Cover Page
Cover Page - shares | 12 Months Ended | |
Dec. 31, 2023 | May 01, 2024 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | ODYSSEY MARINE EXPLORATION, INC. | |
Entity Central Index Key | 0000798528 | |
Entity Filer Category | Non-accelerated Filer | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | No | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
ICFR Auditor Attestation Flag | false | |
Trading Symbol | OMEX | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 20,431,126 | |
Entity File Number | 001-31895 | |
Document Annual Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 84-1018684 | |
Entity Address, Address Line One | 205 S. Hoover Blvd | |
Entity Address, City or Town | Tampa | |
Entity Address, Postal Zip Code | 33609 | |
City Area Code | 813 | |
Local Phone Number | 876-1776 | |
Auditor Name | GRANT THORNTON LLP | |
Auditor Firm ID | 248 | |
Auditor Location | Tampa, Florida | |
Entity Address, Address Line Two | Suite 210 | |
Entity Address, State or Province | FL | |
Documents Incorporated by Reference | The information required by Part III of this Form 10-K | |
Document Financial Statement Error Correction [Flag] | true | |
Document Financial Statement Restatement Recovery Analysis [Flag] | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 4,021,720 | $ 1,443,421 |
Accounts and other related party receivables | 110,320 | 7,515 |
Short-term notes receivable from related party | 0 | 1,576,717 |
Other current assets | 743,439 | 947,428 |
Total current assets | 4,875,479 | 3,975,081 |
NON-CURRENT ASSETS | ||
Investment in unconsolidated entities | 9,001,646 | 3,901,617 |
Option to purchase equity securities in related parties | 6,373,402 | 960,968 |
Bismarck exploration license | 1,821,251 | 1,821,251 |
Property and equipment, net | 524,656 | 2,877,590 |
Right of use - operating leases | 121,568 | 300,025 |
Other non-current assets | 34,295 | 34,295 |
Total non-current assets | 17,876,818 | 9,895,746 |
Total assets | 22,752,297 | 13,870,827 |
CURRENT LIABILITIES | ||
Accounts payable | 345,378 | 2,285,894 |
Accrued expenses | 8,493,358 | 17,615,507 |
Operating lease liability, current portion | 129,140 | 186,656 |
Forward contract liability | 1,446,796 | 0 |
Put option liability | 5,637,162 | 0 |
Loans payable, current portion | 15,413,894 | 21,732,654 |
Total current liabilities | 31,465,728 | 41,820,711 |
LONG-TERM LIABILITIES | ||
Loans payable | 7,903,074 | 663,536 |
Warrant liabilities | 15,792,385 | 13,602,467 |
Litigation financing and other | 52,817,938 | 45,368,948 |
Deferred contract liability | 679,706 | 960,968 |
Operating lease liability | 0 | 129,139 |
Total long-term liabilities | 77,193,103 | 60,725,058 |
Total liabilities | 108,658,831 | 102,545,769 |
Commitments and contingencies (NOTE 18) | ||
STOCKHOLDERS' DEFICIT | ||
Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding | 0 | 0 |
Common stock – $.0001 par value; 75,000,000 shares authorized; 20,420,896 and 19,540,310 issued and outstanding | 2,042 | 1,954 |
Additional paid-in capital | 263,616,186 | 256,963,264 |
Accumulated deficit | (296,096,957) | (301,442,776) |
Total stockholders' deficit before non-controlling interest | (32,478,729) | (44,477,558) |
Non-controlling interest | (53,427,805) | (44,197,384) |
Total stockholders' deficit | (85,906,534) | (88,674,942) |
Total liabilities and stockholders' deficit | $ 22,752,297 | $ 13,870,827 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 |
Statement of Financial Position [Abstract] | ||||||||
Preferred stock, par value | $ 0.0001 | $ 1 | $ 1 | $ 0.0001 | $ 0.0001 | $ 1 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 24,984,166 | 24,984,166 | 24,984,166 | 24,984,166 | 24,984,166 | 24,984,166 | 24,984,166 | 24,984,166 |
Preferred stock, shares outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Common stock, par value | $ 0.0001 | $ 1 | $ 1 | $ 0.0001 | $ 0.0001 | $ 1 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 |
Common stock, shares issued | 20,420,896 | 20,072,453 | 19,981,901 | 19,893,450 | 19,540,310 | 19,507,469 | 19,464,950 | 14,487,146 |
Common stock, shares outstanding | 20,420,896 | 20,072,453 | 19,981,901 | 19,893,450 | 19,540,310 | 19,507,469 | 19,464,950 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
REVENUE | ||
Revenue | $ 803,799 | $ 1,334,702 |
OPERATING EXPENSES | ||
Marketing, general and administrative | 6,843,181 | 9,427,428 |
Operations and research | 4,298,179 | 9,760,470 |
Total operating expenses | 11,141,360 | 19,187,898 |
LOSS FROM OPERATIONS | (10,337,561) | (17,853,196) |
OTHER INCOME (EXPENSE) | ||
Interest income | 412,625 | 96,478 |
Interest expense | (5,039,952) | (2,301,794) |
Loss on equity method investment | (278,910) | 0 |
Gain on Cuota Appreciation Rights extinguishment | 315,235 | |
Gain on debt extinguishment | 21,177,200 | 0 |
Change in derivative liabilities fair value | (8,302,866) | (9,914,545) |
Other | (1,515,138) | (164,609) |
Total other income (expense) | 6,452,959 | (11,969,235) |
(LOSS) BEFORE INCOME TAXES | (3,884,602) | (29,822,431) |
Income tax benefit | 0 | 0 |
NET (LOSS) | (3,884,602) | (29,822,431) |
Net loss attributable to noncontrolling interest | 9,230,421 | 7,742,572 |
NET INCOME / (LOSS) attributable to Odyssey Marine Exploration, Inc. | $ 5,345,819 | $ (22,079,859) |
NET INCOME / (LOSS) PER SHARE | ||
Net Income / (Loss) per share - Basic | $ 0.27 | $ (1.28) |
Net Income / (Loss) per share - Diluted | $ 0.27 | $ (1.28) |
Weighted average number of common shares outstanding | ||
Basic | 19,943,633 | 17,310,915 |
Diluted | 20,118,877 | 17,310,915 |
Marine Services [Member] | ||
REVENUE | ||
Revenue | $ 779,581 | $ 1,150,767 |
Product and Service, Other [Member] | ||
REVENUE | ||
Revenue | $ 24,218 | $ 183,935 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity / (Deficit) - USD ($) | Total | Previously Reported [Member] | Cumulative Effect Of Change For Litigation Financing [Member] | Common Stock [Member] | Common Stock [Member] Previously Reported [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] Previously Reported [Member] | Additional Paid-in Capital [Member] Cumulative Effect Of Change For Litigation Financing [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member] Previously Reported [Member] | Accumulated Deficit [Member] Cumulative Effect Of Change For Litigation Financing [Member] | Non-controlling Interest [Member] | Non-controlling Interest [Member] Previously Reported [Member] |
Beginning Balance at Dec. 31, 2021 | $ (66,992,873) | $ (62,488,638) | $ 1,431 | $ 1,431 | $ 248,823,425 | $ 249,055,600 | $ (279,362,917) | $ (275,090,857) | $ (36,454,812) | $ (36,454,812) | |||
Beginning Balance, Shares at Dec. 31, 2021 | 14,309,315 | 14,309,315 | |||||||||||
Cumulative effect of change for Litigation Financing | $ (4,504,235) | $ (232,175) | $ (4,272,060) | ||||||||||
Common stock issued for cash | 6,014,727 | $ 494 | 6,014,233 | ||||||||||
Common stock issued for cash, Shares | 4,945,159 | ||||||||||||
Share-based compensation | 1,811,551 | 1,811,551 | |||||||||||
Director compensation | 403,000 | $ 9 | 402,991 | ||||||||||
Director compensation, Share | 89,333 | ||||||||||||
Cancellation of stock awards for payment of withholding tax requirements | (585,916) | $ 20 | (585,936) | ||||||||||
Cancellation of stock awards for payment of withholding tax requirements, Shares | 196,503 | ||||||||||||
Prior years accrued incentives settled with stock options | $ 497,000 | 497,000 | |||||||||||
Common stock issued for options exercised, Shares | 0 | ||||||||||||
Net income (loss) | $ (29,822,431) | (30,883,322) | (22,079,859) | (7,742,572) | |||||||||
Ending Balance at Dec. 31, 2022 | (88,674,942) | (76,544,758) | $ 1,954 | $ 1,954 | 256,963,264 | $ 265,882,279 | (301,442,776) | $ (298,231,607) | (44,197,384) | $ (44,197,384) | |||
Ending Balance, Shares at Dec. 31, 2022 | 19,540,310 | 19,540,310 | |||||||||||
Share-based compensation | 585,654 | 585,654 | |||||||||||
Director compensation | 303,493 | $ 8 | 303,485 | ||||||||||
Director compensation, Share | 77,976 | ||||||||||||
Cancellation of stock awards for payment of withholding tax requirements | (218,618) | $ 19 | (218,637) | ||||||||||
Cancellation of stock awards for payment of withholding tax requirements, Shares | 188,162 | ||||||||||||
Common stock issued for debt extinguishment | 1,000,000 | $ 30 | 999,970 | ||||||||||
Common stock issued for debt extinguishment, Shares | 304,879 | ||||||||||||
Fair value of warrants issued | 3,926,962 | 3,926,962 | |||||||||||
Common stock issued for warrants exercised | 303,349 | 9 | 303,340 | ||||||||||
Common stock issued for convertible debt conversion | 524,110 | $ 16 | 524,094 | ||||||||||
Common stock issued for convertible debt conversion, Shares | 155,000 | ||||||||||||
Common stock issued for options exercised | $ 228,060 | $ 6 | 228,054 | ||||||||||
Common stock issued for options exercised, Shares | 62,846 | 64,017 | |||||||||||
Net income (loss) | $ (3,884,602) | 5,345,819 | (9,230,421) | ||||||||||
Ending Balance at Dec. 31, 2023 | (85,906,534) | $ 2,042 | 263,616,186 | (296,096,957) | (53,427,805) | ||||||||
Ending Balance, Shares at Dec. 31, 2023 | 20,420,896 | ||||||||||||
Common stock issued for warrants exercised, Shares | 90,552 | ||||||||||||
Beginning Balance at Jun. 30, 2023 | (70,648,430) | $ (65,017,481) | $ 1,998 | 262,164,455 | (284,066,697) | (48,748,186) | |||||||
Beginning Balance, Shares at Jun. 30, 2023 | 19,981,901 | ||||||||||||
Share-based compensation | 166,069 | 166,069 | |||||||||||
Fair value of warrants issued | 390,809 | 390,809 | |||||||||||
Common stock issued for warrants exercised | 303,349 | $ 9 | 303,340 | ||||||||||
Net income (loss) | (6,052,860) | (3,813,287) | (2,239,573) | ||||||||||
Ending Balance at Sep. 30, 2023 | $ (75,841,063) | $ 2,007 | $ 263,024,673 | $ (287,879,984) | $ (50,987,759) | ||||||||
Ending Balance, Shares at Sep. 30, 2023 | 20,072,453 | ||||||||||||
Common stock issued for warrants exercised, Shares | 90,552 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (Loss) | $ (3,884,602) | $ (29,822,431) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Services provided to unconsolidated entity | (779,581) | (1,150,767) |
Depreciation | 242,970 | 88,389 |
Financing fees amortization | 724,185 | 146,896 |
Amortization of finance liability | 432,332 | 0 |
Amortization of loan prepayment premium | 0 | 300,000 |
Note payable interest accretion | 985,671 | 295,932 |
Note payable interest paid in kind | 858,816 | 0 |
Note receivable interest accretion | (288,991) | (61,009) |
Right of use asset amortization | 178,457 | 161,084 |
Share-based compensation | 585,654 | 1,811,551 |
Director compensation settled with equity | 178,493 | 0 |
Amortization of deferred discount | 2,037,000 | 0 |
Loss on equity method investment | 278,910 | 0 |
Gain on debt extinguishment | (21,177,200) | 0 |
Gain on sale of equipment | (160,000) | 0 |
Change in derivatives liabilities fair value | 8,302,866 | 9,914,545 |
(Increase) decrease in: | ||
Accounts and other related party receivables | (103,899) | (241,707) |
Short-term notes receivable related party | 514,294 | (12,649) |
Change in operating lease liability | (186,656) | (163,171) |
Other assets | 203,991 | (170,798) |
Accounts payable | (1,675,936) | 5,974,387 |
Accrued expenses and other | 2,562,806 | 2,719,808 |
NET CASH (USED IN) OPERATING ACTIVITIES | (10,170,420) | (10,209,940) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sale of equipment | 317,750 | 0 |
Purchase of property and equipment | (1,346,878) | (1,477,547) |
Cash paid for investment in unconsolidated entity | (1,000,000) | 0 |
Repayment of loan from related party | 1,000,000 | 0 |
Advance to related party | 0 | (1,000,000) |
NET CASH (USED IN) BY INVESTING ACTIVITIES | (1,029,128) | (2,477,547) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of loans payable | 21,415,001 | 2,200,000 |
Proceeds from loans | 0 | |
Payment of debt obligation | (11,480,905) | (5,546,736) |
Cancellations of stock awards for payment of withholding tax requirements | (218,618) | (585,936) |
Proceeds from sale leaseback financing, net | 4,050,000 | 0 |
Payment on sale leaseback financing | (370,000) | 0 |
Offering cost paid on sale of common stock | 0 | (723,546) |
Proceeds from issuance of common stock | 239,303 | 16,512,375 |
Financing offering costs | (160,283) | 0 |
Proceeds from warrants exercised | 303,349 | 0 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 13,777,847 | 11,856,157 |
NET INCREASE (DECREASE) IN CASH | 2,578,299 | (831,330) |
CASH AT BEGINNING OF YEAR | 1,443,421 | 2,274,751 |
CASH AT END OF YEAR | 4,021,720 | 1,443,421 |
SUPPLEMENTARY INFORMATION: | ||
Interest paid | 172,346 | 222,731 |
Income taxes paid | 0 | 0 |
Prior year director compensation settled with equity | 125,000 | 403,000 |
Accrued expenses converted to equity | 0 | 497,000 |
NON-CASH INVESTING AND FINANCING TRANSACTIONS: | ||
Fair value of liability warrants issued | 2,392,563 | 0 |
Debt extinguished and paid in common stock | 1,000,000 | 0 |
Conversion of debt to common stock | 300,003 | 0 |
Non-cash contribution of investment in Odyssey Retriever, Inc. | $ 2,735,000 | $ 0 |
Put option liability | 5,637,162 | 0 |
Capital expenditures financed | $ 0 | $ 1,400,000 |
Capital expenditures included in accounts payable | 0 | 70,398 |
Conversion of accounts receivable to note receivable | $ 0 | $ 503,059 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Dec. 29, 2023 | Dec. 27, 2023 | Jun. 30, 2023 | Apr. 04, 2023 | Mar. 03, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair value of warrants attached to convertible debt | $ 2,381,004 | $ 3,926,962 | ||||||
Lender financed debt fees | $ 100,000 | $ 350,000 | ||||||
Conversion of stock, amount converted | 300,003 | $ 0 | ||||||
Fees paid for warrants issued | 65,380 | 98,504 | ||||||
Debt instrument, fair value disclosure | $ 6,000,000 | $ 6,000,000 | ||||||
Common stock, par value | $ 1 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Warrant [Member] | ||||||||
Fair value of warrants attached to convertible debt | $ 3,742,362 | |||||||
Debt instrument, fair value disclosure | $ 14,000,000 | 14,000,000 | ||||||
MINOSA [Member] | ||||||||
Conversion of stock, shares issued | 304,879 | |||||||
Common stock, par value | $ 3.28 | |||||||
Non-cash litigation financing [Member] | ||||||||
Amount settlement from vendor | $ 4,633 | $ 5,381,588 | ||||||
Convertible Debt [Member] | ||||||||
Conversion of stock, amount converted | $ 360,003 | $ 300,003 | ||||||
Debt Instrument, Convertible, Conversion Price | $ 2.3226 | |||||||
Conversion of stock, shares issued | 155,000 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1 – BASIS OF PRESENTATION Organization Odyssey Marine Exploration, Inc. and subsidiaries (the “Company,” “Odyssey,” “us,” “we” or “our”) is engaged in deep-ocean exploration. Our innovative techniques are currently applied to mineral exploration and other marine survey and contracted services. Our corporate headquarters are in Tampa, Florida. Going Concern Consideration We have experienced several years of net losses and may continue to do so. Our ability to generate net income or positive cash flows for the following twelve months is dependent upon financings, our success in developing and monetizing our interests in mineral exploration entities, generating income from contracted services or collecting on amounts owed to us. Our 2024 business plan requires us to generate new cash inflows to effectively allow us to perform our planned projects. We plan to generate new cash inflows through the monetization of our receivables and equity stakes in seabed mineral companies, financings, syndications or other partnership opportunities. If cash inflow ever becomes insufficient to meet our desired projected business plan requirements, we would be required to follow a contingency business plan that is based on curtailed expenses and fewer cash requirements. On December 1, 2023, we entered into the December 2023 Note Purchase Agreement with institutional investors pursuant to which we issued and sold to the investors the December 2023 Notes in the principal amount of up to $6.0 million and the December 2023 Warrants to purchase shares of our common stock. We issued December 2023 Notes in the aggregate amount of $3.75 million and related warrants on December 1, 2023, and December 2023 Notes in the aggregate amount of $2.25 million and related warrants on December 28, 2023. On May 3, 2024, we received a payment of approximately $9.4 million arising from a residual economic interest in a salvaged shipwreck. The balance of the proceeds from the December 2023 Notes and a portion of the proceeds received in May 2024, together with other anticipated cash inflows, are expected to provide operating funds through at least the third quarter of 2024. Our consolidated non-restricted |
Restatement of Consolidated Fin
Restatement of Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Restatement Of Consolidated Financial Statements [Abstract] | |
Restatement of Consolidated Financial Statements | NOTE 2 – RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS During the preparation of our consolidated financial statements for the period ended September 30, 2023, the Company reevaluated its accounting treatment of the International Claims Enforcement Agreement (the “Agreement” and the funding provided pursuant to the Agreement, as amended or amended and restated from time to time, the “Litigation Financing”) entered into on June 14, 2019, by Odyssey and Exploraciones Oceánicas S. de R.L. de C.V., our Mexican subsidiary (“ExO” and, together with Odyssey, the “Claimholder”), and Poplar Falls LLC (the “Funder”), pursuant to which the Funder agreed to provide funding to the Claimholder to facilitate the prosecution and recovery of the claim by the Claimholder against the United Mexican States under Chapter Eleven of the North American Free Trade Agreement (“NAFTA”) for violations of the Claimholder’s rights under NAFTA related to the development of an undersea phosphate deposit off the coast of Baja Sur, Mexico (the “Project”), on our own behalf and on behalf of ExO and United Mexican States (the “Subject Claim”). We determined that the Litigation Financing should be accounted for and classified as a derivative liability on the balance sheet, measured at fair value at each reporting date, with the corresponding change in market value being accounted for in the statement of operations with fees recognized as expenses when incurred. At the inception of the Litigation Financing in 2019, the Company, with the assistance of external accounting advisors, concluded that it should account for the Litigation Financing as a loan payable, and the related accrued interest as a short-term liability, in its consolidated financial statements beginning in the second quarter of 2019. We accounted for the Litigation Financing accordingly in our financial statements beginning with the interim period ended June 30, 2019, through the interim period ended June 30, 2023. The change in accounting treatment does not reflect any change in the Company’s expectations regarding the outcome of the Arbitration or any amendment or modification of the Litigation Financing, or of the Company’s anticipated cash flows. It is a change in the accounting treatment of the Litigation Financing resulting in certain adjustments in the financial statements. Our opening stockholders’ deficit at January 1, 2022 was adjusted by the amount of $4,501,234 as a result of this restatement. Additional Corrections During the preparation of our consolidated financial statements for the period ended September 30, 2023, and the restated consolidated financial statements, we reevaluated our accounting treatment with respect to certain other transactions and determined that there were certain errors in the accounting treatment of those transactions. The Company has corrected the accounting of those transactions in these financial statements. The accounting treatments corrected in the restated financial statements include the following: CIC Equity Investment Adjustment CIC Services Agreement Adjustment 2022 Warrant Issuance Adjustment Other Adjustments: • Monaco Note Payable Adjustmen • Capitalization of ROV Expense adjustment The following presents a reconciliation of the impacted financial statement line items as previously reported to the restated amounts as of and for the year ended December 31, 2022: Consolidated Balance Sheet As of December 31, 2022 Corrected Consolidated Balance Sheet As Reported Litigation Investment in 2022 Warrant Other Adjustment As Restated ASSETS Investment in unconsolidated entities 4,404,717 — (503,100 ) — — 3,901,617 Option to purchase equity securities in related parties — — 960,968 — — 960,968 Property and equipment, net 2,746,467 — — — 131,123 2,877,590 Total assets $ 13,281,836 $ — $ 457,868 $ — $ 131,123 $ 13,870,827 LIABILITIES AND STOCKHOLDERS’ DEFICIT Accounts payable $ 2,285,892 $ — $ — $ — $ 2 2,285,894 Accrued expenses 40,481,204 (22,865,695 ) — — (2 ) 17,615,507 Loans payable 25,011,049 (24,347,513 ) — — — 663,536 Litigation financing and other — 45,368,948 — — 45,368,948 Deferred revenue — — 960,968 — — 960,968 Warrant liability — — — 13,602,467 — 13,602,467 Total liabilities 89,826,594 (1,844,260 ) 960,968 13,602,467 — 102,545,769 Commitments and contingencies (Note 18) STOCKHOLDERS’ DEFICIT — — — — Additional paid-in capital 265,882,279 — — (8,919,015 ) — 256,963,264 Accumulated deficit (298,231,607 ) 1,844,260 (503,100 ) (4,683,452 ) 131,123 (301,442,776 ) Total liabilities and stockholders’ deficit $ 13,281,836 $ — $ 457,868 $ — $ 131,123 $ 13,870,827 Consolidated Statement of Operations For the Twelve Months Ended Corrected Consolidated Statements of Operations As Reported Litigation 2022 Warrant Other As Restated Marketing, general and administrative 8,487,070 (146,896 ) 1,087,254 — 9,427,428 Operations and research 9,891,593 — — (131,123 ) 9,760,470 Total operating expenses 18,378,663 (146,896 ) 1,087,254 (131,123 ) 19,187,898 INCOME (LOSS) FROM OPERATIONS (17,043,961 ) 146,896 (1,087,254 ) 131,123 (17,853,196 ) OTHER INCOME (EXPENSE) Interest expense (14,086,466 ) 11,784,671 — — (2,301,795 ) Change in derivative liabilities fair value — (6,086,172 ) (3,828,373 ) — (9,914,545 ) Total other income (expense) (13,839,361 ) 5,698,499 (3,828,373 ) — (11,969,235 ) NET INCOME / (LOSS) $ (23,140,750 ) $ 5,845,395 $ (4,915,627 ) $ 131,123 $ (22,079,859 ) NET INCOME / (LOSS) PER SHARE Basic (See Note 2) $ (1.34 ) 0.34 (0.28 ) 0.01 $ (1.28 ) Diluted (See Note 2) $ (1.34 ) 0.34 (0.28 ) 0.01 $ (1.28 ) Weighted average number of common shares outstanding Basic 17,310,915 — — — 17,310,915 Diluted 17,310,915 — — — 17,310,915 Consolidated Statements Changes in Preferred Common Stock – Shares Preferred Stock Common Stock Additional Paid-in Capital Accumulated Deficit Non-controlling Interest Total Balance at December 31, 2022 (As previously reported) — 19,540,310 $ — $ 1,954 $ 265,882,279 $ (298,231,607 ) $ (44,197,384 ) $ (76,544,758 ) Litigation Financing Adjustment — — — — — 1,844,260 — 1,844,260 Investment in Unconsolidated Entities Adjustments — — — — — (503,100 ) — (503,100 ) 2022 Warrant Adjustment — — — — (8,686,840 ) (4,915,627 ) — (13,602,467 ) Other Adjustment — — — — (232,175 ) 363,298 — 131,123 Cumulative restatement adjustments — — — — (8,919,015 ) (3,211,169 ) — (12,130,184 ) Balance at December 31, 2022 (As Restated) — 19,540,310 $ — $ 1,954 $ 256,963,264 $ (301,442,776 ) $ (44,197,384 ) $ (88,674,942 ) For the Twelve Months Ended December 31, 2022 Corrected Consolidated Statements of Cash Flows As Reported Litigation Financing Adjustment 2022 Warrants Adjustment Other Adjustments As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net loss before non-controlling interest $ (30,883,322 ) $ 5,845,395 $ (4,915,627 ) $ 131,123 $ (29,822,431 ) Adjustments to reconcile net loss to net cash used in operating activities: Change in derivatives liabilities fair value — 6,086,172 3,828,373 — 9,914,545 Accrued expenses and other 14,651,375 (11,931,567 ) — — 2,719,808 NET CASH USED IN OPERATING ACTIVITIES (9,253,809 ) — (1,087,254 ) (131,123 ) (10,209,940 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (1,346,424 ) — — (131,123 ) (1,477,547 ) NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (2,346,424 ) — — (131,123 ) (2,477,547 ) As Reported Litigation Financing Adjustment 2022 Warrants Adjustment Other Adjustments As Restated CASH FLOWS FROM FINANCING ACTIVITIES: Offering cost paid on financing — — 1,087,254 — 1,087,254 NET CASH PROVIDED BY FINANCING ACTIVITIES 10,768,903 — 1,087,254 — 11,856,157 NET INCREASE (DECREASE) IN CASH (831,330 ) — — — (831,330 ) CASH AT BEGINNING OF YEAR 2,274,751 — — — 2,274,751 CASH AT END OF YEAR $ 1,443,421 $ — $ — $ — $ 1,443,421 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This summary of significant accounting policies of the Company is presented to assist in understanding our financial statements. The financial statements and notes are representations of the Company’s management who are responsible for their integrity and objectivity and have prepared them in accordance with our customary accounting practices. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its direct and indirect wholly owned subsidiaries, both domestic and international. Equity investments in which we exercise significant influence but do not control and of which we are not the primary beneficiary are accounted for using the equity method. All significant inter-company and intra-company transactions and balances have been eliminated. The portion of the consolidated subsidiaries not wholly owned by the Company and any related activity is eliminated through Non-controlling interests in non-controlling interests in non-controlling non-wholly Use of Estimates Management used estimates and assumptions in preparing these consolidated financial statements in accordance with generally accepted accounting principles in the United States (“US GAAP”). 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 is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of Accounting Standards Codification (“ASC”) Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC Topic 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue. The Company currently generates revenues from service contracts with customers. Currently, there are two sources of revenue, marine services and other services. The contracts for the marine services provide research, scientific services, marine operations planning, management execution and project management. These services are billed generally on a monthly basis and recognized as revenue as the services are performed or provided. The Company generally does not receive any upfront consideration for these services, and there is no variable consideration for the services. Costs associated with both marine and other services include all direct consulting labor, and minimal supplies, and is charged to operations as a component of Operations and Research. Accounts receivable are based on amounts billed to customers. We evaluate our accounts and notes receivable to estimate an allowance for credit losses over the remaining life of the financial instrument. The remaining life of our financial assets is determined by considering contractual terms among other factors. We estimate an allowance for credit losses based on ongoing evaluations of the accounts and notes receivable, the related credit risk characteristics, and the overall economic and environmental conditions affecting the financial assets. Credit losses are charged off against the allowance when we believe the uncollectibility of the financial asset is confirmed. Subsequent recoveries, if any, are credited to the allowance once received. A credit loss expense, or benefit, is recorded as Other expense in the Statement of Operations in an amount necessary to adjust the allowance for credit losses to our estimate as of the end of each reporting period. At December 31, 2023 and 2022 we determined no allowance was necessary. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and cash in banks. We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Bismarck Exploration License The Company follows the guidance pursuant to ASC 350, “ Intangibles-Goodwill and Other Derivative Financial Instruments From time to time, we may enter into a financial instrument that may contain a derivative. In evaluating the fair value of derivative financial instruments, there are numerous assumptions which management must make that may influence the valuation of the derivatives that would be included in the financial statements. 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 a small or no initial net investment and permit net settlement. Derivative financial instruments may be free-standing or embedded in other financial instruments. 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 Derivatives and Hedging As discussed in NOTE 11 Loans Payable and The Litigation Financing agreement involved numerous amendments, significant non-cash The Company determines the accounting classification of warrants it issues as either liability or equity classified by first assessing whether the warrants meet liability classification in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock The 2022 Warrant and the December 2023 Warrant were determined to meet the definition of derivative liability and the fair value was estimated using a Black-Scholes valuation model. The 37N Note was determined to include an embedded derivative liability related to the share settled redemption feature of the Note in accordance with ASC 815. The embedded derivative fair value is determined using the with-and-without valuation method. Investments in Unconsolidated Entities As discussed in NOTE 7 Investment in Unconsolidated Entities, the Company has cost basis method investments and an equity method investment with related parties. We account for the investments we make in certain legal entities in which equity investors do not have (1) sufficient equity at risk for the legal entity to finance its activities without additional subordinated financial support, or (2) as a group, the holders of the equity investment at risk do not have either the power, through voting or similar rights, to direct the activities of the legal entity that most significantly impact the entity’s economic performance, or (3) the obligation to absorb the expected losses of the legal entity or the right to receive expected residual returns of the legal entity. The Company has entered into agreements with a certain related parties that required analysis of ASC 810-10 We use the equity method to account for investments in companies if our investment provides us with the ability to exercise significant influence over the operating and financial policies of the investee. Our Consolidated Statement of Operations includes our Company’s proportionate share of the net income or loss of these companies. It is our policy to account for our share of the investee’s net income or loss using a three-month lag period with an estimate of the most recent quarter results. Our judgment regarding the level of influence over each equity method investee includes considering key factors, such as our ownership interest, representation of the board of directors, participation in policy-making decisions, other commercial arrangements and material intercompany transactions. We eliminate from our financial results all significant intercompany transactions, including the intercompany portion of transactions with equity method investees. Long-Lived Assets Any impairment losses are included in depreciation at the time of impairment. We did not have any impairments for the years ended December 31, 2023 or 2022. 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 three years for computers and peripherals, five years for furniture and office equipment and between five ten Earnings Per Share Basic earnings per share (“EPS”) has been computed pursuant to the guidance in FASB ASC Topic 260, Earnings Per Share if-converted Dilutive common stock equivalents include the dilutive effect of in-the-money stock equivalents, which are calculated based on the average share price for each period using the treasury stock method, excluding any common stock equivalents if their effect would be anti-dilutive. The potential common shares in the following tables represent potential common shares from outstanding options, restricted stock awards, convertible notes and other convertible securities that were excluded from the calculation of diluted EPS during periods due to having an anti-dilutive effect are: December 31, 2023 December 31, 2022 (As Restated) Average market price during the period $ 3.47 $ 4.22 Option awards 916,111 859,999 Unvested restricted stock awards 10,087 213,739 Convertible notes 462,628 — Put Option Liability 4,063,759 — Common Stock Warrant 7,948,176 8,392,466 The following is a reconciliation of the numerators and denominators used in computing basic and diluted net income per share: Year ended December 31, 2023 Year ended December 31, 2022 (As Restated) Net income (loss) attributable to Odyssey Marine Exploration, Inc. $ 5,345,819 $ (22,079,859 ) Numerator: Basic net income (loss) $ 5,345,819 $ (22,079,859 ) Diluted net income (loss) available to stockholders $ 5,341,008 $ (22,079,859 ) Denominator: Weighted average common shares outstanding – Basic 19,943,633 17,310,915 Dilutive effect of options 5,557 — Dilutive effect of warrants 169,687 — Dilutive effect of other convertible securities — — Weighted average common shares outstanding – Diluted 20,118,877 17,310,915 Net (loss) income per share – basic $ 0.27 $ (1.28 ) Net (loss) income per share – diluted $ 0.27 $ (1.28 ) Per ASC 260 Earnings Per Share, the diluted net income was calculated at $4,811 less than the basic net income due to the change in fair value of the in-the-money warrants that are measured at fair value. 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. We do not currently have any uncertain tax positions because we have no unrecognized tax benefits under the applicable standard that were required to be recorded as either current income taxes payable or as adjustments to the balances of the deferred tax assets or deferred tax liabilities. Operations and research Operations and research expenses are charged to operations as incurred. Stock-based Compensation Our stock-based compensation is recorded in accordance with the guidance in the ASC Topic 718 Stock-Based Compensation (see NOTE 15 Stockholders’ Equity/(Deficit)). All share-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as an expense in earnings over the requisite service period. The expense is determined on a straight-line basis over the requisite service period for the entire award. The amount of compensation costs recognized at any date is to be at least equal to the portion of grant-date value of the award that is vested at that date. For performance-based share awards, the Company recognizes expense when it is determined the performance criteria are probable of being met. The probability of vesting is reassessed at each reporting date and compensation cost is adjusted using a cumulative catch-up adjustment. Forfeitures are recognized in compensation cost when they occur. Benefits or deficiencies of tax deductions in excess of recognized compensation costs are reported within operating cash flows. 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, equity securities, accounts payable, accrued liabilities, litigation financing and loans payable. The carrying amounts of cash and cash equivalents, accounts payable and accrued liabilities approximate their fair values due to their short maturities. Certain loans payable are measured at fair value based on valuation techniques using observable inputs other than Level 1 quoted prices in active markets and, accordingly, these estimates are not necessarily indicative of the amounts that we could realize in a current market exchange. The litigation financing is considered a derivative financial instrument and is carried at fair value as is required under current accounting standards. Derivative financial instruments are initially, and subsequently, measured at fair value and recorded as liabilities or, in rare instances, assets. We adopted ASC Topic 820 for certain financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with US GAAP and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include: Fair Value Hierarchy The three levels of inputs that may be used to measure fair value are as follows: Level 1. Level 2. non-binding Level 3. non-binding non-binding The following tables summarize our fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022: December 31, 2023 Level 1 Level 2 Level 3 Total Balance Liabilities: 37N Note embedded derivative $ — $ — $ 702,291 $ 702,291 Put option liability — — 5,637,162 5,637,162 Litigation financing 52,115,647 52,115,647 Warrant liabilities issued with debt (December 2023 Warrants) 2,392,563 2,392,563 Warrant liabilities issued with equity (2022 Warrants) 13,399,822 13,399,822 Total of fair valued l $ — $ — $ 74,247,485 $ 74,247,485 December 31, 2022 (As Restated) Level 1 Level 2 Level 3 Total Balance Liabilities: Warrant liabilities issued with equity (2022 Warrants) $ — $ — $ 13,602,467 $ 13,602,467 Litigation Financing — — 45,368,948 45,368,948 Total of fair valued l $ — $ — $ 58,971,415 $ 58,971,415 At December 31, 2023 the Company recorded the 37N Note measured at fair value, Level 3, for which the valuation techniques used to measure the fair value of the Company’s debt instruments are generally based on observable inputs other than quoted prices in active market. The OML Put Option, and Litigation financing are measured at fair value, Level 3. The OML Put Option valuation was based on expected timing and likelihood of completing the subsequent closings, the exercise period of the equity exchange agreement, share price and volatility. The Litigation Financing valuation was based on the following assumptions: amounts funded by the Funder, the corresponding IRR calculation, applicable percentage applicable to the recovery percentage calculation and managements good-faith estimates for estimated outcome probabilities and estimated debt repayment dates. The fair value of 2022 Warrant and the December 2023 Warrant are measured at fair value, Level 3, using a Black-Scholes valuation model. The assumptions used in this model included the use key inputs, including expected stock volatility, the risk–free interest rate, the expected life of the option and the expected dividend yield. Expected volatility is calculated based on our historical volatility of our Common Stock over the term of the warrant. Risk–free interest rates are calculated based on risk–free rates for the appropriate term. The expected life is estimated based on contractual terms as well as expected exercise dates. The dividend yield is based on the historical dividends issued by us. If the volatility rate or risk-free interest rate were to change, the value of the warrants would be impacted. Changes in our Level 3 fair value measurements were as follows: 37N Note embedded derivative Put option liability Litigation financing Warrant liabilities issued with debt (December 2023 warrants) Warrant liabilities issued with equity (2022 warrants) Total Balance as of January 1, 2022 (As Restated) — — 33,701,188 — — 33,701,188 Change in fair value — — 6,286,172 — 3,628,373 9,914,545 Issuance of new instrument — — — — 9,974,094 9,974,094 Issuance of new funding — — 5,381,588 — — 5,381,588 Year ended December 31, 2022 (As Restated) 45,368,948 13,602,467 58,971,415 Change in fair value 457,690 1,121,155 6,742,066 — (18,045 ) 8,302,866 Issuance of new instrument 423,696 4,516,007 — 2,392,563 — 7,332,266 Issuance of new funding — — 4,633 — — 4,633 Warrants exercised — — — — (184,600 ) (184,600 ) Debt conversion to equity (179,095 ) — — — — (179,095 ) Year ended December 31, 2023 702,291 5,637,162 52,115,647 2,392,563 13,399,822 74,247,485 Additional information about the Litigation Financing liability, the 2022 Warrant, and the December 2023 Warrant is included in NOTE 11 Loan Payable and NOTE 12 Fair Value Financial Instruments . Leases Whenever we enter into a new arrangement, we must determine, at the inception date, whether the arrangement contains a lease. This determination generally depends upon whether the arrangement conveys to us the right to control the use of an explicitly or implicitly identified fixed asset for a period of time in exchange for consideration. Control of an underlying asset is conveyed to us if we obtain the rights to direct the use of and to obtain substantially all of the economic benefits from using the underlying asset. If a lease exists, we must then determine the separate lease and non-lease non-lease non-lease non-lease non-lease For each lease, we must then determine: • The lease term – The lease term is the period of the lease not cancellable by us, together with periods covered by: (i) renewal options we are reasonably certain to exercise or that are controlled by the lessor and (ii) termination options we are reasonably certain not to exercise. • The present value of lease payments is calculated based on: - Lease payments – Lease payments include certain fixed and variable payments, less lease incentives, together with amounts probable of being owed by us under residual value guarantees and, if reasonably certain of being paid, the cost of certain renewal options and early termination penalties set forth in the lease arrangement. Lease payments exclude consideration that is: (i) not related to the transfer of goods and services to us and (ii) allocated to the non-lease non-lease - Discount rate – The discount rate must be determined based on information available to us upon the commencement of a lease. Lessees are required to use the rate implicit in the lease whenever such rate is readily available; however, if the implicit rate a lease is not readily determinable, we would use the hypothetical incremental borrowing rate we would have to pay to borrow an amount equal to the lease payments, on a collateralized basis, over a timeframe similar to the lease term. • Lease classification – In making the determination of whether a lease is an operating lease or a finance lease, we consider the lease term in relation to the economic life of the leased asset, the present value of lease payments in relation to the fair value of the leased asset and certain other factors, including the lessee’s and lessor’s rights, obligations and economic incentives over the term of the lease. Generally, upon the commencement of a lease, we will record a lease liability and a right-of-use Over the lease term, we increase our lease liabilities using the effective interest method and decrease our lease liabilities for lease payments made. We generally amortize the ROU asset over the shorter of the estimated useful life or the lease term and assess our ROU assets for impairment, similar to other long-lived assets. For operating leases, a single lease cost is generally recognized in the Consolidated Statements of Operations on a straight-line basis over the lease term. Foreign Currency Odyssey’s functional and reporting currency is U.S. dollars. Foreign currency denominated assets and liabilities are remeasured into U.S. dollars using the exchange rates in effect at the balance sheet date. Results of operations and cash flows of businesses conducted in foreign currency are remeasured using the average exchange rates throughout the period. The effect of exchange rate fluctuations on the remeasurement of assets and liabilities is included in Other expense in the Consolidated Statement of Operations. Segment Reporting The Company evaluates the products and services that produce its revenue and the geographical regions in which it operates to determine reportable segments in accordance with ASC 280 – Segment Reporting |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | NOTE 4 – CONCENTRATION OF CREDIT RISK Financial instruments that potentially subject us to concentration of credit risk consist primarily of cash and cash equivalents. We limit investment of cash equivalents and investments to financial institutions with high credit ratings. At times, the Company’s cash balance may exceed federally insured limits. At December 31, 2023 and 2022, our uninsured cash balance was approximately $3.7 million and $0.9 million respectively. The Company has not and does not expect to incur any losses with respect to these balances. |
Accounts And Other Related Part
Accounts And Other Related Party Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Accounts And Other Related Party Receivables | NOTE 5 – ACCOUNTS AND OTHER RELATED PARTY RECEIVABLES Our accounts and other related party receivables consisted of the following: December 31, 2023 December 31, 2022 (As Restated) Related party (see Note 8) $ 46,394 $ 7,515 Other 63,926 — Total accounts and other related party receivables $ 110,320 $ 7,515 |
Short-term Notes Receivable Rel
Short-term Notes Receivable Related Party | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Short-Term Notes Receivable Related Party | NOTE 6 – SHORT-TERM NOTES RECEIVABLE RELATED PARTY Our short-term notes receivable consisted of the following: December 31, 2023 December 31, 2022 (Restated) Related party (see Note 8) $ — $ 1,576,717 Short-term notes receivable $ — $ 1,576,717 The Related party note was owed to the Company by CIC. This note was paid in full during the first quarter of 2023. Interest income derived from this instrument was recorded using the simple interest method. The note also included an original issue discount for which income was recorded by applying the straight-line amortization method. See Note 8 for further details. |
Investment In Unconsolidated En
Investment In Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment In Unconsolidated Entities | NOTE 7 – INVESTMENT IN UNCONSOLIDATED ENTITIES December 31, 2023 December 31, 2022 (Restated) CIC Limited $ 4,514,618 $ 3,901,617 Chatham Rock Phosphate, Limited — — Neptune Minerals, Inc. — — Ocean Minerals, LLC 4,487,028 — Investment in unconsolidated entities $ 9,001,646 $ 3,901,617 CIC Limited We had approximately a 14.99% and 14.60% ownership in CIC Limited (“CIC”) at December 31, 2023 and 2022, respectively. Due to the structure of CIC, we determined this venture to be a variable interest entity (“VIE”) consistent with ASC 810. We have determined we are not the primary beneficiary of the VIE and, therefore, we have not consolidated this entity. We record our investment under the cost method as this company is incorporated and we have determined we do not exercise significant influence over the entity. We provide services to CIC (see NOTE 8. Related Party Transactions). This company is pursuing deep water exploration permits in foreign waters. We assess our investment for impairment annually and, if a loss in value is deemed other than temporary, an impairment charge will be recorded. We reviewed the following items to assist in determining CIC’s composition: • We account for the investments we make in certain legal entities in which equity investors do not have (1) sufficient equity at risk for the legal entity to finance its activities without additional subordinated financial support, or (2) as a group, the holders of the equity investment at risk do not have either the power, through voting or similar rights, to direct the activities of the legal entity that most significantly impact the entity’s economic performance, or (3) the obligation to absorb the expected losses of the legal entity or the right to receive expected residual returns of the legal entity. This type of legal entity is referred to as a VIE. • We would consolidate the results of any such entity in which we determined we had a controlling financial interest. We would have a “controlling financial interest” in such an entity if we had both the power to direct the activities that most significantly affect the VIE’s economic performance and the obligation to absorb the losses of, or right to receive benefits from, the VIE that could be potentially significant to the VIE. On a quarterly basis, we reassess whether we have a controlling financial interest in our investments in these legal entities. • We determine whether any of the entities in which we have made investments is a VIE at the start of each new venture and if a reconsideration event has occurred. At such times, we also consider whether we must consolidate a VIE and/or disclose information about our involvement in a VIE. A reporting entity must consolidate a VIE if that reporting entity has a variable interest (or combination of variable interests) that will absorb a majority of the VIE’s expected losses, receive a majority of the VIE’s expected residual returns, or both. A reporting entity must consider the rights and obligations conveyed by its variable interests and the relationship of its variable interests with variable interests held by other parties to determine whether its variable interests will absorb a majority of a VIE’s expected losses, receive a majority of the VIE’s expected residual returns, or both. The reporting entity that consolidates a VIE is called the primary beneficiary of that VIE. Chatham Rock Phosphate, Limited We have approximately a 1% ownership in Chatham Rock Phosphate, Limited (“CRPL”). We record our investment under the cost method. During 2012, we performed deep-sea Neptune Minerals, Inc. We have an ownership interest of approximately 14% in Neptune Minerals, Inc. (“NMI”). We currently apply the cost method of accounting for this investment. Previously, when we accounted for this investment using the equity method of accounting, we accumulated and did not recognize $21.3 million in our income statement because these losses exceeded our investment in NMI. Our investment has a carrying value of zero as a result of the recognition of our share of prior losses incurred by NMI under the equity method of accounting. Ocean Minerals, LLC On June 4, 2023, Odyssey, Odyssey Minerals Cayman Limited, a wholly owned subsidiary of Odyssey (the “Purchaser”), and OML entered into a Unit Purchase Agreement (as amended on July 1, 2023, October 3, 2023 and October 17, 2023, the “OML Purchase Agreement”) pursuant to which the Purchaser agreed to purchase, and OML agreed to issue and sell to the Purchaser, an aggregate of 733,497 membership interest units of OML (the “Purchased Units”) for a total purchase price of $15.0 million. After giving effect to the issuance and sale of all the Purchased Units, the Purchased Units will represent approximately 15.0% of the issued and outstanding membership interest units of OML (based upon the number of membership interest units outstanding on June 1, 2023). At December 31, 2023, Odyssey owned approximately 6.28% of the issued and outstanding membership interest units of Ocean Minerals, LLC (“OML”). The Company determined that OML is a VIE as it does not have sufficient equity at-risk The initial closing with respect to the Purchased Units occurred on July 3, 2023, on which date OML issued 293,399 of the Purchased Units to the Purchaser in exchange for (a) a payment of $1.0 million in cash by the Purchaser to OML and (b) Odyssey’s transfer to OML of all the outstanding shares of Odyssey Retriever, Inc. (“ORI”), a wholly owned subsidiary of Odyssey, with an estimated fair value of $3.3 million. Pursuant to the OML Purchase Agreement, in one or more closings to be held no later than June 28, 2024, OML will issue an additional 195,599 of the Purchased Units to the Purchaser for an aggregate purchase price of $4.0 million cash paid to OML. The OML Purchase Agreement provides that a final closing with respect to the Purchased Units will occur on the earlier of (x) the date that is 30 days after OML notifies that it has received (and provided a copy to Odyssey of) a specified resource report providing an indicated resource estimate for the area covered by OML’s exploration license or (y) the first anniversary of the initial closing. At the final closing, OML will issue an additional 244,499 of the Purchased Units to the Purchaser for an aggregate purchase price of $5.0 million cash paid to OML. The OML Purchase Agreement also provides the Purchaser the right, but not the obligation, at any time and from time to time prior to the 18-month Equity Exchange Agreement In connection with the transactions contemplated by the OML Purchase Agreement, Odyssey and the existing members of OML entered into an Equity Exchange Agreement (the “Exchange Agreement”) pursuant to which such members of OML have the right, but not the obligation, to exchange membership interest units of OML held by them for shares of Odyssey’s common stock, exercisable at any time and from time to time during the period beginning on the six-month five-day Notwithstanding anything in the Exchange Agreement to the contrary, the aggregate maximum number of shares of Odyssey’s common stock that may be issued under the Exchange Agreement will not (a) exceed 19.9% of the number of outstanding shares of Odyssey’s common stock immediately prior to the date of the Exchange Agreement, (b) exceed 19.9% of the combined voting power of the outstanding voting securities of Odyssey immediately prior to the date of the Exchange Agreement, or (c) otherwise exceed such number of shares of Odyssey’s common stock that would violate applicable listing rules of the Nasdaq Capital Market. The Equity Exchange Agreement is a liability within the scope of ASC 480 that is initially measured at fair value and will be included within the initial consideration transferred. Subsequently, changes in the fair value of the liability will be recognized in earnings. Contribution Agreement In connection with the transactions contemplated by the OML Purchase Agreement, Odyssey, the Purchaser, and OML also entered into a Contribution Agreement pursuant to which additional membership interest units of OML may be issued to the Purchaser in consideration of the contribution to OML by Odyssey from time to time of certain property or other assets and services with an aggregate value of up to $10.0 million. We concluded that the Contribution Agreement is within the scope of ASC 606, as the services provided are within Odyssey’s ordinary activities, and OML is therefore considered a customer of Odyssey. Equity Method of Accounting The Company has determined that OML operates more like a partnership, and as the Company holds more than 3% - 5% and has greater than virtually no influence over OML, the investment is within the scope of ASC 323, Investments – Equity and Joint Ventures. Odyssey applied the equity method investment accounting for its interest in OML, starting on July 3, 2023. As a result, OML is considered a related party. The Company further concluded that the initial closing consideration transferred is $10.3 million, and includes the cash amount paid, the fair value of the contribution of ORI, the fair value of the second and third closings and Equity Exchange Agreement, and acquisition costs. Furthermore, the total consideration transferred is allocated to the different components identified in the OML Purchase Agreement based on their closing date fair value, including, (1) the Initial OML Units, (2) the Second OML Units option, (3) the Third OML Units option and (4) the Optional Units, each as defined below, as well as the Equity Exchange Agreement as previously defined above. Through a series of transactions pursuant to the OML Unit Purchase Agreement, the Company agreed to pay a total purchase price of $15 million, or $20.45 per unit, for 733,497 units, as follows: (1) The Initial Closing – The Company purchased 293,399 of the Purchased Units (the “Initial OML Units”), representing approximately 6.28% of the OML Units, in return for the initial purchase price of $1.0 million cash and Odyssey’s shares of ORI. The initial closing of the purchase and sale of the Purchased Units was amended to July 3, 2023. (2) The Second Closing – The Company agreed to purchase 195,599 of the Purchase Units (the “Second OML Units”) in return for the second purchase price of $4 million, payable in cash at that time (“Second Closing”). The parties entered into the third amendment to the OML Purchase Agreement to amend the closing date of the Second Closing to be February 16, 2024 and the fourth amendment to amend the closing date of the Second Closing to June 28, 2024. (3) The Third Closing – The Company agreed to purchase 244,499 of the Purchased Units (the “Third OML Units”) in return for the purchase price of $5 million, payable in cash at that time. The third closing will occur on the earlier of (a) the date that is thirty (30) days after OML notifies the Company that it has received and provides a copy to the Company of, the Independent Resource Report, and (b) the date that is the first anniversary of the initial closing date (“Third Closing”). (4) Optional Units – The Company has the option to purchase up to additional 1,466,993 of OML Interest Units (“the Units”), at the Company’s discretion (“Optional Units”), at the agreed upon price of $20.45 per unit within the eighteen-month anniversary of the Initial Closing Date, July 3, 2023. The recorded asset value of this option is $5.7 million on December 31, 2023. Optional Units are within the scope of ASC 321, and would therefore be initially recognized at cost as part of the initial consideration transferred, and thereafter will be accounted for under the measurement alternative at cost with adjustments related to impairment and observable market conditions. If the Company does not purchase all the Optional Units prior to the eighteen-month anniversary, the Company may purchase any of such unpurchased Optional Units at the higher price of (i) a discount The Company concluded that the Second OML Units option, the Third OML Units option and the Optional Units are within the scope of ASC 321 Investments – Equity and Joint Ventures and would therefore be initially recognized at cost as part of the initial consideration transferred, and thereafter will be accounted for under the measurement alternative at cost with adjustments related to impairment and observable market adjustments. The Company concluded that the Contribution Agreement is within the scope of ASC 606, Revenue from Contracts with Customers, as the services provided are within the Company’s ordinary activities, and OML is therefore considered a customer of Odyssey. For the year ended December 31, 2023, we invoiced OML $166,581 and $14,891 recorded in Marine services and Operating and other revenues, respectively, in our consolidated statements of operations. The Company concluded that the Equity Exchange Agreement is a liability within the scope of ASC 480, Distinguishing Liabilities from Equity, that is initially measured at fair value and will be included within the initial consideration transferred. Subsequently, changes in the fair value of the liability was recognized in earnings and not as an adjustment to the cost basis of Odyssey’s investment in OML. As part of the Initial Closing, Odyssey transferred its equity interest of ORI, free of debt of the finance liability owed on the sale-leaseback arrangement. This portion was determined to be part of the Initial Consideration Transferred, as of July 3, 2023, as it meets the definition of a subsidiary of the acquirer. ASC 805, Business Combination, further provides that the consideration transferred in a business combination is measured at fair value, determined in accordance with ASC 820, Fair Value Measurement, except for (i) assets and liabilities transferred that remain under the control of the acquiree after the business combination, and (ii) any portion of the acquirer’s shared-based replacement awards exchanged for awards held by the acquiree’s grantees included in the consideration transferred. Therefore, the Company determined that although the OML Purchase Agreement provides that the contractual amount of ORI is $5 million, the Company is required to determine whether the contractual amount represents the fair value of the transferred asset. It is further noted that ORI primarily consists of one asset (the “Retriever asset”) that was previously acquired and refurbished by Odyssey. Given the uniqueness of the asset, a 6,000-meter The Company determined that the initial Closing Consideration is as follows: Cash consideration $ 1,000,000 Fair value of Odyssey Retriever, Inc. 3,280,261 Fair value of the Second Closing 676,921 Fair value of the Third Closing 769,875 Fair value of the Equity Exchange Agreement 4,516,007 Transaction costs 49,988 Initial closing consideration $ 10,293,052 At December 31, 2023 and 2022, our accumulated investment in OML was $4,487,028 and $0, respectively, which is classified as an investment in unconsolidated entities in our consolidated balance sheets. For the year ended December 31, 2023, the company recognized a For the year ended December 31, 2023, based on estimated financial information for our equity-method investee, we recognized $278,910 of Loss on Equity Method Investment in the consolidated statement of operations for our proportionate share of the net loss of our equity method investee, which decreased our net income for the year ended December 31, 2023 in our consolidated statement of operations. Our proportionate share of the net loss of our equity method investee can have a significant impact on the amount of Loss on Equity Method Investment in our consolidated statement of operations and our carrying value of those investments. We eliminated from our financial results all significant intercompany transaction to the extent of our ownership interest. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 8 RELATED PARTY TRANSACTIONS CIC Limited Odyssey’s lead director, Mark B. Justh, made an investment into CIC’s parent company and indirectly owns approximately 11.5% of CIC. We believe Mr. Justh’s indirect ownership in CIC does not impair his independence under applicable rules and Odyssey’s board of directors has formed a special committee to address any matters relating to CIC. We are providing services to CIC in accordance with the terms of a Services Agreement pursuant to which Odyssey provides certain back-office services to CIC in exchange for a recurring monthly fee, as well as other deep-sea On December 13, 2022, we entered into a Loan Agreement with CIC. Pursuant to the Loan Agreement, CIC issued to Odyssey a convertible promissory note in the amount of $1,350,000 that bore interest at a rate of 18% per annum. On the closing date, Odyssey advanced CIC $1,000,000 (the “Advanced Amount”) and recorded an original issue discount (“OID”) of $350,000, which we accrued as interest income in our consolidated statements of operations. Pursuant to the Note, CIC could repay the debt for the Advanced Amount and interest accrued thereon. Mr. Justh provided a limited guaranty to Odyssey in conjunction with the Loan Agreement. The December 31, 2022, carrying value of the loan was $1,061,009 and accrued interest was $12,649, which is included in the Short-term notes receivable related party balance on the Consolidated Balance Sheet. In April 2023, CIC repaid in full the Advanced Amount and accrued interest thereon ($1,068,000) in full satisfaction of indebtedness in accordance with the terms of the Loan Agreement. Upon settlement, we recognized a loss in the amount of $282,000. On December 13, 2022, CIC issued a Services Agreement Note to us. Pursuant to the Services Agreement Note, as amended on June 30, 2023, and August 8, 2023, Odyssey agreed to consolidate the outstanding accounts receivables balance for past and future services performed under the Services Agreement in an amount not to exceed $625,000. The Services Agreement Note bore interest at a rate of 1.5% per month and matured on August 15, 2023. The December 31, 2022, carrying value of the Services Agreement Note was $503,059. On August 15, 2023, CIC repaid principal and interest in the aggregate amount of $686,976 in full satisfaction of the Services Agreement Note. The terms of the Loan Agreement and Services Agreement Note were not necessarily indicative of the terms that would have been provided had a comparable transaction been entered into with independent parties. See Note 5 Accounts and Other Related Party Receivables for related accounts receivable and Note 6 Short-term Notes Receivable Related Party for related short-term notes receivable at December 31, 2023 and 2022 and Note 7 Investment in Unconsolidated Entities for our investment in an unconsolidated entity. Pignatelli On July 15, 2021, MINOSA assigned $404,633 of its indebtedness with accumulated accrued interest of $159,082 to James Pignatelli, then a director of the Company, under the same terms as the original agreement, and that indebtedness continued to be convertible at a conversion price of $4.35. This transaction was reviewed and approved by the independent members of the Company’s board of directors. On March 6, 2023, this note was terminated and Odyssey issued a new note, see Note 11 Loans Payable – MINOSA 2 for detail. Mr. Pignatelli’s term as a director of the Company expired in June 2023. Ocean Minerals, LLC We also provide services to Ocean Minerals, LLC (“OML”), a deep-sea deep-sea Salvage Agreement We hold a 40% interest in proceeds under a salvage agreement from our legacy shipwreck business. A company controlled by Mr. Justh obtained the right to the remaining 60% of those proceeds from an unrelated third party in exchange for the obligation to finance legal expenses relating to the recovery of the proceeds, pursuant to a funding arrangement to which we are also a party. Odyssey and Mr. Justh’s controlled entity will be responsible for any remaining legal costs on a pro rata basis. Oceanica and ExO Odyssey and its subsidiary, Oceanica Marine Operations S.R.L. (“OMO”), hold three notes (the “Oceanica-ExO Oceanica-ExO Stockholders We have entered into financing transactions with certain stockholders that beneficially own more than five percent of our Common Stock. FourWorld Capital Management LLC (“FourWorld”) beneficially owns approximately 20% of our Common Stock. Part of that holding includes two of FourWorld’s funds, each of which individually beneficially owns more than five On June 10, 2022, we completed the 2022 Equity Transaction, in which FourWorld participated. FourWorld funds purchased 292,628 shares of our Common Stock and 2022 Warrants to purchase 292,628 shares of our Common Stock in the 2022 Equity Transaction for a purchase price of $980,304. FourWorld exercised some of the 2022 Warrants on August 31, 2023, to purchase 1,000 shares of Common Stock at $3.35 per share. As of December 31, 2023, FourWorld held 2022 Warrants to purchase 291,628 shares of our Common Stock at an exercise price of $3.35 per share. On March 6, 2023, we entered into the March 2023 Note Purchase Agreement, pursuant to which we issued the March 2023 Note and the March 2023 Warrants. FourWorld, Two Seas and Greywolf each purchased portions of the March 2023 Note and March 2023 Warrants. No principal amount was repaid during fiscal year 2023. • FourWorld purchased a portion of the March 2023 Note in the principal amount of $1.08 million and March 2023 Warrants to purchase 285,715 shares of our Common Stock on March 6, 2023, for an aggregate purchase price of $1.08 million. Interest at the rate of 11% had accrued and was capitalized with respect to the March 2023 Note as of December 31, 2023, in the amount of $31,866 for the note held by FourWorld. As of December 31, 2023, FourWorld held March 2023 Warrants to purchase 285,715 shares of our Common Stock. • Two Seas purchased a portion of the March 2023 Note in the principal amount of $2,300,641 and March 2023 Warrants to purchase 608,635 shares of our Common Stock on March 6, 2023, for an aggregate purchase price of $2,300,641; and a portion of the March 2023 Note in the principal amount of $449,359 and Warrants to purchase 118,878 shares of our Common Stock on September 22, 2023, for an aggregate purchase price of $449,359. Interest at the rate of 11% had accrued and was capitalized with respect to the March 2023 Note as of December 31, 2023, in the amount of $80,374 for the note held by Two Seas. As of December 31, 2023, Two Seas held March 2023 Warrants to purchase 608,635 shares of our Common Stock. • Greywolf purchased a portion of the March 2023 Note in the principal amount of $7.0 million and March 2023 Warrants to purchase 1,851,852 shares of our Common Stock for an aggregate purchase price of $7.0 million. No principal amount was repaid during fiscal year 2023. Interest at the rate of 11% had accrued and was capitalized with respect to the March 2023 Note as of December 31, 2023, in the amount of $206,539 for the note held by Greywolf. As of December 31, 2023, Greywolf held March 2023 Warrants to purchase 1,851,852 shares of our Common Stock, each at an exercise price of $3.78 per share. On December 1, 2023, we entered into the December 2023 Note Purchase Agreement, in which FourWorld, Two Seas and Greywolf participated. No principal amount was repaid during fiscal year 2023. • FourWorld purchased a December 2023 Note in the principal amount of $500,000 and December 2023 Warrants to purchase 135,278 shares of our Common Stock for an aggregate purchase price of $500,000. Interest at the rate of 11% had accrued and was capitalized with respect to the December 2023 Notes as of December 31, 2023, in the amount of $4,671 for the note held by FourWorld. As of December 31, 2023, FourWorld held December 2023 Warrants to purchase 117,648 shares of our Common Stock at an exercise price of $4.25 per share and December 2023 Warrants to purchase 17,630 shares of our Common Stock at an exercise price of $7.09 per share. • Two Seas funds purchased a December 2023 Note in the principal amount of $2.0 million and December 2023 Warrants to purchase 541,109 shares of our Common Stock for an aggregate purchase price of $2.0 million. Interest at the rate of 11% had accrued and was capitalized with respect to the December 2023 Notes as of December 31, 2023, in the amount of $18,871 for the note held by Two Seas. As of December 31, 2023, Two Seas held December 2023 Warrants to purchase 470,589 shares of our Common Stock at an exercise price of $4.25 per share and December 2023 Warrants to purchase 70,523 shares of our Common Stock at an exercise price of $7.09 per share. • Greywolf purchased a December 2023 Note in the principal amount of $1.0 million and December 2023 Warrants to purchase 270,556 shares of our Common Stock for an aggregate purchase price of $1.0 million. Interest at the rate of 11% had accrued and was capitalized with respect to the December 2023 Notes as of December 31, 2023, in the amount Greywolf held December 2023 Warrants to purchase 235,295 shares of our Common Stock at an exercise price of $4.25 per share and December 2023 Warrants to purchase 35,261 shares of our Common Stock at an exercise price of $7.09 per share. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | NOTE 9 – OTHER CURRENT ASSETS Our other current assets consisted of the following: December 31, 2023 December 31, 2022 (As Restated) Prepaid insurance $ 608,353 $ 649,069 Other prepaid assets 119,820 72,956 Deposits 15,266 225,403 Total other current assets $ 743,439 $ 947,428 All prepaid expenses are amortized on a straight-line basis over the term of the underlying agreements. Deposits may be held by various entities for equipment, services, and in accordance with agreements in the normal course of business. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 10 – PROPERTY AND EQUIPMENT Property and equipment consisted of the following: December 31, 2023 December 31, 2022 (As Restated) Computers and peripherals $ 483,042 $ 458,309 Furniture and office equipment 782,471 1,002,773 Marine equipment 559,294 6,807,067 1,824,807 8,268,149 Less: Accumulated depreciation (1,300,151 ) (5,390,559 ) Property and equipment, net $ 524,656 $ 2,877,590 Depreciation expense for the years ended $ 242,970 $ 88,389 |
Loans Payable
Loans Payable | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Loans Payable | NOTE 11 – LOANS PAYABLE The Company’s consolidated notes payable consisted of the following carrying values: Loans Payable December 31, December 31, 2022 (Restated) MINOSA 1 $ — $ 14,750,001 MINOSA 2 — 5,050,000 March 2023 Note 14,858,816 — December 2023 Note 6,000,000 — Emergency Injury Disaster Loan 150,000 149,900 Vendor note payable 484,009 484,009 Seller Note payable — 1,400,000 AFCO Insurance note payable 468,751 562,280 Pignatelli note 500,000 — 37N Note 804,997 — Finance liability (NOTE 13) 4,112,332 — Total Loans payable 27,378,905 22,396,190 Less: Unamortized deferred lender fee (106,488 ) — Less: Unamortized deferred discount (3,955,449 ) — Total Loans payable, net 23,316,968 22,396,190 Less: Current portion of loans payable (15,413,894 ) (21,732,654 ) Loans payable - long term $ 7,903,074 $ 663,536 MINOSA 1 On March 11, 2015, in connection with the Stock Purchase Agreement (refer to the discussion of the Convertible Preferred Stock Note 15 – Stockholders’ Equity/(Deficit) MINOSA 2 On August 10, 2017, we entered into a Note Purchase Agreement (the “Minosa Purchase Agreement”) with MINOSA. Pursuant to the Minosa Purchase Agreement, MINOSA agreed to loan Odyssey Marine Enterprises Ltd. up to $3.0 million. By January 2018, the Company borrowed the entire $3.0 million against this facility, and Epsilon Acquisitions LLC (“Epsilon”) assigned $2.0 million of its previously held debt to MINOSA. The indebtedness is evidenced by a secured convertible promissory note (the “Minosa 2 Note” and, together with the Minosa 1 Note, the “Minosa Notes”) and bears interest at a rate equal to 10.0% per annum. The carrying amount of the Minosa 2 Note is equal to the principal amount, as the amount of debt issuance costs were immaterial. Unless otherwise converted as described below, the entire outstanding principal balance and all accrued interest and fees are due and payable upon written demand by MINOSA. The Minosa 2 Note is classified as short-term debt. During December 2017, MINOSA transferred this indebtedness to its parent company. On July 15, 2021, $404,633 of this indebtedness with accumulated interest of $159,082 was transferred to James Pignatelli, a director of the Company, under the same terms as the original agreement, and that indebtedness continues to be convertible at a conversion price of $4.35 per share. This transaction was reviewed and approved by the independent members of the Company’s board of directors. The Minosa 2 Note is convertible into a maximum share count of approximately 2,177,849 shares of our common stock in the event of a default, subject to adjustment for certain dilutive events, and is settleable only in shares. MINOSA has the right to convert all amounts outstanding under the Minosa 2 Note 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. Of the principal amount of the Minosa 2 Note, $2.7 million is convertible at a conversion price of $4.35 per share, $1 million is convertible at a conversion price of $4.19 per share, and $1 million is convertible at a conversion price of $4.13 per share. Upon the occurrence of an event of default, the Minosa 2 Note is convertible at MINOSA’s option at a conversion price equal to one-half Upon the closing of the Minosa Purchase Agreement, along with MINOSA, and Penelope Mining LLC, an affiliate of MINOSA (“Penelope”), executed and delivered a Second Amended and Restated Waiver and Consent and Amendment No. 5 to Promissory Note and Amendment No. 2 to Stock Purchase Agreement (the “Second AR Waiver”). Pursuant to the Second AR Waiver, MINOSA and Penelope consented to the transactions contemplated by the Minosa Purchase Agreement and waived any breach of any representation or warranty and violation of any covenant in the Stock Purchase Agreement, dated as of March 11, 2015, as amended April 10, 2015 (the “SPA”), by and among us, MINOSA, and Penelope, arising out of the Company’s execution and delivery of the Minosa Purchase Agreement and the consummation of the transactions contemplated thereby. Pursuant to the Second AR Waiver, we also waived, and agreed not to exercise our right to terminate the SPA pursuant to Section 8.1(c)(ii) thereto, both (a) until after the earlier of (i) July 1, 2018, (ii) the date that MINOSA fails, refuses, or declines to fund (or otherwise does not fund) any subsequent loan under the Minosa Purchase Agreement and (iii) demand is made for repayment of all or any part of the indebtedness outstanding under the Minosa Notes, the Second AR Epsilon Note, or the Promissory Note, dated as of March 11, 2015, as amended (the “SPA Note”), in the principal amount of $14.75 million that was issued by us to MINOSA under the SPA, and (b) unless on or prior to such termination, the Minosa Notes are paid in full. The Second AR Waiver (x) further provides that following any conversion of the indebtedness evidenced by the Minosa 2 Note, Penelope may elect to reduce its commitment to purchase our preferred stock under the SPA by the amount of indebtedness converted by MINOSA and (y) amends the SPA Note to provide that the outstanding principal balance under the SPA Note and all accrued interest and fees are due and payable upon written demand by MINOSA; provided, that Minosa agreed not make a demand for payment prior to the earlier of (a) an event of default (as defined in the Minosa 2 Note) or (b) a date, which may be no earlier than December 31, 2017, that is at least 60 days subsequent to written notice that Minosa intends to demand payment. Refer to Note 15 – Stockholders’ Equity/(Deficit) In addition to being due and payable upon written demand by MINOSA, the obligations under the Minosa 2 Note may be accelerated upon the occurrence of specified events of default including (a) our failure to pay any amount payable under the Minosa 2 Note on the date due and payable; (b) our failure to perform or observe any term, covenant, or agreement in the Minosa 2 Note or the related documents, subject to a five-day Pursuant to second amended and restated pledge agreements (the “Second AR Pledge Agreements”) entered into by us in favor of MINOSA on August 10, 2017, we pledged and granted security interests to MINOSA in (a) the 54 million cuotas (a unit of ownership under Panamanian law) of Oceanica held by us, (b) all notes and other receivables from Oceanica and its subsidiary owed to us, and (c) all of the outstanding equity in our wholly owned subsidiary, Odyssey Marine Enterprises, Ltd. In connection with the execution and delivery of the Minosa Purchase Agreement, Odyssey and MINOSA entered into a second amended and restated registration rights agreement (the “Second AR Registration Rights Agreement”) pursuant to which Odyssey agreed to register the offer and sale of the shares (the “Conversion Shares”) of our common stock issuable upon the conversion of the indebtedness evidenced by the Minosa 2 Note. Subject to specified limitations set forth in the Second AR Registration Rights Agreement, including that we are eligible to use Form S-3, Settlement, Release and Termination Agreement of the MINOSA 1 and MINOSA 2 On March 3, 2023, Odyssey, Altos Hornos de México, S.A.B. de C.V. (“AHMSA”), MINOSA and Phosphate One LLC (f/k/a Penelope Mining LLC, “Phosphate One” and together with AHMSA and MINOSA, the “AHMSA Parties”) entered into Settlement, Release and Termination Agreement (the “Termination Agreement”). Pursuant to the Termination Agreement: • Odyssey paid AHMSA $9.0 million (the “Termination Payment”) in cash on March 6, 2023; • the parties agreed that, concurrently with the payment of the Termination Payment, a portion of the Minosa Notes would be deemed automatically converted into 304,879 • the Minosa Notes, the Stock Purchase Agreement, and the Pledge Agreements were terminated; • each of the AHMSA Parties, on the one hand, and Odyssey, on the other, agreed to release the other parties and their respective affiliates, equity holders, beneficiaries, successors and assigns (the “Released Parties”) from any and all claims, demands, damages, actions, causes of action or liabilities of any kind or nature whatsoever under the SPA, the Minosa Notes, the Minosa Purchase Agreement, or the Pledge Agreements (the “Released Matters”); and • each of the AHMSA Parties, on the one hand, and Odyssey, on the other, agreed not to make any claims against any of the Released Parties related to the Released Matters. The transactions contemplated by the Termination Agreement were completed on March 6, 2023. As a result of executing this Termination Agreement, the Company recognized a gain on extinguishment of debt in the amount of $21.2 million. On March 6, 2023, Odyssey entered into a Release and Termination Agreement with a director of the Company, James S. Pignatelli, to terminate and release a portion of the MINOSA 2 Note assigned to Mr. Pignatelli in 2021, the related Note Purchase Agreement (“NPA”) and the Pledge Agreement. On March 6, 2023, Odyssey issued a new Unsecured Convertible Promissory Note in the principal amount of $500,000 to Mr. Pignatelli that bears interest at the rate of 10.0% per annum convertible into common stock of Odyssey at a conversion price of $3.78 per share. Pursuant to the Release and Termination Agreement with Mr. Pignatelli noted above, he agreed, in exchange for the issuance of this Unsecured Convertible Promissory Note by Odyssey, to release the assigned portion of the MINOSA 2 note issued by Odyssey Marine Exploration, Inc., a wholly owned subsidiary of the Company, to Mr. Pignatelli in the principal amount of $404,634 and convertible at a conversion price of $4.35 per share, pursuant to which the outstanding aggregate obligation with accrued interest was $630,231. Emergency Injury Disaster Loan On June 26, 2020, we executed the standard loan documents required for securing an Economic Injury Disaster Loan (the “EIDL Loan”) from the United States Small Business Administration (the “SBA”). The principal amount of the EIDL Loan is $150,000, with proceeds to be used for working capital purposes. Interest on the EIDL Loan accrues at the rate of 3.75% per annum and installment payments, including principal and interest of $731, are due monthly beginning 12 months from the date of the EIDL Loan. In 2021, the SBA extended this 12-month Vendor Note Payable We currently owe a vendor $484,009 as an interest-bearing trade payable. This trade payable bears simple annual interest at a rate of 12%. As collateral, we granted the vendor a primary lien on certain of our equipment. The carrying value of this equipment is zero. This agreement matured in August 2018 Seller Note Payable On December 2, 2022, we entered into an Amended and Restated Purchase and Sale Agreement (“Purchase and Sale Agreement”) with the seller of certain marine equipment (“Seller”). Pursuant to the Purchase and Sale Agreement, Seller agreed to sell us the marine equipment, related tooling items and spares for $2.5 million. On or before the closing date, Odyssey paid the Seller $1.1 million for the acquisition of the assets. Pursuant to the Purchase and Sale Agreement, we paid the Seller the $1.4 million balance of the purchase price as a fully amortizing loan, bearing interest at a rate of 20% per annum, maturing on June 5, 2024 (the “Seller Note”). On April 4, 2023, we paid this loan in full using the proceeds from the April 4, 2023 sale-leaseback transaction discussed in Note 13. AFCO Insurance Note Payable On November 1, 2023, we entered into the Premium Finance Agreement with AFCO Credit Corporation (“AFCO”). Pursuant to the Premium Finance Agreement, AFCO agreed to finance the D&O Insurance premiums evidenced by the promissory note, bearing interest at a rate of 7.20% per annum, maturing on October 31, 2024. On November 1, 2022, we entered into the Premium Finance Agreement with AFCO. Pursuant to the Premium Finance Agreement, AFCO agreed to finance the D&O Insurance premiums evidenced by the promissory note, bearing interest at a rate of 4.95% per annum, that matured on November 30, 2023. Galileo On February 28, 2023, Odyssey issued a $300,000 11.0% Promissory Note to Galileo NCC Inc (“Galileo”). The Promissory Note was payable on April 1, 2023. On March 6, 2023, Odyssey repaid this note payable in full with proceeds from the issuance of the March 2023 Note (as defined below). March 2023 Note and Warrant Purchase Agreement On March 6, 2023, Odyssey entered into a Note and Warrant Purchase Agreement (the “March 2023 Note Purchase Agreement”) with an institutional investor pursuant to which Odyssey issued and sold to the investor (a) a promissory note (the “March 2023 Note”) in the principal amount of up to $14.0 million and (b) a warrant (the “March 2023 Warrant” and, together with the March 2023 Note, the “March 2023 Securities”) to purchase shares of Odyssey’s common stock. The total proceeds of $14.0 million were allocated between debt and equity for the warrants based on the relative fair value of the two instruments. As a result, there was a debt discount of $3,742,362, which is being amortized over the remaining term of the March 2023 Note Purchase Agreement using the effective interest method, which is charged to interest expense. We incurred $98,504 in related fees which are being amortized over the term of the March 2023 Note Purchase Agreement and charged to interest expense. The principal amount outstanding under the March 2023 Note bears interest at the rate of 11.0% per annum, and interest is payable in cash on a quarterly basis, except that, (a) at Odyssey’s option and upon notice to the holder of the March 2023 Note, any quarterly interest payment may be satisfied, in lieu of paying such cash interest, by adding an equivalent amount to the principal amount of the March 2023 Note (“PIK Interest”), and (b) the first quarterly interest payment due under the March 2023 Note will be satisfied with PIK Interest. The March 2023 Note provides Odyssey with the right, but not the obligation, upon notice to the holder of the March 2023 Note to redeem (x) at any time before the first anniversary of the issuance of the March 2023 Note, all or any portion of the indebtedness outstanding under the March 2023 Note (together with all accrued and unpaid interest, including PIK Interest) for an amount equal to one hundred twenty percent (120%) of the outstanding principal amount so being redeemed, and (y) at any time on or after the first anniversary of the issuance of the March 2023 Note, all or any portion of the indebtedness outstanding under the March 2023 Note (together with all accrued and unpaid interest, including PIK Interest). Unless the March 2023 Note is sooner redeemed at Odyssey’s option, all indebtedness under the March 2023 Note is due and payable on September 6, 2024. Under the terms of the March 2023 Note Purchase Agreement, Odyssey agreed to use the proceeds of the sale of the Securities to fund Odyssey’s obligations under the Termination Agreement (as defined above), to pay legal fees and costs related to Odyssey’s NAFTA arbitration against the United Mexican States, to pay fees and expenses related to the transactions contemplated by the March 2023 Note Purchase Agreement, and for working capital and other general corporate expenditures. Odyssey’s obligations under Note are secured by a security interest in substantially all of Odyssey’s assets (subject to limited stated exclusions). Under the terms of the March 2023 Warrant, the holder has the right for a period of three years after issuance to purchase up to 3,703,703 shares of Odyssey’s common stock at an exercise price of $3.78 per share, which represents 120.0% of the official closing price of Odyssey’s common stock on the Nasdaq Capital Market immediately preceding the signing of the March 2023 Note Purchase Agreement, upon delivery of a notice of exercise to Odyssey. Upon exercise of the March 2023 Warrant, Odyssey has the option to either (a) deliver the shares of common stock issuable upon exercise or (b) pay to the holder an amount equal to the difference between (i) the aggregate exercise price payable under the notice of exercise and (ii) the product of (A) the number of shares of common stock indicated in the notice of exercise multiplied by (B) the arithmetic average of the daily volume-weighted average price of the common stock on the Nasdaq Capital Market for the five consecutive trading days ending on, and including, the trading day immediately prior to the date of the notice of exercise. The warrant provides for customary adjustments to the exercise price and the number of shares of common stock issuable upon exercise in the event of a stock split, recapitalization, reclassification, combination or exchange of shares, separation, reorganization, liquidation, or the like. On March 6, 2023, the Company recognized the fair value of the March 2023 Warrant using the Black-Scholes valuation technique at $3,742,362 and classified the warrants as equity and debt discount of the March 2023 Note. In connection with the execution and delivery of the March 2023 Note Purchase Agreement, Odyssey entered into a registration rights agreement (the “Registration Rights Agreement”) pursuant to which Odyssey registered the offer and sale of the shares (the “Exercise Shares”) of Odyssey common stock issuable upon exercise of the Warrant in a Prospectus filed with the Securities and Exchange Commission (the “SEC”) and declared effective as of June 1, 2023. For the year ended December 31, 2023, the Company incurred $2,044,377 for the amortization of the debt discount, which has been recorded in interest expense and $53,810 interest from the fee amortization which has been recorded in interest expense. The December 31, 2023 carrying value of the debt was $13,116,138, which includes of interest Paid In Kind (“PIK”) of $858,816, and was net of unamortized debt fees of $44,693, net of unamortized debt discount of $1,697,985 associated with the fair value of the warrant. The total face value of this obligation at December 31, 2023 was $14,858,816. 37North On June 29, 2023 we entered into a Note Purchase Agreement (“Note Agreement”) with 37N pursuant to which 37N agreed to loan us $1,000,000. The proceeds from this transaction were received in full on June 29, 2023. Pursuant to the Note Agreement, the indebtedness was non-interest 10-day Any time prior to maturity, we had the option to prepay the indebtedness at an amount of 108% of the unpaid principal. From the maturity date to 29 days after the maturity date (August 27, 2023), we were permitted to repay all (but not less than) of an amount equal to 112.5% of the unpaid amount of the indebtedness. At any time after the 30th day after the maturity date (August 28, 2023), we are permitted to repay all (but not less than) of an amount equal to 115% of the unpaid amount of the indebtedness after 10 days’ notice. If 37N delivers an exercise notice during this 10-day If 37N delivers an exercise notice and the number of shares issuable is limited by the 19.9% limitation outlined above, then we are permitted to repay all the remaining unpaid amount of the Loan in an amount equal to 130% of the remaining unpaid amount. On December 27, 2023, 37N delivered an exercise notice to us pursuant to which it exercised its right to convert $360,003 of the outstanding indebtedness under the Note Agreement into shares of our Common Stock. In accordance with the Note Agreement, based on the applicable conversation rate of $2.3226 under the agreement, we issued 155,000 shares of our common Stock to 37N on December 29, 2023. We evaluated the indebtedness and, based on the criteria of ASC 480 Distinguishing Liabilities from Equity and 815 Derivatives and Hedging, the 37N convertible note is classified as a liability on the consolidated balance sheet with a share settled redemption feature that is recorded as an embedded derivative. As a result, the share settled redemption and conversion features were recorded at fair value at each reporting period outstanding with changes recognized through Interest expenses on the consolidated statement of operations. The Company analyzed the conversion feature of the note and determined that, because it includes a conditional obligation to issue a variable number of shares based on a fixed amount known at inception, the debt is properly classified as a liability in the balance sheet. The Company identified seven embedded features, all of which were of de minimis fair value other than the Share Settled Redemption Feature. As such, only that was bifurcated and accounted for separately from the debt host. Certain default put provisions were not considered to be clearly and closely related to the debt host, but management concluded that the value of these default put provisions was de minimis. At December 31, 2023, the debt instrument and embedded derivatives were recorded on the consolidated balance sheets at fair value of $804,997 and $702,291, respectively, under Loans payable – short term and Derivative liabilities and other – long term. On March 7, 2022, we entered into a Note Purchase Agreement (“2022 Note Agreement”) with 37N in which 37N agreed to loan us up to $2,000,000. These loan proceeds were received in full on March 25, 2022. Pursuant to the 2022 Note Agreement, the indebtedness was non-interest 10-day Any time prior to maturity, we had the option to prepay the indebtedness at an amount of 110% of the unpaid principal. From the maturity date to 29 days after the maturity date (July 24, 2022), we were permitted to prepay all (but not less than) an amount equal to 115% of the unpaid amount of the indebtedness. Anytime, after the 30 th 10-day If 37N delivered an exercise notice and the number of shares issuable is limited by the 19.9% limitation outlined above, then we were permitted to prepay all (but not less than all) an amount equal to 130% of the remaining unpaid amount. On June 29, 2022, the Company paid $2,200,000 of the outstanding amounts payable under the 2022 Note Agreement with 37N. On July 6, 2022, the Company paid the remaining $100,000 of the outstanding amounts payable under the 2022 Note Agreement with 37N. December 2023 Note and Warrant Purchase Agreement On December 1, 2023, we entered into a Note and Warrant Purchase Agreement (the “December 2023 Note Purchase Agreement”) with institutional investors pursuant to which we issued and sold to the investors (a) a series of promissory notes (the “December 2023 Notes”) in the principal amount of up to $6.0 million and (b) two tranches of warrants (the “December 2023 Warrants” and, together with the December 2023 Notes, the “December 2023 Securities”) to purchase shares of our common stock. We issued December 2023 Notes in the aggregate amount of $3.75 million and related warrants on December 1, 2023, and December 2023 Notes in the aggregate amount of $2.25 million and related warrants on December 28, 2023. The principal amount outstanding under the December 2023 Notes bears interest at the rate of 11.0% per annum, and interest is payable in cash on a quarterly basis, except that, (a) at our option and upon notice to the holder of the December 2023 Notes, any quarterly interest payment may be satisfied, in lieu of paying such cash interest, by adding an equivalent amount to the principal amount of the December 2023 Notes (“December 2023 PIK Interest”), and (b) the first quarterly interest payment due under the December 2023 Notes will be satisfied with December 2023 PIK Interest. The December 2023 Notes provide us with the right, but not the obligation, upon notice to the holders of the December 2023 Notes to redeem (x) at any time before the first anniversary of the issuance of the December 2023 Notes, all or any portion of the indebtedness outstanding under the December 2023 Notes (together with all accrued and unpaid interest, including December 2023 PIK Interest) for an amount equal to one hundred twenty percent (120%) of the outstanding principal amount so being redeemed, and (y) at any time on or after the first anniversary of the issuance of the December 2023 Notes, all or any portion of the indebtedness outstanding under the December 2023 Notes (together with all accrued and unpaid interest, including December 2023 PIK Interest). Unless the December 2023 Notes are sooner redeemed at our option, all indebtedness under the December 2023 Notes is due and payable on June 1, 2025. Under the terms of the December 2023 Note Purchase Agreement, we agreed to use the proceeds of the sale of the December 2023 Securities for working capital and other general corporate expenditures and to pay fees and expenses related to the transactions contemplated by the December 2023 Note Purchase Agreement. Our obligations under December 2023 Notes are secured by a pledge of and security interest in our equity interests in Odyssey Marine Cayman Limited (subject to limited stated exclusions). Under the terms of the first tranche of December 2023 Warrants, the holders have the right for a period of three years after issuance to purchase an aggregate of up to 1,411,765 shares of our common stock at an exercise price of $4.25 per share, which represents 120.0% of the official closing price of our common stock on the Nasdaq Capital Market immediately preceding the signing of the December 2023 Note Purchase Agreement, upon delivery of a notice of exercise to Odyssey. Under the terms of the second tranche of December 2023 Warrants, the holders have the right for a period of three years after issuance to purchase an aggregate of up to 211,565 shares of our common stock at an exercise price of $7.09 per share, which represents 200.0% of the official closing price of our common stock on the Nasdaq Capital Market immediately preceding the signing of the December 2023 Note Purchase Agreement, upon delivery of a notice of exercise to Odyssey. Upon exercise of the December 2023 Warrants, Odyssey has the option to either (a) deliver the shares of common stock issuable upon exercise or (b) pay to the holder an amount equal to the difference between (i) the aggregate exercise price payable under the notice of exercise and (ii) the product of (A) the number of shares of common stock indicated in the notice of exercise multiplied by (B) the arithmetic average of the daily volume-weighted average price of the common stock on the Nasdaq Capital Market for the five consecutive trading days ending on, and including, the trading day immediately prior to the date of the notice of exercise. The December 2023 Warrants provide the holders with a cashless exercise option if we have announced payment of a dividend or distribution on account of our common stock. The December 2023 Warrants also include customary adjustments to the exercise price and the number of shares of common stock issuable upon exercise in the event of a stock split, recapitalization, reclassification, combination or exchange of shares, separation, reorganization, liquidation, or the like. In connection with the execution and delivery of the December 2023 Note Purchase Agreement, we entered into a registration rights agreement (the “December 2023 Registration Rights Agreement”) pursuant to which we agreed to register the offer and sale of the shares (the “December 2023 Exercise Shares”) of our common stock issuable upon exercise of the December 2023 Warrants. Pursuant to the December 2023 Registration Rights Agreement, we agreed to prepare and file with the Securities and Exchange Commission (the “SEC”) a registration statement covering the resale of the December 2023 Exercise Shares and to use our reasonable best efforts to have the registration statement declared effective by the SEC as soon as practicable thereafter, subject to stated deadlines. The Company determined that the December 2023 Warrants meet the definition of a derivative and are not considered indexed to the Company’s own stock due to the settlement adjustment that provides that the share price input upon cashless exercise is always based on the highest of three prices. As such, the December 2023 Warrants were recognized as derivative liabilities and will be initially and subsequentially measured at fair value with the gain or loss due to changes in fair value recognized in the current period. The Company noted that when debt is issued with liability-classified stock purchase warrants, the residual method should be used so that the warrants are recognized at fair value at issuance and the residual proceeds are allocated to the debt. We incurred $65,500 in related expenses, which are being amortized over the term of the December 2023 Note Purchase Agreement and charged to interest expense. The total proceeds of $6.0 million were allocated between debt and warrant liability by recognizing the warrants at their full fair value and allocating the residual proceeds to the December 2023 Notes. The initial fair value of the December 2023 Warrants was $2,392,563, resulting in a corresponding discount on the December 2023 Notes which is being amortized over the remaining term of the December 2023 Note Purchase Agreement using the effective interest method, which is charged to interest expense. For the year ended December 31, 2023, we recorded $135,099 of interest expense from the amortization of the debt discount and $3,705 interest from the fee amortization, respectively. At December 31, 2023, the carrying value of the debt was $3,680,741 and was net of unamortized debt fees of $61,795, net of unamortized debt discount of $2,257,464 associated with the fair value of the warrant. The total face value of this obligation at December 31, 2023 was $6,611,839. The interest rate of the December 2023 Notes was 11.0% as of December 31, 2023. Accrued interest Total accrued interest associated with our financing was $912,615 and $12,265,891 as of December 31, 2023 and 2022, respectively. |
Fair Value Financial Instrument
