Odyssey Marine Exploration (OMEX) 10-Q 1 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 20, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	OMEX
Entity Registrant Name	ODYSSEY MARINE EXPLORATION INC
Entity Central Index Key	798,528
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		7,544,345

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 1,832,166	$ 2,241,317
Accounts receivable and other, net	1,599,920	801,575
Other current assets	631,416	502,698
Total current assets	4,063,502	3,545,590
PROPERTY AND EQUIPMENT
Equipment and office fixtures	19,457,589	22,460,256
Accumulated depreciation	(17,244,138)	(19,633,420)
Total property and equipment	2,213,451	2,826,836
NON-CURRENT ASSETS
Other non-current assets	532,590	540,590
Total non-current assets	532,590	540,590
Total assets	6,809,543	6,913,016
CURRENT LIABILITIES
Accounts payable	1,288,421	1,567,620
Accrued expenses and other	5,778,233	4,265,456
Deferred income		383,148
Derivative liabilities	3,891	3,402,416
Loans payable	17,731,332	15,058,845
Total current liabilities	24,801,877	24,677,485
LONG-TERM LIABILITIES
Loans payable	4,228,944	3,140,787
Deferred income and revenue participation rights	4,643,750	4,643,750
Total long-term liabilities	8,872,694	7,784,537
Total liabilities	33,674,571	32,462,022
Commitments and contingencies (NOTE G)
STOCKHOLDERS' EQUITY/(DEFICIT)
Preferred stock	0	0
Common stock - $.0001 par value; 75,000,000 shares authorized; 7,544,345 issued and outstanding at June 30, 2016 and 7,541,111 issued and outstanding at December 31, 2015	754	754
Additional paid-in capital	206,274,157	204,438,148
Accumulated deficit	(222,408,549)	(220,634,415)
Total stockholders' equity/(deficit) before non-controlling interest	(16,133,638)	(16,195,513)
Non-controlling interest	(10,731,390)	(9,353,493)
Total stockholders' equity/(deficit)	(26,865,028)	(25,549,006)
Total liabilities and stockholders' equity/(deficit)	6,809,543	6,913,016
Series D Convertible Preferred Stock [Member]
STOCKHOLDERS' EQUITY/(DEFICIT)
Preferred stock

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	24,984,166	24,984,166
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	7,544,345	7,541,111
Common stock, shares outstanding	7,544,345	7,541,111
Series D Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	0	20,200
Preferred stock, shares outstanding	0	0
Preferred stock, shares issued	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations - Unaudited - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
REVENUE
Recovered cargo sales and other		$ 226,733	$ 4,667	$ 321,174
Exhibit		12,500		33,352
Expedition	$ 1,217,318	204,310	1,795,128	204,310
Total revenue	1,217,318	443,543	1,799,795	558,836
OPERATING EXPENSES
Cost of sales - recovered cargo and other		164,589		377,465
Marketing, general and administrative	1,937,523	3,354,227	4,317,839	6,370,213
Operations and research	1,293,803	2,889,590	3,493,794	6,251,056
Common stock issued for subsidiary stock option settlement				2,520,000
Total operating expenses	3,231,326	6,408,406	7,811,633	15,518,734
INCOME (LOSS) FROM OPERATIONS	(2,014,008)	(5,964,863)	(6,011,838)	(14,959,898)
OTHER INCOME (EXPENSE)
Interest income		36		95
Interest expense	(596,287)	(1,019,443)	(930,347)	(1,681,725)
Change in derivative liabilities fair value	61,051	211,890	3,398,525	(251,013)
Other	9,652	7,494	391,630	(10,874)
Total other income (expense)	(525,584)	(800,023)	2,859,808	(1,943,517)
(LOSS) BEFORE INCOME TAXES	(2,539,592)	(6,764,886)	(3,152,030)	(16,903,415)
Income tax benefit (provision)	0	0	0	0
NET (LOSS) BEFORE NON-CONTROLLING INTEREST	(2,539,592)	(6,764,886)	(3,152,030)	(16,903,415)
Non-controlling interest	680,814	638,668	1,377,897	1,062,726
NET (LOSS)	$ (1,858,778)	$ (6,126,218)	$ (1,774,133)	$ (15,840,689)
NET (LOSS) PER SHARE
Basic and diluted (See NOTE B)	$ (0.25)	$ (0.84)	$ (0.24)	$ (2.16)
Weighted average number of common shares outstanding
Basic	7,544,345	7,469,455	7,542,728	7,340,272
Diluted	7,544,345	7,469,455	7,542,728	7,340,272

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - Unaudited - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss before non-controlling interest	$ (3,152,030)	$ (16,903,415)
Adjustments to reconcile net loss to net cash (used) by operating activities:
Depreciation and amortization	598,197	751,126
Director fees settled with equity instruments	18,415
Loss on sale of building and land		29,404
Gain on sale of equipment	(125,991)
Financed lender fees	50,000
Change in derivatives liabilities fair value	(3,398,525)	251,013
Note payable interest accretion	87,525	747,126
Inventory markdown		151,922
Common stock issued for subsidiary stock option settlement		2,520,000
Share-based compensation	692,501	1,393,379
Deferred revenue	(383,148)
(Increase) decrease in:
Accounts receivable	(798,345)	(94,628)
Inventory		464,388
Other assets	(120,717)	(90,158)
Increase (decrease) in:
Accounts payable	(279,199)	(2,568,382)
Accrued expenses and other	1,512,776	1,168,947
NET CASH (USED) BY OPERATING ACTIVITIES	(5,298,541)	(12,179,278)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of property and equipment	200,000	850,000
Purchase of property and equipment	(58,821)	(42,828)
Acquisition of subsidiary		(2,000)
NET CASH PROVIDED BY INVESTING ACTIVITIES	141,179	805,172
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of notes payable	4,825,000	14,750,001
Restricted cash held as collateral on loans payable		287,178
Repayment of mortgage and loans payable	(76,789)	(1,182,281)
NET CASH PROVIDED BY FINANCING ACTIVITIES	4,748,211	13,854,898
NET (DECREASE) INCREASE IN CASH	(409,151)	2,480,792
CASH AT BEGINNING OF PERIOD	2,241,317	3,143,550
CASH AT END OF PERIOD	1,832,166	5,624,342
SUPPLEMENTARY INFORMATION:
Interest paid	718,722	724,389
Income taxes paid	$ 0	$ 0

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [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, 2015. 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 June 30, 2016 and the results of operations and cash flows for the interim periods presented. Operating results for the six-month period ended June 30, 2016 are not necessarily indicative of the results that may be expected for the full year. See NOTE I regarding our 1-for-12 reverse stock split. Share related amounts have been retroactively adjusted in this report to reflect this reverse stock split.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
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 is responsible for their integrity and objectivity, and have been 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., Aldama Mining Company, S. De R.L. De C.V., Telemachus Minerals, S. De R.L. De C.V. 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. Some of the existing inter-company balances, which are eliminated upon consolidation, include features allowing the liability to be converted into equity, which if exercised, could increase the direct or indirect interest of the Company in the non-wholly owned subsidiaries. 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 (also referred to as “marine services” revenue) are recorded as incurred and presented under the caption “Operations and research” on our Consolidated Statements of Income. Bad debts are recorded as identified and, from time to time, a specific reserve allowance will be established when required. A return allowance is established for sales that have a right of return. Accounts receivable is stated net of any recorded allowances. Cash and Cash Equivalents Cash, 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 Prior to December 10, 2015, Odyssey held two main types of inventory: (i) artifacts and coins held for sale and exhibits, and (ii) merchandise inventory held for sale. On December 10, 2015, we sold all of the existing inventory items to Monaco Financial, LLC and its affiliates. See NOTE S in our Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2015 for further information. Our inventory principally consisted of cargo recovered from the SS Republic Packaging materials and merchandise were recorded at average cost. We recorded our inventory at the lower of cost or market. Costs associated with the above noted items were included in our costs of goods. Vessel costs associated with expedition revenue as well as exhibit costs were 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 Our policy is to recognize impairment losses relating to long-lived assets in accordance with the ASC topic for Property, Plant and Equipment. Decisions on asset impairments 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. During May 2016, we sold our vessel, Odyssey Explorer 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 See NOTE I regarding our 1-for-12 reverse stock split. Share related amounts have been retroactively adjusted in this report to reflect this reverse stock-split. 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 would calculate basic earnings per share using the two-class method, if required, pursuant to ASC 260 Earnings Per Share. 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. 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 June 30, 2016 and 2015, the weighted average common shares outstanding year-to-date were 7,542,728 and 7,340,272, respectively. For the periods 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 Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Average market price during the period $ 3.08 $ 7.20 $ 3.35 $ 8.28 In the money potential common shares from options excluded 4,089 — 4,717 — 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 Six Months Ended June 30, June 30, June 30, June 30, Out of the money options and warrants excluded: Stock options with an exercise price of $12.48 per share 137,666 137,666 137,666 137,666 Stock options with an exercise price of $12.84 per share 4,167 4,167 4,167 4,167 Stock options with an exercise price of $20.88 per share — 4,313 — 4,313 Stock options with an exercise price of $26.40 per share 75,794 79,847 75,794 79,847 Stock options with an exercise price of $32.76 per share 53,707 53,706 53,707 53,706 Stock options with an exercise price of $32.88 per share — 52,820 — 52,820 Stock options with an exercise price of $34.68 per share 74,265 80,893 74,265 80,893 Stock options with an exercise price of $39.00 per share 8,333 8,333 8,333 8,333 Stock options with an exercise price of $40.80 per share — 8,333 — 8,333 Stock options with an exercise price of $41.16 per share 833 3,333 833 3,333 Stock options with an exercise price of $42.00 per share 8,333 8,333 8,333 8,333 Stock options with an exercise price of $46.80 per share 1,667 1,667 1,667 1,667 Warrants with an exercise price of $43.20 per share 130,208 130,208 130,208 130,208 Total anti-dilutive warrants and options excluded from EPS 494,973 573,619 494,973 573,619 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 Six Months Ended June 30, June 30, June 30, June 30, Potential common shares from unvested restricted stock awards excluded from EPS 88,096 129,570 88,096 129,570 The following is a reconciliation of the numerators and denominators used in computing basic and diluted net income per share: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Net income (loss) $ (1,858,778 ) $ (6,126,218 ) $ (1,774,133 ) $ (15,840,689 ) Numerator, basic and diluted net income (loss) available to stockholders $ (1,858,778 ) $ (6,126,218 ) $ (1,774,133 ) $ (15,840,689 ) Denominator: Shares used in computation – basic: Weighted average common shares outstanding 7,544,345 7,469,455 7,542,728 7,340,272 Common shares outstanding for basic 7,544,345 7,469,455 7,542,728 7,340,272 Shares used in computation – diluted: Common shares outstanding for basic 7,544,345 7,469,455 7,542,728 7,340,272 Shares used in computing diluted net income per share 7,544,345 7,469,455 7,542,728 7,340,272 Net (loss) per share – basic $ (0.25 ) $ (0.84 ) $ (0.24 ) $ (2.16 ) Net (loss) per share – diluted $ (0.25 ) $ (0.84 ) $ (0.24 ) $ (2.16 ) 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 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 K for additional information. We generally do not use derivative financial instruments to hedge exposures to cash-flow, market or foreign-currency risks. However, we have entered into certain other financial instruments and contracts 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 Fair Value Hierarchy The three levels of inputs that may be used to measure fair value are as follows: Level 1. Level 2. Level 3. 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 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.

Accounts Receivable

Accounts Receivable	6 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
Accounts Receivable	NOTE C – ACCOUNTS RECEIVABLE Our accounts receivable consist of the following: June 30, 2016 December 31, 2015 Trade $ 3,365,977 $ 2,371,304 Related party 501,228 629,400 Other 48,512 116,668 Reserve allowance (2,315,797 ) (2,315,797 ) Total accounts receivable, net $ 1,599,920 $ 801,575 The trade receivable balance at June 30, 2016 and December 31, 2015 consists primarily of a trade receivable from Neptune Minerals, Inc., for which a reserve allowance for the full amount of $2,315,797 has been made for both reported period ends, as well as $1,018,732 from one other customer. In December 2015, as part of the acquisition agreement with Monaco Financial, LLC, (“Monaco”) a related party, we sold 50% of the Neptune Minerals, Inc. receivable to Monaco. The remaining receivable balance from Neptune Minerals, Inc. on our balance sheet is owned by us. Monaco owes us $501,228 and $629,400 for the periods ended June 30, 2016 and December 31, 2015, respectively, for coin sales and other items that were not part of the December 10, 2015 acquisition agreement. See NOTE S in our Form 10-K file with the Securities and Exchange Commission for the year ended December 31, 2015 for further information.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	NOTE D – RELATED PARTY TRANSACTIONS In December 2015, we entered into an asset acquisition agreement with Monaco Financial, LLC (“Monaco”). See NOTE S in our Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2015 for further information. We had accounts receivable with Monaco and related affiliates at June 30, 2016 and December 31, 2015 of $501,228 and $629,400, respectively. We had general operating payables with Monaco at June 31, 2016 and December 31, 2015 of $135,716 and $47,858, respectively. See NOTE I for further debt commitments between the entities. Based on the economic substance of these business transactions, we consider Monaco Financial, LLC to be an affiliated company, thus a related party. We do not own any financial interest in Monaco.

