,894
Net (loss) income per share:
Basic	$ (0.07)	$ (0.25)	$ 0.1	$ 0.88
Diluted	$ (0.07)	$ (0.25)	$ 0.03	$ 0.87

Accounts And Other Related Part

Accounts And Other Related Party Receivables - Summary of Accounts Receivable (Detail) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable and other, net	$ 75,573	$ 110,320
Related Party [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	75,573	46,394
Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 0	$ 63,926

Other Current Assets - Summary

Other Current Assets - Summary of Other Current Assets (Detail) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid assets	$ 231,261	$ 608,353
Other	124,437	119,820
Deposits	35,266	15,266
Total other current assets	$ 390,964	$ 743,439

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)				3 Months Ended		6 Months Ended
	May 03, 2024	Apr. 01, 2024	Jun. 10, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 29, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Debt discount amount				$ 1,926,150		$ 1,926,150			$ 3,955,449
Accrued interest receivable						0	$ 288,991
Proceeds from other operating activities	$ 9,400,000
Interest expense				1,833,773	$ 1,074,661	3,653,767	1,781,183
Services Agreement [Member] | Deep Sea Mineral Company, CIC, LLC [Member]
Related Party Transaction [Line Items]
Debt outstanding with accrued interest				$ 114,100,000		$ 114,100,000
Purchase Agreement [Member] | Two Seas Funds [Member]
Related Party Transaction [Line Items]
Class of warrants or rights exercise price of warrants or rights				$ 3.78		$ 3.78
Debt instrument face amount				$ 83,946		$ 165,651
Paid in kind interest into capitalized principal		$ 81,705
Paid in cash capitalized principal								$ 83,946
Class of warrants or rights outstanding				727,514		727,514
Purchase Agreement [Member] | Fourworld Funds [Member]
Related Party Transaction [Line Items]
Class of warrants or rights exercise price of warrants or rights				$ 3.78		$ 3.78
Debt instrument face amount				$ 33,282		$ 65,676
Paid in kind interest into capitalized principal		32,394
Paid in cash capitalized principal								33,282
Class of warrants or rights outstanding				285,715		285,715
Purchase Agreement [Member] | Greywolf [Member]
Related Party Transaction [Line Items]
Class of warrants or rights exercise price of warrants or rights				$ 3.78		$ 3.78
Debt instrument face amount				$ 215,717		$ 425,675
Paid in kind interest into capitalized principal		$ 209,959
Paid in cash capitalized principal								$ 215,717
Class of warrants or rights outstanding				1,851,852		1,851,852
December Two Thousand And Twenty Three Purchase Agreement [Member] | Two Seas Funds [Member]
Related Party Transaction [Line Items]
Debt instrument face amount				$ 56,880		$ 112,242
December Two Thousand And Twenty Three Purchase Agreement [Member] | Fourworld Funds [Member]
Related Party Transaction [Line Items]
Debt instrument face amount				14,220		28,060
December Two Thousand And Twenty Three Purchase Agreement [Member] | Greywolf [Member]
Related Party Transaction [Line Items]
Debt instrument face amount				$ 28,440		$ 56,121
December Two Thousand And Twenty Three Purchase Agreement1 [Member] | Two Seas Funds [Member]
Related Party Transaction [Line Items]
Class of warrants or rights exercise price of warrants or rights				$ 4.25		$ 4.25
Class of warrants or rights outstanding				470,588		470,588
December Two Thousand And Twenty Three Purchase Agreement1 [Member] | Fourworld Funds [Member]
Related Party Transaction [Line Items]
Class of warrants or rights exercise price of warrants or rights				$ 4.25		$ 4.25
Class of warrants or rights outstanding				117,648		117,648
December Two Thousand And Twenty Three Purchase Agreement1 [Member] | Greywolf [Member]
Related Party Transaction [Line Items]
Class of warrants or rights exercise price of warrants or rights				$ 4.25		$ 4.25
Class of warrants or rights outstanding				235,295		235,295
December Two Thousand And Twenty Three Purchase Agreement2 [Member] | Two Seas Funds [Member]
Related Party Transaction [Line Items]
Class of warrants or rights exercise price of warrants or rights				$ 7.09		$ 7.09
Class of warrants or rights outstanding				70,521		70,521
December Two Thousand And Twenty Three Purchase Agreement2 [Member] | Fourworld Funds [Member]
Related Party Transaction [Line Items]
Class of warrants or rights exercise price of warrants or rights				$ 7.09		$ 7.09
