Odyssey Marine Exploration (OMEX) 10-Q11 May 152015 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2015	5-May-15
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	OMEX
Entity Registrant Name	ODYSSEY MARINE EXPLORATION INC
Entity Central Index Key	798528
Current Fiscal Year End Date	-19
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		89,614,902

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$704,452	$3,143,550
Restricted cash	378,358	520,728
Accounts receivable and other, net	6,377,893	6,476,049
Inventory	569,329	674,992
Other current assets	777,029	655,662
Total current assets	8,807,061	11,470,981
PROPERTY AND EQUIPMENT
Equipment and office fixtures	24,344,405	24,895,343
Building and land	3,759,778	3,758,688
Building and land held for sale		1,024,999
Accumulated depreciation	-22,113,922	-22,443,492
Total property and equipment	5,990,261	7,235,538
NON-CURRENT ASSETS
Inventory	5,080,643	5,110,967
Other non-current assets	1,198,684	1,272,053
Total non-current assets	6,279,327	6,383,020
Total assets	21,076,649	25,089,539
CURRENT LIABILITIES
Accounts payable	6,344,672	5,070,973
Accrued expenses and other	2,445,577	2,387,962
Deferred income	67,241
Derivative liabilities	2,689,348	2,226,445
Mortgage and loans payable	10,751,372	9,356,724
Total current liabilities	22,298,210	19,042,104
LONG-TERM LIABILITIES
Mortgage and loans payable	11,563,086	11,808,157
Deferred income and revenue participation rights	4,643,750	4,643,750
Total long-term liabilities	16,206,836	16,451,907
Total liabilities	38,505,046	35,494,011
Commitments and contingencies (NOTE H)
STOCKHOLDERS' EQUITY/(DEFICIT)
Preferred stock	144,462,912
Common stock - $.0001 par value; 150,000,000 shares authorized; 89,582,502 and 85,582,502 issued and outstanding	8,958	8,558
Additional paid-in capital	201,437,836	198,323,630
Accumulated deficit	-212,141,723	-202,427,252
Total stockholders' equity/(deficit) before non-controlling interest	-10,694,926	-4,095,061
Non-controlling interest	-6,733,471	-6,309,411
Total stockholders' equity/(deficit)	-17,428,397	-10,404,472
Total liabilities and stockholders' equity/(deficit)	21,076,649	25,089,539
Series D Convertible Preferred Stock [Member]
STOCKHOLDERS' EQUITY/(DEFICIT)
Preferred stock	$3	$3

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	9,675,200	9,675,200
Preferred stock, shares issued	187,801,782
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	89,582,502	85,582,502
Common stock, shares outstanding	89,582,502	85,582,502
Series D Convertible Preferred Stock [Member]
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	134,800	134,800
Preferred stock, shares issued	32,400	32,400
Preferred stock, shares outstanding	32,400	32,400

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
Consolidated Statements of Operations (USD $)	Mar. 31, 2015	Mar. 31, 2014
REVENUE
Recovered cargo sales and other	$94,440	$564,602
Exhibit	20,852	1,484
Total revenue	115,292	566,086
OPERATING EXPENSES
Cost of sales - cargo and other	212,876	119,605
Marketing, general and administrative	3,015,986	3,014,525
Operations and research	3,361,466	7,095,683
Common stock issued for subsidiary stock option settlement	2,520,000
Total operating expenses	9,110,328	10,229,813
INCOME (LOSS) FROM OPERATIONS	-8,995,036	-9,663,727
OTHER INCOME (EXPENSE)
Interest income	59	2,051
Interest expense	-662,282	-527,620
Change in derivative liabilities fair value	-462,903	-182,713
Other	-18,369	9,697
Total other income (expense)	-1,143,495	-698,585
(LOSS) BEFORE INCOME TAXES	-10,138,531	-10,362,312
Income tax benefit (provision)	0	0
NET (LOSS) BEFORE NON-CONTROLLING INTEREST	-10,138,531	-10,362,312
Non-controlling interest	424,060	563,555
NET (LOSS)	($9,714,471)	($9,798,757)
NET (LOSS) PER SHARE
Basic and diluted (see NOTE B)	($0.11)	($0.12)
Weighted average number of common shares outstanding
Basic	86,515,835	83,937,883
Diluted	86,515,835	83,937,883

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
Consolidated Statements of Cash Flows (USD $)	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss before non-controlling interest	($10,138,531)	($10,362,312)
Adjustments to reconcile net loss to net cash (used) by operating activities:
Depreciation and amortization	404,455	629,563
Loss on sale of building and land	29,404
Loan fee amortization		15,046
Change in derivatives liabilities fair value	462,903	182,713
Note payable interest accretion	292,277	256,560
Inventory markdown	151,922
Common stock issued for subsidiary stock option settlement	2,520,000
Share-based compensation	594,606	742,775
(Increase) decrease in:
Accounts receivable	98,156	-5,478
Inventory	135,988	-365,674
Other assets	-199,919	890,719
Increase (decrease) in:
Accounts payable	1,273,699	-385,567
Accrued expenses and other	60,961	-2,106,604
NET CASH (USED) BY OPERATING ACTIVITIES	-4,314,079	-10,508,259
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of property and equipment	850,000
Purchase of property and equipment	-38,503	-1,575,426
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES	811,497	-1,575,426
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of loan payable	2,000,001
Restricted cash held as collateral on loans payable	142,370	10,324,527
Repayment of mortgage and loans payable	-1,078,887	-13,795,378
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES	1,063,484	-3,470,851
NET (DECREASE) INCREASE IN CASH	-2,439,098	-15,554,536
CASH AT BEGINNING OF PERIOD	3,143,550	21,322,257
CASH AT END OF PERIOD	704,452	5,767,721
SUPPLEMENTARY INFORMATION:
Interest paid	364,025	329,205
Income taxes paid		15,000
NON-CASH TRANSACTIONS:
Accrued compensation paid by equity instruments		$113,126

Basis_of_Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	NOTE A - BASIS OF PRESENTATION

	The accompanying unaudited consolidated financial statements of Odyssey Marine Exploration, Inc. and subsidiaries (the “Company,” “Odyssey,” “us,” “we” or “our”) have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and the instructions to Form 10-Q and, therefore, do not include all information and footnotes normally included in financial statements prepared in accordance with generally accepted accounting principles. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

	In the opinion of management, these financial statements reflect all adjustments, including normal recurring adjustments, necessary for a fair presentation of the financial position as of March 31, 2015, and the results of operations and cash flows for the interim periods presented. Operating results for the three-month period ended March 31, 2015, are not necessarily indicative of the results that may be expected for the full year.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE B – 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., Marine Exploration Holdings, LLC, 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.
	Use of Estimates
	Management used 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.
	In 2014, we were contracted to recover gold and other cargo from the shipwreck SS Central America. Our agreement allows for the reimbursement of Priority Recoupment costs which are based on pre-defined and quantifiable contractual amounts. Priority Recoupment relates to recoupment of operating and recovery expenses associated with this project. Operating and recovery expenses consist of mobilization costs and vessel-related expenses such as ships’ crew, provisions, fuel and specialized off-shore equipment. These expenses are charged to the Consolidated Statements of Operations as incurred and the priority recoupment is recorded as a benefit (credit to expense) in the period we are assured of recoupment. These costs are recouped out of first cash proceeds from the monetization of recovered cargo items that are split 80% to us and 20% to the receiver. After the Priority Recoupment is paid, subsequent cash proceeds are split 45% to us and 55% to the receiver, at which point in time we will record these additional proceeds as revenue. Staff Accounting Bulletin requires four criteria to be present before recognizing revenue. These criteria are: collection is probable, delivery of goods or services are complete, persuasive evidence of an arrangement exists and the price or amount can be determined. Priority cost recoupment is not revenue but the same criteria are applied when determining to recognize or not. We have recovered a significant amount of gold and other valuable cargo, and based on an independent expert review of the recovered cargo, our Priority Recoupment to date as of December 31, 2014 is reasonably assured of being collected when the gold and other valuable cargo is monetized. To the extent the appraised value exceeds our priority recoupment and we are able to accurately measure or quantify a dollar amount for our 45% interest in these additional cash proceeds, we will record revenue at that time. The value of future monetization is based on what the market will bear, which is undeterminable at this time and, therefore, there will be no revenue recognition related to our 45% portion of proceeds in excess of the Priority Recoupment until monetization occurs. See NOTE D regarding the SS Central America.
	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, Cash Equivalents and Restricted Cash
	Cash, cash equivalents and restricted cash 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 cargo recovered from the SS Republic shipwreck, other artifacts, general branded merchandise and related packaging material. Inventoried costs of recovered cargo include the costs of recovery, conservation and administrative costs to obtain legal title to the cargo. 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 cargo and the artifacts. We continually monitor the recorded aggregate costs of the recovered cargo 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.
	Long-Lived Assets
	Our policy is to recognize impairment losses relating to long-lived assets in accordance with the 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. Impairment losses are included in depreciation at the time of impairment. For the three-months ending September 30, 2014, $1.7 million of depreciation was accelerated due to the termination of the Dorado Discovery charter.
	Property and Equipment and Depreciation
	Property and equipment is stated at historical cost. Depreciation is calculated using the straight-line method at rates based on the assets’ estimated useful lives which are normally between three and thirty 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 using the two-class method pursuant to ASC 260 Earnings Per Share. The two-class method was required effective with the issuance of the Senior Convertible Note disclosed in Note I because the note qualifies as a 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 holder 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 March 31, 2015 and 2014, weighted average common shares outstanding year-to-date was 85,515,835 and 83,937,883, respectively. For the periods ended March 31, 2015 and 2014, 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 following tables represent potential common shares calculated using the treasury stock method from outstanding options, stock awards and warrants that were excluded from the calculation of diluted EPS:


			Three Months Ended
			March 31,			March 31,
			2015			2014
	Average market price during the period		$	0.79		$	2.1
	In the money potential common shares from options excluded			—			10,057
	In the money potential common shares from warrants excluded			—			—
	Potential common shares from out-of-the-money options and warrants were also excluded from the computation of diluted EPS because calculation of the associated potential common shares has an anti-dilutive effect on EPS. The following table lists options and warrants that were excluded from diluted EPS:


			Three Months Ended
			March 31,			March 31,
			2015			2014
	Out of the money options and warrants excluded:
	Stock options with an exercise price of $1.07 per share			1,652,000			—
	Stock options with an exercise price of $1.07 per share			50,000			—
	Stock options with an exercise price of $1.74 per share			51,750			—
	Stock options with an exercise price of $2.20 per share			969,610			—
	Stock options with an exercise price of $2.73 per share			644,469			651,969
	Stock options with an exercise price of $2.74 per share			633,835			633,835
	Stock options with an exercise price of $2.89 per share			983,822			993,822
	Stock options with an exercise price of $3.25 per share			100,000			100,000
	Stock options with an exercise price of $3.30 per share			—			—
	Stock options with an exercise price of $3.40 per share			100,000			100,000
	Stock options with an exercise price of $3.43 per share			40,000			40,000
	Stock options with an exercise price of $3.50 per share			100,000			100,000
	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
	Stock options with an exercise price of $7.00 per share			—			525,000
	Warrants with an exercise price of $3.60 per share			1,562,500			1,562,500

	Total anti-dilutive warrants and options excluded from EPS			6,907,986			4,779,626

	Potential common shares from outstanding Convertible Preferred Stock calculated on an if-converted basis having an anti-dilutive effect on diluted earnings per share were excluded from potential common shares as follows:


			Three Months Ended
		March 31,			March 31,
		2015			2014
Potential common shares from Convertible Preferred Stock excluded from EPS			32,400			32,400


The weighted average equivalent common shares relating to our unvested restricted stock awards that were excluded from potential common shares in the earning per share calculation due to having an anti-dilutive effect are:


		Three Months Ended
		March 31,			March 31,
		2015			2014
Potential common shares from unvested restricted stock awards excluded from EPS			1,776,210			654,342

The following is a reconciliation of the numerators and denominators used in computing basic and diluted net income per share:


		Three Months Ended
		March 31,			March 31,
		2015			2014
Net income (loss)		$	(9,714,471	)	$	(9,798,757	)

Numerator, basic and diluted net income (loss) available to stockholders		$	(9,714,471	)	$	(9,798,757	)

Denominator:
Shares used in computation – basic:
Weighted average common shares outstanding			86,515,835			83,937,883

Common shares outstanding for basic			86,515,835			83,937,883

Shares used in computation – diluted:
Common shares outstanding for basic			86,515,835			83,937,883

Shares used in computing diluted net income per share			86,515,835			83,937,883

Net (loss) per share – basic		$	(0.11	)	$	(0.12	)
Net (loss) per share – diluted		$	(0.11	)	$	(0.12	)
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 J).
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 J 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 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 are 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
If we issue redeemable preferred stock instruments (or any other redeemable financial instrument) they are initially evaluated for possible classification as a liability in instances where redemption is certain to occur pursuant to ASC 480 – Distinguishing Liabilities from Equity. Redeemable preferred stock classified as a liability 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.
Subsequent Events
We have evaluated subsequent events for recognition or disclosure through the date this Form 10-Q is filed with the Securities and Exchange Commission.

Restricted_Cash

Restricted Cash	3 Months Ended
Restricted Cash	Mar. 31, 2015
Receivables [Abstract]
Restricted Cash	NOTE C – 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. This mortgage loan has since been extended to July 2016. As extended, the new loan calls for a restricted cash balance of $400,000 to be funded annually for principal and interest payments (see NOTE I). 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 March 31, 2015, was $186,142.

	During May 2014, we entered into a $10.0 million project loan facility with the Bank (see NOTE I). 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 March 31, 2015, was $192,216.

Accounts_Receivable

Accounts Receivable	3 Months Ended
Accounts Receivable	Mar. 31, 2015
Receivables [Abstract]
Accounts Receivable	NOTE D – ACCOUNTS RECEIVABLE

	Our accounts receivable consisted of the following:



		March 31,			December 31,
		2015			2014
	Trade	$	10,956,113		$	11,053,118
	Other		53,373			54,524
	Reserve allowance		(4,631,593	)		(4,631,593	)

	Accounts receivable, net	$	6,377,893		$	6,476,049




	The trade receivable balance at March 31, 2015 and December 31, 2014 consists primarily of (i) a trade receivable from Neptune Minerals, Inc. for which a reserve allowance for the full amount, $4,631,593, has been made, and (ii) a trade receivable on our right to a priority cost recoupment on the SS Central America shipwreck project. We recorded a priority recoupment of costs in the amount $6,290,465 as a reduction to our Operations and research costs for the year ended December 31, 2014. These amounts are based on set and determinable contractual amounts for the recovery of the SS Central America shipwreck. These determinable amounts define the day rate and fixed obligation due to us for our services rendered as it relates to Priority Recoupment. We are awaiting court approval in 2015 so we may assist in monetizing these assets permitting us to collect this receivable. See revenue recognition and accounts receivable in NOTE B.