Fair Value Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Financial Instruments | NOTE 12 FAIR VALUE FINANCIAL INSTRUMENTS Derivative Financial Instruments Litigation financing On June 14, 2019, Odyssey and Exploraciones Oceánicas S. de R.L. de C.V., our Mexican subsidiary (“ExO” and, together with Odyssey, the “Claimholder”), and Poplar Falls LLC (the “Funder”) entered into an International Claims Enforcement Agreement (the “Agreement”), pursuant to which the Funder agreed to provide financial assistance to the Claimholder to facilitate the prosecution and recovery of the claim by the Claimholder against the United Mexican States under Chapter Eleven of the North American Free Trade Agreement (“NAFTA”) for violations of the Claimholder’s rights under NAFTA related to the development of an undersea phosphate deposit off the coast of Baja Sur, Mexico (the “Project”), on our own behalf and on behalf of ExO and United Mexican States (the “Subject Claim”). Pursuant to the Agreement, the Funder agreed to specified fees and expenses regarding the Subject Claim (the “Claims Payments”) incrementally and at the Funder’s sole discretion. The fair value of this derivative instrument at December 31, 2023 is $52.1 million and is recorded in our consolidated balance sheet in Derivative liabilities and other – long term. Under the terms of the Agreement, the Funder agreed to make Claims Payments in an aggregate amount not to exceed $6,500,000 (the “Maximum Investment Amount”). The Maximum Investment Amount will be made available to the Claimholder in two phases, as set forth below: (a) a first phase, in which the Funder shall make Claims Payments in an aggregate amount no greater than $1,500,000 for the payment of antecedent and ongoing costs (“Phase I Investment Amount”); and (b) a second phase, in which the Funder shall make Claims Payments in an aggregate amount no greater than $5,000,000 for the purposes of pursuing the Subject Claim to a final award (“Phase II Investment Amount”). Upon exhaustion of the Phase I Investment Amount, the Claimholder will have the option to request Tranche A of the Phase II Investment Amount, consisting of funding up to $3.5 million (“Tranche A Committed Amount”). Upon exhaustion of the Tranche A Committed Amount, the Claimholder will have the option to request Tranche B of the Phase II Investment Amount, consisting of funding of up to $1.5 million (“Tranche B Committed Amount”). The Claimholder must exercise its option to receive the Tranche A Committed Amount in writing, no less than thirty days before submitting a Funding Request to the Funder under Tranche A. The Claimholder must exercise its option to receive the Tranche B Committed Amount in writing within forty-five days after the exhaustion of the Tranche A Committed Amount. Pursuant to the Agreement, the Claimholder agreed that, upon exercising the Claimholder’s option to receive funds under Phase I, Tranche A of Phase II, or Tranche B of Phase II, the Funder will be the sole source of third-party funding for the specified fees and expenses of the Subject Claim under each respective phase and tranche covered by the option exercised, and the Claimholder will obtain funding for such fees and expenses, only as set forth in the Agreement. The Funder was due closing fee of $80,000 for the Phase I Investment Amount, and $80,000 for the Phase II Investment Amount to pay third parties in connection with due diligence and other administrative and transaction costs incurred by the Funder prior to and in furtherance of execution of the Agreement. Upon the Funder making Claims Payments to the Claimholder or its designees in an aggregate amount equal to the Maximum Investment Amount, the Funder has the option to continue funding the specified fees and expenses in relation to the Subject Claim on the same terms and conditions provided in the Agreement. The Funder must exercise its option to continue funding in writing, within thirty days after the Funder has made Claims Payments in an aggregate amount equal to the Maximum Investment Amount. If the Funder exercises its option to continue funding, the parties agreed to attempt in good faith to amend the Agreement to provide the Funder with the right to provide at the Funder’s discretion funding in excess of the Maximum Investment Amount, in an amount up to the greatest amount that may then be reasonably expected to be committed for investment in Subject Claim. If the Funder declines to exercise its option, the Claimholder may negotiate and enter into agreements with one or more third parties to provide funding, which shall be subordinate to the Funder’s rights under the Agreement. The Agreement provides that the Claimholder may at any time without the consent of the Funder either settle or refuse to settle the Subject Claim for any amount; provided, however, that if the Claimholder settles the Subject Claim without the Funder’s consent, which consent shall not be unreasonably withheld, conditioned, or delayed, the value of the Recovery Percentage (as defined below) will be deemed to be the greater of (a) the Recovery Percentage (under Phase I or Phase II, as applicable), or (b) the total amount of all Claims Payments made in connection with such Subject Claim multiplied by three (3). If the Claimholder ceases the Subject Claim for any reason other than (a) a full and final arbitral award against the Claimholder or (b) a full and final monetary settlement of the claims, including in particular, for a grant of an environmental permit to the Claimholder allowing it to proceed with the Project (with or without a monetary component), all Claims Payments under Phase I and, if Claimholder has exercised the corresponding option, the Tranche A Committed Amount and Tranche B Committed Amount, shall immediately convert to a senior secured liability of the Claimholder. This sum shall incur an annualized internal rate of return (“IRR”) of 50.0% retroactive to the date each Funding Request was paid by the Funder (under Phase I), or, to the conversion date for the Tranche A Committed Amount and Tranche B Committed Amount of Phase II if the Claimholder has exercised the respective option (collectively, the “Conversion Amount”). Such Conversion Amount and any and all accrued IRR shall be payable in-full If, at any time after exercising its option to receive funds under either Tranche A or Tranche B of Phase II, the Claimholder wishes to fund the Subject Claim with its own capital (“Self-Funding”) (which excludes any Claims Payments made, either directly or indirectly, by any other third party), the Claimholder shall immediately pay to the Funder the Conversion Amount, provided that this requirement shall not apply if, after the Funder has made Claims Payments in an aggregate amount equal to the Maximum Investment Amount, the Funder does not exercise its option to provide Follow-On In the event of any receipt of proceeds resulting from the Subject Claim (“Proceeds”), the Funder shall be entitled to any additional sums above the Conversion Amount to which the Funder is entitled as described below. Should the Claimholder cease the Subject Claim as described above after Self-Funding the Claim, accrued IRR and Penalty Interest shall be calculated and paid to the Funder as set forth above. The Funder’s rights to the Recovery Percentage as defined below shall survive any decision by Claimholder to utilize Self-Funding. The parties acknowledge this Agreement constitutes a sale of the right to a portion of the Proceeds (if any) arising from the Subject Claim as set forth in this Agreement. The Claimholder has relinquished its right to the portion of the proceeds, if any, that the Funder would have the right to as described below. This sale of proceeds is being accounted for under the guidance of ASC 815 Derivatives and Hedging) On each Distribution Date, distributions of the Proceeds shall be made to the Claimholder and the Funder in accordance with subparagraph (a) or (b) below (the “Recovery Percentage”), as applicable: (a) If the Claimholder receives only the Phase I Investment Amount from the Funder, the first Proceeds shall be distributed as follows: (i) first, 100.0% to the Funder, until the cumulative amount distributed to the Funder equals the total Claims Payments paid by the Funder under Phase I; (ii) second, 100.0% to the Funder until the cumulative amount distributed to the Funder equals an IRR of 20% of Claims Payments paid by the Funder under Phase I (“Phase I Compensation”), per annum; and (iii) thereafter, 100.0% to the Claimholder. (b) If the Claimholder exercises its options to receive Tranche A or both Tranche A and Tranche B of the Phase II Investment Amount, the first Proceeds shall be distributed as follows: (i) first, 100.0% to the Funder until the cumulative amount distributed to the Funder equals the total Claims Payments paid by the Funder under Phases I and II; (ii) second, 100.0% to the Funder until the cumulative amount distributed to the Funder equals an additional 300.0% of Phase I Investment Amount; plus an additional 300% of the Tranche A Committed Amount (i.e. 300.0% of $3.5 million), less any amounts remaining of the Tranche A Committed Amount that the Funder did not pay as Claims Payments; plus an additional 300.0% of the Tranche B Committed Amount (i.e. 300.0% of $1.5 million), if the Claimholder exercises the Tranche B funding option, less any amounts remaining of the Tranche B Committed Amount that the Funder did not pay as Claims Payments; (iii) third, for each $10,000 in specified fees and expenses paid by the Funder under Phase I and Phase II and any amounts over each $10,000 of the Tranche A Committed Amount and the Tranche B Committed Amount (if the Claimholder exercises the Tranche B funding option), 0.01% of the total Proceeds from any recoveries after repayment of (i) and (ii) above, to the Funder; and (iv) thereafter, 100% to the Claimholder. The Agreement provides that if no Proceeds are ever paid to or received by the Claimholder or its representatives and if the environmental permit is not issued, the Funder shall have no right of recourse or right of action against the Claimholder or its representatives, or any of their respective property, assets, or undertakings, except as otherwise specifically contemplated by the Agreement. If (a) Proceeds are paid to or received by the Claimholder or its representatives; (b) such Proceeds are promptly applied and/or distributed by the Claimholder or on behalf of the Claimholder in accordance with the terms of the Agreement; and (c) the amount received by the Funder as a result thereof is not sufficient to pay all of the Recovery Percentage and all of the amounts due to the Funder under the Agreement, then (provided that all of the Proceeds which the Funder will ever be entitled to have been paid to or received by the Funder), the Funder shall have no right of recourse or action against the Claimholder or its Representatives, or any of their property, assets, or undertakings, except as otherwise specifically contemplated by the Agreement. Pursuant to the Agreement, the Claimholder acknowledged the Funder’s priority right, title, and interest in any Proceeds, including against any available collateral to secure its obligations under the Agreement, which security interest shall be first in priority as against all other security interests in the Proceeds. The Claimholder also acknowledged and agreed to execute and authorize the filing of a financing statement or similar and to take such other actions in such jurisdictions as the Funder, in its sole discretion, deems necessary and appropriate to perfect such security interest. The Agreement also includes representations and warranties, covenants, conditions, termination and indemnification provisions, and other provisions customary for comparable arrangements. Amendment and Restatement (January 31, 2020) • On January 31, 2020, the Claimholder and the Funder entered into an Amended and Restated International Claims Enforcement Agreement (the “Restated Agreement”). The material terms and provisions that were amended or otherwise modified are as follows: • The Funder agreed to provide up to $2.2 million in Arbitration Support Funds for the purpose of paying the Claimholder’s litigation support costs in connection with Subject Claim; • A closing fee of $200,000 was retained by the Funder in connection with due diligence and other transaction costs incurred by the Funder. This closing fee was expensed when incurred; • Warrants to purchase our common stock were issued that are exercisable for a period of five years beginning on the earlier of (a) the date on which the Claimholder ceases the Subject Claim for any reason other than a full and final arbitral award against the Claimholder or a full and final monetary settlement of the claims or (b) the date on which Proceeds are received and deposited into escrow. The exercise price per share is $3.99, and the Funder may exercise the warrant to purchase the number of shares of our common stock equal to the dollar amount of Arbitration Support Funds provided to us pursuant to the Restated Agreement divided by the exercise price per share (subject to customary adjustments and limitations); and • All other terms in the Restated Agreement are substantially the same as in the original Agreement. During 2020, the Funder provided us with $2.0 million of the Arbitration Support Funds, and we incurred $200,000 in related fees that were treated as an additional advance. Upon each funding, the proceeds were allocated between debt and equity for the warrants based on the relative fair value of the two instruments. As a result, there was an immediate expense of $1,063,811 related to the derivative. Although the warrants only become exercisable upon the occurrence of future events, they are considered issued for accounting purposes and were valued using a binomial lattice model. The expected volatility assumption was based on the historical volatility of our Common Stock. The expected life assumption was primarily based on management’s expectations of when the warrants will become exercisable and the risk-free interest rate for the expected term of the warrant is based on the U.S. Treasury yield curve in effect at the time of measurement. As a result, the fair value of these warrants, $1.1 million, was bifurcated from debt and allocated to equity. The debt then was accreted back up to its face value over a period of three years. Second Amendment and Restatement (December 12, 2020) On December 12, 2020, the Claimholder and the Funder entered into a Second Amended and Restated International Claims Enforcement Agreement (the “Second Restated Agreement”) relating to the Subject Claim. Under the terms of the Second Restated Agreement, the Funder has made and agreed to make Claims Payments in an aggregate amount not to exceed $20,000,000 (the “Maximum Investment Amount”). The Second Restated Agreement required the Funder to make Claims Payments in an aggregate amount no greater than $10,000,000 for the purposes of pursuing the Subject Claim to a final award (“Phase III Investment Amount”). We also incurred $200,000 in related fees which were treated as an additional advance and were expensed when incurred. This Second Restated Agreement includes the same representations and warranties, covenants, conditions, termination and indemnification provisions, and other provisions as in the original agreement. Third Amendment and Restatement (June 14, 2021) On June 14, 2021, the Claimholder and the Funder entered into a Third Amended and Restated International Claims Enforcement Agreement (the “Third Restated Agreement”) relating to the Subject Claim. Under the terms of the Third Restated Agreement, the Funder agreed to make Claims Payments in an aggregate amount not to exceed $25,000,000, an increase of $5.0 million (the “Incremental Amount”). The Third Restated Agreement requires the Claimholder to request $2.5 million of the Incremental Amount (the “First $2.5 Million”). Within 15 days after exhaustion of the First $2.5 Million, the Claimholder may either (a) request the remaining $2.5 million (the “Second $2.5 Million”) of the Incremental Amount or (b) notify the Funder that the Claimholder has decided to self-fund the Second $2.5 Million. We also incurred $80,000 in related fees which were treated as an additional advance. These fees were expensed when incurred. This Third Restated Agreement includes the same representations and warranties, covenants, conditions, termination and indemnification provisions, and other provisions as in the original agreement. Waiver and Consent (March 6, 2023) On March 6, 2023, the Claimholder and the Funder under the agreement entered into a Waiver and Consent Agreement, pursuant to which, among other things, the Funder consented (i) to consent to allow the Claimholder to fund certain costs and expenses arising from the Subject Claim from the Claimholder’s own capital in an aggregate amount not to exceed $5,000,000, and (ii) Odyssey paid a $1,000,000 nonrefundable waiver fee to the Funder, which was expensed to Other expenses when incurred. The Company determined that the financing arrangement was a derivative, measured at fair value within the scope of ASC 815 Derivatives and Hedging. Subsequently, any changes in the fair value of the derivative will be reported in earnings on a quarterly basis. Fair value was calculated as the midpoint of estimated ranges of the probability-weighted present value of potential results based on management assumptions. As such, the fair value of the obligation on December 31, 2023, and 2022 was $52.1 million and $45.4 million, respectively, with changes in the fair value of $6.7 million and $15.7 million for the years ended December 31, 2023 and 2022, respectively. See NOTE 2 for discussion of the correction of a material prior period error and fair value of financial instrument. See NOTE 11 Loan Payable for discussion related to the accounting for the 37N embedded derivative. Warrant Liability 2022 Warrant On June 10, 2022, we sold an aggregate of 4,939,515 shares of our Common Stock and the 2022 Warrant to holders to purchase up to 4,939,515 shares of our common stock. The net proceeds received from sale, after offering expenses of $1.8 million, were $14.7 million. The shares of common stock and warrants were sold in units, with each unit consisting of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $3.35 (the “2022 Warrant Price”) per share of common stock. Each unit was sold at a negotiated price of $3.35 per unit. The 2022 Warrant is exercisable at any time beginning on December 10, 2022, and ending on the close of business on June 10, 2027. Under the terms of the 2022 Warrant agreement, the Holders are entitled, to purchase from the Company one share of Common Stock, at the price of $3.35 per share. The Company in its sole discretion may lower the 2022 Warrant Price at any time prior to the expiration date for a period of not less than twenty Business Days, provided that the Company shall provide at least twenty days prior written notice of such reduction to Holders of the 2022 Warrant and provided further that any such reduction shall be identical among all of the 2022 Warrant. A Warrant may be exercised by the Holder by delivering the aggregate exercise price unless the Holder chooses net settlement via the cashless exercise option if, there is no active registration statement or available prospectus for the issuance of the Warrant Shares by the Holder. In a cashless exercise, the Holder will receive a number of Warrant Shares determined by dividing [(A-B) If the Company fails to deliver the Warrant Shares to the Holder within a time frame required by the agreement, and the Holder is forced to purchase shares of Common Stock to fulfill a sale that was based on receiving the Warrant Shares (referred to as a “Buy-In”), The Company determined that the 2022 Warrant meets the definition of a derivative and is not considered indexed to the Company’s own stock due to the input related to the price per share and any non-cash fixed-for-fixed Management determined that the $1.8 million in incremental costs directly attributable to the Common Stock Offering and the issuance of the 2022 Warrant shall be allocated between the two instruments in proportion to the allocation of the issuance proceeds. Furthermore, the incremental costs allocated to the Common Stock were recorded as a reduction of the proceeds in equity while the incremental costs allocated to the 2022 Warrant of $1.087 million were expensed as incurred. See NOTE 2 for discussion of the correction of a material prior period error and fair value of financial instrument. See NOTE 11 Loan payable for discussion related to the accounting for the December 2023 Warrants. Warrants The Company’s oustanding and exercisable warrants as of December 31, 2023 are presented below: Issue Date Exercise Price Total Exercisable Expiration Date 6/10/2022 $ 3.35 4,848,963 4,848,963 6/10/2027 3/6/2023 $ 3.78 3,703,711 3,703,711 3/6/2026 Various 2020 $ 3.99 551,378 551,378 ** 12/1/2023 $ 4.25 1,411,769 1,411,769 12/1/2026 8/25/2020 $ 4.75 1,873,622 1,873,622 2/25/2024 7/19/2019 $ 5.76 196,135 196,135 7/8/2024 12/1/2023 $ 7.09 211,570 211,570 12/1/2026 12,797,148 12,797,148 ** A five-year exercise period commences upon the earliest occurrence of either Trigger Date A or Trigger Date B. Trigger Date A is the date on which the Claimholder ceases the Subject Claim for any reason other than (i) a full and final arbitral award against the Claimholder or (ii) a full and final monetary settlement of the claim, see Note 12 Fair Value Financial Instruments – Litigation Financing. Trigger Date B is the date on which Proceeds are deposited into the Escrow Account. Warrants The Company’s fair value imputs of the warrants as of December 31, 2023 are presented below: Issue Date Stock price Exercise price Term in years Volitility Treasury Yield 6/10/2022 $ 4.65 $ 3.35 5 years 62.8% 3.84 % 3/6/2023 $ 4.65 $ 3.78 3 years 63.7% 4.61 % 12/1/2023 $ 4.65 $ 4.25 3 years 58.3%-59.9% 4.31 % 12/1/2023 $ 4.65 $ 7.09 3 years 58.3%-59.9% 4.31 % Derivative liabilities The Company’s fair value imputs of derivative liabilities as of December 31, 2023 are presented below: Issue Date Stock price Exercise price Term in years Volitility Treasury Yield 6/29/2023 $ 4.65 $ 3.70 0.75 year 59.5 % 5.0 % 6/4/2023 $ 4.65 $ 4.40 1 year 66.9 % 4.8 % Put Option Liability See NOTE 7 Investment in Unconsolidated Entities for discussion regarding the Ocean Minerals, LLC Exchange Agreement. |
Sale-leaseback Financing Obliga
Sale-leaseback Financing Obligations | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Sale-leaseback Financing Obligations | NOTE 13 - SALE-LEASEBACK FINANCING OBLIGATIONS On April 4, 2023 and June 30, 2023, the Company’s subsidiaries sold marine equipment to separate third-party buyers for $3.5 million and $1.0 million, respectively. Simultaneously with each sale, the subsidiaries entered into lease agreements with each buyer of the respective marine equipment (the sale of the property and simultaneous leaseback is referred to as a “sale-leaseback”). Each of the leases is for a term of 4 years. Under the terms of the lease agreements, the initial base rent is $35,000 and $10,000 per month, respectively. As a part of each of the lease agreements, the lessee is granted an option to purchase the marine equipment back from the buyer, that can be exercised at any time during the period commencing on the first anniversary of the date of the agreements and ending on the day that is 120 days prior to the expiration of the lease term. If the lessee has not already delivered such notice at least 120 days prior to the expiration of the lease term, it is required to purchase the marine equipment upon the expiration of the lease term. The Company accounted for the sale-leaseback transactions as financing transactions with the purchasers of the property in accordance with ASC Topic 842 as the lease agreements were determined to be finance leases. The Company concluded the lease agreements both met the qualifications to be classified as finance leases due to the obligation to repurchase the equipment. The presence of a finance lease indicates that control of the equipment has not transferred to the buyer/lessor and, as such, the transactions were each deemed a “failed sale-leaseback” and must be accounted for as a financing arrangement. As a result of this determination, the Company is viewed as having received the sales proceeds from the buyer/lessor in the form of a hypothetical loan collateralized by its leased equipment. The hypothetical loan is payable as principal and interest in the form of “lease payments” to the buyer/lessor. As such, the Company will not derecognize the property from its books for accounting purposes until the lease ends. ORI was one of Odyssey’s subsidiaries that entered into one of the sale-leaseback financing obligations noted above. As noted in the NOTE 7 Investment in Unconsolidated Entities footnote, Odyssey transferred all of its shares in ORI to OML as part of the Investment in OML. Pursuant to the OML Purchase Agreement, Odyssey is obligated to pay all amounts owed for rent and the repurchase of the marine equipment under the sale-leaseback agreement. As of December 31, 2023, the carrying values of the financing liabilities were $3,202,044 and $910,288. The monthly lease payments are split between a reduction of principal and interest expense using the effective interest rate method. No gain or loss was recognized related to the sale-leasebacks. Under the April 4, 2023 and June 30, 2023 sale-leasebacks, the Company recorded third party payments of $350,000 and $100,000 respectively, as a cost of the financing obligation and recorded them as a discount. Remaining future cash payments related to the financing liability, for the fiscal years ending December 31 are as follows: Year ending December 31, Annual payment 2024 $ 540,000 2025 540,000 2026 540,000 2027 4,700,000 $ 6,320,000 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | NOTE 14 – ACCRUED EXPENSES Accrued expenses consisted of the following: December 31, 2023 December 31, 2022 (As Restated) Compensation and incentives $ 5,239 $ 354,186 Professional services 296,332 470,672 Deposit 450,000 657,331 Interest 912,915 12,265,891 Exploration license fees 6,828,872 3,864,370 Other — 3,057 Total accrued expenses $ 8,493,358 $ 17,615,507 Deposits primarily consist of an earnest money deposit of $450,000 from CIC. The earnest money deposit relates to a draft agreement related to potential sale of a stake of our equity in CIC. This transaction has not yet been agreed upon or consummated. |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 12 Months Ended |
Dec. 31, 2023 | |
Federal Home Loan Banks [Abstract] | |
Stockholders' Equity (Deficit) | NOTE 15 – STOCKHOLDERS’ EQUITY/(DEFICIT) Common Stock On December 27, 2023, 37N delivered an exercise notice to us pursuant to which it exercised its right to convert $300,003 of the outstanding indebtedness under the Note Agreement into shares of our Common Stock valued at $360,003. In accordance with the Note Agreement, and based on the applicable conversion rate of $2.3226 under the agreement, we issued 155,000 shares of our Common Stock to 37N on December 29, 2023. On March 3, 2023, Odyssey, AHMSA, MINOSA and Phosphate One entered into the Termination Agreement whereby the parties agreed that, concurrently with the payment of the Termination Payment, a portion of the Minosa Notes would be deemed automatically converted into 304,879 shares of Odyssey’s common stock at a share market price of $3.28 per share. On June 10, 2022, we sold an aggregate of 4,939,515 shares of our common stock and warrants to purchase up to 4,939,515 shares of our common stock. The net proceeds received from sale, after offering expenses of $14.7 million, were $1.8 million. The shares of common stock and warrants were sold in units, with each unit consisting of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $3.35 per share of common stock. Each unit was sold at a negotiated price of $3.35 per unit. The warrants are exercisable at any time beginning on December 10, 2022, and ending on the close of business on June 10, 2027. Warrants The following table summarizes our common stock warrants outstanding at December 31, 2023 and 2022: Issue Date December 31, 2023 December 31, 2022 Exercise Termination 6/10/2022 4,848,963 4,939,515 $ 3.35 12/10/2027 3/6/2023 3,703,703 — $ 3.78 3/6/2026 Various 2020 551,378 551,378 $ 3.99 ** 12/1/2023 1,411,769 — $ 4.25 12/1/2026 8/14/2020 — 131,816 $ 4.67 8/14/2023 8/25/2020 1,873,622 1,873,622 $ 4.75 2/25/2024 7/19/2019 196,135 196,135 $ 5.76 7/8/2024 12/1/2023 211,569 — $ 7.09 12/1/2026 11/2/2018 — 700,000 $ 7.16 11/2/2023 12,797,139 8,392,466 ** A five-year term commences upon the earliest occurrence of either Trigger Date A or Trigger Date B. Trigger Date A is the date on which the Claimholder ceases the Subject Claim for any reason other than (i) a full and final arbitral award against the Claimholder or (ii) a full and final monetary settlement of the claim, see NOTE 12 Fair Value Financial Instruments – Litigation Financing. Trigger Date B is the date on which Proceeds are deposited into the Escrow Account. In conjunction with the December 2023 Note Purchase Agreement on December 1, 2023, as described above, we issued December 2023 Notes in the aggregate amount of $3.75 million and related warrants on December 1, 2023, and December 2023 Notes in the aggregate amount of $2.25 million and related warrants on December 28, 2023. Under the terms of the first tranche of December 2023 Warrants, the holders have the right for a period of three years after issuance to purchase an aggregate of up to 1,411,769 shares of our common stock at an exercise price of $4.25 per share, which represents 120.0% of the official closing price of our common stock on the Nasdaq Capital Market immediately preceding the signing of the December 2023 Note Purchase Agreement, upon delivery of a notice of exercise to Odyssey. Under the terms of the second tranche of December 2023 Warrants, the holders have the right for a period of three years after issuance to purchase an aggregate of up to 211,569 shares of our common stock at an exercise price of $7.09 per share, which represents 200.0% of the official closing price of our common stock on the Nasdaq Capital Market immediately preceding the signing of the December 2023 Note Purchase Agreement, upon delivery of a notice of exercise to Odyssey. In conjunction with the March 2023 Note Purchase Agreement on March 6, 2023, as described above, we issued the March 2023 Warrants to purchase up to 3,703,703 shares of our common stock. The March 2023 Warrants have an exercise price of $3.78 per share and are exercisable at any time during the three years after issuance ending on the close of business on March 6, 2026. In conjunction with our sale of shares common stock and warrants on July 10, 2022, as described under Note 12 Fair Value Financial Instruments, we issued warrants to purchase up to 4,939,515 shares of our common stock. The warrants have an exercise price of $3.35 per share and are exercisable at any time beginning on December 10, 2022, and ending on the close of business on June 10, 2027. During the three months ended September 30, 2023, holders of warrants issued by Odyssey on June 10, 2022, exercised 90,552 warrants with an exercise price of $3.35 per share. In conjunction with our sale of shares common stock and warrants on August 25, 2020, we issued warrants to purchase up to 1,873,622 shares of our common stock. The warrants had an exercise price of $4.75 per share and are exercisable at any time during the three-year period commencing six months after the August 25, 2020, sale of our common stock, which was February 25, 2021. During March 2022, warrants to purchase 28,363 shares were exercised by a single investor. The exercise period expired on February 25, 2024. Included in the Restated Agreement as described in NOTE 12 Fair Value Financial Instruments, during 2020, we issued a warrant allowing the Funder to purchase up to 551,378 shares of our common stock at $3.99. The warrant is contingently exercisable and will become exercisable on the date on which we cease the Subject Claim for any reason other than (i) a full and final arbitral award against the Claimholder or (ii) a full and final monetary settlement of the claims or the date on which Proceeds are deposited into the Escrow Account. The warrant has a five-year life that commences on the date it becomes exercisable. In conjunction with our sale of shares common stock and warrants on October 31, 2018, issued warrants to purchase up to 700,000 shares of common stock. The warrants have an exercise price of $7.155 per share of common stock and were exercisable in accordance with their terms at any time on or before the close of business on November 2, 2023. These warrants expired on November 2, 2023. On July 12, 2018, in conjunction with a previous note and warrant purchase agreement, we issued warrants to purchase an aggregate of 65,625 shares of common stock in connection with the notes that were issued. These warrants had an expiration date of July 21, 2021, an exercise price of $12.00, and were exercisable to purchase 65,625 shares of our common stock. On July 8, 2019 we entered into a Second Amendment to Note and Warrant Purchase Agreement and Warrant Modification Agreement. As a result, the lenders now hold warrants to purchase an aggregate of 196,135 shares of our common stock at an exercise price of $5.756 per share. These warrants are exercisable at any time until July 12, 2024. On August 14, 2020, this loan was modified and extended to July 12, 2021. In conjunction with the extension, the lenders received warrants to purchase an aggregate of 131,816 shares of our common stock at $4.67 per share. These warrants expired on August 14, 2023. Convertible Preferred Stock On March 11, 2015, we entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with Penelope (the “Investor”), and, solely with respect to certain provisions of the Stock Purchase Agreement, MINOSA. The Stock 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 Total Investment SeriesAA-1 8,427,004 $ 12.00 $ 101,124,048 SeriesAA-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 The closing of the sale and issuance of shares of the Company’s preferred stock to the Investor was 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. The closing of the sale and issuance of the preferred stock had not occurred as of December 31, 2022 and the Stock Purchase Agreement was terminated pursuant to an agreement dated March 3, 2023 (see further details at NOTE 11 Loans Payable – Minosa 1 and 2). Stock-Based Compensation We have three stock incentive plans. The first is the 2005 Stock Incentive Plan that expired in August 2015 On June 9, 2015, our stockholders 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 ten percent non-qualified On March 26, 2019, our Board of Directors adopted and approved the 2019 Stock Incentive Plan (the “2019 Plan”), which was approved by our stockholders on June 3, 2019. The 2019 Plan expires on June 3, 2029. The 2019 Plan provides for the grant of incentive stock options, non-qualified Share-based compensation expense is recognized in the statement of operations during the period in which the value of the portion of share-based payment awards that are expected to vest, so it can be reduced for estimated forfeitures. The expense is determined on a straight-line basis over the requisite service period for the entire award. The amount of compensation costs recognized at any date is to be at least equal to the portion of grant-date value of the award that is vested at that date. The ASC 718 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, related to our options and restricted stock units, for the years ended December 31, 2023 and 2022 was $585,654 and $1,811,551, respectively. We granted options to purchase an aggregate of 6,541 shares of Common Stock to directors on May 24, 2023, options to purchase an aggregate of 200,000 shares of common stock to officers on June 9, 2023, and options to purchase an aggregate of 57,500 and 417 shares of common stock to employees on August 7, 2023, and November 15, 2023, respectively. We granted 604,243 stock options to employees on December 9, 2022. The value of the stock options granted was determined using the Black-Scholes-Merton 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 options were valued with the following assumptions used for grants issued in the table below. Expected volatilities are based on historical volatility of our Common Stock. The expected term (in years) is determined using historical data to estimate option exercise patterns. The expected dividend yield is based on the annualized dividend rate over the vesting period. The risk-free interest rate is based on the rate for US Treasury bonds commensurate with the expected term of the granted option. Options issued to officers and employees typically vest over a three-year period. Options issued to directors vest immediately. November 15, August 7, June 9, 2023 May 24, December 9, Risk free interest rate 4.52 % 4.16 % 3.92 % 3.76 % 3.75 % Expected life 5 years 5 years 5 years 5 years 5 years Expected volatility 63.67 % 64.18 % 63.88 % 63.75 % 83.56 % Expected dividend yield — — — — — Grant-date fair value 2.10 2.12 2.01 1.70 2.45 Additionally, on December 8, 2022, we granted 17,105 stock options to a non-employee contractor as an incentive. We did not grant stock options to any third parties in 2023. The fair value of each option grant to the third-party consultant is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions used for grants issued in the table below. December 8, Risk free interest rate 3.71 % Expected life 5 years Expected volatility 83.53 % Expected dividend yield — Grant-date fair value 2.34 The Black-Scholes-Merton option pricing model was developed for estimating the fair value of traded options that have no vesting restrictions and are fully transferable. Because option valuation models require the use of subjective assumptions, changes in these assumptions can materially affect the fair value of the options. Our options do not have the characteristics of traded options; therefore, the option valuation models do not necessarily provide a reliable measure of the fair value of our options. Additional information with respect to both plans’ stock option activity is as follows: Number Weighted Weighted Outstanding at December 31, 2021 238,651 $ 15.95 Granted 621,348 $ 3.60 Exercised — $ — Cancelled — $ — Outstanding at December 31, 2022 859,999 $ 7.02 Granted 264,458 $ 3.55 Exercised (62,846 ) 3.60 Cancelled (123,987 ) 17.42 Outstanding at December 31, 2023 937,624 $ 4.90 3.62 Options exercisable at December 31, 2021 238,651 $ 15.95 4.82 Options exercisable at December 31, 2022 602,591 $ 8.49 3.71 Options exercisable at December 31, 2023 615,014 $ 5.60 3.25 The aggregate intrinsic values of options exercisable for the years ended December 31, 2023 and 2022 were $520,544 and $127,605, respectively. The aggregate intrinsic values of options outstanding for the years ended December 31, 2023 and 2022 were $872,540 and $202,587, respectively. The aggregate intrinsic values of options exercised during the years ended December 31, 2023 and 2022 are $65,988 and $0, respectively, determined as of the date of the option exercise. Aggregate intrinsic value represents the positive difference between our closing stock price at the end of a respective period and the exercise price multiplied by the number of relative options. The fair value of shares vested during the years ended December 31, 2023 and 2022 was $661,321 and $1,412,087, respectively. The fair value of shares unvested at December 31, 2023 and 2022 is $1,500,137 and $998,743, respectively. As of December 31, 2023, there was $611,778 of unrecognized compensation cost related to unvested share-based compensation awards granted to employees related to granted stock options, which have an expected remaining life of 2.02 years. The following table summarizes information about stock options outstanding at December 31, 2023: Stock Options Outstanding Range of Exercise Prices Number of Weighted Weighted $12.48 - $12.84 141,000 1.00 $ 12.49 $2.02 - $3.60 796,624 4.08 $ 3.55 937,624 3.62 $ 4.90 The estimated fair value of each restricted stock award is calculated using the share price at the date of the grant. A summary of the status of the restricted stock awards as of December 31, 2023 and changes during the year ended December 31, 2023 is presented as follows: Number of Weighted Unvested at December 31, 2022 45,618 $ 6.54 Granted — Vested (31,537 ) Cancelled (3,994 ) Unvested at December 31, 2023 10,087 $ 3.41 The fair value of shares underlying restricted stock units vested during the years ended December 31, 2023 and 2022 was $146,647 and $1,064,331, respectively. The fair value of unvested restricted stock units remaining at the years ended December 31, 2023 and 2022 is $46,905 and $176,998, respectively. The weighted-average grant date fair value of restricted stock units granted during the years ended December 31, 2023 and 2022 were $4.94 and $3.27, respectively. The weighted-average remaining contractual term of these restricted stock units at the years ended December 31, 2023 and 2022 are 0 and 2.3 years, respectively. As of December 31, 2023, there was a total of $34,405 unrecognized compensation cost related to unvested restricted stock awards. Cuota Appreciation Rights On August 4, 2017, the Company’s board of directors (the “Board”) adopted the Odyssey Marine Exploration, Inc. Key Employee Cuota Appreciation Rights (the “Key Employee Plan”) and the Odyssey Marine Exploration, Inc. Nonemployee Director Cuota Appreciation Rights (the “Director Plan” and, together with the Key Employee Plan, the “Cuota Plans”). The Cuota Plans provide for the award of cuota appreciation rights (“CARs”) to eligible participants. A “cuota” is a unit of equity interest under Panamanian law, and the value of the CARs will be determined based upon the appreciation, if any, in the value of the cuotas of Oceanica Resources, S. de R.L., a Panamanian sociedad de responsabilidad limitada (“Oceanica”), after the award of such CARs. The Company indirectly holds a majority stake in Oceanica. The Board authorized the award of up to 750,000 CARs under the Key Employee Plan and the award of up to 600,000 CARs under the Director Plan. The terms of any CARs awarded under the Cuota Plans will be set forth in an award agreement between the Company and each participant, and the award agreement will set forth a vesting schedule for the CARs. In general, unvested CARs will be forfeited upon a participant’s separation of service from the Company, and all vested and unvested CARs will be forfeited upon a participant’s separation of service from the Company for “cause” (as defined in the Cuota Plans). Each participant in the Cuota Plans will be entitled to be paid the value of such participant’s CARs upon the occurrence of a “payment event.” As used in the Cuota Plans, payment events consist of a change in control of the Company or the date specified in the applicable award agreement and, in the case of the Key Employee Plan, a separation of service without cause and the participant’s continuous employment with the Company until the date specified in the applicable award agreement. The value of CARs liability will be based upon the difference between the basis in the cuotas of Oceanica on the date of the award of the CARs, which is $3.00, and the fair value of the cuotas on the date used for the payment event, in each case as determined by the Board in accordance with the provisions of the Cuota Plans. The fair value of the cuota as of August 31, 2019 was $1.00. There is no active market for Oceanica’s securities, and there was no activity that would have materially changed the valuation at December 31, 2023. During the year ended December 31, 2022 the 385,580 CARs, previously granted in 2018 in the Key Employee Plan expired. At December 31, 2023 and 2022, there were no vested CARs outstanding and there were no exercisable CARs outstanding related to the Key Employee Plan. At December 31, 2023 and 2022, there was no liability or associated compensation cost associated with these CARs. The CARs in the Nonemployee Director Plan were utilized as compensation for services, therefore these CARs vest upon grant. During the year ended December 31, 2022 the 292,663 CARs in the Nonemployee Director Plan had expired and, as such, the associated $315,235 liability was written-off |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 16 – INCOME TAXES As of December 31, 2023, the Company had consolidated income tax net operating loss (“NOL”) carryforwards for federal tax purposes of approximately $212,425,199 and net operating loss carryforwards for foreign income tax purposes of approximately $46,098,050. The federal NOL carryforwards from 2005 forward will expire in various years beginning 2025 and ending through the year 2035. From 2025 through 2027, approximately $29 million of the NOL will expire, and from 2028 through 2037, approximately $128 million of the NOL will expire. The NOL generated in 2018 through 2023 of approximately $55 million will be carried forward indefinitely. The components of the provision for income tax (benefits) are attributable to continuing operations as follows: December 31, 2023 December 31, 2022 (As Restated) Current Federal $ — $ — State — — $ — $ — Deferred Federal $ — $ — State — — $ — $ — Deferred income taxes reflect the net tax effects of the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, December 31, (As Restated) Deferred tax assets: Net operating loss and tax credit carryforwards $ 67,688,664 $ 64,609,834 Start-up costs — 6,033 Excess of book over tax depreciation 39,070 206,998 Stock option and restricted stock award expense 1,799,988 1,806,546 Debt Extinguishment 61,946 61,945 Less: valuation allowance (69,345,930 ) (66,461,662 ) $ 243,738 $ 229,694 Deferred tax liability: Property and equipment basis $ 84,020 $ 50,174 Prepaid expenses 159,718 179,520 $ 243,738 $ 229,694 Net deferred tax asset $ — $ — As reflected above, we have recorded a net deferred tax asset of $0 at December 31, 2023. As required by the Accounting for Income Taxes topic in the ASC, we have evaluated whether it is more likely than not that the deferred tax assets will be realized. Based on the available evidence, we have concluded that it is more likely than not that those assets would not be realized without the recognition of substantial taxable income in the future, thus a valuation allowance has been recorded as of December 31, 2023. The change in the valuation allowance is as follows: December 31, 2023 $ 69,345,930 December 31, 2022 66,461,662 Change in valuation allowance $ (2,884,268 ) The federal and state income tax provision (benefit) is summarized as follows for the years ended: December 31, December 31, (Restated) Expected (benefit) $ 1,122,622 $ (4,636,770 ) Effects of: State income taxes net of federal benefits 294,020 (1,214,392 ) Nondeductible expense 698,160 78,422 Subpart F income 6,418,307 33,040 Equity method investment — Derivatives fair value 2,200,259 2,627,355 Change in valuation allowance (1,721,451 ) 6,249,059 Foreign rate differential (9,011,917 ) (3,136,714 ) $ — $ — The Company’s effective income tax rate is lower than what would be expected if the federal statutory rate were applied to income before income taxes primarily because of certain expenses deductible for financial reporting purposes that are not deductible for tax purposes, research and development tax credits, operating loss carryforwards, and adjustments to previously-recorded deferred tax assets and liabilities due to the enactment of the Tax Cuts and Jobs Act. 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 2019. |
Major Customers
Major Customers | 12 Months Ended |
Dec. 31, 2023 | |
Major Customers [Abstract] | |
Major Customers | NOTE 17 – MAJOR CUSTOMERS For the year ended December 31, 2023, we had two customers, CIC and OML, which are both related parties (see NOTE 8 Related Party Transactions), that accounted for 100% of our total revenue in 2023. For the year ended December 31, 2022, we had one customer, CIC, that accounted for 100% of our total revenue in 2022. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 18 – COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company may be subject to a variety of claims and suits that arise from time to time in the ordinary course of business. We are not a party to any litigation as a defendant where a loss contingency is required to be reflected in our consolidated financial statements. Contingency We owe consultants contingent success fees of up to $700,000 upon the approval and issuance of the ExO Project Environmental Impact Assessment (“EIA”) for our Mexican subsidiary. The EIA has not been approved as of the date of this report, and the contingent success fees have not been accrued. Lease commitment In August 2019, we entered into an operating lease for our corporate office space under a non-cancellable operating lease During the third quarter of 2019, we entered into a five-year lease at the location of our corporate office space in Tampa, Florida to support our marine operations. The lease was effective October 1, 2019 and has monthly lease payments ranging from $4,040 to $4,547, not including sales tax, over the five-year term. We are accounting for this lease under ASC 842 which resulted in a right of use At December 31, 2023, the ROU assets The remaining lease payment obligations, which include an interest component of $4,675 are as follows: Year ending December 31, Annual payment obligation 2024 $ 133,814 $ 133,814 We recognized $223,515 and $218,000 in rent expense associated with these leases for the years ended December 31, 2023 and 2022, respectively. 2023 Special Bonus Plan On September 8, 2023, the compensation committee of our board of directors approved the 2023 Special Bonus Plan (the “Bonus Plan”) for Odyssey’s full-time employees, including the chief executive officer and the other named executive officers, who meet the eligibility requirements set forth in the Bonus Plan. The Bonus Plan was approved in lieu of a traditional cash annual incentive plan for employees for 2023 in recognition of the significant dedication, work and sacrifice of Odyssey’s employees (including eligible employees under the Bonus Plan) to achieve a positive outcome for Odyssey with respect to Exploraciones Oceánicas S. de R.L. de C.V. (“ExO”), to continue to achieve success in other areas of the business with limited resources, and to incentivize the team to continue its efforts to maximize any monetary outcome with respect to ExO. Pursuant to the Bonus Plan, individuals who were employed by Odyssey for the full year ending December 31, 2023, or whose employment or separation agreements indicate their eligibility to participate in the Bonus Plan, will be entitled to a one-time special • the tribunal in the pending arbitration issues a decision in favor of and a monetary award to Odyssey and/or ExO (an “Arbitration Award”); or (b) Odyssey enters into an agreement pursuant to which Odyssey is entitled to receive a monetary payment (a “Settlement”) relating to ExO or its mineral licenses; and • Odyssey receives cash payments from any combination of (a) a dividend or distribution resulting from an Arbitration Award or Settlement based on its indirect ownership interest in ExO; (b) an Award or Settlement, or any agreement to monetize an Award; or (c) repayment of certain promissory notes issued by or relating to ExO; and • the aggregate net cash payments received by Odyssey, after payment of or reservation of cash for all legal and other expenses, including litigation financing for the Arbitration, and all of ExO’s outstanding liabilities, equal at least $10 million. Odyssey has estimated that the amount of a monetary award or settlement amount would need to be at least $200 million for this condition to be satisfied. If the Special Bonus conditions are satisfied, a Special Bonus will be payable to each eligible employee within 60 days of Odyssey’s receipt of the cash payments. The amount of the Special Bonus payments will be based on the amount of the net cash payment amount received by Odyssey. The Bonus Plan provides for various bonus pool amounts and percentages of each eligible employee’s salary based upon the amount of net cash payments received, and range from a pro rata share of an aggregate bonus pool of $750,000 if the net payments to Odyssey equal at least $10 million, to an amount equal to up to 40% of each eligible employee’s salary if the net payments to Odyssey equal at least $50 million, to a maximum amount equal to up to 250% of each eligible employee’s salary if the net payments to Odyssey equal at least $400 million. At each payment level, the aggregate Special Bonus paid would equal approximately 2% or less of the net proceeds received by Odyssey. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | NOTE 19 – SUBSEQUENT EVENTS We have evaluated subsequent events for recognition or disclosure through the date this Form 10-K is filed with the Securities and Exchange Commission. In January 2024, we issued amended and restated warrants to the holders of the Warrant issued on March 6, 2023. The amended and restated warrants amended the terms of the original Warrant by including a cashless exercise option and extending to 65 days the notice that we are required to give holders prior to any dividend payment. A copy of the form of Amended and Restated Warrant to Purchase Stock is attached to this Comprehensive Form 10-K as Exhibit 4.4. In January 2024, the Compensation Committee of the Board of Directors approved certain awards of stock options and restricted stock units (“RSUs”) consistent with past use of equity plan awards and executive compensation practices. In approving the awards, the Compensation Committee noted that the Company is operating with fewer executive officers and minimum staff levels, and the number of independent directors was reduced by two members during 2023, resulting in increased workloads for all officers, employees and directors. The Compensation Committee determined that equity awards are appropriate under these circumstances to incentivize personnel and promote retention. The committee approved the award and granted an aggregate of 592,200 stock options and 10,800 RSUs from the 2019 Stock Incentive Plan to officers, employees, and directors. The grant date of the stock options and RSUs was January 29, 2024. The exercise price of the stock options is $4.65 per share, which was the closing price of the Company’s common stock on the grant date. The stock options have a five-year term and were fully vested on January 29, 2024. Stock options issued to the Company’s independent directors were in lieu of the annual equity award that they would have been entitled to receive in June 2024. In February 2024, we entered into an amendment to the December 2023 Registration Rights Agreement with the holders of the December 2023 Warrants pursuant to which the deadline by which we are required to file a registration statement covering the resale of the shares issuable upon exercise of the December 2023 Warrants was extended from February 14, 2024, to the earliest to occur of (a) the date that is five business days after the date on which the Company files its Form 10-K for the year ended December 31, 2023 with the SEC, or (b) April 15, 2024. In February 2024, we entered into a Fourth Amendment of the OML Purchase Agreement pursuant to which the deadline for the second closing was extended to June 28, 2024. On March 8, 2024, Odyssey received a letter from ICSID advising that the Tribunal in the NAFTA Arbitration “has continued to make progress in finalizing its determinations” and that it “expects to render the Award in the second quarter of this year.” On May 3, 2024, we received payment of approximately $9.4 million in net proceeds from a recovered shipwreck in which we retained a residual economic interest when we sold substantially all the assets related to our shipwreck business to a third-party purchaser in December 2015. The holders of the March 2023 Notes hold a security interest in the proceeds. |
Quarterly Financial Data - Unau