Class of warrants or rights outstanding				17,631		17,631
December Two Thousand And Twenty Three Purchase Agreement2 [Member] | Greywolf [Member]
Related Party Transaction [Line Items]
Class of warrants or rights exercise price of warrants or rights				$ 7.09		$ 7.09
Class of warrants or rights outstanding				35,261		35,261
Related Party [Member] | Back Office Technical and Support Services [Member] | Deep Sea Mineral Company, CIC, LLC [Member]
Related Party Transaction [Line Items]
Invoiced for technical services				$ 100,000	$ 200,000	$ 300,000	$ 400,000
Related Party [Member] | Services Agreement [Member]
Related Party Transaction [Line Items]
Financing receivable after allowance for credit loss				$ 1,100,000		$ 1,100,000			700,000
Four World Capital Management Llc [Member]
Related Party Transaction [Line Items]
Beneficial ownership percentage				20%		20%
Stock issued during the period shares new issues			292,628
Class of warrants or rights exercise price of warrants or rights				$ 3.35		$ 3.35
Four World Capital Management Llc [Member] | 2022 Warrants [Member]
Related Party Transaction [Line Items]
Class of warrants or rights number of securities covered by warrants or rights			292,628
Class of warrants or rights shares issued on the exercise of warrants			1,000
Class of warrants or rights exercise price of warrants or rights				$ 3.35		$ 3.35
Class of warrants or rights outstanding				291,628		291,628
Fourworlds Funds [Member]
Related Party Transaction [Line Items]
Beneficial ownership percentage				6%		6%
Two Seas Capital Lp [Member]
Related Party Transaction [Line Items]
Beneficial ownership percentage				9.99%		9.99%
Stock issued during the period shares new issues			447,761
Two Seas Capital Lp [Member] | 2022 Warrants [Member]
Related Party Transaction [Line Items]
Class of warrants or rights number of securities covered by warrants or rights			447,761
Class of warrants or rights outstanding				447,761		447,761
Greywolf Distressed Opportunities Master Fund, L.P. [Member]
Related Party Transaction [Line Items]
Beneficial ownership percentage				9.20%		9.20%
Stock issued during the period shares new issues			940,298
Greywolf Distressed Opportunities Master Fund, L.P. [Member] | 2022 Warrants [Member]
Related Party Transaction [Line Items]
Class of warrants or rights number of securities covered by warrants or rights			940,298
Class of warrants or rights outstanding				940,298		940,298
CIC Limited1 [Member]
Related Party Transaction [Line Items]
Equity Method Investment Ownership Interest				15.20%		15.20%
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage						11.50%
Ocean Minerals LLC [Member]
Related Party Transaction [Line Items]
Equity Method Investment Ownership Interest				7%		7%
Salvage Agreement [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Equity Method Investment Ownership Interest				60%		60%
Salvage Agreement [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Equity Method Investment Ownership Interest				40%		40%
Oceanica Marine Operations [Member] | Services Agreement [Member]
Related Party Transaction [Line Items]
Interest rate, stated percentage				18%		18%
Debt outstanding with accrued interest									$ 105,000,000
Oceanica Marine Operations [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Financing receivable after allowance for credit loss				$ 23,000,000		$ 23,000,000
Oceanica Marine Operations [Member] | Related Party [Member] | Between 2012 and 2014 [Member]
Related Party Transaction [Line Items]
Financing receivable after allowance for credit loss				11,400,000		11,400,000
Oceanica Marine Operations [Member] | Related Party [Member] | Between 2015 and 2017 [Member]
Related Party Transaction [Line Items]
Financing receivable after allowance for credit loss				$ 7,600,000		$ 7,600,000

Investment In Unconsolidated _2

Investment In Unconsolidated Entities - Schedule of Investment in Unconsolidated Entities (Detail) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 9,533,533	$ 9,001,646
CIC Limited [Member]
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	4,776,824	4,514,618
Ocean Minerals, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	4,756,709	4,487,028
Chatham Rock Phosphate, Limited [Member]
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	0	0
Neptune Minerals, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 0	$ 0