Inventory

Inventory	3 Months Ended
Inventory	Mar. 31, 2015
Inventory Disclosure [Abstract]
Inventory	NOTE E – INVENTORY

	Our inventory consisted of the following:



		March 31,			December 31,
		2015			2014
	Recovered cargo	$	5,553,773		$	5,681,264
	Packaging		64,681			70,560
	Merchandise		402,850			405,467
	Merchandise reserve		(371,332	)		(371,332	)

	Total inventory	$	5,649,972		$	5,785,959


	Of these amounts, $5,080,643 and $5,110,967 are classified as non-current as of March 31, 2015 and December 31, 2014, respectively. Based on the fair market value of silver at March 31, 2015 and our inventory valuation policy, we recorded a charge to “Cost of goods sold” for the mark down of our silver Gairsoppa bars of $151,922 to fairly represent the net realizable value.

	On shipwreck recovery projects where we do not own the recovered cargo, such as the Gairsoppa and the SS Central America projects, we do not carry any of the recovered but non-monetized cargo as inventory unless we receive cargo as payment for services, as part of our share of proceeds, or if we purchase some of the cargo for re-sale.

Investment_In_Unconsolidated_E

Investment In Unconsolidated Entities	3 Months Ended
Investment In Unconsolidated Entities	Mar. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investment In Unconsolidated Entities	NOTE F – INVESTMENTS IN UNCONSOLIDATED ENTITIES

	Neptune Minerals, Inc.

	We currently own 6,190,201 shares of non-voting stock in Neptune Minerals, Inc. (“NMI”). These non-voting shares are comprised of 6,184,976 of Class B Common non-voting shares and 5,225 Series A Preferred non-voting shares. This represents approximately a 28% ownership interest in NMI. During 2011, NMI acquired Dorado Ocean Resources, Ltd. (“DOR”) through a share exchange with DOR’s shareholders. At that time, we had an approximate 41% ownership position in DOR. Since then we obtained additional shares in NMI from the conversion of convertible instruments or from marine services contracts from which we were compensated with NMI stock.

	At March 31, 2015, our estimated share of unrecognized DOR (NMI) losses are $20.7 million. We have not recognized the accumulated $20.7 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 $20.7 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, 2014. 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 July 2013, we, along with a second creditor, loaned funds to NMI of which our share was $500,000, and this indebtedness was 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 did not increase our ownership nor was it 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 carried an interest rate of 6% per annum and matured on April 26, 2014. The note contained a mandatory conversion clause if the note remained unpaid at maturity. In April 2014, the note was converted into 5,225 shares of Series A Preferred non-voting stock. These shares are convertible into 522,500 shares of Class A voting shares and require no further exchange of consideration for conversion. As a result of this conversion of the loan into equity, we recognized $522,500 of additional investment in NMI and appropriately wrote it down to the loss in unconsolidated entity in 2014.



	Although we are a shareholder of NMI, we have no representation in the board of directors or management of NMI and hold no Class A voting shares. We are not involved in the management of NMI. At March 31, 2015, the net carrying value of our investment in NMI was zero in our consolidated financial statements.

	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 less than a 10% 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. At March 31, 2015, the net carrying value of our investment in CRP was zero in our consolidated financial statements.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	NOTE G – INCOME TAXES

	During the three-month period ended March 31, 2015, we generated approximately $9.3 million of federal net operating loss (“NOL”) carryforwards and $0.9 million of foreign NOL carryforwards. As of March 31, 2015, we had consolidated income tax NOL carryforwards for federal tax purposes of approximately $138.4 million and net operating loss carryforwards for foreign income tax purposes of approximately $14.2 million. The federal NOL carryforwards from 2005 forward will expire in various years beginning in 2025 and ending through the year 2035.

	Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to be recovered or settled. We have recorded a net deferred tax asset of $0 at March 31, 2015. As required by the Accounting for Income Taxes topic in the ASC, we have concluded 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 March 31, 2015. There was no U.S. income tax expense for the three months ended March 31, 2015 due to the generation of net operating losses.

	The increase in the valuation allowance as of March 31, 2015 is due to the generation of approximately $10.2 million in net operating loss carryforwards year-to-date.

	The change in the valuation allowance is as follows:



	March 31, 2015	$	63,625,186
	December 31, 2014		60,312,726

	Change in valuation allowance	$	3,312,460


	Our estimated annual effective tax rate as of March 31, 2015 is 34.84% while our first quarter effective tax rate is 0.0% because of the full valuation allowance.

	We have not recognized a material adjustment in the liability for unrecognized tax benefits and have not recorded any provisions for accrued interest and penalties related to uncertain tax positions. The earliest tax year still subject to examination by a major taxing jurisdiction is 2011.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE H – COMMITMENTS AND CONTINGENCIES

	Legal Proceedings

	The Company may be subject to a variety of claims and suits that arise from time to time in the ordinary course of business. We are currently not a party to any pending litigation.

	Going Concern Consideration

	We have experienced several years of net losses and may continue to do so. Our capacity to generate net income or positive cash flows for the remainder of 2015 or the following twelve months is dependent upon our success in recovering and monetizing shipwrecks, monetizing our interests in mineral exploration entities and recovered cargo, generating income from shipwreck or mineral exploration charters, collecting on amounts owed to us, generating income from other project or asset based financing, and completing the MINOSA/Penelope financing transaction. We can offer no assurance any of our planned projects will be successful in providing additional cash during 2015. We have been the target of repeated attacks by third parties seeking to drive down our stock price. These attacks are primarily organized by certain short-sellers seeking to distort the truth and thereby profit from the decline of our company’s share price (“short and distort”). These attacks have taken the form of public false statements, misrepresentations, and scare tactics in unregulated internet media channels, as well as direct and indirect attempts to disrupt our business by seeking to negatively influence our business partners and business ventures. These attacks have had a consequence on our share price, on our various business deals, and on our ability to secure certain financing alternatives. We received a letter from NASDAQ on March 9, 2015 stating that the Company’s closing bid price on the NASDAQ Capital Market had not maintained a minimum bid price of $1.00 for 30 consecutive business days and that the Company now has 180 calendar days to cure the situation. The Company may be eligible for more than 180 days to cure the situation, but if the situation is not cured then the Company’s shares could be de-listed from the exchange. Our 2015 business plan requires us to generate new cash inflows during 2015 to effectively allow us to perform our planned projects. We plan to generate new cash inflows through the monetization of shipwreck cargo and/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 to the extent needed which may require us to curtail our desired business plan until we generate additional cash. On March 11, 2015, we entered into a Stock Purchase Agreement with Minera del Norte S.A. de c.v. (“MINOSA”) and Penelope Mining LLC, an affiliate of MINOSA (“Penelope”), pursuant to which (a) MINOSA agreed to extend short-term, debt financing to Odyssey of up to $14.75 million, and (b) Penelope agreed to invest up to $101 million over three years in convertible preferred stock of Odyssey. The debt and the equity financings are subject to the satisfaction of certain conditions, including the approval of our stockholders, and MINOSA and Penelope are currently under no obligation to provide the additional loan amounts, make the Preferred share equity investments, or exercise their call option on our Oceanica shares. (See Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations—General Discussion 2014—Financings.) If our stockholders do not approve the transaction, we will likely have to seek debt or equity financing from other sources to allow us to continue as a going concern. 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 cash inflows. Our consolidated non-restricted cash balance at March 31, 2015 was $0.7 million which is insufficient to support operations through the end of 2015. We have a working capital deficit at March 31, 2015 of $13.5 million. We have a bank loan of $7.7 million that matures in 2015. Even though our total assets on our consolidated balance sheet are $21.1 million, the majority of these assets are secured as collateral against our loans and the related fair market value of these assets may differ from their net carrying book value. Even though we executed the above noted financing arrangement, we must obtain stockholder approval and Penelope must purchase the shares for us to be able to complete the equity component of the transaction. Therefore, the factors noted above raise doubt about our ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should we be unable to continue as a going concern.

Mortgage_and_Loans_Payable

Mortgage and Loans Payable	3 Months Ended
Mortgage and Loans Payable	Mar. 31, 2015
Text Block [Abstract]
Mortgage and Loans Payable	NOTE I – MORTGAGE AND LOANS PAYABLE
	The Company’s consolidated debt consisted of the following at March 31, 2015 and December 31, 2014:


			March 31,		December 31,
			2015		2014
	Term loan		$	3,500,000	$	4,000,000
	Project term loans			15,789,600		15,502,422
	Promissory note			1,937,858		—
	Mortgages payable			1,087,000		1,662,459

			$	22,314,458	$	21,164,881

	Term Loan
	Our current term loan with Fifth Third Bank, which is a result of amending its predecessor during July 2013, has a maturity date in July 2016. This facility bears floating interest at the one-month LIBOR rate as reported in the Wall Street Journal plus 500 basis points. Beginning January 2014, we were required to make semi-annual payments of $500,000. Any prepayments made in full or in part were without premium or penalty. No restricted cash payments are required to be kept on deposit. This facility has substantially the same terms as its predecessors as disclosed in our previous Securities and Exchange Commission’s filings.
	This term loan is secured by approximately 24,600 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 carrying value of the borrowing base is not to exceed 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 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 March 31, 2015. At March 31, 2015, the outstanding loan balance for this term loan is $3,500,000.

	Project Term Loans
	Loan one
	On August 14, 2014, we entered into a Loan Agreement with Monaco Financial, LLC (“Monaco”), a strategic marketing partner, pursuant to which Monaco agreed to lend us up to $10.0 million, the first $5.0 million of which (the “First Tranche”) was advanced upon execution of the Loan Agreement. Subject to the satisfaction of conditions set forth in the Loan Agreement, we have the right to borrow up to an additional $5.0 million in two separate advances of $2.5 million each, which we refer to as the “Second Tranche” and the “Third Tranche.” Each of the three advances is evidenced by separate promissory notes (the “Notes”). The Second Tranche was advanced on October 1, 2014, and the Third Tranche was advanced on December 1, 2014. The outstanding balance of these Notes at March 31, 2015 was $10.0 million.
	The indebtedness evidenced by the Notes bears interest at 8.0% percent per year until the first anniversary of the note and 11% per annum from the first anniversary through the maturity date. Principal is payable at the maturity date while interest is payable monthly. As consideration for the Notes, the Company (i) entered into a multi-year exclusive agreement in which the we granted Monaco an exclusive right to market valuable trade cargo through a marketing joint venture, (ii) assigned to Monaco 100,000 shares of Oceanica Resources S. de. R.L (“Oceanica”) and (iii) granted Monaco a Share Purchase Option whereby the investor may purchase shares of Oceanica at a purchase price which is the lower of (a) $3.15 per share or (b) the price per share of a contemplated equity offering of Oceanica which totals $1,000,000 or more in the aggregate. The Share Purchase Option may be exercised (i) by conversion of the outstanding principal, (ii) in cash for up to 50% of the initial principal amount of the Note (exercisable until the end of the term of the note) if the Note has been repaid early at the request of the investor, or (iii) in cash for up to 100% of the initial principal amount of the Note (exercisable until the end of the term of the note) if the Note has been repaid early at the request of the Company. Although the conversion price of the Share Purchase Option is variable, the amount of shares issuable under the arrangement is 10,000,000. For collateral, we granted the lender a security interest in the proceeds from the sale of valuable trade cargo whenever held, in excess of the proceeds previously pledged under other arrangements, a certain quantity of our Oceanica shares based on the loan balance and certain marine equipment and technology as evidenced by equity in two of our wholly owned subsidiaries.
	Accounting considerations
	We have accounted for the First Tranche 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 First Tranche 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 of 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 feature consisted of the share purchase option. The share purchase option was not clearly and closely related to the host debt agreement and required bifurcation.
	Based on the previous conclusions, we allocated the cash proceeds first to the derivative components at their fair values with the residual allocated to the host debt contract, as follows:


			T1 Allocation		T2 Allocation		T3 Allocation
	Promissory Note		$	3,918,254	$	1,937,540	$	1,909,127
	Embedded derivative (share purchase option)			831,746		562,460		590,873
	Common shares of Oceanica			250,000		—		—

			$	5,000,000	$	2,500,000	$	2,500,000

	No value was assigned to the multi-year exclusive marketing agreement (entered into with Monaco at the same time as the Loan Agreement) because the value attributable to the multi-year exclusive marketing agreement is compensatory in nature. The value of the compensation will be determined when i) the valuable trade cargo is recovered, and ii) the marketing and sales activities are successful. Accordingly, the compensation related to the 5% fee will be a period expense in the period incurred, or when a sale takes place. The assignment to Monaco of 100,000 shares of Oceanica was valued at $250,000 and was included as part of the allocation of proceeds. The financing basis allocated to the Notes is subject to amortization with periodic charges to interest expense using the effective interest method. Amortization of these components included in interest expense during the year ended March 31, 2015 amounted to $287,179. The derivative components are subject to re-measurement to fair value at the end of each reporting period with the change reflected in income.

