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Inventory

9 Months Ended

Sep. 30, 2014

NOTE E—INVENTORY

Our inventory consisted of the following:


	September 30, 2014			December 31, 2013
Artifacts	$	5,345,633		$	5,406,183
Packaging		73,492			85,133
Merchandise		759,797			401,072
Merchandise reserve		(371,332	)		(371,332	)

Total inventory	$	5,807,590		$	5,521,056

Of these amounts, $5,131,223 and $5,206,318 are classified as non-current as of September 30, 2014 and December 31, 2013, respectively.

On shipwreck recovery projects where we do not own the recovered cargo, such as the Gairsoppa and the SS Central America projects, we do not carry any of the recovered but non-monetized cargo as inventory unless we receive cargo as payment for services, as part of our share of proceeds, or if we purchase some of the cargo for re-sale.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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