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ODYSSEY MARINE EXPLORATION, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

                 
 

(Unaudited)
June 30,
2005


   

December 31,
2004


 

ASSETS

             

CURRENT ASSETS

             

Cash and cash equivalents

$

4,417,027

 

 

$

3,050,721

 

Accounts receivable

 

1,841,111

 

 

 

2,104,914

 

Inventory

 

3,644,401

 

 

 

3,759,552

 

Deferred tax asset

 

 

 

 

1,651,604

 

Other current assets

 

596,089

 

 

 

640,150

 

 




 



Total current assets

 

10,498,628

 

 

 

11,206,941

 

 

 

 

PROPERTY AND EQUIPMENT

             

Equipment and office fixtures

 

7,482,265

 

 

 

6,612,764

 

Building and land

 

3,501,513

 

 

 

3,333,481

 

Accumulated depreciation

 

(1,845,431

)

 

 

(1,328,202

)

 




 



Total property and equipment

 

9,138,347

 

 

 

8,618,043

 

 

 

 

OTHER ASSETS

             

Inventory (non current)

 

6,777,607

 

 

 

5,945,177

 

Deferred tax asset

 

5,608,953

 

 

 

1,176,796

 

Attraction development

 

3,199,561

 

 

 

569,634

 

Other non current assets

 

459,321

 

 

 

404,209

 

 




 



Total other assets

 

16,045,442

 

 

 

8,095,816

 

 




 



Total assets

$

35,682,417

 

 

$

27,920,800

 

 




 



LIABILITIES AND STOCKHOLDERS’ EQUITY

             

CURRENT LIABILITIES

             

Accounts payable

$

726,105

 

 

$

591,138

 

Accrued expenses

 

815,078

 

 

 

2,024,882

 

Mortgage and loans payable

 

111,433

 

 

 

173,700

 

Deposits

 

8,580

 

 

 

19,098

 

Deferred tax liability

 

1,740,427

 

 

 

 

 




 



Total current liabilities

 

3,401,623

 

 

 

2,808,818

 

 

 

 

LONG TERM LIABILITIES

             

Mortgage payable

 

1,808,333

 

 

 

1,858,333

 

Deferred income from Revenue Participation Certificates

 

887,500

 

 

 

887,500

 

 




 



Total long term liabilities

 

2,695,833

 

 

 

2,745,833

 

 




 



Total liabilities

 

6,097,456

 

 

 

5,554,651

 

 




 



STOCKHOLDERS’ EQUITY

             

Preferred stock - $.0001 par value; 9,300,000 shares authorized; none outstanding

 

 

 

 

 

Preferred stock series A convertible - $.0001 par value; 510,000 shares authorized; none issued or outstanding

 

 

 

 

 

Common stock - $.0001 par value; 100,000,000 Shares authorized; 42,128,099 and 38,530,599 issued and outstanding

 

4,213

 

 

 

3,853

 

Additional paid-in capital

 

34,742,512

 

 

 

26,430,934

 

Unrealized gain on investments, net of tax

 

 

 

 

554

 

Accumulated deficit

 

(5,161,764

)

 

 

(4,069,192

)

 




 



Total stockholders’ equity

 

29,584,961

 

 

 

22,366,149

 

 




 



Total liabilities and stockholders’ equity

$

35,682,417

 

 

$

27,920,800

 

 




 



The accompanying notes are an integral part of these financial statements.


ODYSSEY MARINE EXPLORATION, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS - Unaudited

                 
 

Three Months Ended


 
 

June 30,
2005


   

August 31,
2004


 

REVENUE

$

3,825,818

 

 

$

6,141,068

 

 

 

 

OPERATING EXPENSES

             

Cost of sales

 

353,809

 

 

 

577,236

 

Marketing, general & administrative

 

2,386,394

 

 

 

1,117,086

 

Operations & research

 

2,737,795

 

 

 

492,610

 

 




 



Total operating expenses

 

5,477,998

 

 

 

2,186,932

 

 

 

 

INCOME (LOSS) FROM OPERATIONS

 

(1,652,180

)

 

 

3,954,136

 

 

 

 

OTHER INCOME (EXPENSE)

             

Interest income

 

6,969

 

 

 

722

 

Interest expense

 

(28,236

)

 

 

(16,240

)

Other

 

28,312

 

 

 

28,704

 

 




 



Total other income (expense)

 

7,045

 

 

 

13,186

 

 




 



INCOME (LOSS) BEFORE INCOME TAXES

 

(1,645,135

)

 

 

3,967,323

 

Income tax benefit (provision)

 

564,468

 

 

 

(1,559,312

)

 




 



NET INCOME (LOSS)

 

(1,080,667

)

 

 

2,408,009

 

 




 



EARNINGS (LOSS) PER SHARE

             

Basic

$

(.03

)

 

$

.06

 

Diluted

$

(.03

)

 

$

.06

 

 

 

 

Weighted average number of common shares outstanding

             

Basic

 

41,686,862

 

 

 

38,467,012

 

Diluted

 

41,686,862

 

 

 

39,719,740

 

The accompanying notes are an integral part of these financial statements.


