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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The potential common shares in the following tables represent potential common shares from outstanding options, restricted stock awards, convertible notes and other convertible securities that were excluded from the calculation of diluted EPS during periods due to having an anti-dilutive effect are:

		Three Months Ended
		March 31, 2024				March 31, 2023
						(As restated)
Average market price during the period		$	4.44			$	3.21
Option awards			1,529,824				848,118
Unvested restricted stock awards			10,087				13,547
Convertible notes			146,482				11,858,244
Common Stock Warrant related			951,148				6,918,729

Reconciliation of Numerators and Denominators used in Computing Basic and Diluted Net Income Per Share

The following is a reconciliation of the numerators and denominators used in computing basic and diluted net income per share:

		Three Months Ended
		March 31, 2024				March 31, 2023
						(As restated)
Net income (loss) attributable to Odyssey Marine Exploration, Inc.		$	3,498,024			$	22,307,687
Numerator:
Basic net income (loss) available to stockholders		$	3,498,024			$	22,307,687
Fair value change in debt instruments			(1,617,819	)			—
Fair value change in warrants			(6,798,430	)			—
Interest expense related to convertible debt			—				3,562
Diluted net income (loss) available to stockholders		$	(4,918,225	)		$	22,311,249
Denominator:
Weighted average common shares outstanding – Basic			20,425,934				19,666,459
Dilutive effect of options			—				4,399
Dilutive effect of restricted stock awards			—				170,681
Dilutive effect of warrants			1,909,565				—
Dilutive effect of convertible instruments			4,322,601				37,005
Weighted average common shares outstanding – Diluted			26,658,100				19,878,544
Net (loss) income per share – basic		$	0.17			$	1.13
Net (loss) income per share – diluted		$	(0.18	)		$	1.12

Summarize Our Fair Value Hierarchy For Our Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following tables summarize our fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023:

		March 31, 2024
		Level 1				Level 2				Level 3				Total Balance
Liabilities:
37N Note embedded derivative		$	—			$	—			$	336,857			$	336,857
Put option liability			—				—				4,384,777				4,384,777
Litigation financing			—				—				52,691,820				52,691,820
Warrant liabilities issued with debt (December 2023 Warrants)			—				—				2,268,472				2,268,472
Warrant liabilities issued with equity (2022 Warrants)			—				—				9,202,078				9,202,078
March 2023 note warrants			—				—				5,263,018				5,263,018
Total of fair valued liabilities		$	—			$	—			$	74,147,022			$	74,147,022
		December 31, 2023
		Level 1				Level 2				Level 3				Total Balance
Liabilities:
37N Note embedded derivative		$	—			$	—			$	702,291			$	702,291
Put option liability			—				—				5,637,162				5,637,162
Litigation financing			—				—				52,115,647				52,115,647
Warrant liabilities issued with debt (December 2023 Warrants)			—				—				2,392,563				2,392,563
Warrant liabilities issued with equity (2022 Warrants)			—				—				13,399,822				13,399,822
Total of fair valued liabilities		$	—			$	—			$	74,247,485			$	74,247,485

Changes in our Level 3 fair value measurements

Change in our Level 3 fair value measurements were as follows:

		March 2023 note warrants				37N Note embedded derivative				Put option liability				Litigation financing				Warrant liabilities issued with debt (December 2023 warrants)				Warrant liabilities issued with equity (2022 warrants)				Total
Year ended December 31, 2023			—				702,291				5,637,162				52,115,647				2,392,563				13,399,822				74,247,485
Change in fair value			(2,491,420	)			(365,434	)			(1,252,385	)			576,173				(124,091	)			(4,197,744	)			(7,854,901	)
Classification of warrant as liability			7,754,438				—				—				—				—				—				7,754,438
Three months ended March 31, 2024			5,263,018				336,857				4,384,777				52,691,820				2,268,472				9,202,078				74,147,022
Year ended December 31, 2022 As restated			—				—				—				45,368,948				—				13,602,467				58,971,415
Change in fair value			—				—				—				1,685,517				—				(4,732,403	)			(3,046,886	)
Other			—				—				—				2,528				—				—				2,528
Three months ended March 31, 2023 (As restated)			—				—				—				47,056,993				—				8.870.064				55,927,057

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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