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FYI guys, I just spoke to the transfer agent to see if I could get any insight on how long this may take, she said and I quote "Be patient the brokers have the shares and the process is underway" but she could not tell me how long it would take.
Wish I had more but really nothing more to be done other than wait.
Hopefully, my ave on the calls is in the .50s. May have to grab some more long also if it continues downward.
Added 40 of the 2017 $17 calls today at .45, have 80 now plus 1000 long.
Bought 1000 long @ $32.80
On the bid for 20 of the 2018 $32 calls @ $2.55
2 18 22 4 chase.
Odyssey Marine Exploration Reports Third Quarter 2015 Results
Odyssey Marine Exploration (NASDAQ:OMEX): Q3 EPS of -$0.05 in-line.
Revenue of $1.5M (+650.0% Y/Y) beats by $1.1 million
TAMPA, Fla., Nov. 06, 2015 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a pioneer in the field of deep-ocean exploration, reported results for its third quarter ended September 30, 2015.
Q3 2015 Highlights
After re-submitting its Environmental Impact Assessment (EIA) for the proposed dredging and recovery of phosphate sands from the "Don Diego" deposit off the coast of Mexico in Q2, Exploraciones Oceanicas, S. De R.L. De C.V. (ExO), a subsidiary of Oceanica, filed additional information with the Mexican Secretary of Environment and Natural Resources (SEMARNAT) in August 2015.
Through active cost management efforts, the company reduced operating expenses and improved the net result.
For the three months ended September 30, 2015, reduced total operating expenses by $2.1 million, or by 27%, compared to the same period in 2014. Excluding the $2.7 million credit to operating expenses for the SS Central America project made in 2014, the total operating expenses were actually reduced by $4.8 million, or by 45%.
For the nine months ended Sept. 30, 2015, reduced total operating expenses by $2.0 million, or by 9%, compared to the same period in 2014. Excluding the $6.3 million credit to operating expenses for the SS Central America project made in 2014 and excluding the 2015 $2.5 million cost of stock issued to Mako Resources, the total operating expenses were actually reduced by $10.8 million, or by 37%.
Increased revenues by 95% or more as a result of increased inventory sales of coins when comparing the three months ended and nine months ended September 30, 2014, and 2015.
Successfully renegotiated the terms of several loans with the company's bank and with MINOSA in order to postpone loan repayments that would have been otherwise due in the third quarter.
Requested a hearing and successfully prepared a plan to regain compliance with Nasdaq's bid price requirement. Subsequent to the quarter, Odyssey presented the plan to the Nasdaq Listing Qualification Hearings Panel and was notified on November 3, 2015, that the Panel granted Odyssey's request for continued listing subject to the company regaining compliance with the minimum bid price prior to March 7, 2016.
Management Commentary
"Odyssey has made significant progress this quarter towards the planned transformation of our company that we have been discussing since March of this year. The environmental permit process is well underway in Mexico. A well-attended public hearing for the project was held in October to solicit questions from interested parties. Written responses are currently being prepared for SEMARNAT using the extensive scientific data and testing conducted over the past several years," said Mark Gordon, Odyssey Chief Executive Officer.
"In addition, we're working on an exciting transformation to the shipwreck side of our business that is intended to provide funding for new projects and settle all of our current bank debt. Since the process of negotiating a definitive agreement is currently underway and we can't answer additional questions regarding the EIA process at this time, Odyssey will not hold a third quarter conference call this week. Instead, we intend to hold an update call once this transaction is executed, which we expect to occur in the coming weeks. Odyssey has taken a $1 million advance against the definitive agreement.
"In addition to strategic initiatives that are progressing, I'm proud of our team and the steps that have been taken to strengthen our financial discipline, reduce operating expenses and position us to take advantage of these opportunities while retaining our core competencies.
"Last week, our CFO and I met with the Nasdaq Hearings Panel to present our plan to regain compliance with the $1.00 minimum closing bid price requirement for continued listing. I'm happy to report that the Panel granted our request for continued listing and has extended the deadline to regain compliance until March 7, 2016."
