Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 26, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'ODYSSEY MARINE EXPLORATION INC | ' | ' |
Entity Central Index Key | '0000798528 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 83,882,577 | ' |
Entity Public Float | ' | ' | $222 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $21,322,257 | $10,096,414 |
Restricted cash | 10,685,732 | 276,906 |
Accounts receivable, net | 207,005 | 2,101,941 |
Inventory | 314,738 | 418,926 |
Other current assets | 1,080,364 | 874,115 |
Total current assets | 33,610,096 | 13,768,302 |
PROPERTY AND EQUIPMENT | ' | ' |
Equipment and office fixtures | 21,995,031 | 16,781,671 |
Building and land | 4,756,306 | 4,708,091 |
Accumulated depreciation | -16,973,085 | -15,038,811 |
Total property and equipment | 9,778,252 | 6,450,951 |
NON-CURRENT ASSETS | ' | ' |
Inventory | 5,206,318 | 5,574,841 |
Other non-current assets | 2,865,941 | 1,102,730 |
Total non-current assets | 8,072,259 | 6,677,571 |
Total assets | 51,460,607 | 26,896,824 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 3,472,612 | 1,948,555 |
Accrued expenses and other | 5,294,420 | 14,050,840 |
Deferred revenue | 1,840,404 | 2,835,522 |
Derivative liabilities | 970,823 | 5,356,203 |
Mortgage and loans payable | 16,369,582 | 14,809,737 |
Total current liabilities | 27,947,841 | 39,000,857 |
LONG-TERM LIABILITIES | ' | ' |
Mortgage and loans payable | 5,662,226 | 4,010,946 |
Deferred income from revenue participation rights | 4,643,750 | 4,643,750 |
Total long-term liabilities | 10,305,976 | 8,654,696 |
Total liabilities | 38,253,817 | 47,655,553 |
Commitments and contingencies (NOTE U) | ' | ' |
STOCKHOLDERS' EQUITY/(DEFICIT) | ' | ' |
Preferred stock | ' | ' |
Common stock - $.0001 par value; 150,000,000 shares authorized; 83,882,577 and 75,416,203 issued and outstanding | 8,388 | 7,542 |
Additional paid-in capital | 193,272,576 | 144,446,574 |
Accumulated deficit | -175,954,138 | -165,212,866 |
Total stockholders' equity/(deficit) before non-controlling interest | 17,326,829 | -20,758,729 |
Non-controlling interest | -4,120,039 | ' |
Total stockholders' equity/(deficit) | 13,206,790 | -20,758,729 |
Total liabilities and stockholders' equity/(deficit) | 51,460,607 | 26,896,824 |
Series D Convertible, Preferred Stock [Member] | ' | ' |
STOCKHOLDERS' EQUITY/(DEFICIT) | ' | ' |
Preferred stock | $3 | $21 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 9,675,200 | 9,361,177 |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 83,882,577 | 75,416,203 |
Common stock, shares outstanding | 83,882,577 | 75,416,203 |
Series D Convertible, Preferred Stock [Member] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 134,800 | 448,800 |
Preferred stock, shares issued | 32,400 | 206,400 |
Preferred stock, shares outstanding | 32,400 | 206,400 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
REVENUE | ' | ' | ' |
Artifact sales and other | $23,670,264 | $8,036,658 | $853,627 |
Exhibit | 112,129 | 225,000 | 207,289 |
Expedition | 131,556 | 4,935,857 | 14,666,316 |
Total revenue | 23,913,949 | 13,197,515 | 15,727,232 |
OPERATING EXPENSES | ' | ' | ' |
Cost of sales - artifacts and other | 694,787 | 235,537 | 414,993 |
Operations and research | 26,024,548 | 17,941,573 | 21,288,476 |
Marketing, general and administrative | 14,161,465 | 10,606,281 | 9,392,465 |
Total operating expenses | 40,880,800 | 28,783,391 | 31,095,934 |
LOSS FROM OPERATIONS | -16,966,851 | -15,585,876 | -15,368,702 |
OTHER INCOME OR (EXPENSE) | ' | ' | ' |
Interest income | 9,966 | 24,420 | 3,875 |
Interest expense | -3,581,642 | -6,263,589 | -1,155,072 |
Change in derivative liabilities fair value | 4,385,380 | 3,631,930 | 4,980,138 |
Gain on silver fixed price swap | 1,206,350 | ' | ' |
(Loss) from unconsolidated entity | ' | ' | -4,733,100 |
Other | 581,543 | 9,002 | 47,553 |
Total other income or (expense) | 2,601,597 | -2,598,237 | -856,606 |
LOSS BEFORE INCOME TAXES | -14,365,254 | -18,184,113 | -16,225,308 |
Income tax (provision) | -496,055 | ' | ' |
NET (LOSS) BEFORE NON-CONTROLLING INTEREST | -14,861,309 | -18,184,113 | -16,225,308 |
Non-controlling interest | 4,120,037 | ' | ' |
NET (LOSS) | ($10,741,272) | ($18,184,113) | ($16,225,308) |
LOSS PER SHARE | ' | ' | ' |
Basic and diluted | ($0.13) | ($0.25) | ($0.28) |
Weighted average number of common shares outstanding | ' | ' | ' |
Basic and diluted | 80,128,827 | 73,889,112 | 70,179,935 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity / (Deficit) (USD $) | Total | Series D Convertible, Preferred Stock [Member] | Common Stock [Member] | Paid-in Capital [Member] | Accumulated Deficit [Member] | Non-controlling Interest [Member] |
Beginning Balance at Dec. 31, 2010 | ' | $21 | $6,708 | $122,722,840 | ($130,277,889) | ' |
Beginning Balance, Shares at Dec. 31, 2010 | ' | 206,400 | 67,082,835 | ' | ' | ' |
Preferred stock converted to common, Share | ' | ' | ' | ' | ' | ' |
Common stock issued for cash, shares | ' | ' | 5,622,000 | ' | ' | ' |
Common stock issued for services, shares | ' | ' | 390,549 | ' | ' | ' |
Total stockholders' equity/(deficit) | -9,774,961 | 21 | 7,309 | 137,236,462 | -147,018,753 | ' |
Accretion of Series G Preferred stock | ' | ' | ' | -1,987,977 | ' | ' |
Net (loss) | -16,225,308 | ' | ' | ' | -16,225,308 | ' |
Fair value of warrants issued to Series G Preferred stock shareholders | ' | ' | ' | -906,150 | ' | ' |
Dividends | ' | ' | ' | ' | -515,556 | ' |
Common stock issued for services | ' | ' | 39 | ' | ' | ' |
Common stock issued for cash | ' | ' | 562 | 15,626,634 | ' | ' |
Share-based compensation | ' | ' | ' | 1,781,115 | ' | ' |
Ending Balance at Dec. 31, 2011 | -9,774,961 | 21 | 7,309 | 137,236,462 | -147,018,753 | ' |
Ending Balance, Shares at Dec. 31, 2011 | ' | 206,400 | 73,095,384 | ' | ' | ' |
Preferred stock converted to common, Share | ' | ' | ' | ' | ' | ' |
Common stock issued for cash, shares | ' | ' | 511,650 | ' | ' | ' |
Common stock issued for settlement of senior convertible notes, Shares | ' | ' | 1,441,013 | ' | ' | ' |
Common stock issued for services, shares | ' | ' | 368,156 | ' | ' | ' |
Total stockholders' equity/(deficit) | -20,758,729 | 21 | 7,542 | 144,446,574 | -165,212,866 | ' |
Net (loss) | -18,184,113 | ' | ' | ' | -18,184,113 | ' |
Dividends | ' | ' | ' | ' | -10,000 | ' |
Common stock issued for settlement of senior convertible notes | ' | ' | 144 | 4,262,383 | ' | ' |
Common stock issued for services | ' | ' | 37 | 347,516 | ' | ' |
Common stock issued for cash | ' | ' | 52 | 1,110,419 | ' | ' |
Share-based compensation | ' | ' | ' | 1,489,794 | ' | ' |
Ending Balance at Dec. 31, 2012 | -20,758,729 | 21 | 7,542 | 144,446,574 | -165,212,866 | ' |
Ending Balance, Shares at Dec. 31, 2012 | ' | 206,400 | 75,416,203 | ' | ' | ' |
Preferred stock converted to common, Share | ' | -174,000 | 174,000 | ' | ' | ' |
Common stock issued for cash, shares | ' | ' | 4,392,540 | ' | ' | ' |
Common stock issued for settlement of senior convertible notes, Shares | ' | ' | 3,552,357 | ' | ' | ' |
Common stock issued for services, shares | ' | ' | 347,477 | ' | ' | ' |
Total stockholders' equity/(deficit) | 13,206,790 | 3 | 8,388 | 193,272,576 | -175,954,138 | -4,120,037 |
Preferred stock converted to common | ' | -18 | 18 | ' | ' | ' |
Net (loss) | -10,741,272 | ' | ' | ' | -10,741,272 | -4,120,037 |
Common stock issued for settlement of senior convertible notes | ' | ' | 355 | 9,279,887 | ' | ' |
Common stock issued for services | ' | ' | 35 | ' | ' | ' |
Common stock issued for cash | ' | ' | 438 | 10,360,896 | ' | ' |
Share-based compensation | ' | ' | ' | 2,617,278 | ' | ' |
Sale of subsidiary stock | 625,000 | ' | ' | 27,500,000 | ' | ' |
Purchase of subsidiary stock | ' | ' | ' | -1,250,000 | ' | ' |
Settlement of vendor payable with subsidiary stock | ' | ' | ' | 625,000 | ' | ' |
Retained earnings of subsidiary acquisition | ' | ' | ' | -307,059 | ' | ' |
Ending Balance at Dec. 31, 2013 | $13,206,790 | $3 | $8,388 | $193,272,576 | ($175,954,138) | ($4,120,037) |
Ending Balance, Shares at Dec. 31, 2013 | ' | 32,400 | 83,882,577 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net loss before non-controlling interest | ($14,861,309) | ($18,184,113) | ($16,225,308) |
Adjustments to reconcile net loss to net cash (used) in operating activities: | ' | ' | ' |
Loan fee amortization | 185,113 | 425,561 | 272,998 |
Note payable interest accretion | 1,961,069 | 4,120,221 | 405,465 |
Senior convertible debit interest settled with common stock issuance | 671,548 | 349,483 | ' |
Share-based compensation | 2,451,565 | 1,489,807 | 1,551,589 |
Depreciation and amortization | 1,937,641 | 1,589,133 | 1,892,969 |
Write down of long-lived asset | ' | ' | 593,966 |
Investment in consolidated entity | -301,093 | ' | ' |
Deferred revenue settled with zero basis stock of unconsolidated entity | -440,054 | ' | ' |
Change in derivatives liabilities fair value | -4,385,380 | -3,631,930 | -4,980,138 |
Loss in unconsolidated entity | ' | ' | 4,733,100 |
Investment in unconsolidated entity | ' | ' | -4,733,100 |
Settlement of vendor payable with subsidiary stock | 625,000 | ' | ' |
(Increase) decrease in: | ' | ' | ' |
Accounts receivable | 1,792,266 | -1,601,315 | -403,856 |
Restricted cash | -408,826 | 187,673 | 282,629 |
Inventory | 472,715 | 65,192 | 371,353 |
Other assets | -2,042,713 | -119,358 | -93,110 |
Increase (decrease) in: | ' | ' | ' |
Accounts payable | 1,515,694 | 832,653 | -1,132,454 |
Accrued expenses and other | -8,684,797 | 12,254,102 | -541,356 |
Deferred revenue | -555,064 | -4,465,868 | 2,815,042 |
NET CASH (USED) IN OPERATING ACTIVITIES | -20,066,625 | -6,688,759 | -15,190,211 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of property and equipment | -4,504,779 | -946,190 | -973,764 |
Proceeds from disposal of long-lived asset | ' | ' | 485,000 |
NET CASH (USED) IN INVESTING ACTIVITIES | -4,504,779 | -946,190 | -488,764 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from issuance of common stock | 10,361,336 | 860,482 | 15,627,196 |
Proceeds from issuance of loan payable | 10,000,000 | 19,994,483 | 10,000,000 |
Restricted cash held as collateral on loan payable | -10,000,000 | ' | ' |
Purchase of subsidiary stock | -1,250,000 | ' | ' |
Proceeds from sale of subsidiary stock | 27,500,000 | ' | ' |
Broker commissions and fees on capital raises | ' | -400,000 | -545,000 |
Deferred income from revenue participation rights | ' | ' | 7,512,500 |
Dividends | ' | -10,000 | -515,556 |
Redemption of Series G Preferred stock | ' | ' | -5,757,500 |
Repayment of mortgage and loans payable | -814,089 | -10,685,396 | -2,906,633 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 35,797,247 | 9,759,569 | 23,415,007 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 11,225,843 | 2,124,620 | 7,736,032 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 10,096,414 | 7,971,794 | 235,762 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 21,322,257 | 10,096,414 | 7,971,794 |
SUPPLEMENTARY INFORMATION: | ' | ' | ' |
Interest paid | 623,160 | 1,368,324 | 736,915 |
Income taxes paid | ' | ' | ' |
NON-CASH TRANSACTIONS: | ' | ' | ' |
Accrued compensation paid by equity instruments | 165,748 | 347,528 | 229,564 |
Equipment purchased with financing | 756,795 | 558,499 | 198,660 |
Debt and interest payments with common shares | 8,608,694 | 4,262,528 | 2,500,000 |
Series G Preferred Stock accretion | ' | ' | 1,987,977 |
Series G Preferred Stock conversion | ' | 250,000 | ' |
Offset account receivable with subscription payable (See NOTE J) | ' | ' | $1,998,800 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Statement Of Cash Flows [Abstract] | ' |
Number of shares transferred | 500,000 |
Value of shares issued | $625,000 |
Per share value of shares issued | $1.25 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Organization and Summary of Significant Accounting Policies | ' | ||||||||||||
NOTE A – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
Organization | |||||||||||||
Odyssey Marine Exploration, Inc. and subsidiaries (the “Company,” “Odyssey,” “us,” “we” or “our”) is engaged in the archaeologically sensitive exploration and recovery of deep-ocean shipwrecks throughout the world. Our corporate headquarters are located in Tampa, Florida. | |||||||||||||
Summary of Significant Accounting Policies | |||||||||||||
This summary of significant accounting policies of the Company is presented to assist in understanding our 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 consolidated financial statements include the accounts of the Company and its direct and indirect wholly owned subsidiaries, Odyssey Marine Services, Inc., OVH, Inc., Odyssey Retriever, Inc., Odyssey Marine Entertainment, Inc., Odyssey Marine Enterprises, Ltd., Odyssey Marine Management, Ltd., Oceanica Marine Operations, S.R.L., and majority interest in Oceanica Resources, S.R.L. and Exploraciones Oceanicas, S. De R.L. De C.V. 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 results of operations attributable to the non-controlling interest are presented within equity and net income, and are shown separately from the Company’s equity and net income attributable to the Company. | |||||||||||||
During the year ended December 31, 2013, our wholly owned subsidiary, Odyssey Marine Enterprises, Ltd., sold 24 million cuotas (shares) of its position in Oceanica Resources, S.R.L. for $27.5 million in cash to a third-party investment group. According to the Accounting Standards Codification (“ASC”) 810 – Consolidation, paragraph 810-10-45-23, we have accounted for this transaction as an equity transaction. Therefore, no gain or loss has been recognized in consolidated net income or comprehensive income. | |||||||||||||
Use of Estimates | |||||||||||||
Management uses estimates and assumptions in preparing these financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were used. | |||||||||||||
Revenue Recognition and Accounts Receivable | |||||||||||||
In accordance with Topic A.1. in SAB 13: Revenue Recognition, exhibit and expedition charter revenue is recognized ratably when realized and earned as time passes throughout the contract period as defined by the terms of the agreement. Expenses related to the exhibit and expedition charter revenue are recorded as incurred and presented under the caption “Operations and research” on our Consolidated Statements of Income. | |||||||||||||
Artifact sales and other may also consist of revenues related to the recovery of shipwreck cargo, such as the bulk silver bullion from the Gairsoppa project that exceeds the directly related operating and recovery expenses. We recognize revenue when we complete our contractual obligation to deliver the silver bullion to the refining agent, the amount of revenue is reasonably assured based on the London Bullion Market rates and the bullion is in a format ready for sale into the market. Operating and recovery expenses incurred in connection with the Gairsoppa project contract consist of vessel-related expenses (ships’ crew, provisions, port fees and charter expenses), fuel, specialized equipment and administrative expenses. These expenses are charged to the Consolidated Statements of Income as incurred and subsequently reimbursed per our contract and recorded as a benefit (credit to expense) in the period we are assured of recoupment. | |||||||||||||
Artifact sales and other is where we recognize deferred revenue related to revenue participation rights we previously sold to an investor. Upon receipt of funds payable to the investor for their revenue participation rights, we recognize revenue based upon the percent of investor-related proceeds from the sale of silver as a percentage of total proceeds that investor could earn under the revenue participation agreement. | |||||||||||||
Under our agreement with the United Kingdom Government for the Gairsoppa project, any proceeds from the recovery of the government-owned silver cargo are first applied as a reimbursement to us for search and recovery expenses related to the project. Any remaining net proceeds from the silver owned by the United Kingdom Government are then split 20/80 between the government and us, respectively. In 2012 and 2013 the proceeds from the silver sales were sufficient to fully reimburse our expenses and to provide net proceeds that were split between the two parties. The Gairsoppa project revenue recognized by us in 2012 and 2013 resulted from our share of the net proceeds from the sale of the recovered silver bullion that belonged to the United Kingdom Government. The United Kingdom Government reimburses us for all of the expenses incurred by us to recover their silver. Accordingly, we applied the expense reimbursement credit against our search and recovery expenses in the respective years Consolidated Statement of Income under the caption “Operating Expenses: Operations and Research.” | |||||||||||||
Bad debts are recorded as identified and, from time to time, a specific reserve allowance will be established when required. A return allowance is established for sales that have a right of return. Accounts receivable is stated net of any recorded allowances. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents include cash on hand and cash in banks. We also consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | |||||||||||||
Inventory | |||||||||||||
Our inventory principally consists of artifacts recovered from the SS Republic shipwreck, other artifacts, general branded merchandise and related packaging material. Inventoried costs of recovered artifacts include the costs of recovery, conservation and administrative costs to obtain legal title to the artifacts. Administrative costs are generally legal fees or insurance settlements required in order to obtain clear title. The capitalized recovery costs include direct costs such as vessel and related equipment operations and maintenance, crew and technical labor, fuel, provisions, supplies, port fees and depreciation. Conservation costs include fees paid to conservators for cleaning and preserving the artifacts. We continually monitor the recorded aggregate costs of the artifacts in inventory to ensure these costs do not exceed the net realizable value. Historical sales, publications or available public market data are used to assess market value. | |||||||||||||
Packaging materials and merchandise are recorded at average cost. We record our inventory at the lower of cost or market. | |||||||||||||
Costs associated with the above noted items are the costs included in our costs of goods. Vessel costs associated with expedition revenue as well as exhibit costs are not included in cost of goods sold. Vessel costs include, but are not limited to, charter costs, fuel, crew and port fees. Vessel and exhibit costs are included in Operations and research in the Consolidated Statements of Income. In the case of revenues associated with the Gairsoppa project, the United Kingdom owned the silver we sold into the London Bullion Market on their behalf, therefore, there was no associated cost of goods. | |||||||||||||
Long-Lived Assets | |||||||||||||
Our policy is to recognize impairment losses relating to long-lived assets in accordance with the Accounting Standards Codification (“ASC”) topic for Property, Plant and Equipment. Decisions are based on several factors, including, but not limited to, management’s plans for future operations, recent operating results and projected cash flows. | |||||||||||||
Comprehensive Income | |||||||||||||
Securities with a maturity greater than three months from purchase date are deemed available-for-sale and carried at fair value. Unrealized gains and losses on these securities are excluded from earnings and reported as a separate component of stockholders’ equity. At December 31, 2013, we did not own securities with a maturity greater than three months. | |||||||||||||
Property and Equipment and Depreciation | |||||||||||||
Property and equipment is stated at historical cost. Depreciation is provided using the straight-line method at rates based on the assets’ estimated useful lives which are normally between three and ten years. Leasehold improvements are amortized over their estimated useful lives or lease term, if shorter. Major overhaul items (such as engines or generators) that enhance or extend the useful life of vessel related assets qualify to be capitalized and depreciated over the useful life or remaining life of that asset, whichever is shorter. Certain major repair items required by industry standards to ensure a vessel’s seaworthiness also qualify to be capitalized and depreciated over the period of time until the next scheduled planned major maintenance for that item. All other repairs and maintenance are accounted for under the direct-expensing method and are expensed when incurred. | |||||||||||||
Earnings Per Share | |||||||||||||
Basic earnings per share (EPS) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. In periods when the Company generates income, the Company calculates basic earnings per share (“EPS”) using the two-class method pursuant to ASC 260 Earnings Per Share. The two-class method is required effective with the issuance of the Senior Convertible Note disclosed in NOTE L because the note qualifies as participating security, giving the holder the right to receive dividends should dividends be declared on common stock. Under the two-class method, earnings for the period are allocated on a pro-rata basis to the common stockholders and to the holders of Convertible Notes based on the weighted average number of common shares outstanding and number of shares that could be converted. The Company does not use the two-class method in periods when it generates a loss as the holders of the Convertible Notes do not participate in losses. | |||||||||||||
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 and warrants and the if-converted method to compute potential common shares from Preferred Stock, Convertible Notes or other convertible securities. As it relates solely to the Senior Convertible Note, for diluted earnings per share, the Company uses the more dilutive of the if-converted method or two-class method. When a net loss occurs, potential common shares have an anti-dilutive effect on earnings per share and such shares are excluded from the Diluted EPS calculation. | |||||||||||||
At December 31, 2013, 2012 and 2011 the weighted average common shares outstanding were 80,128,827, 73,889,112 and 70,179,935, respectively. For the periods ending December 31, 2013, 2012 and 2011 in which net losses occurred, all potential common shares were excluded from Diluted EPS because the effect of including such shares would be anti-dilutive. | |||||||||||||
The potential common shares, in the table following, represent potential common shares calculated using the treasury stock method from outstanding options and warrants that were excluded from the calculation of Diluted EPS: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Average market price during the period | $ | 2.96 | $ | 3.2 | $ | 2.98 | |||||||
In the money potential common shares from options excluded | 146,162 | 275,101 | 129,793 | ||||||||||
In the money potential common shares from warrants excluded | 92,363 | 1,129,973 | 959,521 | ||||||||||
Potential common shares from out-of-the-money options and warrants were also excluded from the computation of diluted earnings per share because calculation of the associated potential common shares has an anti-dilutive effect. The following table lists options and warrants that were excluded from diluted EPS. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Out of the money options and warrants excluded: | |||||||||||||
Stock Options with an exercise price of $3.25 per share | 100,000 | — | — | ||||||||||
Stock Options with an exercise price of $3.30 per share | — | 100,000 | — | ||||||||||
Stock Options with an exercise price of $3.40 per share | 100,000 | — | — | ||||||||||
Stock Options with an exercise price of $3.43 per share | 40,000 | — | — | ||||||||||
Stock Options with an exercise price of $3.50 per share | 345,000 | 245,000 | 495,000 | ||||||||||
Stock Options with an exercise price of $3.51 per share | — | 959,500 | 984,670 | ||||||||||
Stock Options with an exercise price of $3.53 per share | — | 194,100 | 211,900 | ||||||||||
Stock Options with an exercise price of $3.90 per share | 20,000 | 20,000 | — | ||||||||||
Stock Options with an exercise price of $4.00 per share | 52,500 | 52,500 | 52,500 | ||||||||||
Stock Options with an exercise price of $5.00 per share | — | 200,000 | 650,000 | ||||||||||
Stock Options with an exercise price of $7.00 per share | — | 100,000 | 100,000 | ||||||||||
Warrants with an exercise price of $3.60 per share | 1,562,500 | 1,562,500 | — | ||||||||||
Warrants with an exercise price of $4.32 per share | — | — | 1,302,083 | ||||||||||
Warrants with an exercise price of $5.25 per share | — | 100,000 | 100,000 | ||||||||||
Total anti-dilutive warrants and options excluded from EPS | 2,220,600 | 3,533,600 | 3,896,153 | ||||||||||
Potential common shares from outstanding Convertible Preferred Stock calculated per the if-converted basis having an anti-dilutive effect on diluted earnings per share were excluded from potential common shares as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Potential common shares from Preferred Stock excluded from computation of diluted earnings per share | 32,400 | 206,400 | 346,400 | ||||||||||
The weighted average equivalent common shares relating to our unvested restricted stock awards that were excluded from potential common shares used in the earning per share calculation due to having an anti-dilutive effect are: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Excluded unvested restricted stock awards | 152,026 | 177,830 | 90,033 | ||||||||||
The following is a reconciliation of the numerators and denominators used in computing basic and diluted net income per share: | |||||||||||||
12 Month | 12 Month | 12 Month | |||||||||||
Period Ended | Period Ended | Period Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Net loss | $ | (10,741,272 | ) | $ | (18,184,113 | ) | $ | (16,225,308 | ) | ||||
Accretion of Series G Preferred Stock | — | — | (1,987,977 | ) | |||||||||
Cumulative dividends on Series G Preferred Stock | — | (10,000 | ) | (409,035 | ) | ||||||||
Fair market value of warrants issued to Series G Preferred Stock stockholders | — | — | (906,150 | ) | |||||||||
Undeclared cumulative dividends on Series G Preferred Stock in arrears | — | — | (5,000 | ) | |||||||||
Numerator, basic and diluted net loss available to stockholders | $ | (10,741,272 | ) | $ | (18,194,113 | ) | $ | (19,533,470 | ) | ||||
Denominator: | |||||||||||||
Shares used in computation – basic: | |||||||||||||
Weighted average common shares outstanding | 80,128,827 | 73,889,112 | 70,179,935 | ||||||||||
Shares used in computation – diluted: | |||||||||||||
Weighted average common shares outstanding | 80,128,827 | 73,889,112 | 70,179,935 | ||||||||||
Dilutive effect of options, warrants and convertible instruments outstanding | — | — | — | ||||||||||
Shares used in computing diluted net loss per share | 80,128,827 | 73,889,112 | 70,179,935 | ||||||||||
Net loss per share – basic and diluted | $ | (0.13 | ) | $ | (0.25 | ) | $ | (0.28 | ) | ||||
Income Taxes | |||||||||||||
Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is provided when it is more likely than not that some portion or the entire deferred tax asset will not be realized. | |||||||||||||
Stock-based Compensation | |||||||||||||
Our stock-based compensation is recorded in accordance with the guidance in the ASC topic for Stock-Based Compensation (See NOTE R). | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
Financial instruments consist of cash, evidence of ownership in an entity, and contracts that both (i) impose on one entity a contractual obligation to deliver cash or another financial instrument to a second entity, or to exchange other financial instruments on potentially unfavorable terms with the second entity, and (ii) conveys to that second entity a contractual right (a) to receive cash or another financial instrument from the first entity, or (b) to exchange other financial instruments on potentially favorable terms with the first entity. Accordingly, our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, derivative financial instruments, mortgage and loans payable, and redeemable preferred stock. We carry cash and cash equivalents, accounts payable and accrued liabilities, and mortgage and loans payable at the approximate fair market value, and, accordingly, these estimates are not necessarily indicative of the amounts that we could realize in a current market exchange. We carry derivative financial instruments at fair value as is required under current accounting standards. We carry redeemable preferred stock at historical cost and accrete carrying values to estimated redemption values over the term of the financial instrument. | |||||||||||||
Derivative financial instruments consist of financial instruments or other contracts that contain a notional amount and one or more underlying variables (e.g. interest rate, security price or other variable), require no initial net investment and permit net settlement. Derivative financial instruments may be free-standing or embedded in other financial instruments. Further, derivative financial instruments are initially, and subsequently, measured at fair value and recorded as liabilities or, in rare instances, assets. See NOTE K for additional information. We generally do not use derivative financial instruments to hedge exposures to cash-flow, market or foreign-currency risks. However, we have entered into certain other financial instruments and contracts, such as our sale and issuance of redeemable preferred stock and freestanding warrants during October 2010 with features that are either (i) not afforded equity classification, (ii) embody risks not clearly and closely related to host contracts, or (iii) may be net-cash settled by the counterparty. As required by ASC 815 – Derivatives and Hedging, these instruments are required to be carried as derivative liabilities, at fair value, in our financial statements with changes in fair value reflected in our income. | |||||||||||||
Fair Value Hierarchy | |||||||||||||
The three levels of inputs that may be used to measure fair value are as follows: | |||||||||||||
Level 1. Quoted prices in active markets for identical assets or liabilities. | |||||||||||||
Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. Level 2 inputs also include non-binding market consensus prices that can be corroborated with observable market data, as well as quoted prices that were adjusted for security-specific restrictions. | |||||||||||||
Level 3. Unobservable inputs to the valuation methodology that is significant to the measurement of the fair value of assets or liabilities. Level 3 inputs also include non-binding market consensus prices or non-binding broker quotes that we were unable to corroborate with observable market data. | |||||||||||||
Redeemable Preferred Stock | |||||||||||||
Redeemable preferred stock (and, if ever, any other redeemable financial instrument we may enter into) is initially evaluated for possible classification as liabilities in instances where redemption is certain to occur pursuant to ASC 480 – Distinguishing Liabilities from Equity. Redeemable preferred stock classified as liabilities is recorded and carried at fair value. Redeemable preferred stock that does not, in its entirety, require liability classification is evaluated for embedded features that may require bifurcation and separate classification as derivative liabilities. In all instances, the classification of the redeemable preferred stock host contract that does not require liability classification is evaluated for equity classification or mezzanine classification based upon the nature of the redemption features. Generally, mandatory redemption requirements or any feature that could require cash redemption for matters not within our control, irrespective of probability of the event occurring, requires classification outside of stockholders’ equity. Redeemable preferred stock that is recorded in the mezzanine section is accreted to its redemption value through charges to stockholders’ equity when redemption is probable using the effective interest method. See NOTE Q for further disclosures about our redeemable preferred stock. | |||||||||||||
Subsequent Events | |||||||||||||
We have evaluated subsequent events for recognition or disclosure through the date this Form 10-K is filed with the Securities and Exchange Commission. |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2013 | |
Risks And Uncertainties [Abstract] | ' |
Concentration of Credit Risk | ' |
NOTE B – CONCENTRATION OF CREDIT RISK | |
We maintain the majority of our cash at one financial institution. From December 31, 2010 to December 31, 2012, all noninterest-bearing transaction accounts are fully insured by the Federal Deposit Insurance Corporation, regardless of the balance of the account, at all insured institutions. At December 31, 2013, our uninsured cash balance was approximately $31.7 million. | |
Our term and project loans bear a variable interest rate based on LIBOR and our primary mortgage bears interest at a variable rate based on the prime rate. See NOTE L for further detail on these instruments. These instruments expose us to interest rate risk. On our primary mortgage, for an increase of every 100 basis points, our interest obligation increases, at most, by approximately $1,000 per month until maturity in July 2016. On our term loan, an increase of every 100 basis points to the interest rate increases our interest obligation, at most, by approximately $4,000 per month until maturity in July 2016. An increase of every 100 basis points to the interest rate for our project loan increases our interest obligation by approximately $8,400 per month until maturity in July 2014. If an increase to the rates on these instruments occurs, it will have an adverse effect on our operating cash flows and financial condition but we believe it would not be material. |
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2013 | |
Cash And Cash Equivalents [Abstract] | ' |
Cash and Cash Equivalents | ' |
NOTE C – CASH AND CASH EQUIVALENTS | |
Cash and cash equivalents include cash on hand and United States Treasury Bills maturing in less than ninety days from the date of purchase. At December 31, 2013, we did not own any United States Treasury Bills with a maturity of ninety days or longer. |
Restricted_Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2013 | |
Cash And Cash Equivalents [Abstract] | ' |
Restricted Cash | ' |
NOTE D – RESTRICTED CASH | |
As required by the original mortgage loan entered into with Fifth Third Bank (the “Bank”) on July 11, 2008, $500,000 was deposited into an interest-bearing account from which principal and interest payments are made. On each anniversary of the mortgage, we were required to deposit into the account an amount sufficient to ensure a balance of $500,000 for principal and interest payments for the subsequent year of the mortgage. This mortgage loan matured and was extended to July 2016. This new loan calls for a restricted cash balance of $400,000 to be funded annually (see NOTE L). The balance in the restricted cash account is held as additional collateral by the Bank and is not available for operations. The balance in this account at December 31, 2013, was $405,626. | |
During July 2013, we entered into a $10.0 million project term loan with the Bank (see NOTE L). This loan matures in July 2014. Per the agreement, we deposited, from the loan proceeds, $500,000 into a restricted bank account to cover principal and interest payments. This account balance is also pledged as additional security for the loan. There is no requirement to fund this account in the future. The balance in this account at December 31, 2013, was $280,106. Also used as collateral for this loan is $10 million in restricted cash from silver monetized from the Gairsoppa project during the fourth quarter of 2013. These funds are held in a separate account with the Bank. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2013 | |
Receivables [Abstract] | ' |
Accounts Receivable | ' |
NOTE E – ACCOUNTS RECEIVABLE | |
The accounts receivable balances at December 31, 2013 and December 31, 2012 were $207,005 and $2,101,941, respectively, which are net of reserves of $5,131,593 and $4,820,593, respectively. As described in NOTE J, Neptune Minerals, Inc. (“NMI”) completed a 2011 share exchange with Dorado Ocean Resources, Ltd. (“DOR”) shareholders which resulted in an executed assignment and assumption agreement, whereby NMI assumed $8,227,675 of the outstanding debt of DOR owed to us. Of the December 31, 2013 reserve balance, $4,631,593 is allocated to the receivable NMI assumed from DOR while $500,000 relates to the convertible note we extended to NMI during 2013. The $4,820,593 reserve at December 31, 2012 is for the remaining NMI accounts receivable assumed from DOR. See NOTE J for further details regarding NMI. | |
The December 31, 2012 amount of $2,101,941 includes $1,470,357 representing revenue related to the remaining silver bullion to be sold into the London bullion market. We recovered approximately 61 tons of silver in 2013 and approximately 48 tons in 2012 from the SS Gairsoppa and had the silver refined which allowed us to sell the silver into London’s bullion market on behalf of United Kingdom Government. The “Gairsoppa” project is discussed at length in ITEM 1 of this Form 10-K. |
Inventory
Inventory | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory | ' | ||||||||
NOTE F – INVENTORY | |||||||||
Our inventory consists of the following: | |||||||||
2013 | 2012 | ||||||||
Artifacts | $ | 5,406,183 | $ | 5,743,915 | |||||
Packaging | 85,133 | 131,641 | |||||||
Merchandise | 401,072 | 485,769 | |||||||
Merchandise reserve | (371,332 | ) | (367,558 | ) | |||||
Total Inventory | $ | 5,521,056 | $ | 5,993,767 | |||||
Based on our estimates of the timing of future sales, $5,206,318 and $5,574,841 of artifact inventory for the fiscal years ended 2013 and 2012 were classified as non-current. |
Other_Current_Assets
Other Current Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ||||||||
Other Current Assets | ' | ||||||||
NOTE G – OTHER CURRENT ASSETS | |||||||||
Our other current assets consist of the following: | |||||||||
2013 | 2012 | ||||||||
Prepaid expenses | $ | 1,025,083 | $ | 772,660 | |||||
Deposits | 55,281 | 101,455 | |||||||
Total other current assets | $ | 1,080,364 | $ | 874,115 | |||||
For the period ended December 31, 2013, prepaid expenses consisted of $290,260 of prepaid insurance premiums, $354,627 for vessel fuel not yet consumed, $66,330 of deferred financing fees, and $313,866 of prepaid operating costs. For the period ended December 31, 2012, prepaid expenses consisted of $87,922 of prepaid insurance premiums, $396,907 for vessel fuel not yet consumed, $205,608 of deferred financing fees, and $82,223 of other operating prepaid costs. All prepaid expenses, except fuel, are amortized on a straight-line basis over the term of the underlying agreements. Fuel is expensed based on actual usage. Deposits are held by various entities for equipment, services, and in accordance with agreements in the normal course of business. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
NOTE H – PROPERTY AND EQUIPMENT | |||||||||
Property and equipment consist of the following: | |||||||||
2013 | 2012 | ||||||||
Building, improvements and land | $ | 4,756,306 | $ | 4,708,091 | |||||
Computers and peripherals | 1,431,789 | 1,134,420 | |||||||
Furniture and office equipment | 1,973,130 | 1,722,255 | |||||||
Vessel and equipment | 16,772,083 | 12,195,019 | |||||||
Exhibits and related | 1,818,028 | 1,729,977 | |||||||
26,751,337 | 21,489,762 | ||||||||
Less: Accumulated depreciation | (16,973,085 | ) | (15,038,811 | ) | |||||
Property and equipment, net | $ | 9,778,252 | $ | 6,450,951 | |||||
Other_LongTerm_Assets
Other Long-Term Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Investments All Other Investments [Abstract] | ' | ||||||||
Other Long-Term Assets | ' | ||||||||
NOTE I – OTHER LONG-TERM ASSETS | |||||||||
Other long-term assets consist of the following: | |||||||||
2013 | 2012 | ||||||||
Artifacts | $ | 1,191,952 | $ | 557,494 | |||||
Deposits | 1,673,709 | 541,590 | |||||||
Image use rights, net | 280 | 3,646 | |||||||
Total other long-term assets | $ | 2,865,941 | $ | 1,102,730 | |||||
The artifact balances for both years consist of artifacts conserved specifically for the Company and are intended to be held long term by us. The 2013 artifacts balance consists primarily of SS Republic coins and silver bullion bars from the SS Gairsoppa silver recovery and other artifacts. The 2012 amount consists mainly of SS Republic coins and other artifacts. Deposits include $432,500 on account with the United Kingdom’s Ministry of Defense relating to the expense deposits for HMS Sussex, $100,000 deposit to fund conservation and documentation of any artifacts recovered and $1,187,400 of marine equipment deposits on items that will be fixed assets when received. The HMS Sussex deposits are refundable from proceeds the United Kingdom would receive if HMS Sussex is discovered and its artifacts monetized. If HMS Sussex is not discovered, the Company is at risk for the expense deposit portion. Other deposits are held by various vendors for equipment, services, and in accordance with agreements in the normal course of business. Image use rights are amounts paid to utilize, for a period up to five years, copyrighted images in our themed attractions. |
Investment_in_Unconsolidated_E
Investment in Unconsolidated Entity | 12 Months Ended |
Dec. 31, 2013 | |
Equity Method Investments And Joint Ventures [Abstract] | ' |
Investment in Unconsolidated Entity | ' |
NOTE J – INVESTMENT IN UNCONSOLIDATED ENTITY | |
Neptune Minerals, Inc. | |
During the quarter ended December 31, 2009, we invested $500,000 for a 25% interest (five membership units) in SMM Project, LLC (“SMM”) to pursue opportunities in the exploration of deep-ocean gold and copper deposits. SMM purchased a majority interest in Bluewater Metals Pty, Ltd. (“Bluewater”), an Australian company with licenses for mineral exploration of approximately 150,000 square kilometers of ocean floor in territorial waters controlled by four different countries in the South Pacific. In April 2010, SMM was acquired by Dorado Ocean Resources, Ltd. (“DOR”) through a share exchange. At that time, DOR also acquired the remaining interest in Bluewater. We were issued 450 DOR shares in exchange for our surrendered units in SMM. We also acquired an additional 1,200 shares of DOR valued at $2,000,000 that resulted in a 41.25% ownership of DOR. Under the terms of the Share Subscription Agreement, we had the option to pay for this investment in cash, provide marine services to DOR over a three-year period commencing April 2010, or exercise our contractual right to offset against the $2,000,000 marine services accounts receivable owed to us. During 2011, we exercised our contractual right and offset these two amounts. The focus of DOR was on the exploration and monetization of gold- and copper-rich Seafloor Massive Sulfide (“SMS”) deposits. | |
During 2011, we were engaged by Neptune Minerals, Inc. (“NMI”) and its affiliates to perform marine services relating to deep-sea mining. The agreements provided for payments in cash and shares of Class B non-voting common stock of NMI. In 2011, we earned 2,066,600 shares of the Class B non-voting common stock from these engagements. During this same period, NMI completed a share exchange with DOR shareholders whereby each one outstanding share of DOR was exchanged for 1,000 shares of NMI Class B non-voting common stock. We received 1,650,000 shares of NMI Class B non-voting common stock for our 1,650 DOR shares pursuant to the share exchange. In connection with this share exchange, NMI executed an assignment and assumption agreement, whereby NMI assumed $8,227,675 of the outstanding debt DOR owed to us. Additionally in 2011, we executed a debt conversion agreement with NMI, whereby we converted $2,500,000 of the debt owed to us for 2,500,000 shares of NMI Class B non-voting common stock. At December 31, 2013, we have a net share position in NMI of 6,184,976 shares, which represents an approximate 29.6% ownership before any further dilution of the NMI stock. | |
Regarding the debt conversion noted in the preceding paragraph, NMI’s shares were valued at $1.00 based on their most recent capital raise at the time when we executed the debt conversion agreement. Pursuant to that agreement, we converted $2,500,000 of the debt owed to us for 2,500,000 shares of NMI Class B non-voting common stock. All the $8,227,675 receivable was fully reserved for in 2010. Thus the $2,500,000 portion of the debt owed to us had a book basis of zero. When we received the 2,500,000 shares as settlement of this accounts receivable, we took the position that the shares received had a carryover basis of zero until we could convert the shares to cash. Accordingly, no gain or loss was recognized in our financial statements in connection with this transaction. | |
At December 31, 2013, our share of unrecognized DOR (NMI) losses is $19.0 million. We have not recognized the accumulated $19.0 million in our income statement because these losses exceed our investment in DOR (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. Based on the NMI and DOR transactions described above, we believe it is appropriate to allocate this loss carryforward of $19.0 million to any incremental NMI investment that may be recognized on our balance sheet in excess of zero. The aforementioned loss carryforward is based on NMI’s last unaudited financial statements as of December 31, 2013. We do not have any guaranteed obligations to NMI, nor are we otherwise committed to provide financial support. Even though we were not obligated, during the three-months ended September 30, 2013, we, along with a second creditor, loaned funds to NMI of which our share is $500,000, and this indebtedness is evidenced by a convertible note. This funding was not for the purpose of funding NMI’s prior losses but for current requirements. Per ASC 323-10-35-29: Additional Investment After Suspension of Loss Recognition, we concluded this loan does not increase our ownership nor is to be considered in-substance stock. Based on the financial position of NMI at December 31, 2013, we reserved for this note in its entirety. This note carries an interest rate of 6% per annum and has a maturity date of April 26, 2014. The note includes a conversion option under which, at any time prior to the payment in full of the principal amount, we may elect to convert all or any portion of the unpaid principal and accrued and unpaid interest into NMI’s Class-A voting shares. The conversion price is $20.00 per share if this option is elected. If the note remains unpaid at maturity, there is a mandatory conversion clause that sets the conversion share price at $12.00 per share. | |
Chatham Rock Phosphate, Ltd. | |
During the period ended June 30, 2012, we performed deep-sea mining exploratory services for Chatham Rock Phosphate, Ltd. (“CRP”) valued at $1,680,000. As payment for these services, CRP issued 9,320,348 of ordinary shares to us. The shares currently represent a 6.5% equity stake in CRP. With CRP being a thinly traded stock on the New Zealand Stock Exchange and guidance per ASC 320: Debt and Equity Securities regarding readily determinable fair value, we believe it was appropriate to not recognize this amount as an asset nor as revenue during that period. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||
Derivative Financial Instruments | ' | ||||||||
NOTE K – DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||
The following tables summarize the components of our derivative liabilities and linked common shares as of December 31, 2013 and 2012 and the amounts that were reflected in our income related to our derivatives for the years then ended: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Derivative liabilities: | |||||||||
Embedded derivatives derived from: | |||||||||
Senior Convertible Notes | $ | 47,243 | $ | 1,529,583 | |||||
Series G Convertible Preferred Stock | — | — | |||||||
47,243 | 1,529,583 | ||||||||
Warrant derivatives | |||||||||
Senior Convertible Notes | 840,000 | 1,921,094 | |||||||
Series G Convertible Preferred Stock | 83,580 | 1,905,526 | |||||||
Warrant derivatives | 923,580 | 3,826,620 | |||||||
Total derivative liabilities | $ | 970,823 | $ | 5,356,203 | |||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Common shares linked to derivative liabilities: | |||||||||
Embedded derivatives: | |||||||||
Senior Convertible Notes | 1,729,647 | 4,247,343 | |||||||
Series G Convertible Preferred Stock | — | — | |||||||
1,729,647 | 4,247,343 | ||||||||
Warrant derivatives | |||||||||
Senior Convertible Notes | 1,562,500 | 1,562,500 | |||||||
Series G Convertible Preferred Stock | 525,000 | 2,250,000 | |||||||
2,087,500 | 3,812,500 | ||||||||
Total common shares linked to derivative liabilities | 3,817,147 | 8,059,843 | |||||||
Years ended December 31, | |||||||||
2013 | 2012 | ||||||||
Derivative income (expense): | |||||||||
Unrealized gains (losses) from fair value changes: | |||||||||
Senior Convertible Notes | $ | 593,001 | $ | 1,747,133 | |||||
Series G Convertible Preferred Stock | — | (115,955 | ) | ||||||
Warrant derivatives | 1,980,164 | 1,071,583 | |||||||
2,573,165 | 2,702,761 | ||||||||
Redemptions of Series G Convertible Preferred Stock | — | 393,166 | |||||||
Redemptions of Senior Convertible Notes | 889,340 | 536,003 | |||||||
Exercise of Warrants | 922,875 | — | |||||||
Total derivative income (expense) | $ | 4,385,380 | $ | 3,631,930 | |||||
Our Series G Convertible Preferred Stock and Warrant Financing Transaction on October 11, 2010, Series G Convertible Preferred Stock and Warrant Settlement Transaction during April 2011, and Senior Convertible Note and Warrant Financing Transaction on November 8, 2011 gave rise to derivative financial instruments. As more fully discussed in NOTE Q, we entered into the Series G Convertible Preferred Stock and Warrant Financing Transaction and the Series G Convertible Preferred Stock and Warrant Settlement Transaction on October 11, 2010 and April 14, 2011, respectively. The Series G Convertible Preferred Stock embodied certain terms and features that both possessed all of the conditions of derivative financial instruments and were not clearly and closely related to the host preferred contract in terms of economic risks and characteristics. These terms and features consist of the embedded conversion option and the related down-round anti-dilution protection provision, the Company’s redemption privilege and the holder’s redemption privilege. Each of the redemption features also embodies the redemption premium payments. Warrants issued with this transaction and the subsequent Settlement Transaction embodied down-round anti-dilution protection and, accordingly, were not afforded equity classification. | |||||||||
As more fully discussed in NOTE L, we entered into the Senior Convertible Note and Warrant Financing Transactions on November 8, 2011 and May 10, 2012. The Senior Convertible Notes embodied certain terms and conditions that were not clearly and closely related to the host debt agreement in terms of economic risks and characteristics. These terms and features consist of the embedded conversion options, certain redemption features and a conversion price reset feature. Warrants issued with this transaction embodied reset price protection and, accordingly, were not afforded equity classification. | |||||||||
Current accounting principles that are provided in ASC 815—Derivatives and Hedging require derivative financial instruments to be classified in liabilities and carried at fair value with changes recorded in income. In addition, the standards do not permit an issuer to account separately for individual derivative terms and features embedded in hybrid financial instruments that require bifurcation and liability classification as derivative financial instruments. Rather, such terms and features must be bundled together and fair valued as a single, compound embedded derivative. We have selected the Monte Carlo Simulations valuation technique to fair value the compound embedded derivative because we believe that this technique is reflective of all significant assumption types, and ranges of assumption inputs, that market participants would likely consider in transactions involving compound embedded derivatives. Such assumptions include, among other inputs, interest risk assumptions, credit risk assumptions and redemption behaviors in addition to traditional inputs for option models such as market trading volatility and risk free rates. We have selected Binomial Lattice to fair value our warrant derivatives because we believe this technique is reflective of all significant assumption types market participants would likely consider in transactions involving freestanding warrants derivatives. The Monte Carlo Simulations technique is a level three valuation technique because it requires the development of significant internal assumptions in addition to observable market indicators. | |||||||||
Significant inputs and results arising from the Monte Carlo Simulations process are as follows for the compound embedded derivative that has been bifurcated from our Senior Convertible Note and classified in liabilities: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Quoted market price on valuation date | $2.02 | $2.97 | |||||||
Contractual conversion rate | $3.17 | $3.74 | |||||||
Range of effective contractual conversion rates | — | — | |||||||
Contractual term to maturity | 0.33 Years | 1.33 Years | |||||||
Implied expected term to maturity | 0.33 Years | 1.24 Years | |||||||
Market volatility: | |||||||||
Range of volatilities | 47.4% – 91.2% | 31.3% – 64.03% | |||||||
Range of equivalent volatilities | 59.9% – 69.9% | 38.6% – 45.0% | |||||||
Contractual interest rate | 8.0 – 9.0% | 8.0 – 9.0% | |||||||
Range of equivalent market risk adjusted interest rates | 8.08%-9.08% | 9.0%-9.1% | |||||||
Range of equivalent credit risk adjusted yields | 0.67% | 0.94% – 1.03% | |||||||
Risk-free rates | 0.01% – 0.07% | 0.02% – 0.16% | |||||||
The following table reflects the issuances of compound embedded derivatives, redemptions and changes in fair value inputs and assumptions related to the compound embedded derivatives during the years ended December 31, 2013 and 2012. | |||||||||
Years ended December 31, | |||||||||
2013 | 2012 | ||||||||
Balances at January 1 | $ | 1,529,583 | $ | 2,680,133 | |||||
Issuances: | |||||||||
Senior Convertible Note Financing | — | 1,291,298 | |||||||
Expirations from redemptions of Series G Convertible | (889,340 | ) | (810,669 | ) | |||||
Preferred Stock | |||||||||
Changes in fair value inputs and assumptions reflected in income | (593,001 | ) | (1,631,179 | ) | |||||
Balances at December 31 | $ | 47,242 | $ | 1,529,583 | |||||
The fair value of the compound embedded derivative is significantly influenced by our trading market price, the price volatility in trading and the interest components of the Monte Carlo Simulation technique. | |||||||||
On October 11, 2010, we also issued warrants to acquire 1,800,000 of our common shares in connection with the Series G Convertible Preferred Stock Financing. During April 4-8, 2011, we issued warrants to acquire 525,000 of our common shares in connection the Series G Convertible Preferred Stock and Warrant Settlement Transaction. Finally, on November 8, 2011, we issued warrants to acquire 1,302,083 of our common shares in connection with the Senior Convertible Note Financing Transaction. These warrants required liability classification as derivative financial instruments because certain down-round anti-dilution protection or price protection features included in the warrant agreements are not consistent with the concept of equity. We applied the Binomial Lattice valuation technique in estimating the fair value of the warrants because we believe that this technique is most appropriate and reflects all of the assumptions that market participants would likely consider in transactions involving the warrants, including the potential incremental value associated with the down-round anti-dilution protections. | |||||||||
The Binomial Lattice technique is a level three valuation technique because it requires the development of significant internal assumptions in addition to observable market indicators. Significant assumptions utilized in the Binomial Lattice process are as follows as of December 31, 2013 and 2012: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Linked common shares | — | 1,725,000 | |||||||
Quoted market price on valuation date | — | $2.97 | |||||||
Contractual exercise rate | — | $2.46 | |||||||
Term (years) | — | 0.78 | |||||||
Range of market volatilities | — | 33.1% – 49.17% | |||||||
Risk free rates using zero coupon US Treasury Security rates | — | 0.02% –0.11% | |||||||
All remaining warrants linked to 1,725,000 shares of common stock were exercised on October 11, 2013. | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Linked common shares | 525,000 | 525,000 | |||||||
Quoted market price on valuation date | $2.02 | $2.97 | |||||||
Contractual exercise rate | $2.38 | $2.46 | |||||||
Term (years) | 0.28 | 1.28 | |||||||
Range of market volatilities | 50.1% – 88.3% | 33.8% – 63.6% | |||||||
Risk free rates using zero coupon US Treasury Security rates | 0.01% – 0.07% | 0.02% – 0.16% | |||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Linked common shares | 1,562,500 | 1,562,500 | |||||||
Quoted market price on valuation date | $2.02 | $2.97 | |||||||
Contractual exercise rate | $3.60 | $3.60 | |||||||
Term (years) | 3.35 | 4.35 | |||||||
Range of market volatilities | 51.1% – 78.2% | 39.2% – 70.2% | |||||||
Risk free rates using zero coupon US Treasury Security rates | 0.07% – 0.78% | 0.05% – 0.54% | |||||||
Of the 1,302,083 common shares accessible from the warrant issued on November 8, 2011, 434,027 of those common shares were accessible only based upon the Company’s election to require the lender to provide the additional financing. When the lender provided additional financing of $8,000,000 on May 10, 2012, the additional 434,027 of common shares became accessible. Warrants indexed to an additional 260,417 were issued in conjunction with the additional financing. | |||||||||
The following table reflects the issuances of derivative warrants and changes in fair value inputs and assumptions related to the derivative warrants during the year ended December 31, 2013 and 2012. | |||||||||
Years ended December 31, | |||||||||
2013 | 2012 | ||||||||
Balances at January 1 | $ | 3,826,619 | $ | 4,653,160 | |||||
Issuances: | |||||||||
Series G Convertible Preferred Stock Financing | — | — | |||||||
Senior Convertible Note Financing | — | 363,542 | |||||||
Exercises: | |||||||||
Series G Convertible Preferred Stock Financing | (922,875 | ) | (118,500 | ) | |||||
Changes in fair value inputs and assumptions reflected in income | (1,980,164 | ) | (1,071,583 | ) | |||||
Balances at December 31 | $ | 923,580 | $ | 3,826,619 | |||||
The fair value of all warrant derivatives is significantly influenced by our trading market price, the price volatility in trading and the risk free interest components of the Binomial Lattice technique. |
Mortgage_and_Loans_Payable
Mortgage and Loans Payable | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Mortgage and Loans Payable | ' | ||||||||||||||||||||||||||||
NOTE L – MORTGAGE AND LOANS PAYABLE | |||||||||||||||||||||||||||||
The Company’s consolidated mortgages and notes payable consisted of the following at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Term loan | $ | 5,000,000 | $ | 5,000,000 | |||||||||||||||||||||||||
Project Term loan | 10,000,000 | — | |||||||||||||||||||||||||||
Face value $10,000,000, 8% Convertible Senior Note Payable | 1,176,076 | 8,234,367 | |||||||||||||||||||||||||||
Face value $8,000,000, 9% Convertible Senior Note Payable | 4,039,446 | 3,628,779 | |||||||||||||||||||||||||||
Mortgages payable | 1,816,286 | 1,957,537 | |||||||||||||||||||||||||||
$ | 22,031,808 | $ | 18,820,683 | ||||||||||||||||||||||||||
Term Loan | |||||||||||||||||||||||||||||
On May 4, 2011, we amended our revolving credit facility with Fifth Third Bank (the “Bank”) to replace it with a $5.0 million term loan with a maturity date of April 23, 2012. A principal payment of $2.0 million was due and paid prior to August 1, 2011, with the remainder due by maturity. This facility bore a floating interest at the one-month LIBOR rate as reported in the Wall Street Journal plus 500 basis points. Any prepayments made in full or in part are without premium or penalty. A commitment fee of $250,000 was paid at closing. Restricted cash amounts are not required to be kept on deposit. As a condition to the loan renewal, we were required to amend the Loan Agreement (mortgage payable) for our corporate real estate facility, which matured on July 11, 2013, whereby we were required to pay additional principal to meet an 80% loan-to-value (LTV) based upon an independent real estate appraisal. All additional principal payments have been made. | |||||||||||||||||||||||||||||