Investment In Unconsolidated _3

Investment In Unconsolidated Entities - Additional Information (Detail)			3 Months Ended		6 Months Ended	12 Months Ended
	Jul. 03, 2023 USD ($) $ / shares shares	Jun. 04, 2023 USD ($) $ / shares shares	Jun. 30, 2024 USD ($)	Mar. 31, 2017 shares	Jun. 30, 2024 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2012 shares	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Investment carrying value			$ 9,533,533		$ 9,533,533			$ 9,001,646
Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Contribution agreement equity interests issued or issuable number of additional shares issued value					$ 10,000,000
Ocean Minerals, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of issued and outstanding membership owned			0.07		0.07			0.063
Contribution agreement equity interests issued or issuable number of additional shares issued value	$ 10,300,000
Percentage of initial closing purchased units	6.28%
Initial closing purchased units | shares	293,399
Initial closing purchased units payment of cash	$ 1,000,000
Second closing purchased units | shares	195,599
Second closing purchased units payment of cash	$ 4,000,000
Third closing additional purchased units to be issued | shares	244,499
Third closing purchased units payment of cash	$ 5,000,000
Optional units additional purchased units to be issued | shares	1,466,993
Optional units purchased units payment of cash | shares	20.45
Percentage of discount price paid	10%
Discounted purchase of optional units | $ / shares	$ 20.45
Technical services revenue			$ 50,780		$ 100,000
Investment carrying value			4,800,000		4,800,000			$ 4,500,000
Assumption of changes in put option liability			1,000,000		(200,000)
Equity method investment realized gain loss on disposal			$ (100,000)		$ (300,000)
Ocean Minerals, LLC [Member] | Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of shares held by the company			3%		3%
Ocean Minerals, LLC [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of shares held by the company			5%		5%
Odyssey Retriever, Inc [Member]
Schedule of Equity Method Investments [Line Items]
Contractual amount			$ 5,000,000		$ 5,000,000
Fair value of the asset			3,280,261		3,280,261
Book value of investment held	$ 3,100,000
Equity method investment realized gain loss on disposal	$ 174,107
Equity Exchange Agreement [Member]
Schedule of Equity Method Investments [Line Items]
Maximum percentage of common stock to be issued under exchange agreement	19.90%
Stock Option [Member] | Ocean Minerals, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Assets value of option			$ 5,700,000		$ 5,700,000
Odyssey Minerals Cayman Limited [Member] | Unit Purchase Agreement [Member] | Ocean Minerals, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Units sold to purchaser | shares		733,497
Purchase price		$ 15,000,000
Percentage of issued and outstanding membership interest units purchased		15%
Membership interest units purchase price per unit | $ / shares		$ 20.45
Neptune Minerals Incorporated [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage			14%		14%
Loss from unconsolidated entity			$ 21,300,000		$ 21,300,000
Neptune Minerals Incorporated [Member] | Common Class A [Member]
Schedule of Equity Method Investments [Line Items]
Investment carrying value			$ 0		$ 0
Chatham Rock Phosphate Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Investment carrying value								$ 0
Ownership percentage			1%		1%
Deep sea mining exploratory services						$ 1,700,000
Shares received from CRP | shares				141,884			9,320,348
Outstanding equity stake in CRP				1%

Investment In Unconsolidated _4

Investment In Unconsolidated Entities - Schedule of Initial Closing Consideration (Detail)	Jun. 30, 2024 USD ($)
Initial Closing Consideration Of Investment [Table]
Cash Consideration	$ 1,000,000
Fair value of the Second Closing	676,921
Fair value of the Third Closing	769,875
Fair value of the Equity Exchange Agreement	4,516,007
Transaction costs	49,988
Initial closing consideration	10,293,052
Odyssey Retriever, Inc [Member]
Initial Closing Consideration Of Investment [Table]
Fair value of Odyssey Retriever, Inc.	$ 3,280,261

