Seafarer Exploration Corp.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsSeafarer Exploration Corp. is a development-stage company seeking to monetize historic shipwreck recovery and rescue archaeology.
What they do
Seafarer is a Florida corporation, formerly Organetix, Inc., focused on developing infrastructure for rescue archaeology, shipwreck exploration, recovery, and conservation. It is developing proprietary SeaSearcher technology to discriminate between metals like gold and silver. The company has generated minimal revenue and expects significant losses for the foreseeable future.
Revenue drivers
- Artifact recovery — Potential monetization of recovered artifacts from historic shipwreck sites; no meaningful revenue generated to date.
- SeaSearcher technology — Proprietary device, still in development; no commercial sales or revenue reported.
- Other operations — No other revenue-generating segments identified; annual revenue ranged from $10,622 (2020) to $23,761 (2021).
Recent performance
In its latest quarterly report (filed 2026-08-13), revenue was $0 for the quarter ended 2025-03-31. Annual net income for 2025 was -$2.7 million, with operating cash flow of -$2.0 million. As of 2026-03-31, total assets were $205,545, total liabilities $3.4 million, and shareholder equity was -$3.2 million. The company expects to expend available cash in less than one month from the filing date.
Strategy
Management's stated plan is to develop infrastructure for shipwreck exploration, conduct archival research, and advance SeaSearcher technology. It is reviewing potential shipwreck sites, including those outside state waters to avoid permitting delays. The company funds operations through common stock issuances and loans, and plans to seek additional private placements. No significant revenue is expected in the near term.
Risks
- Going concern — Auditors have substantial doubt about the company's ability to continue as a going concern.
- Cash depletion — Based on historical expenditures, available cash will be exhausted in less than one month.
- Technology failure — All tests of new technologies have failed except for SeaSearcher, which faces technical challenges at Juno Beach.
- Financing dependence — If unable to raise capital, the company will likely cease operations, causing a total loss of invested capital.
Outlook
Management expects continued operating losses and negative cash flow while building infrastructure. Success depends on raising additional capital and locating valuable artifacts, which is speculative and may take years. The company warns that failure could force it to cease operations.