On March 30, 2012, the above term loan was amended and increased to $5 million with a maturity date of July 11, 2013. This facility bore floating interest at the one month LIBOR rate as reported in the Wall Street Journal plus 500 basis points. Any prepayments made in full or in part were without premium or penalty. No restricted cash payments were required to be kept on deposit. During July 2013 this term loan was amended with substantially the same terms that currently exist. This facility also bears floating interest at the one month LIBOR rate as reported in the Wall Street Journal plus 500 basis points. The new maturity date is July 2016. Beginning January 2014, we will be required to make semi-annual payments of $500,000. | |||||||||||||||||||||||||||||
The current amended term loan is secured by approximately 25,000 numismatic coins recovered from the SS Republic shipwreck, which amount will be reduced over the term by the amount of coins sold by the Company. The coins used as collateral are held by a custodian for the security of the Bank. The borrowing base is equal to forty percent (40%) of the eligible coin inventory valued on a rolling twelve-month wholesale average value. The Company is required to comply with a number of customary covenants. The significant covenants include: maintaining insurance on the inventory; ensuring the collateral is free from encumbrances and without the consent of the Bank, the Company cannot merge or consolidate with or into any other corporation or entity nor can the Company enter into a material debt agreement with a third party without approval. We were in compliance with all covenants at December 31, 2013. | |||||||||||||||||||||||||||||
Project Term Loan | |||||||||||||||||||||||||||||
During July 2013, we entered into a $10.0 million project term loan agreement with Fifth Third Bank. The facility matures on July 24, 2014. This term loan bears interest at a floating rate equal to the one-month LIBOR rate plus 500 basis points. We may make prepayments in whole or in part without premium or penalty. An origination fee of $50,000 was paid at closing. A restricted cash deposit (see NOTE C) of $500,000 is required to cover interest payments. The term loan is secured by $10.0 million that was monetized from silver recovered from the SS Gairsoppa. We recovered approximately 1.8 million ounces of silver bullion in total during July 2013 which was monetized during 2013. We are required to comply with a number of customary affirmative and negative covenants of which we were in compliance at December 31, 2013. The proceeds were used to fund the project recovery costs. | |||||||||||||||||||||||||||||
Mortgages Payable | |||||||||||||||||||||||||||||
On July 11, 2008, we entered into a mortgage loan with Fifth Third Bank. Pursuant to the Loan Agreement, we borrowed $2,580,000. The loan bore interest at a variable rate equal to the prime rate plus three-fourths of one percent (0.75%) per annum. The loan matured on July 11, 2013, and required monthly principal payments in the amount of $10,750 plus accrued interest. This loan was secured by a restricted cash balance (See NOTE C) as well as a first mortgage on our corporate office building. This loan contained customary representations and warranties, affirmative and negative covenants, conditions, and other provisions of which we were in compliance during 2013. As of June 30, 2013, the loan balance outstanding was $1,302,000. | |||||||||||||||||||||||||||||
During July 2013 when the above noted mortgage matured, we extended it on substantially the same terms that previously existed. The new maturity date is July 2016. The loan bears interest at a variable rate equal to the prime rate plus three-fourths of one percent (0.75%) per annum. Monthly principal payments in the amount of $10,750 plus accrued interest are required. This loan is secured by a restricted cash balance (See NOTE C) as well as a first mortgage on our corporate office building. This loan contains customary representations and warranties, affirmative and negative covenants, conditions, and other provisions of which we were in compliance at December 31, 2013. As of December 31, 2013, the loan balance outstanding was $1,248,250. | |||||||||||||||||||||||||||||
During May 2008, we entered into a mortgage loan in the principal amount of $679,000 with The Bank of Tampa to purchase our conservation lab and storage facility. This obligation has a monthly payment of $5,080 with a maturity date of May 14, 2015. Principal and interest payments are payable monthly. Interest is at a fixed annual rate of 6.45%. This debt is secured by the related mortgaged real property. As of December 31, 2013, the loan balance outstanding was $569,036. The seller originally carried a second mortgage for $100,000 with interest due monthly and $25,000 of principal due each May commencing in May 2009. As of June 30, 2012, this debt was paid in full. The interest was at a variable rate of 1.0% above the prime interest rate stated by BB&T, formerly Colonial Bank of Tampa. | |||||||||||||||||||||||||||||
Senior Convertible Note | |||||||||||||||||||||||||||||
Initial Note | |||||||||||||||||||||||||||||
During November 2011, we entered into a securities purchase agreement (the “Purchase Agreement”) with one institutional investor pursuant to which we issued and sold a Senior Convertible Note in the original principal amount of $10.0 million (the “Initial Note”) and a warrant (the “Warrant”) to purchase up to 1,302,083 shares of our common stock. Subject to the satisfaction of conditions set forth in the Purchase Agreement, we had the right to require the investor to purchase an additional senior convertible note in the original principal amount of up to $5.0 million on the six-month anniversary of the initial closing date (the “Additional Note” and, collectively “Notes”). Aggregate direct finance costs amounted to $545,000 of which $45,000 related to costs of the lender and, accordingly, were included in the original issue discount on the Initial Note. | |||||||||||||||||||||||||||||
The indebtedness evidenced by the Initial Note bears interest at 8.0% percent per year (15% under default conditions, if applicable). Interest is compounded monthly and payable quarterly at the beginning of each calendar quarter. The Initial Note is amortized with equal monthly principal installments of $434,783 that commenced on July 8, 2012. Prepayment is not allowed. Further, the Notes may be converted into our common stock, at the option of the holder, at any time following issuance, with respect to the Initial Note, or at any time following six months after the date of issuance, with respect to the Additional Note. The initial conversion price of the Initial Note was $3.74, subject to adjustment on the six-month anniversary of the initial closing date as follows: The reset conversion price applicable to the Initial Note was to be adjusted to the lesser of (a) the then current conversion price and (b) the greater of (i) $1.44 and (ii) 110.0% of the market price of our common stock on the six-month anniversary of the initial closing date (as applicable, the “Conversion Price”). On May 10, 2012 (the six-month anniversary of the initial closing date), the conversion price applicable to the Initial Note was adjusted to $3.17, which represented 110.0% of the market price of Odyssey’s common stock. The conversion price is also subject to adjustment for stock splits, stock dividends, recapitalizations, and similar transactions. We have agreed to pay each amortization payment in shares of our common stock, if certain conditions are met; provided, that we may, at our option, elect to pay such amortization payments in cash. The conversion rate applicable to any amortization payment that we make in shares of our common stock will be the lower of (a) the Conversion Price and (b) a price equal to 85.0% of the average for a ten-day period immediately prior to the applicable amortization date of the volume-weighted average price of our shares of common stock. | |||||||||||||||||||||||||||||
The Initial Note provides for redemption upon the occurrence of an event of default. Default conditions include non-servicing of the debt and certain other credit risk related conditions. Default conditions also include certain equity indexed events including failures to file public information documents, non-conversion or insufficient share authorizations to effect conversion and failure to obtain and maintain an effective registration statement covering the underlying common shares. The remedies to the investor for events of default include acceleration of payment at 125% of the remaining face value in certain circumstances. In the event the default redemption is not paid, the investor would have the right to elect conversion of the note at an adjusted conversion price approximating 75% of quoted market prices. A change in control would also result in a redemption requirement at 125% of the face value. | |||||||||||||||||||||||||||||
The Notes extend no voting rights to the investors. However, the Notes extend participation rights in dividend payments, if any, made to the holders of the Company’s common or other class of stock, except our Series G Preferred Stock. The holder of the Initial Note elected to apply some of the payments due on the principal balance of the Initial Note to the Additional Note described below. During the year ended December 31, 2013, we issued 3,282,934 shares of common stock as payment of $8,608,694 in outstanding principal. The principal balance of the Initial Note at December 31, 2013 was $1,391,306 which is bifurcated on our balance sheet between derivative liabilities and mortgage and loans payable. | |||||||||||||||||||||||||||||
Under the terms of the Warrant, the holder is entitled to exercise the Warrant to purchase up to 1,302,083 shares of our common stock at an initial exercise price of $4.32 per share, during the five-year period beginning on the six-month anniversary of the initial closing date; provided, that 434,027 shares of our common stock issuable upon exercise of the Warrant could not be exercised unless the investor purchased the Additional Note. In accordance with the terms of the warrant agreement, on May 10, 2012, the exercise price applicable to the Warrant was adjusted to $3.60 which was the lesser of (a) the then current exercise price and (b) 125.0% of the market price of our common stock on the six-month anniversary of the initial closing date. The Exercise Price is also subject to adjustment for stock splits, stock dividends, recapitalizations, and similar transactions. We are generally prohibited from issuing shares of common stock upon exercise of the Warrant if such exercise would cause us to breach our obligations under the rules or regulations of the stock market on which the common stock is traded. | |||||||||||||||||||||||||||||
In connection with the financing, we entered into a registration rights agreement pursuant to which we agreed to file a registration statement with the Securities and Exchange Commission (with the “SEC”) relating to the offer and sale by the investor of the shares of common stock issuable upon conversion of the Notes and the exercise of the Warrant. Pursuant to the agreement, we were required to file the registration statement within six months of the initial closing date and to use best efforts for the registration statement to be declared effective 90 days thereafter (or 120 days thereafter if the registration statement is subject to review by the SEC). | |||||||||||||||||||||||||||||
Additional Note | |||||||||||||||||||||||||||||
On May 10, 2012, we issued the Additional Note in the original principal amount of $8.0 million, and the number of shares of Odyssey’s common stock issuable upon exercise of the Warrant increased to 1,562,500. The Additional Note bears interest at 9.0% per year and will mature on the 30-month anniversary of the initial closing date. The Additional Note amortizes in equal monthly installments commencing on the eighth-month anniversary of the initial note and may be paid in cash or Odyssey common stock. The Additional Note may be converted into Odyssey’s common stock, at the option of the holder, at any time following six months after the date of issuance. The conversion rate applicable to any amortization payment that we make in shares of our common stock will be the lower of (a) the Conversion Price and (b) a price equal to 85.0% of the average for a ten-day period immediately prior to the applicable amortization date of the volume-weighted average price of our shares of common stock. The initial conversion price of the Additional Note is $3.74, subject to reset on the earlier of the date the registration statement registering the offer and sale of the common stock issuable under the notes and the warrants becomes effective and a prospectus contained therein shall be available for the resale by the holder of all of the registrable securities or the six-month anniversary of the additional closing date. The registration statement was declared effective on July 6, 2012, and there was no reset to the conversion price of the Additional Note. | |||||||||||||||||||||||||||||
On January 2, 2013, we entered into an agreement to amend the terms of the Additional Note. The installment payments due December 1, 2012, January 1, 2013 and February 1, 2013 were deferred until March 1, 2013 and the conversion price on the Additional Note was decreased from $3.74 to $3.17. We evaluated the amendment’s impact on the accounting for the Additional Note in accordance with ASC 470-50-40-6 through 12 to determine whether extinguishment accounting was appropriate. The modification had a cash flow effect on a present value basis of less than 10% and the reduction in the conversion price resulted in a change in the fair value of the embedded conversion option that was less than 10% of the carrying value of the Additional Note immediately prior to the modification. Since the amendment did not result in a substantial modification, extinguishment accounting was not applicable. The principal balance of the Additional Note at December 31, 2013 was $4,086,957 which is bifurcated on our balance sheet between derivative liabilities and mortgage and loans payable. | |||||||||||||||||||||||||||||
Accounting considerations | |||||||||||||||||||||||||||||
We have accounted for the Initial Note, Additional Note and Warrant issued for cash as a financing transaction, wherein the net proceeds that we received were allocated to the financial instruments issued. Prior to making the accounting allocation, we evaluated the Initial Note, Additional Note and the Warrant for proper classification under ASC 480 Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815 Derivatives and Hedging (“ASC 815”). | |||||||||||||||||||||||||||||
ASC 815 generally requires the analysis embedded terms and features that have characteristics of derivatives to be evaluated for bifurcation and separate accounting in instances where their economic risks and characteristics are not clearly and closely related to the risks of the host contract. The material embedded derivative features consisted of the conversion option and related conversion reset price protection, the Company’s redemption privilege, and certain redemption rights that were indexed to equity risks. The conversion option and conversion reset price protection, along with the redemption features bearing risks of equity, were not clearly and closely related to the host debt agreement and required bifurcation. Current accounting principles that are also provided in ASC 815 do not permit an issuer to account separately for individual derivative terms and features that require bifurcation and liability classification. Rather, such terms and features must be and were bundled together and fair valued as a single, compound embedded derivative. | |||||||||||||||||||||||||||||
The Warrant has a term of five and one-half years and at inception, had an initial exercise price of $4.32. The contractual exercise price is subject to adjustment for both traditional recapitalization events and was reset on the sixth month anniversary of issuance to $3.60 per share. Although the warrant did not fall within the scope of ASC 480, the warrant required derivative liability accounting because the conversion price reset protection terms are not consistent with the definition for financial instruments indexed to a company’s own stock. | |||||||||||||||||||||||||||||
Based on the previous conclusions, we allocated the cash proceeds first to the derivative components at their fair values (see NOTE K) with the residual allocated to the host debt contract, as follows: | |||||||||||||||||||||||||||||
Allocation | |||||||||||||||||||||||||||||
Initial Note | $ | 4,910,862 | |||||||||||||||||||||||||||
Compound embedded derivative | 2,989,537 | ||||||||||||||||||||||||||||
Derivative warrants | 2,054,601 | ||||||||||||||||||||||||||||
$ | 9,955,000 | ||||||||||||||||||||||||||||
The basis that was subject to allocation included the gross proceeds of $10,000,000, less costs of the investor paid out of proceeds that amounted to $45,000. We also allocated the direct financing costs of $500,000 to the note payable and the derivative components based upon the relative fair values of these financial instruments. As a result of this allocation, $246,653 was recorded in deferred costs and $253,347 was recorded as expense. | |||||||||||||||||||||||||||||
Allocation of the cash proceeds related to the Additional Financing was as follows: | |||||||||||||||||||||||||||||
Allocation | |||||||||||||||||||||||||||||
Additional Note | $ | 6,339,642 | |||||||||||||||||||||||||||
Compound embedded derivative | 1,291,298 | ||||||||||||||||||||||||||||
Derivative warrants | 363,542 | ||||||||||||||||||||||||||||
$ | 7,994,482 | ||||||||||||||||||||||||||||
The basis that was subject to allocation included the gross proceeds of $8,000,000, less costs of the investor paid out of proceeds that amounted to $5,518. We also allocated the direct financing costs of $400,000 to the note payable and the derivative components based upon the relative fair values of these financial instruments. As a result of this allocation, $317,201 was recorded in deferred costs and $82,799 was recorded as expense. | |||||||||||||||||||||||||||||
The financing basis allocated to the notes payable and the deferred asset arising from direct finance costs are subject to amortization with periodic charges to interest expense using the effective interest method. Amortization of these components included in interest expense during the years ended December 31, 2013 and 2012 amounted to $2,146,182 and $4,545,781, respectively. Amortization during the year ended December 31, 2012 included $223,783 representing the difference between the portion of the Additional Note which was redeemed and its carrying value. The derivative components are subject to re-measurement to fair value at the end of each reporting period with the change reflected in income. See NOTE K for information about our derivatives. | |||||||||||||||||||||||||||||
Long-Term Obligation Maturities: | |||||||||||||||||||||||||||||
Total | 2014 | 2015 | 2016 | 2017 | 2018 | More than 5 | |||||||||||||||||||||||
years | |||||||||||||||||||||||||||||
Long term obligations | $ | 12,294,546 | $ | 6,632,320 | $ | 1,671,274 | $ | 3,990,952 | $ | — | $ | — | $ | — | |||||||||||||||
Operating leases | 744,186 | 744,186 | — | — | — | — | — | ||||||||||||||||||||||
Interest on obligations | 699,792 | 366,295 | 233,757 | 99,740 | — | — | — | ||||||||||||||||||||||
Total obligations | $ | 13,738,524 | $ | 7,742,801 | $ | 1,905,031 | $ | 4,090,692 | $ | — | $ | — | $ | — | |||||||||||||||
Long-term obligations represent the amount due on our existing mortgages and convertible note as described above. The operating lease represents our vessel charter. The vessel charter is set to expire on April 30, 2014. We are considering extending this vessel charter but have not done so at this time. The current charter allows for extensions. If this vessel charter is extended, the daily rate would be approximately $14,000. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses | ' | ||||||||
NOTE M – ACCRUED EXPENSES | |||||||||
Accrued expenses consist of the following: | |||||||||
2013 | 2012 | ||||||||
Compensation and bonuses | $ | 1,610,357 | $ | — | |||||
Customer deposits | 22,083 | 82,175 | |||||||
Project proceeds payable | 1,325,122 | — | |||||||
Revenue participation distribution payable | — | 12,506,755 | |||||||
Vessel operations | 1,394,670 | 926,648 | |||||||
Professional services | 222,274 | 335,748 | |||||||
Income tax provision | 496,055 | — | |||||||
Other operating | 223,859 | 199,514 | |||||||
Total accrued expenses | $ | 5,294,420 | $ | 14,050,840 | |||||
Vessel operations relates to expenditures required to operate our ships such as fuel, repair and maintenance, port fees and charter related. Professional fees are mainly attributable to legal fees and related and other professional services in support of operations. Other operating expenses contain general items related to, but not limited to marketing, insurance and the exhibit. As discussed in the Revenue Recognition and Accounts Receivable of NOTE A, the United Kingdom Government is to receive 20% of available proceeds after our reimbursement of search and recovery expenses. The Project proceeds payable represents a share of the United Kingdom Government’s 20%. See NOTE P for 2012’s Revenue participation distribution payable. See NOTE S for detail on the income tax provision. |
Deferred_Revenue
Deferred Revenue | 12 Months Ended |
Dec. 31, 2013 | |
Revenue Recognition [Abstract] | ' |
Deferred Revenue | ' |
NOTE N – DEFERRED REVENUE | |
Since 2009, we entered into several marine search services contracts associated with the Robert Frasier Marine, Ltd. projects. For each contract, revenue is recognized over the contractual period when services are performed as defined by the contract. The period of time a search project remains active varies but usually extends over several months and may be accelerated or extended depending upon operational factors. At December 31, 2013, we have a $1,840,404 service obligation on one service contract that will be recognized as revenue over the period of time the contractual services are provided. At December 31, 2012, we had a $2,835,522 service obligation on two service contracts that will be recognized as revenue over the period of time the contractual services are provided. For the years ended December 31, 2013 and 2012, we earned charter expedition revenue, exclusive of the sale of research, of $115,009 and $709,618, respectively, relating to these contracts. During 2013 one of the service contracts remaining that had a deferred balance of 995,117 was terminated. Of the service liability remaining $440,054 was settled with cash, $440,054 was settled with zero basis shares we held in NMI. These shares were transferred to the customer and $115,009 became revenue when the final balance of the service liability was mutually agreed to. The $440,054 that was settled with our zero basis shares held in NMI is recorded in Other Income within our Consolidated Statements of Income. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
NOTE O – RELATED PARTY TRANSACTIONS | |
On December 9, 2002, a Georgia limited liability company acquired rights from an unrelated third party through a foreclosure sale to receive 5% of post-finance cost proceeds, if any, from shipwrecks that we may recover within a predefined search area of the Mediterranean Sea. The shipwreck we believe to be HMS Sussex is located within this search area. Two of our officers and directors at the time owned a 58% interest in the limited liability company until they sold their interests to an unrelated third party in 2005. If, at any time, Odyssey is forced to cancel or abandon the project due to political interference, the officers may be required to buy back their interests. |
Revenue_Participation_Rights
Revenue Participation Rights | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Revenue Participation Rights | ' | ||||||||
NOTE P – REVENUE PARTICIPATION RIGHTS | |||||||||
The Company’s participating revenue rights consisted of the following at December 31, 2013 and 2012: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
“Cambridge” (now “HMS Sussex”) project | $ | 825,000 | $ | 825,000 | |||||
“Republic” (now “Seattle”) project | 62,500 | 62,500 | |||||||
Galt Resources, LLC | 3,756,250 | 3,756,250 | |||||||
Total participating revenue rights | $ | 4,643,750 | $ | 4,643,750 | |||||
We previously sold Revenue Participation Certificates (“RPCs”) that represent the right to share in our future revenues derived from the “Cambridge” project, which is now referred to as the HMS Sussex shipwreck project. We also sold RPCs related to a project formerly called the “Republic” project which we now call the “Seattle” project. The “Seattle” project refers to a shipwreck which we have not yet located. The “Cambridge” RPC units constitute restricted securities. | |||||||||
Each $50,000 convertible “Cambridge” RPC entitles the holder to receive a percentage of the gross revenue received by us from the “Cambridge” project, which is defined as all cash proceeds payable to us as a result of the “Cambridge” project, less any amounts paid to the British Government or their designee(s); provided, however, that all funds received by us to finance the project are excluded from gross revenue. The “Cambridge” project holders are entitled to 100% of the first $825,000 of gross revenue, 24.75% of gross revenue from $4 - 35 million, and 12.375% of gross revenue above $35 million generated by the project. | |||||||||
In a private placement that closed in September 2000, we sold “units” consisting of “Republic” Revenue Participation Certificates and Common Stock. Each $50,000 “unit” entitled the holder to 1% of the gross revenue generated by the “Seattle” project (formerly referred to as the “Republic” project), and 100,000 shares of Common Stock. Gross revenue is defined as all cash proceeds payable to us as a result of the “Seattle” project, excluding funds received by us to finance the project. | |||||||||
The participating rights balance will be amortized under the units of revenue method once management can reasonably estimate potential revenue for each of these projects. The RPCs for the “Cambridge” and “Republic” projects do not have a termination date, therefore these liabilities will be carried on the books until revenue is recognized from these projects or we permanently abandon either project. | |||||||||
In February 2011, we entered into a project syndication deal with Galt Resources LLC (“Galt”) for which they invested $7,512,500 representing rights to future revenues of any one project Galt selected prior to December 31, 2011. If the project is successful and generates sufficient proceeds, Galt will recoup their investment plus three times the investment. Galt’s investment return will be paid out of project proceeds. Galt will receive 50% of project proceeds until this amount is recouped. Thereafter, they will share in additional net proceeds of the project at the rate of 1% for every million invested. Subsequent to the original syndication deal, we reached an agreement permitting Galt to bifurcate their selection between two projects, the SS Gairsoppa and HMS Victory with the residual 1% on additional net proceeds assigned to the HMS Victory project only. The bifurcation resulted in $3,756,250 being allocated to each of the two projects. Therefore, Galt will receive 7.5125% of net proceeds from the HMS Victory project after they recoup their investment of $3,756,250 plus three times the investment. Galt was paid in full in the amount of $12,506,755 during the first quarter of 2013 for their remaining share of the Gairsoppa project investment. There are no future payments remaining to Galt for the Gairsoppa project nor will they receive or have they received any further distributions from the Gairsoppa project proceeds. Based on the timing of the proceeds earmarked for Galt, the relative corresponding amount of Galt’s revenue participation right of $3,756,250 was amortized into revenue in 2012 based upon the percent of Galt-related proceeds from the sale of silver as a percentage of total proceeds that Galt earned under the revenue participation agreement ($15 million). |
Redeemable_Series_G_Preferred_
Redeemable Series G Preferred Stock | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Redeemable Series G Preferred Stock | ' | ||||||||||||
NOTE Q – REDEEMABLE SERIES G PREFERRED STOCK | |||||||||||||
During October 2010, we designated and issued 24 shares of our authorized preferred stock as Series G 8% Convertible Preferred Stock, par value $0.0001 per share (the “Series G Preferred”) as further discussed below. In April 2011 and October 2011, we redeemed 3 and 20 shares, respectively, from certain holders of the Series G Preferred for cash of $757,500 and $5,065,556, respectively, under the terms and conditions of the Series G Preferred Certificate of Designation. At the time of redemption, the carrying value of these shares of Series G Preferred amounted to $558,926 and $5,000,000, respectively. We recorded the difference between the redemption values paid and the carrying values amounting to $198,574 and $65,556, respectively, as a deemed dividend in paid-in capital. See NOTE K for our accounting for the associated compound embedded derivative that had been bifurcated and classified in liabilities. During July 2012, the remaining 1 share of Series G Preferred was converted into 140,000 shares of common stock. There are no cumulative dividends in arrears. | |||||||||||||
Significant terms and conditions of the Series G Preferred were as follows: | |||||||||||||
Dividends. The holders of the Series G Preferred were generally entitled to receive cash dividends at a rate of $20,000 per share per year (or 8%), payable semi-annually on April 1 and October 1 of each year, commencing April 1, 2011. The dividends were cumulative and accrued, whether or not earned or declared, from and after the date of issue. | |||||||||||||
