10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________

FORM 10-K /A

Amendment No. 1

______________

(Mark One)

x      ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For fiscal year ended December 31, 2012

o     TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

SEAFARER EXPLORATION CORP.

(Exact name of registrant as specified in its charter)

Delaware	90-0473054
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

14497 N. Dale Mabry Highway, Suite 209N, Tampa, Florida 33618

(Address of principal executive offices)(Zip code)

Registrant’s telephone number: (813) 448-3577

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, par value $0.0001 per share

1

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes  o      No  x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes  o      No  x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  x       No  o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.    o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o	Accelerated filer o		Non-accelerated filer   o	Smaller reporting company x
		(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes  o      No  x

The aggregate market value of the voting common equity held by non-affiliates of the registrant was approximately $5,492,466 as of the last business day of the registrant’s most recently completed second fiscal quarter, based upon the closing sale price on the OTC:BB reported for such date. Shares of common stock held by each officer and director, and by each person who owns 10% or more of the outstanding common stock, have been excluded in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

As of April 12, 2013, the Registrant had 780,569,084 outstanding shares of its common stock, $0.0001 par value.

2

EXPLANATORY NOTE

The purpose of this amendment on Form 10-K/A to Seafarer Exploration Corp.'s Annual Report on Form 10-K for the period ended December 31, 2012, filed with the Securities and Exchange Commission on April 15, 2013 is solely to furnish Exhibit 101 to the Form 10-K in accordance with Rule 405 of Regulation S-T.

No other changes have been made to the Form 10-K. This Amendment No. 1 to the Form 10-K speaks as of the original filing date of the Form 10-K, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-K.

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 PART IV

Item 15. Exhibits

(2)	Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession
2.1	Form of Share Exchange Agreement dated June 4, 2008 by and among Organetix, Inc., Seafarer Exploration, Inc. and each of the shareholders of Seafarer Exploration incorporated by reference to Form 8-K filed with the Commission on June 10, 2008.
(3)	Articles of Incorporation and By-laws
3.1	Amended and Restated Certificate of Incorporation of Organetix, Inc. incorporated by reference to Organetix, Inc.’s Schedule 14C Definitive Information Statement filed with the Commission on May 6, 2008.
3.2	Certificate of Amendment to the Certificate of Incorporation to merge Seafarer Exploration Corp., a wholly-owned subsidiary of the Company into the Company with the Secretary of State of the State of Delaware.  Pursuant to the Certificate of Amendment, the Company’s Articles of Incorporation were amended to change its name from Organetix, Inc. to Seafarer Exploration Corp. dated July 17, 2008, incorporated by reference to Form 8-K filed with the Commission on July 24, 2008.
(10)	Material Contracts
10.1	Agreement by and between Tulco Resources, Ltd., and Seafarer Exploration, Inc. dated February 2007, incorporated by reference to Form 8-K filed with the Commission on June 8, 2010.
10.2	Agreement by and between Ridgely-Stemmons Limited Partnersnip, Joint-Venture and Seafarer Exploration Corp. dated March 2, 2012. Incorporated by reference to Form 10-K filed with the Commission on April 15, 2013.
10.3	Consulting Agreement by and between David Chalela and Seafarer Exploration Corp. dated April 3, 2012. Incorporated by reference to Form 10-K filed with the Commission on April 15, 2013.
10.4	Board of Directors Letter Agreement by and between Charles Branscum and Seafarer Exploration Corp. dated May 16, 2012. Incorporated by reference to Form 10-K filed with the Commission on April 15, 2013.
10.5	Fee Settlement Agreement by and between ClearTrust, LLC and Seafarer Exploration Corp. dated May 25, 2012. Incorporated by reference to Form 10-K filed with the Commission on April 15, 2013.
10.6	Fee Settlement Agreement by and between ClearTrust, LLC and Seafarer Exploration Corp. dated July 10, 2012. Incorporated by reference to Form 10-K filed with the Commission on April 15, 2013.
10.7	Advisory Council Agreement by and between Pelle Ojasu and Seafarer Exploration Corp. dated October 23, 2012. Incorporated by reference to Form 10-K filed with the Commission on April 15, 2013.
10.8	Advisory Council Agreement by and between Len Kohl and Seafarer Exploration Corp. dated December 03, 2012. Incorporated by reference to Form 10-K filed with the Commission on April 15, 2013.
31.1	Certification of Chief Executive Officer and Principal Accounting Officer Pursuant to the Securities Exchange Act of 1934, Rules 13a-14 and 15d-14. Incorporated by reference to Form 10-K filed with the Commission on April 15, 2013.
32.1	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Incorporated by reference to Form 10-K filed with the Commission on April 15, 2013.

*101.INS	XBRL Instance Document
*101.SCH	XBRL Taxonomy Extension Schema
*101.CAL	XBRL Taxonomy Extension Calculation Linkbase
*101.DEF	XBRL Taxonomy Extension Definition Linkbase
*101.LAB	XBRL Taxonomy Extension Label Linkbase
*101.PRE	XBRL Taxonomy Extension Presentation Linkbase

* Filed herewith.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Seafarer Exploration Corp.
Date: July 25, 2013	By:	/s/ Kyle Kennedy
		Kyle Kennedy President, Chief Executive Officer, Chairman of the Board (Principal Executive Officer and Principal Accounting Officer)
Date: July 25, 2013	By:	/s/ Charles Branscum
		Charles Branscum, Director

Date: July 25, 2013	By:	/s/ Robert L. Kennedy
		Robert L. Kennedy, Director

5

XML

MATERIAL AGREEMENTS

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

MATERIAL AGREEMENTS

NOTE 11 – MATERIAL AGREEMENTS

Agreement with Tulco Resources, Ltd.

