Tue, Apr 22, 9:04 PM (31 days ago)
**Seafarer Exploration Corp. (SFRX)** **Financial Performance:** - **Revenue:** $16,303 (2024) vs. $19,235 (2023), a 15% decrease. - **Net Loss:** $3,896,719 (2024) vs. $3,180,646 (2023), a 23% increase. - **Operating Expenses:** $3,356,551 (2024) vs. $3,070,726 (2023), a 9% increase. - **Cash Flow:** Negative $2,868,920 (2024) vs. Negative $2,313,688 (2023). **Strategic Overview:** - **Business Plan:** Develop infrastructure for rescue archaeology and exploration of historic shipwrecks. - **Technology:** SeaSearcher device for efficient exploration and recovery. - **Permits:** Challenges in obtaining permits for exploration and recovery activities. **Future Outlook:** - **Revenue Streams:** Exploring media and technology alternatives for revenue. - **Challenges:** Significant operating losses, lack of positive cash flow, and reliance on outside financing. **Risk Factors:** - **Operational Risks:** High costs, regulatory hurdles, and competition. - **Financial Risks:** Dependence on external financing, potential dilution of shares. - **Market Risks:** Volatility in stock price, limited trading market. **Financial Condition:** - **Liquidity:** Working capital deficit of $3,002,457 (2024). - **Debt:** Total liabilities of $3,100,595 (2024), including convertible notes payable and notes payable in default. - **Going Concern:** Substantial doubt about the ability to continue as a going concern. **Market Position Changes:** - **Stock Price:** Quoted on the Pink Sheets, highly volatile and thinly traded. - **Shareholders:** Approximately 2,167 shareholders of record as of December 31, 2024. **Amendment Summary:** - **Purpose:** Update and include correct checkmarks on the cover page of the report. - **Impact:** No other changes made to the Form 10-K.