Seafarer Exploration Corp. Files Q2 2024 10-Q

TL;DR

Seafarer Exploration Corp. (SFRX) filed its 10-Q for Q2 2024. Check financials.

AI Summary

Seafarer Exploration Corp. filed its 10-Q for the quarterly period ended June 30, 2024. The company, formerly known as Organetix, Diamond International Group Inc./NY/, and Segway I Corp, is incorporated in Florida and operates in the amusement and recreation services sector. Its principal executive offices are located in Tampa, Florida.

Why It Matters

This filing provides investors with an update on Seafarer Exploration Corp.'s financial performance and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing (10-Q) that provides standard financial and operational updates, not indicating immediate high risk.

Key Players & Entities

• SEAFARER EXPLORATION CORP. (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• Organetix (company) — Former company name
• DIAMOND INTERNATIONAL GROUP INC/NY/ (company) — Former company name
• SEGWAY I CORP (company) — Former company name
• 14497 N. DALE MABRY HIGHWAY (location) — Business and mailing address
• TAMPA (location) — City of business and mailing address
• FL (location) — State of business and mailing address
• 33618 (location) — ZIP code of business and mailing address
• 813-448-3577 (phone_number) — Business phone number

FAQ

Key Financial Figures

• $0.0001 — ) of the Act: Common Stock, par value $0.0001 per share Indicate by check mark if t
• $138,458 — tible notes payable, net of discount of $138,458 and $0, respectively 116,372 - Conv
• $0 — ayable, net of discount of $138,458 and $0, respectively 116,372 - Convertible
• $67,708 — 500 Notes payable, net of discount of $67,708 and $0, respectively 959,798 404,786

Filing Documents

• sfrx-10q.htm (10-Q) — 1153KB
• sfrx-ex31_1.htm (EX-31.1) — 19KB
• sfrx-ex32_1.htm (EX-32.1) — 9KB
• sfrx-ex99_1.htm (EX-99.1) — 1KB
• se001_v1.jpg (GRAPHIC) — 6KB
• 0001199835-24-000335.txt ( ) — 1193KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 4 Condensed Consolidated Balance Sheets: June 30, 2024 (unaudited) and December 31, 2023 4 Unaudited Condensed Consolidated Statements of Operations: Three and six months ended June 30, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Changes in Stockholders Deficit: Three and six months ended June 30, 2024 and 2023 6 Unaudited Condensed Consolidated Statements of Cash Flows: Six months ended June 30, 2024 and 2023 8 Notes to Unaudited Condensed Consolidated Financial Statements 9

Managements Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 30

: OTHER INFORMATION

PART II: OTHER INFORMATION 32

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 32

Recent Sales and Other Issuances of Unregistered Securities

Item 2. Recent Sales and Other Issuances of Unregistered Securities 32

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 33

Other Information

Item 5. Other Information 33

Exhibits

Item 6. Exhibits 34

SIGNATURES

SIGNATURES 35 2 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 to reflect events or circumstances after the date of this Form 10-Q Quarterly Report, except as required by Federal Securities law. 3 Item I. Financial Statements SEAFARER EXPLORATION CORP. CONDENSED CONSOLIDATED BALANCE SHEE

View Full Filing

View this 10-Q filing on SEC EDGAR