As previously noted in its 8-K filing on June 11, 2010, the Company entered into an agreement with Tulco Resources, Ltd. (“Tulco”) on June 8, 2010 which granted the Company the exclusive rights to explore, locate, identify, and salvage a possible shipwreck within the territorial limits of the State of Florida, off of Palm Beach County, in the vicinity of Juno Beach, Florida (the “Exploration Agreement”).  There term of the Agreement is for three years and may renew for an additional three years under the same terms unless otherwise agreed to in writing by the Tulco and Seafarer. The Agreement may be terminated by mutual agreement of both Tulco and Seafarer or it may be terminated by either party for cause. Termination for cause may include willful misconduct or gross negligence with respect to carrying out any duties responsibilities or commitments under the agreement and/or failure by Seafarer to fully pay the annual conservation payment on time. Under the Agreement the Company paid Tulco a total of $40,000, a total which included $20,000 to cover fees owed to Tulco from the 2009 diving season and a $20,000 payment for the 2010 diving season. The Company also agreed to pay Tulco a conservation payment of $20,000 per calendar year during the term of the Agreement.  The amount of the conservation payment my increase in future years based on the mutual agreement of Tulco and the Company. The Company agreed to furnish its own personnel, salvage vessel and equipment necessary to conduct operations at the shipwreck site. The Company also agreed to pay all of its own expenses directly associated with salvage operations, including but not limited to fuel, food, ground tackle, electronic equipment, dockage, wages, dive tanks, and supplies. The Company agreed to split any artifacts that it recovers equally with Tulco, after the State of Florida has selected up to twenty percent of the total value of recovered artifacts for the State of Florida’s museum collection. The Company and Tulco agreed to receive their share of the division of artifacts at the same time.  The Company and Tulco agreed to jointly handle all correspondence with the State of Florida regarding any agreements and permits required for the exploration and salvage of the shipwreck site.

The Company has previously received correspondence from Tulco’s legal counsel demanding that the Company pay additional fees that are not contemplated in the Exploration Agreement and that the Company turn over artifacts to Tulco. Tulco has stated that if the Company does not meet its demands then Tulco will seek other groups to work at the Juno Beach site and that it will terminate its agreement with the Company and it has threatened to take legal action against the Company. The Company paid Tulco the $20,000 fee in January 2012 as required under the Exploration Agreement, however Tulco has not cashed the check from 2012. The Company has not paid Tulco the $20,000 fee in January 2013 as contemplated in the Agreement and does not intend to make the payment until legal counsel is able to determine Tulco’s intent with regard to the Exploration Agreement. Tulco has not provided any conservation services as required under the Exploration Agreement. It is possible that Tulco may claim that the Exploration Agreement is no longer valid and that therefore the Company has no further rights to explore and salvage the Juno Beach site. The Company is exploring its legal rights and options with regard to the relationship with Tulco and the Exploration Agreement.

Recovery Permit with Florida Division of Historical Resources

As previously noted on its form 8-K filed on May 9, 2011, the Company and Tulco received a 1A-31 Recovery Permit from the Florida Division of Historical Resources. The Recovery Permit is active through April 25, 2014. The Permit authorizes Seafarer to dig and recover artifacts from the designated site at Juno Beach, Florida.

Exploration Permit with Florida Division of Historical Resources

On November 2, 2012, the Company received a three year 1A-31 Exploration Permit from the Division of Historical Resources for an area identified off of Lantana Beach, Florida. Under the permit, the Company can begin remote sensing of the site including magnetometer and side scan sonar as necessary, underwater recording of exposed target information using photo, video, measuring tapes and temporary datum points, develop a research plan to test selected target areas that appear to represent historic shipwreck material once the remote sensing has been completed and the data analyzed. The Company and any associated personnel and contractors must adhere to a number of requirements and conditions that are outlined in the permit. If the work authorized under the Exploration Permit confirms the presence of a historical shipwreck then a request for a recovery permit will be made.

Certain Other Agreements

On March 2, 2012, the Company entered into an agreement to become a limited partner in limited partnership joint venture. Under the terms of the agreement the Company agreed to pay $12,000 to the limited partnership in exchange for 16% of the net income received by the general partner. A division committee made up of the limited partners will be appointed to devise an equitable method and time schedule for the division and distribution of any treasure items. The Company agreed to abide by the decision of the division committee.  The agreement expired on June 1, 2012. As of December 31, 2012, the joint venture was considered impaired.

F-19

SEAFARER EXPLORATION CORP. AND SUBSIDIARIES

 (A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

NOTE 11 – MATERIAL AGREEMENTS - continued

The Company has an agreement with an individual related to the exploration and recovery of purported archeological items and treasure believed to be located in Missouri. The individual has conducted research as to the theoretical existence of purported artifacts and treasure believed to be located somewhere in Missouri and the Company has provided funding to the individual in order to help fund the exploration and excavation of two separate dig sites. The Company provided a total of $21,000 of funding to the individual in 2011 through its Church Hollow, LLC subsidiary, which was specifically created to partner with a limited partnership controlled by the individual, for the Company to receive a percentage of any artifacts and/or treasure located at the first dig site. The Company also entered into a separate consulting agreement with the individual for 1,000,000 restricted shares of its common stock. No artifacts or treasure were located at the first dig site in 2011 and it was decided that this dig site was not the correct location. In 2012, the Company has provided an additional $12,000 in funding and 1,000,000 restricted shares of its common stock to the individual as its investment in a limited partnership joint venture controlled by the individual related to a second dig site in exchange for the Company receiving 16% of any treasure or artifacts located at the second dig site. No artifacts or treasure have been located at the second dig site. By virtue of the funding and consulting advice that the Company has provided to the individual, the Company believes that it has an ongoing minimum 16% interest in any artifacts or treasure located using the research at any dig site in Missouri related to this project. As of December 31, 2012, the agreement was considered impaired. During the year ended December 31, 2012, the Company recorded a loss on impairment related to the joint venture in the amount of $21,800.

In April of 2012, the Company entered into an agreement with an individual to provide general consulting and Spanish translation services under the direction of the Company’s CEO. The term of the agreement is ongoing and in the Company issued 100,000 shares of its restricted common stock value to the consultant as consideration for the services. The 100,000 shares are included as an expense in the amount of $1,000 in consulting and contractor fees the accompanying income statement.

In May of 2012, the Company entered into a loan agreement with a shareholder under which the shareholder agreed to provide the Company with an emergency short term loan in the amount of $10,000. The shareholder agreed to provide the loan to the Company with at 0% rate of interest and the Company agreed to pay the shareholder 300,000 restricted shares of its common stock as an equity kicker in exchange for providing the emergency no interest rate loan. The issuance is included as interest expense in the amount of $1,500 in the accompanying income statement. The Company repaid the entire loan balance in 2012.

