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Asset Sale and Loan Restructuring (Tables)

12 Months Ended

Dec. 31, 2016

Text Block [Abstract]

Summary of Combined Carrying Value of All Loans

The combined carrying value of the all loans (associated with the transaction) on December 10, 2015 prior to the transaction taking effect:

Loan Description		Reduction in Carrying Amount*
Monaco advance/loan		$	2,000,000
Monaco Loan (Tranche 1 – August 14, 2014)**			5,000,000
Fifth Third term			3,000,000
Fifth Third SSCA project loan			7,684,514
Fifth Third Laurel mortgage			1,001,000
Term loan interest paid by Monaco			12,559
Mortgage interest paid by Monaco			3,182
SSCA project loan interest paid by Monaco			36,614
Monaco Loan (Tranche 2 – October 1, 2014)			387,262
Fair value of assets given up and assigned to debt extinguished		$	19,125,131

* Represents the reduction in carrying amount of each of the loans by the fair value of the assets. The reduction is to equate to the fair value of the assets.

** In accordance with the asset purchase agreement, the $5,000,000 loan balance is reduced by (i) the cash or other value received by Monaco from the SSCA, or (ii) If the proceeds received by Monaco from the SSCA project are insufficient to have paid off the loan balance of $5,000,000 by December 31, 2017, then Monaco can seek repayment of the remaining outstanding balance on the loan by withholding our 21.25% “additional consideration” in new shipwreck projects done with Monaco. Management believes that there is a 100% chance that the cash or other value will be received by Monaco from the SSCA. Because there is a 100% likelihood that cash or other value will be received by Monaco from the SSCA, there is also 100% likelihood of the $5,000,000 Note being extinguished. As such this analysis includes the $5,000,000 as debt being extinguished.

Schedule of Undiscounted Cash Flows and Revised Carrying Value

We determined if the future undiscounted cash flows are greater or less than the revised carrying value.

Future Cash Flows:		Amount
Monaco Loan (Tranche 2 – October 1, 2014)		$	300,000
Tranche 2 accrued interest			7,534
Tranche 2 future interest			67,989
Total Tranche 2 debt			375,523
Monaco Loan (Tranche 3 – December 1, 2014)			2,500,000
Tranche 3 accrued interest			7,534
T3 future interest			566,575
Total Tranche 3 debt			3,074,109
Undiscounted future cash flows		$	3,449,632
Revised Carrying Value
Carrying value of all combined loans			23,466,108
Reduced by fair value of assets			(19,125,131	)
Revised carrying value*		$	4,340,977
Gain on restructure (difference between revised carrying amount and undiscounted future cash flows)		$	891,345

*Calculation of revised carrying value

Combined loans		Note carrying values
Monaco advance/loan		$	2,000,000
Monaco Loan (Tranche 1 – August 14, 2014)			5,000,000
Monaco Loan (Tranche 2 – October 1, 2014)			2,470,703
Tranche 2 accrued interest			7,534
Monaco Loan (Tranche 3 – December 1, 2014)			2,242,468
Tranche 3 accrued interest			7,534
Fifth Third term			3,000,000
Fifth Third SSCA project loan			7,684,514
Fifth Third Laurel mortgage			1,001,000
Term loan interest paid by Monaco			12,559
Mortgage interest paid by Monaco			3,182
SSCA project loan interest paid by Monaco*			36,614
Total carrying value of all notes combined		$	23,466,108
Fair value of assets transferred			(19,125,131	)
Excess debt carrying value of fair asset value		$	4,340,977

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- Definition

Schedule Of Undiscounted Cash Flows And Revised Carrying Value Table[Text Block]

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Tabular disclosure of troubled debt restructuring which results when the debtor restructures the terms of its debt with a creditor due to the debtor's financial difficulties and the creditor grants certain concessions to obtain payment it might not otherwise receive. Includes a description of the principal changes in terms, the major features of settlement for each restructuring, the aggregate gain on restructuring and the related income tax effect, the per share amount of the total gain on restructuring, net of related income tax effect, and the total gain (loss) on transfers of assets recognized during the period. After the troubled debt restructuring has occurred debtors discuss the extent and amount to which amounts contingently payable are included in the carrying amount of restructured payables, and the conditions under which those amounts would become payable or would be forgiven when there is at least a reasonable possibility that a liability for contingent payments will be incurred.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 60
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6402221&loc=d3e15765-112638

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 60
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6402221&loc=d3e15743-112638

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