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) $ in Millions	Jun. 30, 2024 USD ($)
Federal [Member]
Income Taxes [Line Items]
Net operating loss carryforwards subject to expiration	$ 210
Net operating loss carryforwards, indefinitely	53
Net operating loss carryforwards	2.4
Foreign [Member]
Income Taxes [Line Items]
Net operating loss carryforwards subject to expiration	51
Net operating loss carryforwards	4.9
2025 Through 2027 [Member]
Income Taxes [Line Items]
Net operating loss carryforwards subject to expiration	29
2028 Through 2037 [Member]
Income Taxes [Line Items]
Net operating loss carryforwards subject to expiration	$ 128

Commitments and Contingencies -

Commitments and Contingencies - Lease Payment Obligations (Detail)	Jun. 30, 2024 USD ($)
2024	$ 26,913

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Commitments [Line Items]
Lease rent expense		$ 53,188	$ 53,084	$ 109,846	$ 123,911
Corporate Office Space [Member]
Other Commitments [Line Items]
Lease Obligation		26,579		26,579
Right of use asset		$ 25,056		$ 25,056
Maximum [Member]
Other Commitments [Line Items]
Consultants contingent success fees	$ 700,000

Loans Payable - Schedule of Con

Loans Payable - Schedule of Consolidated Notes Payable (Detail) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Loans payable	$ 27,916,977	$ 27,378,905
Less: Unamortized deferred lender fee	(52,199)	(106,488)
Less: Unamortized deferred discount	(1,926,150)	(3,955,449)
Total Loans payable, net	25,938,628	23,316,968
Less: Current portion of loans payable	(21,670,783)	(15,413,894)
Loans payable-long term	4,267,845	7,903,074
March 2023 Note [Member]
Debt Instrument [Line Items]
Loans payable	15,689,588	14,858,816
December 2023 Note [Member]
Debt Instrument [Line Items]
Loans payable	6,203,330	6,000,000
Emergency Injury Disaster Loan [Member]
Debt Instrument [Line Items]
Loans payable	150,000	150,000
Vendor note payable [Member]
Debt Instrument [Line Items]
Loans payable	484,009	484,009
AFCO Insurance note payable [Member]
Debt Instrument [Line Items]
Loans payable	158,014	468,751
Pignatelli Note [Member]
Debt Instrument [Line Items]
Loans payable	500,000	500,000
37N Note [Member]
Debt Instrument [Line Items]
Loans payable	574,191	804,997
Finance liability [Member]
Debt Instrument [Line Items]
Loans payable	$ 4,157,845	$ 4,112,332

Loans Payable - March 2023 Note

Loans Payable - March 2023 Note and Warrant Purchase Agreement - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Mar. 06, 2023
Debt Instrument [Line Items]
Change in fair value	$ (8,925,464)	$ (2,762,397)	$ (1,070,562)	$ 284,489
Amortization of debt discount			2,029,298	0
Debt discount amount	1,926,150		1,926,150		$ 3,955,449
March 2023 Note And Warrant Purchase Agreement [Member]
Debt Instrument [Line Items]
Amortization of debt issuance costs	16,628	16,268	32,537	20,916
Paid in kind interest payable	1,700,000		1,700,000
March 2023 Note And Warrant Purchase Agreement [Member] | Loans Payable [Member]
Debt Instrument [Line Items]
Debt instrument face amount	15,700,000		15,700,000		$ 14,900,000
Long-term Debt	15,200,000		15,200,000
March 2023 Note And Warrant Purchase Agreement [Member] | Pending Litigation [Member]
Debt Instrument [Line Items]
Amortization of debt discount	600,000	$ 500,000	1,200,000	$ 800,000
March 2023 Note And Warrant Purchase Agreement [Member] | Warrant [Member]
Debt Instrument [Line Items]
Change in fair value	2,200,000		(300,000)
Fair value of warrants			7,400,000
Debt discount amount	500,000		500,000
March 2023 Note And Warrant Purchase Agreement [Member] | Warrant [Member] | Loans Payable [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Net	$ 12,157		$ 12,157
March 2023 Note And Warrant Purchase Agreement [Member] | Purchase Agreement [Member] | Promissory Note [Member]
Debt Instrument [Line Items]
Debt instrument face amount						$ 14,000,000