In May of 2012, the Company entered into an agreement with an individual who is related to the Company’s CEO to continue serving as a member of the Company’s Board of Directors. Under the  agreement, the Director agreed to provide various services to the Company including making recommendations for both the short term and the long term business strategies to be employed by the Company, monitoring and assessing the Company's business and to advise the Company’s Board of Directors with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions and identifying and evaluating alternative courses of action, making suggestions to strengthen the Company's operations, identifying and evaluating external threats and opportunities to the Company, evaluating and making ongoing recommendations to the Board with respect for one year and may be terminated by either the Company or the Director by providing written notice to the other party. The agreement also terminates automatically upon the death, resignation or removal of the Director.  Under the terms of the agreement, the Company agreed to pay the Director 3,000,000 restricted shares of its common stock at the execution of the agreement and to negotiate future compensation on a year-by-year basis. The Company also agreed to reimburse the Director for pre approved expenses. As of December 31, 2012, the Company had issued the related party Director 3,000,000 shares of its restricted common stock pursuant to the agreement. The 3,000,000 shares are included as an expense in the amount of $12,900 in consulting and contractor fees the accompanying income statement.

In June of 2012, the Company agreed to pay $1,500 for legal services related to the filing of schedules of share ownership for a related party shareholder. Legal counsel agreed to accept 300,000 shares of the Company’s restricted common stock for the payment for the legal services rendered. The Company issued 300,000 restricted common shares which are included as an expense in legal fees in the accompanying income statement.

In July of 2012, the Company entered into an agreement with an individual to join the Company’s advisory council. Under the advisory council agreements the advisor agreed to provide various advisory services to the Company, including making recommendations for both the short term and the long term business strategies to be employed by the Company, monitoring and assessing the Company's business and to advise the Company’s Board of Directors with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions and identifying and evaluating alternative courses of action, making suggestions to strengthen the Company's operations, identifying and evaluating external threats and opportunities to the Company, evaluating and making ongoing recommendations to the Board with respect to the Company's business, and providing such other advisory or consulting services as may be appropriate from time to time. The term of each of the advisory council agreements is for one year. In consideration for the performance of the advisory services, the Company agreed to issue the advisor an aggregate total of 1,200,000 restricted shares of its common stock. According to the agreement the shares vest at a rate of 100,000 per month during the term of the agreement.  If the advisory council agreements are terminated prior to the expiration of the one year terms, then each of the advisors has agreed to return to the Company for cancellation any portion of their shares that have not vested. Under the advisory council agreements, the Company has agreed to reimburse the advisors for pre approved expenses. All fees paid to the advisor during the twelve month period ended December 31, 2012 are included as an expense in consulting and contractor fees in the accompanying income statement.

F-20

SEAFARER EXPLORATION CORP. AND SUBSIDIARIES

 (A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

NOTE 11 – MATERIAL AGREEMENTS - continued

The Company has an ongoing verbal agreement with a limited liability company that is controlled by a person who is related to the Company’s CEO to pay the related party consultant $2,400 per month to provide background research, background checks and investigative information on individuals and companies, and act as an administrative specialist to perform administrative duties and clerical services. The consultant provides the services under the direction and supervision of the Company’s CEO. During the three month period ended June 20, 2012 the Company paid the related party consultant fees of $5,600. All fees paid to the related party consultant during the six month period ended June 30, 2012 are included as an expense in consulting and contractor fees in the accompanying income statement for the six month period ended June 30, 2012. At June 30, 2012, the Company owed the limited liability company $1,600 and this amount is included in accounts payable and accrued liabilities in the accompanying balance sheet.

In July 2012, a related party shareholder provided the Company with emergency short term loan proceeds totaling $5,000. The Company repaid the related party shareholder the entire $5,000 balance prior to December 31, 2012. The Company did not pay any interest or fees to the related party shareholder for providing the short term loan.

In August 2012, the Company entered into a promissory note agreement with a related party shareholder under which the related party shareholder agreed to provide the Company with an emergency short term loan in the amount of $2,500. The related party shareholder agreed to provide the loan to the Company at a 0% rate of interest and the Company agreed to pay the shareholder 200,000 restricted shares of its common stock as an equity kicker in exchange for providing the emergency no interest rate loan. The Company repaid the entire loan balance in 2012. The Company issued the 200,000 restricted shares of its common stock that were agreed to as an equity kicker in December of 2012.

In October 2012, the Company issued 1,400,000 shares of its restricted common stock valued at $7,420 to an individual in exchange for a generator to be used on the Company’s main salvage vessel.

In October 2012, the Company issued 500,000 shares of its restricted common stock valued at $3,000 to an individual for providing back hoe operating services in conjunction with the Missouri project. This stock based compensation is included as an expense in consulting and contractor fees in the accompanying income statement.

In October of 2012, the Company entered into an agreement with an individual who was previously a member of the Company’s Board of Directors to join the Company’s advisory council. Under the advisory council agreements the advisor agreed to provide various advisory services to the Company, including making recommendations for both the short term and the long term business strategies to be employed by the Company, monitoring and assessing the Company's business and to advise the Company’s Board of Directors with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions and identifying and evaluating alternative courses of action, making suggestions to strengthen the Company's operations, identifying and evaluating external threats and opportunities to the Company, evaluating and making ongoing recommendations to the Board with respect to the Company's business, and providing such other advisory or consulting services as may be appropriate from time to time. The term of each of the advisory council agreements is for one year. In consideration for the performance of the advisory services, the Company agreed to issue the advisor an aggregate total of 1,500,000 restricted shares of its common stock. According to the agreement the shares vest at a rate of 125,000 per month during the term of the agreement.  If the advisory council agreements are terminated prior to the expiration of the one year terms, then each of the advisors has agreed to return to the Company for cancellation any portion of their shares that have not vested. Under the advisory council agreements, the Company has agreed to reimburse the advisors for pre approved expenses. Of the $9,000 in fees paid to the advisor during the year ended December 31, 2012, $7,323 are included in prepaid expenses and $1,667 are included as an expense in consulting and contractor fees in the accompanying income statement.

