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Deferred Revenue | 12 Months Ended
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Dec. 31, 2013
Revenue Recognition [Abstract] |
Deferred Revenue | NOTE N – DEFERRED REVENUE Since 2009, we entered into several marine search services contracts associated with the Robert Frasier Marine, Ltd. projects. For each contract, revenue is recognized over the contractual period when services are performed as defined by the contract. The period of time a search project remains active varies but usually extends over several months and may be accelerated or extended depending upon operational factors. At December 31, 2013, we have a $1,840,404 service obligation on one service contract that will be recognized as revenue over the period of time the contractual services are provided. At December 31, 2012, we had a $2,835,522 service obligation on two service contracts that will be recognized as revenue over the period of time the contractual services are provided. For the years ended December 31, 2013 and 2012, we earned charter expedition revenue, exclusive of the sale of research, of $115,009 and $709,618, respectively, relating to these contracts. During 2013 one of the service contracts remaining that had a deferred balance of 995,117 was terminated. Of the service liability remaining $440,054 was settled with cash, $440,054 was settled with zero basis shares we held in NMI. These shares were transferred to the customer and $115,009 became revenue when the final balance of the service liability was mutually agreed to. The $440,054 that was settled with our zero basis shares held in NMI is recorded in Other Income within our Consolidated Statements of Income.

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- Definition The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 8 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6935-107765 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 13 -Section A Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 605 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 13.A.3(b).Q1(c),(b).Q2,(c).Q3) -URI http://asc.fasb.org/extlink&oid=27012821&loc=d3e214044-122780 + Details
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