Investments In Unconsolidated E

Investments In Unconsolidated Entities	6 Months Ended
	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investments In Unconsolidated Entities	NOTE E – INVESTMENTS IN UNCONSOLIDATED ENTITIES Neptune Minerals, Inc. (“NMI”) Our current investment position in NMI consists of 3,092,488 Class B Common non-voting shares and 2,612 Series A Preferred non-voting shares. These preferred shares are convertible into an aggregate of 261,200 shares of Class B non-voting common stock. Our holdings now constitute an approximate 14% ownership in NMI. At June 30, 2016, our estimated share of unrecognized NMI equity-method losses is approximately $20.7 million. We have not recognized the accumulated $20.7 million in our income statement because these losses exceeded our investment in NMI. Our investment has a carrying value of zero as a result of the recognition of our share of prior losses incurred by NMI under the equity method of accounting. 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. Since then, financial statements of NMI have not been made available to us. We do reasonably believe NMI’s losses since then are minimal. We do not have any financial obligations to NMI, and we are not committed to provide financial support. Although we are a shareholder of NMI, we have no representation on the board of directors or in management of NMI and do not hold any Class A voting shares. We are not involved in the management of NMI nor do we participate in their policy-making. At June 30, 2016, the net carrying value of our investment in NMI was zero in our consolidated financial statements. Chatham Rock Phosphate, Ltd. During 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 ordinary shares to us. The shares currently represent less than 3% of the outstanding equity of CRP. With CRP being a thinly traded stock and pursuant to guidance per ASC 320: Debt and Equity Securities

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	NOTE F - INCOME TAXES During the six-month period ended June 30, 2016, we generated a federal net operating loss (“NOL”) carryforward of $0.9 million and generated $2.8 million of foreign NOL carryforwards. As of June 30, 2016, we had consolidated income tax NOL carryforwards for federal tax purposes of approximately $145 million and net operating loss carryforwards for foreign income tax purposes of approximately $22 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 June 30, 2016. As required by the Accounting for Income Taxes The increase in the valuation allowance as of June 30, 2016 is due to the generation of approximately $1.8 million in net operating loss year-to-date. The change in the valuation allowance is as follows: June 30, 2016 $ 65,093,249 December 31, 2015 64,553,394 Change in valuation allowance $ 539,855 Our estimated annual effective tax rate as of June 30, 2016 is 26.54%, while our June 30, 2016 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 2012.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE G – 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 litigation. Contingency During March 2016, our Board of Directors approved the grant and issuance of 3.0 million new equity shares of Oceanica Resources, S.R.L. to two attorneys for their future services. This equity is only issuable upon the Mexican’s government approval of the Environmental Impact Assessment (“EIA”) for our Mexican subsidiary. The EIA has not been approved as of the date of this report. This grant of new shares was also approved by the Administrators of Oceanica Resources, S.R.L. Going Concern Consideration We have experienced several years of net losses and may continue to do so. Our ability to generate net income or positive cash flows for the remainder of 2016 or the following twelve months is dependent upon our success in chartering our marine equipment and services to third parties, monetizing our interests in mineral exploration entities, collecting on amounts owed to us, generating income from other project or asset based financing, and completing the MINOSA/Penelope equity financing transaction approved by our stockholders on June 9, 2015. Our 2016 business plan requires us to generate new cash inflows during 2016 to effectively allow us to perform our planned projects. We plan to generate new cash inflows through the chartering of our equipment and services, the monetization of our receivables and equity stakes in seabed mineral companies, financings, syndications or other partnership opportunities. One or more of the planned opportunities for raising cash may not be realized to the extent needed to meet our desired projected business plan requirements, which may require us to follow a contingency business plan that is based on curtailed expenses and requires less cash inflows. We may not be able to maintain compliance with NASDAQ’s continued listing requirements, which could lead to a de-listing from NASDAQ and move to a different quotation service. This may have a negative impact on our ability to raise funds. On April 11, 2016 our market capitalization value fell below $35.0 million, the required minimum for continued listing of our stock on NASDAQ. Maintaining a market capitalization of at least $35.0 million for a minimum of ten consecutive business days before November 21, 2016 will permit us to remain listed. Management is working on multiple initiatives that could have the effect of curing this deficiency, however, we cannot provide any assurance the deficiency will be resolved. Initiatives include generating new business results with high positive impact and ongoing efforts to support the environmental application approval process for the Don Diego project, with the goal of approval in the second half of 2016. 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 (“Penelope”), an affiliate of MINOSA, pursuant to which Penelope agreed to invest up to $101 million over three years in convertible preferred stock of Odyssey. This equity financing is subject to the satisfaction of certain conditions, including the approval of our stockholders, which occurred on June 9, 2015. MINOSA and Penelope are currently under no obligation to make the preferred share equity investments. (See Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations—General Discussion 2015—Financings.) Our consolidated non-restricted cash balance at June 30, 2016 was $1.8 million, which is insufficient to support operations through the end of 2016. We have a working capital deficit at June 30, 2016 of $20.7 million. We sold a substantial part of our assets to Monaco and its affiliates on December 10, 2015 and we have pledged the majority of our remaining assets to MINOSA and its affiliates, and to Monaco, leaving us with few opportunities to raise additional funds based on our balance sheet. The total consolidated book value of our assets was $6.8 million at June 30, 2016 and the fair market value of these assets may differ from their net carrying book value. Even though we executed the above noted financing arrangements, Penelope must purchase the shares for us to be able to complete the equity component of the transaction. The Penelope equity transaction is heavily dependent on the outcome of our subsidiary’s application approval process for an environmental permit to commercially develop a mineralized phosphate deposit in Mexico’s exclusive economic zone in the Pacific ocean. The environmental permit application filed in June 2015 was denied on April 8, 2016. We continue to pursue approval of the environmental permit for the dredging and extraction of the phosphate sands off the western coast of Mexico, but the April 2016 decision has delayed our expected cash inflows from this project. Therefore, the factors noted above raise doubt about our ability to continue as a going concern. Our 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.

Loans Payable

Loans Payable	6 Months Ended
	Jun. 30, 2016
Text Block [Abstract]
Loans Payable	NOTE H –LOANS PAYABLE The Company’s consolidated debt consisted of the following at: June 30, 2016 December 31, Note 1 – Monaco 2014 $ 2,800,000 $ 3,449,631 Note 2 – Monaco 2016 1,428,944 — Note 3 – MINOSA 14,750,001 14,750,001 Note 4 – Epsilon 2,981,331 — $ 21,960,276 $ 18,199,632 Note 1 – Monaco 2014 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 had 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. On December 10, 2015, these promissory notes were amended as part of the asset acquisition agreement with Monaco (See NOTE S in our Form 10-K for the period ended December 31, 2015). The amendment included the following material changes: (i) $2.2 million of the indebtedness represented by the Notes was extinguished, (ii) $5.0 million of the indebtedness represented by the Notes ceased to bear interest and is only repayable under certain circumstances from certain sources of cash, and (iii) the maturity date on the Notes was extended to December 31, 2017. The outstanding interest-bearing balance of these Notes at June 30, 2016 was $2.8 million. The book carrying value of the Notes was $2.8 million, all of which is classified as long term. The maturity date has been amended to April 1, 2018. See “Loan Modification” below. 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 agreement in which 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 an option whereby Monaco may purchase shares of Oceanica held by Odyssey ( the “Share Purchase Option”) 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 $1.0 million or more in the aggregate. The 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 Monaco, 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. 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. During March 2016, the purchase price of the Share Purchase Option was re-priced to $1.00 per share. See “Loan Modification March 2016” below. Accounting considerations We have accounted for the three Tranches 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 Derivatives and Hedging 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 December 31, 2015 amounted to $1,895,263. There is no amortization in 2016. The derivative components are subject to re-measurement to fair value at the end of each reporting period with the change reflected in income. Note 2 – Monaco 2016 In March 2016, Monaco agreed to lend us an additional $1.825 million. These loan proceeds were received in full during the first quarter of 2016. The indebtedness bears interest at 10.0% percent per year. All principal and any unpaid interest is payable on April 1, 2018. The indebtedness is convertible at any time until the maturity date into shares of Oceanica held by us at a conversion price of $1.00 per share. Pursuant to this loan and as security for the indebtedness, Monaco was granted a second position in a security interest in (a) one-half of the indebtedness evidenced by the Amended and Restated Consolidated Note and Guaranty, dated September 25, 2015 (the “ExO Note”), in the original principal amount of $18.0 million, issued by Exploraciones Oceanicas S. de R.L. de C.V. to Oceanica Marine Operations, S.R.L. (“OMO”), and all rights associated therewith (the “OMO Collateral”); and (b) all technology and assets aboard the MV Dorado Discovery and in our possession or control used for offshore exploration, including an ROV system, deep-tow search systems, winches, multi-beam sonar, and other equipment. We unconditionally and irrevocably guaranteed all obligations of Odyssey and its subsidiaries to Monaco under this loan agreement. As further consideration for the loan, Monaco was granted an option (the “Option”) to purchase the OMO Collateral. The Option is exercisable at any time before the earlier of (a) the date that is 30 days after the loan is paid in full or (b) the maturity date of the ExO Note, for aggregate consideration of $9.3 million, $1.8 million of which would be paid at the closing of the exercise of the Option, with the balance paid in ten monthly installments of $750,000. Accounting considerations 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 option to purchase the OMO Collateral is an embedded feature that is not clearly and closely related to the host debt agreement and thus requires bifurcation. However since the option is out of the money, it has no material fair value as of the inception date or at June 30, 2016. The debt agreement did not contain additional any embedded terms or features that have characteristics of derivatives. However, we were required to consider whether the hybrid contract embodied a beneficial conversion feature (“BCF”). The calculation of the effective conversion amount did result in a BCF because the effective conversion price was less than the market price on the date of issuance, therefore a BCF of $456,250 was recorded. The BCF represents a debt discount which will be amortized over the life of the loan. For the six months ended June 30, 2016, interest expense related to the discount in the amount of $60,194 was recorded. Loan modification (December 10, 2015) In connection with the Acquisition Agreement entered into with Monaco on December 10, 2015, Monaco agreed to modify certain terms of the loans as partial consideration for the purchase of assets. For the First Tranche ($5,000,000 issued on August 14, 2014), Monaco agreed to cease interest as of December 10, 2015 and reduce the loan balance by (i) the cash or other value received by Monaco from the SS Central America On December 10, 2015, the Monaco call option on $10 million of Oceanica shares held by Odyssey was maintained for the full amount of the original loan amount and was extended until December 31, 2017. As further described in NOTE S in our Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2015, the Acquisition Agreement was accounted for as a troubled debt restructuring in accordance with ASC 470-60. As a result of the troubled debt restructuring, the carrying values of the remaining Monaco loans were required to be recorded at their undiscounted future cash flow values, which amounted to $3,449,632. No interest expense was to be recorded going forward. Interest payments in the three months ended March 31, 2016 reduced the carrying value. Loan modification (March 2016) In connection with the $1.825 million loan agreement with Monaco in March 2016, the existing $2.8 million notes were modified. Of the $2.8 million existing loans, $1,349,603 is convertible into shares of Oceanica at a fixed conversion price of $1.00 per share while the remaining $1,450,397 is not convertible. Additionally, the modification eliminated Monaco’s option (“share purchase option”) to purchase 3,174,603 shares of Oceanica stock at a price of $3.15 per share. The modification was analyzed under ASC 480 Distinguishing Liabilities from Equity Step 1 Monaco loans Loan one Forward cash flows: Principal $ 2,800,000 Interest 559,463 Total forward cash flows $ 3,359,463 Present value of forward cash flows $ 2,554,372 Fair value of equity conversion option 1,063,487 Fair value of debt $ 3,617,859 Significant inputs and results arising from the Binomial Lattice process are as follows for the conversion option that is classified in equity after the modification in March 2016: Underlying price on valuation date $ 1.25 Contractual conversion rate $ 1.00 Contractual term to maturity 1.82 Years Implied expected term to maturity 1.82 Years Market volatility: Range of volatilities 96.0% - 154.0 % Equivalent volatilities 120.1 % Risk free rates using zero coupon US Treasury Security rates 0.29% - 0.68 % Equivalent market risk adjusted interest rates 0.52 % Monaco loans Loan one Forward cash flows: Face value $ 2,800,000 Fair value 3,617,859 Difference (premium)* $ 817,859 * ASC 470-20-25-13 provides that if a convertible debt instrument is issued at a substantial premium, there is a presumption that such premium represents paid in capital. Since the total face amount of the new loans is $2,800,000, we conclude that the $817,859 was substantial and recorded that premium to additional paid-in capital. Step 2 Allocation Derivative liabilities (share purchase options) $ 1,456,825 Monaco Loan (Old Debt) 3,372,844 Monaco Loan (New Debt) (2,800,000 ) APIC (Premium) (817,859 ) Difference to APIC* $ 1,211,810 * The difference between the fair value of the new debt and the sum of the pre-modification carrying amount of the old debt and the share purchase option’s fair value represented a gain on extinguishment. ASC 470-50-40-2 indicates that debt restructuring with a related party may be in essence a capital transaction and as a result the gain upon extinguishment was recognized in additional paid in capital. Note 3 – MINOSA On March 11, 2015, in connection with a Stock Purchase Agreement (See NOTE I), Minera del Norte, S.A. de C.V. (“MINOSA”) agreed to lend us up to $14.75 million. The entire $14.75 million was loaned in five advances from March 11 through June 30, 2015. The outstanding indebtedness bears interest at 8.0% percent per annum. The Promissory Note was amended on April 10, 2015 and on October 1, 2015 so that, unless otherwise converted as provided in the Note, the adjusted principal balance shall be due and payable in full upon written demand by MINOSA; provided that MINOSA agrees that it shall not demand payment of the adjusted principal balance earlier than the first to occur of: (i) 30 days after the date on which (x) SEMARNAT makes a determination with respect to the current application for the Manifestacion de Impacto Ambiental relating to the Don Diego Project, which determination is other than an approval or (y) Odyssey Marine Enterprises or any of its affiliates withdraws such application without MINOSA’s prior written consent; (ii) termination by Odyssey of the Stock Purchase Agreement, dated March 11, 2015 (the “Purchase Agreement”), among Odyssey, MINOSA, and Penelope Mining, LLC (the “Investor”); (iii) the occurrence of an event of default under the Promissory Note; (iv) December 31, 2015; or (v) if and only if the Investor shall have terminated the Purchase Agreement pursuant to Section 8.1(d)(iii) thereof, March 30, 2016. 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 of March 11, 2016, the Oceanica Call has expired. Completion of the transaction requires amending the Company’s articles of incorporation to (a) effect a reverse stock split, which was done on February 19, 2016, (b) adjusting the Company’s authorized capitalization, which was also done on February 19, 2016, and (c) establishing a classified board of directors (collectively, the “Amendments”). The Amendments have been or will be set forth in certificates of amendment to the Company’s articles of incorporation filed or to be filed with the Nevada Secretary of State. As collateral for the loan, we granted MINOSA a security interest in the Company’s 54% interest in Oceanica. The outstanding principal balance of this debt at June 30, 2016 was $14.75 million. The maturity date of this note has been amended and is now March 18, 2017. Accounting considerations We have accounted for this transaction as a financing transaction, wherein the net proceeds received were allocated to the financial instruments issued. Prior to making the accounting allocation, we evaluated for proper classification under ASC 480 Distinguishing Liabilities from Equity Derivatives and Hedging Property, Plant and Equipment This 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 $40.0 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 Tranche 2 Tranche 3 Tranche 4 Tranche 5 Total Promissory Note $ 1,932,759 $ 5,826,341 $ 2,924,172 $ 1,960,089 $ 1,723,491 $ 14,366,852 Deferred Income (Oceanica Call Option) 67,241 173,659 75,828 39,911 26,509 383,148 Proceeds $ 2,000,000 $ 6,000,000 $ 3,000,000 $ 2,000,000 $ 1,750,000 $ 14,750,000 The option amount of $383,148 represented a debt discount (see NOTE L). This discount has been fully accreted up to face value using the effective interest method. Accrued interest recorded on the note for the six months ended June 30, 2016 amounted to $634,659. Note 4 – Epsilon On March 18, 2016 we entered into a Note Purchase Agreement (“Purchase Agreement”) with Epsilon Acquisitions LLC (“Epsilon”). Pursuant to the Purchase Agreement, Epsilon loaned us $3.0 million in two installments of $1.5 million on March 31, 2016 and April 30, 2016. The indebtedness bears interest at a rate of 10% per annum and is due on March 18, 2017. We were also responsible for $50,000 of the lender’s out of pocket costs. This amount is included in the loan balance. The outstanding principal at June 30, 2016 was $3,050,000. In pledge agreements related to the loans, we granted security interests to Epsilon in (a) the 54 million cuotas (a unit of ownership under Panamanian law) of Oceanica Resources S. de R.L. (“Oceanica”) held by our wholly owned subsidiary, Odyssey Marine Enterprises, Ltd. (“OME”), (b) all notes and other receivables from Oceanica and its subsidiary owed to the Odyssey Pledgors, and (c) all of the outstanding equity in OME. Epsilon has the right to convert the outstanding indebtedness into shares of our common stock upon 75 days’ notice to us or upon a merger, consolidation, third party tender offer, or similar transaction relating to us at the conversion price of $5.00 per share, which represents the five-day volume-weighted average price of Odyssey’s common stock for the five trading day period ending on March 17, 2016. Upon the occurrence and during the continuance of an event of default, the conversion price will be reduced to $2.50 per share. Following any conversion of the indebtedness, Penelope Mining LLC (an affiliate of Epsilon) (“Penelope”), may elect to reduce its commitment to purchase preferred stock of Odyssey under the Stock Purchase Agreement, dated as of March 11, 2015 (as amended, the “Stock Purchase Agreement”), among Odyssey, Penelope, and Minera del Norte, S.A. de C.V. (“MINOSA”) by the amount of indebtedness converted. Pursuant to the Purchase Agreement (a) we agreed to waive our rights to terminate the Stock Purchase Agreement in accordance with the terms thereof until December 31, 2016, and (b) MINOSA agreed to extend, until March 18, 2017, the maturity date of the $14.75 million loan extended by MINOSA to OME pursuant to the Stock Purchase Agreement. The indebtedness may be accelerated upon the occurrence of specified events of default including (a) OME’s failure to pay any amount payable on the date due and payable; (b) OME or we fail to perform or observe any term, covenant, or agreement in the Purchase Agreement or the related documents, subject to a five-day cure period; (c) an event of default or material breach by OME, us or any of our affiliates under any of the other loan documents shall have occurred and all grace periods, if any, applicable thereto shall have expired; (d) the Stock Purchase Agreement shall have been terminated; (e) specified dissolution, liquidation, insolvency, bankruptcy, reorganization, or similar cases or actions are commenced by or against OME or any of its subsidiaries, in specified circumstances unless dismissed or stayed within 60 days; (f) the entry of judgment or award against OME or any of its subsidiaries in excess or $100,000; and (g) a change in control (as defined in the Purchase Agreement) occurs. In connection with the execution and delivery of the Purchase Agreement, we and Epsilon entered into a registration rights agreement pursuant to which we agreed to register new shares of our common stock with a formal registration statement with the Securities and Exchange Commission upon the conversion of the indebtedness. Accounting considerations We have accounted for this transaction as a financing transaction, wherein the net proceeds received were allocated to the financial instruments issued. Prior to making the accounting allocation, we evaluated for proper classification under ASC 480 Distinguishing Liabilities from Equity Derivatives and Hedging Property, Plant and Equipment This debt agreement did not contain any embedded terms or features that have characteristics of derivatives. However, we were required to consider whether the hybrid contract embodied a beneficial conversion feature (“BCF”). The calculation of the effective conversion amount did result in a BCF because the effective conversion price was less than the Company’s stock price on the date of issuance, therefore a BCF of $96,000 was recorded. The BCF represents a debt discount which will be amortized over the life of the loan. For the six months ended June 30, 2016, interest expense related to the discount in the amount of $27,331 was recorded.