In December of 2012, the Company entered into an agreement with an individual to join the Company’s advisory council. Under the advisory council agreements the advisor agreed to provide various advisory services to the Company, including making recommendations for both the short term and the long term business strategies to be employed by the Company, monitoring and assessing the Company's business and to advise the Company’s Board of Directors with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions and identifying and evaluating alternative courses of action, making suggestions to strengthen the Company's operations, identifying and evaluating external threats and opportunities to the Company, evaluating and making ongoing recommendations to the Board with respect to the Company's business, and providing such other advisory or consulting services as may be appropriate from time to time. The term of each of the advisory council agreements is for one year. In consideration for the performance of the advisory services, the Company agreed to issue the advisor an aggregate total of 900,000 restricted shares of its common stock. According to the agreement the shares vest at a rate of 75,000 per month during the term of the agreement.  If the advisory council agreements are terminated prior to the expiration of the one year terms, then each of the advisors has agreed to return to the Company for cancellation any portion of their shares that have not vested. Under the advisory council agreements, the Company has agreed to reimburse the advisors for pre approved expenses. Of the $7,380 in fees paid to the advisor during the year ended December 31, 2012, $6,814 are included in prepaid expenses and $566 are included as an expense in consulting and contractor fees in the accompanying income statement.

The Company has an ongoing verbal agreement with a limited liability company that is controlled by a person who is related to the Company’s CEO to pay the related party consultant a minimum of $2,400 per month to provide administrative services, background research, background checks and investigative information on individuals and companies, and to perform administrative duties and clerical services. If the related party consultant performs additional work then the monthly fee may increase. The consultant provides the services under the direction and supervision of the Company’s CEO. During the three month period ended December 31, 2012 the Company paid the related party consultant fees of $7,200. All fees paid to the related party consultant during the twelve month period ended December 31, 2012 are included as an expense in consulting and contractor fees in the accompanying income statement for the twelve month period ended December 31, 2012. At December 31, 2012, the Company owed the limited liability company $600 and this amount is included in accounts payable and accrued liabilities in the accompanying balance sheet.

F-21

SEAFARER EXPLORATION CORP. AND SUBSIDIARIES

 (A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

NOTE 11 – MATERIAL AGREEMENTS - continued

The Company has an ongoing agreement with a limited liability company that is owned and controlled by a person who is related to the Company’s CEO to provide stock transfer agency services. All fees paid to the related party consultant during the 2012 are included as an expense in consulting and contractor fees in the accompanying income statement for the twelve month period ended December 31, 2012. At December 31, 2012, the Company owed the related party limited liability company $8,381 for transfer agency services rendered, legal fees incurred and other services. This amount is included in accounts payable and accrued liabilities in the accompanying balance sheet. In July 2012 the Company entered into a debt settlement agreement with the related party vendor to settle $5,677 of outstanding debt related to legal fees incurred by the related party vendor due to a lawsuit against the Company in which the related party vendor was also named as a defendant due to its position as the Company’s stock transfer agency. The Company issued 1,530,111 shares of its common stock to this vendor as satisfaction for the outstanding debt. The agreement between the Company and the vendor stipulated that should the transfer agency realize less than $5,677 from the sale of the stock, then they are entitled to receive up to an additional 1,000,000 shares of common stock or a cash payment to cover the difference in the amount owed.

The Company previously had an ongoing agreement to pay a person who is related to the Company’s CEO a minimum of $3,000 per month plus additional cash and/or stock based compensation at its discretion based on additional time that the consultant spent rendering services. The Company and the related party consultant mutually agreed to terminate the consulting agreement as of May 4, 2012. In January 2012, the Company issued 1,000,000 shares of its restricted common stock to the related party consultant. The shares were recorded as an expense of $7,900 in consulting and contractor fees in the accompanying income statement. All fees paid to the related party consultant during the twelve month period ended December 31, 2012 are included as an expense in consulting and contractor fees in the accompanying income statement. As of December 31, 2012 the Company did not owe any fees or compensation to the related party consultant.

The Company has an ongoing consulting agreement to pay a limited liability company controlled by its former Chief Financial Officer a minimum of $5,000 per month for providing ongoing financial reporting, strategic planning, and accounting services. The Company also agreed to pay additional compensation to the consultant in the form of cash and/or restricted stock to be awarded solely at the Company’s discretion to show appreciation for the consultant’s willingness to spend additional time and effort rendering services to the Company, to provide services to the Company at below market cash compensation rates and as an incentive and an inducement to continue to provide services to the Company. In addition to the cash fees paid to the consultant during the twelve month periods ending December 31, 2011 and 2012 the Company paid the consultant a total of 13 million shares of the Company’s restricted common stock valued at $114,500 in 2011 and 3 million shares of the Company’s restricted common stock valued at $18,900 in 2012.  The Company also agreed to reimburse the consultant for certain expenses. The agreement is verbal and may be terminated by the Company or the consultant at any time. All fees paid to the consultant, including any payments of restricted stock, during the twelve month periods ended December 31, 2011 and December 31, 2012 are included as an expense in consulting and contractor fees in the accompanying income statements.

The Company has an ongoing consulting agreement to pay a limited liability company a minimum of $500 per month for bookkeeping services and an additional $5,000 worth of restricted stock and/or cash per quarter for providing assistance with technical accounting and financial reporting. The Company may also pay additional compensation to the consultant in the form of cash and/or restricted stock to be awarded solely at the Company’s discretion to show appreciation for the consultant’s willingness to spend additional time and effort rendering services to the Company, to provide services to the Company at below market cash compensation rates and as an incentive and an inducement to continue to provide services to the Company. In addition to the cash fees paid to the consultant in 2011 and 2012 the Company paid the consultant a total of 4.5 million shares of the Company’s restricted common stock valued at $35,900 in 2011 and 5.5 million shares of the Company’s restricted common stock valued at $33,050 in 2012.  The Company also agreed to reimburse the consultant for certain expenses. TThe agreement is verbal and may be terminated by the Company or the consultant at any time. All fees paid to the consultant, including any payments of restricted stock, during the twelve month periods ended December 31, 2011 and December 31, 2012 are included as an expense in consulting and contractor fees in the accompanying income statements.