Liquidation Preference. In the event of any liquidation, dissolution, or winding up of Odyssey’s affairs, each holder of the Series G Preferred then outstanding would be entitled to receive, before any payment or distribution would be made on Odyssey’s common stock or any capital stock of Odyssey ranking junior to the Series G Preferred as to the payment of dividends or the distribution of assets, an amount per share of Series G Preferred equal to the sum of (a) $250,000 plus (b) any accrued but unpaid dividends. | |||||||||||||
Voting Rights. The holders of Series G Preferred were entitled to one vote for each share of common stock into which the Series G Preferred was convertible and were entitled to notice of meetings of stockholders. The holders of Series G Preferred were be entitled to vote as a separate class with respect to certain matters. However, no holder could exercise its voting rights if doing so would result in the holder beneficially owning in excess of 9.9% of the outstanding common stock, unless waived by the holder. | |||||||||||||
Conversion Rights. At any time on or after April 15, 2011, any holder of shares of Series G Preferred could convert any or all of the shares into shares of common stock. Each share of Series G preferred was convertible into the number of shares determined by dividing $250,000 by $1.785714, which was the conversion price. The number of shares of common stock issuable upon conversion of the Series G Preferred was subject to adjustment in certain events, as discussed in the next paragraph. | |||||||||||||
Adjustments to Conversion Rights. If Odyssey paid a dividend or made a distribution on its common stock in shares of common stock, subdivided its outstanding common stock into a greater number of shares, or combined its outstanding common stock into a smaller number of shares, or if there was a reorganization, or a merger or consolidation of Odyssey with or into any other entity which resulted in a conversion, exchange, or cancellation of the common stock, or a sale of all or substantially all of Odyssey’s assets, then the conversion rights described above would have been adjusted appropriately so that each holder of Series G Preferred would have received the securities or other consideration the holder would have received if the holder’s Series G Preferred had been converted before the happening of the event. The conversion price in effect from time to time was also subject to downward adjustment if we issued or sold shares of common stock for a purchase price less than the conversion price or if we issued or sold shares convertible into or exercisable for shares of common stock with a conversion price or exercise price less than the conversion price for the Series G Preferred. | |||||||||||||
Limitations Upon Conversion Rights. No holder could convert shares of Series G Preferred if such conversion would result in the holder beneficially owning in excess of 9.9% of the outstanding common stock, unless waived by the holder. In addition, we would not issue any shares of common stock upon conversion of shares of Series G Preferred if the issuance of such shares of common stock would exceed the aggregate number of shares of common stock that we may issue upon conversion of all outstanding shares of Series G Preferred and the outstanding warrants offered hereby without breaching our obligations under the listing rules of the NASDAQ Stock Market relating to stockholder approval of certain issuances of securities. | |||||||||||||
Redemption. Odyssey had the option to redeem the Series G Preferred, in whole or in part, at any time after December 15, 2010 at a redemption price of 100% of the liquidation value. Commencing after March 31, 2011, the redemption price would increase 1.0% each month without cap. Each holder will had the option to require Odyssey to redeem the Series G Preferred, in whole or in part, at any time after December 15, 2011 at a redemption price commencing at 109% of the liquidation value, which increased 1.0% each month without cap such that, after December 15, 2011, the holder’s and Odyssey’s redemption prices will equal. In either case, the redemption price to be paid by Odyssey for each share of Series G Preferred would be the redemption prices referred to above plus accrued dividends. There was no sinking fund requirement for redemption of the Series G preferred stock. | |||||||||||||
On October 11, 2010, we issued (i) 20 shares of Series G Preferred, plus warrants to purchase 1,530,000 shares of our common stock for cash of $5,050,000 and (ii) 4 shares of Series G Preferred, plus warrants to purchase 270,000 shares of our common stock to settle certain promissory notes with a carrying value of $928,481. We have accounted for the Series G Preferred and warrants issued for cash as a financing transaction, wherein the net proceeds that we received were allocated to the financial instruments issued. We have accounted for the Series G Preferred and warrants issued in settlement of the promissory notes as an exchange, wherein we have recorded the financial instruments issued at their fair values and extinguished the promissory notes resulting in an extinguishment loss. | |||||||||||||
The following table summarizes the allocation for each of these transactions as of October 11, 2010: | |||||||||||||
Financing | Exchange | Total | |||||||||||
Redeemable preferred stock (1) | $ | 2,747,476 | $ | 888,997 | $ | 3,636,473 | |||||||
Compound embedded derivatives (2) | 1,389,114 | 261,318 | 1,650,432 | ||||||||||
Warrant derivatives (2) | 913,410 | 161,190 | 1,074,600 | ||||||||||
Extinguishment loss | — | (383,023 | ) | (383,023 | ) | ||||||||
$ | 5,050,000 | $ | 928,482 | $ | 5,978,482 | ||||||||
-1 | The fair value of the redeemable preferred stock was estimated based upon its forward cash flow value, at a credit-risk adjusted market interest rate, as enhanced by the fair value of the conversion feature. Credit-risk adjusted rates used to discount the cash flow component ranged from 3.98% to 4.89% over our estimated period to redemption, which was October 2013. The fair value of the conversion feature is reflected in the compound embedded derivative line of the table. | ||||||||||||
-2 | See NOTE K for information related to the valuation of these financial instruments both on the inception date of the transactions and at December 31, 2013. | ||||||||||||
Prior to making the above accounting allocation, we evaluated the Series G Preferred and the warrants for proper classification under ASC 480 - Distinguishing Liabilities from Equity and ASC 815 - Derivatives and Hedging. | |||||||||||||
Series G Preferred: | |||||||||||||
ASC 480 generally requires liability classification for financial instruments that are certain to be redeemed, represent obligations to purchase shares of stock or represent obligations to issue a variable number of common shares. We concluded that the Series G Preferred was not within the scope of ASC 480 because none of the three conditions for liability classification was present. | |||||||||||||
ASC 815 generally requires the analysis embedded terms and features that have characteristics of derivatives to be evaluated for bifurcation and separate accounting in instances where their economic risks and characteristics are not clearly and closely related to the risks of the host contract. However, in order to perform this analysis we were first required to evaluate the economic risks and characteristics of the Series G Preferred in its entirety as being either akin to equity or akin to debt. Our evaluation concluded that the Series G was more akin to a debt-like contract largely due to the fact that the financial instrument is mandatorily redeemable for cash at the option of the holder and has a return in the form of a dividend that operates similarly with an interest rate on debt. Other features of the Series G Preferred that operate like equity, such as the conversion option and voting feature, did not afford sufficient evidence, in our view, to offset the weight of the primary debt-like features; that is, the redemption feature and the dividend feature. Accordingly, based upon this conclusion the clear and close relationship of embedded derivative features was made relative to a debt-like contract. | |||||||||||||
The material embedded derivative features consisted of the conversion option and related down-round anti-dilution protection, the Company’s redemption privilege, and the holder’s redemption privilege. The conversion option and related anti-dilution protection, bearing risks of equity, were not clearly and closely related to the debt-like Series G Preferred and required bifurcation. The redemption features, although generally bearing risks of debt, such as credit and interest risk, were not clearly and closely related to the Series G Preferred because the Series G Preferred was deemed to be issued at a substantial discount and there are scenarios, however improbable or remote, that the redemption features as designed could double the investor’s initial rate of return. Current accounting principles that are also provided in ASC 815 do not permit an issuer to account separately for individual derivative terms and features that require bifurcation and liability classification. Rather, such terms and features must be and were bundled together and fair valued as a single, compound embedded derivative. | |||||||||||||
Redeemable preferred stock represents preferred stock that is either redeemable for cash on a specific date or contingently redeemable for cash for events that are not within the control of management. Redeemable preferred stock is required to be classified outside of stockholders’ equity (in the mezzanine section). Because the Series G Preferred was redeemable at the holder’s option, we were required to record the residual from our allocation to the mezzanine section. This amount was further subject to accretion to the redemption value over the term to the earliest redemption date using the effective method. The Series G Preferred was fully accreted to its redemption value during the period from inception to April 2011. | |||||||||||||
Warrants: | |||||||||||||
The warrants issued in the financing and exchange transactions have terms of three years and an exercise price of $2.50. The contractual exercise price is subject to adjustment for both traditional recapitalization events and sales of common stock or other common stock linked contracts below the contractual exercise price. The latter is referred to as down-round anti-dilution protections. The warrants did not fall within the scope of ASC 480 under any of the three conditions referred to above. However, the warrants required derivative liability accounting because certain down-round anti-dilution protections are terms that are not consistent with the definition for financial instruments indexed to a company’s own stock. | |||||||||||||
In November 2012, the exercise price of the warrants issued in connection with the Series G Convertible Preferred Stock adjusted from $2.50 to $2.4648 when we issued common stock at a lower price. The reduction in exercise price resulted in an increase in the fair value of the warrants of approximately $106,000. 525,000 warrants remain at December 31, 2013. These warrants are set to expire in April 2014. |
Stockholders_EquityDeficit
Stockholders' Equity/(Deficit) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Stockholders' Equity/(Deficit) | ' | ||||||||||||
NOTE R – STOCKHOLDERS’ EQUITY/(DEFICIT) | |||||||||||||
Common Stock | |||||||||||||
In 2013, we issued 3,552,357 shares of common stock, valued at $9,279,887, representing payment for principal and interest on our Initial Note and Additional Note as described in NOTE L | |||||||||||||
During the three-month period ended December 31, 2013, we issued 1,725,000 shares of common stock to five accredited investors upon conversion of 1,725,000 outstanding warrants associated with the Series G Convertible Preferred Stock. | |||||||||||||
During the three-month period ended March 31, 2013, we issued 2,010,500 shares of common stock to accredited investors upon exercise of their outstanding warrants. | |||||||||||||
During 2012, we issued 1,441,013 shares of common stock, valued at $4,262,528, representing payment for principal and interest on our Initial Note and Additional Note as described in NOTE L. | |||||||||||||
During the three-month period ended September 30, 2012, we issued 287,500 shares of common stock to four accredited investors upon exercise of 287,500 outstanding warrants. We also issued 140,000 shares of common stock for the conversion of 1 share of Series G Convertible Preferred Stock and 8,900 shares of common stock upon the exercise of stock options from the employee stock incentive plan. | |||||||||||||
Convertible Preferred Stock | |||||||||||||
We have 32,400 shares of Series D Convertible Preferred Stock issued and outstanding. Series D is convertible into common stock at a ratio of 1 to 1. The liquidation preference for Series D is $3.50 per share of common stock into which the Series D could then be converted. There are no other rights attached to these convertible instruments. | |||||||||||||
Stock-Based Compensation | |||||||||||||
We have one active stock incentive plan, the 2005 Stock Incentive Plan. The 1997 Stock Incentive Plan expired on August 17, 2007. As of that date, options could no longer be granted from that Plan but any granted and unexercised options continued to exist until exercised or they expired. As of December 31, 2013 all outstanding options in the 1997 Stock Incentive Plan have expired. The 2005 Stock Incentive Plan provides for the grant of incentive stock options, non-qualified stock options, restricted stock awards, restricted stock units and stock appreciation rights. We initially reserved 2,500,000 of our authorized but unissued shares of common stock for issuance under the Plan, and, at the time the Plan was adopted, not more than 500,000 of these shares could be used for restricted stock awards and restricted stock units. On January 16, 2008, the Board of Directors approved amendments to the Plan to add 2,500,000 shares of common stock to the Plan, to allow any number of shares to be used for restricted stock awards, to clarify certain other provisions in the Plan and to submit the amended Plan for stockholder approval. The amended Plan was approved at the annual meeting of stockholders on May 7, 2008. On June 3, 2010, the shareholders’ approved an amendment to the 2005 Stock Incentive Plan which resulted in the addition of 3,000,000 shares of common stock to the Plan. Any incentive option and non-qualified option granted under the Plan must provide for an exercise price of not less than the fair market value of the underlying shares on the date of grant, but the exercise price of any incentive option granted to an officer, director or eligible employee owning more than 10% of our outstanding common stock must not be less than 110% of fair market value on the date of the grant. | |||||||||||||
Share-based compensation expense recognized during the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest. As share-based compensation expense recognized in the statement of operations is based on awards ultimately expected to vest, it can be reduced for estimated forfeitures. The ASC topic Stock Compensation requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||||||||||
The share based compensation charged against income for the periods ended December 31, 2013, 2012 and 2011 was $2,582,009, $1,657,800 and $1,796,628, respectively. | |||||||||||||
The weighted average estimated fair value of stock options granted during the fiscal years ended December 31, 2013, 2012 and 2011 were $1.42, $1.45 and $2.74, respectively. These amounts were determined using the Black-Scholes option-pricing model, 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. The assumptions used in the Black-Scholes model were as follows for stock options granted in the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk-free interest rate | .41-1.28% | .39-.67% | 1.51-1.89% | ||||||||||
Expected volatility of common stock | 59.2-68.2% | 65.3-71.6% | 69.0-70.0% | ||||||||||
Dividend yield | 0% | 0% | 0% | ||||||||||
Expected life of options | 3.0-4.1 years | 3.0-4.1 years | 3.0-4.1 years | ||||||||||
The Black-Scholes option valuation model was developed for estimating the fair value of traded options that have no vesting restrictions and are fully transferable. Because option valuation models require the use of subjective assumptions, changes in these assumptions can materially affect the fair value of the options. Our options do not have the characteristics of traded options; therefore, the option valuation models do not necessarily provide a reliable measure of the fair value of our options. | |||||||||||||
Additional information with respect to both plans stock option activity is as follows: | |||||||||||||
Number of | Weighted Average | ||||||||||||
Shares | Exercise Price | ||||||||||||
Outstanding at December 31, 2010 | 3,537,236 | $ | 3.78 | ||||||||||
Granted | 633,835 | $ | 2.74 | ||||||||||
Exercised | — | $ | — | ||||||||||
Cancelled | (771,666 | ) | $ | 3.5 | |||||||||
Outstanding at December 31, 2011 | 3,399,405 | $ | 3.78 | ||||||||||
Granted | 771,969 | $ | 2.85 | ||||||||||
Exercised | (15,150 | ) | $ | 2.61 | |||||||||
Cancelled | (736,070 | ) | $ | 4.42 | |||||||||
Outstanding at December 31, 2012 | 3,420,154 | $ | 3.31 | ||||||||||
Granted | 1,233,822 | $ | 2.99 | ||||||||||
Exercised | (204,500 | ) | $ | 2.24 | |||||||||
Cancelled | (1,453,600 | ) | $ | 3.61 | |||||||||
Outstanding at December 31, 2013 | 2,995,876 | $ | 3.31 | ||||||||||
Options exercisable at December 31, 2011 | 2,926,930 | $ | 3.79 | ||||||||||
Options exercisable at December 31, 2012 | 2,754,227 | $ | 3.44 | ||||||||||
Options exercisable at December 31, 2013 | 2,118,903 | $ | 2.94 | ||||||||||
The aggregate intrinsic values of options exercisable for the fiscal years ended December 31, 2013, 2012 and 2011 were $16,450, $371,142 and $133,750, respectively. The aggregate intrinsic values of options outstanding for the fiscal years ended December 31, 2013, 2012 and 2011 were $16,450, $524,500 and $169,500, respectively. The aggregate intrinsic values of options exercised during the fiscal years ended December 31, 2013, 2012 and 2011 are $183,000, $14,475 and $0, respectively, determined as of the date of the option exercise. Aggregate intrinsic value represents the positive difference between our closing stock price at the end of a respective period and the exercise price multiplied by the number of relative options. The total fair value of shares vested during the fiscal years ended December 31, 2013, 2012 and 2011 was $1,498,040, $832,177 and $1,145,112, respectively. | |||||||||||||
As of December 31, 2013, there was $1,203,599 of total unrecognized compensation cost related to unvested share-based compensation awards granted to employees under the option plans. That cost is expected to be recognized over a weighted-average period of 1.83 years. | |||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | |||||||||||||
Stock Options Outstanding | |||||||||||||
Range of | Number of | Weighted Average | Weighted | ||||||||||
Exercise Prices | Shares | Remaining | Average | ||||||||||
Outstanding | Contractual | Exercise | |||||||||||
Life in Years | Price | ||||||||||||
$1.74 – $2.74 | 1,344,554 | 2.5 | $ | 2.69 | |||||||||
$2.89 – $4.00 | 1,651,322 | 3.33 | $ | 3.13 | |||||||||
2,995,876 | 2.94 | $ | 2.93 | ||||||||||
The estimated fair value of each restricted stock award is calculated using the share price at the date of the grant. A summary of the status of the restricted stock awards as of December 31, 2013 and changes during the year ended December 31, 2013 is presented as follows: | |||||||||||||
Number of | Weighted Average | ||||||||||||
Shares | Grant Date Fair | ||||||||||||
Value | |||||||||||||
Unvested at December 31, 2012 | 178,807 | $ | 2.73 | ||||||||||
Granted | 411,383 | $ | 2.89 | ||||||||||
Vested | (402,065 | ) | $ | 2.81 | |||||||||
Cancelled | — | $ | — | ||||||||||
Unvested at December 31, 2013 | 188,125 | $ | 2.89 | ||||||||||
The fair value of restricted stock awards vested during the years ended December 31 2013, 2012 and 2011 was $854,861, $1,286,257 and $1,329,573, respectively. The fair value of unvested restricted stock awards remaining at the periods ended December 31, 2013, 2012 and 2011 is $380,013, $514,964 and $300,139, respectively. The weighted-average grant date fair value of restricted stock awards granted during the periods ended December 31, 2013, 2012 and 2011 were $2.89, $3.91 and $2.67, respectively. The weighted-average remaining contractual term of these restricted stock awards at the periods ended December 31, 2013, 2012 and 2011 are 1.2, 1.0 and 1.0 years, respectively. As of December 31, 2013, there was a total of $525,401 unrecognized compensation cost related to unvested restricted stock awards. | |||||||||||||
The following table summarizes our common stock warrants outstanding at December 31, 2013: | |||||||||||||
Common Stock | Exercise Price | Termination Date | |||||||||||
Warrants | |||||||||||||
525,000 | $2.44 | 4/13/14 | |||||||||||
1,562,500 | $3.60 | 11/9/16 | |||||||||||
2,087,500 | |||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
NOTE S – INCOME TAXES | |||||||||||||
As of December 31, 2013, we had consolidated income tax net operating loss (“NOL”) carryforwards for federal income tax purposes of approximately $108,547,933. The federal NOL carryforwards from 1998 forward will expire in various years beginning in 2018 and ending through the year 2032. For 2013, approximately $24,724,748 of federal NOLs from the years 1998 – 2005 will be fully utilized. From 2023 through 2028, approximately $43 million of the NOL will expire, and from 2029 through 2032, approximately $65 million of the NOL will expire. | |||||||||||||
The components of the provision for income taxes (benefits) are attributable to continuing operations as follows: | |||||||||||||
12 Month | 12 Month | 12 Month | |||||||||||
Period Ended | Period Ended | Period Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
Federal | $ | 481,055 | $ | — | $ | — | |||||||
State | 15,000 | — | — | ||||||||||
Foreign | — | — | — | ||||||||||
$ | 496,055 | $ | — | $ | — | ||||||||
Deferred | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | — | — | — | ||||||||||
Foreign | — | — | — | ||||||||||
$ | — | $ | — | $ | — | ||||||||
Deferred income taxes reflect the net tax effects of the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows: | |||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss and tax credit carryforwards | $ | 42,412,630 | |||||||||||
Capital loss carryforward | 385,188 | ||||||||||||
Accrued expenses | 62,672 | ||||||||||||
Deferred revenue | 644,367 | ||||||||||||
Reserve for accounts receivable | 2,048,105 | ||||||||||||
Reserve for inventory return | 130,012 | ||||||||||||
Stock option and restricted stock awards | 907,476 | ||||||||||||
Start-up costs | 107,154 | ||||||||||||
Excess of book over tax depreciation | 1,428,417 | ||||||||||||
Investment – unconsolidated entity | 3,687,310 | ||||||||||||
Less: valuation allowance | (51,625,159 | ) | |||||||||||
188,172 | |||||||||||||
Deferred tax liability: | |||||||||||||
Prepaid expenses | 118,860 | ||||||||||||
Property and equipment basis | 69,312 | ||||||||||||
188,172 | |||||||||||||
Net deferred tax asset | $ | — | |||||||||||
As reflected above, we have recorded a net deferred tax asset of $0 at December 31, 2013. As required by the Accounting for Income Taxes topic in the ASC, we have evaluated whether it is more likely than not that the deferred tax assets will be realized. Based on the available evidence, we have concluded that it is more likely than not that those assets would not be realizable without the recovery and rights of ownership or salvage rights of high value shipwrecks or substantial profits from our mining operations and thus a valuation allowance has been recorded as of December 31, 2013. | |||||||||||||
The change in the valuation allowance is as follow: | |||||||||||||
December 31, 2013 | $ | 51,625,159 | December 31, 2012 | $ | 57,901,529 | ||||||||
December 31, 2012 | $ | 57,901,528 | December 31, 2011 | $ | 52,515,797 | ||||||||
Change in valuation allowance | $ | (6,276,369 | ) | Change in valuation allowance | $ | 5,385,732 | |||||||
Income taxes for the twelve month periods ended December 31, 2013, 2012 and 2011 differ from the amounts computed by applying the effective income tax rate of 34.0% to income taxes as a result of the following: | |||||||||||||
12 Month | 12 Month | 12 Month | |||||||||||
Period Ended | Period Ended | Period Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected benefit | $ | (3,483,374 | ) | $ | (6,180,388 | ) | $ | (5,516,605 | ) | ||||
Effects of: | |||||||||||||
State income taxes net of federal benefits | (176,839 | ) | (181,423 | ) | (205,521 | ) | |||||||
U.S. Income Tax Expense at the 20% AMT Rate | 509,495 | — | — | ||||||||||
Nondeductible expenses | 31,640 | 17,994 | 17,657 | ||||||||||
Stock options and restricted stock awards | 790,011 | 223,720 | 833,749 | ||||||||||
Derivatives | (783,994 | ) | 322,848 | (1,693,247 | ) | ||||||||
Change in valuation allowance | (6,276,369 | ) | 5,385,732 | 6,531,871 | |||||||||
Change in net operating loss | 0 | 832,408 | 3,564 | ||||||||||
CFC Dividend Income | 9,190,723 | (374,051 | ) | — | |||||||||
Change in rate estimate | 15,767 | (42,925 | ) | 23,798 | |||||||||
Foreign Rate Differential | 662,745 | — | — | ||||||||||
Other, net | 16,250 | (3,914 | ) | 4,734 | |||||||||
Income tax provision (benefit) | $ | 496,055 | $ | — | $ | — | |||||||
During the twelve-month periods ended December 31, 2013 and 2012, we recognized certain tax benefits and (liabilities), prior to any valuation allowances, related to stock option plans in the amount of $216,675 and $230,721, respectively. If we did not have a full valuation allowance, such benefits would be recorded as an increase in the deferred tax asset and an increase in additional paid-in capital. | |||||||||||||
We have not recognized a material adjustment in the liability for unrecognized tax benefits and do not need to record any provision for accrued interest and penalties related to uncertain tax positions. | |||||||||||||
The earliest tax year still subject to examination by a major taxing jurisdiction is 2010. | |||||||||||||
We are currently in the process of seeking a private letter ruling request with the Internal Revenue Service which will grant us relief to make a late election to carryback our 2008 federal NOL either three, four, or five taxable years preceding the taxable year of the applicable NOL, in lieu of the general two-year carryback period. We would carryback the NOL five years to the 2003 tax year. There would be no cash-tax benefit of the carryback as we had a taxable loss during the 2003 tax year. The benefit of making the 5 year carryback election is that the 2008 NOL will now be able to offset 100 percent of future alternative minimum taxable income instead of only offsetting 90 percent. If the Internal Revenue Service grants us relief we will reverse the AMT tax provision in the quarter relief is granted as we will be able to fully offset alternative minimum taxable income instead of only 90 percent. |
Major_Customers
Major Customers | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Major Customers | ' |
NOTE T – MAJOR CUSTOMERS | |
During the fiscal year ended December 31, 2013, we had one customer who accounted for 87.2% of our total revenue. For the fiscal year ended December 31, 2012, we had three customers who accounted for 30.3%, 28.5% and 28.8% of our total revenue. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
NOTE U – COMMITMENTS AND CONTINGENCIES | |
Rights to Future Revenues, If Any | |
We have sold the rights to share in future revenues, if any, with respect to the “Seattle” (formerly “Republic”) and “HMS Sussex” (formerly “Cambridge”) projects and have recorded $887,500 as Deferred Income from Revenue Participation Rights (See NOTE P). We are contingently liable to share the future revenue of these projects only if revenue is derived from these specific projects. | |
To date, the only income derived from these projects resulted in a one-time revenue distribution payment of $12,986 to the holders of the “Cambridge” RPC’s. | |
Revenue from the SS Republic shipwreck or its cargo is not subject to revenue sharing. | |
In addition, on May 26, 1998, we signed an agreement with a subcontractor that entitled it to receive 5% of the post finance cost proceeds from any shipwrecks in a predefined search area of the Mediterranean Sea. A shipwreck we have found, which we believe to be HMS Sussex, is located within the specified search area and we will be responsible to share future revenues, if any, from this shipwreck. On December 9, 2002, a Georgia limited liability company acquired the 5% interest from the subcontractor through a foreclosure sale (see NOTE O). | |
In February 2011, we entered into a project syndication deal with Galt Resources LLC (“Galt”) for which they invested $7,512,500 representing rights to future revenues of any project of Galt’s choosing. See NOTE P for further detail. | |
Legal Proceedings | |
On April 16, 2012, the Kingdom of Spain filed a motion with the district court for an award of attorney’s fees and costs related to the “Black Swan” case claiming in excess of $3,000,000. On November 15, 2012, the Magistrate Judge entered a Report and Recommendation recommending Spain recover fees and costs, but only those incurred after dismissal of the case from February 10, 2012 to March 20, 2012, related to the transfer of artifacts held in Gibraltar. This amounted to approximately $130,000 of which the full amount was reserved in 2012. Failing to adopt the Report and Recommendation, on September 26, 2013 the District Court Judge entered an Order assessing $1,072,979 related to attorney’s fees. Payment was made on October 11, 2013, and a Satisfaction of Judgment was executed and filed on October 21, 2013. The difference between the $1,072,979 and $130,000 of $942,979 was expensed in entirety in the Marketing, general and administrative line of our Consolidated Statement of Income. | |
