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Seafarer Exploration Corp (SFRX-4.76%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's business plan, which focuses on the exploration, recovery, and conservation of historic shipwrecks. The company is developing new technologies, such as the SeaSearcher, to improve the efficiency of these operations.
The report indicates that Seafarer has not generated significant revenue since its inception and continues to incur operating losses. For the year ended December 31, 2024, the company reported a net loss of $3,896,719, compared to a net loss of $3,180,646 in the previous year.
Seafarer's financial statements reveal a working capital deficit of $3,002,457 as of December 31, 2024. The company acknowledges substantial doubt about its ability to continue as a going concern, citing the need for additional financing.
The filing details Seafarer's ongoing legal proceedings, including a lawsuit filed by Diane McConnell regarding a residential property lease. The company has filed counterclaims and is seeking to recover costs.
Seafarer has entered into several agreements for the exploration of shipwreck sites, including a partnership with Marine Archaeology Partners, LLC, to explore a site off Melbourne Beach, Florida.
The company highlights its reliance on external financing through equity and debt. During 2024, Seafarer issued 480,272,223 shares of restricted common stock for proceeds of $1,804,166.
Seafarer's management discusses the challenges of obtaining necessary permits for shipwreck exploration, noting that governmental regulations and permitting processes are complex and time-consuming.
The filing also addresses the company's internal control deficiencies, acknowledging a lack of segregation of duties and limited resources as material weaknesses in financial reporting.
Seafarer does not anticipate generating significant revenue in the near future and continues to focus on developing its business infrastructure and technology.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.