	Loan two
	On May 7, 2014, we entered into a new $10.0 million credit facility with Fifth Third bank similar to the loans obtained in 2012 and 2013 for the Gairsoppa project. The bank will advance funds based upon our recovery of valuable cargo from shipwrecks over the subsequent 12 months. The advances are at pre-defined amounts or percentages of the value of a project’s recovered cargo. The proceeds from our shipwreck recovery contracts or from our sales of recovered cargo will be used to repay the new loan, as was done for the previous Gairsoppa loans. The interest rate on the new loan is a floating rate equal to the one-month LIBOR rate plus 500 basis points. An origination fee of $50,000 was paid at closing. This facility matures in May 2015. A restricted cash deposit of $500,000 was required to cover interest payments when the term loan was funded, or portion thereof. We are required to comply with a number of customary affirmative and negative covenants of which we were in compliance at March 31, 2015. The proceeds are to be used to fund various project recovery costs. At March 31, 2015, the outstanding loan balance on this credit facility was $7,684,514.
	Loan three
	During July 2013, we entered into a $10.0 million project term loan agreement with Fifth Third Bank for the Gairsoppa shipwreck project. The facility that was outstanding at December 31, 2013 was to mature on July 24, 2014 but was repaid in its entirety during March 2014. This term loan bore interest at a floating rate equal to the one-month LIBOR rate plus 500 basis points. We were able to 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 of $500,000 was required to cover interest payments. The term loan was secured by $10.0 million that was monetized from approximately 1.8 million ounces of silver recovered from the SS Gairsoppa. We were required to comply with a number of customary affirmative and negative covenants of which we were in compliance during the existence of this facility. The proceeds were used to fund project recovery costs.
	Promissory Note
	On March 11, 2015, in connection with a Stock Purchase Agreement (See NOTE J), Minera del Norte, S.A. de C.V. (“MINOSA”) agreed to lend us up to $14.75 million, subject to the terms set forth in the Purchase Agreement, according to the following schedule:


	Dates		Loan Amount
	March 11, 2015 (Received March 2015)		$	2,000,000
	March 31, 2015 (Received April 2015)			6,000,000
	April 30, 2015 (Received April 2015)			3,000,000
	May 31, 2015			2,000,000
	June 30, 2015			1,750,000

			$	14,750,000

	The outstanding indebtedness bears interest at 8.0% percent per annum. Principal and interest is payable on (i) September 30, 2015 or (ii) if and only if the Stock Purchase Agreement has been terminated by MINOSA under specific circumstances, March 30, 2016 (the “Maturity Date”). In connection with the loans, we granted MINOSA an option to purchase our 54% interest in Oceanica for $40.0 million (the “Oceanica Call Option”). As disclosed in the Current Report and on Form 8-K filed with the Securities and Exchange Commission on April 15, 2015, the Call Option was amended on April 10, 2015 whereby in specified circumstances, the expiration date of the Option Agreement will be extended to a two-year period and the Option Consideration will be reduced to $20.0 million. Management believes that the likelihood of the specified circumstances occurring is remote. As collateral for the loan, we granted MINOSA a security interest in the Company’s 54% interest in Oceanica. MINOSA’s obligation to make additional loan amounts is subject to the satisfaction or waiver of specific conditions. The outstanding balance of this debt at March 31, 2015 was $2.0 million.
	Accounting considerations
	We have accounted for this transaction as a financing transaction, wherein the net proceeds received were allocated to the financial instruments issued. The Second Tranche of $6.0 million was received in April 2015 and is not reflected in our March 31, 2015 financial statements. Prior to making the accounting allocation, we evaluated for proper classification under ASC 480 Distinguishing Liabilities from Equity (“ASC 480”), ASC 815 Derivatives and Hedging (“ASC 815”) and ASC 320 Property, Plant and Equipment (“ASC 320”).
	The debt agreement did not contain any embedded terms or features that have characteristics of derivatives. The Oceanica Call Option is considered a freestanding financial instrument because it is both (i) legally detachable and (ii) separately exercisable. The Oceanica Call Option did not fall under the guidance of ASC 480. Additionally it did not meet the definition of a derivative under ASC 815 because the option has a fixed value of $40 million and does not contain an underlying variable which is indicative of a derivative. This instrument is considered an option contract for a sale of an asset. The guidance applied in this case is ASC 360.20, which provides that in situations when a party lends funds to a seller and is given an option to buy the property at a certain date in the future, the loan shall be recorded at its present value using market interest rates and any excess of the proceeds over that amount credited to an option deposit account. If the option is exercised, the deposit shall be included as part of the sales proceeds; if not exercised, it shall be credited to income in the period in which the option lapses.
	Based on the previous conclusions, we allocated the cash proceeds first to the debt at its present value using a market rate of 15%, which is management’s estimate of a market rate loan for the Company, with the residual allocated to the Oceanica Call Option, as follows:


			Tranche 1
	Promissory Note		$	1,932,759
	Deferred Income (Oceanica Call Option)			67,241

Proceeds		$	2,000,000

The option amount of $67,241 represents a debt discount. This discount will be accreted up to face value using the effective interest method. Amortization for the three months ended March 31, 2015 amounted to $5,098. Accrued interest recorded on the note for the three months ended March 31, 2015 amounted to $9,205.
Mortgage 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 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.
During July 2013, when the above noted mortgage matured, we extended it under 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. As of March 31, 2015, the loan balance outstanding was $1,087,000.
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 had a monthly payment of $5,080 with a maturity date of May 14, 2015. Principal and interest payments were payable monthly. Interest was at a fixed annual rate of 6.45%. This debt was secured by the related mortgaged real property. This property was sold in sold in March 2015 and all related mortgages have been paid in full. As of March 31, 2015, the loan balance outstanding was $0.
Senior Convertible Notes
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 bore interest at 8.0% percent per year (15% under default conditions, if applicable). Interest was compounded monthly and payable quarterly at the beginning of each calendar quarter. The Initial Note was amortized with equal monthly principal installments of $434,783 that commenced on July 8, 2012. Prepayment was not allowed. Further, the Notes could have been 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 was also subject to adjustment for stock splits, stock dividends, recapitalizations, and similar transactions. We 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 was 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 provided for redemption upon the occurrence of an event of default. Default conditions included non-servicing of the debt and certain other credit risk related conditions. Default conditions also included 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 included acceleration of payment at 125% of the remaining face value in certain circumstances. In the event the default redemption was 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 did not extend voting rights to the investors. However, the Notes extended 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. During 2014, the remaining principal balance of $1,391,306 was paid in full in cash.
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 filed 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 bore interest at 9.0% per year and matured on the 30-month anniversary of the initial closing date. The Additional Note amortized 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 could have been 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 was 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 was $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. During 2014, $1,739,130 of the principal balance was paid in cash and the remaining principal balance of $2,347,826 was converted into common stock.

Accounting considerations
We have accounted for the issuance of the Initial Note, the Additional Note and the Warrant 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 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 from inception and 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 L) 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 three months ended March 31, 2015 and 2014 amounted to $0 and $271,606, respectively. 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 L for information about our derivatives. As of March 31, 2015 these notes are no longer outstanding.

Stockholders_Equity_Deficit

Stockholders' Equity (Deficit)

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Stockholders' Equity (Deficit)

NOTE J – STOCKHOLDERS’ EQUITY (DEFICIT)

Common Stock

In March 2015, we issued 4.0 million shares of our common stock to Mako Resources, LLC, an Oceanica shareholder, valued in total at $2,520,000 based on our closing stock price on March 11, 2015. These shares were issued as consideration for termination of Mako’s option to acquire up to 6.0 million of our shares owned in Oceanica. See Preferred Stock below and NOTE I.

In 2014, we issued 1,290,155 shares of common stock, valued at $2,420,863, representing payment for principal and interest on the Additional Note as described in NOTE I.

In 2013, we issued 3,552,357 shares of common stock, valued at $9,280,242, representing payment for principal and interest on the Initial Note and Additional Note as described in NOTE I.

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.

Preferred Stock

On March 11, 2015, we entered into a Stock Purchase Agreement (the “Purchase Agreement”) with Penelope Mining LLC (the “Investor”), and, solely with respect to certain provisions of the Purchase Agreement, Minera del Norte, S.A. de C.V. (the “Guarantor” or the “Lender”). The Purchase Agreement provides for the Company to issue and sell to the Investor, after receiving stockholder approval, shares of the Company’s preferred stock in the amounts and at the prices set forth in the following table:

Convertible Preferred Stock

Price Per Share

Total Investment

Series AA-1

101,124,042

Series AA-2

86,677,740

0.5

43,338,870

187,801,782

144,462,912

The Investor’s option to purchase the Series AA-2 shares is subject to the closing price of the Common Stock on the NASDAQ having been greater than or equal to $1.26 per share for a period of twenty (20) consecutive Business Days on which the NASDAQ is open.

The closing of the sale and issuance of shares of the Company’s preferred stock to the Investor is subject to certain conditions, including the Company’s receipt of required approvals from the Company’s stockholders, the receipt of regulatory approval, performance by the Company of its obligations under the Stock Purchase Agreement, the listing of the underlying common stock on the NASDAQ Stock Market and the Investor’s satisfaction, in its sole discretion, with the viability of certain undersea mining projects of the Company. Completion of the transaction requires amending the Company’s articles of incorporation to (a) effect a 1-for-6 reverse stock split, (b) adjust the Company’s authorized capitalization, and (c) establish a classified board of directors (collectively, the “Amendments”).

Series AA Convertible Preferred Stock Designation

The Purchase Agreement provides for the issuance of up to 101,124,042 shares of Series AA-1 Convertible Preferred Stock, par value $0.0001 per share (the “Series AA-1 Preferred”) and 86,677,740 shares of Series AA-2 Convertible Preferred Stock, par value $0.0001 per share (the “Series AA-2 Preferred”), subject to stockholder approval and satisfaction of other conditions. Significant terms and conditions of the Series AA Preferred are as follows:

Dividends. If and when the Company declares a dividend and any other distribution (including, without limitation, in cash, in capital stock (which shall include, without limitation, any options, warrants or other rights to acquire capital stock) of the Company, then the holders of each share of Series AA Preferred Stock are entitled to receive, a dividend or distribution in an amount equal to the amount of dividend or distribution received by the holders of common stock for which such share of Series AA Preferred Stock is convertible.

Liquidation Preference. The Liquidation Preference on each share of Series AA Preferred Stock is its Stated Value plus accretion at the rate of 8% per annum compounded on each December 31 from the date of issue of such share until the date such share is converted. For any accretion period which is less than a full year, the Liquidation Preference shall accrete in an amount to be computed on the basis of a 360-day year of twelve 30-day months and the actual number of days elapsed.

Voting Rights. The holders of Series AA Preferred will be entitled to one vote for each share of common stock into which the Series AA Preferred is convertible and will be entitled to notice of meetings of stockholders.

Conversion Rights. At any time after the Preferred Shares have been issued, any holder of shares of Series AA Preferred may convert any or all of the shares of preferred stock into one fully paid and non-assessable share of Common Stock.

Adjustments to Conversion Rights. If Odyssey pays a dividend or makes a distribution on its common stock in shares of common stock, subdivides its outstanding common stock into a greater number of shares, or combines its outstanding common stock into a smaller number of shares, or if there is a reorganization, or a merger or consolidation of Odyssey with or into any other entity which results 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 will be adjusted appropriately so that each holder of Series AA Preferred will receive the securities or other consideration the holder would have received if the holder’s Series AA Preferred had been converted before the happening of the event. The conversion price in effect from time to time is also subject to downward adjustment if we issue or sell shares of common stock for a purchase price less than the conversion price or if we issue or sell 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 AA Preferred.

Accounting considerations

As stated above the issuance of the Series AA Convertible Preferred Stock is based on certain contingencies. No accounting treatment determination is required until these contingencies are met and the Series AA Convertible Preferred Stock has been issued. However, we have analyzed the instrument to determine the proper accounting treatment that will be necessary once the instruments have been issued.

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 AA 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 of 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 AA Convertible Preferred Stock in its entirety as being either akin to equity or akin to debt. Our evaluation concluded that the Series AA Convertible Preferred Stock was more akin to an equity-like contract largely due to the fact that most of its features were participatory in nature. As a result we concluded that the embedded conversion feature is clearly and closely related to the host equity contract and will not require bifurcation and liability classification.

The option to purchase the Series AA-2 Convertible Preferred Stock was analyzed as a freestanding financial instruments and has terms and features of derivative financial instruments. However, in analyzing this instrument under applicable guidance it was determined that it is both (i) indexed to the Company’s stock and (ii) meet the conditions for equity classification.

Warrants

Warrants to purchase 1,562,500 shares of common stock were attached to our formerly outstanding Senior Convertible debt discussed further in NOTES I and L. The exercise price on these warrants is $3.60, and they expire on November 9, 2016. See NOTE L for further information on these warrants.

Stock-Based Compensation

We have one stock incentive plan, the 2005 Stock Incentive Plan, that has been approved by our stockholders. 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, our stockholders’ 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. This plan will expire in August 2015.

On January 2, 2015 our Board of Directors (the “Board”) adopted the 2015 Stock Incentive Plan (the “Plan”), subject to stockholder approval. The Plan provides for the grant of incentive stock options, non-qualified stock options, restricted stock awards, restricted stock units and stock appreciation rights. The Plan will be submitted to our stockholders for approval at the 2015 annual meeting of stockholders. The Board adopted the Plan because the 2005 Stock Incentive Plan will expire in 2015. On January 2, 2015, the Board granted, subject to stockholder approval of the Plan, 1,652,000 stock options and 951,381 restricted stock units to officers, directors, and other eligible recipients.

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 three-month periods ended March 31, 2015 and 2014 was $594,606 and $492,775.

The weighted average estimated fair value of stock options granted during the three-month periods ended March 31, 2015 and 2014 was $0.71 and $1.28, respectively. The weighted average fair value of stock options granted is 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 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 or variations from these assumptions can materially affect the fair value of the options.

March 31,

2015

2014

Risk-free interest rate

1.78 - 2.00%

2.11 - 2.66%

Expected volatility of common stock

64.47 - 65.95%

63.54 - 65.03%

Dividend yield

Expected life of options

6.1 - 8.2 years

Concentration_of_Credit_Risk

Concentration of Credit Risk	3 Months Ended
Concentration of Credit Risk	Mar. 31, 2015
Risks and Uncertainties [Abstract]
Concentration of Credit Risk	NOTE K – CONCENTRATION OF CREDIT RISK
	We maintain the majority of our cash at one financial institution. At March 31, 2015, our uninsured cash balance was approximately $859,000.
	Our term 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 I 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 by approximately, on average, $852 per month until maturity in July 2016. An increase of 100 basis points to the interest rate on our term loans increases our interest obligation, at most, by approximately, on average, $2,436 per month while an increase of 100 basis points our project term loan would increase the monthly interest payment by approximately $6,510. See NOTE I. 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.

Derivative_Financial_Instrumen

Derivative Financial Instruments (Compound Embedded Derivative [Member])	3 Months Ended
	Mar. 31, 2015
Compound Embedded Derivative [Member]
Derivative Financial Instruments	NOTE L – DERIVATIVE FINANCIAL INSTRUMENTS

	The following tables summarize the components of our derivative liabilities and linked common shares as of March 31, 2015 and December 31, 2014 and the amounts that were reflected in our income related to our derivatives for the periods then ended:



			March 31,				December 31,
			2015				2014
	Derivative liabilities:
	Embedded derivatives derived from:
	2014 Convertible Promissory Notes		$	2,594,444			$	2,115,318

				2,594,444				2,115,318
	Warrant derivatives
	Senior Convertible Notes			94,904				111,127

	Warrant derivatives			94,904				111,127

	Total derivative liabilities		$	2,689,348			$	2,226,445




			March 31,				December 31,
			2015				2014
	Common shares linked to derivative liabilities:
	Embedded derivatives:
	2014 Convertible Promissory Notes*			3,174,604				3,174,604

				3,174,604				3,174,604

	Warrant derivatives
	Senior Convertible Notes			1,562,500				1,562,500
	Series G Convertible Preferred Stock			—				—

				1,562,500				1,562,500

	Total common shares linked to derivative liabilities			4,737,104				4,737,104



	*	The common shares indexed to the 2014 Convertible Promissory Notes are shares indexed to Oceanica.