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STATEMENTS OF OPERATIONS (USD $)	12 Months Ended		71 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012
Income Statement [Abstract]
Revenue
Expenses:
Consulting and contractor expenses	387,433	754,226	3,183,151
Professional fees	81,592	116,131	488,258
General and administrative expenses	26,886	105,464	319,934
Depreciation	32,783	32,500	168,198
Rent expense	16,093	15,122	120,686
Vessel expenses	100,916	68,561	378,883
Travel and entertainment	48,080	14,462	217,376
Other operating expenses			13,187
Total operating expenses	693,783	1,106,466	4,889,673
Loss from operations	(693,783)	(1,106,466)	(4,889,673)
Interest expense	(297,654)	(125,335)	(679,541)
Interest income	93,636	34,288	144,221
Loss on extinguishment of debt	(37,197)	(297,796)	(381,113)
Loss on impairment	(21,800)	(21,000)	(42,800)
Total other income (expense)	(263,015)	(409,843)	(959,233)
Net loss	$ (956,798)	$ (1,516,309)	$ (5,848,906)
Net loss per share applicable to common stockholders - basic and diluted	$ 0.00	$ 0.00
Shares used to compute basic and diluted net loss per share applicable to common stockholders	670,703,572	520,722,703

XML

LOSS PER SHARE

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

LOSS PER SHARE

NOTE 4 - LOSS PER SHARE

Components of loss per share for the respective years are as follows:       

	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011
Net loss attributable to common shareholders	$	(956,798	)	$	(1,516,309	)
Weighted average shares outstanding:
Basic and diluted		670,703,572			520,722,703
Loss per share:
Basic and diluted	$	(0.00	)	$	(0.00	)

XML

LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Components of loss per share

	For the Year Ended December 31, 2012			For the Year Ended December 31, 2011
Net loss attributable to common shareholders	$	(956,798	)	$	(1,516,309	)
Weighted average shares outstanding:
Basic and diluted		670,703,572			520,722,703
Loss per share:
Basic and diluted	$	(0.00	)	$	(0.00	)

XML

DIVISON OF ARTIFACTS AND TREASURE

12 Months Ended

Dec. 31, 2012

Notes to Financial Statements

DIVISON OF ARTIFACTS AND TREASURE

NOTE 12 – DIVISON OF ARTIFACTS AND TREASURE

Under the Exploration Agreement with Tulco that was renewed on June 8, 2010, the Company is required to split any artifacts or treasure that it successfully recovers from the Juno Beach Shipwreck site with the FLDHR and Tulco. Tulco and the Company, assuming that the FLDHR’s portion will be 20%, have agreed to the following division of artifacts and treasure:

20% to the FLDHR

40% to Tulco

40% to the Company

More specifically, the FLDHR has the right to select up to 20% of the total value of recovered artifacts and treasure for the State's museum collection. After the FLDHR has selected those artifacts and treasure that it feels will complement its collection, then the Company and Tulco will split the remaining artifacts and treasure equally.

In addition to the division of artifacts with the FLDHR and Tulco, the Company has entered into agreements where it may be required to pay additional percentages of its net share of any artifacts that it recovers at the Juno Beach Shipwreck site:

● The Company may elect to pay its divers or other personnel involved in the search for artifacts by giving them a percentage of the artifacts that they locate after a division of artifacts takes place with the FLDHR and Tulco. At the present time, the Company does not have any written agreements to pay any of its dive personnel a net percentage of any recovered artifacts; however, the Company reserves the right to do so in the future.

● The Company has become aware that an individual has made a claim that he has a legally valid and binding agreement with Tulco to receive a percentage of any artifacts recovered from the Juno Beach Shipwreck. The individual has purportedly claimed that his agreement with Tulco was executed several years prior to the Company and Tulco entering into the Exploration Agreement in March 2007. The Company has not been able to verify the legal standing of this claim. If this alleged agreement exists and is legally valid and binding, or if there are other agreements that have a valid, legal claim on the Juno Beach Shipwreck site, then such consequences may have a material adverse effect on the Company and its prospects.

To date the Company has not located any artifacts that have any significant monetary value.   The chance that the Company will actually recover artifacts of any significant value from the Juno Beach shipwreck site is very remote and highly unlikely.

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SUBSEQUENT EVENTS (Details Narrative)	Feb. 01, 2013
Subsequent Events [Abstract]
Percent of Recoveries to Seafarer	60.00%
Percent of Recoveries donated to State of Florida	40.00%
Shares of restriced stock paid to corporation	10
Shares due and payable upon execution of agreement	2.5
Shares due and payable upon receipt of salvage and recovery	2.5
Shares due upon commencement of work at site	2.5
Shares due upon discovery of valuables	2.5
Percent of cost responsible to Seafarer	60.00%
Percent of cost responsible to corporation	40.00%

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CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE - Allocation of the purchase of Convertible Notes (Details) (USD $)	12 Months Ended
	Dec. 31, 2012
Debt Disclosure [Abstract]
Proceeds	$ 50,000
Paid-in capital (beneficial conversion feature)	(2,000)
Paid-in capital (warrants)	(14,286)
Carrying value	$ (33,714)

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CONVERTIBLE NOTES PAYABLE, AT FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Disclosures [Abstract]

Earnings associated with changes in fair values of convertible note payable

	For the year ended				For the year ended
	December 31,				December 31,
	2012				2011
Interest expense recorded upon issuance of the convertible note payable		$	(221,163	)		$	(49,982	)
Interest recapture on fair value re-measurement of the convertible note payable			23,739				(9,298	)
		$	(197,424	)		$	(59,280	)

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CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2012

Debt Disclosure [Abstract]

