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v3.5.0.2

Consolidated Statements of Operations - Unaudited - USD ($) | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015
REVENUE |  |  |  |
Recovered cargo sales and other |  | $ 226,733 | $ 4,667 | $ 321,174
Exhibit |  | 12,500 |  | 33,352
Expedition | $ 1,217,318 | 204,310 | 1,795,128 | 204,310
Total revenue | 1,217,318 | 443,543 | 1,799,795 | 558,836
OPERATING EXPENSES |  |  |  |
Cost of sales - recovered cargo and other |  | 164,589 |  | 377,465
Marketing, general and administrative | 1,937,523 | 3,354,227 | 4,317,839 | 6,370,213
Operations and research | 1,293,803 | 2,889,590 | 3,493,794 | 6,251,056
Common stock issued for subsidiary stock option settlement |  |  |  | 2,520,000
Total operating expenses | 3,231,326 | 6,408,406 | 7,811,633 | 15,518,734
INCOME (LOSS) FROM OPERATIONS | (2,014,008) | (5,964,863) | (6,011,838) | (14,959,898)
OTHER INCOME (EXPENSE) |  |  |  |
Interest income |  | 36 |  | 95
Interest expense | (596,287) | (1,019,443) | (930,347) | (1,681,725)
Change in derivative liabilities fair value | 61,051 | 211,890 | 3,398,525 | (251,013)
Other | 9,652 | 7,494 | 391,630 | (10,874)
Total other income (expense) | (525,584) | (800,023) | 2,859,808 | (1,943,517)
(LOSS) BEFORE INCOME TAXES | (2,539,592) | (6,764,886) | (3,152,030) | (16,903,415)
Income tax benefit (provision) | 0 | 0 | 0 | 0
NET (LOSS) BEFORE NON-CONTROLLING INTEREST | (2,539,592) | (6,764,886) | (3,152,030) | (16,903,415)
Non-controlling interest | 680,814 | 638,668 | 1,377,897 | 1,062,726
NET (LOSS) | $ (1,858,778) | $ (6,126,218) | $ (1,774,133) | $ (15,840,689)
NET (LOSS) PER SHARE |  |  |  |
Basic and diluted (See NOTE B) | $ (0.25) | $ (0.84) | $ (0.24) | $ (2.16)
Weighted average number of common shares outstanding |  |  |  |
Basic | 7,544,345 | 7,469,455 | 7,542,728 | 7,340,272
Diluted | 7,544,345 | 7,469,455 | 7,542,728 | 7,340,272

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