SEAFARER EXPLORATION CORP Files 10-K/A Amendment No. 1

TL;DR

<b>SEAFARER EXPLORATION CORP filed an amendment to its 2023 10-K filing, providing updated financial details.</b>

AI Summary

SEAFARER EXPLORATION CORP (SFRX) filed a Amended Annual Report (10-K/A) with the SEC on April 17, 2024. Filing is an Amendment No. 1 to the 10-K for the fiscal year ended December 31, 2023. The company's principal business address is 14497 N. Dale Mabry Highway, Suite 209N, Tampa, FL 33618. The company was formerly known as Organetix, Diamond International Group Inc./NY/, and Segway I Corp. The filing includes financial data for the fiscal years ending December 31, 2023, 2022, and 2021. Specific financial statement members such as Series A Preferred Stock, Series B Preferred Stock, Common Stock, and Additional Paid-In Capital are detailed for these periods.

Why It Matters

For investors and stakeholders tracking SEAFARER EXPLORATION CORP, this filing contains several important signals. This amendment suggests that the original 10-K filing may have contained errors or omissions that required correction. The detailed financial data presented for multiple fiscal years indicates a need for comprehensive review of the company's financial health and historical performance.

Risk Assessment

Risk Level: low — SEAFARER EXPLORATION CORP shows low risk based on this filing. The filing is an amendment to a 10-K, which typically indicates corrections or updates to previously filed information, but does not inherently signal new material risks.

Analyst Insight

Review the specific changes made in Amendment No. 1 to the 10-K filing to understand the nature of the corrections and their potential impact.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-17 — Filing Date (Date of submission)
• 000-29461 — SEC File Number (Company's SEC file number)
• 7900 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• SEAFARER EXPLORATION CORP (company) — Filer name
• 10-K/A (filing) — Form type
• 2024-04-17 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 14497 N. DALE MABRY HIGHWAY (address) — Business street address
• TAMPA (location) — Business city
• Organetix (company) — Former company name
• DIAMOND INTERNATIONAL GROUP INC/NY/ (company) — Former company name

FAQ

Industry Context

Seafarer Exploration Corp operates within the Amusement & Recreation Services industry (SIC 7900).

Regulatory Implications

The filing is a 10-K/A, an amendment to an annual report, subject to SEC regulations under the 1934 Act.

What Investors Should Do

1. Analyze the specific changes and additions in Amendment No. 1 to the 10-K.
2. Verify the accuracy of financial data presented for fiscal years 2021, 2022, and 2023.
3. Research the company's operational status and business activities in the Amusement & Recreation Services sector.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-04-17: Filing Date — Date Amendment No. 1 to the 10-K was filed.

Year-Over-Year Comparison

This is an amendment to the previously filed 10-K for the fiscal year ended December 31, 2023. The amendment indicates updates or corrections to the original filing.

Key Financial Figures

• $0.0001 — ) of the Act: Common Stock, par value $0.0001 per share Indicate by check mark if t
• $3,180,646 — inception. The Companys net losses were $3,180,646 for the year ended December 31, 2023 an
• $2,616,601 — or the year ended December 31, 2023 and $2,616,601 for the year ended December 31, 2022. T

Filing Documents

• sfrx-10k.htm (10-K/A) — 1499KB
• sfrx-ex31_1.htm (EX-31.1) — 12KB
• sfrx-ex32_1.htm (EX-32.1) — 6KB
• sc001_v1.jpg (GRAPHIC) — 6KB
• sc002_v1.jpg (GRAPHIC) — 3KB
• 0001199835-24-000159.txt (&nbsp;) — 5791KB
• sfrx-20231231.xsd (EX-101.SCH) — 48KB
• sfrx-20231231_cal.xml (EX-101.CAL) — 46KB
• sfrx-20231231_def.xml (EX-101.DEF) — 143KB
• sfrx-20231231_lab.xml (EX-101.LAB) — 260KB
• sfrx-20231231_pre.xml (EX-101.PRE) — 224KB
• sfrx-10k_htm.xml (XML) — 990KB

BUSINESS

BUSINESS 4 ITEM 1A.

RISK FACTORS

RISK FACTORS 9 ITEM 1B. UNRESOLVED STAFF COMMENTS 9 ITEM 2.

PROPERTIES

PROPERTIES 9 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 10 ITEM 4. MINE SAFETY DISCLOSURES 10 PART II ITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 11 ITEM 6.

SELECTED FINANCIAL DATA

SELECTED FINANCIAL DATA 13 ITEM 7.

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 13 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 19 ITEM 8.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 20 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES 21 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 21 ITEM 9B. OTHER INFORMATION 22 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 23 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 24 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 25 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 26 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 26 PART IV ITEM 15. EXHIBITS 27

SIGNATURES

SIGNATURES 28 2 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISKS in this Form 10-K under Item 1. Business, Item 2. Properties, Item 3. Legal Proceedings, Item 7. Managements Discussions and Analysis of Financial Condition and Results of Operations and elsewhere constitute forward-looking may cause the actual results, performance or achievements of Seafarer Exploration Corp., a company organized under the laws of Florida, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: our ability to continue as a going concern; general economic and business conditions; competition; success of operating initiatives; our ability to raise capital and the terms thereof; changes in business strategy or development plans; future revenues; the continuity, experience and quality of our management; changes in or failure to comply with government regulations or the lack of government authorization to continue our projects; and other factors referenced in the Form 10-K. The use in this Form 10-K of such words as believes, plans, anticipates, expects, intends and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. The success of the Company is dependent on our efforts and many other factors including, primarily, our ability to raise additional capital. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Such forward-looking statements are based on the beliefs and estimates of our management, as well as on assumptions based on information currently available to us at the time such statements were made. Forward looking statements are subject to a va

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View this 10-K/A filing on SEC EDGAR