Convertible notes payable

Issue Date	Maturity Date		December 31, 2012			December 31, 2011		Interest Rate			Conversion Rate
Convertible notes payable:
February 17, 2012	February 17, 2013	$	7,500		$	--		6.00		%	0.004
April 5, 2012	April 5, 2013		15,000			--		6.00		%	0.005
July 16, 2012	July16, 2013		5,000			--		6.00		%	0.005
October 31, 2012	April 30, 2013		8,000			--		6.00		%	0.004
November 20, 2012	May 20, 2013		36,003			--		6.00		%	0.005
December 20, 2012	June 20, 2013		20,000			--		6.00		%	0.004
				91,503			--
Convertible notes payable, in default :
August 28, 2009	November 1, 2009			4,300			4,300		10.00	%	$	0.0150
April 7, 2010	November 7, 2010			70,000			70,000		6.00	%	$	0.0080
November 12, 2010	November 7, 2010			40,000			40,000		6.00	%	$	0.0080
November 9, 2011	December 31, 2012			35,000			35,000	6.00		%	0.004
				149,300			149,300
Convertible notes payable – related parties, in default:
January 9, 2009	January 9, 2010			10,000			10,000		10.00	%	$	0.0150
January 25, 2010	January 25, 2011			6,000			6,000		6.00	%	$	0.0050
January 18, 2012	July 18, 2012			50,000			--		8.00	%	$	0.004
				66,000			16,000
			$	306,803		$	165,300

Allocation of the purchase of Convertible Notes

	$ 50,000
Convertible Note	Face Value
Proceeds	$	50,000
Paid-in capital (beneficial conversion feature)		(2,000	)
Paid-in capital (warrants)		(14,286	)
Carrying value	$	(33,714	)

Notes payable

Issue Date	Maturity Date	December 31, 2012		December 31, 2011		Interest Rate
Notes payable, in default –related parties:
February 24, 2010	February 24, 2011	$	7,500	$	7,500		6.00	%
Notes payable:
April 27, 2011	April 27, 2012		--		5,000		6.00	%
Notes payable, in default:
February 23, 2011	March 23, 2011		--		20,000		7.00	%
June 23, 2011	August 23, 2011		25,000		25,000		6.00	%
April 27, 2011	August 23, 2011		5,000		--		6.00	%
			30,000		45,000
		$	37,500	$	57,500

Promissory notes modified and converted

Issue Date	Modification and Conversion Date	Face Value plus Accrued Interest		Shares Issued Upon Conversion		Extinguishment Loss
Notes payable:
May 10, 2011	July 13, 2011	$	5,050		631,555	$	5,054
April 28, 2011	July 14, 2011		50,592		10,118,368		101,184
May 19, 2011	July 19, 2011		5,049		631,150		2,525
May 25, 2011	July 26, 2011		5,049		631,150		2,525
June 6, 2011	August 12, 2011		5,055		1,010,988		5,055
February 22, 2010	August 13, 2011		20,600		6,200,000		47,600
May 26, 2011	September 6, 2011		20,224		4,044,744		46,515
June 17, 2011	October 14, 2011		5,089		1,017,876		5,089
June 16, 2011	October 17, 2011		15,218		3,043,540		15,218
		$	131,926		27,329,371	$	230,765

Convertible promissory notes converted

Issue Date	Modification and Conversion Date	Face Value plus Accrued Interest		Shares Issued Upon Conversion		Extinguishment Loss
Convertible notes payable:
December 16, 2009	July 26, 2011	$	9,540		1,908,000	$	13,355
February 15, 2011	August 16, 2011		22,267		2,945,370		10,132
November 30, 2009	August 26, 2011		11,071		2,767,670		30,444
Various	August 26, 2011		4,900		1,200,000		13,100
		$	47,778		8,821,040	$	67,031

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LEGAL PROCEEDINGS (Details Narrative) (USD $)	0 Months Ended
	Apr. 05, 2011	Dec. 11, 2009	Feb. 24, 2011	Jun. 15, 2007
Commitments and Contingencies Disclosure [Abstract]
Alleged loss claimed by plaintiff		$ 1,041,000
Punitive damages sought, minimum		15,000
Initial investment in company by plaintiff				5,000
Owed for court costs and attorney fees			12,064
Plaintiff awarded for compensatory damages	$ 5,080,000

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INCOME TAXES - Income taxes (Details)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]
Income tax at federal statutory rate	(34.00%)	(34.00%)
State tax, net of federal effect	(3.96%)	(3.96%)
Total income tax	37.96%	37.96%
Valuation allowance	(37.96%)	(37.96%)
Effective rate	0.00%	0.00%

