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Subsequent Events
12 Months Ended
Dec. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

NOTE T – SUBSEQUENT EVENTS (UNAUDITED)

In February 2017, we entered into a non-binding Letter of Intent with an investor for a financing arrangement whereas they will extend debt financing for up to $5.0 million of which $750,000 has already been advanced. This loan is to carry a simple interest rate of 10% and is to mature 24 months from the initial closing date. The closing date is to occur by March 15, 2017. If prior to June 1, 2017, the lender enters into a contract with us to provide $2.0 million or more to fund shipwreck search and recovery projects, the commitment to fund the debt shall be reduced to $3.0 million. As a commitment fee for entering into this Letter of Intent underlying the pending debt arrangement, we have assigned to the lender the remaining Neptune Minerals, Inc. trade receivable of $2,345,729 as disclosed in NOTE C. This receivable is fully reserved and has a carrying value of zero. The debt agreement is to be collateralized with 50% of our equity interests in one of our wholly owned subsidiaries. This subsidiary is one of our foreign entities in the early stages of developing a new-deep sea mineral deposit. The lender will also have a security interest in our contractual rights to receive payments from Magellan Offshore Services Ltd, also an affiliate of Monaco Financial LLC, resulting from our share of profits of cargo recovered from shipwrecks. All or a portion of this loan will be convertible into up to 50% of our equity interests in our wholly owned subsidiary. If the lender chooses to convert the debt, each $1.0 million of indebtedness is to be convertible into 10% of the equity interest of our wholly owned subsidiary, up to 50%. If the loan is paid in full, the lender will still have the option to buy up to 50% of the equity interest in the same manner as the aforementioned $1.0 million per 10%. This option will remain for twelve months after the loan is paid in full. After this twelve-month period, the lender may extend the option for up to two additional years by making a payment of $0.5 million per year. We have not determined the applicable accounting for this transaction at the time of this filing.