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Commitments And Contingencies
9 Months Ended
Sep. 30, 2011
Commitments And Contingencies [Abstract] 
Commitments And Contingencies

NOTE H – COMMITMENTS AND CONTINGENCIES

Legal Proceedings

The Company may be subject to a variety of claims and suits that arise from time to time in the ordinary course of business. Management is currently not aware of any claims or suits that will have a material adverse impact on its financial position or its results of operations.

Trends and Uncertainties

Our current 2011 business plan estimates that some of our planned projects may be financed through project syndications or other partnership and project financing opportunities. One or more of these projected project financing or partnership opportunities may not be realized, or we may choose not to avail ourselves of these financing opportunities, which may require the need for additional cash. Based upon our current expectations, we believe our cash position will be sufficient to fund operating cash flows through the rest of 2011 taking into account our current cash position and expected revenues from multiple sources, including projected sales of products and contracted services, project financing and other potential financing opportunities. Our renewed term loan with Fifth Third Bank required a $2.0 million payment which was made in July 2011, and we also redeemed $5.0 million of the remaining of Series G Convertible Preferred Stock in October 2011. However, we will need to obtain additional capital if cash flow from operations or project financing is not sufficient to meet operational requirements. We have experienced several years of net losses resulting in a stockholders' deficit. Our capacity to generate net income in future periods is dependent upon our success in recovering and monetizing high-value shipwrecks, or from generating income from other projects. We have identified one of our potential high value target shipwrecks, HMS Victory, and we have presented a proposal for the archaeological excavation, conservation and management of that shipwreck from which we expect to generate revenues. There is evidence suggesting at least one of the Robert Fraser client shipwreck targets has been located, and is the subject of ongoing operational plans. In addition we have located the SS Gairsoppa and the SS Mantola shipwrecks, which reportedly contained large quantities of silver we believe may be monetized in 2012. We are also engaged in negotiations to undertake a number of deep-ocean mining exploration projects which may produce additional revenue opportunities. It is possible we may not be able to begin recovery operations on projects as planned, monetize any potential cargo in the short term or successfully conclude negotiations for the mining projects. If cash flow is not sufficient to meet our projected business plan requirements, we will be required to raise additional capital or curtail expenses. While we have been successful in raising the necessary funds in the past, there can be no assurance that we can continue to do so.