Mon, Mar 31, 10:16 AM (27 days ago)
**Seafarer Exploration Corp. (SFRX) 10-K Summary** **Financial Performance:** - **Revenue:** Minimal, $16,303 in 2024 and $19,235 in 2023. - **Net Income:** Significant losses, $3,896,719 in 2024 and $3,180,646 in 2023. - **Operating Expenses:** $3,356,551 in 2024 and $3,070,726 in 2023. - **Earnings per Share:** Not applicable due to net losses. **Strategic Overview:** - **Business Plan:** Develop infrastructure for rescue archaeology and exploration of historic shipwrecks. - **Technology:** SeaSearcher technology for efficient exploration and recovery. - **Permits:** Challenges in obtaining permits for shipwreck exploration and recovery. **Future Outlook:** - **Revenue Generation:** Uncertain, with no significant revenue expected in the near future. - **Funding:** Reliant on equity and debt financing due to lack of operational cash flow. - **Going Concern:** Substantial doubt about the company's ability to continue as a going concern. **Risk Factors:** - **Operational Risks:** High costs, regulatory challenges, and dependence on successful exploration. - **Financial Risks:** Significant debt, working capital deficit, and reliance on external financing. - **Market Risks:** Limited trading market for securities, high volatility, and potential dilution of shares. **Financial Condition:** - **Liquidity:** Significant working capital deficit and lack of positive cash flow. - **Debt:** High levels of convertible notes payable and notes payable, some in default. - **Shareholder Equity:** Deficit, indicating more liabilities than assets. **Market Position Changes:** - **Stock Performance:** High volatility and limited trading market. - **Shareholder Base:** Approximately 2,167 shareholders of record as of December 31, 2024. **Key Financial Ratios (not explicitly stated but inferred):** - **Current Ratio:** Likely below 1, indicating liquidity issues. - **Debt-to-Equity Ratio:** High, reflecting significant leverage. **Conclusion:** Seafarer Exploration Corp. faces significant financial and operational challenges, with a high degree of risk associated with its business model. The company's ability to generate revenue and secure additional financing will be critical to its survival. Investors should be aware of the substantial risks involved.