			Three-months ended March 31,
			2015				2014
	Derivative income (expense):
	Unrealized gains (losses) from fair value changes:
	Senior Convertible Notes		$	—			$	47,243
	2014 Convertible Promissory Notes			(479,126	)			—
	Warrant derivatives			16,223				(229,956	)

	Total derivative income (expense)		$	(462,903	)		$	(182,713	)


	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 share purchase options that have been bifurcated from our Monaco Notes and classified in liabilities as of March 31, 2015 and the inception dates (Tranche 1 – August 14, 2014, Tranche 2 – October 1, 2014, Tranche 3 – December 1, 2014):



	Tranche 1 – August 14, 2014:		March 31, 2015		August 14, 2014
	Underlying price on valuation date*		$2.50		$2.50
Contractual conversion rate		$3.15		$3.15
Contractual term to maturity		1.38 Years		2.00 Years
Implied expected term to maturity		1.27 Years		1.85 Years
Market volatility:
Range of volatilities		75.4% - 115.9%		37.0% - 62.2%
Equivalent volatilities		91.53%		51.20%
Contractual interest rate		8.0% - 11.0%		8.0% - 11.0%
Equivalent market risk adjusted interest rates		10.00%		9.50%
Range of credit risk adjusted yields		4.69% - 5.18%		3.94% - 4.45%
Equivalent credit risk adjusted yield		4.81%		4.15%

Tranche 2 – October 1, 2014:		March 31, 2015		October 1, 2014
Underlying price on valuation date*		$2.50		$2.50
Contractual conversion rate		$3.15		$3.15
Contractual term to maturity		1.51 Years		2.00 Years
Implied expected term to maturity		1.38 Years		1.79 Years
Market volatility:
Range of volatilities		75.2% - 114.1%		58.6% - 75.3%
Equivalent volatilities		89.70%		68.00%
Contractual interest rate		8.0% - 11.0%		8.0% - 11.0%
Equivalent market risk adjusted interest rates		9.75%		9.25%
Range of credit risk adjusted yields		4.69% - 5.18%		3.97% - 4.61%
Equivalent credit risk adjusted yield		4.85%		4.24%
Tranche 3 – December 1, 2014:		March 31, 2015		December 1, 2014
Underlying price on valuation date*		$2.50		$2.50
Contractual conversion rate		$3.15		$3.15
Contractual term to maturity		1.67 Years		2.00 Years
Implied expected term to maturity		1.53 Years		1.76 Years
Market volatility:
Range of volatilities		74.4% - 115.1%		61.8% - 79.8%
Equivalent volatilities		89.30%		72.20%
Contractual interest rate		8.0% - 11.0%		8.0% - 11.0%
Equivalent market risk adjusted interest rates		9.50%		9.25%
Range of credit risk adjusted yields		4.69% - 5.18%		4.29% - 4.84%
Equivalent credit risk adjusted yield		4.85%		4.52%


*	The instrument is convertible into shares of the Company’s subsidiary, Oceanica, which is not a publicly-traded entity. Therefore its shares do not trade on a public exchange. As a result, the underlying value must be based on private sales of the subsidiary’s shares because that is the best indicator of the value of the shares. There has been a sale of Oceanica’s shares in which a private investor accumulated 24% of the shares of which their last purchase price was for $2.50 per share in December 2013. Accordingly the underlying price used in the MCS calculations for the inception dates and quarter ended March 31, 2015 was $2.50.

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 three-months ended March 31, 2015 and 2014.



		For the three-months ended

		March 31,
		2015				2014
Balances at January 1		$	—			$	47,243
Issuances			—				—
Expirations from redemptions of host contracts reflected in income			—				(47,243	)
Changes in fair value inputs and assumptions reflected in income			—				—

Balances at March 31		$	—			$	—


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.

The following table reflects the issuances of the Share Purchase Option derivatives and changes in fair value inputs and assumptions for these derivatives during the three-months ended March 31, 2015.



		March 31, 2015
Balances at January 1		$	2,115,318
Issuances			—
Changes in fair value inputs and assumptions reflected in income			479,126

Balances at March 31		$	2,594,444


The fair value of all Share Purchase Option 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.

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. All remaining warrants linked to 1,725,000 shares of common stock were exercised on October 11, 2013.

All remaining warrants linked to 525,000 shares of common stock expired unexercised on April 13, 2014. Therefore, the warrants linked to 525,000 shares of common stock were not outstanding as of March 31, 2015. Significant assumptions and utilized in the Binomial Lattice process are as follows for the warrants linked to 525,000 shares of common stock as of March 31, 2014:



		March 31, 2014
Linked common shares		525,000
Quoted market price on valuation date		$2.29
Contractual exercise rate		$2.38
Term (years)		0.04
Range of market volatilities		15.2% - 29.2%
Risk free rates using zero coupon US Treasury Security rates		0.05%

Significant assumptions and utilized in the Binomial Lattice process are as follows for the warrants linked to 1,562,500 shares of common stock as of March 31, 2015, March 31, 2014 and December 31, 2014:



		March, 31				December 31,
		2015		2014		2014
Linked common shares		1,562,500		1,562,500		1,562,500
Quoted market price on valuation date		$0.70		$2.29		$0.93
Contractual exercise rate		$3.60		$3.60		$3.60
Term (years)		2.11		3.11		2.4
Range of market volatilities		69.7% - 109.1%		47.9% - 66.1%		59.9% - 73.9%
Risk free rates using zero coupon US Treasury Security rates		0.03% - 0.56%		0.05% - 0.90%		0.04% - 0.67%
Custom lattice variable: Probability of exercisability (434,027 linked common shares)		—		—		—

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 years ended March 31, 2015 and 2014.



		Three-months ended March 31,
		2015				2014
Balances at January 1		$	111,127			$	840,000
Changes in fair value inputs and assumptions reflected in income			(16,223	)			18,906

Balances at March 31		$	94,904			$	858,906


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.

Deferred_Income_and_Revenue_Pa

Deferred Income and Revenue Participation Rights	3 Months Ended
	Mar. 31, 2015
Deferred Revenue Disclosure [Abstract]
Deferred Income and Revenue Participation Rights	NOTE M – DEFERRED INCOME AND REVENUE PARTICIPATION RIGHTS

	The Company’s participating revenue rights and deferred revenue consisted of the following at March 31, 2015 and December 31, 2014:



		March 31,		December 31,
		2015		2014
	“Cambridge” project	$	825,000	$	825,000
	“Seattle” project		62,500		62,500
	Galt Resources, LLC (HMS Victory)		3,756,250		3,756,250
	Oceanica call option		67,241		—

	Total deferred income and participating revenue rights	$	4,710,991	$	4,643,750




	“**Cambridge” project**

	We previously sold Revenue Participation Certificates (“RPCs”) that represent the right to share in our future revenues derived from the “Cambridge” project, which is also referred to as the HMS Sussex shipwreck project. 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.

	“**Seattle” 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 now named “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 “Seattle” 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.

	Galt Resources, LLC

	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 HMSVictory 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 due to Galt for the Gairsoppa project nor did they receive or have they received any further distributions from the Gairsoppaproject 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 ($15.0 million).

	Oceanica Call Option

	On March 11, 2015, we agreed to issue and sell up to $14.75 million in Promissory Notes (See NOTE I) to Minera del Norte, S.A. de C.V. (“MINOSA”) In connection with the loans, we granted MINOSA an option to purchase our 54% interest in Oceanica for $40.0 million (the “Oceanica Call Option”). The guidance applied in this case is ASC 360.20, which provides that in situations when a party lends funds to a seller and is given an option to buy the property at a certain date in the future, the loan shall be recorded at its present value using market interest rates and any excess of the proceeds over that amount credited to an option deposit account. If the option is exercised, the deposit shall be included as part of the sales proceeds; if not exercised, it shall be credited to income in the period in which the option lapses. The option deposit account in this case is deferred income.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2015
Accounting Policies [Abstract]
Principles of Consolidation	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., Marine Exploration Holdings, LLC, 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.
Use of Estimates	Use of Estimates
Use of Estimates	Management used 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 Operations.

	In 2014, we were contracted to recover gold and other cargo from the shipwreck SS Central America. Our agreement allows for the reimbursement of Priority Recoupment costs which are based on pre-defined and quantifiable contractual amounts. Priority Recoupment relates to recoupment of operating and recovery expenses associated with this project. Operating and recovery expenses consist of mobilization costs and vessel-related expenses such as ships’ crew, provisions, fuel and specialized off-shore equipment. These expenses are charged to the Consolidated Statements of Operations as incurred and the priority recoupment is recorded as a benefit (credit to expense) in the period we are assured of recoupment. These costs are recouped out of first cash proceeds from the monetization of recovered cargo items that are split 80% to us and 20% to the receiver. After the Priority Recoupment is paid in full, subsequent cash proceeds are split 45% to us and 55% to the receiver, at which point in time we will record these additional proceeds as revenue. Staff Accounting Bulletin 13 requires four criteria to be present before recognizing revenue. These criteria are: collection is probable, delivery of goods or services are complete, persuasive evidence of an arrangement exists and the price or amount can be determined. Priority cost recoupment is not revenue but the same criteria are applied when determining to recognize or not. We have recovered a significant amount of gold and other valuable cargo, and based on an independent expert review of the recovered cargo, our Priority Recoupment to date as of December 31, 2014 is reasonably assured of being collected when the gold and other valuable cargo is monetized. To the extent the appraised value exceeds our priority recoupment and we are able to accurately measure or quantify a dollar amount for our 45% interest in these additional cash proceeds, we will record revenue at that time. The value of future monetization is based on what the market will bear, which is undeterminable at this time and, therefore, there will be no revenue recognition related to our 45% portion of proceeds in excess of the Priority Recoupment until monetization occurs. See NOTE D regarding the SS Central America.

	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, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash
Cash, Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash 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 cargo recovered from the SS Republic shipwreck, other purchased artifacts, general branded merchandise and related packaging material. Inventoried costs of recovered cargo include the costs of recovery, conservation and administrative costs to obtain legal title to the cargo. 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 cargo and the artifacts. We continually monitor the recorded aggregate costs of the recovered cargo 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 Operations.
Long-Lived Assets	Long-Lived Assets

	Our policy is to recognize impairment losses relating to long-lived assets in accordance with the 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. Impairment losses are included in depreciation at the time of impairment.
Property and Equipment and Depreciation	Property and Equipment and Depreciation
Property and Equipment and Depreciation	Property and equipment is stated at historical cost. Depreciation is calculated using the straight-line method at rates based on the assets’ estimated useful lives which are normally between three and thirty 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 has income, the Company will calculate basic earnings per share using the two-class method, if required, pursuant to ASC 260 Earnings Per Share. The two-class method was required effective with the issuance of the Senior Convertible Note disclosed in Note I because the note qualified as a 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 holder 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 March 31, 2015 and 2014, weighted average common shares outstanding year-to-date were 85,515,835 and 83,937,883, respectively. For the periods ended March 31, 2015 and 2014, 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 following tables represent potential common shares calculated using the treasury stock method from outstanding options, stock awards and warrants that were excluded from the calculation of diluted EPS:



			Three Months Ended
			March 31,			March 31,
			2015			2014
	Average market price during the period		$	0.79		$	2.1
	In the money potential common shares from options excluded			—			10,057
	In the money potential common shares from warrants excluded			—			—

	Potential common shares from out-of-the-money options and warrants were also excluded from the computation of diluted EPS because calculation of the associated potential common shares has an anti-dilutive effect on EPS. The following table lists options and warrants that were excluded from diluted EPS:



			Three Months Ended
			March 31,			March 31,
			2015			2014
	Out of the money options and warrants excluded:
	Stock options with an exercise price of $1.04 per share			1,652,000			—
	Stock options with an exercise price of $1.07 per share			50,000			—
	Stock options with an exercise price of $1.74 per share			51,750			—
	Stock options with an exercise price of $2.20 per share			969,610			—
	Stock options with an exercise price of $2.73 per share			644,469			651,969
	Stock options with an exercise price of $2.74 per share			633,835			633,835
	Stock options with an exercise price of $2.89 per share			983,822			993,822
	Stock options with an exercise price of $3.25 per share			100,000			100,000
	Stock options with an exercise price of $3.40 per share			100,000			100,000
	Stock options with an exercise price of $3.43 per share			40,000			40,000
	Stock options with an exercise price of $3.50 per share			100,000			100,000
	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
	Stock options with an exercise price of $7.00 per share			—			525,000
	Warrants with an exercise price of $3.60 per share			1,562,500			1,562,500

	Total anti-dilutive warrants and options excluded from EPS			6,907,986			4,779,626


	Potential common shares from outstanding Convertible Preferred Stock calculated on an if-converted basis having an anti-dilutive effect on diluted earnings per share were excluded from potential common shares as follows:



			Three Months Ended
			March 31,			March 31,
			2015			2014
	Potential common shares from Convertible Preferred Stock excluded from EPS			32,400			32,400




	The weighted average equivalent common shares relating to our unvested restricted stock awards that were excluded from potential common shares in the earning per share calculation due to having an anti-dilutive effect are:



		Three Months Ended
		March 31,			March 31,
		2015			2014
Potential common shares from unvested restricted stock awards excluded from EPS			1,776,210			654,342


The following is a reconciliation of the numerators and denominators used in computing basic and diluted net income per share:



		Three Months Ended
		March 31,			March 31,
		2015			2014
Net income (loss)		$	(9,714,471	)	$	(9,798,757	)

Numerator, basic and diluted net income (loss) available to stockholders		$	(9,714,471	)	$	(9,798,757	)

Denominator:
Shares used in computation – basic:
Weighted average common shares outstanding			86,515,835			83,937,883

Common shares outstanding for basic			86,515,835			83,937,883

Shares used in computation – diluted:
Common shares outstanding for basic			86,515,835			83,937,883

Shares used in computing diluted net income per share			86,515,835			83,937,883

Net (loss) per share – basic		$	(0.11	)	$	(0.12	)
Net (loss) per share – diluted		$	(0.11	)	$	(0.12	)
Income Taxes	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
Stock-based Compensation	Our stock-based compensation is recorded in accordance with the guidance in the ASC topic for Stock-Based Compensation (See NOTE J).
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 and mortgage and loans payable. 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. Redeemable preferred stock has been carried at historical cost and accreted 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 J 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 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 are 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	If we issue redeemable preferred stock instruments (or any other redeemable financial instrument) they are initially evaluated for possible classification as a liability in instances where redemption is certain to occur pursuant to ASC 480 – Distinguishing Liabilities from Equity. Redeemable preferred stock classified as a liability 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.
Subsequent Events	Subsequent Events
Subsequent Events	We have evaluated subsequent events for recognition or disclosure through the date this Form 10-Q 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.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
Summary of Significant Accounting Policies (Tables)	Mar. 31, 2015
Reconciliation of Numerators and Denominators used in Computing Basic and Diluted Net Income Per Share	The following is a reconciliation of the numerators and denominators used in computing basic and diluted net income per share:


		Three Months Ended
		March 31,			March 31,
		2015			2014
	Net income (loss)	$	(9,714,471	)	$	(9,798,757	)

	Numerator, basic and diluted net income (loss) available to stockholders	$	(9,714,471	)	$	(9,798,757	)

	Denominator:
	Shares used in computation – basic:
	Weighted average common shares outstanding		86,515,835			83,937,883

	Common shares outstanding for basic		86,515,835			83,937,883

	Shares used in computation – diluted:
	Common shares outstanding for basic		86,515,835			83,937,883

	Shares used in computing diluted net income per share		86,515,835			83,937,883

	Net (loss) per share – basic	$	(0.11	)	$	(0.12	)
	Net (loss) per share – diluted	$	(0.11	)	$	(0.12	)
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 on an if-converted basis having an anti-dilutive effect on diluted earnings per share were excluded from potential common shares as follows:


		Three Months Ended
		March 31,			March 31,
		2015			2014
	Potential common shares from Convertible Preferred Stock excluded from EPS		32,400			32,400

In the Money Potential Common Shares [Member]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The potential common shares in the following tables represent potential common shares calculated using the treasury stock method from outstanding options, stock awards and warrants that were excluded from the calculation of diluted EPS:


		Three Months Ended
		March 31,			March 31,
		2015			2014
	Average market price during the period	$	0.79		$	2.1
	In the money potential common shares from options excluded		—			10,057
	In the money potential common shares from warrants excluded		—			—
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 EPS because calculation of the associated potential common shares has an anti-dilutive effect on EPS. The following table lists options and warrants that were excluded from diluted EPS:



		Three Months Ended
		March 31,			March 31,
		2015			2014
	Out of the money options and warrants excluded:
	Stock options with an exercise price of $1.04 per share		1,652,000			—
	Stock options with an exercise price of $1.07 per share		50,000			—
	Stock options with an exercise price of $1.74 per share		51,750			—
	Stock options with an exercise price of $2.20 per share		969,610			—
	Stock options with an exercise price of $2.73 per share		644,469			651,969
	Stock options with an exercise price of $2.74 per share		633,835			633,835
	Stock options with an exercise price of $2.89 per share		983,822			993,822
	Stock options with an exercise price of $3.25 per share		100,000			100,000
	Stock options with an exercise price of $3.40 per share		100,000			100,000
	Stock options with an exercise price of $3.43 per share		40,000			40,000
	Stock options with an exercise price of $3.50 per share		100,000			100,000
	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
	Stock options with an exercise price of $7.00 per share		—			525,000
	Warrants with an exercise price of $3.60 per share		1,562,500			1,562,500

	Total anti-dilutive warrants and options excluded from EPS		6,907,986			4,779,626

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 in the earning per share calculation due to having an anti-dilutive effect are:


		Three Months Ended
		March 31,			March 31,
		2015			2014
	Potential common shares from unvested restricted stock awards excluded from EPS		1,776,210			654,342

Accounts_Receivable_Tables

Accounts Receivable (Tables)	3 Months Ended
Accounts Receivable (Tables)	Mar. 31, 2015
Receivables [Abstract]
Summary of Accounts Receivable	Our accounts receivable consisted of the following:


		March 31,			December 31,
		2015			2014
	Trade	$	10,956,113		$	11,053,118
	Other		53,373			54,524
	Reserve allowance		(4,631,593	)		(4,631,593	)

	Accounts receivable, net	$	6,377,893		$	6,476,049

Inventory_Tables

Inventory (Tables)	3 Months Ended
Inventory (Tables)	Mar. 31, 2015
Inventory Disclosure [Abstract]
Schedule of Inventory	Our inventory consisted of the following:


		March 31,			December 31,
		2015			2014
	Recovered cargo	$	5,553,773		$	5,681,264
	Packaging		64,681			70,560
	Merchandise		402,850			405,467
	Merchandise reserve		(371,332	)		(371,332	)

	Total inventory	$	5,649,972		$	5,785,959

Income_Taxes_Tables

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Change in Valuation Allowance	The change in the valuation allowance is as follows:


	March 31, 2015	$	63,625,186
	December 31, 2014		60,312,726

	Change in valuation allowance	$	3,312,460

Mortgage_and_Loans_Payable_Tab

Mortgage and Loans Payable (Tables)	3 Months Ended
Mortgage and Loans Payable (Tables)	Mar. 31, 2015
Schedule of Consolidated Debt	The Company’s consolidated debt consisted of the following at March 31, 2015 and December 31, 2014:


		March 31,		December 31,
		2015		2014
	Term loan	$	3,500,000	$	4,000,000
	Project term loans		15,789,600		15,502,422
	Promissory note		1,937,858		—
	Mortgages payable		1,087,000		1,662,459

		$	22,314,458	$	21,164,881

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 L) 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 Disbursement of Promissory Notes	On March 11, 2015, in connection with a Stock Purchase Agreement (See NOTE J), Minera del Norte, S.A. de C.V. (“MINOSA”) agreed to lend us up to $14.75 million, subject to the terms set forth in the Purchase Agreement, according to the following schedule:


	Dates	Loan Amount
	March 11, 2015 (Received March 2015)	$	2,000,000
	March 31, 2015 (Received April 2015)		6,000,000
	April 30, 2015 (Received April 2015)		3,000,000
	May 31, 2015		2,000,000
	June 30, 2015		1,750,000

		$	14,750,000

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

Oceanica Resources S. de. R.L [Member]
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 debt at its present value using a market rate of 15%, which is management’s estimate of a market rate loan for the Company, with the residual allocated to the Oceanica Call Option, as follows:



		Tranche 1
	Promissory Note	$	1,932,759
	Deferred Income (Oceanica Call Option)		67,241

	Proceeds	$	2,000,000

Project Term Loans [Member]
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 with the residual allocated to the host debt contract, as follows:


		T1		T2		T3
		Allocation		Allocation		Allocation
	Promissory Note	$	3,918,254	$	1,937,540	$	1,909,127
	Embedded derivative (share purchase option)		831,746		562,460		590,873
	Common shares of Oceanica		250,000		—		—

		$	5,000,000	$	2,500,000	$	2,500,000

Stockholders_Equity_Deficit_Ta

Stockholders' Equity (Deficit) (Tables)	3 Months Ended
Stockholders' Equity (Deficit) (Tables)	Mar. 31, 2015
Equity [Abstract]
Summary of Preferred Stock Allocated to Investors	The Purchase Agreement provides for the Company to issue and sell to the Investor, after receiving stockholder approval, shares of the Company’s preferred stock in the amounts and at the prices set forth in the following table:



	Convertible Preferred Stock	Shares			Price Per Share		Total Investment
	Series AA-1		101,124,042		$	1	$	101,124,042
	Series AA-2		86,677,740		$	0.5		43,338,870

			187,801,782				$	144,462,912

Summary of Fair Value of Options
		March 31,		March 31,
		2015		2014
	Risk-free interest rate	1.78 - 2.00%		2.11 - 2.66%
	Expected volatility of common stock	64.47 - 65.95%		63.54 - 65.03%
	Dividend yield	0%		0%
	Expected life of options	6.1 - 8.2 years		6.1 - 8.2 years

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	3 Months Ended
Derivative Financial Instruments (Tables)	Mar. 31, 2015
Components of Derivative Liabilities	The following tables summarize the components of our derivative liabilities and linked common shares as of March 31, 2015 and December 31, 2014 and the amounts that were reflected in our income related to our derivatives for the periods then ended:



			March 31,			December 31,
			2015			2014
	Derivative liabilities:
	Embedded derivatives derived from:
	2014 Convertible Promissory Notes		$	2,594,444		$	2,115,318

				2,594,444			2,115,318
	Warrant derivatives
	Senior Convertible Notes			94,904			111,127

	Warrant derivatives			94,904			111,127

	Total derivative liabilities		$	2,689,348		$	2,226,445




			March 31,			December 31,
			2015			2014
	Common shares linked to derivative liabilities:
	Embedded derivatives:
	2014 Convertible Promissory Notes*			3,174,604			3,174,604

				3,174,604			3,174,604

	Warrant derivatives
	Senior Convertible Notes			1,562,500			1,562,500
	Series G Convertible Preferred Stock			—			—

				1,562,500			1,562,500

	Total common shares linked to derivative liabilities			4,737,104			4,737,104



	*	The common shares indexed to the 2014 Convertible Promissory Notes are shares indexed to Oceanica.
Changes in Fair Values of Derivative Liabilities


			Three-months ended March 31,
			2015			2014
	Derivative income (expense):
	Unrealized gains (losses) from fair value changes:
	Senior Convertible Notes		$	—		$	47,243
	2014 Convertible Promissory Notes			(479,126	)		—
	Warrant derivatives			16,223			(229,956	)

	Total derivative income (expense)		$	(462,903	)	$	(182,713	)

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 three-months ended March 31, 2015 and 2014.



			For the three-months ended

			March 31,
			2015			2014
	Balances at January 1		$	—		$	47,243
	Issuances			—			—
	Expirations from redemptions of host contracts reflected in income			—			(47,243	)
	Changes in fair value inputs and assumptions reflected in income			—			—

	Balances at March 31		$	—		$	—

Warrant Derivatives [Member]
Significant Assumptions Utilized in Valuation Technique	Significant assumptions and utilized in the Binomial Lattice process are as follows for the warrants linked to 525,000 shares of common stock as of March 31, 2014:



			March 31, 2014
	Linked common shares		525,000
	Quoted market price on valuation date		$2.29
	Contractual exercise rate		$2.38
	Term (years)		0.04
	Range of market volatilities		15.2% - 29.2%
	Risk free rates using zero coupon US Treasury Security rates		0.05%

	Significant assumptions and utilized in the Binomial Lattice process are as follows for the warrants linked to 1,562,500 shares of common stock as of March 31, 2015, March 31, 2014 and December 31, 2014:



			March, 31			December 31,
			2015		2014	2014
	Linked common shares		1,562,500		1,562,500	1,562,500
	Quoted market price on valuation date		$0.70		$2.29	$0.93
	Contractual exercise rate		$3.60		$3.60	$3.60
	Term (years)		2.11		3.11	2.4
	Range of market volatilities		69.7% - 109.1%		47.9% - 66.1%	59.9% - 73.9%
	Risk free rates using zero coupon US Treasury Security rates		0.03% - 0.56%		0.05% - 0.90%	0.04% - 0.67%
	Custom lattice variable: Probability of exercisability (434,027 linked common shares)		—		—	—
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 years ended March 31, 2015 and 2014.



			Three-months ended March 31,
			2015			2014
	Balances at January 1		$	111,127		$	840,000
	Changes in fair value inputs and assumptions reflected in income			(16,223	)		18,906

	Balances at March 31		$	94,904		$	858,906

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 share purchase options that have been bifurcated from our Monaco Notes and classified in liabilities as of March 31, 2015 and the inception dates (Tranche 1 – August 14, 2014, Tranche 2 – October 1, 2014, Tranche 3 – December 1, 2014):



	Tranche 1 – August 14, 2014:		March 31, 2015		August 14, 2014
	Underlying price on valuation date*		$2.50		$2.50
	Contractual conversion rate		$3.15		$3.15
	Contractual term to maturity		1.38 Years		2.00 Years
	Implied expected term to maturity		1.27 Years		1.85 Years
	Market volatility:
	Range of volatilities		75.4% - 115.9%		37.0% - 62.2%
	Equivalent volatilities		91.53%		51.20%
	Contractual interest rate		8.0% - 11.0%		8.0% - 11.0%
	Equivalent market risk adjusted interest rates		10.00%		9.50%
	Range of credit risk adjusted yields		4.69% - 5.18%		3.94% - 4.45%
	Equivalent credit risk adjusted yield		4.81%		4.15%

	Tranche 2 – October 1, 2014:		March 31, 2015		October 1, 2014
	Underlying price on valuation date*		$2.50		$2.50
	Contractual conversion rate		$3.15		$3.15
	Contractual term to maturity		1.51 Years		2.00 Years
	Implied expected term to maturity		1.38 Years		1.79 Years
	Market volatility:
	Range of volatilities		75.2% - 114.1%		58.6% - 75.3%
	Equivalent volatilities		89.70%		68.00%
	Contractual interest rate		8.0% - 11.0%		8.0% - 11.0%
	Equivalent market risk adjusted interest rates		9.75%		9.25%
	Range of credit risk adjusted yields		4.69% - 5.18%		3.97% - 4.61%
	Equivalent credit risk adjusted yield		4.85%		4.24%
	Tranche 3 – December 1, 2014:		March 31, 2015		December 1, 2014
	Underlying price on valuation date*		$2.50		$2.50
	Contractual conversion rate		$3.15		$3.15
	Contractual term to maturity		1.67 Years		2.00 Years
	Implied expected term to maturity		1.53 Years		1.76 Years
	Market volatility:
	Range of volatilities		74.4% - 115.1%		61.8% - 79.8%
	Equivalent volatilities		89.30%		72.20%
	Contractual interest rate		8.0% - 11.0%		8.0% - 11.0%
	Equivalent market risk adjusted interest rates		9.50%		9.25%
	Range of credit risk adjusted yields		4.69% - 5.18%		4.29% - 4.84%
	Equivalent credit risk adjusted yield		4.85%		4.52%


	*	The instrument is convertible into shares of the Company’s subsidiary, Oceanica, which is not a publicly-traded entity. Therefore its shares do not trade on a public exchange. As a result, the underlying value must be based on private sales of the subsidiary’s shares because that is the best indicator of the value of the shares. There has been a sale of Oceanica’s shares in which a private investor accumulated 24% of the shares of which their last purchase price was for $2.50 per share in December 2013. Accordingly the underlying price used in the MCS calculations for the inception dates and quarter ended March 31, 2015 was $2.50.
2014 Share Purchase Option [Member]
Changes in Fair Value Inputs and Assumptions	The following table reflects the issuances of the Share Purchase Option derivatives and changes in fair value inputs and assumptions for these derivatives during the three-months ended March 31, 2015.