Q3 2015 Financial Summary
Total revenue in the third quarter was $1.5 million, a $1.3 million increase over the revenue in the same period a year ago. The increase in revenue was generated primarily as a result of sales of coins from our inventory through a specific coin sales distributor. Cost of sales increased to $0.9 million, in line with the increase in items sold from our inventory.
Total revenue for the nine months ended September 30, 2015 was $2.0 million, a $1.0 million increase over the revenue in the same period a year ago. Most of the 2015 revenue increase is due to sales of coins from our inventory through a specific coin sales distributor.
Marketing, general and administrative expenses decreased by $0.2 million from $2.8 million in the third quarter of 2014 to $2.6 million in the same period in 2015. This decrease is the result of cost cutting efforts implemented by management.
Marketing, general and administrative expenses increased by $0.8 million from $8.2 million in the nine months ended September 30, 2014, to $9.0 million in the same period in 2015. This increase is primarily the result of a reversal of a $0.5 million bad debt provision in 2014 and to increased legal and transaction costs in 2015 linked to the MINOSA deal preparation and approval by our shareholders in June 2015.
Operations and research expenses decreased by $2.8 million, from $5.1 million in the third quarter of 2014 to $2.3 million in the same period in 2015. The third quarter of 2014 included a credit to expenses of $2.7 million related to the SS Central America project. Excluding this credit, Operations and research expenses decreased by $5.5 million, or by 70%, in the third quarter of 2014 as compared to the same period in 2015. This decrease is the result of cost cutting efforts implemented by management, such as the termination of a long term lease of a vessel in 2014.
Operations and research expenses decreased by $6.4 million, from $15.0 million in the nine months ended September 30, 2014 to $8.6 million in the same period in 2015. The 2014 period included a credit to expenses of $6.3 million related to the SS Central America project. Excluding this credit, Operations and research expenses decreased by $12.7 million, or by 60%, in the nine months ended September 30, 2015 as compared to the same period in 2014. This decrease is the result of cost cutting efforts implemented by management, such as the termination of a long term lease of a vessel in 2014.
Total operating expenses for the third quarter of 2015 were $5.8 million compared to $7.9 million in the same quarter of 2014. This represents a $2.1 million, or 27%, decrease over the period. Excluding the credit to expenses of $2.7 million related to the SS Central America project in the third quarter of 2014, total operating expenses decreased by $4.8 million, or by 45%.
Total operating expenses for the nine months ending September 30, 2015 were $21.3 million compared to $23.4 million in the same quarter of 2014. This represents a $2.0 million, or 9%, decrease over the period. Excluding the credit to expenses of $6.3 million related to the SS Central America project in the first 9 months of 2014 and excluding the $2.5 million cost in 2015 related to the issuance of stock to Mako Resources, total operating expenses decreased by $10.8 million, or by 37%.
Other Income (Expense) became a net expense of $1.2 million in the third quarter of 2015 as compared to a net income of $0.1 million in the third quarter of 2014. This change is primarily due additional interest expenses resulting from the increased financial debt of the Company in 2015 as compared to 2014.
The net loss in the third quarter of 2015 was $4.6 million or $(0.05) per share, as compared to a net loss of $7.4 million or $(0.09) per share in the same year-ago quarter.
Cash and cash equivalents totaled $1.8 million at September 30, 2015, a decrease of $1.3 million from the $3.1 million at December 31, 2014. The decrease was primarily due to cash used in operations.
In the third quarter of 2015, a $0.5 million principal payment was made on one of the Bank loans. The three Bank loans were amended in the third quarter of 2015 and now mature on December 17, 2015. The loans from MINOSA that were scheduled to mature on September 30, 2015 were amended to mature on December 31, 2015.
