Deferred Income and Revenue Participation Rights (Tables)

3 Months Ended

Mar. 31, 2015

Deferred Revenue Disclosure [Abstract]

The Company’s participating revenue rights and deferred revenue consisted of the following at March 31, 2015 and December 31, 2014:


	March 31, 2015		December 31, 2014
“Cambridge” project	$	825,000	$	825,000
“Seattle” project		62,500		62,500
Galt Resources, LLC (HMS Victory)		3,756,250		3,756,250
Oceanica call option		67,241		—

Total deferred income and participating revenue rights	$	4,710,991	$	4,643,750

Subsequent Event

NOTE N – SUBSEQUENT EVENT

On May 7, 2015, we amended the $10.0 million credit facility with Fifth Third Bank that we entered into in May 2014. The loan balance of the credit facility was $7.7 million on May 7, 2015. Pursuant to the amendment, (i) the maturity date of the loan was extended to December 11, 2015, (ii) on or before August 31, 2015, we are required to make a loan principal payment of not less than $1.4 million, (iii) additional principal payments may be requested by the Bank prior to the maturity date if we receive cash in excess of $1.0 million that is not related to our normal course of business operations, is not related to new funding of a specific project, or is not an amount scheduled to be received in 2015 pursuant to the Stock Purchase Agreement that we entered into in March 2015, (iv) immediate payment of the current interest due on the loan of $30,000 and bank loan amendment fees of $20,000, (v) Bank consent is required for any new loans or financing other that those included in the Purchase Agreement, and (vi) the full loan balance is immediately due to the Bank on June 9, 2015 if our stockholders do not approve the Purchase Agreement at our Annual Stockholders Meeting on June 9, 2015.