Tue, May 13, 8:40 PM (36 days ago)
**Seafarer Exploration Corp. (SFRX) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** $0 (Q1 2024: $3,170) - **Net Loss:** $731,401 (Q1 2024: $1,312,070) - **Operating Expenses:** $655,691 (Q1 2024: $1,101,336) - **Cash Flow from Operations:** -$593,162 (Q1 2024: -$833,832) - **Cash on Hand:** $23,677 (Q1 2024: $485,102) - **Working Capital Deficit:** $3,055,436 - **Total Liabilities:** $3,144,975 - **Stockholders' Deficit:** $2,882,556 **Profit Margins & Cash Flow:** - **Gross Margin:** Not applicable (no revenue) - **Operating Margin:** Not applicable (no revenue) - **Net Margin:** Not applicable (no revenue) - **Cash Flow from Financing Activities:** $593,143 (Q1 2024: $712,667) **Earnings Changes & Trends:** - **Year-over-Year Net Loss Decrease:** 44% - **Operating Expenses Decrease:** 40% - **Other Expenses Decrease:** 65% **Quarterly Performance Discussion:** - **Revenue:** No revenue generated from core business. - **Expenses:** Decrease in consulting, vessel, general & administrative, travel, and professional fees. - **Cash Flow:** Decrease in cash used in operations due to reduced net losses. **Uncertainties & Future Operations:** - **Going Concern:** Substantial doubt about the ability to continue as a going concern. - **Liquidity:** Immediate need for working capital. - **Debt:** Several notes payable and convertible notes in default. - **Revenue:** No significant revenue expected in the foreseeable future. - **Cash Flow:** Continued negative cash flow from operations expected. - **Dilution:** Potential dilution from convertible notes and future equity financing. **Legal & Risk Factors:** - **Legal Proceedings:** Ongoing lawsuits and settlements. - **Risk Factors:** Highly speculative business, lack of liquidity, reliance on external financing, and potential dilution. **Controls & Procedures:** - **Internal Controls:** Ineffective due to limited resources and lack of segregation of duties. - **Remediation:** Plans to address deficiencies upon obtaining sufficient capital. **Segment Information:** - **Blockchain LogisTech, LLC:** No revenue, no operating expenses. - **Seafarer Exploration Corp.:** All revenue, expenses, and losses. **Subsequent Events:** - **Share Issuances:** 182,207,500 restricted shares issued for proceeds and services. - **Notes Payable Defaults:** Additional notes payable went into default. **Ticker:** SFRX