			March 31, 2015
	Balances at January 1		$	2,115,318
	Issuances			—
	Changes in fair value inputs and assumptions reflected in income			479,126

	Balances at March 31		$	2,594,444

Deferred_Income_and_Revenue_Pa1

Deferred Income and Revenue Participation Rights (Tables)	3 Months Ended
Deferred Income and Revenue Participation Rights (Tables)	Mar. 31, 2015
Deferred Revenue Disclosure [Abstract]
Participating Revenue Rights	The Company’s participating revenue rights and deferred revenue consisted of the following at March 31, 2015 and December 31, 2014:


		March 31,		December 31,
		2015		2014
	“Cambridge” project	$	825,000	$	825,000
	“Seattle” project		62,500		62,500
	Galt Resources, LLC (HMS Victory)		3,756,250		3,756,250
	Oceanica call option		67,241		—

	Total deferred income and participating revenue rights	$	4,710,991	$	4,643,750

Subsequent Event	NOTE N – SUBSEQUENT EVENT

	On May 7, 2015, we amended the $10.0 million credit facility with Fifth Third Bank that we entered into in May 2014. The loan balance of the credit facility was $7.7 million on May 7, 2015. Pursuant to the amendment, (i) the maturity date of the loan was extended to December 11, 2015, (ii) on or before August 31, 2015, we are required to make a loan principal payment of not less than $1.4 million, (iii) additional principal payments may be requested by the Bank prior to the maturity date if we receive cash in excess of $1.0 million that is not related to our normal course of business operations, is not related to new funding of a specific project, or is not an amount scheduled to be received in 2015 pursuant to the Stock Purchase Agreement that we entered into in March 2015, (iv) immediate payment of the current interest due on the loan of $30,000 and bank loan amendment fees of $20,000, (v) Bank consent is required for any new loans or financing other that those included in the Purchase Agreement, and (vi) the full loan balance is immediately due to the Bank on June 9, 2015 if our stockholders do not approve the Purchase Agreement at our Annual Stockholders Meeting on June 9, 2015.

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Property, Plant and Equipment [Line Items]
Percentage of cash proceeds from monetization of recovered cargo	80.00%
Percentage of subsequent cash proceeds after priority recoupment	45.00%
Short-term investment maturity period	Three months or less
Weighted average number of common shares outstanding	86,515,835	83,937,883
Receiver [Member]
Property, Plant and Equipment [Line Items]
Percentage of cash proceeds from monetization of recovered cargo	20.00%
Percentage of subsequent cash proceeds after priority recoupment	55.00%
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	30 years

Summary_of_Significant_Account4

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share for in the Money Potential Common Shares (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Average market price during the period	$0.79	$2.10
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from EPS		10,057

Summary_of_Significant_Account5

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share for Out of Money Potential Common Shares (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Stock Options With an Exercise Price of $1.04 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Out of the money options and warrants excluded	1,652,000
Stock Options With Exercise Price Of One Point Zero Seven First [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Out of the money options and warrants excluded	50,000
Stock Options With an Exercise Price of $1.74 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Out of the money options and warrants excluded	51,750
Stock Options With an Exercise Price of $2.20 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Out of the money options and warrants excluded	969,610
Stock Options With an Exercise Price of $2.73 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Out of the money options and warrants excluded	644,469	651,969
Stock Options With an Exercise Price of $2.74 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Out of the money options and warrants excluded	633,835	633,835
Stock Options With an Exercise Price of $2.89 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Out of the money options and warrants excluded	983,822	993,822
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	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	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	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	100,000	100,000
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
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		525,000
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
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	6,907,986	4,779,626

Summary_of_Significant_Account6

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share for Out of Money Potential Common Shares (Parenthetical) (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	10-May-12
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants exercise price per share	$3.60	$3.60	$3.60
Stock Options With an Exercise Price of $1.04 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	$1.04
Stock Options With Exercise Price Of One Point Zero Seven First [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	$1.07
Stock Options With an Exercise Price of $1.74 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	$1.74
Stock Options With an Exercise Price of $2.20 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	$2.20
Stock Options With an Exercise Price of $2.73 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	$2.73	$2.73
Stock Options With an Exercise Price of $2.74 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	$2.74	$2.74
Stock Options With an Exercise Price of $2.89 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	$2.89	$2.89
Stock Options With an Exercise Price of $3.25 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	$3.25	$3.25
Stock Options With an Exercise Price of $3.40 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	$3.40	$3.40
Stock Options With an Exercise Price of $3.43 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	$3.43	$3.43
Stock Options With an Exercise Price of $3.50 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	$3.50	$3.50
Stock Options With an Exercise Price of $3.90 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	$3.90	$3.90
Stock Options With an Exercise Price of $4.00 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	$4	$4
Stock Options With an Exercise Price of $7.00 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share		$7

Summary_of_Significant_Account7

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])	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
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	32,400

Summary_of_Significant_Account8

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])	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
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	1,776,210	654,342

Summary_of_Significant_Account9

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
	Mar. 31, 2015	Mar. 31, 2014
Accounting Policies [Abstract]
Net income (loss)	($9,714,471)	($9,798,757)
Numerator, basic and diluted net income (loss) available to stockholders	($9,714,471)	($9,798,757)
Shares used in computation - basic:
Weighted average common shares outstanding	86,515,835	83,937,883
Common shares outstanding for basic	86,515,835	83,937,883
Shares used in computation - diluted:
Common shares outstanding for basic	86,515,835	83,937,883
Shares used in computing diluted net income per share	86,515,835	83,937,883
Net (loss) per share - basic	($0.11)	($0.12)
Net (loss) per share - diluted	($0.11)	($0.12)

Restricted_Cash_Additional_Inf

Restricted Cash - Additional Information (Detail) (USD $)	3 Months Ended
Restricted Cash - Additional Information (Detail) (USD $)	Mar. 31, 2015	10-May-12	Aug. 14, 2014	31-May-14	Jul. 11, 2008
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	400,000
Project loan facility		8,000,000
Term Loan [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	186,142
Project Term Loans [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	192,216			500,000
Project loan facility	10,000,000		10,000,000	10,000,000
Interest-bearing Deposits [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash					$500,000
Restricted cash purpose	$500,000 was deposited into an interest-bearing account from which principal and interest payments are made. This mortgage loan has since been extended to July 2016.

Accounts_Receivable_Summary_of

Accounts Receivable - Summary of Accounts Receivable (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserve for doubtful accounts receivable	($4,631,593)	($4,631,593)
Accounts receivable, net	6,377,893	6,476,049
Trade [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	10,956,113	11,053,118
Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$53,373	$54,524

Accounts_Receivable_Additional

Accounts Receivable - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Mar. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserves for doubtful accounts	$4,631,593	$4,631,593
Recoupment of operations and research costs	6,290,465
Neptune Minerals, Inc. [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserves for doubtful accounts	$4,631,593	$4,631,593

Inventory_Schedule_of_Inventor

Inventory - Schedule of Inventory (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Recovered cargo	$5,553,773	$5,681,264
Packaging	64,681	70,560
Merchandise	402,850	405,467
Merchandise reserve	-371,332	-371,332
Total inventory	$5,649,972	$5,785,959

Inventory_Additional_Informati

Inventory - Additional Information (Detail) (USD $)	3 Months Ended
Inventory - Additional Information (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Non-current inventory	$5,080,643	$5,110,967
Inventory valuation reserve	$151,922

Investments_in_Unconsolidated_

Investments in Unconsolidated Entities - Additional Information (Detail) (USD $)	0 Months Ended	12 Months Ended	3 Months Ended	6 Months Ended
	Apr. 30, 2014	Dec. 31, 2013	Mar. 31, 2015	Jun. 30, 2012	Jul. 31, 2013	Dec. 31, 2011
Schedule of Equity Method Investments [Line Items]
Convertible notes, interest rate			8.00%
Common shares received in settlement of accounts receivable/Preferred Non-Voting Class A stock	5,225
Face Value $10,000,000, 8% Convertible Senior Note Payable [Member]
Schedule of Equity Method Investments [Line Items]
Convertible notes					$500,000
Convertible notes, maturity date		26-Apr-14
Series A Preferred Stock [Member]
Schedule of Equity Method Investments [Line Items]
Preferred Voting Class A stock	522,500
Neptune Minerals, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Net share position in NMI			6,190,201
Ownership percentage			28.00%
Investment carrying value			0
Neptune Minerals, Inc. [Member] \| Face Value $10,000,000, 8% Convertible Senior Note Payable [Member]
Schedule of Equity Method Investments [Line Items]
Convertible notes, interest rate		6.00%
Neptune Minerals, Inc. [Member] \| Common Class A [Member]
Schedule of Equity Method Investments [Line Items]
Shares owned			0
Neptune Minerals, Inc. [Member] \| Common Class B [Member]
Schedule of Equity Method Investments [Line Items]
Net share position in NMI			6,184,976
Neptune Minerals, Inc. [Member] \| Series A Preferred Stock [Member]
Schedule of Equity Method Investments [Line Items]
Net share position in NMI			5,225
Neptune Minerals, Inc. [Member] \| Series A Voting Shares [Member]
Schedule of Equity Method Investments [Line Items]
Investment carrying value	522,500
Chatham Rock Phosphate, Ltd. [Member]
Schedule of Equity Method Investments [Line Items]
Investment carrying value			0
Deep sea mining exploratory services				1,680,000
Shares received from CRP				9,320,348
Chatham Rock Phosphate, Ltd. [Member] \| Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Equity stake in CRP			10.00%
Dorado Ocean Resources, Ltd. [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage						41.00%
Loss from unconsolidated entity			$20,700,000

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended
Income Taxes - Additional Information (Detail) (USD $)	Mar. 31, 2015
Income Taxes [Line Items]
Net deferred tax asset	$0
Income tax expense	0
Dividend from subsidiaries	10,200,000
Estimated annual effective tax rate	34.84%
Effective tax rate	0.00%
Federal [Member]
Income Taxes [Line Items]
Net operating loss carryforwards during the period	9,300,000
Net operating loss carryforwards	138,400,000
Net operating loss carryforwards expiration year	2025
Net operating loss carryforwards expiration year	2035
Foreign [Member]
Income Taxes [Line Items]
Net operating loss carryforwards during the period	900,000
Net operating loss carryforwards	$14,200,000

Income_Taxes_Schedule_of_Chang

Income Taxes - Schedule of Change in Valuation Allowance (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Valuation allowance	$63,625,186	$60,312,726
Change in valuation allowance	$3,312,460

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	0 Months Ended	3 Months Ended	0 Months Ended
	Mar. 09, 2015	Mar. 31, 2015	Mar. 11, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Gain Contingencies [Line Items]
Minimum bid price	$1
Number of consecutive business days not complied with minimum bid price	30 days
Number of days afforded to regain compliance with minimum bid price requirement	180 days
Cash and cash equivalents		$704,452		$3,143,550	$5,767,721	$21,322,257
Working capital deficit		13,500,000
Bank loan amount		7,700,000
Bank loan maturity period		2015
Total assets		21,076,649		25,089,539
Minosa [Member]
Gain Contingencies [Line Items]
Amount of debt financed			14,750,000
Penelope Mining LLC [Member]
Gain Contingencies [Line Items]
Investment in convertible preferred stock			$101,000,000
Investment agreement period			3 years

Mortgage_and_Loans_Payable_Sch

Mortgage and Loans Payable - Schedule of Consolidated Debt (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total mortgages and loans payable	$22,314,458	$21,164,881
Project Term Loans [Member]
Debt Instrument [Line Items]
Total mortgages and loans payable	15,789,600	15,502,422
2014 Convertible Promissory Notes [Member]
Debt Instrument [Line Items]
Total mortgages and loans payable	1,937,858
Mortgages Payable [Member]
Debt Instrument [Line Items]
Total mortgages and loans payable	1,087,000	1,662,459
Term Loan [Member]
Debt Instrument [Line Items]
Total mortgages and loans payable	$3,500,000	$4,000,000

Mortgage_and_Loans_Payable_Add

Mortgage and Loans Payable - Additional Information (Detail) (USD $)

0 Months Ended

1 Months Ended

3 Months Ended

0 Months Ended

1 Months Ended

12 Months Ended

Apr. 30, 2014

Jul. 31, 2013

Mar. 31, 2015

Mar. 31, 2014

Mar. 11, 2015

7-May-14

Jul. 11, 2011

31-May-08

Nov. 30, 2011

Dec. 31, 2014

10-May-12

Aug. 14, 2014

31-May-14

Oct. 01, 2014

Oct. 01, 2015

Dec. 01, 2014

Jul. 11, 2008

Dec. 31, 2013

Jan. 02, 2013

Coins

Investor

Debt Instrument [Line Items]

Basis spread on variable rate

0.75%

Secured collateral

24,600

Value of secured collateral, percent

40.00%

Aggregate amount issuable

$8,000,000

Interest rate, stated percentage

8.00%

Debt instrument, number of shares

5,225

Interest rate description

Prime rate plus three-fourths of one percent (0.75%)

Promissory note face amount

9,955,000

Share repurchase agreement expiration date

30-Mar-16

Promissory note outstanding amount

2,000,000

Option agreement extension period

2 years

Debt discount amount

67,241

Debt discount amortization amount

5,098

Accrued interest

9,205

Periodic payments, principal

10,750

Warrants issued to purchase common stock

1,302,083

Debt instrument conversion price, percentage

125.00%

Acceleration payment of remaining face value, percentage

125.00%

Adjusted conversion price of quoted market prices, Percentage

75.00%

Common stock initial exercise price

$4.32

Common stock issued under warrant terms

434,027

Period to exercise warrants

5 years

Adjusted warrants exercise price

$3.60

Registration statement filing period

6 months

Period for registration statement to be effective

90 days thereafter

Registration statement review period

120 days thereafter

Term of warrant

5 years 6 months

Gross proceeds from derivative instrument

10,000,000

Investment costs paid from proceeds

45,000

Direct financing cost

500,000

Deferred cost

246,653

Recorded expenses

253,347

Interest expense

271,606

Oceanica Call Option [Member]

Debt Instrument [Line Items]

Stock granted during period, value

40,000,000

Stock granted during period, percentage

54.00%

Reduction in option consideration

20,000,000

Oceanica Resources S. de. R.L [Member]

Debt Instrument [Line Items]

Per share value of shares purchased by private investor

$2.50

Scenario, Previously Reported [Member]

Debt Instrument [Line Items]

Adjusted warrants exercise price

$4.32

Restatement Adjustment [Member]

Debt Instrument [Line Items]

Adjusted warrants exercise price

$3.60

Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Basis spread on variable rate

5.00%

Maturity date

31-May-15

Credit facility agreement

10,000,000

Interest rate description

One month LIBOR rate plus 500 basis points

Origination fee payable

50,000

Restricted cash deposit

500,000

Outstanding loan balance

7,684,514

Revolving Credit Facility [Member] | Minimum [Member]

Debt Instrument [Line Items]

Periodic payments, principal

1,400,000

Second Tranche [Member]

Debt Instrument [Line Items]

Proceed from issuance of cash as a financing transaction

6,000,000

Minosa [Member]

Debt Instrument [Line Items]