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Stockholders' Equity (Deficit)	NOTE I – STOCKHOLDERS’ EQUITY (DEFICIT) At our Annual Meeting of Stockholders on June 9, 2015, our stockholders approved a 1-for-6 reverse stock split. On February 9, 2016, our Board of Directors authorized an additional 1-for-2 reverse stock split, to be effective immediately after the stockholder-approved 1-for-6 reverse stock split is implemented. The reverse stock splits were effective on February 19, 2016. The two reverse stock splits had the combined effect of a 1-for-12 reverse stock split. At the effective time of the reverse stock splits, every 12 shares of issued and outstanding common stock were converted into one share of issued and outstanding common stock, and the authorized shares of common stock were reduced from 150,000,000 to 75,000,000 shares. The par value remained at $0.0001 per share. All shares and related financial information in this Form 10-Q have been retroactively adjusted to reflect this 1-for-12 reverse stock split. Common Stock In March 2015, we issued 333,333 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 the shares we hold in Oceanica. Convertible 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 “Lender”). The Purchase Agreement provides for the Company to issue and sell to the Investor shares of the Company’s preferred stock in the amounts set forth in the following table (numbers have been adjusted for the February 2016 reverse stock split): Convertible Preferred Stock Shares Price Per Share Total Investment Series AA-1 8,427,004 $ 12.00 $ 101,124,048 Series AA-2 7,223,145 $ 6.00 43,338,870 15,650,149 $ 144,462,918 The Investor’s option to purchase the Series AA-2 shares is subject to the closing price of the Common Stock on the NASDAQ market having been greater than or equal to $15.12 per share for a period of twenty (20) consecutive business days on which the NASDAQ market 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. This transaction received stockholders approval on June 9, 2015. Completion of the transaction requires amending the Company’s articles of incorporation to (a) effect a reverse stock split, which was done on February 19, 2016, (b) adjusting the Company’s authorized capitalization, which was also done on February 19, 2016, and (c) establishing a classified board of directors (collectively, the “Amendments”). The Amendments have been or will be set forth in certificates of amendment to the Company’s articles of incorporation filed or to be filed with the Nevada Secretary of State. Series AA Convertible Preferred Stock Designation The Purchase Agreement provides for the issuance of up to 8,427,004 shares of Series AA-1 Convertible Preferred Stock, par value $0.0001 per share (the “Series AA-1 Preferred”) and 7,223,145 shares of Series AA-2 Convertible Preferred Stock, par value $0.0001 per share (the “Series AA-2 Preferred”), subject to stockholder approval which was received on June 9, 2015 and satisfaction of other conditions. Significant terms and conditions of the Series AA Preferred are as follows: Dividends Liquidation Preference Voting Rights Conversion Rights Adjustments to Conversion Rights 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 130,208 shares of common stock were attached to our formerly outstanding Senior Convertible debt. The exercise price on these warrants is $43.20, and they expire on November 9, 2016. Stock-Based Compensation We have two stock incentive plans. The first is the 2005 Stock Incentive Plan that expired in August 2015. After the expiration of this plan, equity instruments cannot be granted but this plan shall continue in effect until all outstanding awards have been exercised in full or are no longer exercisable and all equity instruments have vested or been forfeited. On June 9, 2015, our shareholders approved our 2015 Stock Incentive Plan (the “Plan”) that was adopted by our Board of Directors (the “Board”) on January 2, 2015, which is the effective date. The plan expires on the tenth anniversary of the effective date. The Plan provides for the grant of incentive stock options, non-qualified stock options, restricted stock awards, restricted stock units and stock appreciation rights. This plan was initially capitalized with 450,000 shares that may be granted. The Plan is intended to comply with Section 162(m) of the Internal Revenue Code, which stipulates that the maximum aggregate number of Shares with respect to one or more Awards that may be granted to any one person during any calendar year shall be 83,333, and the maximum aggregate amount of cash that may be paid in cash to any person during any calendar year with respect to one or more Awards payable in cash shall be $2,000,000. The original maximum number of shares that were to be used for Incentive Stock Options (“ISO”) under the Plan shall be 450,000. During our June 2016 shareholder meeting, the shareholders elected to add 200,000 incremental shares to the Plan. With respect to each grant of an ISO to a Participant who is not a Ten Percent Stockholder, the Exercise Price shall not be less than the Fair Market Value of a Share on the date the ISO is granted. With respect to each grant of an ISO to a Participant who is a Ten Percent Stockholder, the Exercise Price shall not be less than one hundred ten percent (110%) of the Fair Market Value of a Share on the date the ISO is granted. If an Award is a Non-Qualifying Stock Option (“NQSO”), the Exercise Price for each Share shall be no less than (1) the minimum price required by applicable state law, or (2) the Fair Market Value of a Share on the date the NQSO is granted, whichever price is greatest. Any Award intended to meet the Performance Based Exception must be granted with an Exercise Price not less than the Fair Market Value of a Share determined as of the date of such grant. Share-based compensation expense recognized during the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest. As share-based compensation expense recognized in the statement of operations is based on awards ultimately expected to vest, it can be reduced for estimated forfeitures. The ASC topic Stock Compensation requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The share based compensation charged against income for the three and six-month periods ended June 30, 2016 and 2015 was $357,872 and $798,773 and $692,501 and $1,393,379, respectively. We did not grant stock options in the three-month periods ended June 30, 2015. We did grant stock options in the quarter ended June 30, 2016 to two independent directors in lieu of cash for services rendered to the Company as directors. The weighted average estimated fair value of these granted stock options was $1.55. 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. June 30, 2016 June 30, 2015 Risk-free interest rate 1.29 % — Expected volatility of common stock 80.87 % — Dividend yield 0 % — Expected life of options 8.2 years —

