Accrued Expenses

12 Months Ended

Dec. 31, 2013

NOTE M – ACCRUED EXPENSES

Accrued expenses consist of the following:


	2013		2012
Compensation and bonuses	$	1,610,357	$	—
Customer deposits		22,083		82,175
Project proceeds payable		1,325,122		—
Revenue participation distribution payable		—		12,506,755
Vessel operations		1,394,670		926,648
Professional services		222,274		335,748
Income tax provision		496,055		—
Other operating		223,859		199,514

Total accrued expenses	$	5,294,420	$	14,050,840

Vessel operations relates to expenditures required to operate our ships such as fuel, repair and maintenance, port fees and charter related. Professional fees are mainly attributable to legal fees and related and other professional services in support of operations. Other operating expenses contain general items related to, but not limited to marketing, insurance and the exhibit. As discussed in the Revenue Recognition and Accounts Receivable of NOTE A, the United Kingdom Government is to receive 20% of available proceeds after our reimbursement of search and recovery expenses. The Project proceeds payable represents a share of the United Kingdom Government’s 20%. See NOTE P for 2012’s Revenue participation distribution payable. See NOTE S for detail on the income tax provision.