ODYSSEY MARINE EXPLORATION, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS - Unaudited

                 
 

Six Months Ended


 
 

June 30,
2005


   

August 31,
2004


 

REVENUE

$

7,175,334

 

 

$

9,578,629

 

 

 

 

OPERATING EXPENSES

             

Cost of sales

 

570,097

 

 

 

1,528,717

 

Marketing, general & administrative

 

4,307,321

 

 

 

2,235,983

 

Operations & research

 

4,050,250

 

 

 

983,083

 

 




 



Total operating expenses

 

8,927,668

 

 

 

4,747,783

 

 

 

 

INCOME (LOSS) FROM OPERATIONS

 

(1,752,334

)

 

 

4,830,846

 

 

 

 

OTHER INCOME (EXPENSE)

             

Interest income

 

15,497

 

 

 

1,601

 

Interest expense

 

(56,746

)

 

 

(16,240

)

Other

 

41,823

 

 

 

26,740

 

 




 



Total other income (expense)

 

574

 

 

 

12,101

 

 




 



INCOME (LOSS) BEFORE INCOME TAXES

 

(1,751,760

)

 

 

4,842,947

 

 

 

 

Income tax benefit (provision)

 

659,188

 

 

 

(1,968,104

)

 




 



NET INCOME (LOSS)

 

(1,092,572

)

 

 

2,874,843

 

 




 



EARNINGS (LOSS) PER SHARE

             

Basic

$

(.03

)

 

$

.08

 

Diluted

$

(.03

)

 

$

.07

 

 

 

 

Weighted average number of common shares outstanding

             

Basic

 

40,488,485

 

 

 

38,313,955

 

Diluted

 

40,488,485

 

 

 

40,715,763

 

The accompanying notes are an integral part of these financial statements.


ODYSSEY MARINE EXPLORATION, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited

               
 

Six Months Ended


 
 

June 30,
2005


   

August 31,
2004


 

CASH FLOWS FROM OPERATING ACTIVITIES:

             

Net Income (Loss)

$

(1,092,572

)

 

$

2,874,843

 

Adjustments to reconcile net loss to net cash used by operating activity:

             

Deferred income taxes

 

(1,040,126

)

 

 

1,968,104

 

Depreciation

 

554,058

 

 

 

177,238

 

(Gain) Loss on disposal of equipment

 

40,451

 

 

 

 

Tax benefit related to exercise of employee Stock options

 

380,938

 

 

 

 

(Increase) decrease in:

             

Accounts receivable

 

214,156

 

 

 

(2,095,203

)

Inventory

 

(644,367

)

 

 

(3,796,129

)

Other current assets

 

(11,050

)

 

 

(63,659

)

Increase (decrease) in:

             

Accounts payable

 

134,967

 

 

 

(81,567

)

Customer deposits

 

(10,518

)

 

 

19,098

 

Accrued expenses

 

(1,111,883

)

 

 

966,460

 

 




 



NET CASH (USED) IN OPERATING ACTIVITIES

 

(2,585,946

)

 

 

(30,815

)

 




 



CASH FLOWS FROM INVESTING ACTIVITIES:

             

Purchase of property and equipment

 

(1,018,169

)

 

 

(1,325,776

)

Proceeds from sale of equipment

 

49,647

 

 

 

 

Attraction development

 

(2,629,927

)

 

 

(238,104

)

Purchase of building improvements

 

(168,032

)

 

 

(1,140,802

)

 




 



NET CASH (USED) IN INVESTING ACTIVITIES

 

(3,766,481

)

 

 

(2,704,682

)

 




 



CASH FLOWS FROM FINANCING ACTIVITIES:

             

Proceeds from issuance of common stock

 

8,276,000

 

 

 

1,030,313

 

Sale of marketable securities

 

 

 

 

1,991,555

 

Broker commission and fees on private offering

 

(445,000

)

 

 

 

Loan payable

 

 

 

 

1,523,700

 

Repayment of mortgage payable

 

(112,267

)

 

 

(8,333

)

 




 



NET CASH PROVIDED BY FINANCING ACTIVITIES

 

7,718,733

 

 

 

4,537,235

 

 




 



NET INCREASE IN CASH

 

1,366,306

 

 

 

1,801,738

 

 

 

 

CASH AT BEGINNING OF PERIOD

 

3,050,721

 

 

 

1,351,340

 

 




 



CASH AT END OF PERIOD

$

4,417,027

 

 

$

3,153,078

 

 




 



SUPPLEMENTARY INFORMATION:

             

Interest paid

$

51,484

 

 

$

8,607

 

Income taxes paid

$

 

 

$

 

 

 

 

NON CASH TRANSACTIONS:

             

Depreciation reclassified as inventory

$

72,912

 

 

$

202,235

 

Accrued compensation paid by common stock

$

100,000

 

 

$

 

The accompanying notes are an integral part of these financial statements.


# # #


The Company believes the information set forth in this Press Release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors," and "Business" in the Company's annual report on Form 10KSB/A for the year ended December 31, 2004, which has been filed with the Securities and Exchange Commission.
 
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