DEFERRED INCOME AND REVENUE PARTICIPATION RIGHTS (Tables)

6 Months Ended

Jun. 30, 2014

Deferred Revenue Disclosure [Abstract]

Participating Revenue Rights

The Company’s participating revenue rights and deferred revenue consisted of the following at June 30, 2014 and December 31, 2013:

	June 30, 2014		December 31, 2013
“Cambridge” project	$	825,000	$	825,000
“Republic” (now “Seattle”) project		62,500		62,500
Galt Resources, LLC (HMS Victory)		3,756,250		3,756,250
Marine services projects		1,840,404		1,840,404
Total deferred income and participating revenue rights	$	6,484,154	$	6,484,154