Concentration of Credit Risk

Concentration of Credit Risk	6 Months Ended
	Jun. 30, 2016
Risks and Uncertainties [Abstract]
Concentration of Credit Risk	NOTE J – CONCENTRATION OF CREDIT RISK We maintain the majority of our cash at one financial institution. At June 30, 2016, our uninsured cash balance was approximately $1,622,296. At June 30, 2016, we do not have any debt obligations with variable interest rates.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	NOTE K DERIVATIVE FINANCIAL INSTRUMENTS The following tables summarize the components of our derivative liabilities and linked common shares as of June 30, 2016 and December 31, 2015 and the amounts that were reflected in our income related to our derivatives for the periods then ended: June 30, December 31, 2016 2015 Derivative liabilities: Embedded derivatives derived from: 2014 Convertible Promissory Notes $ — $ 3,396,191 — 3,396,191 Warrant derivatives Senior Convertible Notes 3,891 6,225 Warrant derivatives 3,891 6,225 Total derivative liabilities $ 3,891 $ 3,402,416 June 30, December 31, 2016 2015 Common shares linked to derivative liabilities: Embedded derivatives: 2014 Convertible Promissory Notes* — 3,174,604 — 3,174,604 Warrant derivatives Senior Convertible Notes 130,208 130,208 130,208 130,208 Total common shares linked to derivative liabilities 130,208 3,304,812 * The common shares indexed to the 2014 Convertible Promissory Notes are shares indexed to Oceanica. Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Derivative income (expense): Unrealized gains (losses) from fair value changes: Senior Convertible Notes $ — $ — $ — $ — 2014 Convertible Promissory Notes — 147,142 3,396,190 (331,984 ) Warrant derivatives 61,051 64,748 2,335 80,971 61,051 211,890 3,398,525 (251,013 ) Redemptions of Senior Convertible Notes — — — — Total derivative income (expense) $ 61,051 $ 211,890 $ 3,398,525 $ (251,013 Current accounting principles that are provided in ASC 815 - Derivatives and Hedging 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 8, 2016 (Modification Date), December 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 8, 2016*** December 31, 2015 August 14, 2014 Underlying price on valuation date* $ 1.25 $ 2.50 $ 2.50 Contractual conversion rate $ 3.15 $ 3.15 $ 3.15 Contractual term to maturity** 1.82 Years 2.00 Years 2.00 Years Implied expected term to maturity 1.24 Years 1.82 Years 1.85 Years Market volatility: Range of volatilities 96.0% - 154.0 % 85.2% - 109.8 % 37.0% - 62.2 % Equivalent volatilities 120.1 % 98.1 % 51.2 % Contractual interest rate 11.00 % 11.00 % 8.0% - 11.0 % Equivalent market risk adjusted interest rates 11.60 % 11.00 % 9.50 % Range of credit risk adjusted yields 3.49% - 5.02 % 3.29% - 4.22 % 3.94% - 4.45 % Equivalent credit risk adjusted yield 4.13 % 3.76 % 4.15 % Tranche 2 – October 1, 2014: March 8, 2016*** December 31, 2015 October 1, 2014 Underlying price on valuation date* $ 1.25 $ 2.50 $ 2.50 Contractual conversion rate $ 3.15 $ 3.15 $ 3.15 Contractual term to maturity** 1.82 Years 2.00 Years 2.00 Years Implied expected term to maturity 1.24 Years 1.82 Years 1.79 Years Market volatility: Range of volatilities 96.0% - 154.0 % 85.2% - 109.8 % 58.6% - 75.3 % Equivalent volatilities 120.1 % 98.1 % 68.00 % Contractual interest rate 11.00 % 11.00 % 8.0% - 11.0 % Equivalent market risk adjusted interest rates 11.60 % 11.00 % 9.25 % Range of credit risk adjusted yields 3.49% - 5.02 % 3.29% - 4.22 % 3.97% - 4.61 % Equivalent credit risk adjusted yield 4.13 % 3.76 % 4.24 % Tranche 3 – December 1, 2014: March 8, 2016*** December 31, 2015 December 1, 2014 Underlying price on valuation date* $ 1.25 $ 2.50 $ 2.50 Contractual conversion rate $ 3.15 $ 3.15 $ 3.15 Contractual term to maturity** 1.82 Years 2.00 Years 2.00 Years Implied expected term to maturity 1.24 Years 1.82 Years 1.76 Years Market volatility: Range of volatilities 96.0% - 154.0 % 85.2% - 109.8 % 61.8% - 79.8 % Equivalent volatilities 120.1 % 98.1 % 72.2 % Contractual interest rate 11.00 % 11.00 % 8.0% - 11.0 % Equivalent market risk adjusted interest rates 11.60 % 11.00 % 9.25 % Range of credit risk adjusted yields 3.49% - 5.02 % 3.29% - 4.22 % 4.29% - 4.84 % Equivalent credit risk adjusted yield 4.13 % 3.76 % 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 was originally based on private sales of the subsidiary’s shares because that was the best indicator of the value of the shares in the past. The last 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 past in the MCS calculations was the $2.50 for the inception dates and December 31, 2015. Being far removed from December 2013 while considering the modification in March 2016 of the new option price of $1.00 and other market conditions currently prevailing, management determined $1.25 to be fairly representative of the per share fair value. ** On December 10, 2015 the term was extended to December 31, 2017. In March 2016 the term was extended to March 8, 2018. *** In March 2016 the purchase price of the share purchase options was modified to $1.00 per share. As a result of the re-pricing, the share purchase options no longer require measurement as derivative liabilities. The MCS were calculated for the instruments just prior to the modification on March 8, 2016. 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 six months ended June 30, 2016 and 2015. For the six months ended June 30, 2016 2015 Balances at January 1 $ 3,396,191 $ 2,115,318 Issuances — — Modification (1,456,826 ) — Changes in fair value inputs and assumptions reflected in income (1,939,365 ) 331,984 Balances at June 30 $ — $ 2,447,302 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 150,000 of our common shares in connection with the Series G Convertible Preferred Stock Financing. During April 4-8, 2011, we issued warrants to acquire 43,750 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 108,507 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 June 30, 2016 or December 31, 2015. Significant assumptions and utilized in the Binomial Lattice process are as follows for the warrants linked to 130,208 shares of common stock as of June 30, 2016 and December 31, 2015: June 30, December 31, 2016 2015 Linked common shares 130,208 130,208 Quoted market price on valuation date $ 2.02 $ 3.24 Contractual exercise price $ 43.20 $ 43.20 Term (years) 1.10 1.35 Range of market volatilities 66.2% - 188.1 % 92.9% - 113.2 % Risk free rates using zero coupon US Treasury Security rates 0.20% - 0.36 % 0.16% - 0.65 % Of the 108,507 common shares for which the warrant issued on November 8, 2011 could be exercised, 36,169 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 36,169 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 six months ended June 30, 2016 and 2015. Six months ended June 30, 2016 2015 Balances at January 1 $ 6,225 $ 111,127 Changes in fair value inputs and assumptions reflected in income (2,334 ) (80,971 ) Balances at June 30 $ 3,891 $ 30,156 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 Par

Deferred Income and Revenue Participation Rights	6 Months Ended
	Jun. 30, 2016
Deferred Revenue Disclosure [Abstract]
Deferred Income and Revenue Participation Rights	NOTE L – DEFERRED INCOME AND REVENUE PARTICIPATION RIGHTS The Company’s participating revenue rights and deferred income consisted of the following at: June 30, 2016 December 31, 2015 “ Cambridge $ 825,000 $ 825,000 “ Seattle 62,500 62,500 Galt Resources, LLC (HMS Victory project) 3,756,250 3,756,250 Oceanica call option (MINOSA) — 383,148 Total deferred income and participating revenue rights $ 4,643,750 $ 5,026,898 “ Cambridge ” project We previously sold Revenue Participation Certificates (“RPCs”) that represent the right to share in our future revenues derived from the “ Cambridge Sussex Cambridge” Each $50,000 convertible “ Cambridge” Cambridge Cambridge Cambridge “ Seattle ” project In a private placement that closed in September 2000, we sold “units” consisting of “ Republic” Seattle Republic Seattle 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 Seattle” 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 Victory Victory Victory Gairsoppa Gairsoppa Oceanica Call Option On March 11, 2015, we agreed to issue and sell up to $14.75 million in Promissory Notes (See NOTE H) 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. This Oceanica Call Option expired on March 11, 2016 and has been charged to other income.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
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., Aldama Mining Company, S. De R.L. De C.V., Telemachus Minerals, S. De R.L. De C.V. 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. Some of the existing inter-company balances, which are eliminated upon consolidation, include features allowing the liability to be converted into equity, which if exercised, could increase the direct or indirect interest of the Company in the non-wholly owned subsidiaries.
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 (also referred to as “marine services” revenue) are recorded as incurred and presented under the caption “Operations and research” on our Consolidated Statements of Income. Bad debts are recorded as identified and, from time to time, a specific reserve allowance will be established when required. A return allowance is established for sales that have a right of return. Accounts receivable is stated net of any recorded allowances.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash, 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 Prior to December 10, 2015, Odyssey held two main types of inventory: (i) artifacts and coins held for sale and exhibits, and (ii) merchandise inventory held for sale. On December 10, 2015, we sold all of the existing inventory items to Monaco Financial, LLC and its affiliates. See NOTE S in our Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2015 for further information. Our inventory principally consisted of cargo recovered from the SS Republic Packaging materials and merchandise were recorded at average cost. We recorded our inventory at the lower of cost or market. Costs associated with the above noted items were included in our costs of goods. Vessel costs associated with expedition revenue as well as exhibit costs were 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 on asset impairments 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. During May 2016, we sold our vessel, Odyssey Explorer
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 See NOTE I regarding our 1-for-12 reverse stock split. Share related amounts have been retroactively adjusted in this report to reflect this reverse stock-split. 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 would calculate basic earnings per share using the two-class method, if required, pursuant to ASC 260 Earnings Per Share. 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. 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 June 30, 2016 and 2015, the weighted average common shares outstanding year-to-date were 7,542,728 and 7,340,272, respectively. For the periods 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 Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Average market price during the period $ 3.08 $ 7.20 $ 3.35 $ 8.28 In the money potential common shares from options excluded 4,089 — 4,717 — 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 Six Months Ended June 30, June 30, June 30, June 30, Out of the money options and warrants excluded: Stock options with an exercise price of $12.48 per share 137,666 137,666 137,666 137,666 Stock options with an exercise price of $12.84 per share 4,167 4,167 4,167 4,167 Stock options with an exercise price of $20.88 per share — 4,313 — 4,313 Stock options with an exercise price of $26.40 per share 75,794 79,847 75,794 79,847 Stock options with an exercise price of $32.76 per share 53,707 53,706 53,707 53,706 Stock options with an exercise price of $32.88 per share — 52,820 — 52,820 Stock options with an exercise price of $34.68 per share 74,265 80,893 74,265 80,893 Stock options with an exercise price of $39.00 per share 8,333 8,333 8,333 8,333 Stock options with an exercise price of $40.80 per share — 8,333 — 8,333 Stock options with an exercise price of $41.16 per share 833 3,333 833 3,333 Stock options with an exercise price of $42.00 per share 8,333 8,333 8,333 8,333 Stock options with an exercise price of $46.80 per share 1,667 1,667 1,667 1,667 Warrants with an exercise price of $43.20 per share 130,208 130,208 130,208 130,208 Total anti-dilutive warrants and options excluded from EPS 494,973 573,619 494,973 573,619 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 Six Months Ended June 30, June 30, June 30, June 30, Potential common shares from unvested restricted stock awards excluded from EPS 88,096 129,570 88,096 129,570 The following is a reconciliation of the numerators and denominators used in computing basic and diluted net income per share: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Net income (loss) $ (1,858,778 ) $ (6,126,218 ) $ (1,774,133 ) $ (15,840,689 ) Numerator, basic and diluted net income (loss) available to stockholders $ (1,858,778 ) $ (6,126,218 ) $ (1,774,133 ) $ (15,840,689 ) Denominator: Shares used in computation – basic: Weighted average common shares outstanding 7,544,345 7,469,455 7,542,728 7,340,272 Common shares outstanding for basic 7,544,345 7,469,455 7,542,728 7,340,272 Shares used in computation – diluted: Common shares outstanding for basic 7,544,345 7,469,455 7,542,728 7,340,272 Shares used in computing diluted net income per share 7,544,345 7,469,455 7,542,728 7,340,272 Net (loss) per share – basic $ (0.25 ) $ (0.84 ) $ (0.24 ) $ (2.16 ) Net (loss) per share – diluted $ (0.25 ) $ (0.84 ) $ (0.24 ) $ (2.16 )
Income Taxes	Income Taxes Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is provided when it is more likely than not that some portion or the entire deferred tax asset will not be realized.
Stock-based Compensation	Stock-based Compensation Our stock-based compensation is recorded in accordance with the guidance in the ASC topic for Stock-Based Compensation
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 K for additional information. We generally do not use derivative financial instruments to hedge exposures to cash-flow, market or foreign-currency risks. However, we have entered into certain other financial instruments and contracts 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 Fair Value Hierarchy The three levels of inputs that may be used to measure fair value are as follows: Level 1. Level 2. Level 3.
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
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 and pursuant to guidance per ASC 320: Debt and Equity Securities

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2016
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 Six Months Ended June 30, June 30, June 30, June 30, Net income (loss) $ (1,858,778 ) $ (6,126,218 ) $ (1,774,133 ) $ (15,840,689 ) Numerator, basic and diluted net income (loss) available to stockholders $ (1,858,778 ) $ (6,126,218 ) $ (1,774,133 ) $ (15,840,689 ) Denominator: Shares used in computation – basic: Weighted average common shares outstanding 7,544,345 7,469,455 7,542,728 7,340,272 Common shares outstanding for basic 7,544,345 7,469,455 7,542,728 7,340,272 Shares used in computation – diluted: Common shares outstanding for basic 7,544,345 7,469,455 7,542,728 7,340,272 Shares used in computing diluted net income per share 7,544,345 7,469,455 7,542,728 7,340,272 Net (loss) per share – basic $ (0.25 ) $ (0.84 ) $ (0.24 ) $ (2.16 ) Net (loss) per share – diluted $ (0.25 ) $ (0.84 ) $ (0.24 ) $ (2.16 )
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 Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Average market price during the period $ 3.08 $ 7.20 $ 3.35 $ 8.28 In the money potential common shares from options excluded 4,089 — 4,717 — 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 Six Months Ended June 30, June 30, June 30, June 30, Out of the money options and warrants excluded: Stock options with an exercise price of $12.48 per share 137,666 137,666 137,666 137,666 Stock options with an exercise price of $12.84 per share 4,167 4,167 4,167 4,167 Stock options with an exercise price of $20.88 per share — 4,313 — 4,313 Stock options with an exercise price of $26.40 per share 75,794 79,847 75,794 79,847 Stock options with an exercise price of $32.76 per share 53,707 53,706 53,707 53,706 Stock options with an exercise price of $32.88 per share — 52,820 — 52,820 Stock options with an exercise price of $34.68 per share 74,265 80,893 74,265 80,893 Stock options with an exercise price of $39.00 per share 8,333 8,333 8,333 8,333 Stock options with an exercise price of $40.80 per share — 8,333 — 8,333 Stock options with an exercise price of $41.16 per share 833 3,333 833 3,333 Stock options with an exercise price of $42.00 per share 8,333 8,333 8,333 8,333 Stock options with an exercise price of $46.80 per share 1,667 1,667 1,667 1,667 Warrants with an exercise price of $43.20 per share 130,208 130,208 130,208 130,208 Total anti-dilutive warrants and options excluded from EPS 494,973 573,619 494,973 573,619
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 Six Months Ended June 30, June 30, June 30, June 30, Potential common shares from unvested restricted stock awards excluded from EPS 88,096 129,570 88,096 129,570

Accounts Receivable (Tables)

Accounts Receivable (Tables)	6 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
Summary of Accounts Receivable	Our accounts receivable consist of the following: June 30, 2016 December 31, 2015 Trade $ 3,365,977 $ 2,371,304 Related party 501,228 629,400 Other 48,512 116,668 Reserve allowance (2,315,797 ) (2,315,797 ) Total accounts receivable, net $ 1,599,920 $ 801,575