Loans Payable - December 2023 N

Loans Payable - December 2023 Notes and Warrant Purchase Agreement - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 01, 2023
Debt Instrument [Line Items]
Offering cost paid on financing		$ 0	$ 98,504
Debt discount amount	$ 1,926,150	1,926,150		$ 3,955,449
Amortization of debt discount		2,029,298	$ 0
December 2023 Note [Member]
Debt Instrument [Line Items]
Debt discount amount	1,500,000	1,500,000
Amortization of debt discount	400,000	800,000
Amortization of debt issuance costs	10,877	21,754
Long-term Debt	4,700,000	4,700,000
December 2023 Note [Member] | Loans Payable [Member]
Debt Instrument [Line Items]
Debt instrument face amount	6,200,000	6,200,000
December 2023 Note [Member] | Promissory Note [Member]
Debt Instrument [Line Items]
Offering cost paid on financing		65,500
Proceeds from Issuance of Warrants		6,000,000
Debt discount amount	$ 2,400,000	$ 2,400,000
Debt instrument interest rate	11%	11%
December 2023 Note [Member] | Maximum [Member] | Promissory Note [Member]
Debt Instrument [Line Items]
Debt instrument face amount					$ 6,000,000
Litigation financing | December 2023 Note [Member] | Loans Payable [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Net	$ 40,041	$ 40,041

Loans Payable - Emergency Injur

Loans Payable - Emergency Injury Disaster Loan - Additional Information (Detail) - Emergency Injury Disaster Loan [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Debt instrument face amount	$ 150,000		$ 150,000
Debt instrument periodic payment	$ 2,193	$ 2,193	$ 4,386	$ 4,386

Loans Payable - Vendor Note Pay

Loans Payable - Vendor Note Payable - Additional Information (Detail) - Vendor Note Payable [Member]	6 Months Ended
	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Trade payable in accounts payable	$ 500,000
Trade payable, interest bearing interest rate	12%
Collateral asset carrying value	$ 0
Collateral Agreement [Member]
Debt Instrument [Line Items]
Debt instrument maturity date	Aug. 01, 2018

Loans Payable - AFCO Insurance

Loans Payable - AFCO Insurance Note Payable - Additional Information (Detail) - USD ($)	Nov. 01, 2023	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Loans payable		$ 27,916,977	$ 27,378,905
AFCO Insurance Note Payable [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	4.95%
Debt instrument maturity date	Oct. 31, 2024
Loans payable		$ 158,014	$ 468,751

Loans Payable - Pignatelli - Ad

Loans Payable - Pignatelli - Additional Information (Detail) - USD ($)	Jun. 30, 2024	Dec. 31, 2023	Mar. 06, 2023
Loans Payable	$ 27,916,977	$ 27,378,905
Pignatelli Note [Member]
Loans Payable	500,000	$ 500,000
Pignatelli Note [Member] | Unsecured Convertible Promissory Note [Member] | Mr.Pignatelli [Member]
Debt instrument face amount			$ 500,000
Interest rate, stated percentage			10%
Conversion price of Notes			$ 3.78
Accrued interest	66,164
Loans Payable	$ 0.5