Quarterly Financial Data - Unaudited | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data - Unaudited | NOTE 20 – QUARTERLY FINANCIAL DATA – UNAUDITED The following tables present the impacts of the restatement adjustments, as described in NOTE 2 Restatement of Consolidated Financial Statements. The unaudited consolidated financial statements for September 30, 2023, which have not previously been presented and have not been restated, are also presented here. This quarterly information has been prepared on the same basis as the Consolidated Financial Statements and includes all adjustments necessary to state fairly the information for the interim periods presented for which the unaudited quarterly financial statements have been restated that management considers necessary for a fair presentation when read in conjunction with the Consolidated Financial Statements and notes. We believe these comparisons of consolidated quarterly selected financial data are not necessarily indicative of future performance. In addition to the corrections summarized in NOTE 2 Restatement of Consolidated Financial Statements, the accounting treatments corrected in the unaudited restated quarterly financial statements include the following: CIC Services Agreement Adjustment 2022 Warrant Issuance Adjustment – 37North Adjustment Monaco Note Payable Adjustmen Seller Note Adjustment Capitalization of ROV Expense adjustment Impact on Consolidated Balance Sheets The following Unaudited Interim Consolidated Balance Sheet tables present the impacts of the restatement adjustments as of the periods ended March 2022 and 2023, June 30, 2022 and 2023, September 30, 2022 and December 31, 2022. For the impacts of the restatement adjustments for the Consolidated Balance Sheet as of December 31, 2022, refer to NOTE 2 Restatement of Consolidated Financial Statements. The unaudited interim consolidated balance sheet for the period ended September 30, 2023 was not subject to restatement but is presented here. Consolidated Balance Sheet As of March 31, 2022 As Reported Litigation Investment in Other As Restated ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,106,313 $ — $ — $ — $ 2,106,313 Accounts and other related party receivables 262,128 — — — 262,128 Short-term notes receivable related party — — — — — Other current assets 753,495 — — — 753,495 Total current assets 3,121,936 — — — 3,121,936 OTHER NON-CURRENT Investment in unconsolidated entities 3,548,925 — (503,100 ) — 3,045,825 Option to purchase equity securities in related parties — — 1,353,630 — 1,353,630 Exploration license 1,821,251 — — — 1,821,251 Property and equipment, net 18,538 — — — 18,538 Right of use - operating leases 422,336 — — — 422,336 Other non-current 34,295 — — — 34,295 Total non-current 5,845,345 — 850,530 — 6,695,875 Total assets $ 8,967,281 $ — $ 850,530 $ — $ 9,817,811 LIABILITIES AND STOCKHOLDERS’ DEFICIT CURRENT LIABILITIES Accounts payable $ 5,677,097 $ — $ — $ — $ 5,677,097 Accrued expenses 30,827,610 (13,789,304 ) — 17,038,306 Operating lease liability, current portion 168,809 — — — 168,809 Loans payable, current portion 24,984,010 — — 311,123 25,295,133 Total current liabilities 61,657,526 (13,789,304 ) — 311,123 48,179,345 LONG-TERM LIABILITIES Loans payable 19,483,909 (19,334,009 ) — — 149,900 Litigation financing and other — 36,128,779 — — 36,128,779 Deferred revenue — — 1,353,630 — 1,353,630 Operating lease liability 271,428 — — — 271,428 Total long-term liabilities 19,755,337 16,794,770 1,353,630 — 37,903,737 Total liabilities 81,412,863 3,005,466 1,353,630 311,123 86,083,082 Commitments and contingencies (Note 18) STOCKHOLDERS’ DEFICIT — — Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding — — — — — Common stock – $.0001 par value; 75,000,000 shares authorized; 14,487,146 issued 1,448 — — — 1,448 Additional paid-in 249,189,881 — — (232,175 ) 248,957,706 Accumulated deficit (283,321,086 ) (3,005,466 ) (503,100 ) (78,948 ) (286,908,600 ) Total stockholders’ deficit before non-controlling (34,129,757 ) (3,005,466 ) (503,100 ) (311,123 ) (37,949,446 ) Non-controlling (38,315,825 ) — — — (38,315,825 ) Total stockholders’ deficit (72,445,582 ) (3,005,466 ) (503,100 ) (311,123 ) (76,265,271 ) Total liabilities and stockholders’ deficit $ 8,967,281 $ — $ 850,530 $ — $ 9,817,811 Consolidated Balance Sheet As of June As Reported Litigation Investment in 2022 Warrant Other As Restated ASSETS CURRENT ASSETS Cash and cash equivalents $ 10,534,828 $ — $ — $ — $ — $ 10,534,828 Accounts and other related party receivables 329,540 — — — — 329,540 Short-term notes receivable related party — — — — — — Other current assets 547,077 — — — — 547,077 Total current assets 11,411,445 — — — — 11,411,445 OTHER NON-CURRENT Investment in unconsolidated entities 3,848,925 — (503,100 ) — — 3,345,825 Option to purchase equity securities in related parties — — 1,215,981 — 1,215,981 Exploration license 1,821,251 — — — — 1,821,251 Property and equipment, net 320,107 — — — — 320,107 Right of use - operating leases 382,587 — — — — 382,587 Other non-current 34,295 — — — — 34,295 Total non-current 6,407,165 — 712,881 — — 7,120,046 Total assets $ 17,818,610 $ — $ 712,881 $ — $ — $ 18,531,491 LIABILITIES AND STOCKHOLDERS’ DEFICIT CURRENT LIABILITIES Accounts payable $ 2,734,296 $ — $ — $ — $ — 2,734,296 Accrued expenses 33,978,084 (16,694,822 ) — — 17,283,262 Operating lease liability, current portion 174,588 — — — — 174,588 Loans payable, current portion 20,384,010 — — — 20,384,010 Total current liabilities 57,270,978 (16,694,822 ) — — — 40,576,156 LONG-TERM LIABILITIES Loans payable 24,174,983 (24,025,083 ) — — — 149,900 Litigation financing and other — 44,182,659 — — 44,182,659 Deferred revenue — — 1,215,981 — — 1,215,981 Warrant liability — — — 11,648,889 — 11,648,889 Operating lease liability 225,944 — — — — 225,944 Total long-term liabilities 24,400,927 20,157,576 1,215,981 11,648,889 — 57,423,373 Total liabilities 81,671,905 3,462,754 1,215,981 11,648,889 — 97,999,529 Commitments and contingencies (Note 18) STOCKHOLDERS’ DEFICIT — — — — Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding — — — — — — Common stock – $.0001 par value; 75,000,000 shares authorized; 19,464,950 issued and outstanding 1,946 — — — — 1,946 Additional paid-in 264,323,108 — — (8,686,840 ) (232,175 ) 255,404,093 Accumulated deficit (288,004,571 ) (3,462,754 ) (503,100 ) (2,962,049 ) 232,175 (294,700,299 ) Total stockholders’ deficit before non-controlling (23,679,517 ) (3,462,754 ) (503,100 ) (11,648,889 ) — (39,294,260 ) Non-controlling (40,173,778 ) — — — — (40,173,778 ) Total stockholders’ deficit (63,853,295 ) (3,462,754 ) (503,100 ) (11,648,889 ) — (79,468,038 ) Total liabilities and stockholders’ deficit $ 17,818,610 $ — $ 712,881 $ — $ — $ 18,531,491 Consolidated Balance Sheet As of September 30, 2022 As Reported Litigation Investment in 2022 Warrant Other As Restated ASSETS CURRENT ASSETS Cash and cash equivalents $ 6,782,608 $ — $ — $ — $ — $ 6,782,608 Accounts and other related party receivables 422,656 — — — — 422,656 Short-term notes receivable related party — — — — — — Other current assets 481,384 — — — — 481,384 Total current assets 7,686,648 — — — — 7,686,648 OTHER NON-CURRENT Investment in unconsolidated entities 4,147,008 — (503,100 ) — — 3,643,908 Option to purchase equity securities in related parties — — 1,079,212 — — 1,079,212 Exploration license 1,821,251 — — — — 1,821,251 Property and equipment, net 306,348 — — — — 306,348 Right of use - operating leases 341,833 — — — — 341,833 Other non-current 34,295 — — — — 34,295 Total non-current 6,650,735 — 576,112 — — 7,226,847 Total assets $ 14,337,383 $ — $ 576,112 $ — $ — $ 14,913,495 LIABILITIES AND STOCKHOLDERS’ DEFICIT CURRENT LIABILITIES Accounts payable $ 2,568,554 $ — $ — $ — $ — 2,568,554 Accrued expenses 37,715,418 (19,779,018 ) — — 17,936,400 Operating lease liability, current portion 172,665 — — — — 172,665 Loans payable, current portion 20,284,010 — — — 20,284,010 Total current liabilities 60,740,647 (19,779,018 ) — — — 40,961,629 LONG-TERM LIABILITIES Loans payable 24,354,604 (24,204,704 ) — — — 149,900 Litigation financing and other — 44,795,966 — — — 44,795,966 Deferred revenue — — 1,079,212 — 1,079,212 Warrant liability — — — 10,436,569 — 10,436,569 Operating lease liability 186,406 — — — — 186,406 Total long-term liabilities 24,541,010 20,591,262 1,079,212 10,436,569 — 56,648,053 Total liabilities 85,281,657 812,244 1,079,212 10,436,569 — 97,609,682 Commitments and contingencies (Note 18) STOCKHOLDERS’ DEFICIT — — — — Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding — — — — — Common stock – $.0001 par value; 75,000,000 shares authorized; 19,507,469 issued and outstanding 1,950 — — — — 1,950 Additional paid-in 264,621,682 — — (8,686,840 ) (232,175 ) 255,702,667 Accumulated deficit (293,459,800 ) (812,244 ) (503,100 ) (1,749,729 ) 232,175 (296,292,698 ) Total stockholders’ deficit before non-controlling (28,836,168 ) (812,244 ) (503,100 ) (10,436,569 ) — (40,588,081 ) Non-controlling (42,108,106 ) — — — — (42,108,106 ) Total stockholders’ deficit (70,944,274 ) (812,244 ) (503,100 ) (10,436,569 ) — (82,696,187 ) Total liabilities and stockholders’ deficit $ 14,337,383 $ — $ 576,112 $ — $ — $ 14,913,495 Table of Contents Consolidated Balance Sheet As of March 31, 2023 As Reported Litigation Investment in 2022 Warrant Other As Restated ASSETS CURRENT ASSETS Cash and cash equivalents $ 674,428 $ — $ — $ — $ — $ 674,428 Accounts and other related party receivables 17 — — — — 17 Short-term notes receivable related party 2,033,744 — — — — 2,033,744 Other current assets 1,071,704 — — — (6,848 ) 1,064,856 Total current assets 3,779,893 — — — (6,848 ) 3,773,045 OTHER NON-CURRENT Investment in unconsolidated entities 4,676,092 — (503,100 ) — — 4,172,992 Option to purchase equity securities in related parties — — 836,453 — — 836,453 Exploration license 1,821,251 — — — — 1,821,251 Property and equipment, net 2,608,146 — — — 634,256 3,242,402 Right of use - operating leases 242,703 — — — — 242,703 Other non-current 34,295 — — — — 34,295 Total non-current 9,382,487 — 333,353 — 634,256 10,350,096 Total assets $ 13,162,380 $ — $ 333,353 $ — $ 627,408 $ 14,123,141 LIABILITIES AND STOCKHOLDERS’ DEFICIT CURRENT LIABILITIES Accounts payable $ 1,438,698 $ — $ — $ — $ — 1,438,698 Accrued expenses 32,809,997 (25,886,275 ) — — 6,923,722 Operating lease liability, current portion 178,020 — — — — 178,020 Loans payable, current portion 1,906,620 — — — (931,425 ) 975,195 Total current liabilities 36,333,335 (25,886,275 ) — — (931,425 ) 9,515,635 LONG-TERM LIABILITIES Loans payable 34,204,032 (23,493,443 ) — — 931,425 11,642,014 Litigation financing and other — 47,056,993 — — — 47,056,993 Deferred revenue — — 836,453 — — 836,453 Warrant liability — — — 8,870,064 — 8,870,064 Operating lease liability 78,497 — — — — 78,497 Total long-term liabilities 34,282,529 23,563,550 836,453 8,870,064 931,425 68,484,021 Total liabilities 70,615,864 (2,322,725 ) 836,453 8,870,064 — 77,999,656 Commitments and contingencies (Note 18) STOCKHOLDERS’ DEFICIT — — — — Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding — — — — — — Common stock – $.0001 par value; 75,000,000 shares authorized; 19,893,450 issued and outstanding 1,989 — — — — 1,989 Additional paid-in 270,608,427 — (8,686,840 ) (232,175 ) 261,689,412 Accumulated deficit (281,631,073 ) 2,322,725 (503,100 ) (183,224 ) 859,583 (279,135,089 ) Total stockholders’ deficit before non-controlling (11,020,657 ) 2,322,725 (503,100 ) (8,870,064 ) 627,408 (17,443,688 ) Non-controlling (46,432,827 ) — — — — (46,432,827 ) Total stockholders’ deficit (57,453,484 ) 2,322,725 (503,100 ) (8,870,064 ) 627,408 (63,876,515 ) Total liabilities and stockholders’ deficit $ 13,162,380 $ — $ 333,353 $ — $ 627,408 $ 14,123,141 Consolidated Balance Sheet As of June 30, 2023 As Reported Litigation Investment in 2022 Warrant Other As Restated ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,832,078 $ — $ — $ — $ — $ 1,832,078 Accounts and other related party receivables 1,005,157 — — — — 1,005,157 Short-term notes receivable related party 690,795 — — — — 690,795 Other current assets 991,534 — — — (10,327 ) 981,207 Total current assets 4,519,564 — — — (10,327 ) 4,509,237 OTHER NON-CURRENT Investment in unconsolidated entities 4,842,925 — (503,100 ) — — 4,339,825 Equity securities — — 759,905 — — 759,905 Exploration license 1,821,251 — — — — 1,821,251 Property and equipment, net 2,554,544 — — — 922,121 3,476,665 Right of use - operating leases 213,108 — — — — 213,108 Other non-current 34,295 — — — — 34,295 Total non-current 9,466,123 — 256,805 — 922,121 10,645,049 Total assets $ 13,985,687 $ — $ 256,805 $ — $ 911,794 $ 15,154,286 LIABILITIES AND STOCKHOLDERS’ DEFICIT CURRENT LIABILITIES Accounts payable $ 932,902 $ — $ — $ — $ — 932,902 Accrued expenses 36,919,178 (28,940,418 ) — — 7,978,760 Operating lease liability, current portion 199,365 — — — — 199,365 Loans payable, current portion 2,216,963 — — — (428,614 ) 1,788,349 Total current liabilities 40,268,408 (28,940,418 ) — — (428,614 ) 10,899,376 LONG-TERM LIABILITIES Loans payable 38,708,182 (23,706,580 ) — — — 15,001,602 Litigation financing and other — 48,744,614 — — 423,696 49,168,310 Deferred revenue — — 759,905 — 759,905 Warrant liability — — — 9,946,945 — 9,946,945 Operating lease liability 26,578 — — — — 26,578 Total long-term liabilities 38,734,760 25,038,034 759,905 9,946,945 423,696 74,903,340 Total liabilities 79,003,168 (3,902,384 ) 759,905 9,946,945 (4,918 ) 85,802,716 Commitments and contingencies (Note 18) STOCKHOLDERS’ DEFICIT — — — — Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding — — — — — — Common stock – $.0001 par value; 75,000,000 shares authorized; 19,981,901 issued and outstanding 1,998 — — — — 1,998 Additional paid-in 271,083,470 — — (8,686,840 ) (232,175 ) 262,164,455 Accumulated deficit (287,354,763 ) 3,902,384 (503,100 ) (1,260,105 ) 1,148,887 (284,066,697 ) Total stockholders’ deficit before non-controlling (16,269,295 ) 3,902,384 (503,100 ) (9,946,945 ) 916,712 (21,900,244 ) Non-controlling (48,748,186 ) — — — — (48,748,186 ) Total stockholders’ deficit (65,017,481 ) 3,902,384 (503,100 ) (9,946,945 ) 916,712 (70,648,430 ) Total liabilities and stockholders’ deficit $ 13,985,687 $ — $ 256,805 $ — $ 911,794 $ 15,154,286 Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 511,809 Accounts and other related party receivables 71,509 Short-term notes receivable related party — Other current assets 734,585 Total current assets 1,317,903 OTHER NON-CURRENT Investment in unconsolidated entities 8,878,974 Equity securities 6,394,049 Exploration license 1,821,251 Property and equipment, net 116,427 Right of use - operating leases 167,940 Other non-current 34,295 Total non-current 17,412,936 Total assets $ 18,730,839 LIABILITIES AND STOCKHOLDERS’ DEFICIT CURRENT LIABILITIES Accounts payable $ 586,687 Accrued expenses 7,895,653 Operating lease liability, current portion 178,536 Equity securities liability 1,446,796 Put option liability 4,273,038 Loans payable, current portion 14,258,915 Total current liabilities 28,639,625 LONG-TERM LIABILITIES Loans payable 4,199,152 Litigation financing and other 51,027,114 Deferred revenue 700,353 Warrant liability 10,005,658 Operating lease liability — Total long-term liabilities 65,932,277 Total liabilities 94,571,902 Commitments and contingencies (Note 18) STOCKHOLDERS’ DEFICIT Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding Common stock – $.0001 par value; 75,000,000 shares authorized; 20,072,453 issued and outstanding 2,007 Additional paid-in 263,024,673 Accumulated deficit (287,879,984 ) Total stockholders’ deficit before non-controlling (24,853,304 ) Non-controlling (50,987,759 ) Total stockholders’ deficit (75,841,063 ) Total liabilities and stockholders’ deficit $ 18,730,839 Impact on Consolidated Statement of Operations The following Unaudited Interim Consolidated Statements of Operations present the impacts of the restatement adjustments for the periods ended March 31, 2022 and 2023, June 30, 2022 and 2023 and September 30, 2022. For the impacts of the restatement adjustments for the Consolidated Statement of Operations for the period ended December 31, 2022 refer to NOTE 2 Restatement of Consolidated Financial Statements. The Consolidated Statements of Operations for the period ended September 30, 2023 were not subject to restatement but are presented here. Consolidated Statement of Operations For the Three Months Ended March 31, 2022 As Reported Litigation Financing Investment in Other As Restated REVENUE Marine services 294,975 — — — 294,975 Other services 4,631 — — — 4,631 Total revenue 299,606 — — — 299,606 OPERATING EXPENSES Marketing, general and administrative 1,918,496 (36,724 ) — — 1,881,772 Operations and research 5,056,535 — — — 5,056,535 Total operating expenses 6,975,031 (36,724 ) — — 6,938,307 INCOME (LOSS) FROM OPERATIONS (6,675,425 ) 36,724 — — (6,638,701 ) OTHER INCOME (EXPENSE) Interest income 93 — — — 93 Interest expense (3,225,653 ) 2,480,488 — — (745,165 ) Change in derivative liabilities fair value — (1,521,543 ) — (311,123 ) (1,832,666 ) Other (190,257 ) — — — (190,257 ) Total other income (expense) (3,415,817 ) 958,945 — (311,123 ) (2,767,995 ) (LOSS) BEFORE INCOME TAXES (10,091,242 ) 995,669 — (311,123 ) (9,406,696 ) Income tax benefit — — — — — NET (LOSS) BEFORE NON-CONTROLLING INTEREST (10,091,242 ) 995,669 — (311,123 ) (9,406,696 ) Net loss 1,861,013 — — — 1,861,013 NET INCOME / (LOSS) (8,230,229 ) 995,669 — (311,123 ) (7,545,683 ) NET INCOME / (LOSS) PER SHARE Basic (See Note 2) (0.57 ) 0.07 — (0.03 ) (0.53 ) Diluted (See Note 2) (0.57 ) 0.07 — (0.03 ) (0.53 ) Weighted average number of common shares outstanding Basic 14,365,633 — — — 14,365,633 Diluted 14,365,633 — — — 14,365,633 Consolidated Statement of Operations For the Three Months Ended June 30, 2022 As Reported Litigation Financing 2022 Warrant Other As Restated REVENUE Marine services $ 300,000 $ — $ — $ — $ 300,000 Other services 90,278 — — — 90,278 Total revenue 390,278 — — — 390,278 OPERATING EXPENSES Marketing, general and administrative 2,292,082 (36,724 ) 1,087,254 — 3,342,612 Operations and research 1,229,634 — — — 1,229,634 Total operating expenses 3,521,716 (36,724 ) 1,087,254 — 4,572,246 INCOME (LOSS) FROM OPERATIONS (3,131,438 ) 36,724 (1,087,254 ) — (4,181,968 ) OTHER INCOME (EXPENSE) Interest income 2,178 — — — 2,178 Interest expense (3,552,539 ) 2,977,531 — — (575,008 ) Change in derivative liabilities fair value — (3,471,543 ) (1,874,795 ) 311,123 (5,035,215 ) Other 140,361 — — — 140,361 Total other income (expense) (3,410,000 ) (494,012 ) (1,874,795 ) 311,123 (5,467,684 ) (LOSS) BEFORE INCOME TAXES (6,541,438 ) (457,288 ) (2,962,049 ) 311,123 (9,649,652 ) Income tax benefit — — — — — NET (LOSS) BEFORE NON-CONTROLLING INTEREST (6,541,438 ) (457,288 ) (2,962,049 ) 311,123 (9,649,652 ) Net loss 1,857,953 — — — 1,857,953 NET INCOME / (LOSS) $ (4,683,485 ) $ (457,288 ) $ (2,962,049 ) $ 311,123 $ (7,791,699 ) NET INCOME / (LOSS) PER SHARE Basic (See Note 2) $ (0.30 ) (0.03 ) (0.19 ) 0.02 $ (0.50 ) Diluted (See Note 2) $ (0.30 ) (0.03 ) (0.19 ) 0.02 $ (0.49 ) Weighted average number of common shares outstanding Basic 15,803,746 — — — 15,803,746 Diluted 15,803,746 — — — 15,803,746 Consolidated Statement of Operations For the Six Months Ended June 30, 2022 As Reported Litigation Financing 2022 Warrant Other Adjustment As Restated REVENUE Marine services $ 594,975 $ — $ — $ — $ 594,975 Other services 94,909 — — — 94,909 Total revenue 689,884 — — — 689,884 OPERATING EXPENSES Marketing, general and administrative 4,210,578 (73,448 ) 1,087,254 — 5,224,384 Operations and research 6,286,169 — — — 6,286,169 Total operating expenses 10,496,747 (73,448 ) 1,087,254 — 11,510,553 INCOME (LOSS) FROM OPERATIONS (9,806,863 ) 73,448 (1,087,254 ) — (10,820,669 ) OTHER INCOME (EXPENSE) Interest income 2,272 — — — 2,272 Interest expense (6,778,193 ) 5,458,019 — — (1,320,174 ) Change in derivative liabilities fair value — (4,993,086 ) (1,874,795 ) — (6,867,881 ) Other (49,896 ) — — — (49,896 ) Total other income (expense) (6,825,817 ) 464,933 (1,874,795 ) — (8,235,679 ) (LOSS) BEFORE INCOME TAXES (16,632,680 ) 538,381 (2,962,049 ) — (19,056,348 ) Income tax benefit — — — — — NET (LOSS) BEFORE NON-CONTROLLING INTEREST (16,632,680 ) 538,381 (2,962,049 ) — (19,056,348 ) Net loss 3,718,966 — — — 3,718,966 NET INCOME / (LOSS) $ (12,913,714 ) $ 538,381 $ (2,962,049 ) $ — $ (15,337,382 ) NET INCOME / (LOSS) PER SHARE Basic (See Note 2) $ (0.86 ) 0.04 (0.20 ) — $ (1.02 ) Diluted (See Note 2) $ (0.86 ) 0.04 (0.20 ) — $ (1.02 ) Weighted average number of common shares outstanding Basic 15,088,662 — — — 15,088,662 Diluted 15,088,662 — — — 15,088,662 Consolidated Statement of Operations For the Three Months Ended September 30, 2022 As Reported Litigation Financing 2022 Warrant Other Adjustment As Restated REVENUE Marine services $ 298,083 $ — $ — $ — $ 298,083 Other services 60,326 — — — 60,326 Total revenue 358,409 — — — 358,409 OPERATING EXPENSES Marketing, general and administrative 2,213,515 (36,724 ) — — 2,176,791 Operations and research 1,864,883 — — — 1,864,883 Total operating expenses 4,078,398 (36,724 ) — — 4,041,674 INCOME (LOSS) FROM OPERATIONS (3,719,989 ) 36,724 — — (3,683,265 ) OTHER INCOME (EXPENSE) Interest income — — — — — Interest expense (3,664,733 ) 3,160,329 — — (504,404 ) Change in derivative liabilities fair value — (546,543 ) 1,212,320 — 665,777 Other (4,835 ) — — — (4,835 ) Total other income (expense) (3,669,568 ) 2,613,786 1,212,320 — 156,538 (LOSS) BEFORE INCOME TAXES (7,389,557 ) 2,650,510 1,212,320 — (3,526,727 ) Income tax benefit — — — — — NET (LOSS) BEFORE NON-CONTROLLING INTEREST (7,389,557 ) 2,650,510 1,212,320 — (3,526,727 ) Net loss 1,934,328 — — — 1,934,328 NET INCOME / (LOSS) $ (5,455,229 ) $ 2,650,510 $ 1,212,320 $ — $ (1,592,399 ) NET INCOME / (LOSS) PER SHARE Basic (See Note 2) $ (0.28 ) $ 0.14 $ 0.06 $ — $ (0.08 ) Diluted (See Note 2) $ (0.28 ) $ 0.14 $ 0.06 $ — $ (0.08 ) Weighted average number of common shares outstanding Basic 19,482,118 — — — 19,482,118 Diluted 19,482,118 — — — 19,482,118 Consolidated Statement of Operations For the Nine Months Ended September 30, 2022 As Reported Litigation Financing Adjustment 2022 Warrant Adjustment Other Adjustment As Restated REVENUE Marine services $ 893,058 $ — $ — $ — $ 893,058 Other services 155,235 — — — 155,235 Total revenue 1,048,293 — — — 1,048,293 OPERATING EXPENSES Marketing, general and administrative 6,424,093 (110,172 ) 1,087,254 — 7,401,175 Operations and research 8,151,052 — — — 8,151,052 Total operating expenses 14,575,145 (110,172 ) 1,087,254 — 15,552,227 INCOME (LOSS) FROM OPERATIONS (13,526,852 ) 110,172 (1,087,254 ) — (14,503,934 ) OTHER INCOME (EXPENSE) Interest income — — — — — Interest expense (10,440,654 ) 8,618,348 — — (1,822,306 ) Change in derivative liabilities fair value — (5,539,629 ) (662,475 ) — (6,202,104 ) Other (54,731 ) — — (54,731 ) Total other income (expense) (10,495,385 ) 3,078,719 (662,475 ) — (8,079,141 ) (LOSS) BEFORE INCOME TAXES (24,022,237 ) 3,188,891 (1,749,729 ) — (22,583,075 ) Income tax benefit — — — — — NET (LOSS) BEFORE NON-CONTROLLING (24,022,237 ) 3,188,891 (1,749,729 ) — (22,583,075 ) Net loss attributable to noncontrolling interest 5,653,294 — — — 5,653,294 NET INCOME / (LOSS) $ (18,368,943 ) $ 3,188,891 $ (1,749,729 ) $ — $ (16,929,781 ) NET INCOME / (LOSS) PER SHARE Basic (See Note 2) $ (1.11 ) 0.19 (0.11 ) — $ (1.02 ) Diluted (See Note 2) $ (1.11 ) 0.19 (0.11 ) 0.00 $ (1.02 ) Weighted average number of common shares outstanding Basic 16,569,240 — — — 16,569,240 Diluted 16,569,240 — — — 16,569,240 Consolidated Statement of Operations For the Three Months Ended March 31, 2023 As Reported Litigation Financing 2022 Warrant Other Adjustment As Restated REVENUE Marine services $ 271,375 $ — $ — $ — $ 271,375 Other services 17,364 — — — 17,364 Total revenue 288,739 — — — 288,739 OPERATING EXPENSES Marketing, general and administrative 1,877,844 (61,918 ) — — 1,815,926 Operations and research 1,787,859 — — (503,133 ) 1,284,726 Total operating expenses 3,665,703 (61,918 ) — (503,133 ) 3,100,652 INCOME (LOSS) FROM OPERATIONS (3,376,964 ) 61,918 — 503,133 (2,811,913 ) OTHER INCOME (EXPENSE) Interest income 388,532 — — — 388,532 Interest expense (3,808,586 ) 3,102,064 — — (706,522 ) Gain on debt extinguishment 21,478,614 — — — 21,478,614 Change in derivative liabilities fair value — (1,685,517 ) 4,732,403 — 3,046,886 Other (322,251 ) (1,000,000 ) — (1,102 ) (1,323,353 ) Total other income (expense) 17,736,309 416,547 4,732,403 (1,102 ) 22,884,157 (LOSS) BEFORE INCOME TAXES 14,359,345 478,465 4,732,403 502,031 20,072,244 Income tax benefit 5,746 — — (5,746 ) — NET (LOSS) BEFORE NON-CONTROLLING 14,365,091 478,465 4,732,403 496,285 20,072,244 Net loss attributable to noncontrolling interest 2,235,443 — — — 2,235,443 NET INCOME / (LOSS) $ 16,600,534 $ 478,465 $ 4,732,403 $ 496,285 $ 22,307,687 NET INCOME / (LOSS) PER SHARE Basic (See Note 2) $ 0.84 0.02 0.24 0.03 $ 1.13 Diluted (See Note 2) $ 0.83 0.02 0.24 0.03 $ 1.12 Weighted average number of common shares outstanding Basic 19,666,459 — — — 19,666,459 Diluted 19,923,445 — — (44,901 ) 19,878,544 Consolidated Statement of Operations For the Three Months Ended June 30, 2023 As Reported Litigation Financing 2022 Warrant Other Adjustment As Restated REVENUE Marine services $ 166,832 $ — $ — $ — $ 166,832 Other services 5,743 — — — 5,743 Total revenue 172,575 — — — 172,575 OPERATING EXPENSES Marketing, general and administrative 1,820,858 (11,530 ) — — 1,809,328 Operations and research 1,498,701 — — (280,595 ) 1,218,106 Total operating expenses 3,319,559 (11,530 ) — (280,595 ) 3,027,434 INCOME (LOSS) FROM OPERATIONS (3,146,984 ) 11,530 — 280,595 (2,854,859 ) OTHER INCOME (EXPENSE) Interest income 23,424 — — — 23,424 Interest expense (4,333,224 ) 3,253,645 — 4,918 (1,074,661 ) Gain on debt extinguishment (301,414 ) — — — (301,414 ) Change in derivative liabilities fair value — (1,685,516 ) (1,076,881 ) — (2,762,397 ) Other (283,897 ) — — (433 ) (284,330 ) Total other income (expense) (4,895,111 ) 1,568,129 (1,076,881 ) 4,485 (4,399,378 ) (LOSS) BEFORE INCOME TAXES (8,042,095 ) 1,579,659 (1,076,881 ) 285,080 (7,254,237 ) Income tax benefit 3,046 — — (3,046 ) — NET (LOSS) BEFORE NON-CONTROLLING (8,039,049 ) 1,579,659 (1,076,881 ) 282,034 (7,254,237 ) Net loss attributable to noncontrolling interest 2,315,359 — — — 2,315,359 NET INCOME / (LOSS) $ (5,723,690 ) $ 1,579,659 $ (1,076,881 ) $ 282,034 $ (4,938,878 ) NET INCOME / (LOSS) PER SHARE Basic (See Note 2) $ (0.29 ) 0.08 (0.05 ) 0.01 $ (0.25 ) Diluted (See Note 2) $ (0.29 ) 0.08 (0.05 ) 0.02 $ (0.25 ) Weighted average number of common shares outstanding Basic 19,918,677 — — — 19,918,677 Diluted 19,918,677 — — — 19,918,677 Consolidated Statement of Operations For the Six Months Ended June 30, 2023 As Reported Litigation Financing 2022 Warrant Other Adjustment As Restated REVENUE Marine services $ 438,208 $ — $ — $ — $ 438,208 Other services 23,106 — — — 23,106 Total revenue 461,314 — — — 461,314 OPERATING EXPENSES Marketing, general and administrative 3,698,702 (73,448 ) — — 3,625,254 Operations and research 3,286,560 — — (790,997 ) 2,495,563 Total operating expenses 6,985,262 (73,448 ) — (790,997 ) 6,120,817 INCOME (LOSS) FROM OPERATIONS (6,523,948 ) 73,448 — 790,997 (5,659,503 ) OTHER INCOME (EXPENSE) Interest income 411,956 — — — 411,956 Interest expense (8,141,810 ) 6,355,709 — 4,918 (1,781,183 ) Gain on debt extinguishment 21,177,200 — — — 21,177,200 Change in derivative liabilities fair value — (3,371,033 ) 3,655,522 — 284,489 Other (606,148 ) (1,000,000 ) — (1,535 ) (1,607,683 ) Total other income (expense) 12,841,198 1,984,676 3,655,522 3,383 18,484,779 (LOSS) BEFORE INCOME TAXES 6,317,250 2,058,124 3,655,522 794,380 12,825,276 Income tax benefit 8,792 — — (8,792 ) — NET (LOSS) BEFORE NON-CONTROLLING 6,326,042 2,058,124 3,655,522 785,588 12,825,276 Net loss attributable to noncontrolling interest 4,550,802 — — — 4,550,802 NET INCOME / (LOSS) $ 10,876,844 $ 2,058,124 $ 3,655,522 $ 785,588 $ 17,376,078 NET INCOME / (LOSS) PER SHARE Basic (See Note 2) $ 0.55 0.10 0.18 0.04 $ 0.88 Diluted (See Note 2) $ 0.54 0.10 0.18 0.04 $ 0.87 Weighted average number of common shares outstanding Basic 19,793,265 — — — 19,793,265 Diluted 20,019,461 — — 38,433 20,057,894 Consolidated Statement of Operations For the Nine For the Three September 30, September 30, REVENUE Marine services $ 628,907 $ 190,699 Other services 8,283 (14,823 ) Total revenue 637,190 175,876 OPERATING EXPENSES Marketing, general and administrative 5,189,410 1,564,156 Operations and research 3,562,705 1,067,142 Total operating expenses 8,752,115 2,631,298 INCOME (LOSS) FROM OPERATIONS (8,114,925 ) (2,455,422 ) OTHER INCOME (EXPENSE) Interest income 412,611 655 Interest expense (3,617,336 ) (1,836,153 ) Loss on equity method investment (190,000 ) (190,000 ) Gain (loss) on debt extinguishment 21,177,200 — Gain (loss) sale of wholly owned entity 174,107 174,107 Change in derivative liabilities fair value (1,574,658 ) (1,859,147 ) Other (1,494,581 ) 113,102 Total other income (expense) 14,887,343 (3,597,436 ) (LOSS) BEFORE INCOME TAXES 6,772,418 (6,052,858 ) Income tax benefit — — NET (LOSS) BEFORE NON-CONTROLLING INTEREST 6,772,418 (6,052,858 ) Net loss 6,790,375 2,239,573 NET INCOME / (LOSS) $ 13,562,793 $ (3,813,285 ) NET INCOME / (LOSS) PER SHARE Basic $ 0.68 $ (0.19 ) Diluted $ 0.46 $ (0.19 ) Weighted average number of common shares outstanding Basic 19,871,381 20,025,067 Diluted 21,536,962 20,025,067 Cumulative Effect of Prior Period Adjustments The following table represents the impact of the Restatement of the Company’s Stockholders’ deficit for the periods ended March 2022, June 2022, September 2022, March 2023 and June 2023: Preferred Stock – Shares Common Stock – Shares Preferred Stock Common Stock Additional Paid-in Capital Accumulated Deficit Non-controlling Interest Total Balance at December 31, 2021 (As previously reported) — 14,309,315 $ — $ 1,431 $ 249,055,600 $ (275,090,857 ) $ (36,454,812 ) $ (62,488,638 ) Litigation Financing Adjustment — — — — — (4,001,135 ) — (4,001,135 ) Investment in Unconsolidated Entities Adjustments — — — — — (503,100 ) — (503,100 ) Other Adjustments — — — — (232,175 ) 232,175 — — Cumulative restatement adjustments — — — — (232,175 ) (4,272,060 ) — (4,504,235 ) Balance at December 31, 2021 (As Restated) — 14,309,315 $ — $ 1,431 $ 248,823,425 $ (279,362,917 ) $ (36,454,812 ) $ (66,992,873 ) Balance at March 31, 2022 (As previously reported) — 14,487,146 $ — $ 1,448 $ 249,189,881 $ (283,321,086 ) $ (38,315,825 ) $ (72,445,582 ) Litigation Financing Adjustment — — — — — (3,005,466 ) — (3,005,466 ) Investment in Unconsolidated Entities Adjustments — — — — — (503,100 ) — (503,100 ) Other Adjustments — — — — (232,175 ) (78,948 ) — (311,123 ) Cumulative restatement adjustments — — — — (232,175 ) (3,587,514 ) — (3,819,689 ) Balance at March 31, 2022 (As Restated) — 14,487,146 $ — $ 1,448 $ 248,957,706 $ (286,908,600 ) $ (38,315,825 ) $ (76,265,271 ) Balance at June 30, 2022 (As previously reported) — 19,464,950 $ — $ 1,946 $ 264,323,108 $ (288,004,571 ) $ (40,173,778 ) $ (63,853,295 ) Litigation Financing Adjustment — — — — — (3,462,754 ) — (3,462,754 ) Investment in Unconsolidated Entities Adjustments — — — — — (503,100 ) — (503,100 ) 2022 Warrant Adjustment — — — — (8,686,840 ) (2,962,049 ) — (11,648,889 ) Other Adjustments — — — — (232,175 ) 232,175 — — Cumulative restatement adjustments — — — — (8,919,015 ) (6,695,728 ) — (15,614,743 ) Balance at June 30, 2022 (As Restated) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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, both domestic and international. Equity investments in which we exercise significant influence but do not control and of which we are not the primary beneficiary are accounted for using the equity method. All significant inter-company and intra-company transactions and balances have been eliminated. The portion of the consolidated subsidiaries not wholly owned by the Company and any related activity is eliminated through Non-controlling interests in non-controlling interests in non-controlling non-wholly |
Use of Estimates | Use of Estimates Management used estimates and assumptions in preparing these consolidated financial statements in accordance with generally accepted accounting principles in the United States (“US GAAP”). 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 Revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of Accounting Standards Codification (“ASC”) Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC Topic 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue. The Company currently generates revenues from service contracts with customers. Currently, there are two sources of revenue, marine services and other services. The contracts for the marine services provide research, scientific services, marine operations planning, management execution and project management. These services are billed generally on a monthly basis and recognized as revenue as the services are performed or provided. The Company generally does not receive any upfront consideration for these services, and there is no variable consideration for the services. Costs associated with both marine and other services include all direct consulting labor, and minimal supplies, and is charged to operations as a component of Operations and Research. Accounts receivable are based on amounts billed to customers. We evaluate our accounts and notes receivable to estimate an allowance for credit losses over the remaining life of the financial instrument. The remaining life of our financial assets is determined by considering contractual terms among other factors. We estimate an allowance for credit losses based on ongoing evaluations of the accounts and notes receivable, the related credit risk characteristics, and the overall economic and environmental conditions affecting the financial assets. Credit losses are charged off against the allowance when we believe the uncollectibility of the financial asset is confirmed. Subsequent recoveries, if any, are credited to the allowance once received. A credit loss expense, or benefit, is recorded as Other expense in the Statement of Operations in an amount necessary to adjust the allowance for credit losses to our estimate as of the end of each reporting period. At December 31, 2023 and 2022 we determined no allowance was necessary. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and cash in banks. We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. |
Bismarck Exploration License | Bismarck Exploration License The Company follows the guidance pursuant to ASC 350, “ Intangibles-Goodwill and Other |
Derivative Financial Instruments | Derivative Financial Instruments From time to time, we may enter into a financial instrument that may contain a derivative. In evaluating the fair value of derivative financial instruments, there are numerous assumptions which management must make that may influence the valuation of the derivatives that would be included in the financial statements. 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 a small or no initial net investment and permit net settlement. Derivative financial instruments may be free-standing or embedded in other financial instruments. 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 Derivatives and Hedging As discussed in NOTE 11 Loans Payable and The Litigation Financing agreement involved numerous amendments, significant non-cash The Company determines the accounting classification of warrants it issues as either liability or equity classified by first assessing whether the warrants meet liability classification in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock The 2022 Warrant and the December 2023 Warrant were determined to meet the definition of derivative liability and the fair value was estimated using a Black-Scholes valuation model. The 37N Note was determined to include an embedded derivative liability related to the share settled redemption feature of the Note in accordance with ASC 815. The embedded derivative fair value is determined using the with-and-without valuation method. |
Investments in Unconsolidated Entity | Investments in Unconsolidated Entities As discussed in NOTE 7 Investment in Unconsolidated Entities, the Company has cost basis method investments and an equity method investment with related parties. We account for the investments we make in certain legal entities in which equity investors do not have (1) sufficient equity at risk for the legal entity to finance its activities without additional subordinated financial support, or (2) as a group, the holders of the equity investment at risk do not have either the power, through voting or similar rights, to direct the activities of the legal entity that most significantly impact the entity’s economic performance, or (3) the obligation to absorb the expected losses of the legal entity or the right to receive expected residual returns of the legal entity. The Company has entered into agreements with a certain related parties that required analysis of ASC 810-10 We use the equity method to account for investments in companies if our investment provides us with the ability to exercise significant influence over the operating and financial policies of the investee. Our Consolidated Statement of Operations includes our Company’s proportionate share of the net income or loss of these companies. It is our policy to account for our share of the investee’s net income or loss using a three-month lag period with an estimate of the most recent quarter results. Our judgment regarding the level of influence over each equity method investee includes considering key factors, such as our ownership interest, representation of the board of directors, participation in policy-making decisions, other commercial arrangements and material intercompany transactions. We eliminate from our financial results all significant intercompany transactions, including the intercompany portion of transactions with equity method investees. |
Long-Lived Assets | Long-Lived Assets Any impairment losses are included in depreciation at the time of impairment. We did not have any impairments for the years ended December 31, 2023 or 2022. |
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 three years for computers and peripherals, five years for furniture and office equipment and between five ten |
Earnings Per Share | Earnings Per Share Basic earnings per share (“EPS”) has been computed pursuant to the guidance in FASB ASC Topic 260, Earnings Per Share if-converted Dilutive common stock equivalents include the dilutive effect of in-the-money stock equivalents, which are calculated based on the average share price for each period using the treasury stock method, excluding any common stock equivalents if their effect would be anti-dilutive. The potential common shares in the following tables represent potential common shares from outstanding options, restricted stock awards, convertible notes and other convertible securities that were excluded from the calculation of diluted EPS during periods due to having an anti-dilutive effect are: December 31, 2023 December 31, 2022 (As Restated) Average market price during the period $ 3.47 $ 4.22 Option awards 916,111 859,999 Unvested restricted stock awards 10,087 213,739 Convertible notes 462,628 — Put Option Liability 4,063,759 — Common Stock Warrant 7,948,176 8,392,466 The following is a reconciliation of the numerators and denominators used in computing basic and diluted net income per share: Year ended December 31, 2023 Year ended December 31, 2022 (As Restated) Net income (loss) attributable to Odyssey Marine Exploration, Inc. $ 5,345,819 $ (22,079,859 ) Numerator: Basic net income (loss) $ 5,345,819 $ (22,079,859 ) Diluted net income (loss) available to stockholders $ 5,341,008 $ (22,079,859 ) Denominator: Weighted average common shares outstanding – Basic 19,943,633 17,310,915 Dilutive effect of options 5,557 — Dilutive effect of warrants 169,687 — Dilutive effect of other convertible securities — — Weighted average common shares outstanding – Diluted 20,118,877 17,310,915 Net (loss) income per share – basic $ 0.27 $ (1.28 ) Net (loss) income per share – diluted $ 0.27 $ (1.28 ) Per ASC 260 Earnings Per Share, the diluted net income was calculated at $4,811 less than the basic net income due to the change in fair value of the in-the-money warrants that are measured at fair value. |
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. We do not currently have any uncertain tax positions because we have no unrecognized tax benefits under the applicable standard that were required to be recorded as either current income taxes payable or as adjustments to the balances of the deferred tax assets or deferred tax liabilities. |
Operations and research | Operations and research Operations and research expenses are charged to operations as incurred. |
Stock-based Compensation | Stock-based Compensation Our stock-based compensation is recorded in accordance with the guidance in the ASC Topic 718 Stock-Based Compensation (see NOTE 15 Stockholders’ Equity/(Deficit)). All share-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as an expense in earnings over the requisite service period. The expense is determined on a straight-line basis over the requisite service period for the entire award. The amount of compensation costs recognized at any date is to be at least equal to the portion of grant-date value of the award that is vested at that date. For performance-based share awards, the Company recognizes expense when it is determined the performance criteria are probable of being met. The probability of vesting is reassessed at each reporting date and compensation cost is adjusted using a cumulative catch-up adjustment. Forfeitures are recognized in compensation cost when they occur. Benefits or deficiencies of tax deductions in excess of recognized compensation costs are reported within operating cash flows. |
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, equity securities, accounts payable, accrued liabilities, litigation financing and loans payable. The carrying amounts of cash and cash equivalents, accounts payable and accrued liabilities approximate their fair values due to their short maturities. Certain loans payable are measured at fair value based on valuation techniques using observable inputs other than Level 1 quoted prices in active markets and, accordingly, these estimates are not necessarily indicative of the amounts that we could realize in a current market exchange. The litigation financing is considered a derivative financial instrument and is carried at fair value as is required under current accounting standards. Derivative financial instruments are initially, and subsequently, measured at fair value and recorded as liabilities or, in rare instances, assets. We adopted ASC Topic 820 for certain financial instruments measured as fair value on a recurring basis. ASC Topic 820 defines fair value, established a framework for measuring fair value in accordance with US GAAP and expands disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). These tiers include: Fair Value Hierarchy The three levels of inputs that may be used to measure fair value are as follows: Level 1. Level 2. non-binding Level 3. non-binding non-binding The following tables summarize our fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022: December 31, 2023 Level 1 Level 2 Level 3 Total Balance Liabilities: 37N Note embedded derivative $ — $ — $ 702,291 $ 702,291 Put option liability — — 5,637,162 5,637,162 Litigation financing 52,115,647 52,115,647 Warrant liabilities issued with debt (December 2023 Warrants) 2,392,563 2,392,563 Warrant liabilities issued with equity (2022 Warrants) 13,399,822 13,399,822 Total of fair valued l $ — $ — $ 74,247,485 $ 74,247,485 December 31, 2022 (As Restated) Level 1 Level 2 Level 3 Total Balance Liabilities: Warrant liabilities issued with equity (2022 Warrants) $ — $ — $ 13,602,467 $ 13,602,467 Litigation Financing — — 45,368,948 45,368,948 Total of fair valued l $ — $ — $ 58,971,415 $ 58,971,415 At December 31, 2023 the Company recorded the 37N Note measured at fair value, Level 3, for which the valuation techniques used to measure the fair value of the Company’s debt instruments are generally based on observable inputs other than quoted prices in active market. The OML Put Option, and Litigation financing are measured at fair value, Level 3. The OML Put Option valuation was based on expected timing and likelihood of completing the subsequent closings, the exercise period of the equity exchange agreement, share price and volatility. The Litigation Financing valuation was based on the following assumptions: amounts funded by the Funder, the corresponding IRR calculation, applicable percentage applicable to the recovery percentage calculation and managements good-faith estimates for estimated outcome probabilities and estimated debt repayment dates. The fair value of 2022 Warrant and the December 2023 Warrant are measured at fair value, Level 3, using a Black-Scholes valuation model. The assumptions used in this model included the use key inputs, including expected stock volatility, the risk–free interest rate, the expected life of the option and the expected dividend yield. Expected volatility is calculated based on our historical volatility of our Common Stock over the term of the warrant. Risk–free interest rates are calculated based on risk–free rates for the appropriate term. The expected life is estimated based on contractual terms as well as expected exercise dates. The dividend yield is based on the historical dividends issued by us. If the volatility rate or risk-free interest rate were to change, the value of the warrants would be impacted. Changes in our Level 3 fair value measurements were as follows: 37N Note embedded derivative Put option liability Litigation financing Warrant liabilities issued with debt (December 2023 warrants) Warrant liabilities issued with equity (2022 warrants) Total Balance as of January 1, 2022 (As Restated) — — 33,701,188 — — 33,701,188 Change in fair value — — 6,286,172 — 3,628,373 9,914,545 Issuance of new instrument — — — — 9,974,094 9,974,094 Issuance of new funding — — 5,381,588 — — 5,381,588 Year ended December 31, 2022 (As Restated) 45,368,948 13,602,467 58,971,415 Change in fair value 457,690 1,121,155 6,742,066 — (18,045 ) 8,302,866 Issuance of new instrument 423,696 4,516,007 — 2,392,563 — 7,332,266 Issuance of new funding — — 4,633 — — 4,633 Warrants exercised — — — — (184,600 ) (184,600 ) Debt conversion to equity (179,095 ) — — — — (179,095 ) Year ended December 31, 2023 702,291 5,637,162 52,115,647 2,392,563 13,399,822 74,247,485 Additional information about the Litigation Financing liability, the 2022 Warrant, and the December 2023 Warrant is included in NOTE 11 Loan Payable and NOTE 12 Fair Value Financial Instruments . |
Leases | Leases Whenever we enter into a new arrangement, we must determine, at the inception date, whether the arrangement contains a lease. This determination generally depends upon whether the arrangement conveys to us the right to control the use of an explicitly or implicitly identified fixed asset for a period of time in exchange for consideration. Control of an underlying asset is conveyed to us if we obtain the rights to direct the use of and to obtain substantially all of the economic benefits from using the underlying asset. If a lease exists, we must then determine the separate lease and non-lease non-lease non-lease non-lease non-lease For each lease, we must then determine: • The lease term – The lease term is the period of the lease not cancellable by us, together with periods covered by: (i) renewal options we are reasonably certain to exercise or that are controlled by the lessor and (ii) termination options we are reasonably certain not to exercise. • The present value of lease payments is calculated based on: - Lease payments – Lease payments include certain fixed and variable payments, less lease incentives, together with amounts probable of being owed by us under residual value guarantees and, if reasonably certain of being paid, the cost of certain renewal options and early termination penalties set forth in the lease arrangement. Lease payments exclude consideration that is: (i) not related to the transfer of goods and services to us and (ii) allocated to the non-lease non-lease - Discount rate – The discount rate must be determined based on information available to us upon the commencement of a lease. Lessees are required to use the rate implicit in the lease whenever such rate is readily available; however, if the implicit rate a lease is not readily determinable, we would use the hypothetical incremental borrowing rate we would have to pay to borrow an amount equal to the lease payments, on a collateralized basis, over a timeframe similar to the lease term. • Lease classification – In making the determination of whether a lease is an operating lease or a finance lease, we consider the lease term in relation to the economic life of the leased asset, the present value of lease payments in relation to the fair value of the leased asset and certain other factors, including the lessee’s and lessor’s rights, obligations and economic incentives over the term of the lease. Generally, upon the commencement of a lease, we will record a lease liability and a right-of-use Over the lease term, we increase our lease liabilities using the effective interest method and decrease our lease liabilities for lease payments made. We generally amortize the ROU asset over the shorter of the estimated useful life or the lease term and assess our ROU assets for impairment, similar to other long-lived assets. For operating leases, a single lease cost is generally recognized in the Consolidated Statements of Operations on a straight-line basis over the lease term. Foreign Currency Odyssey’s functional and reporting currency is U.S. dollars. Foreign currency denominated assets and liabilities are remeasured into U.S. dollars using the exchange rates in effect at the balance sheet date. Results of operations and cash flows of businesses conducted in foreign currency are remeasured using the average exchange rates throughout the period. The effect of exchange rate fluctuations on the remeasurement of assets and liabilities is included in Other expense in the Consolidated Statement of Operations. |
Segment Reporting | Segment Reporting The Company evaluates the products and services that produce its revenue and the geographical regions in which it operates to determine reportable segments in accordance with ASC 280 – Segment Reporting |
Restatement of Consolidated F_2
Restatement of Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restatement Of Consolidated Financial Statements [Abstract] | |
Schedule of the Reconciliation Impact Recorded to the Consolidated Balance Sheet | The following presents a reconciliation of the impacted financial statement line items as previously reported to the restated amounts as of and for the year ended December 31, 2022: Consolidated Balance Sheet As of December 31, 2022 Corrected Consolidated Balance Sheet As Reported Litigation Investment in 2022 Warrant Other Adjustment As Restated ASSETS Investment in unconsolidated entities 4,404,717 — (503,100 ) — — 3,901,617 Option to purchase equity securities in related parties — — 960,968 — — 960,968 Property and equipment, net 2,746,467 — — — 131,123 2,877,590 Total assets $ 13,281,836 $ — $ 457,868 $ — $ 131,123 $ 13,870,827 LIABILITIES AND STOCKHOLDERS’ DEFICIT Accounts payable $ 2,285,892 $ — $ — $ — $ 2 2,285,894 Accrued expenses 40,481,204 (22,865,695 ) — — (2 ) 17,615,507 Loans payable 25,011,049 (24,347,513 ) — — — 663,536 Litigation financing and other — 45,368,948 — — 45,368,948 Deferred revenue — — 960,968 — — 960,968 Warrant liability — — — 13,602,467 — 13,602,467 Total liabilities 89,826,594 (1,844,260 ) 960,968 13,602,467 — 102,545,769 Commitments and contingencies (Note 18) STOCKHOLDERS’ DEFICIT — — — — Additional paid-in capital 265,882,279 — — (8,919,015 ) — 256,963,264 Accumulated deficit (298,231,607 ) 1,844,260 (503,100 ) (4,683,452 ) 131,123 (301,442,776 ) Total liabilities and stockholders’ deficit $ 13,281,836 $ — $ 457,868 $ — $ 131,123 $ 13,870,827 |
Schedule of the Reconciliation Impact Recorded to the Consolidated Statement Operation | Consolidated Statement of Operations For the Twelve Months Ended Corrected Consolidated Statements of Operations As Reported Litigation 2022 Warrant Other As Restated Marketing, general and administrative 8,487,070 (146,896 ) 1,087,254 — 9,427,428 Operations and research 9,891,593 — — (131,123 ) 9,760,470 Total operating expenses 18,378,663 (146,896 ) 1,087,254 (131,123 ) 19,187,898 INCOME (LOSS) FROM OPERATIONS (17,043,961 ) 146,896 (1,087,254 ) 131,123 (17,853,196 ) OTHER INCOME (EXPENSE) Interest expense (14,086,466 ) 11,784,671 — — (2,301,795 ) Change in derivative liabilities fair value — (6,086,172 ) (3,828,373 ) — (9,914,545 ) Total other income (expense) (13,839,361 ) 5,698,499 (3,828,373 ) — (11,969,235 ) NET INCOME / (LOSS) $ (23,140,750 ) $ 5,845,395 $ (4,915,627 ) $ 131,123 $ (22,079,859 ) NET INCOME / (LOSS) PER SHARE Basic (See Note 2) $ (1.34 ) 0.34 (0.28 ) 0.01 $ (1.28 ) Diluted (See Note 2) $ (1.34 ) 0.34 (0.28 ) 0.01 $ (1.28 ) Weighted average number of common shares outstanding Basic 17,310,915 — — — 17,310,915 Diluted 17,310,915 — — — 17,310,915 |
Schedule of the Reconciliation Impact Recorded to the Consolidated Statement of Equity | Consolidated Statements Changes in Preferred Common Stock – Shares Preferred Stock Common Stock Additional Paid-in Capital Accumulated Deficit Non-controlling Interest Total Balance at December 31, 2022 (As previously reported) — 19,540,310 $ — $ 1,954 $ 265,882,279 $ (298,231,607 ) $ (44,197,384 ) $ (76,544,758 ) Litigation Financing Adjustment — — — — — 1,844,260 — 1,844,260 Investment in Unconsolidated Entities Adjustments — — — — — (503,100 ) — (503,100 ) 2022 Warrant Adjustment — — — — (8,686,840 ) (4,915,627 ) — (13,602,467 ) Other Adjustment — — — — (232,175 ) 363,298 — 131,123 Cumulative restatement adjustments — — — — (8,919,015 ) (3,211,169 ) — (12,130,184 ) Balance at December 31, 2022 (As Restated) — 19,540,310 $ — $ 1,954 $ 256,963,264 $ (301,442,776 ) $ (44,197,384 ) $ (88,674,942 ) |
Schedule of the Reconciliation Impact Recorded to the Consolidated Statement of Cashflow | For the Twelve Months Ended December 31, 2022 Corrected Consolidated Statements of Cash Flows As Reported Litigation Financing Adjustment 2022 Warrants Adjustment Other Adjustments As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net loss before non-controlling interest $ (30,883,322 ) $ 5,845,395 $ (4,915,627 ) $ 131,123 $ (29,822,431 ) Adjustments to reconcile net loss to net cash used in operating activities: Change in derivatives liabilities fair value — 6,086,172 3,828,373 — 9,914,545 Accrued expenses and other 14,651,375 (11,931,567 ) — — 2,719,808 NET CASH USED IN OPERATING ACTIVITIES (9,253,809 ) — (1,087,254 ) (131,123 ) (10,209,940 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (1,346,424 ) — — (131,123 ) (1,477,547 ) NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (2,346,424 ) — — (131,123 ) (2,477,547 ) As Reported Litigation Financing Adjustment 2022 Warrants Adjustment Other Adjustments As Restated CASH FLOWS FROM FINANCING ACTIVITIES: Offering cost paid on financing — — 1,087,254 — 1,087,254 NET CASH PROVIDED BY FINANCING ACTIVITIES 10,768,903 — 1,087,254 — 11,856,157 NET INCREASE (DECREASE) IN CASH (831,330 ) — — — (831,330 ) CASH AT BEGINNING OF YEAR 2,274,751 — — — 2,274,751 CASH AT END OF YEAR $ 1,443,421 $ — $ — $ — $ 1,443,421 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: Year ended December 31, 2023 Year ended December 31, 2022 (As Restated) Net income (loss) attributable to Odyssey Marine Exploration, Inc. $ 5,345,819 $ (22,079,859 ) Numerator: Basic net income (loss) $ 5,345,819 $ (22,079,859 ) Diluted net income (loss) available to stockholders $ 5,341,008 $ (22,079,859 ) Denominator: Weighted average common shares outstanding – Basic 19,943,633 17,310,915 Dilutive effect of options 5,557 — Dilutive effect of warrants 169,687 — Dilutive effect of other convertible securities — — Weighted average common shares outstanding – Diluted 20,118,877 17,310,915 Net (loss) income per share – basic $ 0.27 $ (1.28 ) Net (loss) income per share – diluted $ 0.27 $ (1.28 ) |
Summarize Our Fair Value Hierarchy For Our Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following tables summarize our fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022: December 31, 2023 Level 1 Level 2 Level 3 Total Balance Liabilities: 37N Note embedded derivative $ — $ — $ 702,291 $ 702,291 Put option liability — — 5,637,162 5,637,162 Litigation financing 52,115,647 52,115,647 Warrant liabilities issued with debt (December 2023 Warrants) 2,392,563 2,392,563 Warrant liabilities issued with equity (2022 Warrants) 13,399,822 13,399,822 Total of fair valued l $ — $ — $ 74,247,485 $ 74,247,485 December 31, 2022 (As Restated) Level 1 Level 2 Level 3 Total Balance Liabilities: Warrant liabilities issued with equity (2022 Warrants) $ — $ — $ 13,602,467 $ 13,602,467 Litigation Financing — — 45,368,948 45,368,948 Total of fair valued l $ — $ — $ 58,971,415 $ 58,971,415 |
Changes in our Level 3 fair value measurements | Changes in our Level 3 fair value measurements were as follows: 37N Note embedded derivative Put option liability Litigation financing Warrant liabilities issued with debt (December 2023 warrants) Warrant liabilities issued with equity (2022 warrants) Total Balance as of January 1, 2022 (As Restated) — — 33,701,188 — — 33,701,188 Change in fair value — — 6,286,172 — 3,628,373 9,914,545 Issuance of new instrument — — — — 9,974,094 9,974,094 Issuance of new funding — — 5,381,588 — — 5,381,588 Year ended December 31, 2022 (As Restated) 45,368,948 13,602,467 58,971,415 Change in fair value 457,690 1,121,155 6,742,066 — (18,045 ) 8,302,866 Issuance of new instrument 423,696 4,516,007 — 2,392,563 — 7,332,266 Issuance of new funding — — 4,633 — — 4,633 Warrants exercised — — — — (184,600 ) (184,600 ) Debt conversion to equity (179,095 ) — — — — (179,095 ) Year ended December 31, 2023 702,291 5,637,162 52,115,647 2,392,563 13,399,822 74,247,485 |
In the Money Potential Common Shares [Member] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The potential common shares in the following tables represent potential common shares from outstanding options, restricted stock awards, convertible notes and other convertible securities that were excluded from the calculation of diluted EPS during periods due to having an anti-dilutive effect are: December 31, 2023 December 31, 2022 (As Restated) Average market price during the period $ 3.47 $ 4.22 Option awards 916,111 859,999 Unvested restricted stock awards 10,087 213,739 Convertible notes 462,628 — Put Option Liability 4,063,759 — Common Stock Warrant 7,948,176 8,392,466 |
Accounts And Other Related Pa_2
Accounts And Other Related Party Receivables (Table) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | Our accounts and other related party receivables consisted of the following: December 31, 2023 December 31, 2022 (As Restated) Related party (see Note 8) $ 46,394 $ 7,515 Other 63,926 — Total accounts and other related party receivables $ 110,320 $ 7,515 |
Short-term Notes Receivable R_2
Short-term Notes Receivable Related Party (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Short-Terms Notes Receivable | Our short-term notes receivable consisted of the following: December 31, 2023 December 31, 2022 (Restated) Related party (see Note 8) $ — $ 1,576,717 Short-term notes receivable $ — $ 1,576,717 |
Investment In Unconsolidated _2
Investment In Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investment in Unconsolidated Entities | December 31, 2023 December 31, 2022 (Restated) CIC Limited $ 4,514,618 $ 3,901,617 Chatham Rock Phosphate, Limited — — Neptune Minerals, Inc. — — Ocean Minerals, LLC 4,487,028 — Investment in unconsolidated entities $ 9,001,646 $ 3,901,617 |
Schedule of Initial Closing Consideration | The Company determined that the initial Closing Consideration is as follows: Cash consideration $ 1,000,000 Fair value of Odyssey Retriever, Inc. 3,280,261 Fair value of the Second Closing 676,921 Fair value of the Third Closing 769,875 Fair value of the Equity Exchange Agreement 4,516,007 Transaction costs 49,988 Initial closing consideration $ 10,293,052 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Other Current Assets | Our other current assets consisted of the following: December 31, 2023 December 31, 2022 (As Restated) Prepaid insurance $ 608,353 $ 649,069 Other prepaid assets 119,820 72,956 Deposits 15,266 225,403 Total other current assets $ 743,439 $ 947,428 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment consisted of the following: December 31, 2023 December 31, 2022 (As Restated) Computers and peripherals $ 483,042 $ 458,309 Furniture and office equipment 782,471 1,002,773 Marine equipment 559,294 6,807,067 1,824,807 8,268,149 Less: Accumulated depreciation (1,300,151 ) (5,390,559 ) Property and equipment, net $ 524,656 $ 2,877,590 Depreciation expense for the years ended $ 242,970 $ 88,389 |
