XML 25 R4.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Income - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
REVENUE      
Recovered cargo sales and other $ 1,943,709 $ 1,271,398 $ 23,670,264
Exhibit 58,352 51,484 112,129
Expedition 3,328,190   131,556
Total revenue 5,330,251 1,322,882 23,913,949
OPERATING EXPENSES      
Cost of sales - recovered cargo and other 1,447,331 247,087 694,787
Operations and research 11,428,506 19,477,227 26,024,548
Marketing, general and administrative 11,458,528 9,791,260 14,161,465
Common stock issued for subsidiary stock option settlement 2,520,000    
Total operating expenses 26,854,365 29,515,574 40,880,800
LOSS FROM OPERATIONS (21,524,114) (28,192,692) (16,966,851)
OTHER INCOME OR (EXPENSE)      
Interest income 137 25,302 9,966
Interest expense (4,551,799) (1,560,254) (3,581,642)
Change in derivative liabilities fair value (1,175,971) 1,001,679 4,385,380
(Loss) from unconsolidated entity   (522,500)  
Gain on debt extinguishment 5,611,907    
Other 388,595 104,922 581,543
Total other income or (expense) 272,869 (950,851) 2,601,597
LOSS BEFORE INCOME TAXES (21,251,245) (29,143,543) (14,365,254)
Income tax benefit (provision)   481,055 (496,055)
NET (LOSS) BEFORE NON-CONTROLLING INTEREST (21,251,245) (28,662,488) (14,861,309)
Non-controlling interest 3,044,082 2,189,374 4,120,037
NET (LOSS) $ (18,207,163) $ (26,473,114) $ (10,741,272)
LOSS PER SHARE      
Basic and diluted $ (2.46) $ (3.74) $ (1.61)
Weighted average number of common shares outstanding      
Basic and diluted 7,413,602 7,072,553 6,677,402
Derivative Liabilities [Member]      
OTHER INCOME OR (EXPENSE)      
Change in derivative liabilities fair value $ (1,175,971) $ 1,001,679 $ 4,385,380
Silver Fixed Price Swap [Member]      
OTHER INCOME OR (EXPENSE)      
Change in derivative liabilities fair value     $ 1,206,350