The Company may be subject to a variety of claims and suits that arise from time to time in the ordinary course of business. Management currently believes that these claims and suits will not have a material adverse impact on its financial position or its results of operations. | |
Other Commitments and Contingencies | |
We currently charter our exploration vessel, the Dorado Discovery. The charter for this vessel is set to expire on April 30, 2014. The vessel’s owner has agreed to extend the charter for four additional years. Years one and two will be at £8,400 sterling per day (approximately $14,000 USD) and years three and four will be at £8,960 sterling (approximately $14,900 USD) per day. | |
Trends and Uncertainties | |
Our 2014 business plan requires us to generate new cash inflows during 2014 to effectively allow us to perform our planned projects. We plan to generate new cash inflows through the monetization of shipwreck cargo or our equity stakes in seabed mineral companies, financings, syndications or other partnership opportunities. One or more of the planned shipwreck or mining project monetizations, financings, syndications or partnership opportunities may not be realized which may require us to curtail our desired business plan until we generate additional cash. We currently have no commitments for new debt or issuance of new equity and we can offer no assurance any of our planned projects will be successful in providing additional cash during 2014. We have experienced several years of net losses. Our capacity to generate net income in future periods is dependent upon our success in recovering and monetizing shipwrecks, monetizing our interests in mineral exploration entities, generating income from shipwreck or mineral exploration charters or generating income from other projects. In 2014, we will seek to monetize some of our stake in our mineral exploration shareholdings, recover and monetize cargo from the SS Central America, and generate cash inflows from other projects and opportunities. If cash inflow is not sufficient to meet our desired projected business plan requirements, we will be required to follow our contingency business plan which is based on curtailed expenses and requires less new cash inflows. While we have been successful in generating cash inflows and raising the necessary funds in the past, there can be no assurance that we can continue to do so in 2014. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data - Unaudited | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data - Unaudited | ' | ||||||||||||||||
NOTE V – QUARTERLY FINANCIAL DATA – UNAUDITED | |||||||||||||||||
The following tables present certain unaudited consolidated quarterly financial information for each of the past eight quarters ended December 31, 2013 and 2012. This quarterly information has been prepared on the same basis as the Consolidated Financial Statements and includes all adjustments necessary to state fairly the information for the periods presented. | |||||||||||||||||
Fiscal Year Ended December 31, 2013 | |||||||||||||||||
Quarter Ending | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Revenue—net | $ | 863,072 | $ | 253,745 | $ | 5,554,460 | $ | 17,242,672 | |||||||||
Gross profit | 717,371 | 158,661 | 5,384,887 | 16,958,243 | |||||||||||||
Net income (loss) | (9,665,379 | ) | (10,895,976 | ) | (931,393 | ) | 10,751,476 | ||||||||||
Basic and diluted net income per share | $ | (0.12 | ) | $ | (0.14 | ) | $ | (0.01 | ) | $ | 0.13 | ||||||
Fiscal Year Ended December 31, 2012 | |||||||||||||||||
Quarter Ending | |||||||||||||||||
31-Mar | 30-Jun | September 30 | 31-Dec | ||||||||||||||
Revenue—net | $ | 2,899,752 | $ | 1,426,631 | $ | 946,097 | $ | 7,925,035 | |||||||||
Gross profit | 2,865,563 | 1,336,739 | 891,860 | 7,867,816 | |||||||||||||
Net income (loss) | (5,481,799 | ) | (15,590,350 | ) | 3,802,983 | (914,947 | ) | ||||||||||
Basic and diluted net income per share | $ | (0.08 | ) | $ | (0.21 | ) | $ | 0.05 | $ | (0.01 | ) |
Gain_on_Silver_Fixed_Price_Swa
Gain on Silver Fixed Price Swap | 12 Months Ended |
Dec. 31, 2013 | |
Investments All Other Investments [Abstract] | ' |
Gain on Silver Fixed Price Swap | ' |
NOTE W – GAIN ON SILVER FIXED PRICE SWAP | |
During the three-month period ended September 30, 2013, we entered into two fixed price swap hedge contracts to mitigate the exposure risk related to silver price volatility. We entered into these contracts specifically related to the time period the recovered silver from the Gairsoppa project was sold into the London bullion market during the later of 2013. The price per silver troy ounce was reaching a period high when we entered into the contracts as compared to when the silver was recovered in mid-July. The first contract was for 250,000 troy ounces of silver and covered the period from October 1 to October 31, 2013. The fixed price was $24.40 per troy ounce. The second contract was for 250,000 troy ounces of silver and covered the period from November 1 to November 30, 2013. The fixed price on the second contract was $23.10 per troy ounce. There are no active contracts as of December 31, 2013. If the average silver price was less than the fixed price, we would receive the difference multiplied by the 250,000 troy ounces. If the average silver price was greater than the fixed price, we would owe the difference multiplied by the 250,000 troy ounces. During the three-month period ended December 31, 2013, we realized a combined gain of $1,206,350 on these contracts. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||||||||
SCHEDULE II – VALUATION and QUALIFYING ACCOUNTS | |||||||||||||||||||||
For the Fiscal Years of 2011, 2012 and 2013 | |||||||||||||||||||||
ODYSSEY MARINE EXPLORATION, INC. AND SUBSIDIARIES | |||||||||||||||||||||
Balance at | Charged | Charged | Deductions | Balance at | |||||||||||||||||
Beginning | (Credited) | (Credited) | End of | ||||||||||||||||||
of Year | to Expenses | to Other | Year | ||||||||||||||||||
Accounts | |||||||||||||||||||||
Deferred recovery cost reserve | |||||||||||||||||||||
2011 | 2,557,149 | — | — | — | 2,557,149 | ||||||||||||||||
2012 | 2,557,149 | — | — | 2,557,149 | — | ||||||||||||||||
2013 | — | — | — | — | — | ||||||||||||||||
Inventory reserve | |||||||||||||||||||||
2011 | 479,459 | — | — | 87,256 | 392,203 | ||||||||||||||||
2012 | 392,203 | — | — | 24,645 | 367,558 | ||||||||||||||||
2013 | 367,558 | 3,774 | — | — | 371,332 | ||||||||||||||||
Accounts receivable reserve | |||||||||||||||||||||
2011 | 8,494,672 | — | — | 2,104,079 | 6,390,593 | ||||||||||||||||
2012 | 6,390,593 | — | — | 1,570,000 | 4,820,593 | ||||||||||||||||
2013 | 4,820,593 | 500,000 | — | 189,000 | 5,131,593 |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||
Organization | ' | ||||||||||||
Organization | |||||||||||||
Odyssey Marine Exploration, Inc. and subsidiaries (the “Company,” “Odyssey,” “us,” “we” or “our”) is engaged in the archaeologically sensitive exploration and recovery of deep-ocean shipwrecks throughout the world. Our corporate headquarters are located in Tampa, Florida. | |||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
Summary of Significant Accounting Policies | |||||||||||||
This summary of significant accounting policies of the Company is presented to assist in understanding our 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 | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of the Company and its direct and indirect wholly owned subsidiaries, Odyssey Marine Services, Inc., OVH, Inc., Odyssey Retriever, Inc., Odyssey Marine Entertainment, Inc., Odyssey Marine Enterprises, Ltd., Odyssey Marine Management, Ltd., Oceanica Marine Operations, S.R.L., and majority interest in Oceanica Resources, S.R.L. and Exploraciones Oceanicas, S. De R.L. De C.V. 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 results of operations attributable to the non-controlling interest are presented within equity and net income, and are shown separately from the Company’s equity and net income attributable to the Company. | |||||||||||||
During the year ended December 31, 2013, our wholly owned subsidiary, Odyssey Marine Enterprises, Ltd., sold 24 million cuotas (shares) of its position in Oceanica Resources, S.R.L. for $27.5 million in cash to a third-party investment group. According to the Accounting Standards Codification (“ASC”) 810 – Consolidation, paragraph 810-10-45-23, we have accounted for this transaction as an equity transaction. Therefore, no gain or loss has been recognized in consolidated net income or comprehensive income. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
Management uses estimates and assumptions in preparing these financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were used. | |||||||||||||
Revenue Recognition and Accounts Receivable | ' | ||||||||||||
Revenue Recognition and Accounts Receivable | |||||||||||||
In accordance with Topic A.1. in SAB 13: Revenue Recognition, exhibit and expedition charter revenue is recognized ratably when realized and earned as time passes throughout the contract period as defined by the terms of the agreement. Expenses related to the exhibit and expedition charter revenue are recorded as incurred and presented under the caption “Operations and research” on our Consolidated Statements of Income. | |||||||||||||
Artifact sales and other may also consist of revenues related to the recovery of shipwreck cargo, such as the bulk silver bullion from the Gairsoppa project that exceeds the directly related operating and recovery expenses. We recognize revenue when we complete our contractual obligation to deliver the silver bullion to the refining agent, the amount of revenue is reasonably assured based on the London Bullion Market rates and the bullion is in a format ready for sale into the market. Operating and recovery expenses incurred in connection with the Gairsoppa project contract consist of vessel-related expenses (ships’ crew, provisions, port fees and charter expenses), fuel, specialized equipment and administrative expenses. These expenses are charged to the Consolidated Statements of Income as incurred and subsequently reimbursed per our contract and recorded as a benefit (credit to expense) in the period we are assured of recoupment. | |||||||||||||
Artifact sales and other is where we recognize deferred revenue related to revenue participation rights we previously sold to an investor. Upon receipt of funds payable to the investor for their revenue participation rights, we recognize revenue based upon the percent of investor-related proceeds from the sale of silver as a percentage of total proceeds that investor could earn under the revenue participation agreement. | |||||||||||||
Under our agreement with the United Kingdom Government for the Gairsoppa project, any proceeds from the recovery of the government-owned silver cargo are first applied as a reimbursement to us for search and recovery expenses related to the project. Any remaining net proceeds from the silver owned by the United Kingdom Government are then split 20/80 between the government and us, respectively. In 2012 and 2013 the proceeds from the silver sales were sufficient to fully reimburse our expenses and to provide net proceeds that were split between the two parties. The Gairsoppa project revenue recognized by us in 2012 and 2013 resulted from our share of the net proceeds from the sale of the recovered silver bullion that belonged to the United Kingdom Government. The United Kingdom Government reimburses us for all of the expenses incurred by us to recover their silver. Accordingly, we applied the expense reimbursement credit against our search and recovery expenses in the respective years Consolidated Statement of Income under the caption “Operating Expenses: Operations and Research.” | |||||||||||||
Bad debts are recorded as identified and, from time to time, a specific reserve allowance will be established when required. A return allowance is established for sales that have a right of return. Accounts receivable is stated net of any recorded allowances. | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents include cash on hand and cash in banks. We also consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | |||||||||||||
Inventory | ' | ||||||||||||
Inventory | |||||||||||||
Our inventory principally consists of artifacts recovered from the SS Republic shipwreck, other artifacts, general branded merchandise and related packaging material. Inventoried costs of recovered artifacts include the costs of recovery, conservation and administrative costs to obtain legal title to the artifacts. Administrative costs are generally legal fees or insurance settlements required in order to obtain clear title. The capitalized recovery costs include direct costs such as vessel and related equipment operations and maintenance, crew and technical labor, fuel, provisions, supplies, port fees and depreciation. Conservation costs include fees paid to conservators for cleaning and preserving the artifacts. We continually monitor the recorded aggregate costs of the artifacts in inventory to ensure these costs do not exceed the net realizable value. Historical sales, publications or available public market data are used to assess market value. | |||||||||||||
Packaging materials and merchandise are recorded at average cost. We record our inventory at the lower of cost or market. | |||||||||||||
Costs associated with the above noted items are the costs included in our costs of goods. Vessel costs associated with expedition revenue as well as exhibit costs are not included in cost of goods sold. Vessel costs include, but are not limited to, charter costs, fuel, crew and port fees. Vessel and exhibit costs are included in Operations and research in the Consolidated Statements of Income. In the case of revenues associated with the Gairsoppa project, the United Kingdom owned the silver we sold into the London Bullion Market on their behalf, therefore, there was no associated cost of goods. | |||||||||||||
Long-Lived Assets | ' | ||||||||||||
Long-Lived Assets | |||||||||||||
Our policy is to recognize impairment losses relating to long-lived assets in accordance with the Accounting Standards Codification (“ASC”) topic for Property, Plant and Equipment. Decisions are based on several factors, including, but not limited to, management’s plans for future operations, recent operating results and projected cash flows. | |||||||||||||
Comprehensive Income | ' | ||||||||||||
Comprehensive Income | |||||||||||||
Securities with a maturity greater than three months from purchase date are deemed available-for-sale and carried at fair value. Unrealized gains and losses on these securities are excluded from earnings and reported as a separate component of stockholders’ equity. At December 31, 2013, we did not own securities with a maturity greater than three months. | |||||||||||||
Property and Equipment and Depreciation | ' | ||||||||||||
Property and Equipment and Depreciation | |||||||||||||
Property and equipment is stated at historical cost. Depreciation is provided using the straight-line method at rates based on the assets’ estimated useful lives which are normally between three and ten years. Leasehold improvements are amortized over their estimated useful lives or lease term, if shorter. Major overhaul items (such as engines or generators) that enhance or extend the useful life of vessel related assets qualify to be capitalized and depreciated over the useful life or remaining life of that asset, whichever is shorter. Certain major repair items required by industry standards to ensure a vessel’s seaworthiness also qualify to be capitalized and depreciated over the period of time until the next scheduled planned major maintenance for that item. All other repairs and maintenance are accounted for under the direct-expensing method and are expensed when incurred. | |||||||||||||
Earnings Per Share | ' | ||||||||||||
Earnings Per Share | |||||||||||||
Basic earnings per share (EPS) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. In periods when the Company generates income, the Company calculates basic earnings per share (“EPS”) using the two-class method pursuant to ASC 260 Earnings Per Share. The two-class method is required effective with the issuance of the Senior Convertible Note disclosed in NOTE L because the note qualifies as participating security, giving the holder the right to receive dividends should dividends be declared on common stock. Under the two-class method, earnings for the period are allocated on a pro-rata basis to the common stockholders and to the holders of Convertible Notes based on the weighted average number of common shares outstanding and number of shares that could be converted. The Company does not use the two-class method in periods when it generates a loss as the holders of the Convertible Notes do not participate in losses. | |||||||||||||
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 and warrants and the if-converted method to compute potential common shares from Preferred Stock, Convertible Notes or other convertible securities. As it relates solely to the Senior Convertible Note, for diluted earnings per share, the Company uses the more dilutive of the if-converted method or two-class method. When a net loss occurs, potential common shares have an anti-dilutive effect on earnings per share and such shares are excluded from the Diluted EPS calculation. | |||||||||||||
At December 31, 2013, 2012 and 2011 the weighted average common shares outstanding were 80,128,827, 73,889,112 and 70,179,935, respectively. For the periods ending December 31, 2013, 2012 and 2011 in which net losses occurred, all potential common shares were excluded from Diluted EPS because the effect of including such shares would be anti-dilutive. | |||||||||||||
The potential common shares, in the table following, represent potential common shares calculated using the treasury stock method from outstanding options and warrants that were excluded from the calculation of Diluted EPS: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Average market price during the period | $ | 2.96 | $ | 3.2 | $ | 2.98 | |||||||
In the money potential common shares from options excluded | 146,162 | 275,101 | 129,793 | ||||||||||
In the money potential common shares from warrants excluded | 92,363 | 1,129,973 | 959,521 | ||||||||||
Potential common shares from out-of-the-money options and warrants were also excluded from the computation of diluted earnings per share because calculation of the associated potential common shares has an anti-dilutive effect. The following table lists options and warrants that were excluded from diluted EPS. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Out of the money options and warrants excluded: | |||||||||||||
Stock Options with an exercise price of $3.25 per share | 100,000 | — | — | ||||||||||
Stock Options with an exercise price of $3.30 per share | — | 100,000 | — | ||||||||||
Stock Options with an exercise price of $3.40 per share | 100,000 | — | — | ||||||||||
Stock Options with an exercise price of $3.43 per share | 40,000 | — | — | ||||||||||
Stock Options with an exercise price of $3.50 per share | 345,000 | 245,000 | 495,000 | ||||||||||
Stock Options with an exercise price of $3.51 per share | — | 959,500 | 984,670 | ||||||||||
Stock Options with an exercise price of $3.53 per share | — | 194,100 | 211,900 | ||||||||||
Stock Options with an exercise price of $3.90 per share | 20,000 | 20,000 | — | ||||||||||
Stock Options with an exercise price of $4.00 per share | 52,500 | 52,500 | 52,500 | ||||||||||
Stock Options with an exercise price of $5.00 per share | — | 200,000 | 650,000 | ||||||||||
Stock Options with an exercise price of $7.00 per share | — | 100,000 | 100,000 | ||||||||||
Warrants with an exercise price of $3.60 per share | 1,562,500 | 1,562,500 | — | ||||||||||
Warrants with an exercise price of $4.32 per share | — | — | 1,302,083 | ||||||||||
Warrants with an exercise price of $5.25 per share | — | 100,000 | 100,000 | ||||||||||
Total anti-dilutive warrants and options excluded from EPS | 2,220,600 | 3,533,600 | 3,896,153 | ||||||||||
Potential common shares from outstanding Convertible Preferred Stock calculated per the if-converted basis having an anti-dilutive effect on diluted earnings per share were excluded from potential common shares as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Potential common shares from Preferred Stock excluded from computation of diluted earnings per share | 32,400 | 206,400 | 346,400 | ||||||||||
The weighted average equivalent common shares relating to our unvested restricted stock awards that were excluded from potential common shares used in the earning per share calculation due to having an anti-dilutive effect are: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Excluded unvested restricted stock awards | 152,026 | 177,830 | 90,033 | ||||||||||
The following is a reconciliation of the numerators and denominators used in computing basic and diluted net income per share: | |||||||||||||
12 Month | 12 Month | 12 Month | |||||||||||
Period Ended | Period Ended | Period Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Net loss | $ | (10,741,272 | ) | $ | (18,184,113 | ) | $ | (16,225,308 | ) | ||||
Accretion of Series G Preferred Stock | — | — | (1,987,977 | ) | |||||||||
Cumulative dividends on Series G Preferred Stock | — | (10,000 | ) | (409,035 | ) | ||||||||
Fair market value of warrants issued to Series G Preferred Stock stockholders | — | — | (906,150 | ) | |||||||||
Undeclared cumulative dividends on Series G Preferred Stock in arrears | — | — | (5,000 | ) | |||||||||
Numerator, basic and diluted net loss available to stockholders | $ | (10,741,272 | ) | $ | (18,194,113 | ) | $ | (19,533,470 | ) | ||||
Denominator: | |||||||||||||
Shares used in computation – basic: | |||||||||||||
Weighted average common shares outstanding | 80,128,827 | 73,889,112 | 70,179,935 | ||||||||||
Shares used in computation – diluted: | |||||||||||||
Weighted average common shares outstanding | 80,128,827 | 73,889,112 | 70,179,935 | ||||||||||
Dilutive effect of options, warrants and convertible instruments outstanding | — | — | — | ||||||||||
Shares used in computing diluted net loss per share | 80,128,827 | 73,889,112 | 70,179,935 | ||||||||||
Net loss per share – basic and diluted | $ | (0.13 | ) | $ | (0.25 | ) | $ | (0.28 | ) | ||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is provided when it is more likely than not that some portion or the entire deferred tax asset will not be realized. | |||||||||||||
Stock-based Compensation | ' | ||||||||||||
Stock-based Compensation | |||||||||||||
Our stock-based compensation is recorded in accordance with the guidance in the ASC topic for Stock-Based Compensation (See NOTE R). | |||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
Fair Value of Financial Instruments | |||||||||||||
Financial instruments consist of cash, evidence of ownership in an entity, and contracts that both (i) impose on one entity a contractual obligation to deliver cash or another financial instrument to a second entity, or to exchange other financial instruments on potentially unfavorable terms with the second entity, and (ii) conveys to that second entity a contractual right (a) to receive cash or another financial instrument from the first entity, or (b) to exchange other financial instruments on potentially favorable terms with the first entity. Accordingly, our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, derivative financial instruments, mortgage and loans payable, and redeemable preferred stock. We carry cash and cash equivalents, accounts payable and accrued liabilities, and mortgage and loans payable at the approximate fair market value, and, accordingly, these estimates are not necessarily indicative of the amounts that we could realize in a current market exchange. We carry derivative financial instruments at fair value as is required under current accounting standards. We carry redeemable preferred stock at historical cost and accrete carrying values to estimated redemption values over the term of the financial instrument. | |||||||||||||
Derivative financial instruments consist of financial instruments or other contracts that contain a notional amount and one or more underlying variables (e.g. interest rate, security price or other variable), require no initial net investment and permit net settlement. Derivative financial instruments may be free-standing or embedded in other financial instruments. Further, derivative financial instruments are initially, and subsequently, measured at fair value and recorded as liabilities or, in rare instances, assets. See NOTE K for additional information. We generally do not use derivative financial instruments to hedge exposures to cash-flow, market or foreign-currency risks. However, we have entered into certain other financial instruments and contracts, such as our sale and issuance of redeemable preferred stock and freestanding warrants during October 2010 with features that are either (i) not afforded equity classification, (ii) embody risks not clearly and closely related to host contracts, or (iii) may be net-cash settled by the counterparty. As required by ASC 815 – Derivatives and Hedging, these instruments are required to be carried as derivative liabilities, at fair value, in our financial statements with changes in fair value reflected in our income. | |||||||||||||
Fair Value Hierarchy | |||||||||||||
The three levels of inputs that may be used to measure fair value are as follows: | |||||||||||||
Level 1. Quoted prices in active markets for identical assets or liabilities. | |||||||||||||
Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. Level 2 inputs also include non-binding market consensus prices that can be corroborated with observable market data, as well as quoted prices that were adjusted for security-specific restrictions. | |||||||||||||
Level 3. Unobservable inputs to the valuation methodology that is significant to the measurement of the fair value of assets or liabilities. Level 3 inputs also include non-binding market consensus prices or non-binding broker quotes that we were unable to corroborate with observable market data. | |||||||||||||
Redeemable Preferred Stock | ' | ||||||||||||
Redeemable Preferred Stock | |||||||||||||
Redeemable preferred stock (and, if ever, any other redeemable financial instrument we may enter into) is initially evaluated for possible classification as liabilities in instances where redemption is certain to occur pursuant to ASC 480 – Distinguishing Liabilities from Equity. Redeemable preferred stock classified as liabilities is recorded and carried at fair value. Redeemable preferred stock that does not, in its entirety, require liability classification is evaluated for embedded features that may require bifurcation and separate classification as derivative liabilities. In all instances, the classification of the redeemable preferred stock host contract that does not require liability classification is evaluated for equity classification or mezzanine classification based upon the nature of the redemption features. Generally, mandatory redemption requirements or any feature that could require cash redemption for matters not within our control, irrespective of probability of the event occurring, requires classification outside of stockholders’ equity. Redeemable preferred stock that is recorded in the mezzanine section is accreted to its redemption value through charges to stockholders’ equity when redemption is probable using the effective interest method. See NOTE Q for further disclosures about our redeemable preferred stock. | |||||||||||||
Subsequent Events | ' | ||||||||||||
Subsequent Events | |||||||||||||
We have evaluated subsequent events for recognition or disclosure through the date this Form 10-K is filed with the Securities and Exchange Commission. | |||||||||||||
Investments Debt and Equity Securities Policy | ' | ||||||||||||
With CRP being a thinly traded stock on the New Zealand Stock Exchange and guidance per ASC 320: Debt and Equity Securities regarding readily determinable fair value, we believe it was appropriate to not recognize this amount as an asset nor as revenue during that period. |
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
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: | |||||||||||||
12 Month | 12 Month | 12 Month | |||||||||||
Period Ended | Period Ended | Period Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Net loss | $ | (10,741,272 | ) | $ | (18,184,113 | ) | $ | (16,225,308 | ) | ||||
Accretion of Series G Preferred Stock | — | — | (1,987,977 | ) | |||||||||
Cumulative dividends on Series G Preferred Stock | — | (10,000 | ) | (409,035 | ) | ||||||||
Fair market value of warrants issued to Series G Preferred Stock stockholders | — | — | (906,150 | ) | |||||||||
Undeclared cumulative dividends on Series G Preferred Stock in arrears | — | — | (5,000 | ) | |||||||||
Numerator, basic and diluted net loss available to stockholders | $ | (10,741,272 | ) | $ | (18,194,113 | ) | $ | (19,533,470 | ) | ||||
Denominator: | |||||||||||||
Shares used in computation – basic: | |||||||||||||
Weighted average common shares outstanding | 80,128,827 | 73,889,112 | 70,179,935 | ||||||||||
Shares used in computation – diluted: | |||||||||||||
Weighted average common shares outstanding | 80,128,827 | 73,889,112 | 70,179,935 | ||||||||||
Dilutive effect of options, warrants and convertible instruments outstanding | — | — | — | ||||||||||
Shares used in computing diluted net loss per share | 80,128,827 | 73,889,112 | 70,179,935 | ||||||||||
Net loss per share – basic and diluted | $ | (0.13 | ) | $ | (0.25 | ) | $ | (0.28 | ) | ||||
In the Money Potential Common Shares [Member] | ' | ||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ||||||||||||
The potential common shares, in the table following, represent potential common shares calculated using the treasury stock method from outstanding options and warrants that were excluded from the calculation of Diluted EPS: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Average market price during the period | $ | 2.96 | $ | 3.2 | $ | 2.98 | |||||||
In the money potential common shares from options excluded | 146,162 | 275,101 | 129,793 | ||||||||||
In the money potential common shares from warrants excluded | 92,363 | 1,129,973 | 959,521 | ||||||||||
Convertible Preferred Stock Excluded from EPS [Member] | ' | ||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ||||||||||||
