Wed, Aug 14, 8:58 PM (153 days ago)
Seafarer Exploration Corp. reported a significant decline in financial health for the quarter ending June 30, 2024. The company generated minimal revenue of $3,170, a stark contrast to $590 in the same period last year, while incurring an operating loss of $1,921,274, up 24% year-over-year. Total operating expenses rose to $1,924,444, driven mainly by increased consulting and research expenditures. The net loss for the six months reached $2,292,668, compared to $1,605,501 in 2023, reflecting a concerning upward trend in losses. The company faced a working capital deficit of $2,321,283 and has been heavily reliant on debt, with significant portions in default. Cash flow from operations showed a negative trend, with $1,604,842 used in operating activities. Management highlighted ongoing liquidity challenges, indicating a critical need for capital to continue operations. The lack of revenue and ongoing losses raise substantial doubt regarding the company's ability to sustain operations in the future, emphasizing the speculative nature of investments in Seafarer.