In the first nine months of 2015, operating cash flows improved by $7.6 million, or by 33% compared to the same period a year ago. The improvement is a result of actions taken to reduce expenditures, primarily in the area of vessel operating costs. In the first nine months of 2015, investing activities generated net cash inflows as Odyssey took actions to sell certain assets, such as one of its buildings, as well as reducing capital expenditures. Financing activities provided significant cash inflows in 2015 as Odyssey entered into a loan agreement with MINOSA.
The SEC Form 10-Q is available via the investors section of the company's website at www.odysseymarine.com as well as the SEC's website at www.sec.gov
Yes they will be mailed, not sure how long its going to take to get them finished though.
Added 100 after hours at $111
The brokers have the shares already, as to when they get into accounts I have no idea.
Holding 300 long from $99 going into earnings and just picked up a 2018 $100 call @ $23 to gamble, should they miss will add a lot more shares and calls hopefully under $100 again.
Just a little rubbing... Love how the crowd went wild.
Plus afterwards Matty said "the right front must have gone down"....
Doubt he is concerned about the fine or points, in my humble opinion its the best drama of a boring year.
4 22 24. 24 chase
No relationship ever at anytime, not sure why you like to make stuff up?
FYI guys, I just got off the phone with the Transfer Agent because I heard from a few folks that their brokers said they had not received the new shares yet. Turns out some of them have not returned the old certificates like they were supposed to a while back so the Agent held some. Got Lee on the phone and he instructed her to send the new shares to those brokers anyways and she assured us they would go out today despite not having received the old ones back.
Lee said he is waiting for the first person to see new shares in their accounts, which hopefully will be any day now.
Bought 1000 today at $14.90, some 2017 $17 calls also
2 18 88. 2 chase
Took the gains on my 10 2017 $100 calls, still holding 300 long from $99
Took the gains on my 40 2017 $32 calls, will buy the 2018 calls on a dip.
I'm going to make some popcorn and enjoy this little show.
Looks like I could have saved a couple hundred if I waited a bit, but so what, I own Ferrari!!! LOL
Got my 100 shares.
IPO priced at $52, no idea yet where it will actually trade at, I have an order in for 100 at $60 for fun.
Numerous pinky CEO's claim antimony is indeed a rare earth, they would not mislead anyone would they.......?
6 grams is about .2 oz honest mistake with the decimal maybe?
6 grams per ton at 100 tons a day would equal out to the 20 oz.
4 20 22 and 22 chase
IMO there is a chance everything comes together perfectly with their phosphate deal, but I think its a long way out yet. Large mining deals take many many years to happen. The 14 million short shares are intriguing though, with over 100 days to cover could make a nice payday long before any mining happens. That said, this is still my smallest position by far with just under 3000 shares.
Its up 50% since Monday, could well trigger some more covering next week.
Its up over 80% this year, personally think they are doing quite well.
The pps seem to be productive today.
I also noted in the dream that there were 39 new certs issued as recently as 8/25/15 for shares that changed hands between brokers. Not sure what to make of that though.
Had another dream, in this one all the new letters were generated and are being reviewed to make sure all the counts add up correctly and could be sent to the TA as early as tomorrow.
From SA
Odyssey Marine Provides Amazing Risk/Reward As Environmental Approval Nears
Oct. 12, 2015 3:46 PM ET | 1 comment | About: Odyssey Marine Exploration, Inc. (OMEX)
Disclosure: I am/we are long OMEX. (More...)
Summary
Odyssey Marine controls the rights to one of the largest phosphate deposit in the world.
Upon approval, we believe the Don Diego project alone is worth a multiple of the current Odyssey Marine stock price.
Approval of the Don Diego project appears inevitable, backed by Mexican billionaire Alonso Ancira.
Stock was heavily shorted on liquidity concerns, which have been eradicated, but short sellers have yet to cover. Short interest is 14.4 million shares, an amazing 78 days to cover.
