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Accrued Expenses
 12 Months Ended
Dec. 31, 2014
Payables and Accruals [Abstract]  
Accrued Expenses

NOTE L – ACCRUED EXPENSES

Accrued expenses consist of the following:

 

     2014      2013  

Compensation and bonuses

    $ 1,451       $ 1,610,357   

Customer deposits

      —           22,083   

Project proceeds payable

      —           1,325,122   

Vessel operations

      1,525,513         1,394,670   

Professional services

      465,000         222,274   

Income tax provision

      —           496,055   

Accrued insurance payable

      304,584         —     

Other operating

      91,414         223,859   
  

 

 

     

 

 

  

Total accrued expenses

 $ 2,387,962    $ 5,294,420   
  

 

 

     

 

 

  

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 received 20% of available proceeds after our reimbursement of search and recovery expenses on the Gairsoppa project. The Project proceeds payable represents a share of the United Kingdom Government’s 20%.