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CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE - Promissory notes and Convertible promissory notes converted (Details) (USD $)	1 Months Ended				3 Months Ended
	Jul. 31, 2012	Jun. 30, 2012	May 31, 2012	Aug. 26, 2011	Oct. 17, 2011
Notes payable and Convertible notes payable:
Shares Issued Upon Conversion	1,000,000	4,000,000	6,641,583
Notes Payable and Convertible notes payable, TOTAL VALUE				$ 47,778	$ 131,926
Notes Payable and Convertible notes payable, TOTAL SHARES				8,821,040	27,329,371
Notes Payable and Convertible notes payable, TOTAL EXTINGUISHMENT LOSS				67,031	230,765
Issue Date May 10, 2011
Notes payable and Convertible notes payable:
Modification and Conversion Date					Jul. 13, 2011
Face Value plus Accrued Interest					5,050
Shares Issued Upon Conversion					631,555
Extinguishment Loss					5,054
Issue Date April 28, 2011
Notes payable and Convertible notes payable:
Modification and Conversion Date					Jul. 14, 2011
Face Value plus Accrued Interest					50,592
Shares Issued Upon Conversion					10,118,368
Extinguishment Loss					101,184
Issue Date May 19, 2011
Notes payable and Convertible notes payable:
Modification and Conversion Date					Jul. 19, 2011
Face Value plus Accrued Interest					5,049
Shares Issued Upon Conversion					631,150
Extinguishment Loss					2,525
Issue Date May 25, 2011
Notes payable and Convertible notes payable:
Modification and Conversion Date					Jul. 26, 2011
Face Value plus Accrued Interest					5,049
Shares Issued Upon Conversion					631,150
Extinguishment Loss					2,525
Issue Date June 6, 2011
Notes payable and Convertible notes payable:
Modification and Conversion Date					Aug. 12, 2011
Face Value plus Accrued Interest					5,055
Shares Issued Upon Conversion					1,010,988
Extinguishment Loss					5,055
Issue Date Feb. 22, 2010
Notes payable and Convertible notes payable:
Modification and Conversion Date					Aug. 13, 2011
Face Value plus Accrued Interest					20,600
Shares Issued Upon Conversion					6,200,000
Extinguishment Loss					47,600
Issue Date May 26, 2011
Notes payable and Convertible notes payable:
Modification and Conversion Date					Sep. 06, 2011
Face Value plus Accrued Interest					20,224
Shares Issued Upon Conversion					4,044,744
Extinguishment Loss					46,515
Issue Date June 17, 2011
Notes payable and Convertible notes payable:
Modification and Conversion Date					Oct. 14, 2011
Face Value plus Accrued Interest					5,089
Shares Issued Upon Conversion					1,017,876
Extinguishment Loss					5,089
Issue Date June 16, 2011
Notes payable and Convertible notes payable:
Modification and Conversion Date					Oct. 17, 2011
Face Value plus Accrued Interest					15,218
Shares Issued Upon Conversion					3,043,540
Extinguishment Loss					15,218
Issue Date Dec. 16, 2009
Notes payable and Convertible notes payable:
Modification and Conversion Date				Jul. 26, 2011
Face Value plus Accrued Interest				9,540
Shares Issued Upon Conversion				1,908,000
Extinguishment Loss				13,355
Issue Date Feb. 15, 2011
Notes payable and Convertible notes payable:
Modification and Conversion Date				Aug. 16, 2011
Face Value plus Accrued Interest				22,267
Shares Issued Upon Conversion				2,945,370
Extinguishment Loss				10,132
Issue Date Nov. 30, 2009
Notes payable and Convertible notes payable:
Modification and Conversion Date				Aug. 26, 2011
Face Value plus Accrued Interest				11,071
Shares Issued Upon Conversion				2,767,670
Extinguishment Loss				30,444
Various Issue Dates
Notes payable and Convertible notes payable:
Modification and Conversion Date				Aug. 26, 2011
Face Value plus Accrued Interest				4,900
Shares Issued Upon Conversion				1,200,000
Extinguishment Loss				$ 13,100

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LOSS PER SHARE - Components of loss per share (Details) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (956,798)	$ (1,516,309)
Weighted average shares outstanding:
Basic and diluted	670,703,572	520,722,703
Loss per share:
Basic and diluted	$ 0.00	$ 0.00

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CONVERTIBLE NOTES PAYABLE, AT FAIR VALUE (Details Narrative) (USD $)	Dec. 18, 2012	Oct. 22, 2012	May 07, 2012	Jan. 31, 2012	Dec. 31, 2011	Oct. 06, 2011
Fair Value Disclosures [Abstract]
Face value of convertible note payable	$ 42,500	$ 42,500	$ 32,500	$ 32,500	$ 119,557	$ 42,500
Interest per annum on convertible note payable	8.00%	8.00%	8.00%	8.00%		8.00%
Variable conversion price	60.00%	60.00%				58.00%
Note converted into shares of company stock at year end 2012			12,306,513	11,655,173		15,524,573
Convertible note at fair value, year end 2012	$ 93,195	$ 90,047

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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Income taxes

	For the Year Ended December 31, 2012			For the Year Ended December 31,  2011
Income tax at federal statutory rate		(34.00	) %		(34.00	) %
State tax, net of federal effect		(3.96	) %		(3.96	) %
		37.96	%		37.96	%
Valuation allowance		(37.96	) %		(37.96	)  %
Effective rate		0.00	%		0.00	%

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STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended		71 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (956,798)	$ (1,516,309)	$ (5,848,906)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	32,782	32,500	168,198
Change in allowance for uncollectible notes receivable		13,867	38,867
Amortization of deferred finance costs	26,114	1,252	59,605
Amortization of debt discount	2,220		2,220
Interest expense on fair value adjustments of convertible notes payable	202,424	59,280	450,353
Write-off of uncollectible deposit			20,000
Accrued interest on notes receivable			(11,705)
Loss on extinguishment of debt	37,197	297,796	381,113
Loss on impairment	21,800	21,000	42,800
Stock issued for services	125,887	561,277	1,833,856
Stock issued to satisfy legal services	25,754	40,557	65,494
Stock issued for financing fees	1,500	3,500	5,000
Changes in operating assets and liabilities:
Prepaid expenses	(4,400)	(43,860)	(48,260)
Advances from shareholder	(1,015)		(1,015)
Deposits and other receivables			(23,346)
Accounts payable and accrued liabilities	(13,284)	33,960	232,201
Net cash used in operating activities	(499,819)	(495,180)	(2,633,525)
CASH FLOWS FROM INVESTING ACTIVITIES
Principal payments from notes receivable			(25,000)
Purchase of common stock	(12,000)	(21,000)	(34,100)
Acquisition of equipment			(325,000)
Net cash used in investing activities	(12,000)	(21,000)	(384,100)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of common stock	258,400	297,172	2,047,544
Proceeds from the issuance of convertible notes payable	249,500	95,000	762,800
Proceeds from the issuance of convertible notes payable, related parties	50,000		56,000
Proceeds from the issuance of notes payable	10,000	160,000	286,500
Proceeds from the issuance of notes payable, related parties	2,500	6,000	8,500
Payments on convertible notes payable	(11,000)	(25,000)	(46,000)
Payments on notes payable	(12,500)	(5,000)	(57,500)
Payments on notes payable, related parties		(1,000)	(1,000)
Proceeds on loans from stockholders	5,000		40,925
Payments on stockholder loans	(5,000)	(5,225)	(36,225)
Net cash provided by financing activities	546,900	521,947	3,061,544
CHANGE IN CASH	35,081	5,767	43,919
CASH, BEGINNING OF PERIOD	8,838	3,071
CASH, ENDING OF PERIOD	43,919	8,838	43,919
NONCASH OPERATING AND FINANCING ACTIVITIES:
Due to Organetix, Inc. reclassified to additional paid-in capital			91,500
Common stock issued to satisfy minimum value guarantee			87,667
Common stock issued to satisfy debt	76,528		76,528
Convertible debt converted to common stock including accrued interest	259,986	540,524	1,238,248
Common stock issued in exchange for a fixed asset	7,420		7,420
Common stock issued in conjunction with a joint venture	9,800		9,800
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for Interest			$ 3,660

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GOING CONCERN

12 Months Ended

Dec. 31, 2012

Organization, Consolidation and Presentation of Financial Statements [Abstract]

GOING CONCERN

NOTE 2 - GOING CONCERN

These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. As shown in the accompanying financial statements, the Company has incurred net losses of $5,848,906 since inception. Based on its historical rate of expenditures, the Company expects to expend its available cash in less than one month from March 31, 2013. Management's plans include raising capital through the equity markets to fund operations and eventually, the generation of revenue through its business. The Company does not expect to generate any revenues for the foreseeable future.