Summary
Odyssey Marine Exploration (NASDAQ:OMEX) is in the final innings of a transformation that will make them one of the largest phosphate producers in the world. The company has backed away from their shipwreck exploration roots, and is focusing on the much more stable and profitable business of mineral mining. We believe that their Don Diego mineral deposit will receive environmental approval from the Mexican government in the coming weeks. When that happens, we believe we will see contracts from some of the largest phosphate producers in the world to secure their supply of this limited resource. This phosphate business should generate a steady stream of cash flows. In our discussions with management, we believe production of 2 to 5 million tons of phosphate processing per year is achievable, which would provide $200 to $500 million of revenue at 40% EBITDA margin. With the stock trading below $0.40, this provides a significant call option, with the opportunity to make a multiple of your investment before year-end.
Company Transformation
Historically, OMEX has been the top ocean exploration and recovery company in the world. Not only do they have the largest shipwreck database, but they are the best at locating and extracting treasure from the wreckage. The problem is, that is a very difficult business model for a public company. After pulling gold, silver, or other treasure from a shipwreck, the loot will sit in a warehouse for years while the court battles play out to determine who has legal claim. This results in uncertain revenues, long stretches of negative cash flow, and very impatient shareholders.
Over the past couple of years, OMEX realized that this business model is very difficult to execute, and started looking for a way to leverage their core competency to stabilize their cash flows. OMEX's core competency is locating and identifying assets on the ocean floor. Instead of focusing on locating shipwrecks, the company now focuses on identifying large sea bed mineral deposits. Although we don't know the exact number, OMEX has said that they have a database of deep ocean mineral deposits.
Sea bed mining has significant benefits over traditional land mining. While land mining requires extracting minerals from underneath the earth's surface, which is both costly and environmentally hazardous, the mineral deposits identified by OMEX are laying right on the ocean floor. Extracting the material is done by dredging the minerals right off the surface, rather than digging, which is much cheaper, and poses no environmental risks. In addition, mineral deposits on land are becoming more depleted every year, with resources becoming more scarce. Because 2/3 of the earth is covered by water, and because very little mining has taken place, there are vastly more resources available to mine in the ocean.
Don Diego Mineral Deposit
OMEX is already in the process of monetizing their first mining project. Off the Pacific coast of Mexico, there is a phosphate deposit called Don Diego, one of the largest phosphate deposits in the world. In 2012, OMEX secured the rights to this deposit, and in 2013 they sold a minority stake for $27.5 million. Third party testing recently indicated that there are 588 million metric tons of phosphate ore in the Don Diego deposit.
OMEX has exclusive rights to mine this site for 50 years. With 588 million tons available, it will likely take longer than that before the deposit shows any signs of depletion. This steady stream of cash flows initially ranging from $100 to $200 million annually has been valued by numerous buy-side and sell-side analysts. Most estimates, including this one, value the Don Diego mineral deposit between $1.7 and $2.5 billion. Regardless of where your valuation falls in that range, this asset is clearly worth a significant multiple of the current stock price.
After monetizing some of the asset in 2013, OMEX now owns roughly 50% of the mineral deposit. In early 2015, OMEX received a substantial investment from Minera del Norte in exchange for shares and warrants, which if fully exercised will result in about 150 million shares outstanding. As a result, OMEX owns 50% of an asset worth roughly $2 billion. With the stock trading under $0.40, that's a call option that provides enormous upside.
The final step before the mining beings is environmental approval. As I mentioned above, OMEX made a strategic partnership with Minera del Norte, a Mexican mining company backed by Mexican billionaire Alonso Ancira. This relationship is critical for three reasons; Minera del Norte's expertise in mineral mining, Ancira's relationships with the largest phosphate producers in the world, and his relationship with the Mexican President and other government officials.
We believe the Mexican government will approve the project for a number of reasons:
1. The vast majority of food in Mexico is imported, because only 11.9% of their land is arable. Mining phosphate would significantly increase fertilizer production, which means more farmland.
2. President Nieto ran on a platform of reducing hunger in Mexico. More farmland means more crops, which will reduce hunger.