Potential common shares from outstanding Convertible Preferred Stock calculated per the if-converted basis having an anti-dilutive effect on diluted earnings per share were excluded from potential common shares as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Potential common shares from Preferred Stock excluded from computation of diluted earnings per share | 32,400 | 206,400 | 346,400 | ||||||||||
Unvested Restricted Stock Awards Excluded from EPS [Member] | ' | ||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ||||||||||||
The weighted average equivalent common shares relating to our unvested restricted stock awards that were excluded from potential common shares used in the earning per share calculation due to having an anti-dilutive effect are: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Excluded unvested restricted stock awards | 152,026 | 177,830 | 90,033 | ||||||||||
Out of Money Potential Common Shares [Member] | ' | ||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ||||||||||||
Potential common shares from out-of-the-money options and warrants were also excluded from the computation of diluted earnings per share because calculation of the associated potential common shares has an anti-dilutive effect. The following table lists options and warrants that were excluded from diluted EPS. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Out of the money options and warrants excluded: | |||||||||||||
Stock Options with an exercise price of $3.25 per share | 100,000 | — | — | ||||||||||
Stock Options with an exercise price of $3.30 per share | — | 100,000 | — | ||||||||||
Stock Options with an exercise price of $3.40 per share | 100,000 | — | — | ||||||||||
Stock Options with an exercise price of $3.43 per share | 40,000 | — | — | ||||||||||
Stock Options with an exercise price of $3.50 per share | 345,000 | 245,000 | 495,000 | ||||||||||
Stock Options with an exercise price of $3.51 per share | — | 959,500 | 984,670 | ||||||||||
Stock Options with an exercise price of $3.53 per share | — | 194,100 | 211,900 | ||||||||||
Stock Options with an exercise price of $3.90 per share | 20,000 | 20,000 | — | ||||||||||
Stock Options with an exercise price of $4.00 per share | 52,500 | 52,500 | 52,500 | ||||||||||
Stock Options with an exercise price of $5.00 per share | — | 200,000 | 650,000 | ||||||||||
Stock Options with an exercise price of $7.00 per share | — | 100,000 | 100,000 | ||||||||||
Warrants with an exercise price of $3.60 per share | 1,562,500 | 1,562,500 | — | ||||||||||
Warrants with an exercise price of $4.32 per share | — | — | 1,302,083 | ||||||||||
Warrants with an exercise price of $5.25 per share | — | 100,000 | 100,000 | ||||||||||
Total anti-dilutive warrants and options excluded from EPS | 2,220,600 | 3,533,600 | 3,896,153 | ||||||||||
Inventory_Tables
Inventory (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory | ' | ||||||||
Our inventory consists of the following: | |||||||||
2013 | 2012 | ||||||||
Artifacts | $ | 5,406,183 | $ | 5,743,915 | |||||
Packaging | 85,133 | 131,641 | |||||||
Merchandise | 401,072 | 485,769 | |||||||
Merchandise reserve | (371,332 | ) | (367,558 | ) | |||||
Total Inventory | $ | 5,521,056 | $ | 5,993,767 | |||||
Other_Current_Assets_Tables
Other Current Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ||||||||
Summary of Other Current Assets | ' | ||||||||
Our other current assets consist of the following: | |||||||||
2013 | 2012 | ||||||||
Prepaid expenses | $ | 1,025,083 | $ | 772,660 | |||||
Deposits | 55,281 | 101,455 | |||||||
Total other current assets | $ | 1,080,364 | $ | 874,115 | |||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Summary of Property and Equipment | ' | ||||||||
Property and equipment consist of the following: | |||||||||
2013 | 2012 | ||||||||
Building, improvements and land | $ | 4,756,306 | $ | 4,708,091 | |||||
Computers and peripherals | 1,431,789 | 1,134,420 | |||||||
Furniture and office equipment | 1,973,130 | 1,722,255 | |||||||
Vessel and equipment | 16,772,083 | 12,195,019 | |||||||
Exhibits and related | 1,818,028 | 1,729,977 | |||||||
26,751,337 | 21,489,762 | ||||||||
Less: Accumulated depreciation | (16,973,085 | ) | (15,038,811 | ) | |||||
Property and equipment, net | $ | 9,778,252 | $ | 6,450,951 | |||||
Other_LongTerm_Assets_Tables
Other Long-Term Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Investments All Other Investments [Abstract] | ' | ||||||||
Components of Other Long-Term Assets | ' | ||||||||
Other long-term assets consist of the following: | |||||||||
2013 | 2012 | ||||||||
Artifacts | $ | 1,191,952 | $ | 557,494 | |||||
Deposits | 1,673,709 | 541,590 | |||||||
Image use rights, net | 280 | 3,646 | |||||||
Total other long-term assets | $ | 2,865,941 | $ | 1,102,730 | |||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Components of Derivative Liabilities | ' | ||||||||
The following tables summarize the components of our derivative liabilities and linked common shares as of December 31, 2013 and 2012. | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Derivative liabilities: | |||||||||
Embedded derivatives derived from: | |||||||||
Senior Convertible Notes | $ | 47,243 | $ | 1,529,583 | |||||
Series G Convertible Preferred Stock | — | — | |||||||
47,243 | 1,529,583 | ||||||||
Warrant derivatives | |||||||||
Senior Convertible Notes | 840,000 | 1,921,094 | |||||||
Series G Convertible Preferred Stock | 83,580 | 1,905,526 | |||||||
Warrant derivatives | 923,580 | 3,826,620 | |||||||
Total derivative liabilities | $ | 970,823 | $ | 5,356,203 | |||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Common shares linked to derivative liabilities: | |||||||||
Embedded derivatives: | |||||||||
Senior Convertible Notes | 1,729,647 | 4,247,343 | |||||||
Series G Convertible Preferred Stock | — | — | |||||||
1,729,647 | 4,247,343 | ||||||||
Warrant derivatives | |||||||||
Senior Convertible Notes | 1,562,500 | 1,562,500 | |||||||
Series G Convertible Preferred Stock | 525,000 | 2,250,000 | |||||||
2,087,500 | 3,812,500 | ||||||||
Total common shares linked to derivative liabilities | 3,817,147 | 8,059,843 | |||||||
Changes in Fair Values of Derivative Liabilities | ' | ||||||||
The amounts that were reflected in our income related to our derivatives for the years then ended: | Years ended December 31, | ||||||||
2013 | 2012 | ||||||||
Derivative income (expense): | |||||||||
Unrealized gains (losses) from fair value changes: | |||||||||
Senior Convertible Notes | $ | 593,001 | $ | 1,747,133 | |||||
Series G Convertible Preferred Stock | — | (115,955 | ) | ||||||
Warrant derivatives | 1,980,164 | 1,071,583 | |||||||
2,573,165 | 2,702,761 | ||||||||
Redemptions of Series G Convertible Preferred Stock | — | 393,166 | |||||||
Redemptions of Senior Convertible Notes | 889,340 | 536,003 | |||||||
Exercise of Warrants | 922,875 | — | |||||||
Total derivative income (expense) | $ | 4,385,380 | $ | 3,631,930 | |||||
Senior Convertible Note [Member] | ' | ||||||||
Significant Assumptions Utilized in Valuation Technique | ' | ||||||||
Significant inputs and results arising from the Monte Carlo Simulations process are as follows for the compound embedded derivative that has been bifurcated from our Senior Convertible Note and classified in liabilities: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Quoted market price on valuation date | $2.02 | $2.97 | |||||||
Contractual conversion rate | $3.17 | $3.74 | |||||||
Range of effective contractual conversion rates | — | — | |||||||
Contractual term to maturity | 0.33 Years | 1.33 Years | |||||||
Implied expected term to maturity | 0.33 Years | 1.24 Years | |||||||
Market volatility: | |||||||||
Range of volatilities | 47.4% – 91.2% | 31.3% – 64.03% | |||||||
Range of equivalent volatilities | 59.9% – 69.9% | 38.6% – 45.0% | |||||||
Contractual interest rate | 8.0 – 9.0% | 8.0 – 9.0% | |||||||
Range of equivalent market risk adjusted interest rates | 8.08%-9.08% | 9.0%-9.1% | |||||||
Range of equivalent credit risk adjusted yields | 0.67% | 0.94% – 1.03% | |||||||
Risk-free rates | 0.01% – 0.07% | 0.02% – 0.16% | |||||||
Compound Embedded Derivative [Member] | ' | ||||||||
Changes in Fair Value Inputs and Assumptions | ' | ||||||||
The following table reflects the issuances of compound embedded derivatives, redemptions and changes in fair value inputs and assumptions related to the compound embedded derivatives during the years ended December 31, 2013 and 2012. | |||||||||
Years ended December 31, | |||||||||
2013 | 2012 | ||||||||
Balances at January 1 | $ | 1,529,583 | $ | 2,680,133 | |||||
Issuances: | |||||||||
Senior Convertible Note Financing | — | 1,291,298 | |||||||
Expirations from redemptions of Series G Convertible | (889,340 | ) | (810,669 | ) | |||||
Preferred Stock | |||||||||
Changes in fair value inputs and assumptions reflected in income | (593,001 | ) | (1,631,179 | ) | |||||
Balances at December 31 | $ | 47,242 | $ | 1,529,583 | |||||
Warrant Derivatives [Member] | ' | ||||||||
Significant Assumptions Utilized in Valuation Technique | ' | ||||||||
Significant assumptions utilized in the Binomial Lattice process are as follows as of December 31, 2013 and 2012: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Linked common shares | — | 1,725,000 | |||||||
Quoted market price on valuation date | — | $2.97 | |||||||
Contractual exercise rate | — | $2.46 | |||||||
Term (years) | — | 0.78 | |||||||
Range of market volatilities | — | 33.1% – 49.17% | |||||||
Risk free rates using zero coupon US Treasury Security rates | — | 0.02% –0.11% | |||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Linked common shares | 525,000 | 525,000 | |||||||
Quoted market price on valuation date | $2.02 | $2.97 | |||||||
Contractual exercise rate | $2.38 | $2.46 | |||||||
Term (years) | 0.28 | 1.28 | |||||||
Range of market volatilities | 50.1% – 88.3% | 33.8% – 63.6% | |||||||
Risk free rates using zero coupon US Treasury Security rates | 0.01% – 0.07% | 0.02% – 0.16% | |||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Linked common shares | 1,562,500 | 1,562,500 | |||||||
Quoted market price on valuation date | $2.02 | $2.97 | |||||||
Contractual exercise rate | $3.60 | $3.60 | |||||||
Term (years) | 3.35 | 4.35 | |||||||
Range of market volatilities | 51.1% – 78.2% | 39.2% – 70.2% | |||||||
Risk free rates using zero coupon US Treasury Security rates | 0.07% – 0.78% | 0.05% – 0.54% | |||||||
Changes in Fair Value Inputs and Assumptions | ' | ||||||||
The following table reflects the issuances of derivative warrants and changes in fair value inputs and assumptions related to the derivative warrants during the year ended December 31, 2013 and 2012. | |||||||||
Years ended December 31, | |||||||||
2013 | 2012 | ||||||||
Balances at January 1 | $ | 3,826,619 | $ | 4,653,160 | |||||
Issuances: | |||||||||
Series G Convertible Preferred Stock Financing | — | — | |||||||
Senior Convertible Note Financing | — | 363,542 | |||||||
Exercises: | |||||||||
Series G Convertible Preferred Stock Financing | (922,875 | ) | (118,500 | ) | |||||
Changes in fair value inputs and assumptions reflected in income | (1,980,164 | ) | (1,071,583 | ) | |||||
Balances at December 31 | $ | 923,580 | $ | 3,826,619 | |||||
Mortgage_and_Loans_Payable_Tab
Mortgage and Loans Payable (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Consolidated Debt | ' | ||||||||||||||||||||||||||||
The Company’s consolidated mortgages and notes payable consisted of the following at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Term loan | $ | 5,000,000 | $ | 5,000,000 | |||||||||||||||||||||||||
Project Term loan | 10,000,000 | — | |||||||||||||||||||||||||||
Face value $10,000,000, 8% Convertible Senior Note Payable | 1,176,076 | 8,234,367 | |||||||||||||||||||||||||||
Face value $8,000,000, 9% Convertible Senior Note Payable | 4,039,446 | 3,628,779 | |||||||||||||||||||||||||||
Mortgages payable | 1,816,286 | 1,957,537 | |||||||||||||||||||||||||||
$ | 22,031,808 | $ | 18,820,683 | ||||||||||||||||||||||||||
Schedule of Allocation of Cash Proceeds to Derivative Components at their Fair Values | ' | ||||||||||||||||||||||||||||
Based on the previous conclusions, we allocated the cash proceeds first to the derivative components at their fair values (see NOTE K) with the residual allocated to the host debt contract, as follows: | |||||||||||||||||||||||||||||
Allocation | |||||||||||||||||||||||||||||
Initial Note | $ | 4,910,862 | |||||||||||||||||||||||||||
Compound embedded derivative | 2,989,537 | ||||||||||||||||||||||||||||
Derivative warrants | 2,054,601 | ||||||||||||||||||||||||||||
$ | 9,955,000 | ||||||||||||||||||||||||||||
Schedule of Allocation of Cash Proceeds Related to Additional Financing | ' | ||||||||||||||||||||||||||||
Allocation of the cash proceeds related to the Additional Financing was as follows: | |||||||||||||||||||||||||||||
Allocation | |||||||||||||||||||||||||||||
Additional Note | $ | 6,339,642 | |||||||||||||||||||||||||||
Compound embedded derivative | 1,291,298 | ||||||||||||||||||||||||||||
Derivative warrants | 363,542 | ||||||||||||||||||||||||||||
$ | 7,994,482 | ||||||||||||||||||||||||||||
Long -Term Obligation Maturities | ' | ||||||||||||||||||||||||||||
Long-Term Obligation Maturities: | |||||||||||||||||||||||||||||
Total | 2014 | 2015 | 2016 | 2017 | 2018 | More than 5 | |||||||||||||||||||||||
years | |||||||||||||||||||||||||||||
Long term obligations | $ | 12,294,546 | $ | 6,632,320 | $ | 1,671,274 | $ | 3,990,952 | $ | — | $ | — | $ | — | |||||||||||||||
Operating leases | 744,186 | 744,186 | — | — | — | — | — | ||||||||||||||||||||||
Interest on obligations | 699,792 | 366,295 | 233,757 | 99,740 | — | — | — | ||||||||||||||||||||||
Total obligations | $ | 13,738,524 | $ | 7,742,801 | $ | 1,905,031 | $ | 4,090,692 | $ | — | $ | — | $ | — | |||||||||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Components of Accrued Expenses | ' | ||||||||
Accrued expenses consist of the following: | |||||||||
2013 | 2012 | ||||||||
Compensation and bonuses | $ | 1,610,357 | $ | — | |||||
Customer deposits | 22,083 | 82,175 | |||||||
Project proceeds payable | 1,325,122 | — | |||||||
Revenue participation distribution payable | — | 12,506,755 | |||||||
Vessel operations | 1,394,670 | 926,648 | |||||||
Professional services | 222,274 | 335,748 | |||||||
Income tax provision | 496,055 | — | |||||||
Other operating | 223,859 | 199,514 | |||||||
Total accrued expenses | $ | 5,294,420 | $ | 14,050,840 | |||||
Revenue_Participation_Rights_T
Revenue Participation Rights (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Participating Revenue Rights | ' | ||||||||
The Company’s participating revenue rights consisted of the following at December 31, 2013 and 2012: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
“Cambridge” (now “HMS Sussex”) project | $ | 825,000 | $ | 825,000 | |||||
“Republic” (now “Seattle”) project | 62,500 | 62,500 | |||||||
Galt Resources, LLC | 3,756,250 | 3,756,250 | |||||||
Total participating revenue rights | $ | 4,643,750 | $ | 4,643,750 | |||||
Redeemable_Series_G_Preferred_1
Redeemable Series G Preferred Stock (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Allocation of Cash from Series G Preferred and Warrants Issued | ' | ||||||||||||
The following table summarizes the allocation for each of these transactions as of October 11, 2010: | |||||||||||||
Financing | Exchange | Total | |||||||||||
Redeemable preferred stock (1) | $ | 2,747,476 | $ | 888,997 | $ | 3,636,473 | |||||||
Compound embedded derivatives (2) | 1,389,114 | 261,318 | 1,650,432 | ||||||||||
Warrant derivatives (2) | 913,410 | 161,190 | 1,074,600 | ||||||||||
Extinguishment loss | — | (383,023 | ) | (383,023 | ) | ||||||||
$ | 5,050,000 | $ | 928,482 | $ | 5,978,482 | ||||||||
-1 | The fair value of the redeemable preferred stock was estimated based upon its forward cash flow value, at a credit-risk adjusted market interest rate, as enhanced by the fair value of the conversion feature. Credit-risk adjusted rates used to discount the cash flow component ranged from 3.98% to 4.89% over our estimated period to redemption, which was October 2013. The fair value of the conversion feature is reflected in the compound embedded derivative line of the table. | ||||||||||||
-2 | See NOTE K for information related to the valuation of these financial instruments both on the inception date of the transactions and at December 31, 2013. |
Stockholders_EquityDeficit_Tab
Stockholders' Equity/(Deficit) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Stock Options Valuation Assumptions | ' | ||||||||||||
The assumptions used in the Black-Scholes model were as follows for stock options granted in the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Risk-free interest rate | .41-1.28% | .39-.67% | 1.51-1.89% | ||||||||||
Expected volatility of common stock | 59.2-68.2% | 65.3-71.6% | 69.0-70.0% | ||||||||||
Dividend yield | 0% | 0% | 0% | ||||||||||
Expected life of options | 3.0-4.1 years | 3.0-4.1 years | 3.0-4.1 years | ||||||||||
Summary of Stock Option Activity | ' | ||||||||||||
Additional information with respect to both plans stock option activity is as follows: | |||||||||||||
Number of | Weighted Average | ||||||||||||
Shares | Exercise Price | ||||||||||||
Outstanding at December 31, 2010 | 3,537,236 | $ | 3.78 | ||||||||||
Granted | 633,835 | $ | 2.74 | ||||||||||
Exercised | — | $ | — | ||||||||||
Cancelled | (771,666 | ) | $ | 3.5 | |||||||||
Outstanding at December 31, 2011 | 3,399,405 | $ | 3.78 | ||||||||||
Granted | 771,969 | $ | 2.85 | ||||||||||
Exercised | (15,150 | ) | $ | 2.61 | |||||||||
Cancelled | (736,070 | ) | $ | 4.42 | |||||||||
Outstanding at December 31, 2012 | 3,420,154 | $ | 3.31 | ||||||||||
Granted | 1,233,822 | $ | 2.99 | ||||||||||
Exercised | (204,500 | ) | $ | 2.24 | |||||||||
Cancelled | (1,453,600 | ) | $ | 3.61 | |||||||||
Outstanding at December 31, 2013 | 2,995,876 | $ | 3.31 | ||||||||||
Options exercisable at December 31, 2011 | 2,926,930 | $ | 3.79 | ||||||||||
Options exercisable at December 31, 2012 | 2,754,227 | $ | 3.44 | ||||||||||
Options exercisable at December 31, 2013 | 2,118,903 | $ | 2.94 | ||||||||||
Stock Options Outstanding | ' | ||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | |||||||||||||
Stock Options Outstanding | |||||||||||||
Range of | Number of | Weighted Average | Weighted | ||||||||||
Exercise Prices | Shares | Remaining | Average | ||||||||||
Outstanding | Contractual | Exercise | |||||||||||
Life in Years | Price | ||||||||||||
$1.74 – $2.74 | 1,344,554 | 2.5 | $ | 2.69 | |||||||||
$2.89 – $4.00 | 1,651,322 | 3.33 | $ | 3.13 | |||||||||
2,995,876 | 2.94 | $ | 2.93 | ||||||||||
Estimated Fair Value of Restricted Stock Award | ' | ||||||||||||
A summary of the status of the restricted stock awards as of December 31, 2013 and changes during the year ended December 31, 2013 is presented as follows: | |||||||||||||
Number of | Weighted Average | ||||||||||||
Shares | Grant Date Fair | ||||||||||||
Value | |||||||||||||
Unvested at December 31, 2012 | 178,807 | $ | 2.73 | ||||||||||
Granted | 411,383 | $ | 2.89 | ||||||||||
Vested | (402,065 | ) | $ | 2.81 | |||||||||
Cancelled | — | $ | — | ||||||||||
Unvested at December 31, 2013 | 188,125 | $ | 2.89 | ||||||||||
Summary of Common Stock Warrants Outstanding | ' | ||||||||||||
The following table summarizes our common stock warrants outstanding at December 31, 2013: | |||||||||||||
Common Stock | Exercise Price | Termination Date | |||||||||||
Warrants | |||||||||||||
525,000 | $2.44 | 4/13/14 | |||||||||||
1,562,500 | $3.60 | 11/9/16 | |||||||||||
2,087,500 | |||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Provision for Income Tax (Benefits) are Attributable to Continuing Operations | ' | ||||||||||||
The components of the provision for income taxes (benefits) are attributable to continuing operations as follows: | |||||||||||||
12 Month | 12 Month | 12 Month | |||||||||||
Period Ended | Period Ended | Period Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
Federal | $ | 481,055 | $ | — | $ | — | |||||||
State | 15,000 | — | — | ||||||||||
Foreign | — | — | — | ||||||||||
$ | 496,055 | $ | — | $ | — | ||||||||
Deferred | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | — | — | — | ||||||||||
Foreign | — | — | — | ||||||||||
$ | — | $ | — | $ | — | ||||||||
Significant Components of Deferred Tax Assets and Liabilities | ' | ||||||||||||
Significant components of the Company’s deferred tax assets and liabilities are as follows: | |||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss and tax credit carryforwards | $ | 42,412,630 | |||||||||||
Capital loss carryforward | 385,188 | ||||||||||||
Accrued expenses | 62,672 | ||||||||||||
Deferred revenue | 644,367 | ||||||||||||
Reserve for accounts receivable | 2,048,105 | ||||||||||||
Reserve for inventory return | 130,012 | ||||||||||||
Stock option and restricted stock awards | 907,476 | ||||||||||||
Start-up costs | 107,154 | ||||||||||||
Excess of book over tax depreciation | 1,428,417 | ||||||||||||
Investment – unconsolidated entity | 3,687,310 | ||||||||||||
Less: valuation allowance | (51,625,159 | ) | |||||||||||
188,172 | |||||||||||||
Deferred tax liability: | |||||||||||||
Prepaid expenses | 118,860 | ||||||||||||
Property and equipment basis | 69,312 | ||||||||||||
188,172 | |||||||||||||
Net deferred tax asset | $ | — | |||||||||||
Schedule of Change in Valuation Allowance | ' | ||||||||||||
The change in the valuation allowance is as follow: | |||||||||||||
December 31, 2013 | $ | 51,625,159 | December 31, 2012 | $ | 57,901,529 | ||||||||
December 31, 2012 | $ | 57,901,528 | December 31, 2011 | $ | 52,515,797 | ||||||||
Change in valuation allowance | $ | (6,276,369 | ) | Change in valuation allowance | $ | 5,385,732 | |||||||
Schedule of Income (Loss) Before Income Taxes | ' | ||||||||||||
Income taxes for the twelve month periods ended December 31, 2013, 2012 and 2011 differ from the amounts computed by applying the effective income tax rate of 34.0% to income taxes as a result of the following: | |||||||||||||
12 Month | 12 Month | 12 Month | |||||||||||
Period Ended | Period Ended | Period Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected benefit | $ | (3,483,374 | ) | $ | (6,180,388 | ) | $ | (5,516,605 | ) | ||||
Effects of: | |||||||||||||
State income taxes net of federal benefits | (176,839 | ) | (181,423 | ) | (205,521 | ) | |||||||
U.S. Income Tax Expense at the 20% AMT Rate | 509,495 | — | — | ||||||||||
Nondeductible expenses | 31,640 | 17,994 | 17,657 | ||||||||||
Stock options and restricted stock awards | 790,011 | 223,720 | 833,749 | ||||||||||
Derivatives | (783,994 | ) | 322,848 | (1,693,247 | ) | ||||||||
Change in valuation allowance | (6,276,369 | ) | 5,385,732 | 6,531,871 | |||||||||
Change in net operating loss | 0 | 832,408 | 3,564 | ||||||||||
CFC Dividend Income | 9,190,723 | (374,051 | ) | — | |||||||||
Change in rate estimate | 15,767 | (42,925 | ) | 23,798 | |||||||||
Foreign Rate Differential | 662,745 | — | — | ||||||||||
Other, net | 16,250 | (3,914 | ) | 4,734 | |||||||||
Income tax provision (benefit) | $ | 496,055 | $ | — | $ | — | |||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data - Unaudited (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data - Unaudited | ' | ||||||||||||||||
The following tables present certain unaudited consolidated quarterly financial information for each of the past eight quarters ended December 31, 2013 and 2012. This quarterly information has been prepared on the same basis as the Consolidated Financial Statements and includes all adjustments necessary to state fairly the information for the periods presented. | |||||||||||||||||
Fiscal Year Ended December 31, 2013 | |||||||||||||||||
Quarter Ending | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Revenue—net | $ | 863,072 | $ | 253,745 | $ | 5,554,460 | $ | 17,242,672 | |||||||||
Gross profit | 717,371 | 158,661 | 5,384,887 | 16,958,243 | |||||||||||||
Net income (loss) | (9,665,379 | ) | (10,895,976 | ) | (931,393 | ) | 10,751,476 | ||||||||||
Basic and diluted net income per share | $ | (0.12 | ) | $ | (0.14 | ) | $ | (0.01 | ) | $ | 0.13 | ||||||
Fiscal Year Ended December 31, 2012 | |||||||||||||||||
Quarter Ending | |||||||||||||||||
31-Mar | 30-Jun | September 30 | 31-Dec | ||||||||||||||
Revenue—net | $ | 2,899,752 | $ | 1,426,631 | $ | 946,097 | $ | 7,925,035 | |||||||||
Gross profit | 2,865,563 | 1,336,739 | 891,860 | 7,867,816 | |||||||||||||
Net income (loss) | (5,481,799 | ) | (15,590,350 | ) | 3,802,983 | (914,947 | ) | ||||||||||
Basic and diluted net income per share | $ | (0.08 | ) | $ | (0.21 | ) | $ | 0.05 | $ | (0.01 | ) |
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Number of shares sold | 24,000,000 | ' | ' |
Proceeds from sale of subsidiary stock | $27,500,000 | ' | ' |
Ratio of remaining net proceed | 0.25 | ' | ' |
Short-term investment maturity period | 'Three months or less | ' | ' |
Securities owned | $0 | ' | ' |
Weighted average number of common shares outstanding | 80,128,827 | 73,889,112 | 70,179,935 |
Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, estimated useful life | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, estimated useful life | '10 years | ' | ' |
Organization_and_Summary_of_Si4
Organization and Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share, in Money Potential Common Shares (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Average market price during the period | $2.96 | $3.20 | $2.98 |
Employee Stock Incentive Plan [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Potential common shares excluded from EPS | 146,162 | 275,101 | 129,793 |
Warrants [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Potential common shares excluded from EPS | 92,363 | 1,129,973 | 959,521 |
Organization_and_Summary_of_Si5
Organization and Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share, Out of Money Potential Common Shares (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options with an Exercise Price of $3.25 Per Share [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Out of the money options and warrants excluded | 100,000 | ' | ' |
Stock Options with an Exercise Price of $3.30 Per Share [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Out of the money options and warrants excluded | ' | 100,000 | ' |
Stock Options with an Exercise Price of $3.40 Per Share [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Out of the money options and warrants excluded | 100,000 | ' | ' |
Stock Options with an Exercise Price of $3.43 Per Share [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Out of the money options and warrants excluded | 40,000 | ' | ' |
Stock Options with an Exercise Price of $3.50 Per Share [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Out of the money options and warrants excluded | 345,000 | 245,000 | 495,000 |
Stock Options with an Exercise Price of $3.51 Per Share [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Out of the money options and warrants excluded | ' | 959,500 | 984,670 |
Stock Options with an Exercise Price of $3.53 Per Share [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Out of the money options and warrants excluded | ' | 194,100 | 211,900 |
Stock Options with an Exercise Price of $3.90 Per Share [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Out of the money options and warrants excluded | 20,000 | 20,000 | ' |
Stock Options with an Exercise Price of $4.00 Per Share [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Out of the money options and warrants excluded | 52,500 | 52,500 | 52,500 |
Stock Options with an Exercise Price of $5.00 Per Share [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Out of the money options and warrants excluded | ' | 200,000 | 650,000 |
Stock Options with an Exercise Price of $7.00 Per Share [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Out of the money options and warrants excluded | ' | 100,000 | 100,000 |
Warrants with an Exercise Price of $3.60 Per Share [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Out of the money options and warrants excluded | 1,562,500 | 1,562,500 | ' |
Warrants with an Exercise Price of $4.32 Per Share [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Out of the money options and warrants excluded | ' | ' | 1,302,083 |
Warrants with an Exercise Price of $5.25 Per Share [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Out of the money options and warrants excluded | ' | 100,000 | 100,000 |
Options and Warrants Excluded from Diluted EPS [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Out of the money options and warrants excluded | 2,220,600 | 3,533,600 | 3,896,153 |
Organization_and_Summary_of_Si6
Organization and Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share, Out of Money Potential Common Shares (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | 10-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options with an Exercise Price of $3.25 Per Share [Member] | Stock Options with an Exercise Price of $3.30 Per Share [Member] | Stock Options with an Exercise Price of $3.40 Per Share [Member] | Stock Options with an Exercise Price of $3.43 Per Share [Member] | Stock Options with an Exercise Price of $3.50 Per Share [Member] | Stock Options with an Exercise Price of $3.50 Per Share [Member] | Stock Options with an Exercise Price of $3.50 Per Share [Member] | Stock Options with an Exercise Price of $3.51 Per Share [Member] | Stock Options with an Exercise Price of $3.51 Per Share [Member] | Stock Options with an Exercise Price of $3.53 Per Share [Member] | Stock Options with an Exercise Price of $3.53 Per Share [Member] | Stock Options with an Exercise Price of $3.90 Per Share [Member] | Stock Options with an Exercise Price of $3.90 Per Share [Member] | Stock Options with an Exercise Price of $4.00 Per Share [Member] | Stock Options with an Exercise Price of $4.00 Per Share [Member] | Stock Options with an Exercise Price of $4.00 Per Share [Member] | Stock Options with an Exercise Price of $5.00 Per Share [Member] | Stock Options with an Exercise Price of $5.00 Per Share [Member] | Stock Options with an Exercise Price of $7.00 Per Share [Member] | Stock Options with an Exercise Price of $7.00 Per Share [Member] | Warrants with an Exercise Price of $3.60 Per Share [Member] | Warrants with an Exercise Price of $3.60 Per Share [Member] | Warrants with an Exercise Price of $4.32 Per Share [Member] | Warrants with an Exercise Price of $5.25 Per Share [Member] | Warrants with an Exercise Price of $5.25 Per Share [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercise price | ' | ' | $3.25 | $3.30 | $3.40 | $3.43 | $3.50 | $3.50 | $3.50 | $3.51 | $3.51 | $3.53 | $3.53 | $3.90 | $3.90 | $4 | $4 | $4 | $5 | $5 | $7 | $7 | ' | ' | ' | ' | ' |