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Schedule of Change in Valuation Allowance	The change in the valuation allowance is as follows: June 30, 2016 $ 65,093,249 December 31, 2015 64,553,394 Change in valuation allowance $ 539,855

Loans Payable (Tables)

Loans Payable (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Consolidated Debt	The Company’s consolidated debt consisted of the following at: June 30, 2016 December 31, Note 1 – Monaco 2014 $ 2,800,000 $ 3,449,631 Note 2 – Monaco 2016 1,428,944 — Note 3 – MINOSA 14,750,001 14,750,001 Note 4 – Epsilon 2,981,331 — $ 21,960,276 $ 18,199,632
Summary of Fair Value of Debt	The fair value of the new debt is as follows: Monaco loans Loan one Forward cash flows: Principal $ 2,800,000 Interest 559,463 Total forward cash flows $ 3,359,463 Present value of forward cash flows $ 2,554,372 Fair value of equity conversion option 1,063,487 Fair value of debt $ 3,617,859
Summary of Debt Premium	Monaco loans Loan one Forward cash flows: Face value $ 2,800,000 Fair value 3,617,859 Difference (premium)* $ 817,859 * ASC 470-20-25-13 provides that if a convertible debt instrument is issued at a substantial premium, there is a presumption that such premium represents paid in capital. Since the total face amount of the new loans is $2,800,000, we conclude that the $817,859 was substantial and recorded that premium to additional paid-in capital.
Summary of Gain or Loss Upon Extinguishment Allocation	The allocation is as follows: Allocation Derivative liabilities (share purchase options) $ 1,456,825 Monaco Loan (Old Debt) 3,372,844 Monaco Loan (New Debt) (2,800,000 ) APIC (Premium) (817,859 ) Difference to APIC* $ 1,211,810 * The difference between the fair value of the new debt and the sum of the pre-modification carrying amount of the old debt and the share purchase option’s fair value represented a gain on extinguishment. ASC 470-50-40-2 indicates that debt restructuring with a related party may be in essence a capital transaction and as a result the gain upon extinguishment was recognized in additional paid in capital.
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 Tranche 2 Tranche 3 Tranche 4 Tranche 5 Total Promissory Note $ 1,932,759 $ 5,826,341 $ 2,924,172 $ 1,960,089 $ 1,723,491 $ 14,366,852 Deferred Income (Oceanica Call Option) 67,241 173,659 75,828 39,911 26,509 383,148 Proceeds $ 2,000,000 $ 6,000,000 $ 3,000,000 $ 2,000,000 $ 1,750,000 $ 14,750,000
Note 2 [Member] | Monaco Notes [Member]
Summary of Significant Conversion Option Valuation Inputs and Results	Significant inputs and results arising from the Binomial Lattice process are as follows for the conversion option that is classified in equity after the modification in March 2016: Underlying price on valuation date $ 1.25 Contractual conversion rate $ 1.00 Contractual term to maturity 1.82 Years Implied expected term to maturity 1.82 Years Market volatility: Range of volatilities 96.0% - 154.0 % Equivalent volatilities 120.1 % Risk free rates using zero coupon US Treasury Security rates 0.29% - 0.68 % Equivalent market risk adjusted interest rates 0.52 %
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 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

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Summary of Preferred Stock Allocated to Investors	The Purchase Agreement provides for the Company to issue and sell to the Investor shares of the Company’s preferred stock in the amounts set forth in the following table (numbers have been adjusted for the February 2016 reverse stock split): Convertible Preferred Stock Shares Price Per Share Total Investment Series AA-1 8,427,004 $ 12.00 $ 101,124,048 Series AA-2 7,223,145 $ 6.00 43,338,870 15,650,149 $ 144,462,918
Stock Options Valuation Assumptions	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. June 30, 2016 June 30, 2015 Risk-free interest rate 1.29 % — Expected volatility of common stock 80.87 % — Dividend yield 0 % — Expected life of options 8.2 years —

Derivative Financial Instrume24

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Components of Derivative Liabilities	The following tables summarize the components of our derivative liabilities and linked common shares as of June 30, 2016 and December 31, 2015 and the amounts that were reflected in our income related to our derivatives for the periods then ended: June 30, December 31, 2016 2015 Derivative liabilities: Embedded derivatives derived from: 2014 Convertible Promissory Notes $ — $ 3,396,191 — 3,396,191 Warrant derivatives Senior Convertible Notes 3,891 6,225 Warrant derivatives 3,891 6,225 Total derivative liabilities $ 3,891 $ 3,402,416 June 30, December 31, 2016 2015 Common shares linked to derivative liabilities: Embedded derivatives: 2014 Convertible Promissory Notes* — 3,174,604 — 3,174,604 Warrant derivatives Senior Convertible Notes 130,208 130,208 130,208 130,208 Total common shares linked to derivative liabilities 130,208 3,304,812 * 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 June 30, Six months ended June 30, 2016 2015 2016 2015 Derivative income (expense): Unrealized gains (losses) from fair value changes: Senior Convertible Notes $ — $ — $ — $ — 2014 Convertible Promissory Notes — 147,142 3,396,190 (331,984 ) Warrant derivatives 61,051 64,748 2,335 80,971 61,051 211,890 3,398,525 (251,013 ) Redemptions of Senior Convertible Notes — — — — Total derivative income (expense) $ 61,051 $ 211,890 $ 3,398,525 $ (251,013
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 six months ended June 30, 2016 and 2015. For the six months ended June 30, 2016 2015 Balances at January 1 $ 3,396,191 $ 2,115,318 Issuances — — Modification (1,456,826 ) — Changes in fair value inputs and assumptions reflected in income (1,939,365 ) 331,984 Balances at June 30 $ — $ 2,447,302
Senior Convertible Notes [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 8, 2016 (Modification Date), December 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 8, 2016*** December 31, 2015 August 14, 2014 Underlying price on valuation date* $ 1.25 $ 2.50 $ 2.50 Contractual conversion rate $ 3.15 $ 3.15 $ 3.15 Contractual term to maturity** 1.82 Years 2.00 Years 2.00 Years Implied expected term to maturity 1.24 Years 1.82 Years 1.85 Years Market volatility: Range of volatilities 96.0% - 154.0 % 85.2% - 109.8 % 37.0% - 62.2 % Equivalent volatilities 120.1 % 98.1 % 51.2 % Contractual interest rate 11.00 % 11.00 % 8.0% - 11.0 % Equivalent market risk adjusted interest rates 11.60 % 11.00 % 9.50 % Range of credit risk adjusted yields 3.49% - 5.02 % 3.29% - 4.22 % 3.94% - 4.45 % Equivalent credit risk adjusted yield 4.13 % 3.76 % 4.15 % Tranche 2 – October 1, 2014: March 8, 2016*** December 31, 2015 October 1, 2014 Underlying price on valuation date* $ 1.25 $ 2.50 $ 2.50 Contractual conversion rate $ 3.15 $ 3.15 $ 3.15 Contractual term to maturity** 1.82 Years 2.00 Years 2.00 Years Implied expected term to maturity 1.24 Years 1.82 Years 1.79 Years Market volatility: Range of volatilities 96.0% - 154.0 % 85.2% - 109.8 % 58.6% - 75.3 % Equivalent volatilities 120.1 % 98.1 % 68.00 % Contractual interest rate 11.00 % 11.00 % 8.0% - 11.0 % Equivalent market risk adjusted interest rates 11.60 % 11.00 % 9.25 % Range of credit risk adjusted yields 3.49% - 5.02 % 3.29% - 4.22 % 3.97% - 4.61 % Equivalent credit risk adjusted yield 4.13 % 3.76 % 4.24 % Tranche 3 – December 1, 2014: March 8, 2016*** December 31, 2015 December 1, 2014 Underlying price on valuation date* $ 1.25 $ 2.50 $ 2.50 Contractual conversion rate $ 3.15 $ 3.15 $ 3.15 Contractual term to maturity** 1.82 Years 2.00 Years 2.00 Years Implied expected term to maturity 1.24 Years 1.82 Years 1.76 Years Market volatility: Range of volatilities 96.0% - 154.0 % 85.2% - 109.8 % 61.8% - 79.8 % Equivalent volatilities 120.1 % 98.1 % 72.2 % Contractual interest rate 11.00 % 11.00 % 8.0% - 11.0 % Equivalent market risk adjusted interest rates 11.60 % 11.00 % 9.25 % Range of credit risk adjusted yields 3.49% - 5.02 % 3.29% - 4.22 % 4.29% - 4.84 % Equivalent credit risk adjusted yield 4.13 % 3.76 % 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 was originally based on private sales of the subsidiary’s shares because that was the best indicator of the value of the shares in the past. The last 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 past in the MCS calculations was the $2.50 for the inception dates and December 31, 2015. Being far removed from December 2013 while considering the modification in March 2016 of the new option price of $1.00 and other market conditions currently prevailing, management determined $1.25 to be fairly representative of the per share fair value. ** On December 10, 2015 the term was extended to December 31, 2017. In March 2016 the term was extended to March 8, 2018. *** In March 2016 the purchase price of the share purchase options was modified to $1.00 per share. As a result of the re-pricing, the share purchase options no longer require measurement as derivative liabilities. The MCS were calculated for the instruments just prior to the modification on March 8, 2016.
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 130,208 shares of common stock as of June 30, 2016 and December 31, 2015: June 30, December 31, 2016 2015 Linked common shares 130,208 130,208 Quoted market price on valuation date $ 2.02 $ 3.24 Contractual exercise price $ 43.20 $ 43.20 Term (years) 1.10 1.35 Range of market volatilities 66.2% - 188.1 % 92.9% - 113.2 % Risk free rates using zero coupon US Treasury Security rates 0.20% - 0.36 % 0.16% - 0.65 %
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 six months ended June 30, 2016 and 2015. Six months ended June 30, 2016 2015 Balances at January 1 $ 6,225 $ 111,127 Changes in fair value inputs and assumptions reflected in income (2,334 ) (80,971 ) Balances at June 30 $ 3,891 $ 30,156

Deferred Income and Revenue P25

Deferred Income and Revenue Participation Rights (Tables)	6 Months Ended
	Jun. 30, 2016
Deferred Revenue Disclosure [Abstract]
Participating Revenue Rights	The Company’s participating revenue rights and deferred income consisted of the following at: June 30, 2016 December 31, 2015 “ Cambridge $ 825,000 $ 825,000 “ Seattle 62,500 62,500 Galt Resources, LLC (HMS Victory project) 3,756,250 3,756,250 Oceanica call option (MINOSA) — 383,148 Total deferred income and participating revenue rights $ 4,643,750 $ 5,026,898

Basis of Presentation - Additio

Basis of Presentation - Additional information (Detail)	Feb. 09, 2016	Jun. 09, 2015	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reverse stock split, conversion ratio	0.50000	0.16666	0.08333

Summary of Significant Accoun27

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Short-term investment maturity period				Three months or less
Weighted average number of common shares outstanding		7,544,345	7,469,455	7,542,728	7,340,272
Odyssey Explorer [Member]
Property, Plant and Equipment [Line Items]
Cash proceeds from sale of vessel	$ 200,000
Vessel In-kind [Member]
Property, Plant and Equipment [Line Items]
Value of vessel received in-kind	$ 350,000
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 Accoun28

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share for in the Money Potential Common Shares (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Average market price during the period	$ 3.08	$ 7.20	$ 3.35	$ 8.28
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from EPS	4,089		4,717

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share for Out of Money Potential Common Shares (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Stock Options With an Exercise Price of $12.48 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Out of the money options and warrants excluded	137,666	137,666	137,666	137,666
Stock Options With an Exercise Price of $12.84 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Out of the money options and warrants excluded	4,167	4,167	4,167	4,167
Stock Options With an Exercise Price of $20.88 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Out of the money options and warrants excluded		4,313		4,313
Stock Options With an Exercise Price of $26.40 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Out of the money options and warrants excluded	75,794	79,847	75,794	79,847
Stock Options With an Exercise Price of $32.76 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Out of the money options and warrants excluded	53,707	53,706	53,707	53,706
Stock Options With an Exercise Price of $32.88 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Out of the money options and warrants excluded		52,820		52,820
Stock Options With an Exercise Price of $34.68 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Out of the money options and warrants excluded	74,265	80,893	74,265	80,893
Stock Options With an Exercise Price of $39.00 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Out of the money options and warrants excluded	8,333	8,333	8,333	8,333
Stock Options With an Exercise Price of $40.80 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Out of the money options and warrants excluded		8,333		8,333
Stock Options With an Exercise Price of $41.16 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Out of the money options and warrants excluded	833	3,333	833	3,333
Stock Options With an Exercise Price of $42.00 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Out of the money options and warrants excluded	8,333	8,333	8,333	8,333
Stock Options With an Exercise Price of $46.80 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Out of the money options and warrants excluded	1,667	1,667	1,667	1,667
Warrants With an Exercise Price of $43.20 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Out of the money options and warrants excluded	130,208	130,208	130,208	130,208
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	494,973	573,619	494,973	573,619

Summary of Significant Accoun30

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) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Stock Options With an Exercise Price of $12.48 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	$ 12.48	$ 12.48	$ 12.48	$ 12.48
Stock Options With an Exercise Price of $12.84 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	12.84	12.84	12.84	12.84
Stock Options With an Exercise Price of $20.88 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	20.88	20.88	20.88	20.88
Stock Options With an Exercise Price of $26.40 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	26.40	26.40	26.40	26.40
Stock Options With an Exercise Price of $32.76 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	32.76	32.76	32.76	32.76
Stock Options With an Exercise Price of $32.88 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	32.88	32.88	32.88	32.88
Stock Options With an Exercise Price of $34.68 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	34.68	34.68	34.68	34.68
Stock Options With an Exercise Price of $39.00 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	39	39	39	39
Stock Options With an Exercise Price of $40.80 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	40.80	40.80	40.80	40.80
Stock Options With an Exercise Price of $41.16 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	41.16	41.16	41.16	41.16
Stock Options With an Exercise Price of $42.00 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	42	42	42	42
Stock Options With an Exercise Price of $46.80 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	46.80	46.80	46.80	46.80
Warrants With an Exercise Price of $43.20 per Share [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options exercise price per share	$ 43.20	$ 43.20	$ 43.20	$ 43.20