3. Ancira, through his subsidiaries, has agreed to make an initial investment of $14.75 million as a line of credit to the company. In addition, he has agreed to invest up to $101 million over the next 3 years at a price of $1.00 per share, a nearly 200% premium to the current stock price. He wouldn't make that kind of investment if he wasn't confident that the project would get approved.
4. Ancira is very well aligned with the current Mexican government, including President Nieto, who has spoken very highly of Ancira in the past.
5. In addition to the agricultural benefits, Mexico would benefit economically, by creating jobs, and becoming a net exporter of phosphate, where they currently import nearly all of their phosphate.
OMEX has completed all of the environmental impact studies, proven that there will be no detrimental impact to the ocean, seabed, plant life, or wild life, and shown that this project is much more environmentally friendly than mining on land. They've also made significant partnerships with people and companies that are accustomed to working with the Mexican government. This project provides much needed agricultural and economic benefits to the people of Mexico, with no environmental impact. Based on everything we know about this, there doesn't appear to be a reason for the Mexican government not to approve it.
While environmental approval is the catalyst that investors have been waiting for, it is actually only the first of many. Phosphate is a limited resource globally, and getting more scarce by the day. Global agriculture companies are concerned about where their supply will come from. Upon approval, OMEX will likely partner with one or more of these phosphate producers, allowing them to monetize a portion of the asset up front.
Also, OMEX has mentioned several times that they have a database of sea bed mineral deposits. Once they have the Don Diego project approved, they will begin securing the rights to another site, with similar economics to the Don Diego project.
Short Interest
I went over the issues facing OMEX when they were a shipwreck business. These cash flow problems were noticed not only by investors, but by short sellers as well. OMEX is one of the most heavily shorted stocks on the market. The reason the stock is heavily shorted is because of liquidity concerns. Not current liquidity concerns, but liquidity concerns in the past. Prior to making their strategic partnership with Minera del Norte, OMEX had a poor balance sheet. Years of operating as a shipwreck business with uncertain cash flows started to take its toll on them.
The short selling started a couple years ago, when the stock was $3.00. Although it turned out to be a great short with a 90% return, most short sellers have held their positions rather than cash in. As of 9/15, the short interest on OMEX is 14.4 million shares, representing almost 20% of the float, and 78 days to cover. With the investment from Ancira, OMEX has no liquidity concerns and the short thesis has played out. While there doesn't appear to be any downside to the stock at these levels, the short sellers are holding out for every last potential penny of profit. While this is a small part of the thesis, the lack of covering leaves the stock artificially depressed, and allows investors to buy the stock at a great value.
Conclusion
OMEX is putting the finishing touches on a transformation that will make them a cash flow machine, with a huge pipeline of potential projects. It's a story that is under followed and misunderstood. As a result, it is significantly oversold on liquidity concerns that no longer exist, has a multi-billion dollar mineral asset that is very close to approval, and a chance for investors to make a multiple on their money.
http://seekingalpha.com/article/3566576-odyssey-marine-provides-amazing-risk-reward-as-environmental-approval-nears?auth_param=fpqa:1b1o3ho:0bd27c9a2b8f1e0c444919d655083557&uprof=44
18 41 48 . And 88 chase please
A specialist attorney has been hired to handle the process and deal with the myriad of quasi government organizations. At least that is what I dreamed last night. This guy was the one in the dream.
http://www.kmclaw.com/attorneys-Gary-Winger.html
I could list a few things I am tired of.......
Amen.
Last night I dreamed that all the issues with various brokers counts as well as CEDE had been resolved. There were quite a few shares that changed hands over the past few years even though it was not trading. Some of them were due to brokers and or clearing houses being merged or taken over etc. New letters are being generated to reflect the changes, a letter has to be written for each of the thousands of certs showing which exact shares are being replaced. Soon as they are finished the Transfer Agent says shares will go out within 24 hours but not sure how long it will take to generate them from the now correct new database.
Just a dream though....
Still holding 40 of the 2017 $32 calls.