$SFRX

SEAFARER EXPLORATION CORP

CIK:0001106213|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Service income
Operating Expenses
Consulting and contractor expenses	251,368	296,204	582,886	557,906
Vessel maintenance and dockage	18,545	9,639	26,880	28,731
Research and development	84,710	134,528	167,562	288,328
Professional fees	17,726	26,464	67,397	99,498
General and administrative expense	92,502	94,955	193,857	181,615
Depreciation and amortization expense	16,327	19,811	32,654	39,622
Rent expense	9,278	8,979	17,531	17,804
Travel and entertainment expense	30,340	13,624	57,181	46,391
Total operating expenses	520,796	604,204	1,145,948	1,259,895
Net loss from operations	(520,796)	(604,204)	(1,145,948)	(1,259,895)
Interest expense	(36,593)	(34,144)	(76,622)	(77,517)
Gain on settlement of lease liability	52,450		57,706
Other income	2,479		2,479
Gain on extinguishment of debt	105,000		105,000
Loss on extinguishment of debt		(5,808)	(234,245)	(38,145)
Total other income (expenses)	123,336	(39,952)	(145,682)	(115,662)
Loss before income tax	(397,460)	(644,156)	(1,291,630)	(1,375,557)
Provision for income tax
Net loss	$ (397,460)	$ (644,156)	$ (1,291,630)	$ (1,375,557)
Earnings Per Share, Basic	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Earnings Per Share, Diluted	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Weighted Average Number of Shares Issued, Basic	10,901,697,907	9,296,457,448	10,676,087,356	9,209,496,674
Weighted Average Number of Shares Outstanding, Diluted	10,901,697,907	9,296,457,448	10,676,087,356	9,209,496,674

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (397,460)	$ (644,156)	$ (1,291,630)	$ (1,375,557)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation	12,766	12,766	25,532	25,533
Amortization of right of use assets, finance	3,560	7,045	7,122	14,090
Amortization of right of use asset, facilities			8,158	10,020
Amortization of debt discount			4,783	10,525
Common stock issued for services			17,400	38,625
Amortization of stock based compensation issued for services			22,702
Loss on extinguishment of debt		5,808	234,245	38,145
Gain on settlement of lease liability	(52,450)		(57,706)
Gain on extinguishment of debt	(105,000)		(105,000)
Write off of property and equipment			1,136
Prepaid consulting expense			(17,399)	(5,341)
Increase (decrease) in:
Accounts payable & accrued expenses			131,796	169,352
Operating lease liability			(7,758)	(10,223)
Net cash used in operating activities			(1,026,619)	(1,084,831)
CASH FLOWS PROVIDED BY INVESTING ACTIVITIES:
Proceeds received from insurance settlement			52,450
Net cash provided by investing activities			52,450
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of common stock			938,550	1,025,715
Proceeds from the issuance of convertible notes payable			60,000	15,000
Proceeds from line of credit			69,000	37,000
Payments on finance lease liabilities			(7,565)	(13,343)
Payments on notes payable			(50,000)
Payments on line of credit			(61,018)
Net cash provided by financing activities			948,967	1,064,372
NET DECREASE IN CASH			(25,202)	(20,459)
CASH, BEGINNING OF PERIOD			50,469	23,696
CASH, END OF PERIOD	$ 25,267	3,237	25,267	3,237
Supplemental disclosure of cash flow information
Cash paid for interest expense			2,203
Cash paid for income taxes
Non-cash operating and financing activities:
Principal and accrued interest converted to common stock			415,557	13,041
Stock issued to settle accounts payable		$ 608	$ 6,250	$ 61,508

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Cash	$ 25,267	$ 50,469
Prepaid consulting expense	1,604	6,907
Deposits and other prepaids	749	749
Total current assets	27,620	58,125
Property and equipment, net	107,917	170,743
Right of use asset	38,714	46,872
Total Assets	174,251	275,740
Current liabilities
Accounts payable and accrued expenses	1,144,204	1,044,970
Deferred revenue	140,000	140,000
Convertible notes payable	60,000
Convertible notes payable, in default	325,300	475,300
Convertible notes payable, in default - related parties	699,500	704,500
Notes payable, net of discount of $0 and $4,783, respectively		45,217
Notes payable, in default	1,007,000	1,112,000
Notes payable, in default - related parties	18,500	18,500
Line of credit	48,286	40,304
Shareholder loan	5,000	5,000
Operating lease liability, current	17,488	16,238
Finance lease liabilities, current	16,068	29,640
Total current liabilities	3,481,346	3,631,669
Operating lease liability, long term	21,960	30,968
Finance lease liabilities, long-term	12,338	40,623
Total Liabilities	3,515,644	3,703,260
Series B - 60 shares issued and outstanding
Common stock, $0.0001 par value - 17,000,000,000 shares authorized; 11,019,410,363 and 10,133,211,197 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	1,101,942	1,013,322
Common stock to be issued, $0.0001 par value, 29,039,877 and 32,373,211 shares outstanding at June 30, 2026 and December 31, 2025, respectively	2,905	3,238
Additional paid in capital	31,832,066	30,542,596
Accumulated deficit	(36,278,306)	(34,986,676)
Total Stockholders’ Deficit	(3,341,393)	(3,427,520)
Total Liabilities and Stockholders’ Deficit	174,251	275,740
Series A Preferred Stock [Member]
Current liabilities
Series B - 60 shares issued and outstanding	$ (0)	$ (0)