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Property and Equipment

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE E – PROPERTY AND EQUIPMENT

Property and equipment consist of the following:

		December 31, 2016				December 31, 2015
Marine asset held for sale			416,329				—
Computers and peripherals			1,281,469				1,332,767
Furniture and office equipment			2,576,222				2,003,731
Vessel and equipment			13,331,008				19,123,758
Exhibits and related			—				—
			17,605,028				22,460,256
Less: Accumulated depreciation			(15,809,774	)			(19,633,420	)
Property and equipment, net		$	1,795,254			$	2,826,836

During May 2016, we sold our vessel, Odyssey Explorer, for $200,000 in cash and a smaller vessel as consideration. The vessel received as has been valued at $350,000 based on management’s best estimate of the evaluation at this time considering its physical condition and the prevailing market. Subsequent to taking ownership of this vessel, we capitalized $66,329 of costs in order to prepare the vessel for sale. At December 31, 2016, we have a contract pending for the sale of this vessel. During 2016, we sold marine operational assets for a gain of $992,595 of which $792,595 is non-cash. The non-cash gain portion is a result of receiving the in-kind asset earlier noted and the relief of trade related debt. The gain of $992,595 is included in Gain on sale of marine assets in our Consolidated Statement of Income.

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- References

No definition available.

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- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.13-14)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2921-110230

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

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