Loans Payable (Tables)
Loans Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Consolidated Notes Payable | The Company’s consolidated notes payable consisted of the following carrying values: Loans Payable December 31, December 31, 2022 (Restated) MINOSA 1 $ — $ 14,750,001 MINOSA 2 — 5,050,000 March 2023 Note 14,858,816 — December 2023 Note 6,000,000 — Emergency Injury Disaster Loan 150,000 149,900 Vendor note payable 484,009 484,009 Seller Note payable — 1,400,000 AFCO Insurance note payable 468,751 562,280 Pignatelli note 500,000 — 37N Note 804,997 — Finance liability (NOTE 13) 4,112,332 — Total Loans payable 27,378,905 22,396,190 Less: Unamortized deferred lender fee (106,488 ) — Less: Unamortized deferred discount (3,955,449 ) — Total Loans payable, net 23,316,968 22,396,190 Less: Current portion of loans payable (15,413,894 ) (21,732,654 ) Loans payable - long term $ 7,903,074 $ 663,536 MINOSA 1 On March 11, 2015, in connection with the Stock Purchase Agreement (refer to the discussion of the Convertible Preferred Stock Note 15 – Stockholders’ Equity/(Deficit) MINOSA 2 On August 10, 2017, we entered into a Note Purchase Agreement (the “Minosa Purchase Agreement”) with MINOSA. Pursuant to the Minosa Purchase Agreement, MINOSA agreed to loan Odyssey Marine Enterprises Ltd. up to $3.0 million. By January 2018, the Company borrowed the entire $3.0 million against this facility, and Epsilon Acquisitions LLC (“Epsilon”) assigned $2.0 million of its previously held debt to MINOSA. The indebtedness is evidenced by a secured convertible promissory note (the “Minosa 2 Note” and, together with the Minosa 1 Note, the “Minosa Notes”) and bears interest at a rate equal to 10.0% per annum. The carrying amount of the Minosa 2 Note is equal to the principal amount, as the amount of debt issuance costs were immaterial. Unless otherwise converted as described below, the entire outstanding principal balance and all accrued interest and fees are due and payable upon written demand by MINOSA. The Minosa 2 Note is classified as short-term debt. During December 2017, MINOSA transferred this indebtedness to its parent company. On July 15, 2021, $404,633 of this indebtedness with accumulated interest of $159,082 was transferred to James Pignatelli, a director of the Company, under the same terms as the original agreement, and that indebtedness continues to be convertible at a conversion price of $4.35 per share. This transaction was reviewed and approved by the independent members of the Company’s board of directors. The Minosa 2 Note is convertible into a maximum share count of approximately 2,177,849 shares of our common stock in the event of a default, subject to adjustment for certain dilutive events, and is settleable only in shares. MINOSA has the right to convert all amounts outstanding under the Minosa 2 Note 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. Of the principal amount of the Minosa 2 Note, $2.7 million is convertible at a conversion price of $4.35 per share, $1 million is convertible at a conversion price of $4.19 per share, and $1 million is convertible at a conversion price of $4.13 per share. Upon the occurrence of an event of default, the Minosa 2 Note is convertible at MINOSA’s option at a conversion price equal to one-half Upon the closing of the Minosa Purchase Agreement, along with MINOSA, and Penelope Mining LLC, an affiliate of MINOSA (“Penelope”), executed and delivered a Second Amended and Restated Waiver and Consent and Amendment No. 5 to Promissory Note and Amendment No. 2 to Stock Purchase Agreement (the “Second AR Waiver”). Pursuant to the Second AR Waiver, MINOSA and Penelope consented to the transactions contemplated by the Minosa Purchase Agreement and waived any breach of any representation or warranty and violation of any covenant in the Stock Purchase Agreement, dated as of March 11, 2015, as amended April 10, 2015 (the “SPA”), by and among us, MINOSA, and Penelope, arising out of the Company’s execution and delivery of the Minosa Purchase Agreement and the consummation of the transactions contemplated thereby. Pursuant to the Second AR Waiver, we also waived, and agreed not to exercise our right to terminate the SPA pursuant to Section 8.1(c)(ii) thereto, both (a) until after the earlier of (i) July 1, 2018, (ii) the date that MINOSA fails, refuses, or declines to fund (or otherwise does not fund) any subsequent loan under the Minosa Purchase Agreement and (iii) demand is made for repayment of all or any part of the indebtedness outstanding under the Minosa Notes, the Second AR Epsilon Note, or the Promissory Note, dated as of March 11, 2015, as amended (the “SPA Note”), in the principal amount of $14.75 million that was issued by us to MINOSA under the SPA, and (b) unless on or prior to such termination, the Minosa Notes are paid in full. The Second AR Waiver (x) further provides that following any conversion of the indebtedness evidenced by the Minosa 2 Note, Penelope may elect to reduce its commitment to purchase our preferred stock under the SPA by the amount of indebtedness converted by MINOSA and (y) amends the SPA Note to provide that the outstanding principal balance under the SPA Note and all accrued interest and fees are due and payable upon written demand by MINOSA; provided, that Minosa agreed not make a demand for payment prior to the earlier of (a) an event of default (as defined in the Minosa 2 Note) or (b) a date, which may be no earlier than December 31, 2017, that is at least 60 days subsequent to written notice that Minosa intends to demand payment. Refer to Note 15 – Stockholders’ Equity/(Deficit) In addition to being due and payable upon written demand by MINOSA, the obligations under the Minosa 2 Note may be accelerated upon the occurrence of specified events of default including (a) our failure to pay any amount payable under the Minosa 2 Note on the date due and payable; (b) our failure to perform or observe any term, covenant, or agreement in the Minosa 2 Note or the related documents, subject to a five-day Pursuant to second amended and restated pledge agreements (the “Second AR Pledge Agreements”) entered into by us in favor of MINOSA on August 10, 2017, we pledged and granted security interests to MINOSA in (a) the 54 million cuotas (a unit of ownership under Panamanian law) of Oceanica held by us, (b) all notes and other receivables from Oceanica and its subsidiary owed to us, and (c) all of the outstanding equity in our wholly owned subsidiary, Odyssey Marine Enterprises, Ltd. In connection with the execution and delivery of the Minosa Purchase Agreement, Odyssey and MINOSA entered into a second amended and restated registration rights agreement (the “Second AR Registration Rights Agreement”) pursuant to which Odyssey agreed to register the offer and sale of the shares (the “Conversion Shares”) of our common stock issuable upon the conversion of the indebtedness evidenced by the Minosa 2 Note. Subject to specified limitations set forth in the Second AR Registration Rights Agreement, including that we are eligible to use Form S-3, Settlement, Release and Termination Agreement of the MINOSA 1 and MINOSA 2 On March 3, 2023, Odyssey, Altos Hornos de México, S.A.B. de C.V. (“AHMSA”), MINOSA and Phosphate One LLC (f/k/a Penelope Mining LLC, “Phosphate One” and together with AHMSA and MINOSA, the “AHMSA Parties”) entered into Settlement, Release and Termination Agreement (the “Termination Agreement”). Pursuant to the Termination Agreement: • Odyssey paid AHMSA $9.0 million (the “Termination Payment”) in cash on March 6, 2023; • the parties agreed that, concurrently with the payment of the Termination Payment, a portion of the Minosa Notes would be deemed automatically converted into 304,879 • the Minosa Notes, the Stock Purchase Agreement, and the Pledge Agreements were terminated; • each of the AHMSA Parties, on the one hand, and Odyssey, on the other, agreed to release the other parties and their respective affiliates, equity holders, beneficiaries, successors and assigns (the “Released Parties”) from any and all claims, demands, damages, actions, causes of action or liabilities of any kind or nature whatsoever under the SPA, the Minosa Notes, the Minosa Purchase Agreement, or the Pledge Agreements (the “Released Matters”); and • each of the AHMSA Parties, on the one hand, and Odyssey, on the other, agreed not to make any claims against any of the Released Parties related to the Released Matters. The transactions contemplated by the Termination Agreement were completed on March 6, 2023. As a result of executing this Termination Agreement, the Company recognized a gain on extinguishment of debt in the amount of $21.2 million. On March 6, 2023, Odyssey entered into a Release and Termination Agreement with a director of the Company, James S. Pignatelli, to terminate and release a portion of the MINOSA 2 Note assigned to Mr. Pignatelli in 2021, the related Note Purchase Agreement (“NPA”) and the Pledge Agreement. On March 6, 2023, Odyssey issued a new Unsecured Convertible Promissory Note in the principal amount of $500,000 to Mr. Pignatelli that bears interest at the rate of 10.0% per annum convertible into common stock of Odyssey at a conversion price of $3.78 per share. Pursuant to the Release and Termination Agreement with Mr. Pignatelli noted above, he agreed, in exchange for the issuance of this Unsecured Convertible Promissory Note by Odyssey, to release the assigned portion of the MINOSA 2 note issued by Odyssey Marine Exploration, Inc., a wholly owned subsidiary of the Company, to Mr. Pignatelli in the principal amount of $404,634 and convertible at a conversion price of $4.35 per share, pursuant to which the outstanding aggregate obligation with accrued interest was $630,231. |
Fair Value Financial Instrume_2
Fair Value Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Line Items] | |
Summary of Common Stock Warrants Outstanding | The following table summarizes our common stock warrants outstanding at December 31, 2023 and 2022: Issue Date December 31, 2023 December 31, 2022 Exercise Termination 6/10/2022 4,848,963 4,939,515 $ 3.35 12/10/2027 3/6/2023 3,703,703 — $ 3.78 3/6/2026 Various 2020 551,378 551,378 $ 3.99 ** 12/1/2023 1,411,769 — $ 4.25 12/1/2026 8/14/2020 — 131,816 $ 4.67 8/14/2023 8/25/2020 1,873,622 1,873,622 $ 4.75 2/25/2024 7/19/2019 196,135 196,135 $ 5.76 7/8/2024 12/1/2023 211,569 — $ 7.09 12/1/2026 11/2/2018 — 700,000 $ 7.16 11/2/2023 12,797,139 8,392,466 ** A five-year term commences upon the earliest occurrence of either Trigger Date A or Trigger Date B. Trigger Date A is the date on which the Claimholder ceases the Subject Claim for any reason other than (i) a full and final arbitral award against the Claimholder or (ii) a full and final monetary settlement of the claim, see NOTE 12 Fair Value Financial Instruments – Litigation Financing. Trigger Date B is the date on which Proceeds are deposited into the Escrow Account. |
Warrants [Member] | |
Fair Value Disclosures [Line Items] | |
Summary of Common Stock Warrants Outstanding | The Company’s oustanding and exercisable warrants as of December 31, 2023 are presented below: Issue Date Exercise Price Total Exercisable Expiration Date 6/10/2022 $ 3.35 4,848,963 4,848,963 6/10/2027 3/6/2023 $ 3.78 3,703,711 3,703,711 3/6/2026 Various 2020 $ 3.99 551,378 551,378 ** 12/1/2023 $ 4.25 1,411,769 1,411,769 12/1/2026 8/25/2020 $ 4.75 1,873,622 1,873,622 2/25/2024 7/19/2019 $ 5.76 196,135 196,135 7/8/2024 12/1/2023 $ 7.09 211,570 211,570 12/1/2026 12,797,148 12,797,148 ** A five-year exercise period commences upon the earliest occurrence of either Trigger Date A or Trigger Date B. Trigger Date A is the date on which the Claimholder ceases the Subject Claim for any reason other than (i) a full and final arbitral award against the Claimholder or (ii) a full and final monetary settlement of the claim, see Note 12 Fair Value Financial Instruments – Litigation Financing. Trigger Date B is the date on which Proceeds are deposited into the Escrow Account. |
Schedule of company's fair value inputs | The Company’s fair value imputs of the warrants as of December 31, 2023 are presented below: Issue Date Stock price Exercise price Term in years Volitility Treasury Yield 6/10/2022 $ 4.65 $ 3.35 5 years 62.8% 3.84 % 3/6/2023 $ 4.65 $ 3.78 3 years 63.7% 4.61 % 12/1/2023 $ 4.65 $ 4.25 3 years 58.3%-59.9% 4.31 % 12/1/2023 $ 4.65 $ 7.09 3 years 58.3%-59.9% 4.31 % |
Derivative liabilities [Member] | |
Fair Value Disclosures [Line Items] | |
Schedule of company's fair value inputs | The Company’s fair value imputs of derivative liabilities as of December 31, 2023 are presented below: Issue Date Stock price Exercise price Term in years Volitility Treasury Yield 6/29/2023 $ 4.65 $ 3.70 0.75 year 59.5 % 5.0 % 6/4/2023 $ 4.65 $ 4.40 1 year 66.9 % 4.8 % |
Sale-leaseback Financing Obli_2
Sale-leaseback Financing Obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Remaining future cash payments related to the financing liability | Remaining future cash payments related to the financing liability, for the fiscal years ending December 31 are as follows: Year ending December 31, Annual payment 2024 $ 540,000 2025 540,000 2026 540,000 2027 4,700,000 $ 6,320,000 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Components of Accrued Expenses | Accrued expenses consisted of the following: December 31, 2023 December 31, 2022 (As Restated) Compensation and incentives $ 5,239 $ 354,186 Professional services 296,332 470,672 Deposit 450,000 657,331 Interest 912,915 12,265,891 Exploration license fees 6,828,872 3,864,370 Other — 3,057 Total accrued expenses $ 8,493,358 $ 17,615,507 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Federal Home Loan Banks [Abstract] | |
Summary of Common Stock Warrants Outstanding | The following table summarizes our common stock warrants outstanding at December 31, 2023 and 2022: Issue Date December 31, 2023 December 31, 2022 Exercise Termination 6/10/2022 4,848,963 4,939,515 $ 3.35 12/10/2027 3/6/2023 3,703,703 — $ 3.78 3/6/2026 Various 2020 551,378 551,378 $ 3.99 ** 12/1/2023 1,411,769 — $ 4.25 12/1/2026 8/14/2020 — 131,816 $ 4.67 8/14/2023 8/25/2020 1,873,622 1,873,622 $ 4.75 2/25/2024 7/19/2019 196,135 196,135 $ 5.76 7/8/2024 12/1/2023 211,569 — $ 7.09 12/1/2026 11/2/2018 — 700,000 $ 7.16 11/2/2023 12,797,139 8,392,466 ** A five-year term commences upon the earliest occurrence of either Trigger Date A or Trigger Date B. Trigger Date A is the date on which the Claimholder ceases the Subject Claim for any reason other than (i) a full and final arbitral award against the Claimholder or (ii) a full and final monetary settlement of the claim, see NOTE 12 Fair Value Financial Instruments – Litigation Financing. Trigger Date B is the date on which Proceeds are deposited into the Escrow Account. |
Summary of Preferred Stock Allocated to Investors | The Stock 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 Total Investment SeriesAA-1 8,427,004 $ 12.00 $ 101,124,048 SeriesAA-2 7,223,145 $ 6.00 43,338,870 15,650,149 $ 144,462,918 |
Summary of Options Valued in Estimated on Date of Grant Using Black-Scholes Option-Pricing Model with Following Assumptions Used for Grants Issued | The value of the stock options granted was determined using the Black-Scholes-Merton 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 options were valued with the following assumptions used for grants issued in the table below. Expected volatilities are based on historical volatility of our Common Stock. The expected term (in years) is determined using historical data to estimate option exercise patterns. The expected dividend yield is based on the annualized dividend rate over the vesting period. The risk-free interest rate is based on the rate for US Treasury bonds commensurate with the expected term of the granted option. Options issued to officers and employees typically vest over a three-year period. Options issued to directors vest immediately. November 15, August 7, June 9, 2023 May 24, December 9, Risk free interest rate 4.52 % 4.16 % 3.92 % 3.76 % 3.75 % Expected life 5 years 5 years 5 years 5 years 5 years Expected volatility 63.67 % 64.18 % 63.88 % 63.75 % 83.56 % Expected dividend yield — — — — — Grant-date fair value 2.10 2.12 2.01 1.70 2.45 Additionally, on December 8, 2022, we granted 17,105 stock options to a non-employee contractor as an incentive. We did not grant stock options to any third parties in 2023. The fair value of each option grant to the third-party consultant is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions used for grants issued in the table below. December 8, Risk free interest rate 3.71 % Expected life 5 years Expected volatility 83.53 % Expected dividend yield — Grant-date fair value 2.34 |
Summary of Stock Option Activity | Additional information with respect to both plans’ stock option activity is as follows: Number Weighted Weighted Outstanding at December 31, 2021 238,651 $ 15.95 Granted 621,348 $ 3.60 Exercised — $ — Cancelled — $ — Outstanding at December 31, 2022 859,999 $ 7.02 Granted 264,458 $ 3.55 Exercised (62,846 ) 3.60 Cancelled (123,987 ) 17.42 Outstanding at December 31, 2023 937,624 $ 4.90 3.62 Options exercisable at December 31, 2021 238,651 $ 15.95 4.82 Options exercisable at December 31, 2022 602,591 $ 8.49 3.71 Options exercisable at December 31, 2023 615,014 $ 5.60 3.25 |
Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2023: Stock Options Outstanding Range of Exercise Prices Number of Weighted Weighted $12.48 - $12.84 141,000 1.00 $ 12.49 $2.02 - $3.60 796,624 4.08 $ 3.55 937,624 3.62 $ 4.90 |
Estimated Fair Value of Restricted Stock Award | The estimated fair value of each restricted stock award is calculated using the share price at the date of the grant. A summary of the status of the restricted stock awards as of December 31, 2023 and changes during the year ended December 31, 2023 is presented as follows: Number of Weighted Unvested at December 31, 2022 45,618 $ 6.54 Granted — Vested (31,537 ) Cancelled (3,994 ) Unvested at December 31, 2023 10,087 $ 3.41 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Provision for Income Tax (Benefits) are Attributable to Continuing Operations | The components of the provision for income tax (benefits) are attributable to continuing operations as follows: December 31, 2023 December 31, 2022 (As Restated) Current Federal $ — $ — State — — $ — $ — Deferred Federal $ — $ — State — — $ — $ — |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, December 31, (As Restated) Deferred tax assets: Net operating loss and tax credit carryforwards $ 67,688,664 $ 64,609,834 Start-up costs — 6,033 Excess of book over tax depreciation 39,070 206,998 Stock option and restricted stock award expense 1,799,988 1,806,546 Debt Extinguishment 61,946 61,945 Less: valuation allowance (69,345,930 ) (66,461,662 ) $ 243,738 $ 229,694 Deferred tax liability: Property and equipment basis $ 84,020 $ 50,174 Prepaid expenses 159,718 179,520 $ 243,738 $ 229,694 Net deferred tax asset $ — $ — |
Schedule of Change in Valuation Allowance | The change in the valuation allowance is as follows: December 31, 2023 $ 69,345,930 December 31, 2022 66,461,662 Change in valuation allowance $ (2,884,268 ) |
Schedule of Federal and State income Tax Provision (Benefit) | The federal and state income tax provision (benefit) is summarized as follows for the years ended: December 31, December 31, (Restated) Expected (benefit) $ 1,122,622 $ (4,636,770 ) Effects of: State income taxes net of federal benefits 294,020 (1,214,392 ) Nondeductible expense 698,160 78,422 Subpart F income 6,418,307 33,040 Equity method investment — Derivatives fair value 2,200,259 2,627,355 Change in valuation allowance (1,721,451 ) 6,249,059 Foreign rate differential (9,011,917 ) (3,136,714 ) $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | The remaining lease payment obligations, which include an interest component of $4,675 are as follows: Year ending December 31, Annual payment obligation 2024 $ 133,814 $ 133,814 |
Quarterly Financial Data - Un_2
Quarterly Financial Data - Unaudited (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data - Unaudited | Impact on Consolidated Balance Sheets The following Unaudited Interim Consolidated Balance Sheet tables present the impacts of the restatement adjustments as of the periods ended March 2022 and 2023, June 30, 2022 and 2023, September 30, 2022 and December 31, 2022. For the impacts of the restatement adjustments for the Consolidated Balance Sheet as of December 31, 2022, refer to NOTE 2 Restatement of Consolidated Financial Statements. The unaudited interim consolidated balance sheet for the period ended September 30, 2023 was not subject to restatement but is presented here. Consolidated Balance Sheet As of March 31, 2022 As Reported Litigation Investment in Other As Restated ASSETS CURRENT ASSETS Cash and cash equivalents $ 2,106,313 $ — $ — $ — $ 2,106,313 Accounts and other related party receivables 262,128 — — — 262,128 Short-term notes receivable related party — — — — — Other current assets 753,495 — — — 753,495 Total current assets 3,121,936 — — — 3,121,936 OTHER NON-CURRENT Investment in unconsolidated entities 3,548,925 — (503,100 ) — 3,045,825 Option to purchase equity securities in related parties — — 1,353,630 — 1,353,630 Exploration license 1,821,251 — — — 1,821,251 Property and equipment, net 18,538 — — — 18,538 Right of use - operating leases 422,336 — — — 422,336 Other non-current 34,295 — — — 34,295 Total non-current 5,845,345 — 850,530 — 6,695,875 Total assets $ 8,967,281 $ — $ 850,530 $ — $ 9,817,811 LIABILITIES AND STOCKHOLDERS’ DEFICIT CURRENT LIABILITIES Accounts payable $ 5,677,097 $ — $ — $ — $ 5,677,097 Accrued expenses 30,827,610 (13,789,304 ) — 17,038,306 Operating lease liability, current portion 168,809 — — — 168,809 Loans payable, current portion 24,984,010 — — 311,123 25,295,133 Total current liabilities 61,657,526 (13,789,304 ) — 311,123 48,179,345 LONG-TERM LIABILITIES Loans payable 19,483,909 (19,334,009 ) — — 149,900 Litigation financing and other — 36,128,779 — — 36,128,779 Deferred revenue — — 1,353,630 — 1,353,630 Operating lease liability 271,428 — — — 271,428 Total long-term liabilities 19,755,337 16,794,770 1,353,630 — 37,903,737 Total liabilities 81,412,863 3,005,466 1,353,630 311,123 86,083,082 Commitments and contingencies (Note 18) STOCKHOLDERS’ DEFICIT — — Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding — — — — — Common stock – $.0001 par value; 75,000,000 shares authorized; 14,487,146 issued 1,448 — — — 1,448 Additional paid-in 249,189,881 — — (232,175 ) 248,957,706 Accumulated deficit (283,321,086 ) (3,005,466 ) (503,100 ) (78,948 ) (286,908,600 ) Total stockholders’ deficit before non-controlling (34,129,757 ) (3,005,466 ) (503,100 ) (311,123 ) (37,949,446 ) Non-controlling (38,315,825 ) — — — (38,315,825 ) Total stockholders’ deficit (72,445,582 ) (3,005,466 ) (503,100 ) (311,123 ) (76,265,271 ) Total liabilities and stockholders’ deficit $ 8,967,281 $ — $ 850,530 $ — $ 9,817,811 Consolidated Balance Sheet As of June As Reported Litigation Investment in 2022 Warrant Other As Restated ASSETS CURRENT ASSETS Cash and cash equivalents $ 10,534,828 $ — $ — $ — $ — $ 10,534,828 Accounts and other related party receivables 329,540 — — — — 329,540 Short-term notes receivable related party — — — — — — Other current assets 547,077 — — — — 547,077 Total current assets 11,411,445 — — — — 11,411,445 OTHER NON-CURRENT Investment in unconsolidated entities 3,848,925 — (503,100 ) — — 3,345,825 Option to purchase equity securities in related parties — — 1,215,981 — 1,215,981 Exploration license 1,821,251 — — — — 1,821,251 Property and equipment, net 320,107 — — — — 320,107 Right of use - operating leases 382,587 — — — — 382,587 Other non-current 34,295 — — — — 34,295 Total non-current 6,407,165 — 712,881 — — 7,120,046 Total assets $ 17,818,610 $ — $ 712,881 $ — $ — $ 18,531,491 LIABILITIES AND STOCKHOLDERS’ DEFICIT CURRENT LIABILITIES Accounts payable $ 2,734,296 $ — $ — $ — $ — 2,734,296 Accrued expenses 33,978,084 (16,694,822 ) — — 17,283,262 Operating lease liability, current portion 174,588 — — — — 174,588 Loans payable, current portion 20,384,010 — — — 20,384,010 Total current liabilities 57,270,978 (16,694,822 ) — — — 40,576,156 LONG-TERM LIABILITIES Loans payable 24,174,983 (24,025,083 ) — — — 149,900 Litigation financing and other — 44,182,659 — — 44,182,659 Deferred revenue — — 1,215,981 — — 1,215,981 Warrant liability — — — 11,648,889 — 11,648,889 Operating lease liability 225,944 — — — — 225,944 Total long-term liabilities 24,400,927 20,157,576 1,215,981 11,648,889 — 57,423,373 Total liabilities 81,671,905 3,462,754 1,215,981 11,648,889 — 97,999,529 Commitments and contingencies (Note 18) STOCKHOLDERS’ DEFICIT — — — — Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding — — — — — — Common stock – $.0001 par value; 75,000,000 shares authorized; 19,464,950 issued and outstanding 1,946 — — — — 1,946 Additional paid-in 264,323,108 — — (8,686,840 ) (232,175 ) 255,404,093 Accumulated deficit (288,004,571 ) (3,462,754 ) (503,100 ) (2,962,049 ) 232,175 (294,700,299 ) Total stockholders’ deficit before non-controlling (23,679,517 ) (3,462,754 ) (503,100 ) (11,648,889 ) — (39,294,260 ) Non-controlling (40,173,778 ) — — — — (40,173,778 ) Total stockholders’ deficit (63,853,295 ) (3,462,754 ) (503,100 ) (11,648,889 ) — (79,468,038 ) Total liabilities and stockholders’ deficit $ 17,818,610 $ — $ 712,881 $ — $ — $ 18,531,491 Consolidated Balance Sheet As of September 30, 2022 As Reported Litigation Investment in 2022 Warrant Other As Restated ASSETS CURRENT ASSETS Cash and cash equivalents $ 6,782,608 $ — $ — $ — $ — $ 6,782,608 Accounts and other related party receivables 422,656 — — — — 422,656 Short-term notes receivable related party — — — — — — Other current assets 481,384 — — — — 481,384 Total current assets 7,686,648 — — — — 7,686,648 OTHER NON-CURRENT Investment in unconsolidated entities 4,147,008 — (503,100 ) — — 3,643,908 Option to purchase equity securities in related parties — — 1,079,212 — — 1,079,212 Exploration license 1,821,251 — — — — 1,821,251 Property and equipment, net 306,348 — — — — 306,348 Right of use - operating leases 341,833 — — — — 341,833 Other non-current 34,295 — — — — 34,295 Total non-current 6,650,735 — 576,112 — — 7,226,847 Total assets $ 14,337,383 $ — $ 576,112 $ — $ — $ 14,913,495 LIABILITIES AND STOCKHOLDERS’ DEFICIT CURRENT LIABILITIES Accounts payable $ 2,568,554 $ — $ — $ — $ — 2,568,554 Accrued expenses 37,715,418 (19,779,018 ) — — 17,936,400 Operating lease liability, current portion 172,665 — — — — 172,665 Loans payable, current portion 20,284,010 — — — 20,284,010 Total current liabilities 60,740,647 (19,779,018 ) — — — 40,961,629 LONG-TERM LIABILITIES Loans payable 24,354,604 (24,204,704 ) — — — 149,900 Litigation financing and other — 44,795,966 — — — 44,795,966 Deferred revenue — — 1,079,212 — 1,079,212 Warrant liability — — — 10,436,569 — 10,436,569 Operating lease liability 186,406 — — — — 186,406 Total long-term liabilities 24,541,010 20,591,262 1,079,212 10,436,569 — 56,648,053 Total liabilities 85,281,657 812,244 1,079,212 10,436,569 — 97,609,682 Commitments and contingencies (Note 18) STOCKHOLDERS’ DEFICIT — — — — Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding — — — — — Common stock – $.0001 par value; 75,000,000 shares authorized; 19,507,469 issued and outstanding 1,950 — — — — 1,950 Additional paid-in 264,621,682 — — (8,686,840 ) (232,175 ) 255,702,667 Accumulated deficit (293,459,800 ) (812,244 ) (503,100 ) (1,749,729 ) 232,175 (296,292,698 ) Total stockholders’ deficit before non-controlling (28,836,168 ) (812,244 ) (503,100 ) (10,436,569 ) — (40,588,081 ) Non-controlling (42,108,106 ) — — — — (42,108,106 ) Total stockholders’ deficit (70,944,274 ) (812,244 ) (503,100 ) (10,436,569 ) — (82,696,187 ) Total liabilities and stockholders’ deficit $ 14,337,383 $ — $ 576,112 $ — $ — $ 14,913,495 Table of Contents Consolidated Balance Sheet As of March 31, 2023 As Reported Litigation Investment in 2022 Warrant Other As Restated ASSETS CURRENT ASSETS Cash and cash equivalents $ 674,428 $ — $ — $ — $ — $ 674,428 Accounts and other related party receivables 17 — — — — 17 Short-term notes receivable related party 2,033,744 — — — — 2,033,744 Other current assets 1,071,704 — — — (6,848 ) 1,064,856 Total current assets 3,779,893 — — — (6,848 ) 3,773,045 OTHER NON-CURRENT Investment in unconsolidated entities 4,676,092 — (503,100 ) — — 4,172,992 Option to purchase equity securities in related parties — — 836,453 — — 836,453 Exploration license 1,821,251 — — — — 1,821,251 Property and equipment, net 2,608,146 — — — 634,256 3,242,402 Right of use - operating leases 242,703 — — — — 242,703 Other non-current 34,295 — — — — 34,295 Total non-current 9,382,487 — 333,353 — 634,256 10,350,096 Total assets $ 13,162,380 $ — $ 333,353 $ — $ 627,408 $ 14,123,141 LIABILITIES AND STOCKHOLDERS’ DEFICIT CURRENT LIABILITIES Accounts payable $ 1,438,698 $ — $ — $ — $ — 1,438,698 Accrued expenses 32,809,997 (25,886,275 ) — — 6,923,722 Operating lease liability, current portion 178,020 — — — — 178,020 Loans payable, current portion 1,906,620 — — — (931,425 ) 975,195 Total current liabilities 36,333,335 (25,886,275 ) — — (931,425 ) 9,515,635 LONG-TERM LIABILITIES Loans payable 34,204,032 (23,493,443 ) — — 931,425 11,642,014 Litigation financing and other — 47,056,993 — — — 47,056,993 Deferred revenue — — 836,453 — — 836,453 Warrant liability — — — 8,870,064 — 8,870,064 Operating lease liability 78,497 — — — — 78,497 Total long-term liabilities 34,282,529 23,563,550 836,453 8,870,064 931,425 68,484,021 Total liabilities 70,615,864 (2,322,725 ) 836,453 8,870,064 — 77,999,656 Commitments and contingencies (Note 18) STOCKHOLDERS’ DEFICIT — — — — Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding — — — — — — Common stock – $.0001 par value; 75,000,000 shares authorized; 19,893,450 issued and outstanding 1,989 — — — — 1,989 Additional paid-in 270,608,427 — (8,686,840 ) (232,175 ) 261,689,412 Accumulated deficit (281,631,073 ) 2,322,725 (503,100 ) (183,224 ) 859,583 (279,135,089 ) Total stockholders’ deficit before non-controlling (11,020,657 ) 2,322,725 (503,100 ) (8,870,064 ) 627,408 (17,443,688 ) Non-controlling (46,432,827 ) — — — — (46,432,827 ) Total stockholders’ deficit (57,453,484 ) 2,322,725 (503,100 ) (8,870,064 ) 627,408 (63,876,515 ) Total liabilities and stockholders’ deficit $ 13,162,380 $ — $ 333,353 $ — $ 627,408 $ 14,123,141 Consolidated Balance Sheet As of June 30, 2023 As Reported Litigation Investment in 2022 Warrant Other As Restated ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,832,078 $ — $ — $ — $ — $ 1,832,078 Accounts and other related party receivables 1,005,157 — — — — 1,005,157 Short-term notes receivable related party 690,795 — — — — 690,795 Other current assets 991,534 — — — (10,327 ) 981,207 Total current assets 4,519,564 — — — (10,327 ) 4,509,237 OTHER NON-CURRENT Investment in unconsolidated entities 4,842,925 — (503,100 ) — — 4,339,825 Equity securities — — 759,905 — — 759,905 Exploration license 1,821,251 — — — — 1,821,251 Property and equipment, net 2,554,544 — — — 922,121 3,476,665 Right of use - operating leases 213,108 — — — — 213,108 Other non-current 34,295 — — — — 34,295 Total non-current 9,466,123 — 256,805 — 922,121 10,645,049 Total assets $ 13,985,687 $ — $ 256,805 $ — $ 911,794 $ 15,154,286 LIABILITIES AND STOCKHOLDERS’ DEFICIT CURRENT LIABILITIES Accounts payable $ 932,902 $ — $ — $ — $ — 932,902 Accrued expenses 36,919,178 (28,940,418 ) — — 7,978,760 Operating lease liability, current portion 199,365 — — — — 199,365 Loans payable, current portion 2,216,963 — — — (428,614 ) 1,788,349 Total current liabilities 40,268,408 (28,940,418 ) — — (428,614 ) 10,899,376 LONG-TERM LIABILITIES Loans payable 38,708,182 (23,706,580 ) — — — 15,001,602 Litigation financing and other — 48,744,614 — — 423,696 49,168,310 Deferred revenue — — 759,905 — 759,905 Warrant liability — — — 9,946,945 — 9,946,945 Operating lease liability 26,578 — — — — 26,578 Total long-term liabilities 38,734,760 25,038,034 759,905 9,946,945 423,696 74,903,340 Total liabilities 79,003,168 (3,902,384 ) 759,905 9,946,945 (4,918 ) 85,802,716 Commitments and contingencies (Note 18) STOCKHOLDERS’ DEFICIT — — — — Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding — — — — — — Common stock – $.0001 par value; 75,000,000 shares authorized; 19,981,901 issued and outstanding 1,998 — — — — 1,998 Additional paid-in 271,083,470 — — (8,686,840 ) (232,175 ) 262,164,455 Accumulated deficit (287,354,763 ) 3,902,384 (503,100 ) (1,260,105 ) 1,148,887 (284,066,697 ) Total stockholders’ deficit before non-controlling (16,269,295 ) 3,902,384 (503,100 ) (9,946,945 ) 916,712 (21,900,244 ) Non-controlling (48,748,186 ) — — — — (48,748,186 ) Total stockholders’ deficit (65,017,481 ) 3,902,384 (503,100 ) (9,946,945 ) 916,712 (70,648,430 ) Total liabilities and stockholders’ deficit $ 13,985,687 $ — $ 256,805 $ — $ 911,794 $ 15,154,286 Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 511,809 Accounts and other related party receivables 71,509 Short-term notes receivable related party — Other current assets 734,585 Total current assets 1,317,903 OTHER NON-CURRENT Investment in unconsolidated entities 8,878,974 Equity securities 6,394,049 Exploration license 1,821,251 Property and equipment, net 116,427 Right of use - operating leases 167,940 Other non-current 34,295 Total non-current 17,412,936 Total assets $ 18,730,839 LIABILITIES AND STOCKHOLDERS’ DEFICIT CURRENT LIABILITIES Accounts payable $ 586,687 Accrued expenses 7,895,653 Operating lease liability, current portion 178,536 Equity securities liability 1,446,796 Put option liability 4,273,038 Loans payable, current portion 14,258,915 Total current liabilities 28,639,625 LONG-TERM LIABILITIES Loans payable 4,199,152 Litigation financing and other 51,027,114 Deferred revenue 700,353 Warrant liability 10,005,658 Operating lease liability — Total long-term liabilities 65,932,277 Total liabilities 94,571,902 Commitments and contingencies (Note 18) STOCKHOLDERS’ DEFICIT Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding Common stock – $.0001 par value; 75,000,000 shares authorized; 20,072,453 issued and outstanding 2,007 Additional paid-in 263,024,673 Accumulated deficit (287,879,984 ) Total stockholders’ deficit before non-controlling (24,853,304 ) Non-controlling (50,987,759 ) Total stockholders’ deficit (75,841,063 ) Total liabilities and stockholders’ deficit $ 18,730,839 Impact on Consolidated Statement of Operations The following Unaudited Interim Consolidated Statements of Operations present the impacts of the restatement adjustments for the periods ended March 31, 2022 and 2023, June 30, 2022 and 2023 and September 30, 2022. For the impacts of the restatement adjustments for the Consolidated Statement of Operations for the period ended December 31, 2022 refer to NOTE 2 Restatement of Consolidated Financial Statements. The Consolidated Statements of Operations for the period ended September 30, 2023 were not subject to restatement but are presented here. Consolidated Statement of Operations For the Three Months Ended March 31, 2022 As Reported Litigation Financing Investment in Other As Restated REVENUE Marine services 294,975 — — — 294,975 Other services 4,631 — — — 4,631 Total revenue 299,606 — — — 299,606 OPERATING EXPENSES Marketing, general and administrative 1,918,496 (36,724 ) — — 1,881,772 Operations and research 5,056,535 — — — 5,056,535 Total operating expenses 6,975,031 (36,724 ) — — 6,938,307 INCOME (LOSS) FROM OPERATIONS (6,675,425 ) 36,724 — — (6,638,701 ) OTHER INCOME (EXPENSE) Interest income 93 — — — 93 Interest expense (3,225,653 ) 2,480,488 — — (745,165 ) Change in derivative liabilities fair value — (1,521,543 ) — (311,123 ) (1,832,666 ) Other (190,257 ) — — — (190,257 ) Total other income (expense) (3,415,817 ) 958,945 — (311,123 ) (2,767,995 ) (LOSS) BEFORE INCOME TAXES (10,091,242 ) 995,669 — (311,123 ) (9,406,696 ) Income tax benefit — — — — — NET (LOSS) BEFORE NON-CONTROLLING INTEREST (10,091,242 ) 995,669 — (311,123 ) (9,406,696 ) Net loss 1,861,013 — — — 1,861,013 NET INCOME / (LOSS) (8,230,229 ) 995,669 — (311,123 ) (7,545,683 ) NET INCOME / (LOSS) PER SHARE Basic (See Note 2) (0.57 ) 0.07 — (0.03 ) (0.53 ) Diluted (See Note 2) (0.57 ) 0.07 — (0.03 ) (0.53 ) Weighted average number of common shares outstanding Basic 14,365,633 — — — 14,365,633 Diluted 14,365,633 — — — 14,365,633 Consolidated Statement of Operations For the Three Months Ended June 30, 2022 As Reported Litigation Financing 2022 Warrant Other As Restated REVENUE Marine services $ 300,000 $ — $ — $ — $ 300,000 Other services 90,278 — — — 90,278 Total revenue 390,278 — — — 390,278 OPERATING EXPENSES Marketing, general and administrative 2,292,082 (36,724 ) 1,087,254 — 3,342,612 Operations and research 1,229,634 — — — 1,229,634 Total operating expenses 3,521,716 (36,724 ) 1,087,254 — 4,572,246 INCOME (LOSS) FROM OPERATIONS (3,131,438 ) 36,724 (1,087,254 ) — (4,181,968 ) OTHER INCOME (EXPENSE) Interest income 2,178 — — — 2,178 Interest expense (3,552,539 ) 2,977,531 — — (575,008 ) Change in derivative liabilities fair value — (3,471,543 ) (1,874,795 ) 311,123 (5,035,215 ) Other 140,361 — — — 140,361 Total other income (expense) (3,410,000 ) (494,012 ) (1,874,795 ) 311,123 (5,467,684 ) (LOSS) BEFORE INCOME TAXES (6,541,438 ) (457,288 ) (2,962,049 ) 311,123 (9,649,652 ) Income tax benefit — — — — — NET (LOSS) BEFORE NON-CONTROLLING INTEREST (6,541,438 ) (457,288 ) (2,962,049 ) 311,123 (9,649,652 ) Net loss 1,857,953 — — — 1,857,953 NET INCOME / (LOSS) $ (4,683,485 ) $ (457,288 ) $ (2,962,049 ) $ 311,123 $ (7,791,699 ) NET INCOME / (LOSS) PER SHARE Basic (See Note 2) $ (0.30 ) (0.03 ) (0.19 ) 0.02 $ (0.50 ) Diluted (See Note 2) $ (0.30 ) (0.03 ) (0.19 ) 0.02 $ (0.49 ) Weighted average number of common shares outstanding Basic 15,803,746 — — — 15,803,746 Diluted 15,803,746 — — — 15,803,746 Consolidated Statement of Operations For the Six Months Ended June 30, 2022 As Reported Litigation Financing 2022 Warrant Other Adjustment As Restated REVENUE Marine services $ 594,975 $ — $ — $ — $ 594,975 Other services 94,909 — — — 94,909 Total revenue 689,884 — — — 689,884 OPERATING EXPENSES Marketing, general and administrative 4,210,578 (73,448 ) 1,087,254 — 5,224,384 Operations and research 6,286,169 — — — 6,286,169 Total operating expenses 10,496,747 (73,448 ) 1,087,254 — 11,510,553 INCOME (LOSS) FROM OPERATIONS (9,806,863 ) 73,448 (1,087,254 ) — (10,820,669 ) OTHER INCOME (EXPENSE) Interest income 2,272 — — — 2,272 Interest expense (6,778,193 ) 5,458,019 — — (1,320,174 ) Change in derivative liabilities fair value — (4,993,086 ) (1,874,795 ) — (6,867,881 ) Other (49,896 ) — — — (49,896 ) Total other income (expense) (6,825,817 ) 464,933 (1,874,795 ) — (8,235,679 ) (LOSS) BEFORE INCOME TAXES (16,632,680 ) 538,381 (2,962,049 ) — (19,056,348 ) Income tax benefit — — — — — NET (LOSS) BEFORE NON-CONTROLLING INTEREST (16,632,680 ) 538,381 (2,962,049 ) — (19,056,348 ) Net loss 3,718,966 — — — 3,718,966 NET INCOME / (LOSS) $ (12,913,714 ) $ 538,381 $ (2,962,049 ) $ — $ (15,337,382 ) NET INCOME / (LOSS) PER SHARE Basic (See Note 2) $ (0.86 ) 0.04 (0.20 ) — $ (1.02 ) Diluted (See Note 2) $ (0.86 ) 0.04 (0.20 ) — $ (1.02 ) Weighted average number of common shares outstanding Basic 15,088,662 — — — 15,088,662 Diluted 15,088,662 — — — 15,088,662 Consolidated Statement of Operations For the Three Months Ended September 30, 2022 As Reported Litigation Financing 2022 Warrant Other Adjustment As Restated REVENUE Marine services $ 298,083 $ — $ — $ — $ 298,083 Other services 60,326 — — — 60,326 Total revenue 358,409 — — — 358,409 OPERATING EXPENSES Marketing, general and administrative 2,213,515 (36,724 ) — — 2,176,791 Operations and research 1,864,883 — — — 1,864,883 Total operating expenses 4,078,398 (36,724 ) — — 4,041,674 INCOME (LOSS) FROM OPERATIONS (3,719,989 ) 36,724 — — (3,683,265 ) OTHER INCOME (EXPENSE) Interest income — — — — — Interest expense (3,664,733 ) 3,160,329 — — (504,404 ) Change in derivative liabilities fair value — (546,543 ) 1,212,320 — 665,777 Other (4,835 ) — — — (4,835 ) Total other income (expense) (3,669,568 ) 2,613,786 1,212,320 — 156,538 (LOSS) BEFORE INCOME TAXES (7,389,557 ) 2,650,510 1,212,320 — (3,526,727 ) Income tax benefit — — — — — NET (LOSS) BEFORE NON-CONTROLLING INTEREST (7,389,557 ) 2,650,510 1,212,320 — (3,526,727 ) Net loss 1,934,328 — — — 1,934,328 NET INCOME / (LOSS) $ (5,455,229 ) $ 2,650,510 $ 1,212,320 $ — $ (1,592,399 ) NET INCOME / (LOSS) PER SHARE Basic (See Note 2) $ (0.28 ) $ 0.14 $ 0.06 $ — $ (0.08 ) Diluted (See Note 2) $ (0.28 ) $ 0.14 $ 0.06 $ — $ (0.08 ) Weighted average number of common shares outstanding Basic 19,482,118 — — — 19,482,118 Diluted 19,482,118 — — — 19,482,118 Consolidated Statement of Operations For the Nine Months Ended September 30, 2022 As Reported Litigation Financing Adjustment 2022 Warrant Adjustment Other Adjustment As Restated REVENUE Marine services $ 893,058 $ — $ — $ — $ 893,058 Other services 155,235 — — — 155,235 Total revenue 1,048,293 — — — 1,048,293 OPERATING EXPENSES Marketing, general and administrative 6,424,093 (110,172 ) 1,087,254 — 7,401,175 Operations and research 8,151,052 — — — 8,151,052 Total operating expenses 14,575,145 (110,172 ) 1,087,254 — 15,552,227 INCOME (LOSS) FROM OPERATIONS (13,526,852 ) 110,172 (1,087,254 ) — (14,503,934 ) OTHER INCOME (EXPENSE) Interest income — — — — — Interest expense (10,440,654 ) 8,618,348 — — (1,822,306 ) Change in derivative liabilities fair value — (5,539,629 ) (662,475 ) — (6,202,104 ) Other (54,731 ) — — (54,731 ) Total other income (expense) (10,495,385 ) 3,078,719 (662,475 ) — (8,079,141 ) (LOSS) BEFORE INCOME TAXES (24,022,237 ) 3,188,891 (1,749,729 ) — (22,583,075 ) Income tax benefit — — — — — NET (LOSS) BEFORE NON-CONTROLLING (24,022,237 ) 3,188,891 (1,749,729 ) — (22,583,075 ) Net loss attributable to noncontrolling interest 5,653,294 — — — 5,653,294 NET INCOME / (LOSS) $ (18,368,943 ) $ 3,188,891 $ (1,749,729 ) $ — $ (16,929,781 ) NET INCOME / (LOSS) PER SHARE Basic (See Note 2) $ (1.11 ) 0.19 (0.11 ) — $ (1.02 ) Diluted (See Note 2) $ (1.11 ) 0.19 (0.11 ) 0.00 $ (1.02 ) Weighted average number of common shares outstanding Basic 16,569,240 — — — 16,569,240 Diluted 16,569,240 — — — 16,569,240 Consolidated Statement of Operations For the Three Months Ended March 31, 2023 As Reported Litigation Financing 2022 Warrant Other Adjustment As Restated REVENUE Marine services $ 271,375 $ — $ — $ — $ 271,375 Other services 17,364 — — — 17,364 Total revenue 288,739 — — — 288,739 OPERATING EXPENSES Marketing, general and administrative 1,877,844 (61,918 ) — — 1,815,926 Operations and research 1,787,859 — — (503,133 ) 1,284,726 Total operating expenses 3,665,703 (61,918 ) — (503,133 ) 3,100,652 INCOME (LOSS) FROM OPERATIONS (3,376,964 ) 61,918 — 503,133 (2,811,913 ) OTHER INCOME (EXPENSE) Interest income 388,532 — — — 388,532 Interest expense (3,808,586 ) 3,102,064 — — (706,522 ) Gain on debt extinguishment 21,478,614 — — — 21,478,614 Change in derivative liabilities fair value — (1,685,517 ) 4,732,403 — 3,046,886 Other (322,251 ) (1,000,000 ) — (1,102 ) (1,323,353 ) Total other income (expense) 17,736,309 416,547 4,732,403 (1,102 ) 22,884,157 (LOSS) BEFORE INCOME TAXES 14,359,345 478,465 4,732,403 502,031 20,072,244 Income tax benefit 5,746 — — (5,746 ) — NET (LOSS) BEFORE NON-CONTROLLING 14,365,091 478,465 4,732,403 496,285 20,072,244 Net loss attributable to noncontrolling interest 2,235,443 — — — 2,235,443 NET INCOME / (LOSS) $ 16,600,534 $ 478,465 $ 4,732,403 $ 496,285 $ 22,307,687 NET INCOME / (LOSS) PER SHARE Basic (See Note 2) $ 0.84 0.02 0.24 0.03 $ 1.13 Diluted (See Note 2) $ 0.83 0.02 0.24 0.03 $ 1.12 Weighted average number of common shares outstanding Basic 19,666,459 — — — 19,666,459 Diluted 19,923,445 — — (44,901 ) 19,878,544 Consolidated Statement of Operations For the Three Months Ended June 30, 2023 As Reported Litigation Financing 2022 Warrant Other Adjustment As Restated REVENUE Marine services $ 166,832 $ — $ — $ — $ 166,832 Other services 5,743 — — — 5,743 Total revenue 172,575 — — — 172,575 OPERATING EXPENSES Marketing, general and administrative 1,820,858 (11,530 ) — — 1,809,328 Operations and research 1,498,701 — — (280,595 ) 1,218,106 Total operating expenses 3,319,559 (11,530 ) — (280,595 ) 3,027,434 INCOME (LOSS) FROM OPERATIONS (3,146,984 ) 11,530 — 280,595 (2,854,859 ) OTHER INCOME (EXPENSE) Interest income 23,424 — — — 23,424 Interest expense (4,333,224 ) 3,253,645 — 4,918 (1,074,661 ) Gain on debt extinguishment (301,414 ) — — — (301,414 ) Change in derivative liabilities fair value — (1,685,516 ) (1,076,881 ) — (2,762,397 ) Other (283,897 ) — — (433 ) (284,330 ) Total other income (expense) (4,895,111 ) 1,568,129 (1,076,881 ) 4,485 (4,399,378 ) (LOSS) BEFORE INCOME TAXES (8,042,095 ) 1,579,659 (1,076,881 ) 285,080 (7,254,237 ) Income tax benefit 3,046 — — (3,046 ) — NET (LOSS) BEFORE NON-CONTROLLING (8,039,049 ) 1,579,659 (1,076,881 ) 282,034 (7,254,237 ) Net loss attributable to noncontrolling interest 2,315,359 — — — 2,315,359 NET INCOME / (LOSS) $ (5,723,690 ) $ 1,579,659 $ (1,076,881 ) $ 282,034 $ (4,938,878 ) NET INCOME / (LOSS) PER SHARE Basic (See Note 2) $ (0.29 ) 0.08 (0.05 ) 0.01 $ (0.25 ) Diluted (See Note 2) $ (0.29 ) 0.08 (0.05 ) 0.02 $ (0.25 ) Weighted average number of common shares outstanding Basic 19,918,677 — — — 19,918,677 Diluted 19,918,677 — — — 19,918,677 Consolidated Statement of Operations For the Six Months Ended June 30, 2023 As Reported Litigation Financing 2022 Warrant Other Adjustment As Restated REVENUE Marine services $ 438,208 $ — $ — $ — $ 438,208 Other services 23,106 — — — 23,106 Total revenue 461,314 — — — 461,314 OPERATING EXPENSES Marketing, general and administrative 3,698,702 (73,448 ) — — 3,625,254 Operations and research 3,286,560 — — (790,997 ) 2,495,563 Total operating expenses 6,985,262 (73,448 ) — (790,997 ) 6,120,817 INCOME (LOSS) FROM OPERATIONS (6,523,948 ) 73,448 — 790,997 (5,659,503 ) OTHER INCOME (EXPENSE) Interest income 411,956 — — — 411,956 Interest expense (8,141,810 ) 6,355,709 — 4,918 (1,781,183 ) Gain on debt extinguishment 21,177,200 — — — 21,177,200 Change in derivative liabilities fair value — (3,371,033 ) 3,655,522 — 284,489 Other (606,148 ) (1,000,000 ) — (1,535 ) (1,607,683 ) Total other income (expense) 12,841,198 1,984,676 3,655,522 3,383 18,484,779 (LOSS) BEFORE INCOME TAXES 6,317,250 2,058,124 3,655,522 794,380 12,825,276 Income tax benefit 8,792 — — (8,792 ) — NET (LOSS) BEFORE NON-CONTROLLING 6,326,042 2,058,124 3,655,522 785,588 12,825,276 Net loss attributable to noncontrolling interest 4,550,802 — — — 4,550,802 NET INCOME / (LOSS) $ 10,876,844 $ 2,058,124 $ 3,655,522 $ 785,588 $ 17,376,078 NET INCOME / (LOSS) PER SHARE Basic (See Note 2) $ 0.55 0.10 0.18 0.04 $ 0.88 Diluted (See Note 2) $ 0.54 0.10 0.18 0.04 $ 0.87 Weighted average number of common shares outstanding Basic 19,793,265 — — — 19,793,265 Diluted 20,019,461 — — 38,433 20,057,894 Consolidated Statement of Operations For the Nine For the Three September 30, September 30, REVENUE Marine services $ 628,907 $ 190,699 Other services 8,283 (14,823 ) Total revenue 637,190 175,876 OPERATING EXPENSES Marketing, general and administrative 5,189,410 1,564,156 Operations and research 3,562,705 1,067,142 Total operating expenses 8,752,115 2,631,298 INCOME (LOSS) FROM OPERATIONS (8,114,925 ) (2,455,422 ) OTHER INCOME (EXPENSE) Interest income 412,611 655 Interest expense (3,617,336 ) (1,836,153 ) Loss on equity method investment (190,000 ) (190,000 ) Gain (loss) on debt extinguishment 21,177,200 — Gain (loss) sale of wholly owned entity 174,107 174,107 Change in derivative liabilities fair value (1,574,658 ) (1,859,147 ) Other (1,494,581 ) 113,102 Total other income (expense) 14,887,343 (3,597,436 ) (LOSS) BEFORE INCOME TAXES 6,772,418 (6,052,858 ) Income tax benefit — — NET (LOSS) BEFORE NON-CONTROLLING INTEREST 6,772,418 (6,052,858 ) Net loss 6,790,375 2,239,573 NET INCOME / (LOSS) $ 13,562,793 $ (3,813,285 ) NET INCOME / (LOSS) PER SHARE Basic $ 0.68 $ (0.19 ) Diluted $ 0.46 $ (0.19 ) Weighted average number of common shares outstanding Basic 19,871,381 20,025,067 Diluted 21,536,962 20,025,067 Cumulative Effect of Prior Period Adjustments The following table represents the impact of the Restatement of the Company’s Stockholders’ deficit for the periods ended March 2022, June 2022, September 2022, March 2023 and June 2023: Preferred Stock – Shares Common Stock – Shares Preferred Stock Common Stock Additional Paid-in Capital Accumulated Deficit Non-controlling Interest Total Balance at December 31, 2021 (As previously reported) — 14,309,315 $ — $ 1,431 $ 249,055,600 $ (275,090,857 ) $ (36,454,812 ) $ (62,488,638 ) Litigation Financing Adjustment — — — — — (4,001,135 ) — (4,001,135 ) Investment in Unconsolidated Entities Adjustments — — — — — (503,100 ) — (503,100 ) Other Adjustments — — — — (232,175 ) 232,175 — — Cumulative restatement adjustments — — — — (232,175 ) (4,272,060 ) — (4,504,235 ) Balance at December 31, 2021 (As Restated) — 14,309,315 $ — $ 1,431 $ 248,823,425 $ (279,362,917 ) $ (36,454,812 ) $ (66,992,873 ) Balance at March 31, 2022 (As previously reported) — 14,487,146 $ — $ 1,448 $ 249,189,881 $ (283,321,086 ) $ (38,315,825 ) $ (72,445,582 ) Litigation Financing Adjustment — — — — — (3,005,466 ) — (3,005,466 ) Investment in Unconsolidated Entities Adjustments — — — — — (503,100 ) — (503,100 ) Other Adjustments — — — — (232,175 ) (78,948 ) — (311,123 ) Cumulative restatement adjustments — — — — (232,175 ) (3,587,514 ) — (3,819,689 ) Balance at March 31, 2022 (As Restated) — 14,487,146 $ — $ 1,448 $ 248,957,706 $ (286,908,600 ) $ (38,315,825 ) $ (76,265,271 ) Balance at June 30, 2022 (As previously reported) — 19,464,950 $ — $ 1,946 $ 264,323,108 $ (288,004,571 ) $ (40,173,778 ) $ (63,853,295 ) Litigation Financing Adjustment — — — — — (3,462,754 ) — (3,462,754 ) Investment in Unconsolidated Entities Adjustments — — — — — (503,100 ) — (503,100 ) 2022 Warrant Adjustment — — — — (8,686,840 ) (2,962,049 ) — (11,648,889 ) Other Adjustments — — — — (232,175 ) 232,175 — — Cumulative restatement adjustments — — — — (8,919,015 ) (6,695,728 ) — (15,614,743 ) Balance at June 30, 2022 (As Restated) — 19,464,950 $ — $ 1,946 $ 255,404,093 $ (294,700,299 ) $ (40,173,778 ) $ (79,468,038 ) Balance at September 30, 2022 (As previously reported) — 19,507,469 $ — $ 1,950 $ 264,621,682 $ (293,459,800 ) $ (42,108,106 ) $ (70,944,274 ) Litigation Financing Adjustment — — — — — (812,244 ) — (812,244 ) Investment in Unconsolidated Entities Adjustments — — — — — (503,100 ) — (503,100 ) 2022 Warrant Adjustment — — — — (8,686,840 ) (1,749,729 ) — (10,436,569 ) Other Adjustments — — — — (232,175 ) 232,175 — — Cumulative restatement adjustments — — — — (8,919,015 ) (2,832,898 ) — (11,751,913 ) Balance at September 30, 2022 (As Restated) — 19,507,469 $ — $ 1,950 $ 255,702,667 $ (296,292,698 ) $ (42,108,106 ) $ (82,696,187 ) Balance at March 31, 2023 (As previously reported) — 19,893,450 $ — $ 1,989 $ 270,608,427 $ (281,631,073 ) $ (46,432,827 ) $ (57,453,484 ) Litigation Financing Adjustment — — — — — 2,322,725 — 2,322,725 Investment in Unconsolidated Entities Adjustments — — — — — (503,100 ) — (503,100 ) 2022 Warrant Adjustment — — — — (8,686,840 ) (183,224 ) — (8,870,064 ) Other Adjustments — — — — (232,175 ) 859,583 — 627,408 Cumulative restatement adjustments — — — — (8,919,015 ) 2,495,984 — (6,423,031 ) Balance at March 31, 2023 (As Resta |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) | May 03, 2024 | Dec. 01, 2023 | Dec. 31, 2023 | Dec. 28, 2023 | Sep. 30, 2023 | Dec. 31, 2022 |
Sale of two sea notes for purchase share common stock | $ 6,000,000 | |||||
Debt instrument face amount | $ 3,750,000 | $ 2,250,000 | ||||
Non restricted cash balance | $ 4,000,000 | |||||
Total assets | 22,752,297 | $ 18,730,839 | $ 13,870,827 | |||
Cash | 4,000,000 | |||||
Working capital deficit | $ 26,600,000 | |||||
Subsequent Event [Member] | ||||||
Received amount arising from a residual economic interest | $ 9.4 |
Restatement of Consolidated F_3
Restatement of Consolidated Financial Statements - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Jan. 01, 2022 | Dec. 31, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Stockholders' deficit | $ (88,674,942) | $ (85,906,534) | $ (75,841,063) | $ (70,648,430) | $ 4,501,234 | $ (66,992,873) |
Fair value of the cash option with a contra liability in form of A deferred revenue | $ 1,488,973 | |||||
Capitalized costs, asset retirement costs | 131,123 | |||||
Monaco Note Payable [Member] | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Debt instrument convertible beneficial conversion feature | 232,175 | |||||
CIC Limited [Member] | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Equity method investment realized gain loss on disposal | $ 503,100 | |||||
Investment, Identifier [Axis]: CIC LLC | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Investment owned at cost | $ 0 |
Restatement of Consolidated F_4
Restatement of Consolidated Financial Statements - Schedule of the Reconciliation Impact Recorded to the Consolidated Balance Sheet (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 |
ASSETS | ||||||||
Investment in unconsolidated entities | $ 9,001,646 | $ 8,878,974 | $ 503,100 | $ 3,901,617 | ||||
Option to purchase equity securities in related parties | 6,373,402 | 960,968 | ||||||
Property and equipment, net | 524,656 | 116,427 | 2,877,590 | |||||
Total assets | 22,752,297 | 18,730,839 | 13,870,827 | |||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
Accounts payable | 345,378 | 586,687 | 2,285,894 | |||||
Accrued expenses | 8,493,358 | 7,895,653 | 17,615,507 | |||||
Loans payable | 7,903,074 | 4,199,152 | 663,536 | |||||
Litigation financing and other | 52,817,938 | 45,368,948 | ||||||
Deferred revenue | 679,706 | 700,353 | 960,968 | |||||
Warrant liability | 15,792,385 | 13,602,467 | ||||||
Total liabilities | 108,658,831 | 94,571,902 | 102,545,769 | |||||
Commitments and contingencies (Note 18) | ||||||||
STOCKHOLDERS' DEFICIT | ||||||||
Additional paid-in capital | 263,616,186 | 263,024,673 | 256,963,264 | |||||
Accumulated deficit | (296,096,957) | (287,879,984) | (301,442,776) | |||||
Total liabilities and stockholders' deficit | $ 22,752,297 | $ 18,730,839 | 13,870,827 | |||||
As Reported [Member] | ||||||||
ASSETS | ||||||||
Investment in unconsolidated entities | 4,842,925 | $ 4,676,092 | 4,404,717 | $ 4,147,008 | $ 3,848,925 | $ 3,548,925 | ||
Option to purchase equity securities in related parties | 0 | |||||||
Property and equipment, net | 2,554,544 | 2,608,146 | 2,746,467 | 306,348 | 320,107 | 18,538 | ||
