Seafarer Exploration Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Seafarer Exploration Corp. has filed its quarterly report (10-Q) for the period ending March 31, 2024, providing financial updates and company information.</b>

AI Summary

SEAFARER EXPLORATION CORP (SFRX) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Seafarer Exploration Corp. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located in Tampa, Florida. Seafarer Exploration Corp. was formerly known as Organetix, Diamond International Group Inc./NY/, and Segway I Corp. The filing includes detailed financial information for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking SEAFARER EXPLORATION CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and position of Seafarer Exploration Corp. for the first quarter of 2024, enabling informed investment decisions. Understanding the company's historical name changes and its current operational base in Tampa, FL, offers context for its business evolution and geographical focus.

Risk Assessment

Risk Level: low — SEAFARER EXPLORATION CORP shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain significant new risks or material adverse events.

Analyst Insight

Review the detailed financial statements and balance sheet information within the 10-Q to assess Seafarer Exploration Corp.'s financial health and operational performance for Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-13 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Q1 2024)
• 2023-03-31 — Prior Year Q1 End Date (2023 Q1)

Key Players & Entities

• SEAFARER EXPLORATION CORP (company) — FILER
• 0001199835-24-000190 (filing_id) — ACCESSION NUMBER
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240513 (date) — FILED AS OF DATE
• 0001106213 (company_id) — CENTRAL INDEX KEY
• 7900 (sic_code) — STANDARD INDUSTRIAL CLASSIFICATION
• TAMPA (location) — CITY
• FL (state) — STATE

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-13: Filing Date — Date the 10-Q report was officially filed with the SEC.

Key Financial Figures

• $0.0001 — ) of the Act: Common Stock, par value $0.0001 per share 1 Indicate by check mark i
• $140,000 — Company received an upfront payment of $140,000 which has been included in the accompan

Filing Documents

• sfrx-10q.htm (10-Q) — 1152KB
• sfrx-ex31_1.htm (EX-31.1) — 16KB
• sfrx-ex32_1.htm (EX-32.1) — 8KB
• sx001_v1.jpg (GRAPHIC) — 8KB
• 0001199835-24-000190.txt (&nbsp;) — 5346KB
• sfrx-20240331.xsd (EX-101.SCH) — 44KB
• sfrx-20240331_cal.xml (EX-101.CAL) — 44KB
• sfrx-20240331_def.xml (EX-101.DEF) — 129KB
• sfrx-20240331_lab.xml (EX-101.LAB) — 249KB
• sfrx-20240331_pre.xml (EX-101.PRE) — 212KB
• sfrx-10q_htm.xml (XML) — 1024KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION 4

Financial Statements

Item 1. Financial Statements 5 Condensed Consolidated Balance Sheets: March 31, 2024 (unaudited) and December 31, 2023 5 Unaudited Condensed Consolidated Statements of Operations: Three months ended March 31, 2024 and 2023 6 Unaudited Condensed Consolidated Statements of Changes in Stockholders Deficit: Three months ended March 31, 2024 and 2023 7-8 Unaudited Condensed Consolidated Statements of Cash Flows: Three months ended March 31, 2024 and 2023 9 Notes to Unaudited Condensed Consolidated Financial Statements 10 Item 2.

Managements Discussion and Analysis of Financial Condition and Results of Operations

Managements Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 32

Controls and Procedures

Item 4. Controls and Procedures 32

: OTHER INFORMATION

PART II: OTHER INFORMATION 34

Legal Proceedings

Item 1. Legal Proceedings 34

Risk Factors

Item 1A. Risk Factors 34 Item 2. Recent Sales and Other Issuances of Unregistered Securities 34

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 35

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 35

Other Information

Item 5. Other Information 35

Exhibits

Item 6. Exhibits 36

SIGNATURES

SIGNATURES 37 3 Part I: Financial Information in this Form 10-Q Quarterly Report may be forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business based, in part, on assumptions made by our management. These assumptions are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those risks discussed in this Form 10-Q Quarterly Report, under Managements Discussion and Analysis of Financial Condition and Results of Operations and in other documents which we file with the Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to our financial condition, factors that affect our industry, market and customer acceptance, changes in technology, fluctuations in our quarterly results, our ability to continue and manage our growth, liquidity and other capital resource issues, compliance with government regulations and permits, agreements with third parties to conduct operations, competition, fulfillment of contractual obligations by other parties and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this Form 10-Q Quarterly Report, except as required by Federal Securities law. 4 Item I. Financial Statements SEAFARER EXPLORATION CORP. CONDENSED CONSOLIDATED BALANCE SHEE

View Full Filing

View this 10-Q filing on SEC EDGAR