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share, Unvested Restricted Stock Awards (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
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	88,096	129,570	88,096	129,570

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Reconciliation of Numerators and Denominators used in Computing Basic and Diluted Net Income Per Share (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accounting Policies [Abstract]
Net income (loss)	$ (1,858,778)	$ (6,126,218)	$ (1,774,133)	$ (15,840,689)
Numerator, basic and diluted net income (loss) available to stockholders	$ (1,858,778)	$ (6,126,218)	$ (1,774,133)	$ (15,840,689)
Shares used in computation - basic:
Weighted average common shares outstanding	7,544,345	7,469,455	7,542,728	7,340,272
Common shares outstanding for basic	7,544,345	7,469,455	7,542,728	7,340,272
Shares used in computation - diluted:
Common shares outstanding for basic	7,544,345	7,469,455	7,542,728	7,340,272
Shares used in computing diluted net income per share	7,544,345	7,469,455	7,542,728	7,340,272
Net (loss) per share - basic	$ (0.25)	$ (0.84)	$ (0.24)	$ (2.16)
Net (loss) per share - diluted	$ (0.25)	$ (0.84)	$ (0.24)	$ (2.16)

Accounts Receivable - Summary o

Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserve for doubtful accounts receivable	$ (2,315,797)	$ (2,315,797)
Total accounts receivable, net	1,599,920	801,575
Trade [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	3,365,977	2,371,304
Related Party [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	501,228	629,400
Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 48,512	$ 116,668

Accounts Receivable - Additiona

Accounts Receivable - Additional Information (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserves for doubtful accounts	$ 2,315,797	$ 2,315,797
Monaco [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	501,228	$ 629,400
Neptune Minerals, Inc. [Member] | Monaco [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of accounts receivable		50.00%
Reserves for doubtful accounts	2,315,797	$ 2,315,797
Other Customer [Member] | Monaco [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reserves for doubtful accounts	$ 1,018,732	$ 1,018,732

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - Monaco [Member] - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Accounts receivables	$ 501,228	$ 629,400
Operating payable	$ 135,716	$ 47,858

Investments in Unconsolidated36

Investments in Unconsolidated Entities - Additional Information (Detail) - USD ($)	Dec. 31, 2012	Jun. 30, 2016	Dec. 31, 2012
Chatham Rock Phosphate, Ltd. [Member]
Schedule of Equity Method Investments [Line Items]
Investment carrying value	$ 0		$ 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]
Outstanding equity stake in CRP	3.00%
Neptune Minerals, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage		14.00%
Investment carrying value		$ 0
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 Non Voting Shares [Member]
Schedule of Equity Method Investments [Line Items]
Current investment position in NMI		3,092,488
Aggregate number of shares converted		261,200
Neptune Minerals, Inc. [Member] | Series A Preferred Non Voting Shares [Member]
Schedule of Equity Method Investments [Line Items]
Current investment position in NMI		2,612
Dorado Ocean Resources, Ltd. [Member]
Schedule of Equity Method Investments [Line Items]
Loss from unconsolidated entity		$ 20,700,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016USD ($)
Income Taxes [Line Items]
Net deferred tax asset	$ 0
Income tax expense	0
Dividend from subsidiaries	$ 1,800,000
Estimated annual effective tax rate	26.54%
Effective tax rate	0.00%
Federal [Member]
Income Taxes [Line Items]
Net operating loss carryforwards	$ 900,000
Net operating loss carryforwards subject to expiration	$ 145,000,000
Net operating loss carryforwards expiration year	2,025
Net operating loss carryforwards expiration year	2,035
Foreign [Member]
Income Taxes [Line Items]
Net operating loss carryforwards	$ 2,800,000
Net operating loss carryforwards subject to expiration	$ 22,000,000

Income Taxes - Schedule of Chan

Income Taxes - Schedule of Change in Valuation Allowance (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Valuation allowance	$ 65,093,249	$ 64,553,394
Change in valuation allowance	$ 539,855

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) shares in Millions	Mar. 11, 2015	Jun. 30, 2016	Apr. 11, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Gain Contingencies [Line Items]
Required minimum market capitalization value			$ 35,000,000
Cash and cash equivalents		$ 1,832,166			$ 2,241,317	$ 5,624,342	$ 3,143,550
Working capital deficit		20,700,000
Total assets		$ 6,809,543			$ 6,913,016
Penelope Mining LLC [Member]
Gain Contingencies [Line Items]
Investment in convertible preferred stock	$ 101,000,000
Investment agreement period	3 years
Oceanica Resources S. de. R.L [Member]
Gain Contingencies [Line Items]
Grant and issuance of new equity shares				3

Loans Payable - Schedule of Con

Loans Payable - Schedule of Consolidated Debt (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Loans payable	$ 21,960,276	$ 18,199,632
Note1- Monaco 2014 [Member]
Debt Instrument [Line Items]
Loans payable	2,800,000	3,449,631
Note 2 - Monaco 2016 [Member]
Debt Instrument [Line Items]
Loans payable	1,428,944
Note 3 - MINOSA [Member]
Debt Instrument [Line Items]
Loans payable	14,750,001	$ 14,750,001
Note 4 - Epsilon [Member]
Debt Instrument [Line Items]
Loans payable	$ 2,981,331

Loans Payable - Project Term Lo

Loans Payable - Project Term Loan - Additional Information (Detail)

Mar. 18, 2016USD ($)$ / sharesshares

Dec. 10, 2015USD ($)

May 11, 2015USD ($)

Mar. 31, 2016USD ($)Installment$ / sharesshares

Jun. 30, 2016USD ($)$ / shares

Mar. 31, 2016USD ($)$ / sharesshares

Jun. 30, 2015USD ($)

Jun. 30, 2015Tranches

Jun. 30, 2016USD ($)Subsidiaries$ / sharesshares

Jun. 30, 2015USD ($)

Dec. 31, 2015USD ($)

Oct. 01, 2015

Mar. 11, 2015USD ($)

Oct. 01, 2014USD ($)

Aug. 14, 2014USD ($)

Dec. 31, 2013$ / shares

May 10, 2012USD ($)

Debt Instrument [Line Items]

Aggregate amount issuable

$ 8,000,000

Expected interest expenses

$ 596,287

$ 1,019,443

$ 930,347

$ 1,681,725

Loans payable

21,960,276

$ 21,960,276

$ 18,199,632

Share repurchase agreement expiration date

Mar. 30, 2016

Promissory note outstanding amount

14,750,000

$ 14,750,000

Call option expiration date

Mar. 11, 2016

Mar. 11, 2016

Derivative, fixed value

40,000,000

$ 40,000,000

Estimated market rate loan percentage

15.00%

Debt discount amount

383,148

$ 383,148

Oceanica Call Option (MINOSA) [Member]

Debt Instrument [Line Items]

Stock granted during period, value

$ 40,000,000

$ 40,000,000

Stock granted during period, percentage

54.00%

54.00%

Monaco Notes [Member]

Debt Instrument [Line Items]

Aggregate amount issuable

2,800,000

$ 2,800,000

Expected interest expenses

0

Notes payable, carrying value

$ 3,449,632

$ 3,449,632

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

Debt Instrument [Line Items]

Per share value of shares purchased by private investor | $ / shares

$ 2.50

Promissory Note [Member]

Debt Instrument [Line Items]

Debt instrument maturity date

Mar. 18, 2017

Interest rate, stated percentage

8.00%

8.00%

Call option

$ 14,750,000

Accrued interest

$ 634,659

Promissory Note [Member] | Stock Purchase Agreement [Member] | MINOSA [Member]

Debt Instrument [Line Items]

Number of advances | Tranches

5

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

Debt Instrument [Line Items]

Call option

$ 14,750,000

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

Debt Instrument [Line Items]

Call option

$ 14,750,000

14,750,000

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

Debt Instrument [Line Items]

Call option

2,000,000

2,000,000

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

Debt Instrument [Line Items]

Call option

6,000,000

6,000,000

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

Debt Instrument [Line Items]

Call option

$ 3,000,000

$ 3,000,000

NoteOneMonacoTwoThousandForteen [Member]

Debt Instrument [Line Items]

Aggregate amount issuable

$ 10,000,000

Number of wholly owned subsidiaries | Subsidiaries

2

Debt instrument, number of shares | shares

100,000

Debt instrument, Value of shares

$ 250,000

Amortization of components included in interest expense

1,895,263

Marketing program compensation expenses, percentage yet to be recognized

5.00%

NoteOneMonacoTwoThousandForteen [Member] | Minimum [Member]

Debt Instrument [Line Items]

Initial principal amount of note, percent

50.00%

NoteOneMonacoTwoThousandForteen [Member] | Maximum [Member]

Debt Instrument [Line Items]

Initial principal amount of note, percent

100.00%

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

Debt Instrument [Line Items]

Shares issued to lender | shares

100,000

Per share value of shares purchased by private investor | $ / shares

$ 3.15

$ 3.15

Aggregate value of shares issued to lender

$ 1,000,000

NoteOneMonacoTwoThousandForteen [Member] | Loan Modification March Two Thousand Sixteen [Member] | Oceanica Resources S. de. R.L [Member]

Debt Instrument [Line Items]

Per share value of shares purchased by private investor | $ / shares

$ 1

$ 1

NoteOneMonacoTwoThousandForteen [Member] | First Tranche [Member]

Debt Instrument [Line Items]

Loan amount borrowed

5,000,000

Unused borrowing capacity

5,000,000

Call option

$ 5,000,000

5,000,000

NoteOneMonacoTwoThousandForteen [Member] | Second Tranche [Member]

Debt Instrument [Line Items]

Aggregate amount issuable

$ 2,500,000

Unused borrowing capacity

2,500,000

Interest rate, stated percentage

11.00%

8.00%

Call option

2,500,000

2,500,000

NoteOneMonacoTwoThousandForteen [Member] | Third Tranche [Member]

Debt Instrument [Line Items]

Unused borrowing capacity

$ 2,500,000

Call option

2,500,000

2,500,000

NoteOneMonacoTwoThousandForteen [Member] | Amended Promissory Notes [Member]

Debt Instrument [Line Items]

Extinguishment of debt, amount

2,200,000

Notes ceased to bear interest, amount

$ 5,000,000

Debt instrument maturity date

Dec. 31, 2017

Outstanding notes balance

$ 2,800,000

Long term notes

2,800,000

2,800,000

Loan Modification [Member]

Debt Instrument [Line Items]

Conversion price of Notes | $ / shares

$ 1

$ 1

BCF amount recorded

456,250

Expected interest expenses

$ 60,194

Loans payable

$ 2,800,000

$ 2,800,000

Debt component in loans payable

1,450,397

1,450,397

Loan Modification [Member] | Oceanica Resources S. de. R.L [Member]

Debt Instrument [Line Items]

Debt instrument maturity date

Dec. 31, 2017

Call option

$ 10,000,000

Equity component in loans payable

$ 1,349,603

$ 1,349,603

Loan Modification [Member] | Monaco [Member]

Debt Instrument [Line Items]

Per share value of shares purchased by private investor | $ / shares

$ 3.15

$ 3.15

Number of options eliminated under share purchase option | shares

3,174,603

3,174,603

Loan Modification [Member] | First Tranche [Member]

Debt Instrument [Line Items]

Call option

$ 5,000,000

Agreement description

Monaco agreed to cease interest as of December 10, 2015 and reduce the loan balance by (i) the cash or other value received by Monaco from the SS Central America shipwreck project (“SSCA”) or (ii) if the proceeds received by Monaco from the SSCA project are insufficient to pay off the loan balance by December 31, 2017, then Monaco can seek repayment of the remaining outstanding balance on the loan by withholding Odyssey’s 21.25% “additional consideration” in new shipwreck projects performed for Monaco in the future.

Additional consideration percentage

21.25%

Loan Modification [Member] | Second Tranche [Member]

Debt Instrument [Line Items]

Aggregate amount issuable

$ 300,000

Debt instrument maturity date

Dec. 31, 2017

Call option

$ 2,500,000

Reduced principal amount

$ 2,200,000

Loan Modification [Member] | Third Tranche [Member]

Debt Instrument [Line Items]

Debt instrument maturity date

Dec. 31, 2017

Call option

$ 2,500,000

Note 2 [Member]

Debt Instrument [Line Items]

Aggregate amount issuable

$ 1,825,000

$ 1,825,000

Debt instrument maturity date

Apr. 1, 2018

Interest rate, stated percentage

10.00%

10.00%

Note 2 [Member] | Monaco Notes [Member]

Debt Instrument [Line Items]

Aggregate amount issuable

2,800,000

$ 2,800,000

Fair value

3,617,859

3,617,859

Equity component in loans payable

1,063,487

1,063,487

Note 2 [Member] | Oceanica Resources S. de. R.L [Member]

Debt Instrument [Line Items]

Conversion price of Notes | $ / shares

$ 1

$ 1

Note 2 [Member] | Exploraciones Oceanicas [Member]

Debt Instrument [Line Items]

Aggregate amount issuable

$ 18,000,000

$ 18,000,000

Debt instrument maturity date

Sep. 25, 2015

Note 2 [Member] | Oceanica Marine Operations [Member]

Debt Instrument [Line Items]

Aggregate amount issuable

$ 9,300,000

9,300,000

Debt instrument term

30 days

Aggregate consideration payable

$ 1,800,000

1,800,000

Debt instrument number of installments | Installment

10

Installment amount of Notes

$ 750,000

$ 750,000

Fair value

0

0

Notes Payable, Other Payables [Member] | Epsilon Acquisitions, LLC [Member]

Debt Instrument [Line Items]

Aggregate amount issuable

$ 3,000,000

Debt instrument maturity date

Mar. 18, 2017

Interest rate, stated percentage

10.00%

Conversion price of Notes | $ / shares

$ 5

Installment amount of Notes

$ 1,500,000

BCF amount recorded

96,000

Notes security description

We granted security interests to Epsilon in (a) the 54 million cuotas (a unit of ownership under Panamanian law) of Oceanica Resources S. de R.L. ("Oceanica") held by our wholly owned subsidiary, Odyssey Marine Enterprises, Ltd. ("OME"), (b) all notes and other receivables from Oceanica and its subsidiary owed to the Odyssey Pledgors, and (c) all of the outstanding equity in OME.