Loans Payable - 37 North - Addi

Loans Payable - 37 North - Additional Information (Detail) - USD ($)				1 Months Ended		6 Months Ended
	Jun. 24, 2024	Dec. 29, 2023	Dec. 27, 2023	Aug. 14, 2022	Aug. 01, 2022	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Debt Conversion, Description						At any time from 31 days after the maturity date, 37N has the option to convert all or a portion of the outstanding amount of the indebtedness into conversion shares equal to the quotient obtained by dividing (A) 120% of the amount of the indebtedness, by (B) the lower of $3.66 or 70% of the 10-day volume-weighted average principal (“VWAP”) market trading price of Common Stock.
Shares Outstanding Post Conversion | %						19.90%
Percentage of outstanding voting securities						19.90%
Percentage of payment of unpaid principal amount				115%	112.50%	108%
Debt Instrument, maturity date, Description				From the maturity date to 29 days after the maturity date (August 27, 2023), we were permitted to repay all (but not less than) of an amount equal to 112.5% of the unpaid amount of the indebtedness.	At any time after the 30th day after the maturity date (August 28, 2023), we are permitted to repay all (but not less than) of an amount equal to 115% of the unpaid amount of the indebtedness after 10 days’ notice.
Exercise notice period						10 days
Percentage of number of shares issued after exercise notice						19.90%
Percentage of payment of unpaid principal amount after exercise notice						130%
Conversion of stock, shares issued						0	1,000,000
Loans Payable [Member]
Debt Instrument [Line Items]
Debt instrument, fair value disclosure						$ 600,000		$ 800,000
Embedded derivative liability at fair value						300,000		700,000
37North
Debt Instrument [Line Items]
Debt instrument, convertible, if-converted value in excess of principal			$ 360,003			$ 230,806
Conversion price of Notes		$ 2.3226				$ 3.6491
Common Stock [Member] | 37North
Debt Instrument [Line Items]
Conversion of stock, shares issued	55,000	155,000
Note One To Note Thirteen [Member]
Debt Instrument [Line Items]
Accrued interest on debt						$ 700,000		$ 900,000
Note Purchase Agreement [Member] | Convertible Debt [Member]
Debt Instrument [Line Items]
Aggregate amount issuable									$ 1,000,000

Loans Payable - Accrued interes

Loans Payable - Accrued interest - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Note One To Note Thirteen [Member]
Debt Instrument [Line Items]
Accrued interest on debt	$ 0.7	$ 0.9

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value Hierarchy for Financial Liabilities Measured At Fair Value on a Recurring Basis (Details) - Level 3 [Member] - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Liabilities [Abstract]
37N Note embedded derivative	$ 251,298		$ 702,291
Put option liability	5,393,909		5,637,162
Litigation financing	53,461,815		52,115,647
Warrant liabilities issued with debt (December 2023 Warrants)	3,397,288		2,392,563
Warrant liabilities issued with equity (2022 Warrants)	13,046,608		13,399,822
March 2023 note warrants	7,424,985		0
Total of fair valued liabilities	$ 82,975,903	$ 74,147,022	$ 74,247,485	$ 59,115,255	$ 55,927,057	$ 58,971,415

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Changes in Level 3 Fair Value Measurements (Details) - Level 3 [Member] - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning Balance	$ 74,147,022	$ 74,247,485	$ 55,927,057	$ 58,971,415	$ 74,247,485
Issuance of new instrument			423,696
Issuance of new funding			4,633
Change in fair value	8,925,463		2,759,869	(3,046,886)	(7,854,901)
Others				2,528
Classification of warrant as liability		7,754,438
Debt conversion - 55,000 common shares	(96,582)
Ending Balance	82,975,903	74,147,022	59,115,255	55,927,057	82,975,903
March 2023 Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning Balance	5,263,018	0	0	0	0
Issuance of new instrument			0
Issuance of new funding			0
Change in fair value	2,161,967		0	0	(2,491,420)
Others				0
Classification of warrant as liability		7,754,438
Ending Balance	7,424,985	5,263,018	0	0	7,424,985
37N Note Embedded Derivative [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning Balance	336,857	702,291	0	0	702,291
Issuance of new instrument			423,696
Issuance of new funding			0
Change in fair value	11,023		0	0	(365,434)
Others				0
Classification of warrant as liability		0
Debt conversion - 55,000 common shares	(96,582)
Ending Balance	251,298	336,857	423,696	0	251,298
Put Option Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning Balance	4,384,777	5,637,162	0	0	5,637,162
Issuance of new instrument			0
Issuance of new funding			0
Change in fair value	1,009,132		0	0	(1,252,385)
Others				0
Classification of warrant as liability		0
Ending Balance	5,393,909	4,384,777	0	0	5,393,909
Litigation Financing [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning Balance	52,691,820	52,115,647	47,056,993	45,368,948	52,115,647
Issuance of new instrument			0
Issuance of new funding			4,633
Change in fair value	769,995		1,682,988	1,685,517	576,173
Others				2,528
Classification of warrant as liability		0
Ending Balance	53,461,815	52,691,820	48,744,614	47,056,993	53,461,815
December 2023 Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning Balance	2,268,472	2,392,563	0	0	2,392,563
Issuance of new instrument			0
Issuance of new funding			0
Change in fair value	1,128,816		0	0	(124,091)
Others				0
Classification of warrant as liability		0
Ending Balance	3,397,288	2,268,472	0	0	3,397,288
2022 Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning Balance	9,202,078	13,399,822	8,870,064	13,602,467	13,399,822
Issuance of new instrument			0
Issuance of new funding			0
Change in fair value	3,844,530		1,076,881	(4,732,403)	(4,197,744)
Others				0
Classification of warrant as liability		0
Ending Balance	$ 13,046,608	$ 9,202,078	$ 9,946,945	$ 8,870,064	$ 13,046,608

