ODYSSEY MARINE EXPLORATION INC

For the period ended Dec 31, 2024. Filed Mar 31, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Mar 31, 2025

OMEX$10.31-4.1%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

	Year Ended December 31,
	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$6,247,129	$(3,884,602)
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:
Services provided to unconsolidated entities	(726,395)	(779,581)
Depreciation	79,019	242,970
Financing fees amortization	90,794	724,185
Amortization of finance liability	638,271	432,332
Amortization of deferred discount	3,345,669	2,037,000
Note payable interest accretion	2,318,779	985,671
Note interest paid-in-kind ("PIK")	1,793,345	858,816
Note receivable interest accretion	—	(288,991)
Right-of-use ("ROU") asset amortization	121,568	178,457
Share-based compensation	2,011,605	585,654
Director compensation paid in stock	288,000	178,493
Loss on equity method investment	271,830	278,910
(Gain) loss on debt extinguishment	729,723	(21,177,200)
Loss on Termination Agreement	4,246,900	—
Loss on sale of equipment	(4,029)	(160,000)
Change in derivatives liability fair value	(18,866,862)	8,302,866
(Increase) decrease in:
Accounts receivable and other related party receivables	(175,444)	(103,899)
Short-term notes receivable, related party	—	514,294
Changes in operating lease liability	(129,140)	(186,656)
Other assets	59,813	203,991
Accounts payable	372,209	(1,675,936)
Accrued expenses and other	(2,070,443)	2,562,806
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	642,341	(10,170,420)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of equipment	—	317,750
Purchase of property and equipment	(84,350)	(1,346,878)
Cash paid for investment in unconsolidated entity	—	(1,000,000)
Proceeds from related party	—	1,000,000
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	(84,350)	(1,029,128)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of loans payable	—	21,415,001
Repurchase of stock-based awards withheld for payment of withholding tax requirements	(18,277)	(218,618)
Offering cost paid on financing	(122,954)	(160,283)
Payment of debt obligations	(3,003,612)	(11,480,905)
Proceeds from sale leaseback financing, net	—	4,050,000
Proceeds from warrants exercised	—	303,349
Proceeds from issuance of common stock	3,896,875	239,303
Payment on sale leaseback financing	(540,000)	(370,000)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	212,032	13,777,847
NET INCREASE/(DECREASE) IN CASH	770,023	2,578,299
CASH AT BEGINNING OF PERIOD	4,021,720	1,443,421
CASH AT END OF PERIOD	$4,791,743	$4,021,720

	Year Ended December 31,
	2024	2023
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	$430,282	$172,346
Director compensation settled with equity	$288,000	$125,000
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Conversion of debt to common stock	$1,722,899	$300,003
Common stock issued and exchanged with related party	$429,570	$—
Fair value of liability warrants issued	$1,156,676	$2,392,563
Debt extinguished and paid in common stock	$—	$1,000,000
Non-cash contribution of investment in Odyssey Retriever, Inc. for equity interest in OML	$—	$2,735,000
Embedded debt derivative liability	$851,000	$—
Put option liability	$—	$5,637,162
Warrants reclassification from Equity to Liability classification	$7,754,438	$—

The accompanying notes are an integral part of these financial statements.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.