Warrants exercise price | 4.32 | 3.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.6 | 3.6 | 4.32 | 5.25 | 5.25 |
Organization_and_Summary_of_Si7
Organization and Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share, Convertible Preferred Stock (Detail) (Convertible Preferred Stock Excluded from EPS [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Convertible Preferred Stock Excluded from EPS [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Potential common shares excluded from EPS | 32,400 | 206,400 | 346,400 |
Organization_and_Summary_of_Si8
Organization and Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share, Unvested Restricted Stock Awards (Detail) (Unvested Restricted Stock Awards Excluded from EPS [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Unvested Restricted Stock Awards Excluded from EPS [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Potential common shares excluded from EPS | 152,026 | 177,830 | 90,033 |
Organization_and_Summary_of_Si9
Organization and 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 | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | $10,751,476 | ($931,393) | ($10,895,976) | ($9,665,379) | ($914,947) | $3,802,983 | ($15,590,350) | ($5,481,799) | ($10,741,272) | ($18,184,113) | ($16,225,308) |
Accretion of Series G Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,987,977 |
Cumulative dividends on Series G Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,000 | -409,035 |
Fair market value of warrants issued to Series G Preferred Stock stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -906,150 |
Undeclared cumulative dividends on Series G Preferred Stock in arrears | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,000 |
Numerator, basic and diluted net loss available to stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ($10,741,272) | ($18,194,113) | ($19,533,470) |
Shares used in computation - basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 80,128,827 | 73,889,112 | 70,179,935 |
Shares used in computation - diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 80,128,827 | 73,889,112 | 70,179,935 |
Dilutive effect of options, warrants and convertible instruments outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares used in computing diluted net loss per share | ' | ' | ' | ' | ' | ' | ' | ' | 80,128,827 | 73,889,112 | 70,179,935 |
Basic and diluted net income (loss) per share | $0.13 | ($0.01) | ($0.14) | ($0.12) | ($0.01) | $0.05 | ($0.21) | ($0.08) | ($0.13) | ($0.25) | ($0.28) |
Concentration_of_Credit_Risk_A
Concentration of Credit Risk - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2013 | Mar. 30, 2012 | 4-May-11 | Dec. 31, 2013 | Jul. 11, 2008 | Dec. 31, 2013 | Jul. 31, 2013 | |
Institution | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Mortgage Payable [Member] | Mortgage Payable [Member] | Project Term Loan [Member] | Project Term Loan [Member] | ||
Concentration Of Credit Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Uninsured cash balance | $31,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of financial institution in which cash is maintain | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate, points | ' | 0.75% | 1.00% | 5.00% | 5.00% | 1.00% | 0.75% | ' | 5.00% |
Interest obligation from basis points variation, per month | ' | ' | $4,000 | ' | ' | $1,000 | ' | $8,400 | ' |
Credit risk maturity period | ' | ' | '2016-07 | ' | ' | '2016-07 | ' | '2014-07 | ' |
Basis spread on variable rate, points | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' |
Cash_and_Cash_Equivalents_Addi
Cash and Cash Equivalents - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Investment | |
Cash And Cash Equivalents [Abstract] | ' |
Maturity days of cash and cash equivalents | '90 days |
Number of United States Treasury Bills owned | 0 |
Restricted_Cash_Additional_Inf
Restricted Cash - Additional Information (Detail) (USD $) | Dec. 31, 2013 | 10-May-12 | Jul. 11, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2013 |
Term Loan [Member] | Project Term Loan [Member] | Project Term Loan [Member] | Project Term Loan [Member] | ||||
Gairsoppa [Member] | |||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Restricted cash | $500,000 | ' | $500,000 | $405,626 | $280,106 | $500,000 | ' |
Restricted cash | 400,000 | ' | ' | ' | ' | ' | ' |
Restricted cash and cash equivalents maturity period | ' | ' | ' | ' | '2013-07 | ' | ' |
Restricted cash for term loan | ' | 8,000,000 | ' | ' | ' | 10,000,000 | ' |
Loan maturity period | ' | ' | ' | ' | '2014-07 | ' | ' |
Restricted cash | ' | ' | ' | ' | ' | ' | $10,000,000 |
Accounts_Receivable_Additional
Accounts Receivable - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
T | T | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable, net | 207,005 | 2,101,941 |
Reserves for doubtful accounts | 5,131,593 | 4,820,593 |
Outstanding debt | 8,227,675 | ' |
Dor Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Remaining amount of account receivable | ' | 4,820,593 |
London Bullion Market [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Revenue related to the remaining silver bullion | ' | 1,470,357 |
Neptune Minerals, Inc. [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Reserve balance | 4,631,593 | ' |
Convertible note | 500,000 | ' |
Gairsoppa [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Silver quantity | 61 | 48 |
Inventory_Schedule_of_Inventor
Inventory - Schedule of Inventory (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory Disclosure [Abstract] | ' | ' |
Artifacts | $5,406,183 | $5,743,915 |
Packaging | 85,133 | 131,641 |
Merchandise | 401,072 | 485,769 |
Merchandise reserve | -371,332 | -367,558 |
Total Inventory | $5,521,056 | $5,993,767 |
Inventory_Additional_Informati
Inventory - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory Disclosure [Abstract] | ' | ' |
Inventory non-current | $5,206,318 | $5,574,841 |
Other_Current_Assets_Summary_o
Other Current Assets - Summary of Other Current Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' |
Prepaid expenses | $1,025,083 | $772,660 |
Deposits | 55,281 | 101,455 |
Total other current assets | $1,080,364 | $874,115 |
Other_Current_Assets_Additiona
Other Current Assets - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' |
Prepaid insurance premiums | $290,260 | $87,922 |
Prepaid expenses for vessel fuel | 354,627 | 396,907 |
Deferred financing fees | 66,330 | 205,608 |
Prepaid operating costs | $313,866 | $82,223 |
Property_and_Equipment_Summary
Property and Equipment - Summary of Property and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $26,751,337 | $21,489,762 |
Less: Accumulated depreciation | -16,973,085 | -15,038,811 |
Total property and equipment | 9,778,252 | 6,450,951 |
Building, Improvements and Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 4,756,306 | 4,708,091 |
Computers and Peripherals [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 1,431,789 | 1,134,420 |
Furniture and Office Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 1,973,130 | 1,722,255 |
Vessel and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 16,772,083 | 12,195,019 |
Exhibits and Related [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $1,818,028 | $1,729,977 |
Other_LongTerm_Assets_Componen
Other Long-Term Assets - Components of Other Long-Term Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' |
Artifacts | $1,191,952 | $557,494 |
Deposits | 1,673,709 | 541,590 |
Image use rights, net | 280 | 3,646 |
Total other long-term assets | $2,865,941 | $1,102,730 |
Other_LongTerm_Assets_Addition
Other Long-Term Assets - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Maximum [Member] | ' |
Other Long Term Assets [Line Items] | ' |
Number of years for Image use rights | '5 years |
Marine equipment deposits | $1,187,400 |
United Kingdom's Ministry of Defense [Member] | ' |
Other Long Term Assets [Line Items] | ' |
Deposits with United Kingdom's Ministry of Defense | 432,500 |
Conservation and Documentation of Artifacts [Member] | ' |
Other Long Term Assets [Line Items] | ' |
Deposits for conservation and documentation of artifacts | $100,000 |
Investments_in_Unconsolidated_
Investments in Unconsolidated Entity - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 6 Months Ended | ||||||||
Apr. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2009 | Apr. 30, 2010 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2012 | |
Face Value $10,000,000, 8% Convertible Senior Note Payable [Member] | Face Value $10,000,000, 8% Convertible Senior Note Payable [Member] | SMM Project, LLC [Member] | Dorado Ocean Resources, Ltd. [Member] | Dorado Ocean Resources, Ltd. [Member] | Dorado Ocean Resources, Ltd. [Member] | Neptune Minerals, Inc. [Member] | Neptune Minerals, Inc. [Member] | Neptune Minerals, Inc. [Member] | Chatham Rock Phosphate, Ltd. [Member] | |||||
Unit | ||||||||||||||
Sqkms | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Book value of investment | ' | ' | ' | ' | ' | ' | $500,000 | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | 25.00% | 41.25% | ' | ' | 29.60% | ' | ' | ' |
Mineral exploration area | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' |
Number of membership units | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | 83,882,577 | 75,416,203 | ' | ' | ' | ' | 450 | ' | ' | ' | ' | ' | ' |
Acquisition of additional shares | ' | ' | ' | ' | ' | ' | ' | 1,200 | ' | ' | ' | 2,066,600 | ' | ' |
Fair value of investment | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' |
Investment repayment period | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marine service account receivables | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued per each share exchanged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' |
Shares received from exchange | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,650,000 | ' | ' |
Shares owned | ' | ' | ' | ' | ' | ' | ' | ' | 1,650 | ' | ' | ' | ' | ' |
Net share position in NMI | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,184,976 | ' | ' | ' |
Accounts receivable transferred between related parties | ' | ' | ' | 8,227,675 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable converted to common shares, amount | ' | 8,608,694 | 4,262,528 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Converted common shares received | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' |
Receivable reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,227,675 | ' |
Settlement of accounts receivable, share | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from unconsolidated entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,000,000 | ' | ' | ' | ' |
Investment at a carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Convertible notes | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes Interest rate | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes maturity date | ' | ' | ' | ' | 26-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price per share related to option elected | ' | ' | ' | ' | $20 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion share price per share | ' | ' | ' | ' | $12 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deep sea mining exploratory services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,680,000 |
Shares received from CRP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,320,348 |
Equity stake in CRP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Components of Derivative Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | ' | ' |
Derivative liabilities | $970,823 | $5,356,203 |
Common shares linked to derivative liabilities | 3,817,147 | 8,059,843 |
Compound Embedded Derivative [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative liabilities | 47,243 | 1,529,583 |
Common shares linked to derivative liabilities | 1,729,647 | 4,247,343 |
Warrant Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative liabilities | 923,580 | 3,826,620 |
Common shares linked to derivative liabilities | 2,087,500 | 3,812,500 |
Senior Convertible Notes [Member] | Compound Embedded Derivative [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative liabilities | 47,243 | 1,529,583 |
Common shares linked to derivative liabilities | 1,729,647 | 4,247,343 |
Senior Convertible Notes [Member] | Warrant Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative liabilities | 840,000 | 1,921,094 |
Common shares linked to derivative liabilities | 1,562,500 | 1,562,500 |
Series G Convertible Preferred Stock [Member] | Compound Embedded Derivative [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative liabilities | ' | ' |
Common shares linked to derivative liabilities | ' | ' |
Series G Convertible Preferred Stock [Member] | Warrant Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative liabilities | $83,580 | $1,905,526 |
Common shares linked to derivative liabilities | 525,000 | 2,250,000 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Changes in Fair Values of Derivative Liabilities (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative [Line Items] | ' | ' |
Derivative income (expense) | $2,573,165 | $2,702,761 |
Redemptions of series G convertible preferred Stock | ' | 393,166 |
Redemptions of senior convertible notes | 889,340 | 536,003 |
Exercise of warrants | 922,875 | ' |
Total derivative income (expense) | 4,385,380 | 3,631,930 |
Senior Convertible Notes [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative income (expense) | 593,001 | 1,747,133 |
Series G Convertible Preferred Stock [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative income (expense) | ' | -115,955 |
Warrant Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative income (expense) | $1,980,164 | $1,071,583 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Significant Assumptions Utilized in Valuation Technique (Detail) (Monte Carlo Simulations [Member], Senior Convertible Notes [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative [Line Items] | ' | ' |
Quoted market price on valuation date | $2.02 | $2.97 |
Contractual conversion rate | $3.17 | $3.74 |
Range of effective contractual conversion rates | ' | ' |
Contractual term to maturity | '3 months 29 days | '1 year 3 months 29 days |
Implied expected term to maturity | '3 months 29 days | '1 year 2 months 27 days |
Market volatility: | ' | ' |
Range of equivalent credit risk adjusted yields | 0.67% | ' |
Minimum [Member] | ' | ' |
Market volatility: | ' | ' |
Range of volatilities | 47.40% | 31.30% |
Range of equivalent volatilities | 59.90% | 38.60% |
Contractual interest rate | 8.00% | 8.00% |
Range of equivalent market risk adjusted interest rates | 8.08% | 9.00% |
Range of equivalent credit risk adjusted yields | ' | 0.94% |
Risk-free rates | 0.01% | 0.02% |
Maximum [Member] | ' | ' |
Market volatility: | ' | ' |
Range of volatilities | 91.20% | 64.03% |
Range of equivalent volatilities | 69.90% | 45.00% |
Contractual interest rate | 9.00% | 9.00% |
Range of equivalent market risk adjusted interest rates | 9.08% | 9.10% |
Range of equivalent credit risk adjusted yields | ' | 1.03% |
Risk-free rates | 0.07% | 0.16% |
Derivative_Financial_Instrumen5
Derivative Financial Instruments - Changes in Fair Value Inputs and Assumptions Related to Derivative Warrants (Detail) (USD $) | Dec. 31, 2013 | Oct. 11, 2010 | Dec. 31, 2013 | Dec. 31, 2012 |
Compound Embedded Derivative [Member] | Compound Embedded Derivative [Member] | |||
Derivative [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | $1,529,583 | $2,680,133 |
Senior Convertible Note Financing | 9,955,000 | 928,481 | ' | 1,291,298 |
Expirations from redemptions of Series G Convertible Preferred Stock | ' | ' | -889,340 | -810,669 |
Changes in fair value inputs and assumptions reflected in income | ' | ' | -593,001 | -1,631,179 |
Ending balance | ' | ' | $47,242 | $1,529,583 |
Derivative_Financial_Instrumen6
Derivative Financial Instruments - Additional Information (Detail) (USD $) | Oct. 11, 2013 | 10-May-12 | Nov. 08, 2011 | Apr. 08, 2011 | Oct. 11, 2010 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' | ' |
Issued warrants to acquire common shares | ' | 260,417 | 1,302,083 | 525,000 | 1,800,000 |
Common stock, shares exercised | 1,725,000 | ' | ' | ' | ' |
Shares accessible based upon election to require | ' | 434,027 | 434,027 | ' | ' |
Original principal amount | ' | $8,000,000 | ' | ' | ' |
Derivative_Financial_Instrumen7
Derivative Financial Instruments - Significant Assumptions Utilized in Binomial Lattice Process (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Level 1 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Linked common shares | ' | 1,725,000 |
Quoted market price on valuation date | ' | $2.97 |
Contractual exercise rate | ' | $2.46 |
Term (years) | ' | '9 months 11 days |
Level 2 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Linked common shares | 525,000 | 525,000 |
Quoted market price on valuation date | $2.02 | $2.97 |
Contractual exercise rate | $2.38 | $2.46 |
Term (years) | '3 months 11 days | '1 year 3 months 11 days |
Level 3 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Linked common shares | 1,562,500 | 1,562,500 |
Quoted market price on valuation date | $2.02 | $2.97 |
Contractual exercise rate | $3.60 | $3.60 |
Term (years) | '3 years 4 months 6 days | '4 years 4 months 6 days |
Minimum [Member] | Level 1 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Range of market volatilities | ' | 33.10% |
Risk free rates using zero coupon US Treasury Security rates | ' | 0.02% |
Minimum [Member] | Level 2 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Range of market volatilities | 50.10% | 33.80% |
Risk free rates using zero coupon US Treasury Security rates | 0.01% | 0.02% |
Minimum [Member] | Level 3 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Range of market volatilities | 51.10% | 39.20% |
Risk free rates using zero coupon US Treasury Security rates | 0.07% | 0.05% |
Maximum [Member] | Level 1 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Range of market volatilities | ' | 49.17% |
Risk free rates using zero coupon US Treasury Security rates | ' | 0.11% |
Maximum [Member] | Level 2 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Range of market volatilities | 88.30% | 63.60% |
Risk free rates using zero coupon US Treasury Security rates | 0.07% | 0.16% |
Maximum [Member] | Level 3 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Range of market volatilities | 78.20% | 70.20% |
Risk free rates using zero coupon US Treasury Security rates | 0.78% | 0.54% |
Derivative_Financial_Instrumen8
Derivative Financial Instruments - Changes in Fair Value Inputs and Assumptions (Detail) (USD $) | Dec. 31, 2013 | Oct. 11, 2010 | Dec. 31, 2013 | Dec. 31, 2012 |
Warrant Derivatives [Member] | Warrant Derivatives [Member] | |||
Derivative [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | $3,826,619 | $4,653,160 |
Issuances: | ' | ' | ' | ' |
Series G Convertible Preferred Stock Financing | ' | ' | ' | ' |
Senior Convertible Note Financing | 9,955,000 | 928,481 | ' | 363,542 |
Exercises: | ' | ' | ' | ' |
Series G Convertible Preferred Stock Financing | ' | ' | -922,875 | -118,500 |
Changes in fair value inputs and assumptions reflected in income | ' | ' | -1,980,164 | -1,071,583 |
Ending balance | ' | ' | $923,580 | $3,826,619 |
Mortgage_and_Loans_Payable_Sch
Mortgage and Loans Payable - Schedule of Consolidated Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Company's consolidated debt | $22,031,808 | $18,820,683 |
Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Company's consolidated debt | 5,000,000 | 5,000,000 |
Project Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Company's consolidated debt | 10,000,000 | ' |
Face Value $10,000,000, 8% Convertible Senior Note Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Company's consolidated debt | 1,176,076 | 8,234,367 |
Face Value $8,000,000, 9% Convertible Senior Note Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Company's consolidated debt | 4,039,446 | 3,628,779 |
Mortgage Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Company's consolidated debt | $1,816,286 | $1,957,537 |
Mortgage_and_Loans_Payable_Sch1
Mortgage and Loans Payable - Schedule of Consolidated Debt (Parenthetical) (Detail) (USD $) | 10-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Face Value $10,000,000, 8% Convertible Senior Note Payable [Member] | Face Value $10,000,000, 8% Convertible Senior Note Payable [Member] | Face Value $8,000,000, 9% Convertible Senior Note Payable [Member] | Face Value $8,000,000, 9% Convertible Senior Note Payable [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Company's consolidated debt, face amount | $8,000,000 | $10,000,000 | $10,000,000 | $8,000,000 | $8,000,000 |
Company's consolidated debt, interest rate | ' | 8.00% | 8.00% | 9.00% | 9.00% |
Mortgage_and_Loans_Payable_Add
Mortgage and Loans Payable - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2013 | 10-May-12 | Jul. 11, 2008 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Mar. 30, 2012 | 4-May-11 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | 31-May-09 | 31-May-08 | Dec. 31, 2013 | Jun. 30, 2013 | Jul. 11, 2008 | 31-May-08 | 1-May-09 | Nov. 30, 2011 | Dec. 31, 2013 | 10-May-12 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 02, 2013 | 10-May-12 | |
Coins | First Mortgage [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan Amendment [Member] | Project Term Loan [Member] | Project Term Loan [Member] | Mortgage Payable [Member] | Mortgage Payable [Member] | Mortgage Payable [Member] | Mortgage Payable [Member] | Mortgage Payable [Member] | Mortgage Payable [Member] | Mortgage Payable [Member] | Senior Convertible Note [Member] | Senior Convertible Note [Member] | Senior Convertible Note [Member] | Senior Convertible Note [Member] | Additional Note [Member] | Additional Note [Member] | Additional Note [Member] | Additional Note [Member] | ||||||
oz | Gairsoppa [Member] | First Mortgage [Member] | Second Mortgage [Member] | Investor | Lender [Member] | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company's consolidated debt | $12,294,546 | ' | ' | ' | ' | ' | $569,036 | ' | ' | $5,000,000 | $5,000,000 | ' | $10,000,000 | ' | ' | ' | $1,248,250 | $1,302,000 | $2,580,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan principal reduction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate, points | ' | ' | ' | 0.75% | ' | ' | ' | ' | 1.00% | 5.00% | 5.00% | 5.00% | 5.00% | ' | ' | ' | 1.00% | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument description | ' | ' | ' | ' | ' | ' | ' | 'one month LIBOR rate plus 500 basis points | 'one month LIBOR rate plus 500 basis points | ' | ' | 'one month LIBOR rate plus 500 basis points | 'One month LIBOR rate plus 500 basis points | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | 11-Jul-13 | 23-Apr-12 | ' | ' | 31-Jul-16 | 24-Jul-14 | ' | ' | 14-May-15 | 11-Jul-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan-to-value, percent | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Periodic payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | 5,080 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured collateral | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of secured collateral, percent | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan origination fee paid at closing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash deposit for interest payments over the term of loan | 500,000 | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Project term loan collateral value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss recovered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Periodic payments, principal | 10,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate description | 'Prime rate plus three-fourths of one percent (0.75%) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Prime rate plus three-fourths of one percent (0.75%) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New maturity date of mortgage loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jul-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 679,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% |
Outstanding principal amount mortgage loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of variable interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original principal amount | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | 8,000,000 |
Warrant issued to purchase common stock | 1,302,083 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,302,083 | ' | ' | ' | ' | ' | ' | ' |
Original principal amount of repurchased note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' |
Debt related expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 545,000 | ' | 45,000 | ' | ' | ' | ' |
Number of institutional investor under securities purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Indebtedness interest rate per year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' |
Indebtedness interest rate per year under default condition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' |
Original principal installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 434,783 | ' | ' | ' | ' | ' | ' |
Note repayment commencing date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8-Jul-12 | ' | ' | ' | ' | ' | ' |
Debt instrument conversion reset conversion price description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The reset conversion price applicable to the Initial Note was to be adjusted to the lesser of (a) the then current conversion price and (b) the greater of (i) $1.44 and (ii) 110.0% of the market price of our common stock on the six-month anniversary of the initial closing date (as applicable, the "Conversion Price"). | ' | ' | ' | ' | ' | ' |
Debt instrument conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.44 | ' | ' | ' | ' | ' | ' |
Debt instrument conversion price, percentage | 125.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110.00% | ' | ' | ' | ' | ' | ' |
Initial conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.74 | $3.17 | ' | ' | ' | $3.17 | $3.74 |
Debt instrument amortization payment description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The conversion rate applicable to any amortization payment that we make in shares of our common stock will be the lower of (a) the Conversion Price and (b) a price equal to 85.0% of the average for a ten-day period immediately prior to the applicable amortization date of the volume-weighted average price of our shares of common stock. | ' | ' | ' | ' | ' | ' |
Volume-weighted average price, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | 85.00% | ' | ' | ' |
Conversion price applicable period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 days | ' | ' | '10 days | ' | ' | ' |
Acceleration payment of remaining face value, percentage | 125.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted conversion price of quoted market prices, Percentage | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares issued as payment in outstanding principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,282,934 | ' | ' | ' | ' | ' | ' |
Principal amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,608,694 | ' | ' | ' | ' | ' | ' |
Principal payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,391,306 | ' | ' | 4,086,957 | ' | ' | ' |
Common stock initial exercise price | $4.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued under warrant terms | 434,027 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,562,500 | ' | ' | ' |
Period for anniversary, initial closing date | 'Five-year period beginning on the six-month | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant exercise price | 4.32 | ' | ' | ' | 3.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Registration statement filing period | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for registration statement to be effective | '90 days thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Registration statement review period | '120 days thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument amortization payment description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The conversion rate applicable to any amortization payment that we make in shares of our common stock will be the lower of (a) the Conversion Price and (b) a price equal to 85.0% of the average for a ten-day period immediately prior to the applicable amortization date of the volume-weighted average price of our shares of common stock. | ' | ' | ' |
Maximum percentage of cash flow effect on present value basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' |
Percentage of carrying value of additional note to determine change in fair value of embedded conversion option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' |
Term of warrant | '5 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted warrants exercise price | 3.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds from derivative instrument | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' |
Cost of the investor paid | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,518 | ' | ' | ' |
Direct financing cost | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' |
Deferred cost | 246,653 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 317,201 | ' | ' | ' |
Recorded expenses | 253,347 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,799 | ' | ' | ' |
Interest expenses | 2,146,182 | 4,545,781 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Additional note | 185,113 | 425,561 | 272,998 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 223,783 | ' | ' |
Operating lease expiration date | 30-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vessel charter lease rent per day if extended | $14,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage_and_Loans_Payable_Sch2
Mortgage and Loans Payable - Schedule of Allocation of Cash Proceeds to Derivative Components at their Fair Values (Detail) (USD $) | Dec. 31, 2013 | Oct. 11, 2010 |
Short-term Debt [Line Items] | ' | ' |
Convertible notes payable | $9,955,000 | $928,481 |
Initial Note [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Convertible notes payable | 4,910,862 | ' |
