Seafarer Exploration Corp. specializes in the rescue archaeology and exploration of historic shipwrecks, seeking to monetize and conserve recovered artifacts while facing significant financial challenges.

# Seafarer Exploration Corp. Overview

## Company Profile
- **Incorporation**: Seafarer Exploration Corp. was incorporated on May 28, 2003, initially under the name Organetix, Inc.
- **Industry**: Archaeology and Exploration of Historical Shipwrecks
- **Location**: Headquartered at 14497 N. Dale Mabry Highway, Suite 209-N, Tampa, Florida, 33618.
  
### Business Operations
Seafarer Exploration Corp. focuses on:
1. **Rescue Archaeology**: Conducting archaeologically-sensitive exploration and recovery of historic shipwrecks.
2. **Artifact Recovery**: Engaging in the recovery of valuable artifacts from shipwrecks to conserve and eventually monetize them.
3. **Research and Development**: Developing new technologies for underwater exploration and artifact recovery, primarily through its proprietary technology, SeaSearcher.
4. **Consulting Services**: Providing consulting through partnerships to research, recover, and conserve shipwrecks.
5. **Media Ventures**: Exploring media opportunities to create content related to historic shipwrecks for educational purposes and revenue generation.

### Financial Overview (as of December 31, 2024)
- **Revenue**: The company generated $16,303 in revenue for the year ended December 31, 2024, a decrease from $19,235 in 2023.
- **Net Loss**: The net loss for the fiscal year 2024 was $3,896,719 compared to a net loss of $3,180,646 for 2023.
- **Operating Expenses**: For 2024, operating expenses totaled $3,356,551, representing a 9% increase from $3,070,726 in 2023.

### Employees
- Seafarer has a relatively small operational team, and as indicated, it primarily relies on consultants, advisors, and board members. Currently, the specific number of employees is not stated in the available data.

### Business Clients
- The company does not report on the number of customers directly. Its projects are largely based on contracts with specific entities, including partnerships for archaeological explorations and referrals in software services through its subsidiary Blockchain LogisTech, LLC.

### Current Status
- As of the latest report, Seafarer is operating with significant financial challenges, including an accumulated deficit of $32,244,177 and a working capital deficit of $3,002,457, indicating substantial doubts regarding the company's ability to continue operations without securing additional financing.

### Risk Factors
- The business is highly speculative, with various risks including reliance on the successful recovery of artifacts, securing necessary permits, and managing operational costs.

### Conclusion
Seafarer Exploration Corp. is poised at the intersection of archaeology, technology development, and media, focusing on exploration and recovery of historic shipwrecks while navigating financial hurdles that threaten its sustainability and growth. The company has plans for future operational expansions if the necessary funding can be secured.

Seafarer Exploration Corp. is a Florida-based company dedicated to rescue archaeology through the exploration, recovery, and conservation of historic shipwrecks.

# Seafarer Exploration Corp. Summary

## Company Overview
Seafarer Exploration Corp. is a Florida-based company focused on **rescue archaeology** and the exploration, recovery, and conservation of historic shipwrecks. The company aims to develop technologies and methodologies to enhance the efficiency of archaeological exploration while adhering to industry regulations and ethical standards.

### Main Activities:
- **Archaeologically-sensitive Exploration:** Engaging in research and archival studies to identify potential shipwreck sites.
- **Recovery of Artifacts:** Utilizing advanced technology, including their proprietary *SeaSearcher* device, to recover artifacts from historic shipwrecks.
- **Conservation of Artifacts:** Ensuring the artifacts recovered are properly preserved for scientific research and public display.

## Business Model
Seafarer’s business model includes monetizing recovered artifacts by:
- Providing artifacts for scientific research.
- Displaying artifacts for public education and appreciation.
- Exploring potential media and technology partnerships for additional revenue sources.

### Key Technologies:
- **SeaSearcher Technology:** A proprietary tool still under development, intended to improve the efficiency of locating artifacts and conducting underwater exploration.

## Financial Overview
- **Revenue:** In the year ended December 31, 2023, Seafarer generated **$19,235**, marking a **48% increase** from **$12,972** in 2022. The company primarily earns revenue from minimal service income related to its exploration activities.
- **Net Loss:** For 2023, the company reported a net loss of **$3,180,646**, which is a **22% increase** from the net loss of **$2,616,601** in 2022.
- **Total Liabilities:** As of December 31, 2023, the company had liabilities totaling **$2,542,732** against assets of **$901,270**, indicating significant financial challenges.
  
### Employees
- The company operates with **limited human resources**, primarily involving its executive team, consultants, and contractors. Specific employee numbers are not disclosed, but management acknowledges a reliance on consultants to navigate operational efficiencies.

### Customers and Market
- **Customers:** The precise number of customers is not specified as the company mainly engages in exploratory projects rather than direct sales to a diverse customer base. Their customers may include research institutions, governmental agencies, and potentially media companies for artifact-related projects.
- **Market Sector:** Seafarer operates within a niche sector of the marine archaeology and historical artifact recovery field, which involves regulatory hurdles and a competitive landscape with other exploration firms. 

## Challenges
- **Funding and Capital Needs:** The company faces significant challenges in funding operations due to continual losses, high operational costs, and a lack of consistent revenue streams.
- **Regulatory Environment:** Seafarer's activities are heavily regulated, requiring various permits for exploration and recovery, which can lead to operational delays.
- **Technology Development:** The ongoing development of the SeaSearcher technology presents both a potential competitive advantage and a substantial financial burden.

In summary, **Seafarer Exploration Corp.** is committed to the exploration of historic shipwrecks using advanced technology while facing inherent business risks associated with fundraising, regulatory compliance, and operational challenges.

SEAFARER EXPLORATION CORP

10-K / April 22, 2025

10-K / April 17, 2024

10-K / April 22, 2025

Seafarer Exploration Corp. Overview

Company Profile

Business Operations

Financial Overview (as of December 31, 2024)

Employees

Business Clients

Current Status

Risk Factors

Conclusion