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Inventory

12 Months Ended

Dec. 31, 2014

NOTE E – INVENTORY

Our inventory consists of the following:


	2014			2013
Recovered cargo	$	5,681,264		$	5,406,183
Packaging		70,560			85,133
Merchandise		405,467			401,072
Merchandise reserve		(371,332	)		(371,332	)

Total Inventory (current and non-current)	$	5,785,959		$	5,521,056

Based on our estimates of the timing of future sales, $5,110,967 and $5,206,318 of artifact inventory for the fiscal years ended 2014 and 2013 were classified as non-current.

- 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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