Conversion price of Notes upon default | $ / shares

$ 2.50

Security deposit liability

$ 54,000,000

Number of trading days

75 days

Outstanding principal of the note

3,050,000

3,050,000

Lender's out of pocket costs

$ 50,000

50,000

Interest expenses related to debt discount recorded

$ 27,331

Notes Payable, Other Payables [Member] | MINOSA [Member]

Debt Instrument [Line Items]

Aggregate amount issuable

$ 14,750,000

Debt instrument, number of shares | shares

100,000

Debt Instrument, acceleration clause description

The obligations under the Note may be accelerated upon the occurrence of specified events of default including (a) OME’s failure to pay any amount payable under the Note on the date due and payable; (b) OME or we fail to perform or observe any term, covenant, or agreement in the Note or the related documents, subject to a five-day cure period; (c) an event of default or material breach by OME, us or any of our affiliates under any of the other loan documents shall have occurred and all grace periods, if any, applicable thereto shall have expired; (d) the Stock Purchase Agreement shall have been terminated; (e) specified dissolution, liquidation, insolvency, bankruptcy, reorganization, or similar cases or actions are commenced by or against OME or any of its subsidiaries, in specified circumstances unless dismissed or stayed within 60 days; (f) the entry of judgment or award against OME or any of its subsidiaries in excess or $100,000; and (g) a change in control (as defined in the Note) occurs.

Loans Payable - Schedule of All

Loans Payable - Schedule of Allocation of Cash Proceeds to Derivative Components at their Fair Values - Project Term Loan (Detail) - NoteOneMonacoTwoThousandForteen [Member]	Jun. 30, 2016USD ($)
First Tranche [Member]
Debt Instrument [Line Items]
Convertible notes payable	$ 5,000,000
First Tranche [Member] | 2014 Convertible Promissory Notes [Member]
Debt Instrument [Line Items]
Convertible notes payable	3,918,254
First Tranche [Member] | Common Shares Outstanding [Member]
Debt Instrument [Line Items]
Convertible notes payable	250,000
First Tranche [Member] | Compound Embedded Derivative [Member]
Debt Instrument [Line Items]
Convertible notes payable	831,746
Second Tranche [Member]
Debt Instrument [Line Items]
Convertible notes payable	2,500,000
Second Tranche [Member] | 2014 Convertible Promissory Notes [Member]
Debt Instrument [Line Items]
Convertible notes payable	1,937,540
Second Tranche [Member] | Compound Embedded Derivative [Member]
Debt Instrument [Line Items]
Convertible notes payable	562,460
Third Tranche [Member]
Debt Instrument [Line Items]
Convertible notes payable	2,500,000
Third Tranche [Member] | 2014 Convertible Promissory Notes [Member]
Debt Instrument [Line Items]
Convertible notes payable	1,909,127
Third Tranche [Member] | Compound Embedded Derivative [Member]
Debt Instrument [Line Items]
Convertible notes payable	$ 590,873

Loans Payable - Summary of Fair

Loans Payable - Summary of Fair Value of Debt (Detail) - USD ($)	Jun. 30, 2016	Mar. 31, 2016	May 10, 2012
Forward cash flows:
Principal			$ 8,000,000
Note 2 [Member]
Forward cash flows:
Principal		$ 1,825,000
Monaco Notes [Member]
Forward cash flows:
Principal	$ 2,800,000
Monaco Notes [Member] | Note 2 [Member]
Forward cash flows:
Principal	2,800,000
Interest	559,463
Total forward cash flows	3,359,463
Present value of forward cash flows	2,554,372
Fair value of equity conversion option	1,063,487
Fair value of debt	$ 3,617,859

Loans Payable - Summary of Sign

Loans Payable - Summary of Significant Conversion Option Valuation Inputs and Results (Detail) - After Modification [Member] - Binomial Lattice Process [Member] - Share Purchase Options Classified in Equity [Member]	6 Months Ended
	Jun. 30, 2016$ / shares
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Underlying price on valuation date	$ 1.25
Contractual conversion rate	$ 1
Contractual term to maturity	1 year 9 months 26 days
Implied expected term to maturity	1 year 9 months 26 days
Market volatility:
Equivalent volatilities	120.10%
Equivalent market risk adjusted interest rates	0.52%
Minimum [Member]
Market volatility:
Range of volatilities	96.00%
Risk free rates using zero coupon US Treasury Security rates	0.29%
Maximum [Member]
Market volatility:
Range of volatilities	154.00%
Risk free rates using zero coupon US Treasury Security rates	0.68%

Loans Payable - Summary of Debt

Loans Payable - Summary of Debt Premium (Detail) - USD ($)	Jun. 30, 2016	Mar. 31, 2016	May 10, 2012
Forward cash flows:
Face value			$ 8,000,000
Monaco Notes [Member]
Forward cash flows:
Face value	$ 2,800,000
Note 2 [Member]
Forward cash flows:
Face value		$ 1,825,000
Note 2 [Member] | Monaco Notes [Member]
Forward cash flows:
Face value	2,800,000
Fair value	3,617,859
Difference (premium)	$ 817,859

Loans Payable - Summary of De46

Loans Payable - Summary of Debt Premium (Parenthetical) (Detail) - USD ($)	Jun. 30, 2016	May 10, 2012
Debt Instrument [Line Items]
Face amount of new loans		$ 8,000,000
Monaco Notes [Member]
Debt Instrument [Line Items]
Face amount of new loans	$ 2,800,000
Monaco Notes [Member] | Additional Paid-In Capital [Member]
Debt Instrument [Line Items]
Debt premium recorded to additional paid-in capital	$ 817,859

Loans Payable - Summary of Gain

Loans Payable - Summary of Gain or Loss Upon Extinguishment Allocation (Detail)	6 Months Ended
	Jun. 30, 2016USD ($)
Extinguishment of Debt [Line Items]
Difference to APIC	$ 1,211,810
Derivative Liabilities (Share Purchase Options) [Member]
Extinguishment of Debt [Line Items]
Difference to APIC	1,456,825
Monaco Loan (Old Debt) [Member]
Extinguishment of Debt [Line Items]
Difference to APIC	3,372,844
Monaco Loan (New Debt) [Member]
Extinguishment of Debt [Line Items]
Difference to APIC	(2,800,000)
Additional Paid-In Capital [Member] | Premium [Member]
Extinguishment of Debt [Line Items]
Difference to APIC	$ (817,859)

Loans Payable - Schedule of A48

Loans Payable - Schedule of Allocation of Cash Proceeds to Derivative Components at their Fair Values - Promissory Note (Detail) - Promissory Note [Member] - USD ($)	Jun. 30, 2016	May 11, 2015
Debt Instrument [Line Items]
Cash proceeds		$ 14,750,000
Oceanica Resources S. de. R.L [Member]
Debt Instrument [Line Items]
Cash proceeds	$ 14,750,000
Oceanica Resources S. de. R.L [Member] | Deferred Income Call Option [Member]
Debt Instrument [Line Items]
Cash proceeds	383,148
Oceanica Resources S. de. R.L [Member] | First Tranche [Member]
Debt Instrument [Line Items]
Cash proceeds	2,000,000
Oceanica Resources S. de. R.L [Member] | First Tranche [Member] | Deferred Income Call Option [Member]
Debt Instrument [Line Items]
Cash proceeds	67,241
Oceanica Resources S. de. R.L [Member] | Second Tranche [Member]
Debt Instrument [Line Items]
Cash proceeds	6,000,000
Oceanica Resources S. de. R.L [Member] | Second Tranche [Member] | Deferred Income Call Option [Member]
Debt Instrument [Line Items]
Cash proceeds	173,659
Oceanica Resources S. de. R.L [Member] | Third Tranche [Member]
Debt Instrument [Line Items]
Cash proceeds	3,000,000
Oceanica Resources S. de. R.L [Member] | Third Tranche [Member] | Deferred Income Call Option [Member]
Debt Instrument [Line Items]
Cash proceeds	75,828
Oceanica Resources S. de. R.L [Member] | Fourth Tranche [Member]
Debt Instrument [Line Items]
Cash proceeds	2,000,000
Oceanica Resources S. de. R.L [Member] | Fourth Tranche [Member] | Deferred Income Call Option [Member]
Debt Instrument [Line Items]
Cash proceeds	39,911
Oceanica Resources S. de. R.L [Member] | Fifth Tranche [Member]
Debt Instrument [Line Items]
Cash proceeds	1,750,000
Oceanica Resources S. de. R.L [Member] | Fifth Tranche [Member] | Deferred Income Call Option [Member]
Debt Instrument [Line Items]
Cash proceeds	26,509
Oceanica Resources S. de. R.L [Member] | 2014 Convertible Promissory Notes [Member]
Debt Instrument [Line Items]
Cash proceeds	14,366,852
Oceanica Resources S. de. R.L [Member] | 2014 Convertible Promissory Notes [Member] | First Tranche [Member]
Debt Instrument [Line Items]
Cash proceeds	1,932,759
Oceanica Resources S. de. R.L [Member] | 2014 Convertible Promissory Notes [Member] | Second Tranche [Member]
Debt Instrument [Line Items]
Cash proceeds	5,826,341
Oceanica Resources S. de. R.L [Member] | 2014 Convertible Promissory Notes [Member] | Third Tranche [Member]
Debt Instrument [Line Items]
Cash proceeds	2,924,172
Oceanica Resources S. de. R.L [Member] | 2014 Convertible Promissory Notes [Member] | Fourth Tranche [Member]
Debt Instrument [Line Items]
Cash proceeds	1,960,089
Oceanica Resources S. de. R.L [Member] | 2014 Convertible Promissory Notes [Member] | Fifth Tranche [Member]
Debt Instrument [Line Items]
Cash proceeds	$ 1,723,491

Stockholders' Equity (Deficit49

Stockholders' Equity (Deficit) - Additional Information (Detail)	Feb. 09, 2016	Jun. 09, 2015USD ($)shares	Mar. 31, 2015USD ($)shares	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / shares	Jun. 30, 2016USD ($)Incentive_Plan$ / sharesshares	Jun. 30, 2015USD ($)	Mar. 31, 2016shares	Dec. 31, 2015USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reverse stock split, conversion ratio	0.50000	0.16666				0.08333
Common stock shares authorized				75,000,000		75,000,000			75,000,000
Common stock, par value | $ / shares				$ 0.0001		$ 0.0001			$ 0.0001
Common stock, value | $				$ 754		$ 754			$ 754
Preferred stock, par value | $ / shares				$ 0.0001		$ 0.0001			$ 0.0001
Preferred stock, shares authorized				24,984,166		24,984,166			24,984,166
Warrants to purchase shares of common stock outstanding								0	0
Number of stock incentive plans | Incentive_Plan						2
Stock incentive plan expiration date						Aug. 31, 2015
Share-based compensation | $				$ 357,872	$ 798,773	$ 692,501	$ 1,393,379
Weighted average fair value of options granted | $ / shares					$ 0
Weighted average estimated fair value of stock options | $ / shares				$ 1.55		$ 1.55
2015 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for stock-based compensation		450,000
Mako Resources, LLC [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares issued			333,333
Common stock, value | $			$ 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
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				130,208		130,208
Warrants exercise price | $ / shares						$ 43.20
Warrants expiration date						Nov. 9, 2016
Board Of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reverse stock split ratio						1-for-2
Series AA-1 Convertible Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, par value | $ / shares				$ 0.0001		$ 0.0001
Preferred stock, shares authorized				8,427,004		8,427,004
Preferred stock Liquidation preference accretion rate						8.00%
Series AA-2 Convertible Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, par value | $ / shares				$ 0.0001		$ 0.0001
Preferred stock, shares authorized				7,223,145		7,223,145
Series AA-2 Convertible Preferred Stock [Member] | Penelope Mining LLC [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trading days						20 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares authorized				75,000,000		75,000,000
Minimum [Member] | Series AA-2 Convertible Preferred Stock [Member] | Penelope Mining LLC [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing price of common stock | $ / shares						$ 15.12
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares authorized				150,000,000		150,000,000
Incentive Stock Options [Member] | 2015 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for stock-based compensation		450,000
Additional shares authorized for stock-based compensation						200,000
Common Stock [Member] | Incentive Stock Options [Member] | 2015 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of incentive option granted						With respect to each grant of an ISO to a Participant who is not a Ten Percent Stockholder, the Exercise Price shall not be less than the Fair Market Value of a Share on the date the ISO is granted. With respect to each grant of an ISO to a Participant who is a Ten Percent Stockholder, the Exercise Price shall not be less than one hundred ten percent (110%) of the Fair Market Value of a Share on the date the ISO is granted.
Maximum aggregate number of Shares with respect to one or more Awards that may be granted to any one person during any calendar year		83,333
Maximum aggregate amount of cash that may be paid in cash to any person during any calendar year | $		$ 2,000,000
Common Stock [Member] | Incentive Stock Options [Member] | Minimum [Member] | 2015 Stock Incentive Plan [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%