Promissory note face amount

14,750,000

First Mortgage [Member]

Debt Instrument [Line Items]

Company's consolidated debt

Term Loan [Member]

Debt Instrument [Line Items]

Basis spread on variable rate

5.00%

Debt instrument description

One month LIBOR rate plus 500 basis points

Maturity date

31-Jul-16

Periodic payment

500,000

Balance of term loan

3,500,000

Project Term Loans [Member]

Debt Instrument [Line Items]

Basis spread on variable rate

5.00%

Debt instrument description

One-month LIBOR rate plus 500 basis points

Maturity date

24-Jul-14

Balance of term loan

10,000,000

Aggregate amount issuable

10,000,000

Number of wholly owned subsidiaries

Debt instrument, number of shares

100,000

Debt instrument, Value of shares

250,000

Amortization of components included in interest expense

287,179

Marketing program compensation expenses, percentage yet to be recognized

5.00%

Restricted cash deposit

500,000

Company's consolidated debt

10,000,000

Loan origination fee paid at closing

50,000

Loss recovered

1,800,000

Project Term Loans [Member] | Minimum [Member]

Debt Instrument [Line Items]

Initial principal amount of note, percent

50.00%

Project Term Loans [Member] | Maximum [Member]

Debt Instrument [Line Items]

Initial principal amount of note, percent

100.00%

Project Term Loans [Member] | Oceanica Resources S. de. R.L [Member]

Debt Instrument [Line Items]

Shares issued to lender

100,000

Per share value of shares purchased by private investor

$3.15

Aggregate value of shares issued to lender

1,000,000

Project Term Loans [Member] | Gairsoppa [Member]

Debt Instrument [Line Items]

Project term loan collateral value

10,000,000

Project Term Loans [Member] | First Tranche [Member]

Debt Instrument [Line Items]

Loan amount borrowed

5,000,000

Unused borrowing capacity

5,000,000

Project Term Loans [Member] | Second Tranche [Member]

Debt Instrument [Line Items]

Unused borrowing capacity

2,500,000

Aggregate amount issuable

2,500,000

Interest rate, stated percentage

8.00%

Project Term Loans [Member] | Second Tranche [Member] | Scenario, Forecast [Member]

Debt Instrument [Line Items]

Interest rate, stated percentage

11.00%

Project Term Loans [Member] | Third Tranche [Member]

Debt Instrument [Line Items]

Unused borrowing capacity

2,500,000

Aggregate amount issuable

2,500,000

Mortgages Payable [Member]

Debt Instrument [Line Items]

Basis spread on variable rate

0.75%

Maturity date

11-Jul-13

14-May-15

Periodic payment

5,080

Interest rate, stated percentage

6.45%

Interest rate description

Prime rate plus three-fourths of one percent (0.75%)

Company's consolidated debt

1,087,000

2,580,000

Periodic payments, principal

10,750

New maturity date of mortgage loan

31-Jul-16

Mortgages Payable [Member] | First Mortgage [Member]

Debt Instrument [Line Items]

Loan amount borrowed

679,000

Senior Convertible Notes [Member]

Debt Instrument [Line Items]

Aggregate amount issuable

10,000,000

Warrants issued to purchase common stock

1,302,083

Original principal amount of repurchased note

5,000,000

Debt related expenses

545,000

Number of institutional investors under securities purchase agreement

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 price, percentage

110.00%

Initial conversion price

$3.17

Debt instrument amortization payment description

The conversion rate applicable to any amortization payment that were made in shares of our common stock was 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.

Senior Convertible Notes [Member] | Lender [Member]

Debt Instrument [Line Items]

Debt related expenses

45,000

Senior Convertible Note [Member]

Debt Instrument [Line Items]

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

110.00%

Initial conversion price

$3.74

Volume-weighted average price, percentage

85.00%

Conversion price applicable period

10 days

Common shares issued as payment in outstanding principal

3,282,934

Principal amount outstanding

8,608,694

Principal payment

1,391,306

Additional Note [Member]

Debt Instrument [Line Items]

Loan amount borrowed

2,347,826

Aggregate amount issuable

8,000,000

Interest rate, stated percentage

9.00%

Initial conversion price

$3.74

$3.17

Debt instrument amortization payment description

The conversion rate applicable to any amortization payment made in shares of our common stock was 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%

Conversion price applicable period

10 days

Common stock issued under warrant terms

1,562,500

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%

Principal amount of loan, paid in cash

1,739,130

Gross proceeds from derivative instrument

8,000,000

Investment costs paid from proceeds

5,518

Direct financing cost

400,000

Deferred cost

317,201

Recorded expenses

82,799

Promissory Note [Member]

Debt Instrument [Line Items]

Promissory note face amount

14,750,000

Promissory Note [Member] | First Tranche [Member] | Oceanica Resources S. de. R.L [Member]

Debt Instrument [Line Items]

Promissory note face amount

2,000,000

Promissory Note [Member] | Minosa [Member] | Stock Purchase Agreement [Member] | Maximum [Member]

Debt Instrument [Line Items]

Promissory note face amount

$14,750,000

Mortgage_and_Loans_Payable_Sch1

Mortgage and Loans Payable - Schedule of Allocation of Cash Proceeds to Derivative Components at their Fair Values - Project Term Loan (Detail) (USD $)	Mar. 31, 2015
Short-term Debt [Line Items]
Convertible notes payable	$9,955,000
Compound Embedded Derivative [Member]
Short-term Debt [Line Items]
Convertible notes payable	2,989,537
First Tranche [Member] \| Project Term Loans [Member]
Short-term Debt [Line Items]
Convertible notes payable	5,000,000
First Tranche [Member] \| Project Term Loans [Member] \| 2014 Convertible Promissory Notes [Member]
Short-term Debt [Line Items]
Convertible notes payable	3,918,254
First Tranche [Member] \| Project Term Loans [Member] \| Common Shares Outstanding [Member]
Short-term Debt [Line Items]
Convertible notes payable	250,000
First Tranche [Member] \| Compound Embedded Derivative [Member] \| Project Term Loans [Member]
Short-term Debt [Line Items]
Convertible notes payable	831,746
Second Tranche [Member] \| Project Term Loans [Member]
Short-term Debt [Line Items]
Convertible notes payable	2,500,000
Second Tranche [Member] \| Project Term Loans [Member] \| 2014 Convertible Promissory Notes [Member]
Short-term Debt [Line Items]
Convertible notes payable	1,937,540
Second Tranche [Member] \| Compound Embedded Derivative [Member] \| Project Term Loans [Member]
Short-term Debt [Line Items]
Convertible notes payable	562,460
Third Tranche [Member] \| Project Term Loans [Member]
Short-term Debt [Line Items]
Convertible notes payable	2,500,000
Third Tranche [Member] \| Project Term Loans [Member] \| 2014 Convertible Promissory Notes [Member]
Short-term Debt [Line Items]
Convertible notes payable	1,909,127
Third Tranche [Member] \| Compound Embedded Derivative [Member] \| Project Term Loans [Member]
Short-term Debt [Line Items]
Convertible notes payable	$590,873

Mortgage_and_Loans_Payable_Sch2

Mortgage and Loans Payable - Schedule of Disbursement of Promissory Notes (Detail) (USD $)	Mar. 31, 2015
Debt Instrument [Line Items]
Proceeds from issuance of promissory note	$9,955,000
Minosa [Member]
Debt Instrument [Line Items]
Proceeds from issuance of promissory note	14,750,000
Minosa [Member] \| March 11, 2015 (Received March 2015) [Member]
Debt Instrument [Line Items]
Proceeds from issuance of promissory note	2,000,000
Minosa [Member] \| March 31, 2015 (Received April 2015) [Member]
Debt Instrument [Line Items]
Proceeds from issuance of promissory note	6,000,000
Minosa [Member] \| April 30, 2015 (Received April 2015) [Member]
Debt Instrument [Line Items]
Proceeds from issuance of promissory note	3,000,000
Minosa [Member] \| May 31, 2015 [Member]
Debt Instrument [Line Items]
Proceeds from issuance of promissory note	2,000,000
Minosa [Member] \| June 30, 2015 [Member]
Debt Instrument [Line Items]
Proceeds from issuance of promissory note	$1,750,000

Mortgage_and_Loans_Payable_Sch3

Mortgage and Loans Payable - Schedule of Allocation of Cash Proceeds to Derivative Components at their Fair Values - Promissory Note (Detail) (USD $)	Mar. 31, 2015	Mar. 11, 2015
Debt Instrument [Line Items]
Cash proceeds	$9,955,000
Promissory Note [Member]
Debt Instrument [Line Items]
Cash proceeds		14,750,000
Promissory Note [Member] \| Oceanica Resources S. de. R.L [Member] \| First Tranche [Member]
Debt Instrument [Line Items]
Cash proceeds	2,000,000
Promissory Note [Member] \| Oceanica Resources S. de. R.L [Member] \| Deferred Income Call Option [Member] \| First Tranche [Member]
Debt Instrument [Line Items]
Cash proceeds	67,241
Promissory Note [Member] \| Oceanica Resources S. de. R.L [Member] \| 2014 Convertible Promissory Notes [Member] \| First Tranche [Member]
Debt Instrument [Line Items]
Cash proceeds	$1,932,759

Mortgage_and_Loans_Payable_Sch4

Mortgage and Loans Payable - Schedule of Allocation of Cash Proceeds to Derivative Components at their Fair Values (Detail) (USD $)	Mar. 31, 2015
Short-term Debt [Line Items]
Convertible notes payable	$9,955,000
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_Sch5

Mortgage and Loans Payable - Schedule of Allocation of Cash Proceeds Related to Additional Financing (Detail) (USD $)	Mar. 31, 2015
Short-term Debt [Line Items]
Convertible notes payable	$9,955,000
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

Stockholders_Equity_Deficit_Ad

Stockholders' Equity (Deficit) - Additional Information (Detail) (USD $)	0 Months Ended	3 Months Ended		0 Months Ended		3 Months Ended
	Jan. 02, 2015	Mar. 31, 2015	Mar. 31, 2014	Jun. 03, 2010	Jan. 16, 2008	Mar. 31, 2013	Dec. 31, 2014
	Jan. 02, 2015	Incentive_Plan	Mar. 31, 2014	Jun. 03, 2010	Jan. 16, 2008	Mar. 31, 2013	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares issued		89,582,502					85,582,502
Common stock, shares value representing payment for principal		$8,958					$8,558
Reverse stock split ratio		1-for-6
Preferred stock, par value		$0.00					$0.00
Preferred stock, shares authorized		9,675,200					9,675,200
Number of stock incentive plans		1
Shares of common stock for reserved issuance		2,500,000
Stock-based compensation, shares granted	1,652,000
Share-based compensation		594,606	492,775
Weighted average fair value of options granted		$0.71	$1.28
Series AA-2 Convertible Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, par value		$0.00
Preferred stock, shares authorized		86,677,740
Series AA-1 Convertible Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, par value		$0.00
Preferred stock, shares authorized		101,124,042
Preferred stock Liquidation preference accretion rate		8.00%
Mako Resources, LLC [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares issued		4,000,000
Common stock, shares value representing payment for principal		2,520,000
Oceanica Resources S. de. R.L [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares termination of option to acquire		6,000,000
Penelope Mining LLC [Member] \| Series AA-2 Convertible Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trading days		20 days
Minimum [Member] \| Penelope Mining LLC [Member] \| Series AA-2 Convertible Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing price of common stock		$1.26
Warrants Attached to Senior Convertible Debt [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants to purchase shares of common stock outstanding		1,562,500
Warrants exercise price		$3.60
Warrants expiration date		9-Nov-16
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, shares granted	951,381
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares issued			1,290,155			3,552,357
Common stock, shares value representing payment for principal			$2,420,863			$9,280,242
Common shares issued from conversion of warrants						2,010,500
Warrants to purchase shares of common stock outstanding		0
Additional shares authorized for stock-based compensation				3,000,000	2,500,000
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.
Stock incentive plan expiration date		31-Aug-15
Common Stock [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Eligible employee threshold percentage		10.00%
Purchase price of common stock percentage		110.00%
Common Stock [Member] \| Restricted Stock Awards and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for stock-based compensation		500,000

Stockholders_Equity_Deficit_Su

Stockholders' Equity (Deficit) - Summary of Preferred Stock Allocated to Investors (Detail) (USD $)	Mar. 31, 2015
Preferred Stock [Line Items]
Shares	187,801,782
Total Investment	$144,462,912
Penelope Mining LLC [Member] \| Series AA-1 Convertible Preferred Stock [Member]
Preferred Stock [Line Items]
Shares	101,124,042
Price Per Share	$1
Total Investment	101,124,042
Penelope Mining LLC [Member] \| Series AA-2 Convertible Preferred Stock [Member]
Preferred Stock [Line Items]
Shares	86,677,740
Price Per Share	$0.50
Total Investment	$43,338,870

Stockholders_Equity_Deficit_Su1

Stockholders' Equity (Deficit) - Summary of Fair Value of Options (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.78%	2.11%
Risk-free interest rate	2.00%	2.66%
Expected volatility of common stock	64.47%	63.54%
Expected volatility of common stock	65.95%	65.03%
Dividend yield	0.00%	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options	6 years 1 month 6 days	6 years 1 month 6 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options	8 years 2 months 12 days	8 years 2 months 12 days

Concentration_of_Credit_Risk_A

Concentration of Credit Risk - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015
	Institution
Concentration Of Credit Risk [Line Items]
Uninsured cash balance	$859,000
Number of financial institutions in which cash is deposited	1
Mortgages Payable [Member]
Concentration Of Credit Risk [Line Items]
Basis spread on variable rate, points	0.01%
Interest obligation from basis points variation, per month	852
Credit risk maturity period	2016-07
Term Loan [Member]
Concentration Of Credit Risk [Line Items]
Interest obligation from basis points variation, per month	2,436
Basis spread on variable rate, points	0.01%
Project Term Loans [Member]
Concentration Of Credit Risk [Line Items]
Interest obligation from basis points variation, per month	$6,510

Derivative_Financial_Instrumen2

Derivative Financial Instruments - Components of Derivative Liabilities (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Derivative liabilities	$2,689,348	$2,226,445
Common shares linked to derivative liabilities	4,737,104	4,737,104
Compound Embedded Derivative [Member]
Derivative [Line Items]
Derivative liabilities	2,594,444	2,115,318
Common shares linked to derivative liabilities	3,174,604	3,174,604
Warrant Derivatives [Member]
Derivative [Line Items]
Derivative liabilities	94,904	111,127
Common shares linked to derivative liabilities	1,562,500	1,562,500
Senior Convertible Notes [Member] \| Warrant Derivatives [Member]
Derivative [Line Items]
Derivative liabilities	94,904	111,127
Common shares linked to derivative liabilities	1,562,500	1,562,500
2014 Convertible Promissory Notes [Member] \| Compound Embedded Derivative [Member]
Derivative [Line Items]
Derivative liabilities	$2,594,444	$2,115,318
Common shares linked to derivative liabilities	3,174,604	3,174,604