Total assets | 13,985,687 | 13,162,380 | 13,281,836 | 14,337,383 | 17,818,610 | 8,967,281 | ||
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
Accounts payable | 932,902 | 1,438,698 | 2,285,892 | 2,568,554 | 2,734,296 | 5,677,097 | ||
Accrued expenses | 36,919,178 | 32,809,997 | 40,481,204 | 37,715,418 | 33,978,084 | 30,827,610 | ||
Loans payable | 38,708,182 | 34,204,032 | 25,011,049 | 24,354,604 | 24,174,983 | 19,483,909 | ||
Litigation financing and other | 0 | |||||||
Deferred revenue | 0 | |||||||
Warrant liability | 0 | |||||||
Total liabilities | 79,003,168 | 70,615,864 | 89,826,594 | 85,281,657 | 81,671,905 | 81,412,863 | ||
Commitments and contingencies (Note 18) | ||||||||
STOCKHOLDERS' DEFICIT | ||||||||
Additional paid-in capital | 271,083,470 | 270,608,427 | 265,882,279 | 264,621,682 | 264,323,108 | 249,189,881 | ||
Accumulated deficit | (287,354,763) | (281,631,073) | (298,231,607) | (293,459,800) | (288,004,571) | (283,321,086) | ||
Total liabilities and stockholders' deficit | 13,985,687 | 13,162,380 | 13,281,836 | 14,337,383 | 17,818,610 | 8,967,281 | ||
Litigation Financing Adjustment [Member] | ||||||||
ASSETS | ||||||||
Investment in unconsolidated entities | 0 | |||||||
Option to purchase equity securities in related parties | 0 | |||||||
Property and equipment, net | 0 | |||||||
Total assets | 0 | 0 | ||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
Accounts payable | 0 | 0 | ||||||
Accrued expenses | (28,940,418) | (25,886,275) | (22,865,695) | (19,779,018) | (16,694,822) | (13,789,304) | ||
Loans payable | (23,706,580) | (23,493,443) | (24,347,513) | (24,204,704) | (24,025,083) | (19,334,009) | ||
Litigation financing and other | 45,368,948 | |||||||
Deferred revenue | 0 | |||||||
Warrant liability | 0 | |||||||
Total liabilities | (3,902,384) | (2,322,725) | (1,844,260) | 812,244 | 3,462,754 | 3,005,466 | ||
Commitments and contingencies (Note 18) | ||||||||
STOCKHOLDERS' DEFICIT | ||||||||
Additional paid-in capital | 0 | |||||||
Accumulated deficit | 3,902,384 | 2,322,725 | 1,844,260 | (812,244) | (3,462,754) | (3,005,466) | ||
Total liabilities and stockholders' deficit | 0 | 0 | ||||||
Investment In Unconsolidated Entities Adjustment [Member] | ||||||||
ASSETS | ||||||||
Investment in unconsolidated entities | (503,100) | |||||||
Option to purchase equity securities in related parties | 960,968 | |||||||
Property and equipment, net | 0 | |||||||
Total assets | 457,868 | |||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
Accounts payable | 0 | |||||||
Accrued expenses | 0 | |||||||
Loans payable | 0 | |||||||
Litigation financing and other | 0 | |||||||
Deferred revenue | 960,968 | |||||||
Warrant liability | 0 | |||||||
Total liabilities | 960,968 | |||||||
Commitments and contingencies (Note 18) | ||||||||
STOCKHOLDERS' DEFICIT | ||||||||
Additional paid-in capital | 0 | |||||||
Accumulated deficit | (503,100) | |||||||
Total liabilities and stockholders' deficit | 457,868 | |||||||
2022 Warrant Adjustment [Member] | ||||||||
ASSETS | ||||||||
Investment in unconsolidated entities | 0 | |||||||
Option to purchase equity securities in related parties | 0 | |||||||
Property and equipment, net | 0 | |||||||
Total assets | 0 | |||||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
Accounts payable | 0 | |||||||
Accrued expenses | 0 | |||||||
Loans payable | 0 | |||||||
Deferred revenue | 0 | |||||||
Warrant liability | 13,602,467 | |||||||
Total liabilities | 13,602,467 | |||||||
Commitments and contingencies (Note 18) | ||||||||
STOCKHOLDERS' DEFICIT | ||||||||
Additional paid-in capital | (8,919,015) | |||||||
Accumulated deficit | (4,683,452) | |||||||
Total liabilities and stockholders' deficit | 0 | |||||||
Other Adjustments [Member] | ||||||||
ASSETS | ||||||||
Investment in unconsolidated entities | 0 | |||||||
Option to purchase equity securities in related parties | 0 | |||||||
Property and equipment, net | 922,121 | 634,256 | 131,123 | |||||
Total assets | 911,794 | 627,408 | 131,123 | |||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
Accounts payable | 2 | |||||||
Accrued expenses | (2) | |||||||
Loans payable | 931,425 | 0 | ||||||
Litigation financing and other | 0 | |||||||
Deferred revenue | 0 | |||||||
Warrant liability | 0 | |||||||
Total liabilities | (4,918) | 0 | 311,123 | |||||
Commitments and contingencies (Note 18) | ||||||||
STOCKHOLDERS' DEFICIT | ||||||||
Additional paid-in capital | (232,175) | (232,175) | 0 | (232,175) | (232,175) | (232,175) | ||
Accumulated deficit | 1,148,887 | 859,583 | 131,123 | $ 232,175 | $ 232,175 | $ (78,948) | ||
Total liabilities and stockholders' deficit | $ 911,794 | $ 627,408 | $ 131,123 |
Restatement of Consolidated F_5
Restatement of Consolidated Financial Statements - Schedule of the Reconciliation Impact Recorded to the Consolidated Statement Operation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||||||||||||
Marketing, general and administrative | $ 1,564,156 | $ 5,189,410 | $ 6,843,181 | $ 9,427,428 | ||||||||
Operations and research | 1,067,142 | 3,562,705 | 4,298,179 | 9,760,470 | ||||||||
Total operating expenses | 11,141,360 | 19,187,898 | ||||||||||
LOSS FROM OPERATIONS | (10,337,561) | (17,853,196) | ||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||
Interest expense | (2,301,795) | |||||||||||
Change in derivative liabilities fair value | (1,859,147) | (1,574,658) | (8,302,866) | (9,914,545) | ||||||||
Total other income (expense) | $ (3,597,436) | 14,887,343 | 6,452,959 | (11,969,235) | ||||||||
NET INCOME / (LOSS) attributable to Odyssey Marine Exploration, Inc. | $ 6,772,417 | $ 5,345,819 | $ (22,079,859) | |||||||||
NET INCOME / (LOSS) PER SHARE | ||||||||||||
Basic (See Note 2) | $ (0.19) | $ 0.68 | $ 0.27 | $ (1.28) | ||||||||
Diluted (See Note 2) | $ (0.19) | $ 0.46 | $ 0.27 | $ (1.28) | ||||||||
Weighted average number of common shares outstanding | ||||||||||||
Basic | 20,025,067 | 19,871,381 | 19,943,633 | 17,310,915 | ||||||||
Diluted | 20,025,067 | 21,536,962 | 20,118,877 | 17,310,915 | ||||||||
Previously Reported [Member] | ||||||||||||
Income Statement [Abstract] | ||||||||||||
Marketing, general and administrative | $ 1,820,858 | $ 1,877,844 | $ 2,213,515 | $ 2,292,082 | $ 1,918,496 | $ 3,698,702 | $ 4,210,578 | $ 6,424,093 | $ 8,487,070 | |||
Operations and research | 1,498,701 | 1,787,859 | 1,864,883 | 1,229,634 | 5,056,535 | 3,286,560 | 6,286,169 | 8,151,052 | 9,891,593 | |||
Total operating expenses | 18,378,663 | |||||||||||
LOSS FROM OPERATIONS | (17,043,961) | |||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||
Interest expense | (14,086,466) | |||||||||||
Change in derivative liabilities fair value | 0 | 0 | ||||||||||
Total other income (expense) | $ (4,895,111) | 17,736,309 | $ (3,669,568) | $ (3,410,000) | (3,415,817) | 12,841,198 | (6,825,817) | (10,495,385) | (13,839,361) | |||
NET INCOME / (LOSS) attributable to Odyssey Marine Exploration, Inc. | $ 14,365,091 | $ (10,091,242) | $ 6,326,042 | $ (16,632,680) | $ (24,022,237) | $ (23,140,750) | ||||||
NET INCOME / (LOSS) PER SHARE | ||||||||||||
Basic (See Note 2) | $ (0.29) | $ 0.84 | $ (0.28) | $ (0.3) | $ (0.57) | $ 0.55 | $ (0.86) | $ (1.11) | $ (1.34) | |||
Diluted (See Note 2) | $ (0.29) | $ 0.83 | $ (0.28) | $ (0.3) | $ (0.57) | $ 0.54 | $ (0.86) | $ (1.11) | $ (1.34) | |||
Weighted average number of common shares outstanding | ||||||||||||
Basic | 19,918,677 | 19,666,459 | 19,482,118 | 15,803,746 | 14,365,633 | 19,793,265 | 15,088,662 | 16,569,240 | 17,310,915 | |||
Diluted | 19,918,677 | 19,923,445 | 19,482,118 | 15,803,746 | 14,365,633 | 20,019,461 | 15,088,662 | 16,569,240 | 17,310,915 | |||
Litigation Financing Adjustment [Member] | ||||||||||||
Income Statement [Abstract] | ||||||||||||
Marketing, general and administrative | $ (11,530) | $ (61,918) | $ (36,724) | $ (36,724) | $ (36,724) | $ (73,448) | $ (73,448) | $ (110,172) | $ (146,896) | |||
Operations and research | 0 | |||||||||||
Total operating expenses | (146,896) | |||||||||||
LOSS FROM OPERATIONS | 146,896 | |||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||
Interest expense | 11,784,671 | |||||||||||
Change in derivative liabilities fair value | (1,685,516) | (1,685,517) | (1,521,543) | (3,371,033) | (3,043,086) | (5,539,629) | (6,086,172) | |||||
Total other income (expense) | $ 1,568,129 | 416,547 | $ 2,613,786 | $ (494,012) | 958,945 | 1,984,676 | 464,933 | 3,078,719 | 5,698,499 | |||
NET INCOME / (LOSS) attributable to Odyssey Marine Exploration, Inc. | $ 478,465 | $ 995,669 | $ 2,058,124 | $ 538,381 | $ 3,188,891 | $ 5,845,395 | ||||||
NET INCOME / (LOSS) PER SHARE | ||||||||||||
Basic (See Note 2) | $ 0.08 | $ 0.02 | $ 0.14 | $ (0.03) | $ 0.07 | $ 0.1 | $ 0.04 | $ 0.19 | $ 0.34 | |||
Diluted (See Note 2) | $ 0.08 | $ 0.02 | $ 0.14 | $ (0.03) | $ 0.07 | $ 0.1 | $ 0.04 | 0.19 | $ 0.34 | |||
Weighted average number of common shares outstanding | ||||||||||||
Basic | 0 | |||||||||||
Diluted | 0 | |||||||||||
2022 Warrant Adjustment [Member] | ||||||||||||
Income Statement [Abstract] | ||||||||||||
Marketing, general and administrative | $ 1,087,254 | |||||||||||
Operations and research | 0 | |||||||||||
Total operating expenses | 1,087,254 | |||||||||||
LOSS FROM OPERATIONS | (1,087,254) | |||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||
Interest expense | 0 | |||||||||||
Change in derivative liabilities fair value | (3,828,373) | |||||||||||
Total other income (expense) | (3,828,373) | |||||||||||
NET INCOME / (LOSS) attributable to Odyssey Marine Exploration, Inc. | $ (4,915,627) | |||||||||||
NET INCOME / (LOSS) PER SHARE | ||||||||||||
Basic (See Note 2) | $ (0.28) | |||||||||||
Diluted (See Note 2) | $ (0.28) | |||||||||||
Weighted average number of common shares outstanding | ||||||||||||
Basic | 0 | |||||||||||
Diluted | 0 | |||||||||||
Other Adjustments [Member] | ||||||||||||
Income Statement [Abstract] | ||||||||||||
Marketing, general and administrative | $ 0 | |||||||||||
Operations and research | $ (280,595) | $ (503,133) | $ (790,997) | (131,123) | ||||||||
Total operating expenses | (131,123) | |||||||||||
LOSS FROM OPERATIONS | 131,123 | |||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||
Interest expense | 0 | |||||||||||
Change in derivative liabilities fair value | $ (311,123) | $ 0 | 0 | |||||||||
Total other income (expense) | $ 4,485 | (1,102) | $ 311,123 | (311,123) | 3,383 | 0 | ||||||
NET INCOME / (LOSS) attributable to Odyssey Marine Exploration, Inc. | $ 496,285 | $ (311,123) | $ 785,588 | $ 0 | $ 131,123 | |||||||
NET INCOME / (LOSS) PER SHARE | ||||||||||||
Basic (See Note 2) | $ 0.01 | $ 0.03 | $ 0.02 | $ (0.03) | $ 0.04 | $ 0.01 | ||||||
Diluted (See Note 2) | $ 0.02 | $ 0.03 | $ 0.02 | $ (0.03) | $ 0.04 | $ 0 | $ 0.01 | |||||
Weighted average number of common shares outstanding | ||||||||||||
Basic | 0 | |||||||||||
Diluted | (44,901) | 38,433 | 0 |
Restatement of Consolidated F_6
Restatement of Consolidated Financial Statements - Schedule of the Reconciliation Impact Recorded to the Consolidated Statement of Equity (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | $ (85,906,534) | $ (75,841,063) | $ (70,648,430) | $ (88,674,942) | $ 4,501,234 | $ (66,992,873) | ||||
Previously Reported [Member] | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | (65,017,481) | $ (57,453,484) | (76,544,758) | $ (70,944,274) | $ (63,853,295) | $ (72,445,582) | (62,488,638) | |||
Stockholders' deficit | (65,017,481) | (57,453,484) | (70,944,274) | (63,853,295) | (72,445,582) | (62,488,638) | ||||
Litigation Financing Adjustment | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | 3,902,384 | 2,322,725 | (812,244) | (3,462,754) | (3,005,466) | |||||
Stockholders' deficit | 3,902,384 | 2,322,725 | 1,844,260 | (812,244) | (3,462,754) | (3,005,466) | (4,001,135) | |||
Investment in Unconsolidated Entities Adjustments | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | (503,100) | |||||||||
2022 Warrant Adjustment | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | (13,602,467) | |||||||||
Other Adjustment | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | 916,712 | 627,408 | (311,123) | |||||||
Stockholders' deficit | $ 916,712 | $ 627,408 | 131,123 | $ 0 | $ 0 | $ (311,123) | $ 0 | |||
Cumulative restatement adjustments | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | $ (12,130,184) | |||||||||
Preferred Stock [Member] | ||||||||||
Reconciliation [Line Items] | ||||||||||
Shares, issued | 0 | |||||||||
Stockholders' deficit | $ 0 | |||||||||
Preferred Stock [Member] | Previously Reported [Member] | ||||||||||
Reconciliation [Line Items] | ||||||||||
Shares, issued | 0 | |||||||||
Stockholders' deficit | $ 0 | |||||||||
Preferred Stock [Member] | Litigation Financing Adjustment | ||||||||||
Reconciliation [Line Items] | ||||||||||
Shares, outstanding | 0 | |||||||||
Stockholders' deficit | $ 0 | |||||||||
Preferred Stock [Member] | Investment in Unconsolidated Entities Adjustments | ||||||||||
Reconciliation [Line Items] | ||||||||||
Shares, outstanding | 0 | |||||||||
Stockholders' deficit | $ 0 | |||||||||
Preferred Stock [Member] | 2022 Warrant Adjustment | ||||||||||
Reconciliation [Line Items] | ||||||||||
Shares, outstanding | 0 | |||||||||
Stockholders' deficit | $ 0 | |||||||||
Preferred Stock [Member] | Other Adjustment | ||||||||||
Reconciliation [Line Items] | ||||||||||
Shares, outstanding | 0 | |||||||||
Stockholders' deficit | $ 0 | |||||||||
Preferred Stock [Member] | Cumulative restatement adjustments | ||||||||||
Reconciliation [Line Items] | ||||||||||
Shares, outstanding | 0 | |||||||||
Stockholders' deficit | $ 0 | |||||||||
Common Stock [Member] | ||||||||||
Reconciliation [Line Items] | ||||||||||
Shares, issued | 20,420,896 | 20,072,453 | 19,981,901 | 19,540,310 | 14,309,315 | |||||
Stockholders' deficit | $ 2,042 | $ 2,007 | $ 1,998 | $ 1,954 | $ 1,431 | |||||
Common Stock [Member] | Previously Reported [Member] | ||||||||||
Reconciliation [Line Items] | ||||||||||
Shares, issued | 19,540,310 | 14,309,315 | ||||||||
Stockholders' deficit | $ 1,954 | $ 1,431 | ||||||||
Shares, outstanding | 19,981,901 | 19,893,450 | 19,507,469 | 19,464,950 | 14,487,146 | 14,309,315 | ||||
Stockholders' deficit | $ 1,998 | $ 1,989 | $ 1,950 | $ 1,946 | $ 1,448 | $ 1,431 | ||||
Common Stock [Member] | Litigation Financing Adjustment | ||||||||||
Reconciliation [Line Items] | ||||||||||
Shares, outstanding | 0 | |||||||||
Stockholders' deficit | $ 0 | |||||||||
Common Stock [Member] | Investment in Unconsolidated Entities Adjustments | ||||||||||
Reconciliation [Line Items] | ||||||||||
Shares, outstanding | 0 | |||||||||
Stockholders' deficit | $ 0 | |||||||||
Common Stock [Member] | 2022 Warrant Adjustment | ||||||||||
Reconciliation [Line Items] | ||||||||||
Shares, outstanding | 0 | |||||||||
Stockholders' deficit | $ 0 | |||||||||
Common Stock [Member] | Other Adjustment | ||||||||||
Reconciliation [Line Items] | ||||||||||
Shares, outstanding | 0 | |||||||||
Stockholders' deficit | $ 0 | |||||||||
Common Stock [Member] | Cumulative restatement adjustments | ||||||||||
Reconciliation [Line Items] | ||||||||||
Shares, outstanding | 0 | |||||||||
Stockholders' deficit | $ 0 | |||||||||
Additional Paid-in Capital [Member] | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | 263,616,186 | 263,024,673 | 262,164,455 | 256,963,264 | 248,823,425 | |||||
Additional Paid-in Capital [Member] | Previously Reported [Member] | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | 265,882,279 | 249,055,600 | ||||||||
Stockholders' deficit | 271,083,470 | 270,608,427 | 264,621,682 | 264,323,108 | 249,189,881 | 249,055,600 | ||||
Additional Paid-in Capital [Member] | Litigation Financing Adjustment | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | 0 | 0 | ||||||||
Additional Paid-in Capital [Member] | Investment in Unconsolidated Entities Adjustments | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | 0 | |||||||||
Additional Paid-in Capital [Member] | 2022 Warrant Adjustment | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | (8,686,840) | |||||||||
Additional Paid-in Capital [Member] | Other Adjustment | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | (232,175) | (232,175) | (232,175) | (232,175) | (232,175) | (232,175) | (232,175) | |||
Additional Paid-in Capital [Member] | Cumulative restatement adjustments | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | (8,919,015) | |||||||||
Accumulated Deficit [Member] | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | (296,096,957) | (287,879,984) | (284,066,697) | (301,442,776) | (279,362,917) | |||||
Accumulated Deficit [Member] | Previously Reported [Member] | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | (298,231,607) | (275,090,857) | ||||||||
Stockholders' deficit | (287,354,763) | (281,631,073) | (293,459,800) | (288,004,571) | (283,321,086) | (275,090,857) | ||||
Accumulated Deficit [Member] | Litigation Financing Adjustment | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | 3,902,384 | 2,322,725 | 1,844,260 | (812,244) | (3,462,754) | (3,005,466) | (4,001,135) | |||
Accumulated Deficit [Member] | Investment in Unconsolidated Entities Adjustments | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | (503,100) | |||||||||
Accumulated Deficit [Member] | 2022 Warrant Adjustment | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | (4,915,627) | |||||||||
Accumulated Deficit [Member] | Other Adjustment | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | 1,148,887 | 859,583 | 363,298 | 232,175 | 232,175 | (78,948) | 232,175 | |||
Accumulated Deficit [Member] | Cumulative restatement adjustments | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | (3,211,169) | |||||||||
Noncontrolling Interest [Member] | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | $ (53,427,805) | $ (50,987,759) | (48,748,186) | (44,197,384) | (36,454,812) | |||||
Noncontrolling Interest [Member] | Previously Reported [Member] | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | (44,197,384) | (36,454,812) | ||||||||
Stockholders' deficit | $ (48,748,186) | $ (46,432,827) | $ (42,108,106) | $ (40,173,778) | $ (38,315,825) | $ (36,454,812) | ||||
Noncontrolling Interest [Member] | Litigation Financing Adjustment | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | 0 | |||||||||
Noncontrolling Interest [Member] | Investment in Unconsolidated Entities Adjustments | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | 0 | |||||||||
Noncontrolling Interest [Member] | 2022 Warrant Adjustment | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | 0 | |||||||||
Noncontrolling Interest [Member] | Other Adjustment | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | 0 | |||||||||
Noncontrolling Interest [Member] | Cumulative restatement adjustments | ||||||||||
Reconciliation [Line Items] | ||||||||||
Stockholders' deficit | $ 0 |
Restatement of Consolidated F_7
Restatement of Consolidated Financial Statements - Schedule of the Reconciliation Impact Recorded to the Consolidated Statement of Cashflow (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Mar. 06, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income / (loss) | $ (6,052,860) | $ (3,884,602) | $ (29,822,431) | ||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Change in derivatives liabilities fair value | 1,859,147 | $ 1,574,658 | 8,302,866 | 9,914,545 | |||||||
Accrued expenses and other | 746,040 | 2,562,806 | 2,719,808 | ||||||||
NET CASH (USED IN) OPERATING ACTIVITIES | (8,741,824) | (10,170,420) | (10,209,940) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchase of property and equipment | (578,554) | (1,346,878) | (1,477,547) | ||||||||
NET CASH (USED IN) BY INVESTING ACTIVITIES | (429,557) | (1,029,128) | (2,477,547) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Offering cost paid on financing | $ 98,504 | 98,504 | 1,087,254 | ||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 8,239,769 | 13,777,847 | 11,856,157 | ||||||||
NET INCREASE (DECREASE) IN CASH | (931,612) | 2,578,299 | (831,330) | ||||||||
CASH AT BEGINNING OF YEAR | $ 1,443,421 | $ 2,274,751 | $ 1,443,421 | $ 2,274,751 | 1,443,421 | $ 2,274,751 | 1,443,421 | 2,274,751 | |||
CASH AT END OF YEAR | 511,809 | 511,809 | 4,021,720 | 1,443,421 | |||||||
Previously Reported [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income / (loss) | (30,883,322) | ||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Change in derivatives liabilities fair value | 0 | 0 | |||||||||
Accrued expenses and other | 4,507,406 | 3,378,543 | 8,616,587 | 6,716,044 | 10,641,134 | 14,651,375 | |||||
NET CASH (USED IN) OPERATING ACTIVITIES | (3,487,948) | (1,724,423) | (7,373,671) | (2,750,984) | (6,032,172) | (9,253,809) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchase of property and equipment | (5,326) | (97,589) | (312,399) | (316,823) | (1,346,424) | ||||||
NET CASH (USED IN) BY INVESTING ACTIVITIES | (5,326) | (2,878) | 942,412 | (312,399) | (316,823) | (2,346,424) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Offering cost paid on financing | 98,504 | 98,504 | 0 | ||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 2,724,281 | 1,558,863 | 6,814,998 | 11,323,460 | 10,856,852 | 10,768,903 | |||||
NET INCREASE (DECREASE) IN CASH | (768,993) | (168,438) | 383,739 | 8,260,077 | 4,507,857 | (831,330) | |||||
CASH AT BEGINNING OF YEAR | 1,827,160 | $ 674,428 | 1,443,421 | 2,274,751 | 1,443,421 | 2,274,751 | 1,443,421 | 2,274,751 | 1,443,421 | 2,274,751 | |
CASH AT END OF YEAR | 1,827,160 | 674,428 | 2,106,313 | 1,827,160 | 10,534,828 | 6,782,608 | 1,443,421 | ||||
Litigation Financing Adjustment [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income / (loss) | 5,845,395 | ||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Change in derivatives liabilities fair value | 1,685,516 | 1,685,517 | 1,521,543 | 3,371,033 | 3,043,086 | 5,539,629 | 6,086,172 | ||||
Accrued expenses and other | (3,163,982) | (2,517,212) | (6,429,157) | (5,531,467) | (8,728,520) | (11,931,567) | |||||
NET CASH (USED IN) OPERATING ACTIVITIES | (1,000,000) | 0 | (1,000,000) | (1,950,000) | 0 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchase of property and equipment | 0 | ||||||||||
NET CASH (USED IN) BY INVESTING ACTIVITIES | 0 | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Offering cost paid on financing | 0 | ||||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 1,000,000 | 1,000,000 | 0 | ||||||||
NET INCREASE (DECREASE) IN CASH | 0 | ||||||||||
CASH AT BEGINNING OF YEAR | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
CASH AT END OF YEAR | 0 | ||||||||||
2022 Warrant Adjustment [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income / (loss) | (4,915,627) | ||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Change in derivatives liabilities fair value | 3,828,373 | ||||||||||
Accrued expenses and other | 0 | ||||||||||
NET CASH (USED IN) OPERATING ACTIVITIES | (1,087,254) | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchase of property and equipment | 0 | ||||||||||
NET CASH (USED IN) BY INVESTING ACTIVITIES | 0 | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Offering cost paid on financing | 1,087,254 | ||||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 1,087,254 | ||||||||||
NET INCREASE (DECREASE) IN CASH | 0 | ||||||||||
CASH AT BEGINNING OF YEAR | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
CASH AT END OF YEAR | 0 | ||||||||||
Other Adjustments [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income / (loss) | 131,123 | ||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Change in derivatives liabilities fair value | 311,123 | 0 | 0 | ||||||||
Accrued expenses and other | 2,352 | 0 | |||||||||
NET CASH (USED IN) OPERATING ACTIVITIES | 503,133 | 0 | 803,185 | (119,895) | (131,123) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchase of property and equipment | (503,133) | (798,267) | (131,123) | ||||||||
NET CASH (USED IN) BY INVESTING ACTIVITIES | (503,133) | (798,267) | (131,123) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Offering cost paid on financing | 0 | ||||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 119,895 | 0 | |||||||||
NET INCREASE (DECREASE) IN CASH | 4,918 | 0 | |||||||||
CASH AT BEGINNING OF YEAR | $ 4,918 | $ 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | ||
CASH AT END OF YEAR | $ 4,918 | $ 4,918 | $ 0 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | |
Property, Plant and Equipment [Line Items] | ||
Short-term investment maturity period | 3 months | |
Exploration license impairments | $ 0 | $ 0 |
Initial lease term | 12 months | |
Net income loss attributable to parent diluted | $ 4,811 | |
Number of operating segments | Segment | 1 | |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, estimated useful life | 3 years | |
Furniture And Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, estimated useful life | 5 years | |
Minimum [Member] | Marine Services Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, estimated useful life | 5 years | |
Maximum [Member] | Marine Services Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, estimated useful life | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share for in the Money Potential Common Shares (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Average market price during the period | $ 3.47 | $ 4.22 |
Potential common shares excluded from EPS | 5,637,162 | 0 |
Option awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common shares excluded from EPS | 916,111 | 859,999 |
Unvested Restricted Stock Awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common shares excluded from EPS | 10,087 | 213,739 |
Convertible Debt Securities [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common shares excluded from EPS | 462,628 | 0 |
Put Option Liability [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common shares excluded from EPS | 4,063,759 | 0 |
Common Stock Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential common shares excluded from EPS | 7,948,176 | 8,392,466 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Reconciliation of Numerators and Denominators used in Computing Basic and Diluted Net Income Per Share (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||||
Net Income / (Loss) attributable to Odyssey Marine Exploration, Inc. | $ 6,772,417 | $ 5,345,819 | $ (22,079,859) | |
Basic net income (loss) | 5,345,819 | $ (22,079,859) | ||
Denominator: | ||||
Dilutive effect of options | $ 5,557 | |||
Weighted average common shares outstanding – Basic | 20,025,067 | 19,871,381 | 19,943,633 | 17,310,915 |
Dilutive effect of warrants | $ 169,687 | |||
Dilutive effect of other convertible securities | $ 0 | |||
Weighted average common shares outstanding – Diluted | 20,025,067 | 21,536,962 | 20,118,877 | 17,310,915 |
Diluted net income (loss) available to stockholders | $ 5,341,008 | $ (22,079,859) | ||
Net (loss) income per share – basic | $ (0.19) | $ 0.68 | $ 0.27 | $ (1.28) |
Net (loss) income per share – diluted | $ (0.19) | $ 0.46 | $ 0.27 | $ (1.28) |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summarize Our Fair Value Hierarchy For Our Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis (Detail) - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Liabilities [Abstract] | |||
37N Note embedded derivative | $ 702,291 | $ 423,696 | |
Put option liability | 5,637,162 | ||
Litigation financing | 52,115,647 | $ 45,368,948 | |
Warrant liabilities issued with debt (December 2023 Warrants) | 2,392,563 | ||
Warrant liabilities issued with equity (2022 Warrants) | 13,399,822 | 13,602,467 | |
Total of fair valued liabilities | 74,247,485 | 58,971,415 | |
Level 1 [Member] | |||
Liabilities [Abstract] | |||
37N Note embedded derivative | 0 | ||
Put option liability | 0 | ||
Litigation financing | 0 | ||
Warrant liabilities issued with equity (2022 Warrants) | 0 | ||
Total of fair valued liabilities | 0 | 0 | |
Level 2 [Member] | |||
Liabilities [Abstract] | |||
37N Note embedded derivative | 0 | ||
Put option liability | 0 | ||
Litigation financing | 0 | ||
Warrant liabilities issued with equity (2022 Warrants) | 0 | ||
Total of fair valued liabilities | 0 | 0 | |
Level 3 [Member] | |||
Liabilities [Abstract] | |||
37N Note embedded derivative | 702,291 | ||
Put option liability | 5,637,162 | ||
Litigation financing | 52,115,647 | 45,368,948 | |
Warrant liabilities issued with debt (December 2023 Warrants) | 2,392,563 | ||
Warrant liabilities issued with equity (2022 Warrants) | 13,399,822 | 13,602,467 | |
Total of fair valued liabilities | $ 74,247,485 | $ 58,971,415 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Changes in our Level 3 fair value measurements (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Change in fair value | $ (1,859,147) | $ (1,574,658) | $ (8,302,866) | $ (9,914,545) |
Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Beginning Balance | 58,971,415 | 58,971,415 | 33,701,188 | |
Change in fair value | 8,302,866 | 9,914,545 | ||
Issuance of new instrument | 7,332,266 | 9,974,094 | ||
Issuance of new funding | 4,633 | 5,381,588 | ||
Warrants exercised | (184,600) | |||
Debt conversion to equity | (179,095) | |||
Ending Balance | 74,247,485 | 58,971,415 | ||
Level 3 [Member] | 37N Note embedded derivative | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Beginning Balance | 0 | |||
Change in fair value | 457,690 | 0 | ||
Issuance of new instrument | 423,696 | 0 | ||
Issuance of new funding | 0 | 0 | ||
Warrants exercised | 0 | |||
Debt conversion to equity | (179,095) | |||
Ending Balance | 702,291 | |||
Level 3 [Member] | Put option liability | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Beginning Balance | 0 | |||
Change in fair value | 1,121,155 | 0 | ||
Issuance of new instrument | 4,516,007 | 0 | ||
Issuance of new funding | 0 | 0 | ||
Warrants exercised | 0 | |||
Debt conversion to equity | 0 | |||
Ending Balance | 5,637,162 | |||
Level 3 [Member] | Litigation Financing | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Beginning Balance | 45,368,948 | 45,368,948 | 33,701,188 | |
Change in fair value | 6,742,066 | 6,286,172 | ||
Issuance of new instrument | 0 | 0 | ||
Issuance of new funding | 4,633 | 5,381,588 | ||
Warrants exercised | 0 | |||
Debt conversion to equity | 0 | |||
Ending Balance | 52,115,647 | 45,368,948 | ||
Level 3 [Member] | Warrant liabilities issued with debt (December 2023 warrants) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Beginning Balance | 0 | |||
Change in fair value | 0 | 0 | ||
Issuance of new instrument | 2,392,563 | 0 | ||
Issuance of new funding | 0 | 0 | ||
Warrants exercised | 0 | |||
Debt conversion to equity | 0 | |||
Ending Balance | 2,392,563 | |||
Level 3 [Member] | Warrant liabilities issued with equity (2022 warrants) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Beginning Balance | $ 13,602,467 | 13,602,467 | 0 | |
Change in fair value | (18,045) | 3,628,373 | ||
Issuance of new instrument | 0 | 9,974,094 | ||
Issuance of new funding | 0 | 0 | ||
Warrants exercised | (184,600) | |||
Debt conversion to equity | 0 | |||
Ending Balance | $ 13,399,822 | $ 13,602,467 |
Concentration of Credit Risk -
Concentration of Credit Risk - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Risks and Uncertainties [Abstract] | ||
Cash, Uninsured Amount | $ 3.7 | $ 0.9 |
Accounts And Other Related Pa_3
Accounts And Other Related Party Receivables - Summary of Accounts Receivable (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts and other related party receivables | $ 110,320 | $ 7,515 |
Related Party [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | 46,394 | 7,515 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, gross | $ 63,926 | $ 0 |
Short-Term Notes Receivable R_3
Short-Term Notes Receivable Related Party - Schedule of Short-Term Notes Receivable (Detail) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Short-term notes receivable, net | $ 0 | $ 0 | $ 1,576,717 |
Related Party [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Short-term notes receivable, net | $ 0 | $ 1,576,717 |
Investment In Unconsolidated _3
Investment In Unconsolidated Entities - Schedule of Investment in Unconsolidated Entities (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated entities | $ 9,001,646 | $ 3,901,617 |
CIC Limited [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated entities | 4,514,618 | 3,901,617 |
Chatham Rock Phosphate, Limited [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated entities | 0 | 0 |
Neptune Minerals, Inc. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated entities | 0 | 0 |
Ocean Minerals, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated entities | $ 4,487,028 | $ 0 |
Investment In Unconsolidated _4
Investment In Unconsolidated Entities - Schedule of Initial Closing Consideration (Detail) | Dec. 31, 2023 USD ($) |
Initial Closing Consideration Of Investment [Line Items] | |
Cash consideration | $ 1,000,000 |
Fair value of the Second Closing | 676,921 |
Fair value of the Third Closing | 769,875 |
Fair value of the Equity Exchange Agreement | 4,516,007 |
Transaction costs | 49,988 |
Initial closing consideration | 10,293,052 |
Odyssey Retriever Inc [Member] | |
Initial Closing Consideration Of Investment [Line Items] | |
Fair value of Odyssey Retriever, Inc. | $ 3,280,261 |
Investment In Unconsolidated _5
Investment In Unconsolidated Entities - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Jul. 03, 2023 | Jun. 04, 2023 | Mar. 31, 2017 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2012 | Sep. 30, 2023 | Jun. 30, 2023 | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment carrying value | $ 9,001,646 | $ 3,901,617 | $ 8,878,974 | $ 503,100 | ||||
Operating and other revenue | 9,327 | 183,935 | ||||||
Maximum [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Contribution agreement equity interests issued or issuable number of additional shares issued value | $ 10,000,000 | |||||||
Equity Exchange Agreement [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Maximum percentage of common stock to be issued under exchange agreement | 19.90% | |||||||
Ocean Minerals, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment carrying value | $ 4,487,028 | $ 0 | ||||||
Percentage of issued and outstanding membership owned | 6.28% | |||||||
Initial closing purchased units issued | 1,000,000 | |||||||
Contribution agreement equity interests issued or issuable number of additional shares issued value | $ 10,300,000 | |||||||
Initial closing purchased units | 293,399 | |||||||
Percentage of initial closing purchased units | 6.28% | |||||||
Second closing purchased units | 195,599 | |||||||
Second closing purchased units payment of cash | $ 4,000,000 | |||||||
Third closing additional purchased units to be issued | 244,499 | |||||||
Third closing purchased units payment of cash | $ 5,000,000 | |||||||
Optional units additional purchased units to be issued | 1,466,993 | |||||||
Optional units purchased units payment of cash | $ 20.45 | |||||||
Percentage of discount price paid | 10% | |||||||
Discounted purchase of optional units | $ 20.45 | |||||||
Marine services revenue | $ 166,581 | |||||||
Operating and other revenue | 14,891 | |||||||
Equity method investment realized gain loss on disposal | (278,910) | |||||||
Fair Value of Option of Recorded Asset | 5,700,000 | |||||||
Assumption of Changes in put Option Liability | $ 1,100,000 | |||||||
Ocean Minerals, LLC [Member] | Maximum [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of shares held by the company | 5% | |||||||
Ocean Minerals, LLC [Member] | Minimum [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of shares held by the company | 3% | |||||||
Ocean Minerals, LLC [Member] | Unit Purchase Agreement [Member] | Prior to 18-month Anniversary of Initial Closing [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Additional membership interest units issuable | 1,466,993 | |||||||
Membership interest units purchase price per unit | $ 20.45 | |||||||
Ocean Minerals, LLC [Member] | Unit Purchase Agreement [Member] | Odyssey Minerals Cayman Limited [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Units sold to purchaser | 733,497 | |||||||
Purchase price | $ 15,000,000 | |||||||
Percentage of issued and outstanding membership interest units purchased | 15% | |||||||
Initial closing purchased units issued | 293,399 | |||||||
Initial closing purchased units payment of cash | $ 1,000,000 | |||||||
Estimated share value of outstanding shares | $ 3,300,000 | |||||||
Additional purchased units issued | 195,599 | |||||||
Additional aggregate purchase price paid | $ 4,000,000 | |||||||
Final closing additional purchased units to be issued | 244,499 | |||||||
Final closing additional purchased units aggregate purchase price paid | $ 5,000,000 | |||||||
Membership interest units purchase price per unit | $ 20.45 | |||||||
Ocean Minerals, LLC [Member] | Equity Exchange Agreement [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Membership interest units purchase price per unit | $ 20.45 | |||||||
Odyssey Retriever, Inc. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Contractual amount of fair value of asset transferred | $ 5,000,000 | |||||||
Fair value of the asset | 3,280,261 | |||||||
Book value of investment held | $ 3,100,000 | |||||||
Equity method investment realized gain loss on disposal | $ 174,107 | |||||||
Chatham Rock Phosphate, Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment carrying value | $ 0 | |||||||
Deep sea mining exploratory services | $ 1,680,000 | |||||||
Shares received from CRP | 141,884 | 9,320,348 | ||||||
Outstanding equity stake in CRP | 1% | |||||||
Neptune Minerals, Inc. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage | 14% | |||||||
Loss from unconsolidated entity | $ 21,300,000 | |||||||
Neptune Minerals, Inc. [Member] | Common Class A [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment carrying value | $ 0 | |||||||
CIC Limited [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage | 14.99% | 14.60% | ||||||
Chatham Rock Phosphate, Ltd. [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage | 1% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Aug. 15, 2023 | Dec. 13, 2022 | Jun. 10, 2022 | Jul. 15, 2021 | Apr. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 28, 2023 | Dec. 01, 2023 | Sep. 22, 2023 | Mar. 06, 2023 | Jul. 10, 2022 | Mar. 31, 2022 | Dec. 31, 2020 | Aug. 25, 2020 | Oct. 31, 2018 | |
Related Party Transaction [Line Items] | |||||||||||||||||
Accrued interest receivable | $ 288,991 | $ 288,991 | $ 61,009 | ||||||||||||||
Debt discount amount | 3,955,449 | 0 | |||||||||||||||
Revenues | $ 9,327 | $ 183,935 | |||||||||||||||
Class of warrants or rights number of securities covered by warrants or rights | 90,552 | 3,703,703 | 4,939,515 | 28,363 | 551,378 | 1,873,622 | 700,000 | ||||||||||
Class of warrants or rights exercise price of warrants or rights | $ 3.35 | $ 3.78 | $ 3.35 | $ 3.99 | $ 4.75 | $ 7.155 | |||||||||||
Class of warrants or rights outstanding | 12,797,139 | 8,392,466 | |||||||||||||||
Debt Instrument, Face Amount | $ 2,250,000 | $ 3,750,000 | |||||||||||||||
Warrants and Rights Outstanding | $ 12,797,148 | ||||||||||||||||
Four World Capital Management LLC [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Beneficial ownership percentage | 20% | ||||||||||||||||
Stock issued during the period shares new issues | 292,628 | ||||||||||||||||
Proceeds from the issuance or sale of equity | $ 980,304 | ||||||||||||||||
Class of warrants or rights exercise price of warrants or rights | $ 3.35 | ||||||||||||||||
Four World Capital Management LLC [Member] | Two Thousand And Twenty Two Warrants [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Class of warrants or rights number of securities covered by warrants or rights | 292,628 | ||||||||||||||||
Class of warrants or rights shares issued on the exercise of warrants | 1,000 | ||||||||||||||||
Class of warrants or rights exercise price of warrants or rights | $ 3.35 | ||||||||||||||||
Class of warrants or rights outstanding | 291,628 | ||||||||||||||||
Two Seas Capital LP [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Beneficial ownership percentage | 9.99% | ||||||||||||||||
Grey Wolf Oppurtunities Two Master Fund LP [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Beneficial ownership percentage | 9% | ||||||||||||||||
FourWorld's funds [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Beneficial ownership percentage | 5% | ||||||||||||||||
FW Deep Value Opportunities Fund LLC [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Beneficial ownership percentage | 6% | ||||||||||||||||
FourWorld Global Opportunities Fund Ltd [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Beneficial ownership percentage | 6% | ||||||||||||||||
Note 6 - MINOSA 2 [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Long-term debt | $ 404,633 | ||||||||||||||||
Debt, interest expense | $ 159,082 | ||||||||||||||||
Note 6 - MINOSA 2 [Member] | Loans Payable [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Conversion price of Notes | $ 4.35 | ||||||||||||||||
Oceanica-ExO Notes [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Debt Instrument, Increase (Decrease), Net | $ 87,300,000 | ||||||||||||||||
Back Office Technical and Support Services [Member] | Deep Sea Mineral Company, CIC, LLC [Member] | Related Party [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Related party expenses | $ 613,000 | 1,150,767 | |||||||||||||||
Loan Agreement [Member] | Deep Sea Mineral Company, CIC, LLC [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Convertible notes payable | 1,350,000 | ||||||||||||||||
Interest rate, stated percentage | 18% | ||||||||||||||||
Advance amount paid | $ 1,000,000 | ||||||||||||||||
Debt discount amount | $ 282,000 | 350,000 | |||||||||||||||
Accrued interest receivable | 12,649 | ||||||||||||||||
Financing receivable after allowance for credit loss | 1,061,009 | ||||||||||||||||
Debt instrument periodic payment | $ 1,068,000 | ||||||||||||||||
Services Agreement [Member] | Related Party [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Financing receivable after allowance for credit loss | 675,000 | ||||||||||||||||
Services Agreement [Member] | Deep Sea Mineral Company, CIC, LLC [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Interest rate, stated percentage | 1.50% | ||||||||||||||||
Accrued interest receivable | $ 104,400,000 | ||||||||||||||||
Debt instrument maturity date | Aug. 15, 2023 | ||||||||||||||||
Financing receivable after allowance for credit loss | $ 503,059 | ||||||||||||||||
Debt instrument periodic payment | $ 686,976 | ||||||||||||||||
Purchase Agreement [Member] | FourWorld Funds [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Interest rate, stated percentage | 11% | ||||||||||||||||
Class of warrants or rights number of securities covered by warrants or rights | 285,715 | ||||||||||||||||
Class of warrants or rights outstanding | 285,715 | ||||||||||||||||
Debt Instrument, Face Amount | $ 1,080,000 | ||||||||||||||||
Long-Term Debt, Gross | $ 31,866 | ||||||||||||||||
Warrants and Rights Outstanding | $ 1,080,000 | ||||||||||||||||
Purchase Agreement [Member] | Two Seas funds [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Interest rate, stated percentage | 11% | ||||||||||||||||
Class of warrants or rights number of securities covered by warrants or rights | 118,878 | 608,635 | |||||||||||||||
Class of warrants or rights outstanding | 608,635 | ||||||||||||||||
Debt Instrument, Face Amount | $ 449,359 | $ 2,300,641 | |||||||||||||||
Long-Term Debt, Gross | $ 80,374 | ||||||||||||||||
Warrants and Rights Outstanding | $ 449,359 | $ 2,300,641 | |||||||||||||||
Purchase Agreement [Member] | Greywolf [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Interest rate, stated percentage | 11% | ||||||||||||||||
Class of warrants or rights number of securities covered by warrants or rights | 1,851,852 | ||||||||||||||||
Class of warrants or rights exercise price of warrants or rights | $ 3.78 | ||||||||||||||||
Class of warrants or rights outstanding | 1,851,852 | ||||||||||||||||
Debt Instrument, Face Amount | $ 7,000,000 | ||||||||||||||||
Long-Term Debt, Gross | $ 206,539 | ||||||||||||||||
Warrants and Rights Outstanding | $ 7,000,000 | ||||||||||||||||
December Two Thousand And Twenty Three Purchase Agreement [Member] | FourWorld Funds [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Convertible notes payable | $ 4,671 | ||||||||||||||||
Class of warrants or rights number of securities covered by warrants or rights | 135,278 | ||||||||||||||||
Debt Instrument, Face Amount | $ 500,000 | ||||||||||||||||
Debt Instrument, Periodic Payment, Principal | 11 | ||||||||||||||||
December Two Thousand And Twenty Three Purchase Agreement [Member] | Two Seas funds [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Convertible notes payable | $ 18,871 | ||||||||||||||||
Class of warrants or rights number of securities covered by warrants or rights | 41,109 | ||||||||||||||||
Debt Instrument, Face Amount | $ 2,000,000 | ||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 11 | ||||||||||||||||
December Two Thousand And Twenty Three Purchase Agreement [Member] | Greywolf [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Class of warrants or rights number of securities covered by warrants or rights | 270,556 | ||||||||||||||||
Debt Instrument, Face Amount | $ 1,000,000 | ||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 11 | ||||||||||||||||
December Two Thousand And Twenty Three Purchase Agreement 1 [Member] | FourWorld Funds [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Class of warrants or rights exercise price of warrants or rights | $ 4.25 | ||||||||||||||||
Class of warrants or rights outstanding | 117,648 | ||||||||||||||||
December Two Thousand And Twenty Three Purchase Agreement 1 [Member] | Two Seas funds [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Class of warrants or rights exercise price of warrants or rights | $ 4.25 | ||||||||||||||||
Class of warrants or rights outstanding | 470,589 | ||||||||||||||||
December Two Thousand And Twenty Three Purchase Agreement 1 [Member] | Greywolf [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Class of warrants or rights exercise price of warrants or rights | $ 4.25 | ||||||||||||||||
Class of warrants or rights outstanding | 235,295 | ||||||||||||||||
December Two Thousand And Twenty Three Purchase Agreement 2 [Member] | FourWorld Funds [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Class of warrants or rights exercise price of warrants or rights | $ 7.09 | ||||||||||||||||
Class of warrants or rights outstanding | 17,630 | ||||||||||||||||
December Two Thousand And Twenty Three Purchase Agreement 2 [Member] | Two Seas funds [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Class of warrants or rights exercise price of warrants or rights | $ 7.09 | ||||||||||||||||
Class of warrants or rights outstanding | 70,523 | ||||||||||||||||
December Two Thousand And Twenty Three Purchase Agreement 2 [Member] | Greywolf [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Class of warrants or rights exercise price of warrants or rights | $ 7.09 | ||||||||||||||||
Class of warrants or rights outstanding | 35,261 | ||||||||||||||||
Oceanica Marine Operations [Member] | Related Party [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Financing receivable after allowance for credit loss | $ 23,000,000 | ||||||||||||||||
Oceanica Marine Operations [Member] | Services Agreement [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Interest rate, stated percentage | 18% | ||||||||||||||||
Ocean Minerals, LLC [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Equity Method Investment Ownership Interest | 6.28% | ||||||||||||||||
CIC Limited [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Equity Method Investment Ownership Interest | 14.99% | 14.60% | |||||||||||||||
Variable Interest Entity Ownership Percentage | 11.50% | ||||||||||||||||
Maximum [Member] | Services Agreement [Member] | Deep Sea Mineral Company, CIC, LLC [Member] | Related Party [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Related party expenses | $ 625,000 | ||||||||||||||||
Maximum [Member] | Salvage Agreement [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Equity Method Investment Ownership Interest | 60% | ||||||||||||||||
Minimum [Member] | Salvage Agreement [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Equity Method Investment Ownership Interest | 40% |
Other Current Assets - Summary
Other Current Assets - Summary of Other Current Assets (Detail) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Prepaid insurance | $ 608,353 | $ 649,069 | |
Other prepaid assets | 119,820 | 72,956 | |
Deposits | 15,266 | 225,403 | |
Total other current assets | $ 743,439 | $ 734,585 | $ 947,428 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 1,824,807 | $ 8,268,149 | |
Less: Accumulated depreciation | (1,300,151) | (5,390,559) | |
Total property and equipment | 524,656 | 2,877,590 | |
Depreciation expense for the years ended | $ 236,192 | 242,970 | 88,389 |
Computers and Peripherals [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 483,042 | 458,309 | |
Furniture and Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 782,471 | 1,002,773 | |
Marine Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 559,294 | $ 6,807,067 |
Loans Payable - Schedule of Con
Loans Payable - Schedule of Consolidated Notes Payable (Detail) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 02, 2022 |
Debt Instrument [Line Items] | ||||
Loans payable | $ 27,378,905 | $ 22,396,190 | ||
Less: Unamortized deferred lender fee | (106,488) | 0 | ||
Less: Unamortized deferred discount | (3,955,449) | 0 | ||
Total Loans payable, net | 23,316,968 | 22,396,190 | ||
Less: Current portion of loans payable | (15,413,894) | $ (14,258,915) | (21,732,654) | |
Loans payable - long term | 7,903,074 | $ 4,199,152 | 663,536 | |
MINOSA 1 [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans payable | 0 | 14,750,001 | ||
MINOSA 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans payable | 0 | 5,050,000 | ||
Mar 2023 Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans payable | 14,858,816 | 0 | ||
Dec 2023 Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans payable | 6,000,000 | 0 | ||
Emergency Injury Disaster Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans payable | 150,000 | 149,900 | ||
Vendor note payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans payable | 484,009 | 484,009 | ||
Seller Note payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans payable | 0 | 1,400,000 | $ 1,400,000 | |
AFCO Insurance note payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans payable | 468,751 | 562,280 | ||
Pignatelli note [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans payable | 500,000 | 0 | ||
37N Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans payable | 804,997 | 0 | ||
Finance liability [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans payable | $ 4,112,332 | $ 0 |
Loans Payable - MINOSA 1 - Addi
Loans Payable - MINOSA 1 - Additional Information (Detail) - Stock Purchase Agreement [Member] - MINOSA 1 [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Mar. 11, 2015 | |
Oceanica Call Option [Member] | Oceanica Resources S. de. R.L [Member] | ||
Debt Instrument [Line Items] | ||
Stock granted during period, value | $ 40,000,000 | |
Call option expiration date | Mar. 11, 2016 | |
Promissory Note [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 8% | |
Convertible notes payable | $ 14,750,000 |
Loans Payable - MINOSA 2 - Addi
Loans Payable - MINOSA 2 - Additional Information (Detail) | 12 Months Ended | |||||||
Jul. 15, 2021 USD ($) | Aug. 10, 2017 USD ($) Day $ / shares | Dec. 31, 2023 USD ($) Cuota Day $ / shares | Dec. 31, 2017 | Dec. 28, 2023 USD ($) | Dec. 01, 2023 USD ($) | Dec. 31, 2022 $ / shares | Mar. 11, 2015 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Number of trading days | Day | 20 | |||||||
Aggregate amount issuable | $ 2,250,000 | $ 3,750,000 | ||||||
Minosa Purchase Agreement [Member] | Loans Payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt , maximum borrowing capacity | $ 3,000,000 | |||||||
Amount of loan outstanding | $ 3,000,000 | $ 2,700,000 | ||||||
Conversion price of Notes | $ / shares | $ 4.35 | |||||||
Epsilon Acquisitions, LLC [Member] | Notes Payable, Other Payables [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt conversion amount | $ 2,000,000 | |||||||
Pledged units of ownership | Cuota | 54,000,000 | |||||||
MINOSA 2 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, threshold payment term | 60 days | 60 days | ||||||
Debt Instrument, acceleration clause description | the obligations under the Minosa 2 Note may be accelerated upon the occurrence of specified events of default including (a) our failure to pay any amount payable under the Minosa 2 Note on the date due and payable; (b) our failure to perform or observe any term, covenant, or agreement in the Minosa 2 Note or the related documents, subject to a five-day cure period; (c) the occurrence and expiration of all applicable grace periods, if any, of an event of default or material breach by us under any of the other loan documents; (d) the termination of the SPA; € commencement of certain specified dissolution, liquidation, insolvency, bankruptcy, reorganization, or similar cases or actions by or against us, in specified circumstances unless dismissed or stayed within 60 days; (f) the entry of a judgment or award against us in excess of $100,000; and (g) occurrence of a change in control (as defined in the Minosa 2 Note). | |||||||
Judgment amount for acceleration of indebtedness | $ 100,000 | |||||||
Minimum aggregate offering price | $ 3,000,000 | |||||||
Debt, interest expense | $ 159,082 | |||||||
Long-Term Debt | $ 404,633 | |||||||
MINOSA 2 [Member] | Stock Purchase Agreement [Member] | Promissory Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate amount issuable | $ 14,750,000 | |||||||
MINOSA 2 [Member] | Loans Payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 10% | |||||||
Number of trading days | Day | 75 | |||||||
Conversion price of Notes | $ / shares | $ 4.35 | |||||||
Debt Instrument, Convertible, Type of Equity Security | 2,177,849 | |||||||
Debt Instrument Note Purchase Agreement Two [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Conversion price of Notes | $ / shares | $ 4.19 | |||||||
Debt Instrument Note Purchase Agreement Two [Member] | Loans Payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of loan outstanding | $ 1,000,000 | |||||||
Debt Instrument Note Purchase Agreement Three [Member] | Loans Payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of loan outstanding | $ 1,000,000 | |||||||
Conversion price of Notes | $ / shares | $ 4.13 |
Loans Payable - MINOSA 1 and MI
Loans Payable - MINOSA 1 and MINOSA 2 -Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||||
May 03, 2024 | Mar. 06, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 28, 2023 | Dec. 01, 2023 | |
