On June 21, Odyssey's stock hit a low of $1.58 a share but began climbing when Odyssey's board reinstated Morris as CEO two days later. Recently, it's been approaching $3 a share again, hitting $2.39 on Friday.
Despite the company appearing to be in financial trouble, Morris said Odyssey is on track with its business plan and the company is working hard to return to profitability.
Deep-sea shipwreck exploring and excavating is a money-intensive endeavor, he said. So, it's not unusual for Odyssey to spend a lot of money searching for vessels.
The company recently purchased its second ship, equipped with a side-scan sonar system and remotely-operated vehicle, and a second such vehicle to expand its ability to search for shipwrecks. Odyssey did not reveal the cost of the new equipment.
Odyssey also has a "significant inventory" of gold and silver coins from the Republic available for sale, Morris said, part of an initial stash that was valued at $75 million. But the coins are carried on the books as a cost of recovery, not their market value, he said Morris said, part of an initial stash that was valued at $75 million. But the coins are carried on the books as a cost of recovery, not their market value, he said .
"The balance sheet will always be understated," Morris said.
"I think that we've tried to make it clear that our focus around here is we've put a lot of emphasis on marine operations to achieve our goal of finding one or two more ships," he said. "Our emphasis is on sales, too, to improve revenue. We're not short-term thinking around here."
Returning to work also has been therapeutic for Morris. He's up to working eight to 10 hours a day now, and his strength is improving.
"I wouldn't have come back and taken my job back if I didn't think I was up to it," Morris said. "It is part of the healing process. You have to get back to what you know how to do."