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Other Long-Term Assets
 12 Months Ended
Dec. 31, 2015
Investments, All Other Investments [Abstract]  
Other Long-Term Assets

NOTE H – OTHER LONG-TERM ASSETS

Other long-term assets consist of the following:

 

     December 31, 2015      December 31, 2014  

Recovered cargo

    $ —        $ 730,463   

Deposits

      540,590         541,590   
  

 

 

     

 

 

  

Total other long-term assets

    $ 540,590       $ 1,272,053   
  

 

 

     

 

 

  

The 2014 recovered cargo balance consists primarily of SS Republic coins and silver bullion bars from the SS Gairsoppa silver recovery and other artifacts. Deposits for both years include $432,500 on account with the United Kingdom’s Ministry of Defense relating to the expense deposits for HMS Sussex and $100,000 deposit to fund conservation and documentation of any artifacts recovered. Theses HMS Sussex deposits are refundable in their entirety, net of approved Ministry of Defense related expenses. Other deposits are held by various vendors for services, and in accordance with agreements in the normal course of business. The recovered cargo was sold as part of the acquisition agreement executed in December 2015 with a related party. See NOTE S for further explanation.