Thu, Aug 22, 10:01 AM (145 days ago)
Seafarer Exploration Corp. reported significant financial challenges for the quarter ending June 30, 2024, as detailed in its Form 10-Q/A. The company incurred a net loss of $2,292,668, a 43% increase from the previous year, driven by rising operating expenses, particularly in consulting, research and development, and professional fees. Revenue remained minimal at $3,170, reflecting ongoing difficulties in generating income from its core shipwreck exploration activities. Current liabilities surged to $2,910,456, resulting in a working capital deficit of $2,321,283. The company is heavily reliant on external financing, with various convertible notes and loans in default, raising substantial doubts about its ability to continue operations. Cash on hand was $473,676, insufficient to cover immediate obligations, indicating a liquidity crisis. Management is actively seeking capital through stock issuance and debt financing to sustain operations but recognizes the high risk of investment and the potential for significant dilution of existing shares. Future operations hinge on the successful recovery of artifacts, which remains uncertain, given the lack of revenue and ongoing losses.