Property and Equipment

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

NOTE E – PROPERTY AND EQUIPMENT

Property and equipment consist of the following:


	December 31, 2017			December 31, 2016
Marine asset held for sale		—			416,329
Computers and peripherals		1,278,461			1,281,469
Furniture and office equipment		2,625,028			2,576,222
Marine equipment		12,835,409			13,331,008

		16,738,898			17,605,028
Less: Accumulated depreciation		(16,145,082	)		(15,809,774	)

Property and equipment, net	$	593,816		$	1,795,254

During May 2016, we sold our vessel, Odyssey Explorer, for $200,000 in cash and a smaller vessel as consideration. The vessel received was valued at $350,000, based on management’s best estimate at that 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. During the three-months ended June 30, 2017, we sold this marine vessel to a related party, Monaco Financial, LLC, for $650,000. The consideration for this vessel was applied against our loan balance to Monaco in the amount of $650,000, see NOTE I. 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 in the relevant period.