In This Story
Seafarer Exploration Corp (SFRX0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $769,074 for the three-month period and $3,061,742 for the nine-month period ended September 30, 2024.
Operating expenses for the nine months were $2,664,502, up from $2,283,001 in the same period the previous year, primarily due to increases in consulting, contractor, and research and development expenses.
Revenue for the nine-month period was $9,784, compared to $590 in the previous year, with the increase attributed to service income.
Seafarer reported a working capital deficit of $2,459,269 as of September 30, 2024, compared to $1,808,783 at the end of 2023.
The company has convertible notes payable and notes payable in default, with a total balance of $1,041,172 and $1,090,298, respectively.
Seafarer's ongoing operations are focused on the exploration and recovery of historic shipwrecks, with no significant revenue expected in the near future.
The company continues to face liquidity challenges and relies on external financing to fund its operations.
Seafarer has been involved in legal proceedings, including a lawsuit filed against John Grimm, which was settled in February 2024.
The company acknowledges the risks associated with its business, including the potential for complete loss of capital invested or borrowed.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Seafarer Exploration Corp quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.