Compound Embedded Derivative [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Convertible notes payable | 2,989,537 | ' |
Warrants [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Convertible notes payable | $2,054,601 | ' |
Mortgage_and_Loans_Payable_Sch3
Mortgage and Loans Payable - Schedule of Allocation of Cash Proceeds Related to Additional Financing (Detail) (USD $) | Dec. 31, 2013 | Oct. 11, 2010 |
Short-term Debt [Line Items] | ' | ' |
Convertible notes payable | $9,955,000 | $928,481 |
Compound Embedded Derivative [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Convertible notes payable | 2,989,537 | ' |
Warrants [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Convertible notes payable | 2,054,601 | ' |
Additional Financing [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Convertible notes payable | 7,994,482 | ' |
Additional Financing [Member] | Additional Note [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Convertible notes payable | 6,339,642 | ' |
Additional Financing [Member] | Compound Embedded Derivative [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Convertible notes payable | 1,291,298 | ' |
Additional Financing [Member] | Warrants [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Convertible notes payable | $363,542 | ' |
Mortgage_and_Loans_Payable_Lon
Mortgage and Loans Payable - Long -Term Obligation Maturities (Detail) (USD $) | Dec. 31, 2013 |
Contractual Obligation Fiscal Year Maturity [Abstract] | ' |
Long term obligations, Total | $12,294,546 |
Long term obligations, 2014 | 6,632,320 |
Long term obligations, 2015 | 1,671,274 |
Long term obligations, 2016 | 3,990,952 |
Long term obligations, 2017 | ' |
Long term obligations, 2018 | ' |
Long term obligations, More than 5 Years | ' |
Operating leases, Total | 744,186 |
Operating leases, 2014 | 744,186 |
Operating leases, 2015 | ' |
Operating leases, 2016 | ' |
Operating leases, 2017 | ' |
Operating leases, 2018 | ' |
Operating leases, More than 5 Years | ' |
Interest on obligations, Total | 699,792 |
Interest on obligations, 2014 | 366,295 |
Interest on obligations, 2015 | 233,757 |
Interest on obligations, 2016 | 99,740 |
Interest on obligations, 2017 | ' |
Interest on obligations, 2018 | ' |
Interest on obligations, More than 5 Years | ' |
Total obligations | 13,738,524 |
Total obligations, 2014 | 7,742,801 |
Total obligations, 2015 | 1,905,031 |
Total obligations, 2016 | 4,090,692 |
Total obligations, 2017 | ' |
Total obligations, 2018 | ' |
Total obligations, More than 5 Years | ' |
Accrued_Expenses_Components_of
Accrued Expenses - Components of Accrued Expenses (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Payables And Accruals [Abstract] | ' | ' |
Compensation and bonuses | $1,610,357 | ' |
Customer deposits | 22,083 | 82,175 |
Project proceeds payable | 1,325,122 | ' |
Revenue participation distribution payable | ' | 12,506,755 |
Vessel operations | 1,394,670 | 926,648 |
Professional services | 222,274 | 335,748 |
Income tax provision | 496,055 | ' |
Other operating | 223,859 | 199,514 |
Total accrued expenses | $5,294,420 | $14,050,840 |
Accrued_Expenses_Additional_In
Accrued Expenses - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Payables And Accruals [Abstract] | ' |
Percentage of expense received | 20.00% |
Deferred_Revenue_Additional_In
Deferred Revenue - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Revenue Disclosure [Abstract] | ' | ' |
Marine Services Obligations | $1,840,404 | $2,835,522 |
Charter expedition revenue | 115,009 | 709,618 |
Deferred balance | 995,117 | ' |
Service liability settled with cash | 440,054 | ' |
Service liability for shares | 440,054 | ' |
Customer recognized revenue | $115,009 | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) | 0 Months Ended | |
Dec. 09, 2002 | 26-May-98 | |
Directors | ||
Related Party Transactions [Abstract] | ' | ' |
Post Finance cost proceeds | 5.00% | 5.00% |
Directors interest in ownership of Company | 58.00% | ' |
Officers and Directors owning in limited liability | 2 | ' |
Revenue_Participation_Rights_P
Revenue Participation Rights - Participating Revenue Rights (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Participating revenue rights | $4,643,750 | $4,643,750 |
"Cambridge" (now"HMS Sussex") Project [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Participating revenue rights | 825,000 | 825,000 |
"Republic" (now "Seattle") Project [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Participating revenue rights | 62,500 | 62,500 |
Galt Resources, LLC [Member] | ' | ' |
Deferred Revenue Arrangement [Line Items] | ' | ' |
Participating revenue rights | $3,756,250 | $3,756,250 |
Revenue_Participation_Rights_A
Revenue Participation Rights - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Feb. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
"Cambridge" (now"HMS Sussex") Project [Member] | "Cambridge" (now"HMS Sussex") Project [Member] | "Republic" (now "Seattle") Project [Member] | "Republic" (now "Seattle") Project [Member] | Galt Resources, LLC [Member] | Galt Resources, LLC [Member] | Galt Resources, LLC [Member] | Galt Resources, LLC [Member] | HMS Victory Project [Member] | First Payment [Member] | Second Payment [Member] | Second Payment [Member] | Second Payment [Member] | Third Payment [Member] | |||
Investment | SS Gairsoppa [Member] | SS Gairsoppa [Member] | Maximum [Member] | "Cambridge" (now"HMS Sussex") Project [Member] | "Cambridge" (now"HMS Sussex") Project [Member] | "Cambridge" (now"HMS Sussex") Project [Member] | "Cambridge" (now"HMS Sussex") Project [Member] | "Cambridge" (now"HMS Sussex") Project [Member] | ||||||||
Project | Minimum [Member] | Maximum [Member] | ||||||||||||||
Deferred Revenue Arrangement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue participation certificates, per unit value | ' | ' | 50,000 | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of revenue owed to certificate holders | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | 7.51% | 100.00% | 24.75% | ' | ' | 12.38% |
Revenue owed to certificate holder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $825,000 | ' | $4,000,000 | $35,000,000 | $35,000,000 |
Percentage of revenue owed to certificate holder, per each million invested | ' | ' | ' | ' | 1.00% | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares, issued, per unit | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment for future revenue rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,512,500 | ' | ' | ' | ' | ' | ' |
Investment multiplier in case of project success | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of project bifurcate | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred revenue, amortization | ' | ' | ' | ' | ' | ' | ' | 3,756,250 | ' | ' | ' | ' | ' | ' | ' | ' |
Participating revenue rights | 4,643,750 | 4,643,750 | 825,000 | 825,000 | 62,500 | 62,500 | ' | ' | 12,506,755 | ' | ' | ' | ' | ' | ' | ' |
Revenue participation agreement | $15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable_Series_G_Preferred_2
Redeemable Series G Preferred Stock - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2012 | 10-May-12 | Oct. 11, 2010 | Dec. 31, 2013 | Apr. 16, 2011 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2011 | Apr. 30, 2011 | Oct. 31, 2010 | Oct. 11, 2010 | Jan. 31, 2010 | |
Class of Warrant One [Member] | Series G Convertible Preferred Stock [Member] | Series G Convertible Preferred Stock [Member] | Series G Convertible Preferred Stock [Member] | Series G Convertible Preferred Stock [Member] | Series G Convertible Preferred Stock [Member] | Series G Convertible Preferred Stock [Member] | Series G Convertible Preferred Stock [Member] | Series G Convertible Preferred Stock [Member] | Series G Convertible Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Temporary equity, shares subscribed but unissued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24 | ' | ' |
Redeemable preferred stock dividend percent | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' |
Temporary equity, par or stated value per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | ' | ' |
Number of shares redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 3 | ' | ' | ' |
Temporary equity, redemption value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,065,556 | $757,500 | ' | ' | ' |
Temporary equity, carrying amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 558,926 | ' | ' | ' |
Temporary equity paid in capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,556 | 198,574 | ' | ' | ' |
Conversion of preferred stock into common stock | ' | ' | 140,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, amount of preferred dividends in arrears | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' |
Redeemable preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' |
Dividend rate percentage of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' |
Temporary equity, liquidation preference value | ' | ' | ' | ' | ' | ' | 250,000 | ' | 250,000 | ' | ' | ' | ' | ' | ' |
Number of voting right per share | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' |
Maximum voting right percentage | ' | ' | ' | ' | ' | ' | ' | ' | 9.90% | ' | ' | ' | ' | ' | ' |
Temporary equity, conversion right ratio | ' | ' | ' | ' | ' | ' | $1.79 | ' | ' | ' | ' | ' | ' | ' | ' |
Terms of redemption | 'Odyssey has the option to redeem the Series G Preferred, in whole or in part, at any time after December 15, 2010 at a redemption price of 100% of the liquidation value. Commencing after March 31, 2011, the redemption price increases 1.0% each month without cap. Each holder will have the option to require Odyssey to redeem the Series G Preferred, in whole or in part, at any time after December 15, 2011 at a redemption price commencing at 109% of the liquidation value, which increases 1.0% each without cap such that, after December 15, 2011, the holderbs and Odysseybs redemption prices will equal. In either case, the redemption price to be paid by Odyssey for each share of Series G Preferred will be the redemption prices referred to above plus accrued dividends. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly increase of redemption price | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental percentage of original value | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price percent of liquidation value | 109.00% | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Temporary equity, share subscriptions | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' |
Common stock shares option from warrants | ' | ' | ' | ' | 1,530,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for preferred stock | ' | ' | ' | ' | 5,050,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement of promissory notes | 9,955,000 | ' | ' | ' | 928,481 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares exchanges from warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 270,000 | ' |
Class of warrant or right, exercise price of warrant or rights | 4.32 | ' | ' | 3.6 | ' | 2.44 | ' | 2.4648 | ' | 2.5 | ' | ' | ' | ' | 2.5 |
Warranty expiry period | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in the fair value of the warrants | ' | ' | ' | ' | ' | ' | ' | $106,000 | ' | ' | ' | ' | ' | ' | ' |
Number of Outstanding Warrant | 2,087,500 | ' | ' | ' | ' | 525,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration period of warrant | ' | ' | ' | ' | ' | '2014-04 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable_Series_G_Preferred_3
Redeemable Series G Preferred Stock - Allocation of Cash from Series G Preferred and Warrants Issued (Detail) (USD $) | Oct. 11, 2010 |
Temporary Equity [Line Items] | ' |
Financing | $5,050,000 |
Exchange | 928,482 |
Total | 5,978,482 |
Redeemable Preferred Stock [Member] | ' |
Temporary Equity [Line Items] | ' |
Financing | 2,747,476 |
Exchange | 888,997 |
Total | 3,636,473 |
Compound Embedded Derivative [Member] | ' |
Temporary Equity [Line Items] | ' |
Financing | 1,389,114 |
Exchange | 261,318 |
Total | 1,650,432 |
Warrant Derivatives [Member] | ' |
Temporary Equity [Line Items] | ' |
Financing | 913,410 |
Exchange | 161,190 |
Total | 1,074,600 |
Extinguishment Loss [Member] | ' |
Temporary Equity [Line Items] | ' |
Financing | ' |
Exchange | -383,023 |
Total | ($383,023) |
Redeemable_Series_G_Preferred_4
Redeemable Series G Preferred Stock - Allocation of Cash from Series G Preferred and Warrants Issued (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Series G Convertible Preferred Stock [Member] | ' |
Temporary Equity [Line Items] | ' |
Estimated period for redemption of preferred stock | 31-Oct-13 |
Minimum [Member] | ' |
Temporary Equity [Line Items] | ' |
Credit-risk adjusted rates | 3.98% |
Maximum [Member] | ' |
Temporary Equity [Line Items] | ' |
Credit-risk adjusted rates | 4.89% |
Stockholders_EquityDeficit_Add
Stockholders' Equity/(Deficit) - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 03, 2010 | Jan. 16, 2008 | Aug. 17, 2007 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Aug. 17, 2007 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Incentive_Plan | Warrants [Member] | Unvested Restricted Stock Awards Excluded from EPS [Member] | Unvested Restricted Stock Awards Excluded from EPS [Member] | Unvested Restricted Stock Awards Excluded from EPS [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Series G Convertible Preferred Stock [Member] | Series G Convertible Preferred Stock [Member] | Series D Convertible, Preferred Stock [Member] | Series D Convertible, Preferred Stock [Member] | |||
Investor | Minimum [Member] | Warrants [Member] | Warrants [Member] | Employee Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Warrants [Member] | ||||||||||||||||||
Investor | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 83,882,577 | 75,416,203 | ' | ' | ' | ' | ' | 3,552,357 | ' | 140,000 | 3,552,357 | 1,441,013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares value representing payment for principal | $8,388 | $7,542 | ' | ' | ' | ' | ' | $9,279,887 | ' | ' | $9,279,887 | $4,262,528 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares issued from warrant conversion | ' | ' | ' | ' | ' | ' | ' | 1,725,000 | 2,010,500 | 287,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of accredited investors to whom common stock stock issued | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' |
Number of warrants exercised in exchange for common stock shares | 2,087,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,725,000 | 287,500 | ' | ' | ' | ' | ' | ' |
Common stock shares issued employee stock incentive plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,900 | ' | ' | ' | ' | ' |
Number of series G preferred stock converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Preferred stock, shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,400 | 206,400 |
Preferred stock, shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,400 | 206,400 |
Convertible into common stock at a ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Liquidation preference | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.50 | ' |
Convertible preferred stock conversion description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Series D is convertible into common stock at a ratio of 1 to 1 | ' |
Number of stock incentive plans | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock incentive plan expiration date | 17-Aug-07 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized for stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 2,500,000 | 2,500,000 | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' |
Exercise price of incentive option granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Exercise price of any incentive option granted to an officer, director or eligible employee owning more than 10% of our outstanding common stock must not be less than 110% of fair market value on the date of the grant. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Eligible employee threshold percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of common stock percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | 2,582,009 | 1,657,800 | 1,796,628 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average estimated fair value of stock options | $1.42 | $1.45 | $2.74 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic values of options exercisable | 16,450 | 371,142 | 133,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic values of options outstanding | 16,450 | 524,500 | 169,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic values of options exercised | 183,000 | 14,475 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of shares vested | 1,498,040 | 832,177 | 1,145,112 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation to unvested share-based compensation awards | 1,203,599 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average period | '1 year 9 months 29 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of restricted stock awards vested | ' | ' | ' | ' | 854,861 | 1,286,257 | 1,329,573 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of unvested restricted stock awards | ' | ' | ' | ' | 380,013 | 514,964 | 300,139 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average grant date fair value of restricted stock awards | ' | ' | ' | ' | $2.89 | $3.91 | $2.67 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average remaining contractual term | ' | ' | ' | ' | '1 year 2 months 12 days | '1 year | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost related to unvested restricted stock awards | ' | ' | ' | ' | $525,401 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_EquityDeficit_Sto
Stockholders' Equity/(Deficit) - Stock Options Valuation Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | 0.41% | 0.39% | 1.51% |
Expected volatility of common stock | 59.20% | 65.30% | 69.00% |
Expected life of options | '3 years | '3 years | '3 years |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | 1.28% | 0.67% | 1.89% |
Expected volatility of common stock | 68.20% | 71.60% | 70.00% |
Expected life of options | '4 years 1 month 6 days | '4 years 1 month 6 days | '4 years 1 month 6 days |
Stockholders_EquityDeficit_Sum
Stockholders' Equity/(Deficit) - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity [Abstract] | ' | ' | ' |
Number of Shares, Outstanding, Beginning | 3,420,154 | 3,399,405 | 3,537,236 |
Number of Shares, Granted | 1,233,822 | 771,969 | 633,835 |
Number of Shares, Exercised | -204,500 | -15,150 | ' |
Number of Shares, Cancelled | -1,453,600 | -736,070 | -771,666 |
Number of Shares, Outstanding, Ending | 2,995,876 | 3,420,154 | 3,399,405 |
Weighted Average Exercise Price Outstanding, Beginning | $3.31 | $3.78 | $3.78 |
Number of Shares, Options exercisable | 2,118,903 | 2,754,227 | 2,926,930 |
Weighted Average Exercise Price, Granted | $2.99 | $2.85 | $2.74 |
Weighted Average Exercise Price, Exercised | $2.24 | $2.61 | ' |
Weighted Average Exercise Price, Cancelled | $3.61 | $4.42 | $3.50 |
Weighted Average Exercise Price, Outstanding, Ending | $3.31 | $3.31 | $3.78 |
Weighted Average Exercise Price, Options exercisable | $2.94 | $3.44 | $3.79 |
Stockholders_EquityDeficit_Sto1
Stockholders' Equity/(Deficit) - Stock Options Outstanding (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number of Shares Outstanding | 2,995,876 |
Weighted Average Remaining Contractual Life in Years | '2 years 11 months 9 days |
Weighted Average Exercise Price | $2.93 |
Range One [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices (Minimum) | $1.74 |
Range of Exercise Prices (Maximum) | $2.74 |
Number of Shares Outstanding | 1,344,554 |
Weighted Average Remaining Contractual Life in Years | '2 years 6 months |
Weighted Average Exercise Price | $2.69 |
Range Two [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices (Minimum) | $2.89 |
Range of Exercise Prices (Maximum) | $4 |
Number of Shares Outstanding | 1,651,322 |
Weighted Average Remaining Contractual Life in Years | '3 years 3 months 29 days |
Weighted Average Exercise Price | $3.13 |
Stockholders_EquityDeficit_Est
Stockholders' Equity/(Deficit) - Estimated Fair Value of Restricted Stock Award (Detail) (Unvested Restricted Stock Awards Excluded from EPS [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Unvested Restricted Stock Awards Excluded from EPS [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Shares Unvested, Beginning Balance | 178,807 | ' | ' |
Number of Shares, Granted | 411,383 | ' | ' |
Number of Shares, Vested | -402,065 | ' | ' |
Number of Shares, Cancelled | ' | ' | ' |
Number of Shares Unvested, Ending Balance | 188,125 | 178,807 | ' |
Weighted Average Grant Date Fair Value Unvested, Beginning Balance | $2.73 | ' | ' |
Weighted Average Grant Date Fair Value, Granted | $2.89 | $3.91 | $2.67 |
Weighted Average Grant Date Fair Value, Vested | $2.81 | ' | ' |
Weighted Average Grant Date Fair Value, Cancelled | ' | ' | ' |
Weighted Average Grant Date Fair Value Unvested, Ending Balance | $2.89 | $2.73 | ' |
Stockholders_EquityDeficit_Sum1
Stockholders' Equity/(Deficit) - Summary of Common Stock Warrants Outstanding (Detail) | Dec. 31, 2013 | 10-May-12 |
Class of Warrant or Right [Line Items] | ' | ' |
Common Stock Warrants | 2,087,500 | ' |
Exercise Price | 4.32 | 3.6 |
Class of Warrant One [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Common Stock Warrants | 525,000 | ' |
Exercise Price | 2.44 | ' |
Termination Date | 13-Apr-14 | ' |
Class of Warrant Two [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Common Stock Warrants | 1,562,500 | ' |
Exercise Price | 3.6 | ' |
Termination Date | 9-Nov-16 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' |
Income tax net operating loss carryforwards | $108,547,933 | ' | ' |
Carryforward loss from expire | 24,724,748 | ' | ' |
Net deferred tax asset | 0 | ' | ' |
Federal income tax rate | 34.00% | 34.00% | 34.00% |
Tax benefits and (liabilities), prior to any valuation allowances, related to stock option plans | 216,675 | 230,721 | ' |
General duration of carryback period | '2 years | ' | ' |
Duration of carryback period to 2003 tax year | '5 years | ' | ' |
Cash tax benefit | 0 | ' | ' |
Percentage of future alternative minimum taxable income | 100.00% | ' | ' |
Original offsetting percentage of future alternative minimum taxable income | 90.00% | ' | ' |
Net operating loss carryback period option one | '3 years | ' | ' |
Net operating loss carryback period option two | '4 years | ' | ' |
Net operating loss carryback period option three | '5 years | ' | ' |
2023 Through 2028 [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income tax net operating loss carryforwards | 43,000,000 | ' | ' |
2029 Through 2032 [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income tax net operating loss carryforwards | $65,000,000 | ' | ' |
Start [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Net operating loss carryforwards expiration year | '2018 | ' | ' |
End [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Net operating loss carryforwards expiration year | '2032 | ' | ' |
Income_Taxes_Schedule_of_Compo
Income Taxes - Schedule of Components of Provision for Income Tax (Benefits) are Attributable to Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Current | ' | ' | ' |
Federal | $481,055 | ' | ' |
State | 15,000 | ' | ' |
Foreign | ' | ' | ' |
Total | 496,055 | ' | ' |
Deferred | ' | ' | ' |
Federal | ' | ' | ' |
State | ' | ' | ' |
Foreign | ' | ' | ' |
Total | ' | ' | ' |
Income_Taxes_Significant_Compo
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred tax assets: | ' | ' | ' |
Net operating loss and tax credit carryforwards | $42,412,630 | ' | ' |
Capital loss carryforward | 385,188 | ' | ' |
Accrued expenses | 62,672 | ' | ' |
Deferred revenue | 644,367 | ' | ' |
Reserve for accounts receivable | 2,048,105 | ' | ' |
Reserve for inventory return | 130,012 | ' | ' |
Stock option and restricted stock awards | 907,476 | ' | ' |
Start-up costs | 107,154 | ' | ' |
Excess of book over tax depreciation | 1,428,417 | ' | ' |
Investment - unconsolidated entity | 3,687,310 | ' | ' |
Less: valuation allowance | -51,625,159 | -57,901,529 | -52,515,797 |
Deferred tax assets | 188,172 | ' | ' |
Deferred tax liability: | ' | ' | ' |
Prepaid expenses | 118,860 | ' | ' |
Property and equipment basis | 69,312 | ' | ' |
Deferred tax liabilities | 188,172 | ' | ' |
Net deferred tax asset | $0 | ' | ' |
Income_Taxes_Schedule_of_Chang
Income Taxes - Schedule of Change in Valuation Allowance (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Valuation allowance | $51,625,159 | $57,901,529 | $52,515,797 |
Change in valuation allowance | -6,276,369 | 5,385,732 | 6,531,871 |
Valuation allowance | $51,625,159 | $57,901,529 | $52,515,797 |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income (Loss) Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Expected benefit | ($3,483,374) | ($6,180,388) | ($5,516,605) |
Effects of: | ' | ' | ' |
State income taxes net of federal benefits | -176,839 | -181,423 | -205,521 |
U.S. Income Tax Expense at the 20% AMT Rate | 509,495 | ' | ' |
Nondeductible expenses | 31,640 | 17,994 | 17,657 |
Stock options and restricted stock awards | 790,011 | 223,720 | 833,749 |
Derivatives | -783,994 | 322,848 | -1,693,247 |
Change in valuation allowance | -6,276,369 | 5,385,732 | 6,531,871 |
Change in net operating loss | 0 | 832,408 | 3,564 |
CFC Dividend Income | 9,190,723 | -374,051 | ' |
Change in rate estimate | 15,767 | -42,925 | 23,798 |
Foreign Rate Differential | 662,745 | ' | ' |
Other, net | 16,250 | -3,914 | 4,734 |
Income tax provision (benefit) | $496,055 | ' | ' |
Income_Taxes_Schedule_of_Incom1
Income Taxes - Schedule of Income (Loss) Before Income Taxes (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Alternative Minimum Tax Rate | 20.00% |
Major_Customers_Additional_Inf
Major Customers - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Customer | Customer | |
Major Customers [Line Items] | ' | ' |
Number of customers | 1 | 3 |
Customer 1 [Member] | ' | ' |
Major Customers [Line Items] | ' | ' |
Customers accounted from total revenue | 87.20% | 30.30% |
Customer 2 [Member] | ' | ' |
Major Customers [Line Items] | ' | ' |
Customers accounted from total revenue | ' | 28.50% |
Customer 3 [Member] | ' | ' |
Major Customers [Line Items] | ' | ' |
Customers accounted from total revenue | ' | 28.80% |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||||
Sep. 26, 2013 | Nov. 15, 2012 | Apr. 16, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 09, 2002 | 26-May-98 | Dec. 31, 2013 | Feb. 28, 2011 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | Seattle and Cambridge Projects [Member] | Galt Resources [Member] | |||
USD ($) | USD ($) | |||||||||
Gain Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income from revenue participation rights | ' | ' | ' | ' | $7,512,500 | ' | ' | ' | $887,500 | ' |
Income derived from Cambridge RPC's | ' | ' | ' | 12,986 | ' | ' | ' | ' | ' | ' |
Post Finance cost proceeds | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' |
Investment for future revenue rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,512,500 |
Fees and costs | ' | 130,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Excess of claim | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' |
Attorney fees | 1,072,979 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketing, general and administrative expenses | ' | ' | ' | 942,979 | ' | ' | ' | ' | ' | ' |
Charter agreement expiry date | ' | ' | ' | 30-Apr-14 | ' | ' | ' | ' | ' | ' |
Charter term agreement period extended | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' |
Daily charter rate for years one and two | ' | ' | ' | 14,000 | ' | 8,400 | ' | ' | ' | ' |
Daily charter rate for years three and four | ' | ' | ' | $14,900 | ' | £ 8,960 | ' | ' | ' | ' |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data - Unaudited - Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue-net | $17,242,672 | $5,554,460 | $253,745 | $863,072 | $7,925,035 | $946,097 | $1,426,631 | $2,899,752 | $23,913,949 | $13,197,515 | $15,727,232 |
Gross profit | 16,958,243 | 5,384,887 | 158,661 | 717,371 | 7,867,816 | 891,860 | 1,336,739 | 2,865,563 | ' | ' | ' |
Net income (loss) | $10,751,476 | ($931,393) | ($10,895,976) | ($9,665,379) | ($914,947) | $3,802,983 | ($15,590,350) | ($5,481,799) | ($10,741,272) | ($18,184,113) | ($16,225,308) |
Basic and diluted net income per share | $0.13 | ($0.01) | ($0.14) | ($0.12) | ($0.01) | $0.05 | ($0.21) | ($0.08) | ($0.13) | ($0.25) | ($0.28) |
Gain_on_Silver_Fixed_Price_Swa1
Gain on Silver Fixed Price Swap - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | ||
Dec. 31, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Nov. 30, 2013 | |
Fixed Price Swap Hedge [Member] | Fixed Price Swap Hedge [Member] | Fixed Price Swap First Contract [Member] | Fixed Price Swap Second Contract [Member] | |
Contract | Contract | oz | oz | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Number of contracts entered | 0 | 2 | ' | ' |
Weight of troy ounce for first contract | ' | ' | 250,000 | 250,000 |
Weight of troy ounce for first contract price per share | ' | ' | 24.4 | 23.1 |
Weight of troy ounce difference multiplied description | ' | 'If the average silver price was less than the fixed price, we would receive the difference multiplied by the 250,000 troy ounces. If the average silver price was greater than the fixed price, we would owe the difference multiplied by the 250,000 troy ounces. | ' | ' |
Combined gain from contract | $1,206,350 | ' | ' | ' |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Deferred Recovery Cost Reserve [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at beginning of year | ' | $2,557,149 | $2,557,149 |
Charged (credited) to expenses | ' | ' | ' |
Charged (credited) to other accounts | ' | ' | ' |
Deductions | ' | 2,557,149 | ' |
Balance at ending of year | ' | ' | 2,557,149 |
Inventory Reserve [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at beginning of year | 367,558 | 392,203 | 479,459 |
Charged (credited) to expenses | 3,774 | ' | ' |
Charged (credited) to other accounts | ' | ' | ' |
Deductions | ' | 24,645 | 87,256 |
Balance at ending of year | 371,332 | 367,558 | 392,203 |
Accounts Receivable Reserve [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at beginning of year | 4,820,593 | 6,390,593 | 8,494,672 |
Charged (credited) to expenses | 500,000 | ' | ' |
Charged (credited) to other accounts | ' | ' | ' |
Deductions | 189,000 | 1,570,000 | 2,104,079 |
Balance at ending of year | $5,131,593 | $4,820,593 | $6,390,593 |