Debt Instrument [Line Items] | |||||||
Debt instrument face amount | $ 2,250,000 | $ 3,750,000 | |||||
Gain (Loss) on Extinguishment of Debt | $ 21,177,200 | $ 21,177,200 | $ 0 | ||||
Unsecured Convertible Promissory Note [Member] | Mr. Pignatelli [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument face amount | $ 500,000 | ||||||
Conversion price of Notes | $ 3.78 | ||||||
Interest rate, stated percentage | 10% | ||||||
Termination Agreement [Member] | Odyssey [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Common stock issued for convertible debt conversion, Shares | 304,879 | ||||||
AHMSA [Member] | Termination Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Termination payment | $ 9,000,000 | ||||||
Termination agreement date | Mar. 06, 2023 | ||||||
Gain (Loss) on Extinguishment of Debt | $ 21,200,000 | ||||||
MINOSA 2 [Member] | Unsecured Convertible Promissory Note [Member] | Mr. Pignatelli [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument face amount | $ 404,634 | ||||||
Conversion price of Notes | $ 4.35 | ||||||
Aggregate accrued interest | $ 630,231 |
Loans Payable - Emergency Injur
Loans Payable - Emergency Injury Disaster Loan - Additional Information (Detail) - USD ($) | Jun. 26, 2020 | Dec. 28, 2023 | Dec. 01, 2023 |
Debt instrument face amount | $ 2,250,000 | $ 3,750,000 | |
Emergency Injury Disaster Loan [Member] | |||
Debt instrument face amount | $ 150,000 | ||
Debt instrument interest rate | 3.75% | ||
Debt instrument periodic payment | $ 731 | ||
Debt instrument maturity period | 30 years |
Loans Payable - Vendor Note Pay
Loans Payable - Vendor Note Payable - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Trade payable, interest bearing interest rate | 12% |
Trade payable in accounts payable | $ 484,009 |
Collateral asset carrying value | $ 0 |
Collateral Agreement [Member] | |
Debt instrument maturity date | Aug. 31, 2018 |
Loans Payable - Seller Note Pay
Loans Payable - Seller Note Payable - Additional Information (Detail) - USD ($) | Dec. 02, 2022 | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | |||
Loans payable | $ 27,378,905 | $ 22,396,190 | |
Seller note payable [Member] | |||
Debt Instrument [Line Items] | |||
Comanche ROV related tooling items and spares | $ 2,500,000 | ||
Payment on acquisition of assets | 1,100,000 | ||
Loans payable | $ 1,400,000 | $ 0 | $ 1,400,000 |
Debt instrument interest rate | 20% | ||
Debt instrument maturity date | Jun. 05, 2024 |
Loans Payable - D&O Insurance N
Loans Payable - D&O Insurance Note Payable - Additional Information (Detail) - D&O Insurance note payable [Member] | Nov. 01, 2023 | Nov. 01, 2022 |
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 7.20% | 4.95% |
Debt instrument maturity date | Oct. 31, 2024 | Nov. 30, 2023 |
Loans Payable - Galileo - Addit
Loans Payable - Galileo - Additional Information (Details) - USD ($) | Feb. 28, 2023 | Dec. 28, 2023 | Dec. 01, 2023 |
Debt Instrument [Line Items] | |||
Debt instrument face amount | $ 2,250,000 | $ 3,750,000 | |
Galileo [Member] | Promissory Note [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | $ 300,000 | ||
Debt instrument interest rate | 11% | ||
Debt instrument, payable date | Apr. 01, 2023 |
Loans Payable - March 2023 Note
Loans Payable - March 2023 Note and Warrant Purchase Agreement - Additional Information - (Details) | 9 Months Ended | 12 Months Ended | |||||||||||
Mar. 06, 2023 USD ($) $ / shares shares | Sep. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 28, 2023 USD ($) | Dec. 01, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jul. 10, 2022 $ / shares shares | Jun. 10, 2022 $ / shares shares | Mar. 31, 2022 shares | Dec. 31, 2020 $ / shares shares | Aug. 25, 2020 $ / shares shares | Oct. 31, 2018 $ / shares shares | |
Debt Instrument [Line Items] | |||||||||||||
Debt instrument face amount | $ 2,250,000 | $ 3,750,000 | |||||||||||
Class of warrant or right, Number of securities called by warrants or rights | shares | 3,703,703 | 4,939,515 | 90,552 | 28,363 | 551,378 | 1,873,622 | 700,000 | ||||||
Exercise Price | $ / shares | $ 3.78 | $ 3.35 | $ 3.35 | $ 3.99 | $ 4.75 | $ 7.155 | |||||||
Closing Price | 120 | 200 | |||||||||||
Amortization of debt discount | $ 3,742,362 | ||||||||||||
Debt discount amount | $ 3,955,449 | $ 0 | |||||||||||
Offering Cost Paid On Financing | $ 98,504 | $ 98,504 | $ 1,087,254 | ||||||||||
March 2023 Note and Warrant Purchase Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Exercise Price | $ / shares | $ 3.78 | ||||||||||||
Debt discount amount | $ 1,697,985 | ||||||||||||
March 2023 Note and Warrant Purchase Agreement [Member] | Pending Litigation [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amortization of debt discount | 2,044,377 | ||||||||||||
Amortization of debt issuance costs | 53,810 | ||||||||||||
Loans Payable [Member] | March 2023 Note and Warrant Purchase Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument face amount | 14,858,816 | ||||||||||||
Long-term debt | 13,116,138 | ||||||||||||
Debt Issuance Costs, Net | 44,693 | ||||||||||||
Note And Warrant Purchase Agreement [Member] | March 2023 Note and Warrant Purchase Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Paid in kind interest payable | $ 858,816 | ||||||||||||
Promissory Note [Member] | March 2023 Note and Warrant Purchase Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument face amount | $ 14,000,000 | ||||||||||||
Debt instrument interest rate | 11% | ||||||||||||
Outstanding principal percentage | 120% | ||||||||||||
Purchase Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrants Fair Value Disclosure | $ 3,742,362 | ||||||||||||
Maximum [Member] | March 2023 Note and Warrant Purchase Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Class of warrant or right, Number of securities called by warrants or rights | shares | 3,703,703 |
Loans Payable - 37 North - Addi
Loans Payable - 37 North - Additional Information (Detail) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 29, 2023 | Dec. 27, 2023 | Jul. 06, 2022 | Jun. 29, 2022 | Aug. 14, 2022 | Aug. 01, 2022 | Aug. 14, 2021 | Aug. 01, 2021 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 28, 2023 | Dec. 01, 2023 | Jun. 30, 2023 | Mar. 31, 2022 | Mar. 07, 2022 | |
Aggregate amount issuable | $ 2,250,000 | $ 3,750,000 | ||||||||||||||
Debt Conversion, Description | At any time from 31 days after the maturity date, 37N has the option to convert all or a portion of the outstanding amount of the indebtedness into conversion shares equal to the quotient obtained by dividing (A) 120% of the amount of the indebtedness, by (B) the lower of $3.66 or 70% of the 10-day volume-weighted average principal (“VWAP”) market trading price of Common Stock. | Anytime from 30 days after the maturity date, 37N had the option to convert all or a portion of the outstanding amount of the indebtedness into conversion shares equal to the quotient obtained by dividing (A) 125% of the amount of the indebtedness, by (B) the lower of $5.94 and 70% of the 10-day VWAP. The aggregate maximum number of shares of Common Stock | ||||||||||||||
Shares Outstanding Post Conversion | % | 19.90% | 19.90% | ||||||||||||||
Percentage of outstanding voting securities | 19.90% | 19.90% | ||||||||||||||
Percentage of payment of unpaid principal amount | 115% | 112.50% | 125% | 115% | 108% | 110% | ||||||||||
Debt Instrument, maturity date, Description | From the maturity date to 29 days after the maturity date (August 27, 2023), we were permitted to repay all (but not less than) of an amount equal to 112.5% of the unpaid amount of the indebtedness. | At any time after the 30th day after the maturity date (August 28, 2023), we are permitted to repay all (but not less than) of an amount equal to 115% of the unpaid amount of the indebtedness after 10 days’ notice. | Anytime, after the 30th day after the maturity date (July 25, 2022), we were permitted to prepay all (but not less than) an amount equal to 125% of the unpaid amount of the indebtedness, however, we were required to provide 37N a prepayment notice at least 10 days prior to repayment. | From the maturity date to 29 days after the maturity date (July 24, 2022), we were permitted to prepay all (but not less than) an amount equal to 115% of the unpaid amount of the indebtedness. | ||||||||||||
Exercise notice period | 10 days | |||||||||||||||
Percentage of number of shares issued after exercise notice | 19.90% | 19.90% | ||||||||||||||
Percentage of payment of unpaid principal amount after exercise notice | 130% | 130% | ||||||||||||||
Debt instrument, convertible, if-converted value in excess of principal | $ 100,000 | $ 2,200,000 | ||||||||||||||
Conversion of stock, shares issued | 1,000,000 | |||||||||||||||
Debt instrument, fair value disclosure | $ 6,000,000 | |||||||||||||||
Embedded derivative, fair value of embedded derivative liability | 702,291 | $ 423,696 | ||||||||||||||
Loans Payable [Member] | ||||||||||||||||
Debt instrument, fair value disclosure | 804,997 | |||||||||||||||
Embedded derivative, fair value of embedded derivative liability | $ 702,291 | |||||||||||||||
Thirty Seven North [Member] | ||||||||||||||||
Debt instrument, convertible, if-converted value in excess of principal | $ 360,003 | |||||||||||||||
Conversion price of Notes | $ 2.3226 | $ 2.3226 | ||||||||||||||
Thirty Seven North [Member] | Common Stock [Member] | ||||||||||||||||
Debt instrument, convertible, if-converted value in excess of principal | $ 300,003 | |||||||||||||||
Conversion of stock, shares issued | 155,000 | |||||||||||||||
Note Purchase Agreement [Member] | Convertible Debt [Member] | ||||||||||||||||
Aggregate amount issuable | $ 1,000,000 | $ 2,000,000 |
Loans Payable - December 2023 N
Loans Payable - December 2023 Note and Warrant Purchase Agreement - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | ||||||||||
Mar. 06, 2023 USD ($) $ / shares shares | Sep. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) | Dec. 28, 2023 USD ($) | Dec. 01, 2023 USD ($) | Jul. 10, 2022 $ / shares shares | Jun. 10, 2022 $ / shares shares | Mar. 31, 2022 shares | Dec. 31, 2020 $ / shares shares | Aug. 25, 2020 $ / shares shares | Oct. 31, 2018 $ / shares shares | |
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 2,250,000 | $ 3,750,000 | ||||||||||
Class of warrant or right, exercise price of warrants or rights | $ / shares | $ 3.78 | $ 3.35 | $ 3.35 | $ 3.99 | $ 4.75 | $ 7.155 | ||||||
Common stock issued for exercise of warrant , Shares | shares | 3,703,703 | 4,939,515 | 90,552 | 28,363 | 551,378 | 1,873,622 | 700,000 | |||||
Closing Price | 120 | 200 | ||||||||||
Offering cost paid on financing | $ 98,504 | $ 98,504 | $ 1,087,254 | |||||||||
Proceeds from Issuance of Warrants | $ 184,601 | |||||||||||
Debt discount amount | $ 3,955,449 | $ 0 | ||||||||||
Amortization of debt discount | $ 3,742,362 | |||||||||||
December 2023 Note and Warrant Purchase Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt discount amount | 2,257,464 | |||||||||||
Amortization of debt discount | 135,099 | |||||||||||
Amortization of debt issuance costs | 3,705 | |||||||||||
Long-term debt | $ 3,680,741 | |||||||||||
December 2023 Note and Warrant Purchase Agreement [Member] | Promissory Note [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 2,250,000 | 3,750,000 | ||||||||||
Debt instrument interest rate | 11% | |||||||||||
Outstanding principal percentage | (120.00%) | |||||||||||
Offering cost paid on financing | $ 65,500 | |||||||||||
Proceeds from Issuance of Warrants | 6,000,000 | |||||||||||
Debt discount amount | $ 2,392,563 | |||||||||||
December 2023 Note and Warrant Purchase Agreement [Member] | Promissory Note [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 6,000,000 | |||||||||||
December 2023 Note and Warrant Purchase Agreement [Member] | Promissory Note [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Class of warrant or right, exercise price of warrants or rights | $ / shares | $ 4.25 | |||||||||||
Common stock issued for exercise of warrant , Shares | shares | 1,411,765 | |||||||||||
Closing Price | 120 | |||||||||||
December 2023 Note and Warrant Purchase Agreement [Member] | Promissory Note [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Class of warrant or right, exercise price of warrants or rights | $ / shares | $ 7.09 | |||||||||||
Common stock issued for exercise of warrant , Shares | shares | 211,565 | |||||||||||
Closing Price | 200 | |||||||||||
Loans Payable [Member] | December 2023 Note and Warrant Purchase Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face amount | $ 6,611,839 | |||||||||||
Loans Payable [Member] | Litigation Financing | December 2023 Note and Warrant Purchase Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Issuance Costs, Net | $ 61,795 |
Loans Payable - Accrued interes
Loans Payable - Accrued interest - Additional Information (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Note One To Note Thirteen [Member] | ||
Accrued interest on debt | $ 912,615 | $ 12,265,891 |
Fair Value Financial Instrume_3
Fair Value Financial Instruments - Litigation Financing - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Mar. 06, 2023 | Jun. 14, 2021 | Dec. 12, 2020 | Jun. 14, 2019 | Jan. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | |
Litigation Financing [Line Items] | ||||||||
Litigation Settlement Loans Payable | $ 1,000,000 | $ 0 | ||||||
Payments of Financing Costs | 160,283 | 0 | ||||||
Debt discount amount | 3,955,449 | 0 | ||||||
Fair value of the obligation | 52,100,000 | 45,400,000 | ||||||
Asset at fair value, changes in fair value resulting from changes in assumptions | 6,700,000 | $ 15,700,000 | ||||||
Debt Instrument, Fair Value Disclosure | 6,000,000 | |||||||
Derivative [Member] | ||||||||
Litigation Financing [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | 52,100,000 | |||||||
Warrant [Member] | ||||||||
Litigation Financing [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | 1,100,000 | |||||||
Amended and Restated International Claims Enforcement Agreement [Member] | ||||||||
Litigation Financing [Line Items] | ||||||||
Litigation Settlement Loans Payable | $ 2,200,000 | |||||||
Litigation Settlement Loans Payable Transaction Costs | $ 200,000 | |||||||
Common stock and warrants sold | 3.99 | |||||||
Second Amended and Restated International Claims Enforcement Agreement [Member] | ||||||||
Litigation Financing [Line Items] | ||||||||
Claims Payment Maximum Amount | $ 20,000,000 | |||||||
Litigation Settlement Loans Payable Transaction Costs | 200,000 | |||||||
Third Amended And Restated International Claims Enforcement Agreement [Member] | ||||||||
Litigation Financing [Line Items] | ||||||||
Claims Payment Maximum Amount | $ 25,000,000 | |||||||
Litigation Settlement Loans Payable Transaction Costs | $ 80,000 | |||||||
Increase decrease in claims amount agreed to be financed in connection with litigation to be settled | $ 5,000,000 | |||||||
Claims amount agreed to be financed in connection with litigation to be settled description | The Third Restated Agreement requires the Claimholder to request $2.5 million of the Incremental Amount (the “First $2.5 Million”). Within 15 days after exhaustion of the First $2.5 Million, the Claimholder may either (a) request the remaining $2.5 million (the “Second $2.5 Million”) of the Incremental Amount or (b) notify the Funder that the Claimholder has decided to self-fund the Second $2.5 Million. | |||||||
Waiver Agreement [Member] | Litigation Financing | ||||||||
Litigation Financing [Line Items] | ||||||||
Claims Payment Maximum Amount | $ 5,000,000 | |||||||
Nonrefundable fee | $ 1,000,000 | |||||||
Phase Three [Member] | Second Amended and Restated International Claims Enforcement Agreement [Member] | ||||||||
Litigation Financing [Line Items] | ||||||||
Claims Payment Maximum Amount | $ 10,000,000 | |||||||
Pending Litigation [Member] | Phase One [Member] | Proceeds One [Member] | ||||||||
Litigation Financing [Line Items] | ||||||||
Description of conditions for distribution of proceeds to the claimholder and funder | first, 100.0% to the Funder, until the cumulative amount distributed to the Funder equals the total Claims Payments paid by the Funder under Phase I; | |||||||
Pending Litigation [Member] | Phase One [Member] | Proceeds Two [Member] | ||||||||
Litigation Financing [Line Items] | ||||||||
Description of conditions for distribution of proceeds to the claimholder and funder | second, 100.0% to the Funder until the cumulative amount distributed to the Funder equals an IRR of 20% of Claims Payments paid by the Funder under Phase I (“Phase I Compensation”), per annum; and | |||||||
Pending Litigation [Member] | Phase One [Member] | Proceeds Three [Member] | ||||||||
Litigation Financing [Line Items] | ||||||||
Description of conditions for distribution of proceeds to the claimholder and funder | thereafter, 100.0% to the Claimholder. | |||||||
Pending Litigation [Member] | Phase Two [Member] | Proceeds One [Member] | ||||||||
Litigation Financing [Line Items] | ||||||||
Description of conditions for distribution of proceeds to the claimholder and funder | first, 100.0% to the Funder until the cumulative amount distributed to the Funder equals the total Claims Payments paid by the Funder under Phases I and II; | |||||||
Pending Litigation [Member] | Phase Two [Member] | Proceeds Two [Member] | ||||||||
Litigation Financing [Line Items] | ||||||||
Description of conditions for distribution of proceeds to the claimholder and funder | second, 100.0% to the Funder until the cumulative amount distributed to the Funder equals an additional 300.0% of Phase I Investment Amount; plus an additional 300% of the Tranche A Committed Amount (i.e. 300.0% of $3.5 million), less any amounts remaining of the Tranche A Committed Amount that the Funder did not pay as Claims Payments; plus an additional 300.0% of the Tranche B Committed Amount (i.e. 300.0% of $1.5 million), if the Claimholder exercises the Tranche B funding option, less any amounts remaining of the Tranche B Committed Amount that the Funder did not pay as Claims Payments; | |||||||
Pending Litigation [Member] | Phase Two [Member] | Proceeds Three [Member] | ||||||||
Litigation Financing [Line Items] | ||||||||
Description of conditions for distribution of proceeds to the claimholder and funder | third, for each $10,000 in specified fees and expenses paid by the Funder under Phase I and Phase II and any amounts over each $10,000 of the Tranche A Committed Amount and the Tranche B Committed Amount (if the Claimholder exercises the Tranche B funding option), 0.01% of the total Proceeds from any recoveries after repayment of (i) and (ii) above, to the Funder; and | |||||||
Pending Litigation [Member] | Phase Two [Member] | Proceeds Four [Member] | ||||||||
Litigation Financing [Line Items] | ||||||||
Description of conditions for distribution of proceeds to the claimholder and funder | thereafter, 100% to the Claimholder. | |||||||
Poplar Falls LLC [Member] | Pending Litigation [Member] | ||||||||
Litigation Financing [Line Items] | ||||||||
Claims Payment Maximum Amount | $ 6,500,000 | |||||||
Proceeds from advance | $ 2,000,000 | |||||||
Payments of Financing Costs | 200,000 | |||||||
Debt discount amount | $ 1,063,811 | |||||||
Poplar Falls LLC [Member] | Pending Litigation [Member] | Phase One [Member] | ||||||||
Litigation Financing [Line Items] | ||||||||
Claims Payment Maximum Amount | 1,500,000 | |||||||
Cost Of Funding The Claims For Litigation | 80,000 | |||||||
Poplar Falls LLC [Member] | Pending Litigation [Member] | Phase Two [Member] | ||||||||
Litigation Financing [Line Items] | ||||||||
Claims Payment Maximum Amount | 5,000,000 | |||||||
Cost Of Funding The Claims For Litigation | 80,000 | |||||||
Poplar Falls LLC [Member] | Pending Litigation [Member] | Phase Two [Member] | Tranch A [Member] | ||||||||
Litigation Financing [Line Items] | ||||||||
Claims amount option to request | 3,500,000 | |||||||
Poplar Falls LLC [Member] | Pending Litigation [Member] | Phase Two [Member] | Tranch B [Member] | ||||||||
Litigation Financing [Line Items] | ||||||||
Claims amount option to request | $ 1,500,000 |
Fair Value Financial Instrume_4
Fair Value Financial Instruments - Warrant Liability - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | ||||||||
Jul. 10, 2022 shares | Jun. 10, 2022 USD ($) shares | Sep. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 06, 2023 shares | Mar. 31, 2022 shares | Dec. 31, 2020 shares | Aug. 25, 2020 shares | Oct. 31, 2018 shares | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||
Purchase of number of shares | shares | 4,939,515 | |||||||||
Class of warrant or right, Number of securities called by warrants or rights | shares | 4,939,515 | 90,552 | 3,703,703 | 28,363 | 551,378 | 1,873,622 | 700,000 | |||
Offering expenses | $ 0 | $ 723,546 | ||||||||
Net proceeds received from sale | $ 184,601 | |||||||||
2022 Warrant [Member] | ||||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||
Purchase of number of shares | shares | 4,939,515 | |||||||||
Class of warrant or right, Number of securities called by warrants or rights | shares | 4,939,515 | |||||||||
Offering expenses | $ 1,800,000 | |||||||||
Beginning of business | Dec. 10, 2022 | |||||||||
Ending of business | Jun. 10, 2027 | |||||||||
Incremental costs | $ 1,800,000 | |||||||||
Reduction in equity | 1,087,000 | |||||||||
Net proceeds received from sale | $ 14,700,000 | |||||||||
2022 Warrant [Member] | Measurement Input, Exercise Price [Member] | ||||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||
Long-term debt measurement input | 3.35 | |||||||||
2022 Warrant [Member] | Measurement Input, Share Price [Member] | ||||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||
Long-term debt measurement input | 3.35 |
Fair Value Financial Instrume_5
Fair Value Financial Instruments - Schedule of Company's Outsanding And Exercisable Warrants (Detail) - USD ($) | Dec. 31, 2023 | Mar. 06, 2023 | Jul. 10, 2022 | Jun. 10, 2022 | Dec. 31, 2020 | Aug. 25, 2020 | Oct. 31, 2018 |
Class of Warrant or Right [Line Items] | |||||||
Exercise Price | $ 3.78 | $ 3.35 | $ 3.35 | $ 3.99 | $ 4.75 | $ 7.155 | |
Total Warrants Outstanding | $ 12,797,148 | ||||||
Exercisable Warrants Outstanding | $ 12,797,148 | ||||||
6/10/2022 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Exercise Price | $ 3.35 | ||||||
Total Warrants Outstanding | $ 4,848,963 | ||||||
Exercisable Warrants Outstanding | $ 4,848,963 | ||||||
Expiration Date | Jun. 10, 2027 | ||||||
3/6/2023 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Exercise Price | $ 3.78 | ||||||
Total Warrants Outstanding | $ 3,703,711 | ||||||
Exercisable Warrants Outstanding | $ 3,703,711 | ||||||
Expiration Date | Mar. 06, 2026 | ||||||
Various 2020 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Exercise Price | $ 3.99 | ||||||
Total Warrants Outstanding | $ 551,378 | ||||||
Exercisable Warrants Outstanding | $ 551,378 | ||||||
12/1/2023 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Exercise Price | $ 4.25 | ||||||
Total Warrants Outstanding | $ 1,411,769 | ||||||
Exercisable Warrants Outstanding | $ 1,411,769 | ||||||
Expiration Date | Dec. 01, 2026 | ||||||
8/25/2020 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Exercise Price | $ 4.75 | ||||||
Total Warrants Outstanding | $ 1,873,622 | ||||||
Exercisable Warrants Outstanding | $ 1,873,622 | ||||||
Expiration Date | Feb. 25, 2024 | ||||||
7/19/2019 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Exercise Price | $ 5.76 | ||||||
Total Warrants Outstanding | $ 196,135 | ||||||
Exercisable Warrants Outstanding | $ 196,135 | ||||||
Expiration Date | Jul. 08, 2024 | ||||||
12/1/2023 [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Exercise Price | $ 7.09 | ||||||
Total Warrants Outstanding | $ 211,570 | ||||||
Exercisable Warrants Outstanding | $ 211,570 | ||||||
Expiration Date | Dec. 01, 2026 |
Fair Value Financial Instrume_6
Fair Value Financial Instruments - Schedule of Company's Fair Value Imputs Of The Warrants (Detail) | Dec. 31, 2023 yr |
6/10/2022 [Member] | Stock price [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 4.65 |
6/10/2022 [Member] | Exercise price [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 3.35 |
6/10/2022 [Member] | Term in years [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 5 |
6/10/2022 [Member] | Volatility [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 62.8 |
6/10/2022 [Member] | Treasury Yield [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 3.84 |
3/6/2023 [Member] | Stock price [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 4.65 |
3/6/2023 [Member] | Exercise price [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 3.78 |
3/6/2023 [Member] | Term in years [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 3 |
3/6/2023 [Member] | Volatility [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 63.7 |
3/6/2023 [Member] | Treasury Yield [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 4.61 |
12/1/2023 [Member] | Stock price [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 4.65 |
12/1/2023 [Member] | Exercise price [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 4.25 |
12/1/2023 [Member] | Term in years [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 3 |
12/1/2023 [Member] | Volatility [Member] | Minimum [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 58.3 |
12/1/2023 [Member] | Volatility [Member] | Maximum [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 59.9 |
12/1/2023 [Member] | Treasury Yield [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 4.31 |
12/1/2023 [Member] | Stock price [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 4.65 |
12/1/2023 [Member] | Exercise price [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 7.09 |
12/1/2023 [Member] | Term in years [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 3 |
12/1/2023 [Member] | Volatility [Member] | Minimum [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 58.3 |
12/1/2023 [Member] | Volatility [Member] | Maximum [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 59.9 |
12/1/2023 [Member] | Treasury Yield [Member] | |
Fair Value Disclosures [Line Items] | |
Warrants | 4.31 |
6/29/2023 [Member] | Stock price [Member] | |
Fair Value Disclosures [Line Items] | |
Derivative liabilities | 4.65 |
6/29/2023 [Member] | Exercise price [Member] | |
Fair Value Disclosures [Line Items] | |
Derivative liabilities | 3.7 |
6/29/2023 [Member] | Term in years [Member] | |
Fair Value Disclosures [Line Items] | |
Derivative liabilities | 0.75 |
6/29/2023 [Member] | Volatility [Member] | |
Fair Value Disclosures [Line Items] | |
Derivative liabilities | 59.5 |
6/29/2023 [Member] | Treasury Yield [Member] | |
Fair Value Disclosures [Line Items] | |
Derivative liabilities | 5 |
6/4/2023 [Member] | Stock price [Member] | |
Fair Value Disclosures [Line Items] | |
Derivative liabilities | 4.65 |
6/4/2023 [Member] | Exercise price [Member] | |
Fair Value Disclosures [Line Items] | |
Derivative liabilities | 4.4 |
6/4/2023 [Member] | Term in years [Member] | |
Fair Value Disclosures [Line Items] | |
Derivative liabilities | 1 |
6/4/2023 [Member] | Volatility [Member] | |
Fair Value Disclosures [Line Items] | |
Derivative liabilities | 66.9 |
6/4/2023 [Member] | Treasury Yield [Member] | |
Fair Value Disclosures [Line Items] | |
Derivative liabilities | 4.8 |
Sale-leaseback Financing Obli_3
Sale-leaseback Financing Obligations - Schedule of Remaining future cash payments related to the financing liability (Details) | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 540,000 |
2025 | 540,000 |
2026 | 540,000 |
2027 | 4,700,000 |
Total | $ 6,320,000 |
Sale-leaseback Financing Obli_4
Sale-leaseback Financing Obligations - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2023 | Apr. 04, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Sale Leaseback Transaction [Line Items] | ||||
Proceeds from sale of equipment | $ 317,750 | $ 0 | ||
Sale-leaseback Transaction Dated April 4, 2023 [Member] | ||||
Sale Leaseback Transaction [Line Items] | ||||
Sale-leaseback transaction date | April 4, 2023 | |||
Proceeds from sale of equipment | $ 3,500,000 | |||
Initial base rent | $ 35,000 | |||
Lease terms | As a part of each of the lease agreements, the lessee is granted an option to purchase the marine equipment back from the buyer, that can be exercised at any time during the period commencing on the first anniversary of the date of the agreements and ending on the day that is 120 days prior to the expiration of the lease term. If the lessee has not already delivered such notice at least 120 days prior to the expiration of the lease term, it is required to purchase the marine equipment upon the expiration of the lease term. | |||
Sale-leaseback transaction term | 4 years | |||
Notice period for option to purchase property prior to lease expiration term | 120 days | |||
Sale-leaseback carrying value of financing liabilities | 3,202,044 | |||
Gain or loss of sale-leaseback | 0 | |||
Sale-leasebacks recorded third party payments | $ 350,000 | |||
Sale-leaseback Transaction Dated April 4, 2023 [Member] | Minimum [Member] | ||||
Sale Leaseback Transaction [Line Items] | ||||
Notice period for option to purchase property prior to lease expiration term | 120 days | |||
Sale-leaseback Transaction Dated June 30, 2023 [Member] | ||||
Sale Leaseback Transaction [Line Items] | ||||
Sale-leaseback transaction date | June 30, 2023 | |||
Proceeds from sale of equipment | $ 1,000,000 | |||
Initial base rent | $ 10,000 | |||
Lease terms | As a part of each of the lease agreements, the lessee is granted an option to purchase the marine equipment back from the buyer, that can be exercised at any time during the period commencing on the first anniversary of the date of the agreements and ending on the day that is 120 days prior to the expiration of the lease term. If the lessee has not already delivered such notice at least 120 days prior to the expiration of the lease term, it is required to purchase the marine equipment upon the expiration of the lease term. | |||
Sale-leaseback transaction term | 4 years | |||
Notice period for option to purchase property prior to lease expiration term | 120 days | |||
Sale-leaseback carrying value of financing liabilities | 910,288 | |||
Gain or loss of sale-leaseback | $ 0 | |||
Sale-leasebacks recorded third party payments | $ 100,000 | |||
Sale-leaseback Transaction Dated June 30, 2023 [Member] | Minimum [Member] | ||||
Sale Leaseback Transaction [Line Items] | ||||
Notice period for option to purchase property prior to lease expiration term | 120 days |
Accrued Expenses - Components o
Accrued Expenses - Components of Accrued Expenses (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Compensation and incentives | $ 5,239 | $ 354,186 |
Professional services | 296,332 | 470,672 |
Deposit | 450,000 | 657,331 |
Interest | 912,915 | 12,265,891 |
Exploration license fees | 6,828,872 | 3,864,370 |
Other | 0 | 3,057 |
Total accrued expenses | $ 8,493,358 | $ 17,615,507 |
Accrued Expenses - Additional I
Accrued Expenses - Additional Information (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deposit | $ 450,000 | $ 657,331 |
CIC [Member] | ||
Deposit | $ 450,000 |
Stockholders' Equity (Deficit_2
Stockholders' Equity (Deficit) - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 29, 2023 $ / shares shares | Dec. 27, 2023 USD ($) $ / shares | Nov. 15, 2023 shares | Aug. 07, 2023 shares | Jun. 09, 2023 shares | May 24, 2023 shares | Mar. 06, 2023 $ / shares shares | Mar. 03, 2023 $ / shares shares | Dec. 09, 2022 shares | Dec. 08, 2022 shares | Jul. 10, 2022 USD ($) $ / shares shares | Jul. 06, 2022 USD ($) | Jun. 29, 2022 USD ($) | Aug. 14, 2020 $ / shares shares | Aug. 13, 2019 $ / shares | Jul. 09, 2019 | Jul. 08, 2019 $ / shares shares | Mar. 26, 2019 shares | Jun. 09, 2015 USD ($) shares | Sep. 30, 2023 USD ($) shares | Dec. 31, 2023 USD ($) IncentivePlan Day $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 28, 2023 USD ($) | Dec. 01, 2023 USD ($) | Jun. 30, 2023 shares | Jun. 10, 2022 $ / shares shares | Mar. 31, 2022 shares | Dec. 31, 2020 $ / shares shares | Aug. 25, 2020 $ / shares shares | Oct. 31, 2018 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Exercise Price | $ / shares | $ 3.78 | $ 3.35 | $ 3.35 | $ 3.99 | $ 4.75 | $ 7.155 | ||||||||||||||||||||||||
Number of trading days | Day | 20 | |||||||||||||||||||||||||||||
Number of stock incentive plans | IncentivePlan | 3 | |||||||||||||||||||||||||||||
Stock incentive plan expiration date | Aug. 31, 2015 | |||||||||||||||||||||||||||||
Award authorized by board | 800,000 | |||||||||||||||||||||||||||||
Share-based compensation expense | $ | $ 585,654 | $ 1,811,551 | ||||||||||||||||||||||||||||
Number of stock options granted | 264,458 | 621,348 | ||||||||||||||||||||||||||||
Aggregate intrinsic values of options exercisable | $ | $ 520,544 | $ 127,605 | ||||||||||||||||||||||||||||
Aggregate intrinsic values of options outstanding | $ | 872,540 | 202,587 | ||||||||||||||||||||||||||||
Aggregate intrinsic values of options exercised | $ | 65,988 | 0 | ||||||||||||||||||||||||||||
Unrecognized compensation cost related to unvested | $ | $ 611,778 | |||||||||||||||||||||||||||||
Unrecognized compensation cost related to unvested expected remaining | 2 years 7 days | |||||||||||||||||||||||||||||
Total fair value of shares vested | $ | $ 661,321 | 1,412,087 | ||||||||||||||||||||||||||||
Total fair value of shares unvested | $ | $ 1,500,137 | $ 998,743 | ||||||||||||||||||||||||||||
Weighted-average grant date fair value of restricted stock awards | $ / shares | $ 4.94 | $ 3.27 | ||||||||||||||||||||||||||||
Number of warrants | 12,797,139 | 8,392,466 | ||||||||||||||||||||||||||||
Class of warrant or right, Number of securities called by warrants or rights | 3,703,703 | 4,939,515 | 90,552 | 28,363 | 551,378 | 1,873,622 | 700,000 | |||||||||||||||||||||||
Sale of stock, Number of shares issued in transaction | 4,939,515 | |||||||||||||||||||||||||||||
Offering costs paid on sale of common stock | $ | $ 14,700,000 | |||||||||||||||||||||||||||||
Warrants, expiration beginning date | Dec. 10, 2022 | |||||||||||||||||||||||||||||
Warrants, expiration date | Jun. 10, 2027 | |||||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 0 | $ 239,303 | $ 16,512,375 | |||||||||||||||||||||||||||
Purchase price of warrant | $ / shares | $ 3.35 | |||||||||||||||||||||||||||||
Gain on Cuota Appreciation Rights extinguishment | $ | 315,235 | |||||||||||||||||||||||||||||
Debt instrument, convertible, if-converted value in excess of principal | $ | $ 100,000 | $ 2,200,000 | ||||||||||||||||||||||||||||
Conversion of stock, shares issued | 1,000,000 | |||||||||||||||||||||||||||||
Closing Price | 120 | 200 | ||||||||||||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 678,339 | |||||||||||||||||||||||||||||
Warrants and Rights Outstanding, Term | 5 years | |||||||||||||||||||||||||||||
Aggregate amount issuable | $ | $ 2,250,000 | $ 3,750,000 | ||||||||||||||||||||||||||||
Common stock, value, issued | $ | $ 2,007 | $ 2,042 | 1,954 | |||||||||||||||||||||||||||
Employee | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Number of stock options granted | 604,243 | |||||||||||||||||||||||||||||
Third Party Consultant | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Number of stock options granted | 17,105 | |||||||||||||||||||||||||||||
Note And Warrant Purchase Agreement [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Exercise Price | $ / shares | $ 4.67 | $ 12 | ||||||||||||||||||||||||||||
Number of warrants | 65,625 | |||||||||||||||||||||||||||||
Class of warrant or right, Number of securities called by warrants or rights | 131,816 | |||||||||||||||||||||||||||||
Warrants, expiration date | Aug. 14, 2023 | Jul. 21, 2021 | Jul. 12, 2024 | |||||||||||||||||||||||||||
Note And Warrant Purchase Agreement [Member] | Second Amendment Agreement [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Exercise Price | $ / shares | $ 5.756 | |||||||||||||||||||||||||||||
Class of warrant or right, Number of securities called by warrants or rights | 196,135 | |||||||||||||||||||||||||||||
Termination Agreement [Member] | MINOSA [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Common stock issued for convertible debt conversion, Shares | 304,879 | |||||||||||||||||||||||||||||
Common stock share market | $ / shares | $ 3.28 | |||||||||||||||||||||||||||||
Two Sea Notes Agreement [Member] | Promissory Note [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Aggregate amount issuable | $ | $ 2,250,000 | $ 3,750,000 | ||||||||||||||||||||||||||||
2015 Stock Incentive Plan [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Award authorized by board | 450,000 | |||||||||||||||||||||||||||||
Thirty Seven North [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Debt instrument, convertible, if-converted value in excess of principal | $ | $ 360,003 | |||||||||||||||||||||||||||||
Conversion price of Notes | $ / shares | $ 2.3226 | $ 2.3226 | ||||||||||||||||||||||||||||
Common stock, value, issued | $ | $ 360,003 | |||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Tranche One [Member] | Two Sea Notes Agreement [Member] | Promissory Note [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Exercise Price | $ / shares | $ 4.25 | |||||||||||||||||||||||||||||
Class of warrant or right, Number of securities called by warrants or rights | 1,411,769 | |||||||||||||||||||||||||||||
Closing Price | 120 | |||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Tranche Two [Member] | Two Sea Notes Agreement [Member] | Promissory Note [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Exercise Price | $ / shares | $ 7.09 | |||||||||||||||||||||||||||||
Class of warrant or right, Number of securities called by warrants or rights | 211,569 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Incentive Stock Options [Member] | 2015 Stock Incentive Plan [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Award authorized by board | 450,000 | |||||||||||||||||||||||||||||
Additional shares authorized for stock-based compensation | 200,000 | |||||||||||||||||||||||||||||
Incentive Stock Options [Member] | Minimum [Member] | 2019 Stock Incentive Plan [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Additional shares authorized for stock-based compensation | 1,600,000 | |||||||||||||||||||||||||||||
Incentive Stock Options [Member] | Maximum [Member] | 2019 Stock Incentive Plan [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Additional shares authorized for stock-based compensation | 2.4 | |||||||||||||||||||||||||||||
Unvested Restricted Stock Awards Excluded from EPS [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Fair value of restricted stock, awards vested | $ | $ 146,647 | 1,064,331 | ||||||||||||||||||||||||||||
Fair value of unvested restricted stock awards | $ | $ 46,905 | $ 176,998 | ||||||||||||||||||||||||||||
Weighted-average remaining contractual term | 0 years | 2 years 3 months 18 days | ||||||||||||||||||||||||||||
Total unrecognized compensation cost related to unvested restricted stock awards | $ | $ 34,405 | |||||||||||||||||||||||||||||
Cuota Appreciation Rights [Member] | Key Employee Plan [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Vested and Outstanding | 385,580 | |||||||||||||||||||||||||||||
Cuota Appreciation Rights [Member] | Non Employee Director Plan [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Vested and Outstanding | 292,663 | |||||||||||||||||||||||||||||
Cuota Appreciation Rights [Member] | Carrying Value [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Value of cuotas of Oceanica | $ / shares | $ 3 | |||||||||||||||||||||||||||||
Cuota Appreciation Rights [Member] | Fair Value [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Value of cuotas of Oceanica | $ / shares | $ 1 | |||||||||||||||||||||||||||||
Cuota Appreciation Rights [Member] | Maximum [Member] | Key Employee Plan [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Award authorized by board | 750,000 | |||||||||||||||||||||||||||||
Cuota Appreciation Rights [Member] | Maximum [Member] | Director Plan [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Award authorized by board | 600,000 | |||||||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Class of warrant or right, Number of securities called by warrants or rights | 90,552 | 90,552 | ||||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 1,800,000 | |||||||||||||||||||||||||||||
Common stock issued for convertible debt conversion, Shares | 155,000 | |||||||||||||||||||||||||||||
Common Stock [Member] | Share-Based Payment Arrangement, Employee [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Number of stock options granted | 417 | 57,500 | ||||||||||||||||||||||||||||
Common Stock [Member] | Employee | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Number of stock options granted | 200,000 | |||||||||||||||||||||||||||||
Common Stock [Member] | Director [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Number of stock options granted | 6,541 | |||||||||||||||||||||||||||||
Common Stock [Member] | Thirty Seven North [Member] | ||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||
Debt instrument, convertible, if-converted value in excess of principal | $ | $ 300,003 | |||||||||||||||||||||||||||||
Conversion of stock, shares issued | 155,000 | |||||||||||||||||||||||||||||
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% | |||||||||||||||||||||||||||||
Purchase price of common stock percentage | (110.00%) |
Stockholders' Equity (Deficit_3
Stockholders' Equity (Deficit) - Summary of Common Stock Warrants Outstanding (Detail) - $ / shares | 12 Months Ended | |||||||
Jul. 10, 2022 | Dec. 31, 2023 | Mar. 06, 2023 | Dec. 31, 2022 | Jun. 10, 2022 | Dec. 31, 2020 | Aug. 25, 2020 | Oct. 31, 2018 | |
Class of Warrant or Right [Line Items] | ||||||||
Common Stock Warrants | 12,797,139 | 8,392,466 | ||||||
Exercise Price | $ 3.35 | $ 3.78 | $ 3.35 | $ 3.99 | $ 4.75 | $ 7.155 | ||
Termination Date | Jun. 10, 2027 | |||||||
Class of Warrant One [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Issue Date | 6/10/2022 | |||||||
Common Stock Warrants | 4,848,963 | 4,939,515 | ||||||
Exercise Price | $ 3.35 | |||||||
Termination Date | Dec. 10, 2027 | |||||||
Class of Warrant Two [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Issue Date | 3/6/2023 | |||||||
Common Stock Warrants | 3,703,703 | 0 | ||||||
Exercise Price | $ 3.78 | |||||||
Termination Date | Mar. 06, 2026 | |||||||
Class of Warrant Three [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Issue Date | Various 2020 | |||||||
Common Stock Warrants | 551,378 | 551,378 | ||||||
Exercise Price | $ 3.99 | |||||||
Class of Warrant Four [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Issue Date | 12/1/2023 | |||||||
Common Stock Warrants | 1,411,769 | 0 | ||||||
Exercise Price | $ 4.25 | |||||||
Termination Date | Dec. 01, 2026 | |||||||
Class of Warrant Five [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Issue Date | 8/14/2020 | |||||||
Common Stock Warrants | 0 | 131,816 | ||||||
Exercise Price | $ 4.67 | |||||||
Termination Date | Aug. 14, 2023 | |||||||
Class of Warrant Six [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Issue Date | 8/25/2020 | |||||||
Common Stock Warrants | 1,873,622 | 1,873,622 | ||||||
Exercise Price | $ 4.75 | |||||||
Termination Date | Feb. 25, 2024 | |||||||
Class of Warrant Seven [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Issue Date | 7/19/2019 | |||||||
Common Stock Warrants | 196,135 | 196,135 | ||||||
Exercise Price | $ 5.76 | |||||||
Termination Date | Jul. 08, 2024 | |||||||
Class of Warrant Eight [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Issue Date | 12/1/2023 | |||||||
Common Stock Warrants | 211,569 | 0 | ||||||
Exercise Price | $ 7.09 | |||||||
Termination Date | Dec. 01, 2026 | |||||||
Class of Warrant Nine [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Issue Date | 11/2/2018 | |||||||
Common Stock Warrants | 0 | 700,000 | ||||||
Exercise Price | $ 7.16 | |||||||
Termination Date | Nov. 02, 2023 |
Stockholders' Equity (Deficit_4
Stockholders' Equity (Deficit) - Summary of Preferred Stock Allocated to Investors (Detail) - Penelope Mining LLC [Member] | Dec. 31, 2023 USD ($) $ / shares shares |
Preferred Stock [Line Items] | |
Shares | shares | 15,650,149 |
Total 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 |
Total 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 |
Total Investment | $ | $ 43,338,870 |
Stockholders' Equity (Deficit_5
Stockholders' Equity (Deficit) - Summary of Options Valued in Estimated on Date of Grant Using Black-Scholes Option-Pricing Model with Following Assumptions Used for Grants Issued (Details) - $ / shares | Nov. 15, 2023 | Aug. 07, 2023 | Jun. 09, 2023 | May 24, 2023 | Dec. 09, 2022 | Dec. 08, 2022 |
Employee | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Risk free interest rate | 4.52% | 4.16% | 3.92% | 3.76% | 3.75% | |
Expected life | 5 years | 5 years | 5 years | 5 years | 5 years | |
Expected volatility | 63.67% | 64.18% | 63.88% | 63.75% | 83.56% | |
Grant-date fair value | $ 2.1 | $ 2.12 | $ 2.01 | $ 1.7 | $ 2.45 | |
Third Party Consultant | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Risk free interest rate | 3.71% | |||||
Expected life | 5 years | |||||
Expected volatility | 83.53% | |||||
Grant-date fair value | $ 2.34 |
Stockholders' Equity (Deficit_6
Stockholders' Equity (Deficit) - Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Number of Shares, Outstanding, Beginning | 859,999 | 238,651 | |
Number of Shares, Granted | 264,458 | 621,348 | |
Number of Shares, Exercised | (62,846) | 0 | |
Number of Shares, Cancelled | (123,987) | 0 | |
Number of Shares, Outstanding, Ending | 937,624 | 859,999 | 238,651 |
Number of Shares, Options exercisable | 615,014 | 602,591 | 238,651 |
Weighted Average Exercise Price Outstanding, Beginning | $ 7.02 | $ 15.95 | |
Weighted Average Exercise Price, Granted | 3.55 | 3.6 | |
Weighted Average Exercise Price, Exercised | 3.6 | 0 | |
Weighted Average Exercise Price, Cancelled | 17.42 | 0 | |
Weighted Average Exercise Price, Outstanding, Ending | 4.9 | 7.02 | $ 15.95 |
Weighted Average Exercise Price, Options exercisable | $ 5.6 | $ 8.49 | $ 15.95 |
Weighted Average Life , Outstanding, Ending | 3 years 7 months 13 days | ||
Weighted Average Life , Options exercisable | 3 years 3 months | 3 years 8 months 15 days | 4 years 9 months 25 days |
Stockholders' Equity (Deficit_7
Stockholders' Equity (Deficit) - Stock Options Outstanding (Detail) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices (Minimum) | $ 12.48 |
Range of Exercise Prices (Maximum) | $ 12.84 |
Number of Shares Outstanding | shares | 141,000 |
Weighted Average Remaining Contractual Life in Years | 1 year |
Weighted Average Exercise Price | $ 12.49 |
Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices (Minimum) | 2.02 |
Range of Exercise Prices (Maximum) | $ 3.6 |
Number of Shares Outstanding | shares | 796,624 |
Weighted Average Remaining Contractual Life in Years | 4 years 29 days |
Weighted Average Exercise Price | $ 3.55 |
Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Shares Outstanding | shares | 937,624 |
Weighted Average Remaining Contractual Life in Years | 3 years 7 months 13 days |
Weighted Average Exercise Price | $ 4.9 |
Stockholders' Equity (Deficit_8
Stockholders' Equity (Deficit) - Estimated Fair Value of Restricted Stock Award (Detail) - Unvested Restricted Stock Awards Excluded from EPS [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares Unvested, Beginning Balance | 45,618 |
Number of Shares, Granted | 0 |
Number of Shares, Vested | (31,537) |
Number of Shares, Cancelled | (3,994) |
Number of Shares Unvested, Ending Balance | 10,087 |
Weighted Average Grant Date Fair Value Unvested, Beginning Balance | $ / shares | $ 6.54 |
Weighted Average Grant Date Fair Value Unvested, Ending Balance | $ / shares | $ 3.41 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Line Items] | ||
Net deferred tax asset | $ 0 | $ 0 |
Federal [Member] | ||
Income Taxes [Line Items] | ||
Net operating loss carryforwards subject to expiration | $ 212,425,199 | |
Net operating loss carryforwards expiration year | 2025 | |
Net operating loss carryforwards expiration year | 2035 | |
Net operating loss carryforwards, indefinitely | $ 55 | |
Foreign [Member] | ||
Income Taxes [Line Items] | ||
Net operating loss carryforwards subject to expiration | 46,098,050 | |
2025 Through 2027 [Member] | ||
Income Taxes [Line Items] | ||
Net operating loss carryforwards subject to expiration | 29 | |
2028 Through 2037 [Member] | ||
Income Taxes [Line Items] | ||
Net operating loss carryforwards subject to expiration | $ 128 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Provision for Income Tax (Benefits) are Attributable to Continuing Operations (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current | ||
Federal | $ 0 | $ 0 |
State | 0 | 0 |
Total | 0 | 0 |
Deferred | ||
Federal | 0 | 0 |
State | 0 | 0 |
Total | $ 0 | $ 0 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Net operating loss and tax credit carryforwards | $ 67,688,664 | $ 64,609,834 |
Start-up costs | 0 | 6,033 |
Excess of book over tax depreciation | 39,070 | 206,998 |
Stock option and restricted stock award expense | 1,799,988 | 1,806,546 |
Debt Extinguishment | 61,946 | 61,945 |
Less: valuation allowance | (69,345,930) | (66,461,662) |
Deferred tax assets | 243,738 | 229,694 |
Deferred tax liability: | ||
Property and equipment basis | 84,020 | 50,174 |
Prepaid expenses | 159,718 | 179,520 |
Deferred tax liabilities | 243,738 | 229,694 |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes - Schedule of Chan
Income Taxes - Schedule of Change in Valuation Allowance (Detail) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Income Tax Disclosure [Abstract] | |
Valuation allowance | $ 66,461,662 |
Change in valuation allowance | (2,884,268) |
Valuation allowance | $ 69,345,930 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income (Loss) Before Income Taxes (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Expected (benefit) | $ 1,122,622 | $ (4,636,770) |
Effects of: | ||
State income taxes net of federal benefits | 294,020 | (1,214,392) |
Nondeductible expense | 698,160 | 78,422 |
Subpart F Income | 6,418,307 | 33,040 |
Equity method investment | 0 | |
Derivatives fair value | 2,200,259 | 2,627,355 |
Change in valuation allowance | (1,721,451) | 6,249,059 |
Foreign Rate Differential | (9,011,917) | (3,136,714) |
Income tax provision (benefit) | $ 0 | $ 0 |
Major Customers - Additional In
Major Customers - Additional Information (Detail) - Customer Concentration Risk [Member] - Customer | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | ||
Number of customers | 2 | 1 |
Sales Revenue, Net [Member] | 1 Customer [Member] | ||
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | ||
Customers accounted from total revenue | 100% | |
Sales Revenue, Net [Member] | 2 Customers [Member] | ||
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | ||
Customers accounted from total revenue | 100% |
Commitments and Contingencies -
Commitments and Contingencies - Lease payment obligations (Detail) - Non-cancellable | Dec. 31, 2023 USD ($) |
2024 | $ 133,814 |
Total | $ 133,814 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2023 | Dec. 31, 2022 | |
Settlement Of outstanding Liabilities | |||
Annual increases of base rent | 3% | ||
Lease rent expense | $ 223,515 | $ 218,000 | |
Interest Expense On Operating Lease | 4,675 | ||
Liabilities Average Amount Outstanding | 10,000,000 | ||
Settlement Of outstanding Liabilities | 200,000,000 | ||
Aggregate Range Of Bonus | 750,000 | ||
Payments Of Bonus | $ 400,000,000 | ||
Rate Of Aggregate Bonus Paid | 2% | ||
Bonus Condition One [Member] | |||
Settlement Of outstanding Liabilities | |||
Payments Of Bonus | $ 10,000,000 | ||
Rate Of Bonus On Employee Salary | 40% | ||
Bonus Condition Two [Member] | |||
Settlement Of outstanding Liabilities | |||
Payments Of Bonus | $ 50,000,000 | ||
Rate Of Bonus On Employee Salary | 250% | ||
Building [Member] | |||
Settlement Of outstanding Liabilities | |||
Lease Obligation | $ 590,612 | ||
Rate Of Discount Used | 10% | ||
Right Of Use Asset | $ 590,612 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property Plant And Equipment Subject to Operating Leases | ||
Corporate Office Space [Member] | |||
Settlement Of outstanding Liabilities | |||
Lease Obligation | $ 129,139 | ||
Right Of Use Asset | $ 121,568 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property Plant And Equipment Subject to Operating Leases | ||
FLORIDA | |||
Settlement Of outstanding Liabilities | |||
Lease Obligation | $ 202,424 | ||
Rate Of Discount Used | 10% | ||
Right Of Use Asset | $ 202,424 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property Plant And Equipment Subject to Operating Leases | ||
Maximum [Member] | |||
Settlement Of outstanding Liabilities | |||
Consultants contingent success fees | $ 700,000 | ||
Maximum [Member] | Building [Member] | |||
Settlement Of outstanding Liabilities | |||
Monthly Lease Payments | $ 13,269 | ||
Maximum [Member] | FLORIDA | |||
Settlement Of outstanding Liabilities | |||
Monthly Lease Payments | 4,547 | ||
Minimum [Member] | Building [Member] | |||
Settlement Of outstanding Liabilities | |||
Monthly Lease Payments | 11,789 | ||
Minimum [Member] | FLORIDA | |||
Settlement Of outstanding Liabilities | |||
Monthly Lease Payments | $ 4,040 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||
Jan. 29, 2024 | Jan. 31, 2024 | May 03, 2024 | |
Subsequent Event [Line Items] | |||
Description of number of days extended for dividend payment of warrant | 65 days | ||
Weighted average remaining contractual term of stock options | 5 years | ||
Proceeds from recovered shipwreck | $ 9.4 | ||
2019 Stock Incentive Plan | |||
Subsequent Event [Line Items] | |||
Stock approved during period shares stock units | 592,200 | ||
Stock approved during period shares stock options | 10,800 | ||
Exercise price of stock option | $ 4.65 |
Quarterly Financial Data - Un_3
Quarterly Financial Data - Unaudited - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2023 | Jun. 30, 2022 | Dec. 31, 2023 | Jun. 30, 2023 | |
Debt Instrument [Line Items] | |||||
Embedded derivative liability at fair value | $ 702,291 | $ 423,696 | |||
capitalization of refurbishment cost | $ 510,402 | $ 287,865 | |||
Monaco Note [Member] | |||||
Debt Instrument [Line Items] | |||||
fair value changes in notes payable | $ 311,123 | ||||
Seller Note Adjustment [Member] | |||||
Debt Instrument [Line Items] | |||||
long term loan payable | $ 931,425 |
Quarterly Financial Data - Un_4
Quarterly Financial Data - Unaudited - Consolidated Balance Sheets (Detail) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||||||||||
