SEAFARER EXPLORATION CORP (SFRX) SEC Filings

SEAFARER EXPLORATION CORP (SFRX) director Robert L. Kennedy reported an "other" type acquisition of 20,000,000 shares of common stock on 2026-08-24 at $0.0015 per share under transaction code J. Following this transaction, his directly held position is 170,340,267 common shares.

SEAFARER EXPLORATION CORP (SFRX) reported an insider ownership change by director Bradford S. Clark. On 2026-08-24, he reported an acquisition of 20,000,000 shares of common stock in an “other acquisition or disposition” transaction coded J at a reported $0.0015 per share. Following this transaction, his directly held position is reported as 79,543,555 common shares.

SEAFARER EXPLORATION CORP (SFRX) director Charles Branscum reported an other acquisition of 20,000,000 shares of Common Stock on 2026-08-24, at a reported price of $0.0015 per share. After this transaction, his directly held position in the company increased to 166,000,000 shares.

SEAFARER EXPLORATION CORP (SFRX) filed an amended quarterly report for the period ended June 30, 2026, primarily to add iXBRL exhibits and correct minor typographical errors; the underlying financial and narrative disclosures are unchanged. The company focuses on archaeologically sensitive exploration and recovery of historic shipwrecks and related technologies.

SFRX reported no revenue for the quarter or year-to-date. For the six months ended June 30, 2026, it recorded a net loss of $1,291,630, bringing the accumulated deficit to $36,278,306. Total assets were only $174,251 against $3,515,644 of liabilities, including $3,481,346 of current liabilities, resulting in a working capital deficit of $3,453,726. Cash was $25,267, and management states that at its historical spending rate it expects to use available cash in less than one month from the report filing date.

The report includes a substantial doubt going-concern disclosure. SFRX has convertible notes and other notes payable in default totaling over $2.1 million, some secured by company assets. The company warns that lenders could seek foreclosure, potentially forcing it to scale back or cease operations. Convertible debt is deeply dilutive, with approximately 863,533,859 shares of common stock underlying outstanding convertible notes and warrants, on top of 11,019,410,363 common shares outstanding at June 30, 2026.

Seafarer Exploration Corp. reported no revenue for the three- and six-month periods ended June 30, 2026, while continuing to focus on historic shipwreck exploration and related technologies. For the six months, the company recorded a net loss of $1,291,630, slightly improved from 2025, and an accumulated deficit of $36,278,306.

Liquidity is extremely tight: cash was only $25,267 and the company reported a working capital deficit of $3,453,726, with current liabilities of $3,481,346 far exceeding current assets. Management states there is substantial doubt about its ability to continue as a going concern and expects existing cash to be expended in less than one month from the report filing date.

The capital structure is highly levered and dilutive. At June 30, 2026, Seafarer had 11,019,410,363 common shares outstanding and significant convertible notes and notes payable in default, totaling over $2.1 million, many held by related parties. The company continues to issue stock for cash, services, and debt conversions, and notes that conversions are typically highly dilutive and may pressure the share price. Some debt was settled, including a $105,000 note canceled in exchange for a share of future treasure, generating a gain, but overall leverage and default risk remain high.

Seafarer Exploration Corp. filed an amended quarterly report for the period ended March 31, 2026, mainly to add iXBRL exhibits and correct minor typographical errors, with no other changes to prior disclosures. The company reported no revenue, a net loss of $894,170, and cash of $30,216. Current liabilities of $3,365,023 versus current assets of $37,324 left a working capital deficit of $3,327,699. Management notes substantial doubt about Seafarer’s ability to continue as a going concern, citing ongoing losses, heavy reliance on external financing, and $1,024,800 of convertible notes and $1,180,500 of other notes, much of which are in default and potentially highly dilutive to shareholders.

Seafarer Exploration Corp. (SFRX) reported another loss and severe liquidity pressure for the quarter ended March 31, 2026. The company generated no revenue and posted a net loss of $894,170, increasing its accumulated deficit to $35,880,846. Cash was only $30,216 against current liabilities of $3,365,023, creating a working capital deficit of $3,327,699. Management states there is substantial doubt about the company’s ability to continue as a going concern and expects existing cash to be exhausted in less than one month. Seafarer also has $1,024,800 of convertible notes and $1,180,500 of other notes outstanding, much of it in default, with about 775 million shares potentially issuable from convertible notes and warrants. To fund operations, it issued 487,033,339 new common shares for cash and converted additional debt into equity, further diluting shareholders. The firm settled a prior legal dispute for $22,500, but overall remains highly dependent on new financing to avoid scaling back or ceasing operations.

Seafarer Exploration Corp. filed an amended annual report for 2025 mainly to add iXBRL data and fix minor typos, while its underlying results highlight severe financial strain. The company, which explores historic shipwrecks using its SeaSearcher technology, generated no revenue in 2025 and remains highly speculative.

Seafarer reported a net loss of $2,742,499 for 2025, narrower than the $3,896,719 loss in 2024, but auditors again raised substantial doubt about its ability to continue as a going concern. At December 31, 2025, it held $50,469 in cash against $3,703,260 in total liabilities and a working capital deficit of $3,573,544.

The business is funded almost entirely through issuing equity and debt, including 1,109,690,843 new common shares sold for $1,889,198 in 2025 and additional shares for services, fees, and debt settlements. Several notes and convertible notes are in default, and management warns of significant dilution risk, possible insolvency, and potential total loss of invested capital if financing cannot be secured.

Seafarer Exploration Corp. reports another year of heavy losses and severe liquidity stress as it pursues historic shipwreck exploration. For 2025, the company generated no revenue and recorded a net loss of $2,742,499, following a $3,896,719 loss in 2024. Cash was just $50,469 at year-end against current liabilities of $3,631,669, producing a working capital deficit of $3,573,544 and an accumulated deficit of $34,986,676. The auditor issued a going concern warning, citing recurring losses, negative operating cash flow and the need for additional financing. Seafarer continues to fund operations through highly dilutive equity sales and debt, issuing over 1.1 billion new shares for cash in 2025 plus additional shares for services, interest and payables, bringing common shares outstanding to more than 10.1 billion at year-end. Multiple notes and convertible notes are already in default, with the company acknowledging that failure to raise more capital or restructure debt could force it to cease operations, likely wiping out invested capital. Management highlights ongoing development of its SeaSearcher technology and permits at Florida shipwreck sites, but also emphasizes that the business remains speculative, capital intensive and unlikely to generate significant revenue for the foreseeable future.