Fair Value Measurements - Litig

Fair Value Measurements - Litigation Financing - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Derivative instrument value	$ 53.5		$ 53.5		$ 52.1
Fair value of the obligation			53.5		$ 52.1
Asset at fair value, changes in fair value resulting from changes in assumptions	$ 0.8	$ 1.7	$ 1.4	$ 3.4

Fair Value Instruments - Warran

Fair Value Instruments - Warrant Liability - Additional Information (Detail) $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 10, 2022 USD ($) shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value of the obligation				$ 53.5		$ 52.1
Asset at fair value, changes in fair value resulting from changes in assumptions		$ 0.8	$ 1.7	1.4	$ 3.4
2022 Warrant [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Purchase of number of shares | shares	4,939,515
Class of warrant or right, Number of securities called by warrants or rights | shares	4,939,515
Offering expenses	$ 1.8
Net proceeds received from sale	$ 14.7
Beginning of business	Dec. 10, 2022
Ending of business	Jun. 10, 2027
Fair value of the obligation				13		$ 13.4
Asset at fair value, changes in fair value resulting from changes in assumptions		$ 3.8	$ 1.1	$ 0.4	$ 3.7
2022 Warrant [Member] | Measurement Input, Share Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt measurement input	3.35
2022 Warrant [Member] | Measurement Input, Exercise Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt measurement input	3.35

Accrued Expenses - Components o

Accrued Expenses - Components of Accrued Expenses (Detail) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Compensation and incentives	$ 2,037	$ 5,239
Professional services	337,192	296,332
Deposits	450,000	450,000
Interest	685,956	912,915
Exploration license fees	7,431,053	6,828,872
Total accrued expenses	$ 8,906,238	$ 8,493,358

Stockholders' Equity_(Deficit)

Stockholders' Equity/(Deficit) - Additional Information (Detail) - USD ($) $ in Millions				3 Months Ended		6 Months Ended
	Aug. 07, 2023	Jun. 09, 2023	May 24, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense				$ 0.1	$ 0.3	$ 1.6	$ 0.4
Common Stock [Member] | Share-Based Payment Arrangement, Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of stock options granted	302,000
Common Stock [Member] | Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of stock options granted			90,000
Common Stock [Member] | Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of stock options granted		200,000

Stockholders' Equity (Deficit_2

Stockholders' Equity (Deficit) - Summary of Options Valued in Estimated on Date of Grant Using Black-Scholes Option-Pricing Model with Following Assumptions Used for Grants Issued (Details) - Employee [Member]	Jan. 29, 2024 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk free interest rate	3.97%
Expected life	5 years
Expected volatility	62.42%
Grant-date fair value	$ 2.61

Concentration of Credit Risk -

Concentration of Credit Risk - Additional Information (Detail) - Customer Concentration Risk [Member] - Customer	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Concentration Risk [Line Items]
Number of customers	2	1	2	1
Revenue Benchmark [Member] | Customer Two [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	100%	100%	100%	100%

Sale-leaseback Financing Obli_3

Sale-leaseback Financing Obligations - Additional Information (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Sale Leaseback Transaction [Line Items]
Proceeds from sale of equipment	$ 0	$ 40,001	$ 4,500,000
Sale-leaseback carrying value of financing liabilities	$ 4,200,000		$ 4,100,000

Sale-leaseback Financing Obli_4

Sale-leaseback Financing Obligations - Schedule of Remaining future cash payments related to the financing liability (Details)	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024	$ 270,000
2025	540,000
2026	540,000
2027	4,710,000
Thereafter	0
Total	$ 6,060,000