Seafarer Exploration Corp. Files Q3 2024 10-Q

TL;DR

**Seafarer Exploration Corp. filed its Q3 2024 10-Q. Details on financials and operations inside.**

AI Summary

Seafarer Exploration Corp. filed its 10-Q for the quarterly period ended September 30, 2024. The company, incorporated in Florida, is based in Tampa and operates in the amusement and recreation services sector. Its principal executive offices are located at 14497 N. Dale Mabry Highway, Suite 209-N, Tampa, Florida 33618, with a contact phone number of (813) 448-3577.

Why It Matters

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

Risk Assessment

Risk Level: low — This filing is a standard quarterly report and does not contain immediate, high-impact news.

Key Numbers

• 000-29461 — SEC File Number (Identifies the company's filing history with the SEC.)
• 90-0473054 — IRS Number (Company's Employer Identification Number.)

Key Players & Entities

• SEAFARER EXPLORATION CORP (company) — Registrant
• September 30, 2024 (date) — Quarterly period end date
• 14497 N. Dale Mabry Highway, Suite 209-N, Tampa, Florida 33618 (address) — Principal executive offices
• 813-448-3577 (phone_number) — Registrant's telephone number
• 7900 (industry_code) — Standard Industrial Classification

FAQ

Key Financial Figures

• $0.0001 — ) of the Act: Common Stock, par value $0.0001 per share Indicate by check mark if t
• $33,628 — tible notes payable, net of discount of $33,628 and $0, respectively 116,372 - Conv
• $0 — payable, net of discount of $33,628 and $0, respectively 116,372 - Convertible
• $40,202 — 500 Notes payable, net of discount of $40,202 and $95,214, respectively 959,798 404
• $95,214 — payable, net of discount of $40,202 and $95,214, respectively 959,798 404,786 Notes
• $31,409,200 — ption and has an accumulated deficit of $31,409,200 as of September 30, 2024. During the ni
• $3,061,742 — ber 30, 2024, the Companys net loss was $3,061,742 and at September 30, 2024, the Company
• $2,486,269 — ompany had a working capital deficit of $2,486,269. These factors raise substantial doubt
• $250,000 — osit Insurance Corporation (FDIC) up to $250,000. At September 30, 2024, the Company had
• $156,961 — 024, the Company had deposits that were $156,961 in excess of the FDIC insured limit.
• $399,292 — ed research and development expenses of $399,292 and $193,621 for the nine month periods
• $193,621 — nd development expenses of $399,292 and $193,621 for the nine month periods ended Septem
• $110,309 — ber 30, 2024 and 2023, respectively and $110,309 and $87,687 for the three month periods
• $87,687 — and 2023, respectively and $110,309 and $87,687 for the three month periods ended Septe

Filing Documents

• srfx-10q.htm (10-Q) — 995KB
• sfrx-ex31_1.htm (EX-31.1) — 19KB
• sfrx-ex32_1.htm (EX-32.1) — 9KB
• sfrx-ex99_1.htm (EX-99.1) — 1KB
• sc001_v1.jpg (GRAPHIC) — 5KB
• 0001199835-24-000508.txt ( ) — 1034KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 4 Condensed Consolidated Balance Sheets: September 30, 2024 (unaudited) and December 31, 2023 4 Unaudited Condensed Consolidated Statements of Operations: Three and nine months ended September 30, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Changes in Stockholders Deficit: Three and nine months ended September 30, 2024 and 2023 6-7 Unaudited Condensed Consolidated Statements of Cash Flows: Nine months ended September 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 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

Recent Sales and Other Issuances of Unregistered Securities

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 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