XML 16 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Operations - Unaudited - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
REVENUE        
Recovered cargo sales and other $ 2,389 $ 1,368,795 $ 7,057 $ 1,689,968
Exhibit   12,500   45,852
Expedition 2,880,851 77,358 4,675,978 281,667
Total revenue 2,883,240 1,458,653 4,683,035 2,017,487
OPERATING EXPENSES        
Cost of sales - recovered cargo and other   873,517   1,250,982
Marketing, general and administrative 2,193,734 2,630,094 6,511,574 9,000,307
Operations and research 2,886,857 2,306,053 6,380,651 8,557,109
Common stock issued for subsidiary stock option settlement       2,520,000
Total operating expenses 5,080,591 5,809,664 12,892,225 21,328,398
INCOME (LOSS) FROM OPERATIONS (2,197,351) (4,351,011) (8,209,190) (19,310,911)
OTHER INCOME (EXPENSE)        
Interest income   27   122
Interest expense (598,931) (1,206,662) (1,529,278) (2,888,386)
Change in derivative liabilities fair value 3,748 (4,732) 3,402,273 (255,745)
Other (5,063) (11,944) 386,567 (22,819)
Total other income (expense) (600,246) (1,223,311) 2,259,562 (3,166,828)
(LOSS) BEFORE INCOME TAXES (2,797,597) (5,574,322) (5,949,628) (22,477,739)
Income tax benefit (provision) 0 0 0 0
NET (LOSS) BEFORE NON-CONTROLLING INTEREST (2,797,597) (5,574,322) (5,949,628) (22,477,739)
Non-controlling interest 665,294 994,067 2,043,191 2,056,794
NET (LOSS) $ (2,132,303) $ (4,580,255) $ (3,906,437) $ (20,420,945)
NET (LOSS) PER SHARE        
Basic and diluted (See NOTE B) $ (0.28) $ (0.60) $ (0.52) $ (2.76)
Weighted average number of common shares outstanding        
Basic 7,558,835 7,481,798 7,548,136 7,387,952
Diluted 7,558,835 7,481,798 7,548,136 7,387,952