Cash and cash equivalents | $ 4,021,720 | $ 511,809 | $ 1,443,421 | |||||||
Accounts and other related party receivables | 110,320 | 71,509 | 7,515 | |||||||
Short-term notes receivable related party | 0 | 0 | 1,576,717 | |||||||
Other current assets | 743,439 | 734,585 | 947,428 | |||||||
Total current assets | 4,875,479 | 1,317,903 | 3,975,081 | |||||||
OTHER NON-CURRENT ASSETS | ||||||||||
Investment in unconsolidated entities | 9,001,646 | 8,878,974 | $ 503,100 | 3,901,617 | ||||||
Equity securities | 6,394,049 | 759,905 | ||||||||
Exploration license | 1,821,251 | 1,821,251 | 1,821,251 | |||||||
Property and equipment, net | 524,656 | 116,427 | 2,877,590 | |||||||
Right of use - operating leases | 121,568 | 167,940 | 300,025 | |||||||
Other non-current assets | 34,295 | 34,295 | 34,295 | |||||||
Total non-current assets | 17,876,818 | 17,412,936 | 9,895,746 | |||||||
Total assets | 22,752,297 | 18,730,839 | 13,870,827 | |||||||
CURRENT LIABILITIES | ||||||||||
Accounts payable | 345,378 | 586,687 | 2,285,894 | |||||||
Accrued expenses | 8,493,358 | 7,895,653 | 17,615,507 | |||||||
Operating lease liability, current portion | 129,140 | 178,536 | 186,656 | |||||||
Equity securities liability | 1,446,796 | |||||||||
Put option liability | 4,273,038 | |||||||||
Loans payable, current portion | 15,413,894 | 14,258,915 | 21,732,654 | |||||||
Total current liabilities | 31,465,728 | 28,639,625 | 41,820,711 | |||||||
LONG-TERM LIABILITIES | ||||||||||
Loans payable | 7,903,074 | 4,199,152 | 663,536 | |||||||
Litigation financing and other | 51,027,114 | |||||||||
Deferred revenue | 679,706 | 700,353 | 960,968 | |||||||
Operating lease liability | 0 | 0 | 129,139 | |||||||
Warrant Liability | 10,005,658 | |||||||||
Total long-term liabilities | 77,193,103 | 65,932,277 | 60,725,058 | |||||||
Total liabilities | 108,658,831 | 94,571,902 | 102,545,769 | |||||||
Commitments and contingencies (NOTE 18) | ||||||||||
STOCKHOLDERS' DEFICIT | ||||||||||
Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding | 0 | 0 | ||||||||
Common stock – $.0001 par value; 75,000,000 shares authorized; 14,487,146 issued | 2,042 | 2,007 | 1,954 | |||||||
Additional paid-in capital | 263,616,186 | 263,024,673 | 256,963,264 | |||||||
Accumulated deficit | (296,096,957) | (287,879,984) | (301,442,776) | |||||||
Total stockholders' deficit before non-controlling interest | (32,478,729) | (24,853,304) | (44,477,558) | |||||||
Non-controlling interest | (53,427,805) | (50,987,759) | (44,197,384) | |||||||
Total stockholders' deficit | (85,906,534) | (75,841,063) | (70,648,430) | (88,674,942) | $ 4,501,234 | $ (66,992,873) | ||||
Total liabilities and stockholders' deficit | $ 22,752,297 | $ 18,730,839 | 13,870,827 | |||||||
Previously Reported [Member] | ||||||||||
CURRENT ASSETS | ||||||||||
Cash and cash equivalents | 1,832,078 | $ 674,428 | $ 6,782,608 | $ 10,534,828 | $ 2,106,313 | |||||
Accounts and other related party receivables | 1,005,157 | 17 | 422,656 | 329,540 | 262,128 | |||||
Short-term notes receivable related party | 690,795 | 0 | ||||||||
Other current assets | 991,534 | 1,071,704 | 481,384 | 547,077 | 753,495 | |||||
Total current assets | 4,519,564 | 3,779,893 | 7,686,648 | 11,411,445 | 3,121,936 | |||||
OTHER NON-CURRENT ASSETS | ||||||||||
Investment in unconsolidated entities | 4,842,925 | 4,676,092 | 4,404,717 | 4,147,008 | 3,848,925 | 3,548,925 | ||||
Option to purchase equity securities in related parties | 0 | 0 | ||||||||
Equity securities | 0 | |||||||||
Exploration license | 1,821,251 | 1,821,251 | 1,821,251 | 1,821,251 | 1,821,251 | |||||
Property and equipment, net | 2,554,544 | 2,608,146 | 2,746,467 | 306,348 | 320,107 | 18,538 | ||||
Right of use - operating leases | 213,108 | 242,703 | 341,833 | 382,587 | 422,336 | |||||
Other non-current assets | 34,295 | 34,295 | 34,295 | 34,295 | 34,295 | |||||
Total non-current assets | 9,466,123 | 9,382,487 | 6,650,735 | 6,407,165 | 5,845,345 | |||||
Total assets | 13,985,687 | 13,162,380 | 13,281,836 | 14,337,383 | 17,818,610 | 8,967,281 | ||||
CURRENT LIABILITIES | ||||||||||
Accounts payable | 932,902 | 1,438,698 | 2,285,892 | 2,568,554 | 2,734,296 | 5,677,097 | ||||
Accrued expenses | 36,919,178 | 32,809,997 | 40,481,204 | 37,715,418 | 33,978,084 | 30,827,610 | ||||
Operating lease liability, current portion | 199,365 | 178,020 | 172,665 | 174,588 | 168,809 | |||||
Loans payable, current portion | 2,216,963 | 1,906,620 | 20,284,010 | 20,384,010 | 24,984,010 | |||||
Total current liabilities | 40,268,408 | 36,333,335 | 60,740,647 | 57,270,978 | 61,657,526 | |||||
LONG-TERM LIABILITIES | ||||||||||
Loans payable | 38,708,182 | 34,204,032 | 25,011,049 | 24,354,604 | 24,174,983 | 19,483,909 | ||||
Litigation financing and other | 0 | |||||||||
Deferred revenue | 0 | |||||||||
Operating lease liability | 26,578 | 78,497 | 186,406 | 225,944 | 271,428 | |||||
Total long-term liabilities | 38,734,760 | 34,282,529 | 24,541,010 | 24,400,927 | 19,755,337 | |||||
Total liabilities | 79,003,168 | 70,615,864 | 89,826,594 | 85,281,657 | 81,671,905 | 81,412,863 | ||||
Commitments and contingencies (NOTE 18) | ||||||||||
STOCKHOLDERS' DEFICIT | ||||||||||
Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding | 0 | 0 | 0 | |||||||
Common stock – $.0001 par value; 75,000,000 shares authorized; 14,487,146 issued | 1,998 | 1,989 | 1,950 | 1,946 | 1,448 | |||||
Additional paid-in capital | 271,083,470 | 270,608,427 | 265,882,279 | 264,621,682 | 264,323,108 | 249,189,881 | ||||
Accumulated deficit | (287,354,763) | (281,631,073) | (298,231,607) | (293,459,800) | (288,004,571) | (283,321,086) | ||||
Total stockholders' deficit before non-controlling interest | (16,269,295) | (11,020,657) | (28,836,168) | (23,679,517) | (34,129,757) | |||||
Non-controlling interest | (48,748,186) | (46,432,827) | (42,108,106) | (40,173,778) | (38,315,825) | |||||
Total stockholders' deficit | (65,017,481) | (57,453,484) | (76,544,758) | (70,944,274) | (63,853,295) | (72,445,582) | $ (62,488,638) | |||
Total liabilities and stockholders' deficit | 13,985,687 | 13,162,380 | 13,281,836 | 14,337,383 | 17,818,610 | 8,967,281 | ||||
Previously Reported [Member] | Related Party [Member] | ||||||||||
CURRENT ASSETS | ||||||||||
Short-term notes receivable related party | 2,033,744 | |||||||||
Litigation Financing Adjustment [Member] | ||||||||||
OTHER NON-CURRENT ASSETS | ||||||||||
Investment in unconsolidated entities | 0 | |||||||||
Property and equipment, net | 0 | |||||||||
Total non-current assets | 0 | |||||||||
Total assets | 0 | 0 | ||||||||
CURRENT LIABILITIES | ||||||||||
Accounts payable | 0 | 0 | ||||||||
Accrued expenses | (28,940,418) | (25,886,275) | (22,865,695) | (19,779,018) | (16,694,822) | (13,789,304) | ||||
Operating lease liability, current portion | 0 | |||||||||
Total current liabilities | (28,940,418) | (25,886,275) | (19,779,018) | (16,694,822) | (13,789,304) | |||||
LONG-TERM LIABILITIES | ||||||||||
Loans payable | (23,706,580) | (23,493,443) | (24,347,513) | (24,204,704) | (24,025,083) | (19,334,009) | ||||
Litigation financing and other | 48,744,614 | 47,056,993 | 44,795,966 | 44,182,659 | 36,128,779 | |||||
Deferred revenue | 0 | |||||||||
Total long-term liabilities | 25,038,034 | 23,563,550 | 20,591,262 | 20,157,576 | 16,794,770 | |||||
Total liabilities | (3,902,384) | (2,322,725) | (1,844,260) | 812,244 | 3,462,754 | 3,005,466 | ||||
Commitments and contingencies (NOTE 18) | ||||||||||
STOCKHOLDERS' DEFICIT | ||||||||||
Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding | 0 | 0 | 0 | 0 | 0 | |||||
Additional paid-in capital | 0 | |||||||||
Accumulated deficit | 3,902,384 | 2,322,725 | 1,844,260 | (812,244) | (3,462,754) | (3,005,466) | ||||
Total stockholders' deficit before non-controlling interest | 3,902,384 | 2,322,725 | (812,244) | (3,462,754) | (3,005,466) | |||||
Non-controlling interest | 0 | |||||||||
Total stockholders' deficit | 3,902,384 | 2,322,725 | (812,244) | (3,462,754) | (3,005,466) | |||||
Total liabilities and stockholders' deficit | 0 | 0 | ||||||||
CIC Equity Investment Adjustment [Member] | ||||||||||
STOCKHOLDERS' DEFICIT | ||||||||||
Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding | 0 | |||||||||
Investment in Unconsolidated Entities Adjustments [Member] | ||||||||||
OTHER NON-CURRENT ASSETS | ||||||||||
Investment in unconsolidated entities | 503,100 | 503,100 | 503,100 | 503,100 | ||||||
Option to purchase equity securities in related parties | 836,453 | 1,079,212 | 1,215,981 | 1,353,630 | ||||||
Total non-current assets | 256,805 | 333,353 | 576,112 | 712,881 | 850,530 | |||||
Total assets | 256,805 | 333,353 | 576,112 | 712,881 | 850,530 | |||||
LONG-TERM LIABILITIES | ||||||||||
Deferred revenue | 759,905 | 836,453 | 1,079,212 | 1,215,981 | 1,353,630 | |||||
Total long-term liabilities | 759,905 | 836,453 | 1,079,212 | 1,215,981 | 1,353,630 | |||||
Total liabilities | 759,905 | 836,453 | 1,079,212 | 1,215,981 | 1,353,630 | |||||
Commitments and contingencies (NOTE 18) | ||||||||||
STOCKHOLDERS' DEFICIT | ||||||||||
Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding | 0 | 0 | 0 | 0 | ||||||
Accumulated deficit | (503,100) | (503,100) | (503,100) | (503,100) | (503,100) | |||||
Total stockholders' deficit before non-controlling interest | (503,100) | (503,100) | (503,100) | (503,100) | (503,100) | |||||
Total stockholders' deficit | (503,100) | (503,100) | (503,100) | (503,100) | (503,100) | |||||
Total liabilities and stockholders' deficit | 256,805 | 333,353 | 576,112 | 712,881 | 850,530 | |||||
2022 Warrant Adjustment [Member] | ||||||||||
OTHER NON-CURRENT ASSETS | ||||||||||
Option to purchase equity securities in related parties | 0 | 0 | ||||||||
Total non-current assets | 0 | 0 | 0 | 0 | ||||||
Total assets | 0 | 0 | 0 | 0 | ||||||
LONG-TERM LIABILITIES | ||||||||||
Deferred revenue | 0 | |||||||||
Warrant Liability | 9,946,945 | 8,870,064 | 10,436,569 | 11,648,889 | ||||||
Total long-term liabilities | 9,946,945 | 8,870,064 | 10,436,569 | 11,648,889 | ||||||
Total liabilities | 9,946,945 | 8,870,064 | 10,436,569 | 11,648,889 | ||||||
Commitments and contingencies (NOTE 18) | ||||||||||
STOCKHOLDERS' DEFICIT | ||||||||||
Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding | 0 | 0 | 0 | 0 | ||||||
Additional paid-in capital | (8,686,840) | (8,686,840) | (8,686,840) | (8,686,840) | ||||||
Accumulated deficit | (1,260,105) | (183,224) | (1,749,729) | (2,962,049) | ||||||
Total stockholders' deficit before non-controlling interest | (9,946,945) | (8,870,064) | (10,436,569) | (11,648,889) | ||||||
Total stockholders' deficit | (9,946,945) | (8,870,064) | (10,436,569) | (11,648,889) | ||||||
Total liabilities and stockholders' deficit | 0 | 0 | 0 | |||||||
Other Adjustments [Member] | ||||||||||
CURRENT ASSETS | ||||||||||
Other current assets | (10,327) | (6,848) | ||||||||
Total current assets | (10,327) | (6,848) | ||||||||
OTHER NON-CURRENT ASSETS | ||||||||||
Investment in unconsolidated entities | 0 | |||||||||
Property and equipment, net | 922,121 | 634,256 | 131,123 | |||||||
Total non-current assets | 922,121 | 634,256 | ||||||||
Total assets | 911,794 | 627,408 | 131,123 | |||||||
CURRENT LIABILITIES | ||||||||||
Accounts payable | 2 | |||||||||
Accrued expenses | (2) | |||||||||
Loans payable, current portion | (428,614) | (931,425) | 311,123 | |||||||
Total current liabilities | (428,614) | (931,425) | 311,123 | |||||||
LONG-TERM LIABILITIES | ||||||||||
Loans payable | 931,425 | 0 | ||||||||
Litigation financing and other | 423,696 | |||||||||
Deferred revenue | 0 | |||||||||
Total long-term liabilities | 423,696 | 931,425 | ||||||||
Total liabilities | (4,918) | 0 | 311,123 | |||||||
Commitments and contingencies (NOTE 18) | ||||||||||
STOCKHOLDERS' DEFICIT | ||||||||||
Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding | 0 | 0 | 0 | 0 | 0 | |||||
Additional paid-in capital | (232,175) | (232,175) | 0 | (232,175) | (232,175) | (232,175) | ||||
Accumulated deficit | 1,148,887 | 859,583 | 131,123 | 232,175 | 232,175 | (78,948) | ||||
Total stockholders' deficit before non-controlling interest | 916,712 | 627,408 | (311,123) | |||||||
Total stockholders' deficit | 916,712 | 627,408 | (311,123) | |||||||
Total liabilities and stockholders' deficit | 911,794 | 627,408 | $ 131,123 | |||||||
Restated [Member] | ||||||||||
CURRENT ASSETS | ||||||||||
Cash and cash equivalents | 1,832,078 | 674,428 | 6,782,608 | 10,534,828 | 2,106,313 | |||||
Accounts and other related party receivables | 1,005,157 | 17 | 422,656 | 329,540 | 262,128 | |||||
Short-term notes receivable related party | 690,795 | 0 | ||||||||
Other current assets | 981,207 | 1,064,856 | 481,384 | 547,077 | 753,495 | |||||
Total current assets | 4,509,237 | 3,773,045 | 7,686,648 | 11,411,445 | 3,121,936 | |||||
OTHER NON-CURRENT ASSETS | ||||||||||
Investment in unconsolidated entities | 4,339,825 | 4,172,992 | 3,643,908 | 3,345,825 | 3,045,825 | |||||
Option to purchase equity securities in related parties | 836,453 | 1,079,212 | 1,215,981 | 1,353,630 | ||||||
Equity securities | 759,905 | |||||||||
Exploration license | 1,821,251 | 1,821,251 | 1,821,251 | 1,821,251 | 1,821,251 | |||||
Property and equipment, net | 3,476,665 | 3,242,402 | 306,348 | 320,107 | 18,538 | |||||
Right of use - operating leases | 213,108 | 242,703 | 341,833 | 382,587 | 422,336 | |||||
Other non-current assets | 34,295 | 34,295 | 34,295 | 34,295 | 34,295 | |||||
Total non-current assets | 10,645,049 | 10,350,096 | 7,226,847 | 7,120,046 | 6,695,875 | |||||
Total assets | 15,154,286 | 14,123,141 | 14,913,495 | 18,531,491 | 9,817,811 | |||||
CURRENT LIABILITIES | ||||||||||
Accounts payable | 932,902 | 1,438,698 | 2,568,554 | 2,734,296 | 5,677,097 | |||||
Accrued expenses | 7,978,760 | 6,923,722 | 17,936,400 | 17,283,262 | 17,038,306 | |||||
Operating lease liability, current portion | 199,365 | 178,020 | 172,665 | 174,588 | 168,809 | |||||
Loans payable, current portion | 1,788,349 | 975,195 | 20,284,010 | 20,384,010 | 25,295,133 | |||||
Total current liabilities | 10,899,376 | 9,515,635 | 40,961,629 | 40,576,156 | 48,179,345 | |||||
LONG-TERM LIABILITIES | ||||||||||
Loans payable | 15,001,602 | 11,642,014 | 149,900 | 149,900 | 149,900 | |||||
Litigation financing and other | 49,168,310 | 47,056,993 | 44,795,966 | 44,182,659 | 36,128,779 | |||||
Deferred revenue | 759,905 | 836,453 | 1,079,212 | 1,215,981 | 1,353,630 | |||||
Operating lease liability | 26,578 | 78,497 | 186,406 | 225,944 | 271,428 | |||||
Warrant Liability | 9,946,945 | 8,870,064 | 10,436,569 | 11,648,889 | ||||||
Total long-term liabilities | 74,903,340 | 68,484,021 | 56,648,053 | 57,423,373 | 37,903,737 | |||||
Total liabilities | 85,802,716 | 77,999,656 | 97,609,682 | 97,999,529 | 86,083,082 | |||||
Commitments and contingencies (NOTE 18) | ||||||||||
STOCKHOLDERS' DEFICIT | ||||||||||
Preferred stock - $.0001 par value; 24,984,166 shares authorized; none outstanding | 0 | 0 | 0 | 0 | 0 | |||||
Common stock – $.0001 par value; 75,000,000 shares authorized; 14,487,146 issued | 1,998 | 1,989 | 1,950 | 1,946 | 1,448 | |||||
Additional paid-in capital | 262,164,455 | 261,689,412 | 255,702,667 | 255,404,093 | 248,957,706 | |||||
Accumulated deficit | (284,066,697) | (279,135,089) | (296,292,698) | (294,700,299) | (286,908,600) | |||||
Total stockholders' deficit before non-controlling interest | (21,900,244) | (17,443,688) | (40,588,081) | (39,294,260) | (37,949,446) | |||||
Non-controlling interest | (48,748,186) | (46,432,827) | (42,108,106) | (40,173,778) | (38,315,825) | |||||
Total stockholders' deficit | (70,648,430) | (63,876,515) | (82,696,187) | (79,468,038) | (76,265,271) | |||||
Total liabilities and stockholders' deficit | $ 15,154,286 | 14,123,141 | $ 14,913,495 | $ 18,531,491 | $ 9,817,811 | |||||
Restated [Member] | Related Party [Member] | ||||||||||
CURRENT ASSETS | ||||||||||
Short-term notes receivable related party | $ 2,033,744 |
Quarterly Financial Data - Un_5
Quarterly Financial Data - Unaudited - Consolidated Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 |
Statement of Financial Position [Abstract] | ||||||||
Preferred stock, par value | $ 0.0001 | $ 1 | $ 1 | $ 0.0001 | $ 0.0001 | $ 1 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 24,984,166 | 24,984,166 | 24,984,166 | 24,984,166 | 24,984,166 | 24,984,166 | 24,984,166 | 24,984,166 |
Preferred stock, shares outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Common stock, par value | $ 0.0001 | $ 1 | $ 1 | $ 0.0001 | $ 0.0001 | $ 1 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 | 75,000,000 |
Common stock, shares issued | 20,420,896 | 20,072,453 | 19,981,901 | 19,893,450 | 19,540,310 | 19,507,469 | 19,464,950 | 14,487,146 |
Common stock, shares outstanding | 20,420,896 | 20,072,453 | 19,981,901 | 19,893,450 | 19,540,310 | 19,507,469 | 19,464,950 |
Quarterly Financial Data - Un_6
Quarterly Financial Data - Unaudited - Consolidated Statement of Operations (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
REVENUE | ||||||||||||
Revenue | $ 175,876 | $ 637,190 | $ 803,799 | $ 1,334,702 | ||||||||
OPERATING EXPENSES | ||||||||||||
Marketing, general and administrative | 1,564,156 | 5,189,410 | 6,843,181 | 9,427,428 | ||||||||
Operations and research | 1,067,142 | 3,562,705 | 4,298,179 | 9,760,470 | ||||||||
Total operating expenses | 2,631,298 | 8,752,115 | ||||||||||
LOSS FROM OPERATIONS | (2,455,422) | (8,114,925) | ||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||
Interest income | 655 | 412,611 | 412,625 | 96,478 | ||||||||
Interest expense | (1,836,153) | (3,617,336) | ||||||||||
Loss on equity method investment | (190,000) | (190,000) | (278,910) | 0 | ||||||||
Gain on debt extinguishment | 21,177,200 | 21,177,200 | 0 | |||||||||
Gain (loss) sale of wholly owned entity | 174,107 | 174,107 | ||||||||||
Change in derivative liabilities fair value | (1,859,147) | (1,574,658) | (8,302,866) | (9,914,545) | ||||||||
Other | 113,102 | (1,494,581) | (1,515,138) | (164,609) | ||||||||
Total other income (expense) | (3,597,436) | 14,887,343 | 6,452,959 | (11,969,235) | ||||||||
(LOSS) BEFORE INCOME TAXES | (6,052,858) | 6,772,418 | ||||||||||
Income tax benefit | 0 | 0 | ||||||||||
NET (LOSS) BEFORE NON-CONTROLLING INTEREST | (6,052,860) | 6,772,418 | ||||||||||
Net loss attributable to noncontrolling interest | 2,239,573 | 6,790,375 | $ 9,230,421 | $ 7,742,572 | ||||||||
NET INCOME / (LOSS) attributable to Odyssey Marine Exploration, Inc. | $ (3,813,285) | $ 13,562,793 | ||||||||||
NET INCOME / (LOSS) PER SHARE | ||||||||||||
Net (loss) income per share – basic | $ (0.19) | $ 0.68 | $ 0.27 | $ (1.28) | ||||||||
Net (loss) income per share – diluted | $ (0.19) | $ 0.46 | $ 0.27 | $ (1.28) | ||||||||
Weighted average number of common shares outstanding | ||||||||||||
Basic | 20,025,067 | 19,871,381 | 19,943,633 | 17,310,915 | ||||||||
Diluted | 20,025,067 | 21,536,962 | 20,118,877 | 17,310,915 | ||||||||
Previously Reported [Member] | ||||||||||||
REVENUE | ||||||||||||
Revenue | $ 172,575 | $ 288,739 | $ 358,409 | $ 390,278 | $ 299,606 | $ 461,314 | $ 689,884 | $ 1,048,293 | ||||
OPERATING EXPENSES | ||||||||||||
Marketing, general and administrative | 1,820,858 | 1,877,844 | 2,213,515 | 2,292,082 | 1,918,496 | 3,698,702 | 4,210,578 | 6,424,093 | $ 8,487,070 | |||
Operations and research | 1,498,701 | 1,787,859 | 1,864,883 | 1,229,634 | 5,056,535 | 3,286,560 | 6,286,169 | 8,151,052 | 9,891,593 | |||
Total operating expenses | 3,319,559 | 3,665,703 | 4,078,398 | 3,521,716 | 6,975,031 | 6,985,262 | 10,496,747 | 14,575,145 | ||||
LOSS FROM OPERATIONS | (3,146,984) | (3,376,964) | (3,719,989) | (3,131,438) | (6,675,425) | (6,523,948) | (9,806,863) | (13,526,852) | ||||
OTHER INCOME (EXPENSE) | ||||||||||||
Interest income | 23,424 | 388,532 | 2,178 | 93 | 411,956 | 2,272 | ||||||
Interest expense | (4,333,224) | (3,808,586) | (3,664,733) | (3,552,539) | (3,225,653) | (8,141,810) | (6,778,193) | (10,440,654) | ||||
Gain on debt extinguishment | (301,414) | 21,478,614 | 21,177,200 | |||||||||
Change in derivative liabilities fair value | 0 | 0 | ||||||||||
Other | (283,897) | (322,251) | (4,835) | 140,361 | (190,257) | (606,148) | (49,896) | (54,731) | ||||
Total other income (expense) | (4,895,111) | 17,736,309 | (3,669,568) | (3,410,000) | (3,415,817) | 12,841,198 | (6,825,817) | (10,495,385) | $ (13,839,361) | |||
(LOSS) BEFORE INCOME TAXES | (8,042,095) | 14,359,345 | (7,389,557) | (6,541,438) | (10,091,242) | 6,317,250 | (16,632,680) | (24,022,237) | ||||
Income tax benefit | 3,046 | 5,746 | 8,792 | |||||||||
NET (LOSS) BEFORE NON-CONTROLLING INTEREST | (8,039,049) | 14,365,091 | (7,389,557) | (6,541,438) | (10,091,242) | 6,326,042 | (16,632,680) | (24,022,237) | ||||
Net loss attributable to noncontrolling interest | 2,315,359 | 2,235,443 | 1,934,328 | 1,857,953 | 1,861,013 | 4,550,802 | 3,718,966 | 5,653,294 | ||||
NET INCOME / (LOSS) attributable to Odyssey Marine Exploration, Inc. | $ (5,723,690) | $ 16,600,534 | $ (5,455,229) | $ (4,683,485) | $ (8,230,229) | $ 10,876,844 | $ (12,913,714) | $ (18,368,943) | ||||
NET INCOME / (LOSS) PER SHARE | ||||||||||||
Net (loss) income per share – basic | $ (0.29) | $ 0.84 | $ (0.28) | $ (0.3) | $ (0.57) | $ 0.55 | $ (0.86) | $ (1.11) | $ (1.34) | |||
Net (loss) income per share – diluted | $ (0.29) | $ 0.83 | $ (0.28) | $ (0.3) | $ (0.57) | $ 0.54 | $ (0.86) | $ (1.11) | $ (1.34) | |||
Weighted average number of common shares outstanding | ||||||||||||
Basic | 19,918,677 | 19,666,459 | 19,482,118 | 15,803,746 | 14,365,633 | 19,793,265 | 15,088,662 | 16,569,240 | 17,310,915 | |||
Diluted | 19,918,677 | 19,923,445 | 19,482,118 | 15,803,746 | 14,365,633 | 20,019,461 | 15,088,662 | 16,569,240 | 17,310,915 | |||
Litigation Financing Adjustment [Member] | ||||||||||||
OPERATING EXPENSES | ||||||||||||
Marketing, general and administrative | $ (11,530) | $ (61,918) | $ (36,724) | $ (36,724) | $ (36,724) | $ (73,448) | $ (73,448) | $ (110,172) | $ (146,896) | |||
Operations and research | 0 | |||||||||||
Total operating expenses | (11,530) | (61,918) | (36,724) | (36,724) | (36,724) | (73,448) | (73,448) | (110,172) | ||||
LOSS FROM OPERATIONS | 11,530 | 61,918 | 36,724 | 36,724 | 36,724 | 73,448 | 73,448 | 110,172 | ||||
OTHER INCOME (EXPENSE) | ||||||||||||
Interest expense | 3,253,645 | 3,102,064 | 3,160,329 | 2,977,531 | 2,480,488 | 6,355,709 | 5,458,019 | 8,618,348 | ||||
Change in derivative liabilities fair value | (1,685,516) | (1,685,517) | (1,521,543) | (3,371,033) | (3,043,086) | (5,539,629) | (6,086,172) | |||||
Other | (1,000,000) | (1,000,000) | ||||||||||
Total other income (expense) | 1,568,129 | 416,547 | 2,613,786 | (494,012) | 958,945 | 1,984,676 | 464,933 | 3,078,719 | $ 5,698,499 | |||
Change in derivative liabilities fair value | (546,543) | (3,471,543) | (4,993,086) | |||||||||
(LOSS) BEFORE INCOME TAXES | 1,579,659 | 478,465 | 2,650,510 | (457,288) | 995,669 | 2,058,124 | 538,381 | 3,188,891 | ||||
NET (LOSS) BEFORE NON-CONTROLLING INTEREST | 1,579,659 | 478,465 | 2,650,510 | (457,288) | 995,669 | 2,058,124 | 538,381 | 3,188,891 | ||||
NET INCOME / (LOSS) attributable to Odyssey Marine Exploration, Inc. | $ 1,579,659 | $ 478,465 | $ 2,650,510 | $ (457,288) | $ 995,669 | $ 2,058,124 | $ 538,381 | $ 3,188,891 | ||||
NET INCOME / (LOSS) PER SHARE | ||||||||||||
Net (loss) income per share – basic | $ 0.08 | $ 0.02 | $ 0.14 | $ (0.03) | $ 0.07 | $ 0.1 | $ 0.04 | $ 0.19 | $ 0.34 | |||
Net (loss) income per share – diluted | $ 0.08 | $ 0.02 | $ 0.14 | $ (0.03) | $ 0.07 | $ 0.1 | $ 0.04 | $ 0.19 | $ 0.34 | |||
Weighted average number of common shares outstanding | ||||||||||||
Basic | 0 | |||||||||||
Diluted | 0 | |||||||||||
2022 Warrant Adjustment [Member] | ||||||||||||
OPERATING EXPENSES | ||||||||||||
Marketing, general and administrative | $ 1,087,254 | $ 1,087,254 | $ 1,087,254 | |||||||||
Total operating expenses | 1,087,254 | 1,087,254 | 1,087,254 | |||||||||
LOSS FROM OPERATIONS | (1,087,254) | (1,087,254) | (1,087,254) | |||||||||
OTHER INCOME (EXPENSE) | ||||||||||||
Change in derivative liabilities fair value | $ (1,076,881) | $ 4,732,403 | $ 3,655,522 | (3,824,795) | (662,475) | |||||||
Total other income (expense) | (1,076,881) | 4,732,403 | $ 1,212,320 | (1,874,795) | 3,655,522 | (1,874,795) | (662,475) | |||||
Change in derivative liabilities fair value | 1,212,320 | (1,874,795) | (1,874,795) | |||||||||
(LOSS) BEFORE INCOME TAXES | (1,076,881) | 4,732,403 | 1,212,320 | (2,962,049) | 3,655,522 | (2,962,049) | (1,749,729) | |||||
NET (LOSS) BEFORE NON-CONTROLLING INTEREST | (1,076,881) | 4,732,403 | 1,212,320 | (2,962,049) | 3,655,522 | (2,962,049) | (1,749,729) | |||||
NET INCOME / (LOSS) attributable to Odyssey Marine Exploration, Inc. | $ (1,076,881) | $ 4,732,403 | $ 1,212,320 | $ (2,962,049) | $ 3,655,522 | $ (2,962,049) | $ (1,749,729) | |||||
NET INCOME / (LOSS) PER SHARE | ||||||||||||
Net (loss) income per share – basic | $ (0.05) | $ 0.24 | $ 0.06 | $ (0.19) | $ 0.18 | $ (0.2) | $ (0.11) | |||||
Net (loss) income per share – diluted | $ (0.05) | $ 0.24 | $ 0.06 | $ (0.19) | $ 0.18 | $ (0.2) | (0.11) | |||||
Other Adjustments [Member] | ||||||||||||
OPERATING EXPENSES | ||||||||||||
Marketing, general and administrative | $ 0 | |||||||||||
Operations and research | $ (280,595) | $ (503,133) | $ (790,997) | (131,123) | ||||||||
Total operating expenses | (280,595) | (503,133) | (790,997) | |||||||||
LOSS FROM OPERATIONS | 280,595 | 503,133 | 790,997 | |||||||||
OTHER INCOME (EXPENSE) | ||||||||||||
Interest expense | 4,918 | 4,918 | ||||||||||
Change in derivative liabilities fair value | $ (311,123) | $ 0 | 0 | |||||||||
Other | (433) | (1,102) | (1,535) | |||||||||
Total other income (expense) | 4,485 | (1,102) | $ 311,123 | (311,123) | 3,383 | $ 0 | ||||||
Change in derivative liabilities fair value | 311,123 | |||||||||||
(LOSS) BEFORE INCOME TAXES | 285,080 | 502,031 | 311,123 | (311,123) | 794,380 | |||||||
Income tax benefit | (3,046) | (5,746) | (8,792) | |||||||||
NET (LOSS) BEFORE NON-CONTROLLING INTEREST | 282,034 | 496,285 | 311,123 | (311,123) | 785,588 | |||||||
NET INCOME / (LOSS) attributable to Odyssey Marine Exploration, Inc. | $ 282,034 | $ 496,285 | $ 311,123 | $ (311,123) | $ 785,588 | |||||||
NET INCOME / (LOSS) PER SHARE | ||||||||||||
Net (loss) income per share – basic | $ 0.01 | $ 0.03 | $ 0.02 | $ (0.03) | $ 0.04 | $ 0.01 | ||||||
Net (loss) income per share – diluted | $ 0.02 | $ 0.03 | $ 0.02 | $ (0.03) | $ 0.04 | $ 0 | $ 0.01 | |||||
Weighted average number of common shares outstanding | ||||||||||||
Basic | 0 | |||||||||||
Diluted | (44,901) | 38,433 | 0 | |||||||||
Restated [Member] | ||||||||||||
REVENUE | ||||||||||||
Revenue | $ 172,575 | $ 288,739 | $ 358,409 | $ 390,278 | $ 299,606 | $ 461,314 | 689,884 | $ 1,048,293 | ||||
OPERATING EXPENSES | ||||||||||||
Marketing, general and administrative | 1,809,328 | 1,815,926 | 2,176,791 | 3,342,612 | 1,881,772 | 3,625,254 | 5,224,384 | 7,401,175 | ||||
Operations and research | 1,218,106 | 1,284,726 | 1,864,883 | 1,229,634 | 5,056,535 | 2,495,563 | 6,286,169 | 8,151,052 | ||||
Total operating expenses | 3,027,434 | 3,100,652 | 4,041,674 | 4,572,246 | 6,938,307 | 6,120,817 | 11,510,553 | 15,552,227 | ||||
LOSS FROM OPERATIONS | (2,854,859) | (2,811,913) | (3,683,265) | (4,181,968) | (6,638,701) | (5,659,503) | (10,820,669) | (14,503,934) | ||||
OTHER INCOME (EXPENSE) | ||||||||||||
Interest income | 23,424 | 388,532 | 2,178 | 93 | 411,956 | 2,272 | ||||||
Interest expense | (1,074,661) | (706,522) | (504,404) | (575,008) | (745,165) | (1,781,183) | (1,320,174) | (1,822,306) | ||||
Gain on debt extinguishment | (301,414) | 21,478,614 | 21,177,200 | |||||||||
Change in derivative liabilities fair value | (2,762,397) | 3,046,886 | (1,832,666) | 284,489 | (6,867,881) | (6,202,104) | ||||||
Other | (284,330) | (1,323,353) | (4,835) | 140,361 | (190,257) | (1,607,683) | (49,896) | (54,731) | ||||
Total other income (expense) | (4,399,378) | 22,884,157 | 156,538 | (5,467,684) | (2,767,995) | 18,484,779 | (8,235,679) | (8,079,141) | ||||
Change in derivative liabilities fair value | 665,777 | (5,035,215) | (6,867,881) | |||||||||
(LOSS) BEFORE INCOME TAXES | (7,254,237) | 20,072,244 | (3,526,727) | (9,649,652) | (9,406,696) | 12,825,276 | (19,056,348) | (22,583,075) | ||||
NET (LOSS) BEFORE NON-CONTROLLING INTEREST | (7,254,237) | 20,072,244 | (3,526,727) | (9,649,652) | (9,406,696) | 12,825,276 | (19,056,348) | (22,583,075) | ||||
Net loss attributable to noncontrolling interest | 2,315,359 | 2,235,443 | 1,934,328 | 1,857,953 | 1,861,013 | 4,550,802 | 3,718,966 | 5,653,294 | ||||
NET INCOME / (LOSS) attributable to Odyssey Marine Exploration, Inc. | $ (4,938,878) | $ 22,307,687 | $ (1,592,399) | $ (7,791,699) | $ (7,545,683) | $ 17,376,078 | $ (15,337,382) | $ (16,929,781) | ||||
NET INCOME / (LOSS) PER SHARE | ||||||||||||
Net (loss) income per share – basic | $ (0.25) | $ 1.13 | $ (0.08) | $ (0.5) | $ (0.53) | $ 0.88 | $ (1.02) | $ (1.02) | ||||
Net (loss) income per share – diluted | $ (0.25) | $ 1.12 | $ (0.08) | $ (0.49) | $ (0.53) | $ 0.87 | $ (1.02) | $ (1.02) | ||||
Weighted average number of common shares outstanding | ||||||||||||
Basic | 19,918,677 | 19,666,459 | 19,482,118 | 15,803,746 | 14,365,633 | 19,793,265 | 15,088,662 | 16,569,240 | ||||
Diluted | 19,918,677 | 19,878,544 | 19,482,118 | 15,803,746 | 14,365,633 | 20,057,894 | 15,088,662 | 16,569,240 | ||||
Marine Services [Member] | ||||||||||||
REVENUE | ||||||||||||
Revenue | $ 190,699 | $ 628,907 | $ 779,581 | $ 1,150,767 | ||||||||
Marine Services [Member] | Previously Reported [Member] | ||||||||||||
REVENUE | ||||||||||||
Revenue | $ 166,832 | $ 271,375 | $ 298,083 | $ 300,000 | $ 294,975 | $ 438,208 | $ 594,975 | $ 893,058 | ||||
Marine Services [Member] | Restated [Member] | ||||||||||||
REVENUE | ||||||||||||
Revenue | 166,832 | 271,375 | 298,083 | 300,000 | 294,975 | 438,208 | 594,975 | 893,058 | ||||
Product and Service, Other [Member] | ||||||||||||
REVENUE | ||||||||||||
Revenue | $ (14,823) | $ 8,283 | $ 24,218 | $ 183,935 | ||||||||
Product and Service, Other [Member] | Previously Reported [Member] | ||||||||||||
REVENUE | ||||||||||||
Revenue | 5,743 | 17,364 | 60,326 | 90,278 | 4,631 | 23,106 | 94,909 | 155,235 | ||||
Product and Service, Other [Member] | Restated [Member] | ||||||||||||
REVENUE | ||||||||||||
Revenue | $ 5,743 | $ 17,364 | $ 60,326 | $ 90,278 | $ 4,631 | $ 23,106 | $ 94,909 | $ 155,235 |
Quarterly Financial Data - Un_7
Quarterly Financial Data - Unaudited - Consolidated Statements of Changes in Stockholder's Equity / (Deficit) (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | Mar. 31, 2023 | Mar. 06, 2023 | Sep. 30, 2022 | Jul. 10, 2022 | Jun. 30, 2022 | Jun. 10, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 25, 2020 | Oct. 31, 2018 | |
Beginning Balance | $ (70,648,430) | $ (88,674,942) | $ (66,992,873) | |||||||||||||
Share-based compensation | 166,069 | 585,654 | 1,811,551 | |||||||||||||
Common stock issued for warrants exercised | 303,349 | 303,349 | ||||||||||||||
Common stock issued for exercise of warrant , Shares | 3,703,703 | 4,939,515 | 90,552 | 28,363 | 551,378 | 1,873,622 | 700,000 | |||||||||
Fair value of warrants issued | $ 2,381,004 | 390,809 | 3,926,962 | |||||||||||||
Net income / (loss) | (6,052,860) | (3,884,602) | (29,822,431) | |||||||||||||
Ending Balance | $ (85,906,534) | (75,841,063) | (85,906,534) | (88,674,942) | ||||||||||||
Previously Reported [Member] | ||||||||||||||||
Stockholders' deficit | $ (65,017,481) | $ (57,453,484) | $ (70,944,274) | $ (63,853,295) | $ (72,445,582) | $ (62,488,638) | ||||||||||
Beginning Balance | (65,017,481) | (76,544,758) | (62,488,638) | |||||||||||||
Net income / (loss) | (30,883,322) | |||||||||||||||
Ending Balance | (76,544,758) | |||||||||||||||
Litigation Financing Adjustment [Member] | ||||||||||||||||
Stockholders' deficit | 1,844,260 | 3,902,384 | 2,322,725 | (812,244) | (3,462,754) | (3,005,466) | (4,001,135) | |||||||||
Beginning Balance | 3,902,384 | |||||||||||||||
Net income / (loss) | 5,845,395 | |||||||||||||||
Other Adjustments [Member] | ||||||||||||||||
Stockholders' deficit | 131,123 | 916,712 | 627,408 | 0 | 0 | (311,123) | 0 | |||||||||
Beginning Balance | 916,712 | |||||||||||||||
Net income / (loss) | 131,123 | |||||||||||||||
2022 Warrant Adjustment [Member] | ||||||||||||||||
Stockholders' deficit | (9,946,945) | (8,870,064) | (10,436,569) | (11,648,889) | ||||||||||||
Beginning Balance | (9,946,945) | |||||||||||||||
Investment in Unconsolidated Entities Adjustments [Member] | ||||||||||||||||
Stockholders' deficit | (503,100) | (503,100) | (503,100) | (503,100) | (503,100) | (503,100) | ||||||||||
Beginning Balance | (503,100) | |||||||||||||||
Restated [Member] | ||||||||||||||||
Stockholders' deficit | (70,648,430) | (63,876,515) | (82,696,187) | (79,468,038) | (76,265,271) | (66,992,873) | ||||||||||
Beginning Balance | (70,648,430) | |||||||||||||||
Revision of Prior Period, Adjustment [Member] | ||||||||||||||||
Stockholders' deficit | $ (5,630,949) | (6,423,031) | (11,751,913) | (15,614,743) | (3,819,689) | (4,504,235) | ||||||||||
Common Stock [Member] | ||||||||||||||||
Beginning Balance | $ 1,998 | $ 1,954 | $ 1,431 | |||||||||||||
Beginning Balance, Shares | 19,981,901 | 19,540,310 | 14,309,315 | |||||||||||||
Common stock issued for warrants exercised | $ 9 | $ 9 | ||||||||||||||
Common stock issued for exercise of warrant , Shares | 90,552 | 90,552 | 90,552 | |||||||||||||
Ending Balance | $ 2,042 | $ 2,007 | $ 2,042 | $ 1,954 | ||||||||||||
Ending Balance, Shares | 20,420,896 | 20,072,453 | 20,420,896 | 19,540,310 | ||||||||||||
Common Stock [Member] | Previously Reported [Member] | ||||||||||||||||
Stockholders' deficit | $ 1,998 | $ 1,989 | $ 1,950 | $ 1,946 | $ 1,448 | $ 1,431 | ||||||||||
Stockholders' deficit, Shares | 19,981,901 | 19,893,450 | 19,507,469 | 19,464,950 | 14,487,146 | 14,309,315 | ||||||||||
Beginning Balance | $ 1,954 | $ 1,431 | ||||||||||||||
Beginning Balance, Shares | 19,540,310 | 14,309,315 | ||||||||||||||
Ending Balance | $ 1,954 | |||||||||||||||
Ending Balance, Shares | 19,540,310 | |||||||||||||||
Common Stock [Member] | Litigation Financing Adjustment [Member] | ||||||||||||||||
Stockholders' deficit | $ 0 | |||||||||||||||
Stockholders' deficit, Shares | 0 | |||||||||||||||
Common Stock [Member] | Other Adjustments [Member] | ||||||||||||||||
Stockholders' deficit | $ 0 | |||||||||||||||
Stockholders' deficit, Shares | 0 | |||||||||||||||
Common Stock [Member] | Restated [Member] | ||||||||||||||||
Stockholders' deficit | $ 1,998 | $ 1,989 | $ 1,950 | $ 1,946 | $ 1,448 | $ 1,431 | ||||||||||
Stockholders' deficit, Shares | 19,981,901 | 19,893,450 | 19,507,469 | 19,464,950 | 14,487,146 | 14,309,315 | ||||||||||
Additional Paid-in Capital [Member] | ||||||||||||||||
Beginning Balance | $ 262,164,455 | $ 256,963,264 | $ 248,823,425 | |||||||||||||
Share-based compensation | 166,069 | 585,654 | 1,811,551 | |||||||||||||
Common stock issued for warrants exercised | 303,340 | 303,340 | ||||||||||||||
Fair value of warrants issued | 390,809 | 3,926,962 | ||||||||||||||
Ending Balance | $ 263,616,186 | 263,024,673 | 263,616,186 | 256,963,264 | ||||||||||||
Additional Paid-in Capital [Member] | Previously Reported [Member] | ||||||||||||||||
Stockholders' deficit | $ 271,083,470 | $ 270,608,427 | $ 264,621,682 | $ 264,323,108 | $ 249,189,881 | $ 249,055,600 | ||||||||||
Beginning Balance | 265,882,279 | 249,055,600 | ||||||||||||||
Ending Balance | 265,882,279 | |||||||||||||||
Additional Paid-in Capital [Member] | Litigation Financing Adjustment [Member] | ||||||||||||||||
Stockholders' deficit | 0 | 0 | ||||||||||||||
Additional Paid-in Capital [Member] | Other Adjustments [Member] | ||||||||||||||||
Stockholders' deficit | (232,175) | (232,175) | (232,175) | (232,175) | (232,175) | (232,175) | (232,175) | |||||||||
Additional Paid-in Capital [Member] | 2022 Warrant Adjustment [Member] | ||||||||||||||||
Stockholders' deficit | (8,686,840) | (8,686,840) | (8,686,840) | (8,686,840) | ||||||||||||
Additional Paid-in Capital [Member] | Investment in Unconsolidated Entities Adjustments [Member] | ||||||||||||||||
Stockholders' deficit | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
Additional Paid-in Capital [Member] | Restated [Member] | ||||||||||||||||
Stockholders' deficit | 262,164,455 | 261,689,412 | 255,702,667 | 255,404,093 | 248,957,706 | 248,823,425 | ||||||||||
Additional Paid-in Capital [Member] | Revision of Prior Period, Adjustment [Member] | ||||||||||||||||
Stockholders' deficit | (8,919,015) | (8,919,015) | (8,919,015) | (8,919,015) | (232,175) | (232,175) | ||||||||||
Accumulated Deficit [Member] | ||||||||||||||||
Beginning Balance | (284,066,697) | (301,442,776) | (279,362,917) | |||||||||||||
Net income / (loss) | (3,813,287) | 5,345,819 | (22,079,859) | |||||||||||||
Ending Balance | (296,096,957) | (287,879,984) | (296,096,957) | (301,442,776) | ||||||||||||
Accumulated Deficit [Member] | Previously Reported [Member] | ||||||||||||||||
Stockholders' deficit | (287,354,763) | (281,631,073) | (293,459,800) | (288,004,571) | (283,321,086) | (275,090,857) | ||||||||||
Beginning Balance | (298,231,607) | (275,090,857) | ||||||||||||||
Ending Balance | (298,231,607) | |||||||||||||||
Accumulated Deficit [Member] | Litigation Financing Adjustment [Member] | ||||||||||||||||
Stockholders' deficit | 1,844,260 | 3,902,384 | 2,322,725 | (812,244) | (3,462,754) | (3,005,466) | (4,001,135) | |||||||||
Accumulated Deficit [Member] | Other Adjustments [Member] | ||||||||||||||||
Stockholders' deficit | 363,298 | 1,148,887 | 859,583 | 232,175 | 232,175 | (78,948) | 232,175 | |||||||||
Accumulated Deficit [Member] | 2022 Warrant Adjustment [Member] | ||||||||||||||||
Stockholders' deficit | (1,260,105) | (183,224) | (1,749,729) | (2,962,049) | ||||||||||||
Accumulated Deficit [Member] | Investment in Unconsolidated Entities Adjustments [Member] | ||||||||||||||||
Stockholders' deficit | (503,100) | (503,100) | (503,100) | (503,100) | (503,100) | (503,100) | ||||||||||
Accumulated Deficit [Member] | Restated [Member] | ||||||||||||||||
Stockholders' deficit | (284,066,697) | (279,135,089) | (296,292,698) | (294,700,299) | (286,908,600) | (279,362,917) | ||||||||||
Accumulated Deficit [Member] | Revision of Prior Period, Adjustment [Member] | ||||||||||||||||
Stockholders' deficit | 3,288,066 | 2,495,984 | (2,832,898) | (6,695,728) | (3,587,514) | (4,272,060) | ||||||||||
Noncontrolling Interest [Member] | ||||||||||||||||
Beginning Balance | (48,748,186) | (44,197,384) | (36,454,812) | |||||||||||||
Net income / (loss) | (2,239,573) | (9,230,421) | (7,742,572) | |||||||||||||
Ending Balance | $ (53,427,805) | $ (50,987,759) | (53,427,805) | (44,197,384) | ||||||||||||
Noncontrolling Interest [Member] | Previously Reported [Member] | ||||||||||||||||
Stockholders' deficit | (48,748,186) | (46,432,827) | (42,108,106) | (40,173,778) | (38,315,825) | (36,454,812) | ||||||||||
Beginning Balance | $ (44,197,384) | (36,454,812) | ||||||||||||||
Ending Balance | (44,197,384) | |||||||||||||||
Noncontrolling Interest [Member] | Litigation Financing Adjustment [Member] | ||||||||||||||||
Stockholders' deficit | 0 | |||||||||||||||
Noncontrolling Interest [Member] | Other Adjustments [Member] | ||||||||||||||||
Stockholders' deficit | $ 0 | |||||||||||||||
Noncontrolling Interest [Member] | Restated [Member] | ||||||||||||||||
Stockholders' deficit | $ (48,748,186) | $ (46,432,827) | $ (42,108,106) | $ (40,173,778) | $ (38,315,825) | $ (36,454,812) |
Quarterly Financial Data - Un_8
Quarterly Financial Data - Unaudited - Consolidated Statements of Cash Flow (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Mar. 06, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income/(Loss) | $ 6,772,417 | $ 5,345,819 | $ (22,079,859) | ||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Investment in unconsolidated entity | (628,907) | ||||||||||
Depreciation | 236,192 | 242,970 | 88,389 | ||||||||
Financing fees amortization | 502,729 | 724,185 | 146,896 | ||||||||
Amortization of finance liability | 274,152 | 432,332 | 0 | ||||||||
Amortization of deferred discount | 1,412,726 | 2,037,000 | 0 | ||||||||
Amortization of loan prepayment premium | 0 | 300,000 | |||||||||
Note payable interest accretion | 963,596 | 985,671 | 295,932 | ||||||||
Note receivable interest accretion | (288,991) | (288,991) | (61,009) | ||||||||
Note payable interest paid in kind | 468,891 | 858,816 | 0 | ||||||||
Right of use asset amortization | 132,085 | ||||||||||
Share-based compensation | 538,900 | 585,654 | 1,811,551 | ||||||||
Change in derivative liabilities fair value | $ 0 | ||||||||||
Loss on equity method investment | $ 190,000 | 190,000 | 278,910 | 0 | |||||||
Gain on debt extinguishment, net of note receivable write-off | (21,177,200) | ||||||||||
Gain on sale of equipment | (40,000) | (160,000) | 0 | ||||||||
(Gain) loss on debt extinguishment | (21,177,200) | (21,177,200) | 0 | ||||||||
Change in derivatives liabilities fair value | 1,859,147 | 1,574,658 | 8,302,866 | 9,914,545 | |||||||
(Increase) decrease in: | |||||||||||
Accounts and other related party receivables | (3,087) | (103,899) | (241,707) | ||||||||
Short-term notes receivable related party | 514,294 | 514,294 | (12,649) | ||||||||
Change in operating lease liability | (137,259) | (186,656) | (163,171) | ||||||||
Other assets | 212,843 | 203,991 | (170,798) | ||||||||
Accounts payable | (1,005,903) | (1,675,936) | 5,974,387 | ||||||||
Accrued expenses and other | 746,040 | 2,562,806 | 2,719,808 | ||||||||
NET CASH (USED IN) OPERATING ACTIVITIES | (8,741,824) | (10,170,420) | (10,209,940) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Proceeds from sale of equipment | 323,103 | ||||||||||
Purchase of property and equipment | (578,554) | (1,346,878) | (1,477,547) | ||||||||
Cash paid for investment in unconsolidated entity | (1,000,000) | (1,000,000) | 0 | ||||||||
Proceeds from related party | 1,000,000 | ||||||||||
Gain on sale of entity | (174,106) | ||||||||||
NET CASH (USED IN) BY INVESTING ACTIVITIES | (429,557) | (1,029,128) | (2,477,547) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Debt proceeds | 15,415,000 | 21,415,001 | 2,200,000 | ||||||||
Offering costs paid on financing | $ (98,504) | (98,504) | (1,087,254) | ||||||||
Payment of debt obligation | (11,379,677) | (11,480,905) | (5,546,736) | ||||||||
Warrants issued | 184,601 | ||||||||||
Offering cost paid on sale of common stock | 0 | (723,546) | |||||||||
Proceeds from sale of common stock | 0 | 239,303 | 16,512,375 | ||||||||
Proceeds from sale leaseback financing, net | 4,050,000 | 4,050,000 | 0 | ||||||||
Payment on sale leaseback financing | (235,000) | (370,000) | 0 | ||||||||
Proceeds from warrants exercised | 303,349 | 303,349 | 0 | ||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 8,239,769 | 13,777,847 | 11,856,157 | ||||||||
NET INCREASE (DECREASE) IN CASH | (931,612) | 2,578,299 | (831,330) | ||||||||
CASH AT BEGINNING OF YEAR | $ 1,443,421 | 2,274,751 | $ 1,443,421 | $ 2,274,751 | 1,443,421 | $ 2,274,751 | 1,443,421 | 2,274,751 | |||
CASH AT END OF YEAR | 511,809 | 511,809 | 4,021,720 | 1,443,421 | |||||||
SUPPLEMENTARY INFORMATION: | |||||||||||
Interest paid | 86,687 | 172,346 | 222,731 | ||||||||
Income taxes paid | $ 0 | 0 | 0 | ||||||||
NON-CASH INVESTING AND FINANCING TRANSACTIONS: | |||||||||||
Conversion of debt to common stock | 1,000,000 | ||||||||||
Warrants issued | $ 3,742,362 | ||||||||||
Non-cash contribution of Investment in Odyssey Retriever, Inc. for equity interest in Ocean Minerals, LLC | 2,735,000 | ||||||||||
Ocean Minerals, LLC acquisition liabilities | 5,719,834 | ||||||||||
Accrued expenses converted to equity | 0 | 0 | 497,000 | ||||||||
Conversion of accounts receivable to note receivable | 0 | 503,059 | |||||||||
Non-cash financing related to litigation financing | 4,633 | ||||||||||
Previously Reported [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income/(Loss) | 14,365,091 | (10,091,242) | 6,326,042 | (16,632,680) | (24,022,237) | (23,140,750) | |||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Investment in unconsolidated entity | (271,375) | (294,975) | (438,208) | (594,975) | (893,058) | ||||||
Depreciation | 143,647 | 2,373 | 289,511 | 10,325 | 28,509 | ||||||
Financing fees amortization | 41,372 | 36,724 | 268,673 | 73,448 | 110,172 | ||||||
Amortization of finance liability | 0 | 116,826 | |||||||||
Amortization of loan prepayment premium | 200,000 | 300,000 | 300,000 | ||||||||
Note payable interest accretion | 315,363 | 68,140 | 857,549 | 140,153 | 216,286 | ||||||
Note receivable interest accretion | (288,991) | 0 | (288,991) | ||||||||
Right of use asset amortization | 57,322 | 38,773 | 86,917 | 78,522 | 119,276 | ||||||
Fair market value adjustment for OML acquisition liabilities | 0 | ||||||||||
Share-based compensation | 122,339 | 312,646 | 372,831 | 731,498 | 1,025,283 | ||||||
Gain on debt extinguishment, net of note receivable write-off | (21,177,200) | ||||||||||
Gain on sale of equipment | (40,000) | ||||||||||
(Gain) loss on debt extinguishment | $ 301,414 | (21,478,614) | (21,177,200) | ||||||||
Change in derivatives liabilities fair value | 0 | 0 | |||||||||
(Increase) decrease in: | |||||||||||
Accounts and other related party receivables | 7,498 | 6,739 | (997,642) | (60,672) | (153,788) | ||||||
Short-term notes receivable related party | (168,036) | (176,501) | |||||||||
Change in operating lease liability | (59,278) | (38,729) | (89,852) | (78,434) | |||||||
Other assets | (124,276) | 23,135 | (44,106) | 229,553 | 295,246 | ||||||
Accounts payable | (657,416) | 4,633,450 | (1,056,107) | 6,336,234 | 6,301,005 | ||||||
Accrued expenses and other | 4,507,406 | 3,378,543 | 8,616,587 | 6,716,044 | 10,641,134 | 14,651,375 | |||||
NET CASH (USED IN) OPERATING ACTIVITIES | (3,487,948) | (1,724,423) | (7,373,671) | (2,750,984) | (6,032,172) | (9,253,809) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Proceeds from sale of equipment | (2,878) | 40,001 | |||||||||
Purchase of property and equipment | (5,326) | (97,589) | (312,399) | (316,823) | (1,346,424) | ||||||
Proceeds from related party | 1,000,000 | ||||||||||
NET CASH (USED IN) BY INVESTING ACTIVITIES | (5,326) | (2,878) | 942,412 | (312,399) | (316,823) | (2,346,424) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Debt proceeds | 13,515,100 | 2,200,000 | 15,067,746 | 2,200,000 | 2,200,000 | ||||||
Payment of operating lease liability | (119,895) | ||||||||||
Waiver fee paid | (1,000,000) | (1,000,000) | |||||||||
Offering costs paid on financing | (98,504) | (98,504) | 0 | ||||||||
Payment of debt obligation | (9,692,315) | (186,777) | (11,139,244) | (5,073,804) | (5,361,560) | ||||||
Repurchase of stock-based awards withheld for payment of withholding tax requirements | (454,360) | (524,263) | (563,268) | ||||||||
Offering cost paid on sale of common stock | (1,790,848) | (1,810,800) | |||||||||
Proceeds from sale of common stock | 16,512,375 | 16,512,375 | |||||||||
Proceeds from sale leaseback financing, net | 4,050,000 | ||||||||||
Payment on sale leaseback financing | (65,000) | ||||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 2,724,281 | 1,558,863 | 6,814,998 | 11,323,460 | 10,856,852 | 10,768,903 | |||||
NET INCREASE (DECREASE) IN CASH | (768,993) | (168,438) | 383,739 | 8,260,077 | 4,507,857 | (831,330) | |||||
CASH AT BEGINNING OF YEAR | 1,827,160 | 674,428 | 1,443,421 | 2,274,751 | 1,443,421 | 2,274,751 | 1,443,421 | 2,274,751 | 1,443,421 | 2,274,751 | |
CASH AT END OF YEAR | 1,827,160 | 674,428 | 2,106,313 | 1,827,160 | 10,534,828 | 6,782,608 | 1,443,421 | ||||
SUPPLEMENTARY INFORMATION: | |||||||||||
Interest paid | 72,359 | $ 134,717 | 222,000 | ||||||||
NON-CASH INVESTING AND FINANCING TRANSACTIONS: | |||||||||||
Conversion of debt to common stock | 1,000,000 | ||||||||||
Warrants issued | 3,416,594 | $ 3,536,154 | |||||||||
Conversion of accounts receivable to note receivable | 1,000,000 | ||||||||||
Litigation Financing Adjustment [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income/(Loss) | 478,465 | 995,669 | 2,058,124 | 538,381 | 3,188,891 | 5,845,395 | |||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Change in derivative liabilities fair value | 5,539,629 | ||||||||||
Change in derivatives liabilities fair value | 1,685,516 | 1,685,517 | 1,521,543 | 3,371,033 | 3,043,086 | 5,539,629 | 6,086,172 | ||||
(Increase) decrease in: | |||||||||||
Accrued expenses and other | (3,163,982) | (2,517,212) | (6,429,157) | (5,531,467) | (8,728,520) | (11,931,567) | |||||
NET CASH (USED IN) OPERATING ACTIVITIES | (1,000,000) | 0 | (1,000,000) | (1,950,000) | 0 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchase of property and equipment | 0 | ||||||||||
NET CASH (USED IN) BY INVESTING ACTIVITIES | 0 | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Waiver fee paid | 1,000,000 | 1,000,000 | |||||||||
Offering costs paid on financing | 0 | ||||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 1,000,000 | 1,000,000 | 0 | ||||||||
NET INCREASE (DECREASE) IN CASH | 0 | ||||||||||
CASH AT BEGINNING OF YEAR | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
CASH AT END OF YEAR | 0 | ||||||||||
2022 Warrant Adjustment [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income/(Loss) | 4,732,403 | 3,655,522 | (2,962,049) | (1,749,729) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Change in derivative liabilities fair value | 662,475 | ||||||||||
Change in derivatives liabilities fair value | 1,076,881 | (4,732,403) | (3,655,522) | 3,824,795 | 662,475 | ||||||
(Increase) decrease in: | |||||||||||
NET CASH (USED IN) OPERATING ACTIVITIES | 862,746 | (1,087,254) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Offering cost paid on sale of common stock | 1,087,254 | 1,087,254 | |||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 1,087,254 | 1,087,254 | |||||||||
Other Adjustments [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income/(Loss) | 496,285 | (311,123) | 785,588 | 0 | 131,123 | ||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Note payable interest accretion | 4,918 | ||||||||||
Right of use asset amortization | (119,895) | ||||||||||
Change in derivatives liabilities fair value | 311,123 | 0 | 0 | ||||||||
(Increase) decrease in: | |||||||||||
Other assets | 6,848 | 10,327 | |||||||||
Accrued expenses and other | 2,352 | 0 | |||||||||
NET CASH (USED IN) OPERATING ACTIVITIES | 503,133 | 0 | 803,185 | (119,895) | (131,123) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchase of property and equipment | (503,133) | (798,267) | (131,123) | ||||||||
NET CASH (USED IN) BY INVESTING ACTIVITIES | (503,133) | (798,267) | (131,123) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Payment of operating lease liability | 119,895 | ||||||||||
Offering costs paid on financing | 0 | ||||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 119,895 | 0 | |||||||||
NET INCREASE (DECREASE) IN CASH | 4,918 | 0 | |||||||||
CASH AT BEGINNING OF YEAR | 4,918 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
CASH AT END OF YEAR | 4,918 | 4,918 | 0 | ||||||||
Restated [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income/(Loss) | 20,072,244 | (9,406,696) | 12,825,276 | (19,056,348) | (22,583,075) | ||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Investment in unconsolidated entity | (271,375) | (294,975) | (438,208) | (594,975) | (893,058) | ||||||
Depreciation | 143,647 | 2,373 | 289,511 | 10,325 | 28,509 | ||||||
Financing fees amortization | 41,372 | 36,724 | 268,673 | 73,448 | 110,172 | ||||||
Amortization of finance liability | 0 | 116,826 | |||||||||
Amortization of loan prepayment premium | 200,000 | 300,000 | 300,000 | ||||||||
Note payable interest accretion | 315,363 | 68,140 | 862,467 | 140,153 | 216,286 | ||||||
Note receivable interest accretion | (288,991) | 0 | (288,991) | ||||||||
Right of use asset amortization | 57,322 | 38,773 | 86,917 | 78,522 | (619) | ||||||
Fair market value adjustment for OML acquisition liabilities | 0 | ||||||||||
Share-based compensation | 122,339 | 312,646 | 372,831 | 731,498 | 1,025,283 | ||||||
Change in derivative liabilities fair value | 6,202,104 | ||||||||||
Gain on debt extinguishment, net of note receivable write-off | (21,177,200) | ||||||||||
Gain on sale of equipment | (40,000) | ||||||||||
(Gain) loss on debt extinguishment | 301,414 | (21,478,614) | (21,177,200) | ||||||||
Change in derivatives liabilities fair value | 2,762,397 | (3,046,886) | 1,832,666 | (284,489) | 6,867,881 | 6,202,104 | |||||
(Increase) decrease in: | |||||||||||
Accounts and other related party receivables | 7,498 | 6,739 | (997,642) | (60,672) | (153,788) | ||||||
Short-term notes receivable related party | (168,036) | (176,501) | |||||||||
Change in operating lease liability | (59,278) | (38,729) | (89,852) | (78,434) | |||||||
Other assets | (117,428) | 23,135 | (33,779) | 229,553 | 295,246 | ||||||
Accounts payable | (657,416) | 4,633,450 | (1,056,107) | 6,336,234 | 6,301,005 | ||||||
Accrued expenses and other | 1,343,424 | 861,331 | 2,189,782 | 1,184,577 | 1,912,614 | ||||||
NET CASH (USED IN) OPERATING ACTIVITIES | (3,984,815) | (1,724,423) | (7,570,486) | (3,838,238) | (7,239,321) | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Proceeds from sale of equipment | (2,878) | 40,001 | |||||||||
Purchase of property and equipment | (508,459) | (895,856) | (312,399) | (316,823) | |||||||
Proceeds from related party | 1,000,000 | ||||||||||
NET CASH (USED IN) BY INVESTING ACTIVITIES | (508,459) | (2,878) | 144,145 | (312,399) | (316,823) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Debt proceeds | 13,515,100 | 2,200,000 | 15,067,746 | 2,200,000 | 2,200,000 | ||||||
Waiver fee paid | 0 | ||||||||||
Offering costs paid on financing | (98,504) | (98,504) | |||||||||
Payment of debt obligation | (9,692,315) | (186,777) | (11,139,244) | (5,073,804) | (5,361,560) | ||||||
Repurchase of stock-based awards withheld for payment of withholding tax requirements | (454,360) | (524,263) | (563,268) | ||||||||
Offering cost paid on sale of common stock | (703,594) | (723,546) | |||||||||
Proceeds from sale of common stock | 16,512,375 | 16,512,375 | |||||||||
Proceeds from sale leaseback financing, net | 4,050,000 | ||||||||||
Payment on sale leaseback financing | (65,000) | ||||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 3,724,281 | 1,558,863 | 7,814,998 | 12,410,714 | 12,064,001 | ||||||
NET INCREASE (DECREASE) IN CASH | (768,993) | (168,438) | 388,657 | 8,260,077 | 4,507,857 | ||||||
CASH AT BEGINNING OF YEAR | $ 1,832,078 | 674,428 | 1,443,421 | 2,274,751 | 1,443,421 | 2,274,751 | $ 1,443,421 | 2,274,751 | $ 1,443,421 | 2,274,751 | |
CASH AT END OF YEAR | $ 1,832,078 | 674,428 | $ 2,106,313 | 1,832,078 | $ 10,534,828 | 6,782,608 | $ 1,443,421 | ||||
SUPPLEMENTARY INFORMATION: | |||||||||||
Interest paid | 72,359 | $ 134,717 | $ 222,000 | ||||||||
NON-CASH INVESTING AND FINANCING TRANSACTIONS: | |||||||||||
Conversion of debt to common stock | 1,000,000 | ||||||||||
Warrants issued | 3,416,594 | $ 3,536,154 | |||||||||
Conversion of accounts receivable to note receivable | $ 1,000,000 |