Derivative_Financial_Instrumen3

Derivative Financial Instruments - Changes in Fair Values of Derivative Liabilities (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Derivative [Line Items]
Total derivative income (expense)	($462,903)	($182,713)
Senior Convertible Notes [Member]
Derivative [Line Items]
Derivative income (expense)		47,243
2014 Convertible Promissory Notes [Member]
Derivative [Line Items]
Derivative income (expense)	-479,126
Warrant Derivatives [Member]
Derivative [Line Items]
Derivative income (expense)	$16,223	($229,956)

Derivative_Financial_Instrumen4

Derivative Financial Instruments - Significant Assumptions Utilized in Valuation Technique (Detail) (USD $)	0 Months Ended	3 Months Ended	0 Months Ended
	Aug. 14, 2014	Mar. 31, 2015	Oct. 01, 2014	Dec. 01, 2014
Derivative [Line Items]
Quoted market price/ underlying price on valuation date		$2.50
Market volatility:
Contractual interest rate		8.00%
Monte Carlo Simulations [Member] \| Monaco Notes [Member] \| First Tranche [Member]
Derivative [Line Items]
Quoted market price/ underlying price on valuation date	$2.50	$2.50
Contractual conversion rate	$3.15	$3.15
Contractual term to maturity	2 years	1 year 4 months 17 days
Implied expected term to maturity	1 year 10 months 6 days	1 year 3 months 7 days
Market volatility:
Range of equivalent volatilities	51.20%	91.53%
Range of equivalent market risk adjusted interest rates	9.50%	10.00%
Range of equivalent credit risk adjusted yields	4.15%	4.81%
Monte Carlo Simulations [Member] \| Monaco Notes [Member] \| Second Tranche [Member]
Derivative [Line Items]
Quoted market price/ underlying price on valuation date		$2.50	$2.50
Contractual conversion rate		$3.15	$3.15
Contractual term to maturity		1 year 6 months 4 days	2 years
Implied expected term to maturity		1 year 4 months 17 days	1 year 9 months 15 days
Market volatility:
Range of equivalent volatilities		89.70%	68.00%
Range of equivalent market risk adjusted interest rates		9.75%	9.25%
Range of equivalent credit risk adjusted yields		4.85%	4.24%
Monte Carlo Simulations [Member] \| Monaco Notes [Member] \| Third Tranche [Member]
Derivative [Line Items]
Quoted market price/ underlying price on valuation date		$2.50		$2.50
Contractual conversion rate		$3.15		$3.15
Contractual term to maturity		1 year 8 months 1 day		2 years
Implied expected term to maturity		1 year 6 months 11 days		1 year 9 months 4 days
Market volatility:
Range of equivalent volatilities		89.30%		72.20%
Range of equivalent market risk adjusted interest rates		9.50%		9.25%
Range of equivalent credit risk adjusted yields		4.85%		4.52%
Minimum [Member] \| Monte Carlo Simulations [Member] \| Monaco Notes [Member] \| First Tranche [Member]
Market volatility:
Range of volatilities	37.00%	75.40%
Contractual interest rate	8.00%	8.00%
Range of equivalent credit risk adjusted yields	3.94%	4.69%
Minimum [Member] \| Monte Carlo Simulations [Member] \| Monaco Notes [Member] \| Second Tranche [Member]
Market volatility:
Range of volatilities		75.20%	58.60%
Contractual interest rate		8.00%	8.00%
Range of equivalent credit risk adjusted yields		4.69%	3.97%
Minimum [Member] \| Monte Carlo Simulations [Member] \| Monaco Notes [Member] \| Third Tranche [Member]
Market volatility:
Range of volatilities		74.40%		61.80%
Contractual interest rate		8.00%		8.00%
Range of equivalent credit risk adjusted yields		4.69%		4.29%
Maximum [Member] \| Monte Carlo Simulations [Member] \| Monaco Notes [Member] \| First Tranche [Member]
Market volatility:
Range of volatilities	62.20%	115.90%
Contractual interest rate	11.00%	11.00%
Range of equivalent credit risk adjusted yields	4.45%	5.18%
Maximum [Member] \| Monte Carlo Simulations [Member] \| Monaco Notes [Member] \| Second Tranche [Member]
Market volatility:
Range of volatilities		114.10%	75.30%
Contractual interest rate		11.00%	11.00%
Range of equivalent credit risk adjusted yields		5.18%	4.61%
Maximum [Member] \| Monte Carlo Simulations [Member] \| Monaco Notes [Member] \| Third Tranche [Member]
Market volatility:
Range of volatilities		115.10%		79.80%
Contractual interest rate		11.00%		11.00%
Range of equivalent credit risk adjusted yields		5.18%		4.84%

Derivative_Financial_Instrumen5

Derivative Financial Instruments - Significant Assumptions Utilized in Valuation Technique (Parenthetical) (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015
Derivative [Line Items]
Underlying price per share used in the MCS calculations	$2.50
Oceanica Resources S. de. R.L [Member]
Derivative [Line Items]
Percentage of shares purchased by private investor	24.00%
Per share value of shares purchased by private investor	$2.50

Derivative_Financial_Instrumen6

Derivative Financial Instruments - Changes in Fair Value Inputs and Assumptions (Detail) (Compound Embedded Derivative [Member], USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Compound Embedded Derivative [Member]
Derivative [Line Items]
Balances at January 1		$47,243
Issuances	0	0
Expirations from redemptions of host contracts reflected in income		-47,243
Changes in fair value inputs and assumptions reflected in income	$0	$0

Derivative_Financial_Instrumen7

Derivative Financial Instruments - Changes in Fair Value Inputs and Assumptions Related to Share Purchase Option (Detail) (2014 Share Purchase Option [Member], USD $)	3 Months Ended
	Mar. 31, 2015
2014 Share Purchase Option [Member]
Derivative [Line Items]
Balances at January 1	$2,115,318
Issuances	0
Changes in fair value inputs and assumptions reflected in income	479,126
Balances at March 31	$2,594,444

Derivative_Financial_Instrumen8

Derivative Financial Instruments - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	10-May-12	Nov. 08, 2011	Oct. 11, 2010	Dec. 31, 2014	Mar. 31, 2014	Apr. 08, 2011	Apr. 13, 2014	Oct. 11, 2013
Derivative [Line Items]
Warrants issued to acquire common shares		260,417		1,800,000
Warrants expiration date	13-Apr-14
Shares available for issuance upon exercise		434,027	434,027
Additional financing		$8,000,000
Derivative Financial Instruments, Assets [Member] \| Level 3 [Member]
Derivative [Line Items]
Linked common shares	1,562,500				1,562,500	1,562,500
Warrants Attached to Series G Preferred Stock [Member]
Derivative [Line Items]
Warrants issued to acquire common shares							525,000
Warrants Attached to Senior Convertible Debt [Member]
Derivative [Line Items]
Warrants issued to acquire common shares			1,302,083
Warrants exercisable date	9-Nov-16
Warrants linked to common stock, outstanding	1,562,500
Common Stock [Member]
Derivative [Line Items]
Linked common shares								525,000
Warrants linked to common stock, outstanding	0
Common Stock [Member] \| Level 3 [Member]
Derivative [Line Items]
Linked common shares									1,725,000
Warrants exercisable date	11-Oct-13

Derivative_Financial_Instrumen9

Derivative Financial Instruments - Significant Assumptions Utilized in Binomial Lattice Process (Detail) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Derivative [Line Items]
Quoted market price on valuation date	2.5
Level 3 [Member] \| Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Linked common shares	1,562,500	1,562,500	1,562,500
Warrant Group 1 [Member] \| Level 3 [Member] \| Minimum [Member]
Derivative [Line Items]
Range of market volatilities	15.20%
Risk free rates using zero coupon US Treasury Security rates	0.05%
Warrant Group 1 [Member] \| Level 3 [Member] \| Maximum [Member]
Derivative [Line Items]
Range of market volatilities	29.20%
Warrant Group 1 [Member] \| Level 3 [Member] \| Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Linked common shares	525,000
Quoted market price on valuation date	2.29
Contractual exercise rate	2.3793
Term (years)	15 days
Warrant Group 2 [Member] \| Level 3 [Member] \| Minimum [Member]
Derivative [Line Items]
Range of market volatilities	69.70%	47.90%	59.90%
Risk free rates using zero coupon US Treasury Security rates	0.03%	0.05%	0.04%
Warrant Group 2 [Member] \| Level 3 [Member] \| Maximum [Member]
Derivative [Line Items]
Range of market volatilities	109.10%	66.10%	73.90%
Risk free rates using zero coupon US Treasury Security rates	0.56%	0.90%	0.67%
Warrant Group 2 [Member] \| Level 3 [Member] \| Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Linked common shares	1,562,500	1,562,500	1,562,500
Quoted market price on valuation date	0.7	2.29	0.93
Contractual exercise rate	3.6	3.6	3.6
Term (years)	2 years 1 month 10 days	3 years 1 month 10 days	2 years 4 months 24 days
Custom lattice variable: Probability of exercisability (434,027 linked common shares)	0.00%	0.00%	0.00%

Recovered_Sheet1

Derivative Financial Instruments - Significant Assumptions Utilized in Binomial Lattice Process (Parenthetical) (Detail)	10-May-12	Nov. 08, 2011	Mar. 31, 2015
Derivative [Line Items]
Shares available for issuance upon exercise	434,027	434,027
Level 3 [Member] \| Derivative Financial Instruments, Assets [Member] \| Warrant Group 2 [Member]
Derivative [Line Items]
Shares available for issuance upon exercise			434,027

Recovered_Sheet2

Derivative Financial Instruments - Changes in Fair Value Inputs and Assumptions Related to Derivative Warrants (Detail) (Warrant Derivatives [Member], USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Warrant Derivatives [Member]
Derivative [Line Items]
Balances at January 1	$111,127	$840,000
Changes in fair value inputs and assumptions reflected in income	-16,223	18,906
Balances at March 31	$94,904	$858,906

Deferred_Income_and_Revenue_Pa2

Deferred Income and Revenue Participation Rights - Participating Revenue Rights (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Deferred Revenue Arrangement [Line Items]
Deferred income and participating revenue rights	$4,710,991	$4,643,750
"Cambridge" Project [Member]
Deferred Revenue Arrangement [Line Items]
Deferred income and participating revenue rights	825,000	825,000
"Seattle" Project [Member]
Deferred Revenue Arrangement [Line Items]
Deferred income and participating revenue rights	62,500	62,500
Galt Resources, LLC (HMS Victory) [Member]
Deferred Revenue Arrangement [Line Items]
Deferred income and participating revenue rights	3,756,250	3,756,250
Oceanica Call Option [Member]
Deferred Revenue Arrangement [Line Items]
Deferred income and participating revenue rights	$67,241

Deferred_Income_and_Revenue_Pa3

Deferred Income and Revenue Participation Rights - Additional Information (Detail) (USD $)	0 Months Ended	3 Months Ended	1 Months Ended
	Mar. 11, 2015	Mar. 31, 2015	Feb. 28, 2011	Dec. 31, 2014	Mar. 31, 2013
Deferred Revenue Arrangement [Line Items]
Deferred income from revenue participation rights		$4,643,750		$4,643,750
Revenue participation agreement		15,000,000
Promissory note face amount		9,955,000
Oceanica Call Option [Member]
Deferred Revenue Arrangement [Line Items]
Stock granted during period, value	40,000,000	40,000,000
Stock granted during period, percentage	54.00%	54.00%
Promissory Note [Member]
Deferred Revenue Arrangement [Line Items]
Promissory note face amount	14,750,000
"Seattle" Project [Member]
Deferred Revenue Arrangement [Line Items]
Percentage of revenue owed to certificate holder per each million invested		1.00%
Common shares issued per unit		100,000
Galt Resources, LLC [Member]
Deferred Revenue Arrangement [Line Items]
Percentage of revenue owed to certificate holders		50.00%
Percentage of revenue owed to certificate holder per each million invested		1.00%
Investment multiplier in case of project success		3
Projects after bifurcation		2
Galt Resources, LLC [Member] \| SS Gairsoppa [Member]
Deferred Revenue Arrangement [Line Items]
Deferred revenue		3,756,250
Deferred income from revenue participation rights					12,506,755
Galt Resources, LLC [Member] \| Maximum [Member]
Deferred Revenue Arrangement [Line Items]
Investment for future revenue rights			7,512,500
HMS Victory Project [Member]
Deferred Revenue Arrangement [Line Items]
Percentage of revenue owed to certificate holders		7.51%
Revenue Participation Certificates [Member] \| "Cambridge" Project [Member]
Deferred Revenue Arrangement [Line Items]
Revenue participation certificates per unit value		50,000
Revenue Participation Certificates [Member] \| "Seattle" Project [Member]
Deferred Revenue Arrangement [Line Items]
Revenue participation certificates per unit value		50,000
First Payment [Member] \| "Cambridge" Project [Member]
Deferred Revenue Arrangement [Line Items]
Percentage of revenue owed to certificate holders		100.00%
Revenue owed to certificate holder		825,000
Second Payment [Member] \| "Cambridge" Project [Member]
Deferred Revenue Arrangement [Line Items]
Percentage of revenue owed to certificate holders		24.75%
Second Payment [Member] \| "Cambridge" Project [Member] \| Minimum [Member]
Deferred Revenue Arrangement [Line Items]
Revenue owed to certificate holder		4,000,000
Second Payment [Member] \| "Cambridge" Project [Member] \| Maximum [Member]
Deferred Revenue Arrangement [Line Items]
Revenue owed to certificate holder		35,000,000
Third Payment [Member] \| "Cambridge" Project [Member]
Deferred Revenue Arrangement [Line Items]
Percentage of revenue owed to certificate holders		12.38%
Revenue owed to certificate holder		$35,000,000

Subsequent_Event_Additional_In

Subsequent Event - Additional Information (Detail) (USD $)	3 Months Ended
Subsequent Event - Additional Information (Detail) (USD $)	Mar. 31, 2015	7-May-14	7-May-15
Subsequent Event [Line Items]
Loan principal payment	$10,750
Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Credit facility agreement		10,000,000
Outstanding loan balance	7,684,514
Debt instrument extended maturity date	11-Dec-15
Cash limit for additional principal payment	1,000,000
Current interest due on loan	30,000
Bank loan amendment fees	20,000
Revolving Credit Facility [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Credit facility agreement			10,000,000
Outstanding loan balance			7,700,000
Minimum [Member] \| Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Loan principal payment	$1,400,000