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Revenue Participation Rights | 12 Months Ended
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Dec. 31, 2011
Revenue Participation Rights [Abstract] |
Revenue Participation Rights | NOTE P – REVENUE PARTICIPATION RIGHTS The Company's participating revenue rights consisted of the following at December 31, 2011 and 2010:
|  | December 31, 2011 |  |  | December 31, 2010 |
"Cambridge" project |  | $ | 825,000 |  |  | $ | 825,000 |
"Republic" (now "Seattle") project |  |  | 62,500 |  |  |  | 62,500 |
Galt Resources, LLC |  |  | 7,512,500 |  |  |  | — |
Total participating revenue rights |  | $ | 8,400,000 |  |  | $ | 887,500 |
We previously sold Revenue Participation Certificates ("RPCs") that represent the right to share in our future revenues derived from the "Cambridge" project, which is now referred to as the HMS Sussex shipwreck project. We also sold RPCs related to a project formerly called the "Republic" project which we now call the "Seattle" project. The "Seattle" project refers to a shipwreck which we have not yet located. The "Cambridge" RPC units constitute restricted securities. Each $50,000 convertible "Cambridge" RPC entitles the holder to receive a percentage of the gross revenue received by us from the "Cambridge" project, which is defined as all cash proceeds payable to us as a result of the "Cambridge" project, less any amounts paid to the British Government or their designee(s); provided, however, that all funds received by us to finance the project are excluded from gross revenue. The "Cambridge" project holders are entitled to 100% of the first $825,000 of gross revenue, 24.75% of gross revenue from $4 - 35 million, and 12.375% of gross revenue above $35 million generated by the project. In a private placement that closed in September 2000, we sold "units" consisting of "Republic" Revenue Participation Certificates and Common Stock. Each $50,000 "unit" entitled the holder to 1% of the gross revenue generated by the "Seattle" project (formerly referred to as the "Republic" project), and 100,000 shares of Common Stock. Gross revenue is defined as all cash proceeds payable to us as a result of the "Seattle" project, excluding funds received by us to finance the project. The participating rights balance will be amortized under the units of revenue method once management can reasonably estimate potential revenue for each of these projects. The RPCs for the "Cambridge" and "Republic" projects do not have a termination date, therefore these liabilities will be carried on the books until revenue is recognized from these projects or we permanently abandon either project. In February 2011, we entered into a project syndication deal with Galt Resources LLC ("Galt") for which they invested $7,512,500 representing rights to future revenues of any project Galt selects prior to December 31, 2011. If the project is successful, Galt will recoup their investment plus three times the investment. These amounts will be paid out of proceeds of the project. Galt will receive 50% of the proceeds until this amount is recouped. Thereafter, they will share in additional net proceeds of the project at the rate of 1% for every million invested. The agreement originally allowed Galt to select only one project but an agreement was subsequently reached permitting Galt to bifurcate their selection between two projects, the SS Gairsoppa and HMS Victory. Galt will receive 50% of our net proceeds, if any, on the SS Gairsoppa project until they receive two times its initial investment of $7,512,500. Galt will also receive 50% of our net proceeds, if any, on the HMS Victory project until they receive two times its initial investment and thereafter will receive 7.5125% of our net proceeds from the HMS Victory project. The Galt invested balance will be amortized to revenue over the expected revenue stream of the selected project.

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- Definition The entire disclosure describing revenue participation rights. Describes the investment, the investor's return of investment and their participation in prorata sharing of future revenues related to specific projects as defined by an agreement. + References No definition available. + Details
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