Stockholders' Equity (Deficit50

Stockholders' Equity (Deficit) - Summary of Preferred Stock Allocated to Investors (Detail) - Penelope Mining LLC [Member]	Jun. 30, 2016USD ($)$ / sharesshares
Preferred Stock [Line Items]
Shares | shares	15,650,149
Investment | $	$ 144,462,918
Series AA-1 Convertible Preferred Stock [Member]
Preferred Stock [Line Items]
Shares | shares	8,427,004
Price Per Share | $ / shares	$ 12
Investment | $	$ 101,124,048
Series AA-2 Convertible Preferred Stock [Member]
Preferred Stock [Line Items]
Shares | shares	7,223,145
Price Per Share | $ / shares	$ 6
Investment | $	$ 43,338,870

Stockholders' Equity_(Deficit)

Stockholders' Equity/(Deficit) - Stock Options Valuation Assumptions (Detail)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Risk-free interest rate	1.29%
Expected volatility of common stock	80.87%
Expected life of options	8 years 2 months 12 days
Dividend yield	0.00%

Concentration of Credit Risk -

Concentration of Credit Risk - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016USD ($)Institution
Debt Disclosure [Abstract]
Uninsured cash balance	$ 1,622,296
Number of financial institutions in which cash is deposited | Institution	1
Debt obligations with variable interest rates	$ 0

Derivative Financial Instrume53

Derivative Financial Instruments - Components of Derivative Liabilities (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Derivative liabilities	$ 3,891	$ 3,402,416
Derivative liabilities	$ 3,891	$ 3,402,416
Common shares linked to derivative liabilities	130,208	3,304,812
Compound Embedded Derivative [Member]
Derivative [Line Items]
Common shares linked to derivative liabilities		3,174,604
Warrant Derivatives [Member]
Derivative [Line Items]
Derivative liabilities	$ 3,891	$ 6,225
Derivative liabilities	$ 3,891	$ 6,225
Common shares linked to derivative liabilities	130,208	130,208
Senior Convertible Notes [Member] | Warrant Derivatives [Member]
Derivative [Line Items]
Derivative liabilities	$ 3,891	$ 6,225
Derivative liabilities	$ 3,891	$ 6,225
Common shares linked to derivative liabilities	130,208	130,208
2014 Convertible Promissory Notes [Member] | Compound Embedded Derivative [Member]
Derivative [Line Items]
Derivative liabilities		$ 3,396,191
Derivative liabilities		$ 3,396,191
Common shares linked to derivative liabilities		3,174,604

Derivative Financial Instrume54

Derivative Financial Instruments - Changes in Fair Values of Derivative Liabilities (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative [Line Items]
Derivative income (expense)	$ 61,051	$ 211,890	$ 3,398,525	$ (251,013)
Total derivative income (expense)	61,051	211,890	3,398,525	(251,013)
2014 Convertible Promissory Notes [Member]
Derivative [Line Items]
Derivative income (expense)		147,142	3,396,190	(331,984)
Warrant Derivatives [Member]
Derivative [Line Items]
Derivative income (expense)	$ 61,051	$ 64,748	$ 2,335	$ 80,971

Derivative Financial Instrume55

Derivative Financial Instruments - Significant Assumptions Utilized in Valuation Technique (Detail) - $ / shares	Mar. 08, 2016	Dec. 01, 2014	Oct. 01, 2014	Aug. 14, 2014	Dec. 31, 2015	Dec. 31, 2015	Mar. 31, 2016	Dec. 31, 2013
Derivative [Line Items]
Underlying price on valuation date		$ 2.50	$ 2.50	$ 2.50	$ 2.50	$ 2.50	$ 1.25	$ 2.50
Monte Carlo Simulations [Member] | Monaco Notes [Member] | First Tranche [Member]
Derivative [Line Items]
Underlying price on valuation date	$ 1.25			2.50	2.50	2.50
Contractual conversion rate	$ 3.15			$ 3.15	$ 3.15	$ 3.15
Contractual term to maturity	1 year 9 months 26 days			2 years		2 years
Implied expected term to maturity	1 year 2 months 27 days			1 year 10 months 6 days		1 year 9 months 26 days
Market volatility:
Range of equivalent volatilities	120.10%			51.20%		98.10%
Contractual interest rate	11.00%				11.00%	11.00%
Range of equivalent market risk adjusted interest rates	11.60%			9.50%	11.00%	11.00%
Range of equivalent credit risk adjusted yields	4.13%			4.15%	3.76%	3.76%
Range of equivalent credit risk adjusted yields	4.13%			4.15%	3.76%	3.76%
Monte Carlo Simulations [Member] | Monaco Notes [Member] | Second Tranche [Member]
Derivative [Line Items]
Underlying price on valuation date	$ 1.25		2.50		$ 2.50	$ 2.50
Contractual conversion rate	$ 3.15		$ 3.15		$ 3.15	$ 3.15
Contractual term to maturity	1 year 9 months 26 days		2 years			2 years
Implied expected term to maturity	1 year 2 months 27 days		1 year 9 months 15 days			1 year 9 months 26 days
Market volatility:
Range of equivalent volatilities	120.10%		68.00%			98.10%
Contractual interest rate	11.00%				11.00%	11.00%
Range of equivalent market risk adjusted interest rates	11.60%		9.25%		11.00%	11.00%
Range of equivalent credit risk adjusted yields	4.13%		4.24%		3.76%	3.76%
Range of equivalent credit risk adjusted yields	4.13%		4.24%		3.76%	3.76%
Monte Carlo Simulations [Member] | Monaco Notes [Member] | Third Tranche [Member]
Derivative [Line Items]
Underlying price on valuation date	$ 1.25	2.50			$ 2.50	$ 2.50
Contractual conversion rate	$ 3.15	$ 3.15			$ 3.15	$ 3.15
Contractual term to maturity	1 year 9 months 26 days	2 years			2 years
Implied expected term to maturity	1 year 2 months 27 days	1 year 9 months 4 days			1 year 9 months 26 days
Market volatility:
Range of equivalent volatilities	120.10%	72.20%			98.10%
Contractual interest rate	11.00%				11.00%	11.00%
Range of equivalent market risk adjusted interest rates	11.60%	9.25%			11.00%	11.00%
Range of equivalent credit risk adjusted yields	4.13%	4.52%			3.76%	3.76%
Range of equivalent credit risk adjusted yields	4.13%	4.52%			3.76%	3.76%
Minimum [Member] | Monte Carlo Simulations [Member] | Monaco Notes [Member] | First Tranche [Member]
Market volatility:
Range of volatilities	96.00%			37.00%		85.20%
Contractual interest rate				8.00%
Range of equivalent credit risk adjusted yields	3.49%			3.94%	3.29%	3.29%
Range of equivalent credit risk adjusted yields	3.49%			3.94%	3.29%	3.29%
Minimum [Member] | Monte Carlo Simulations [Member] | Monaco Notes [Member] | Second Tranche [Member]
Market volatility:
Range of volatilities	96.00%		58.60%			85.20%
Contractual interest rate			8.00%
Range of equivalent credit risk adjusted yields	3.49%		3.97%		3.29%	3.29%
Range of equivalent credit risk adjusted yields	3.49%		3.97%		3.29%	3.29%
Minimum [Member] | Monte Carlo Simulations [Member] | Monaco Notes [Member] | Third Tranche [Member]
Market volatility:
Range of volatilities	96.00%	61.80%			85.20%
Contractual interest rate		8.00%
Range of equivalent credit risk adjusted yields	3.49%	4.29%			3.29%	3.29%
Range of equivalent credit risk adjusted yields	3.49%	4.29%			3.29%	3.29%
Maximum [Member] | Monte Carlo Simulations [Member] | Monaco Notes [Member] | First Tranche [Member]
Market volatility:
Range of volatilities	154.00%			62.20%		109.80%
Contractual interest rate				11.00%
Range of equivalent credit risk adjusted yields	5.02%			4.45%	4.22%	4.22%
Range of equivalent credit risk adjusted yields	5.02%			4.45%	4.22%	4.22%
Maximum [Member] | Monte Carlo Simulations [Member] | Monaco Notes [Member] | Second Tranche [Member]
Market volatility:
Range of volatilities	154.00%		75.30%			109.80%
Contractual interest rate			11.00%
Range of equivalent credit risk adjusted yields	5.02%		4.61%		4.22%	4.22%
Range of equivalent credit risk adjusted yields	5.02%		4.61%		4.22%	4.22%
Maximum [Member] | Monte Carlo Simulations [Member] | Monaco Notes [Member] | Third Tranche [Member]
Market volatility:
Range of volatilities	154.00%	79.80%			109.80%
Contractual interest rate		11.00%
Range of equivalent credit risk adjusted yields	5.02%	4.84%			4.22%	4.22%
Range of equivalent credit risk adjusted yields	5.02%	4.84%			4.22%	4.22%

Derivative Financial Instrume56

Derivative Financial Instruments - Significant Assumptions Utilized in Valuation Technique (Parenthetical) (Detail) - $ / shares	1 Months Ended
	Dec. 31, 2013	Mar. 31, 2016	Dec. 31, 2015	Dec. 01, 2014	Oct. 01, 2014	Aug. 14, 2014
Derivative [Line Items]
Underlying price per share used in the MCS calculations	$ 2.50	$ 1.25	$ 2.50	$ 2.50	$ 2.50	$ 2.50
New option price		$ 1
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 Instrume57

Derivative Financial Instruments - Changes in Fair Value Inputs and Assumptions Related to Share Purchase Option (Detail) - 2014 Share Purchase Option [Member] - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Derivative [Line Items]
Balances at January 1	$ 3,396,191	$ 2,115,318
Issuances	0	0
Modification	(1,456,826)
Changes in fair value inputs and assumptions reflected in income	$ (1,939,365)	331,984
Balances at March 31		$ 2,447,302

Derivative Financial Instrume58

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2016	Apr. 13, 2014	Oct. 11, 2013	May 10, 2012	Nov. 08, 2011	Apr. 08, 2011	Oct. 11, 2010
Derivative [Line Items]
Warrants issued to acquire common shares						260,417	108,507		150,000
Warrants exercisable date	Apr. 13, 2014
Warrants linked to common stock, outstanding	0	0
Shares available for issuance upon exercise						36,169	36,169
Additional financing						$ 8,000,000
Warrants Attached to Series G Preferred Stock [Member]
Derivative [Line Items]
Warrants issued to acquire common shares								43,750
Warrants Attached to Senior Convertible Debt [Member]
Derivative [Line Items]
Warrants issued to acquire common shares							108,507
Warrants linked to common stock, outstanding			130,208
Common Stock [Member]
Derivative [Line Items]
Linked common shares				525,000
Common Stock [Member] | Level 3 [Member]
Derivative [Line Items]
Linked common shares					1,725,000
Warrants exercisable date		Oct. 11, 2013

Derivative Financial Instrume59

Derivative Financial Instruments - Significant Assumptions Utilized in Binomial Lattice Process (Detail) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Mar. 31, 2016	Dec. 01, 2014	Oct. 01, 2014	Aug. 14, 2014	Dec. 31, 2013
Derivative [Line Items]
Quoted market price on valuation date		$ 2.50	$ 1.25	$ 2.50	$ 2.50	$ 2.50	$ 2.50
Level 3 [Member] | Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Linked common shares	130,208	130,208
Quoted market price on valuation date	$ 2.02	$ 3.24
Contractual exercise price	$ 43.20	$ 43.20
Term (years)	1 year 1 month 6 days	1 year 4 months 6 days
Level 3 [Member] | Minimum [Member] | Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Range of market volatilities	66.20%	92.90%
Risk free rates using zero coupon US Treasury Security rates	0.20%	0.16%
Level 3 [Member] | Maximum [Member] | Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Range of market volatilities	188.10%	113.20%
Risk free rates using zero coupon US Treasury Security rates	0.36%	0.65%

Derivative Financial Instrume60

Derivative Financial Instruments - Changes in Fair Value Inputs and Assumptions Related to Derivative Warrants (Detail) - Warrant Derivatives [Member] - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Derivative [Line Items]
Balances at January 1	$ 6,225	$ 111,127
Changes in fair value inputs and assumptions reflected in income	(2,334)	(80,971)
Balances at March 31	$ 3,891	$ 30,156

Deferred Income and Revenue P61

Deferred Income and Revenue Participation Rights - Participating Revenue Rights (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Deferred Revenue Arrangement [Line Items]
Deferred income and participating revenue rights	$ 4,643,750	$ 5,026,898
"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 project) [Member]
Deferred Revenue Arrangement [Line Items]
Deferred income and participating revenue rights	$ 3,756,250	3,756,250
Oceanica Call Option (MINOSA) [Member]
Deferred Revenue Arrangement [Line Items]
Deferred income and participating revenue rights		$ 383,148

Deferred Income and Revenue P62

Deferred Income and Revenue Participation Rights - Additional Information (Detail)	May 11, 2015USD ($)	Feb. 28, 2011USD ($)	Mar. 31, 2016Investment	Jun. 30, 2016USD ($)ProjectInvestment$ / Securityshares
Deferred Revenue Arrangement [Line Items]
Revenue participation agreement				$ 15,000,000
Call option expiration date			Mar. 11, 2016	Mar. 11, 2016
Oceanica Call Option (MINOSA) [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 | shares				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 | Investment			3	3
Projects after bifurcation | Project				2
Galt Resources, LLC [Member] | SS Gairsoppa [Member]
Deferred Revenue Arrangement [Line Items]
Deferred revenue				$ 3,756,250
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				7.5125%
Revenue Participation Certificates [Member] | "Cambridge" Project [Member]
Deferred Revenue Arrangement [Line Items]
Revenue participation certificates per unit value | $ / Security				50,000
Revenue Participation Certificates [Member] | "Seattle" Project [Member]
Deferred Revenue Arrangement [Line Items]
Revenue participation certificates per unit value | $ / Security				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				12.375%
Revenue owed to certificate holder				$ 35,000,000