Failure to raise adequate capital and generate adequate revenues could result in the Company having to curtail or cease operations. The Company’s ability to raise additional capital through the future issuances of the common stock is unknown. Additionally, even if the Company does raise sufficient capital to support its operating expenses and generate adequate revenues, there can be no assurances that the revenue will be sufficient to enable it to develop to a level where it will generate profits and cash flows from operations. These matters raise substantial doubt about the Company's ability to continue as a going concern; however, the accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classifications of the liabilities that might be necessary should the Company be unable to continue as a going concern.

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NOTES RECEIVABLE

12 Months Ended

Dec. 31, 2012

Receivables [Abstract]

NOTES RECEIVABLE

NOTE 5 - NOTES RECEIVABLE

At December 31, 2012 and December, 2011, the Company was owed a principal amount of $25,000 plus accrued interest of $13,867, from a promissory note due from a corporation. The note bears interest at a rate of 4.5% per annum. The principal and interest were due at maturity, which was December 31, 2008, and the note is in default.  Management believes that the Company needs to take legal action in order to collect the remaining principal balance and, accordingly, has established an allowance for a portion of the note deemed doubtful. Because legal action to collect on this note has become necessary, the Company has an allowance for doubtful accounts of $38,867 as of December 31, 2012 and 2011.  Additionally, no further interest will be accrued as its collection is deemed not probable. The carrying value of the note, net of the allowance for doubtful accounts, was $0 at December 31, 2012 and 2011.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements.  The financial statements and notes are representations of the Company’s management, who are responsible for their integrity and objectivity.  These accounting policies conform to accounting principles generally accepted in the United States of America, and have been consistently applied in the preparation of the financial statements.

Accounting Method

The Company’s financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.

Cash and Cash Equivalents

For purposes of the statement of cash flows, the Company considers all highly liquid investments and short-term debt instruments with original maturities of three months or less to be cash equivalents.

Revenue Recognition

The Company recognizes revenue on arrangements in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” and No. 104, “Revenue Recognition”. In all cases, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability is reasonably assured. For the periods ended December 31, 2012 and 2011, and for the period from inception to December 31, 2012, the Company did not report any revenues.

Earnings Per Share

The Company has adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 260-10 which provides for calculation of "basic" and "diluted" earnings per share.  Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common shareholders by the weighted average common shares outstanding for the period.  Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity.  Basic and diluted losses per share were the same at the reporting dates as there were no common stock equivalents outstanding at December 31, 2012 and 2011.

Fair Value of Financial Instruments

Effective January 1, 2008, the Company adopted Statement of Financial Accounting Standards (“SFAS”) No. 157 Fair Value Measurements (“SFAS 157”), superseded by ASC 820-10, which defines fair value, establishes a framework for measuring fair value and expands required disclosure about fair value measurements of assets and liabilities. The impact of adopting ASC 820-10 was not significant to the Company’s financial statements. ASC 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820-10 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

· Level 1 – Valuation based on quoted market prices in active markets for identical assets or liabilities.

· Level 2 – Valuation based on quoted market prices for similar assets and liabilities in active markets.

· Level 3 – Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use as fair value.

In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety.  Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.  The valuation of our derivative liability is determined using Level 1 inputs, which consider (i) time value, (ii) current market and (iii) contractual prices. 

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2012 and 2011.  The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments.  These financial instruments include cash, notes receivable, accounts payable and accrued expenses. The fair value of the Company’s debt instruments is estimated based on current rates that would be available for debt of similar terms, which is not significantly different from its stated value, except for the convertible note payable, at fair value, which has been revalued based on current market rates using Level 1 inputs. 

Income Taxes

The Company provides for federal and state income taxes payable, as well as for those deferred because of the timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. The effect of a change in tax rates is recognized as income or expense in the period of the change. A valuation allowance is established, when necessary, to reduce deferred income tax assets to the amount that is more likely than not to be realized.

Upon inception, the Company adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), superseded by ASC 740-10. The Company did not recognize a liability as a result of the implementation of ASC 740-10. A reconciliation of the beginning and ending amount of unrecognized tax benefits has not been provided since there is no unrecognized benefit as of the date of adoption. The Company did not recognize interest expense or penalties as a result of the implementation of ASC 740-10. If there were an unrecognized tax benefit, the Company would recognize interest related to unrecognized tax benefits in interest expense and penalties in other operating expenses.

Fixed Assets and Depreciation

Fixed assets are recorded at historical cost. Depreciation is computed on the straight-line method over the estimated useful lives of the respective assets. Property and equipment, net consist of the following at December 31, 2012 and 2011:

	2012		2011
Diving Vessel	$	325,000	$	325,000
Generator		7,420		-
Less: Accumulated Depreciation		168,197		135,414
Property and equipment, net	$	164,223	$	189,586

Depreciation expense for the years ended December 31, 2012 and 2011 amounted to $32,783 and $32,500, respectively

Impairment of Long-Lived Assets

In accordance with ASC 360-10, the Company, on a regular basis, reviews the carrying amount of long-lived assets for the existence of facts or circumstances, both internally and externally, that suggest impairment. The Company determines if the carrying amount of a long-lived asset is impaired based on anticipated undiscounted cash flows, before interest, from the use of the asset. In the event of impairment, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the asset. Fair value is determined based on appraised value of the assets or the anticipated cash flows from the use of the asset, discounted at a rate commensurate with the risk involved. There were no impairment charges recorded during the periods ended December 31, 2012 and 2011 or for the period from inception to December 31, 2012.

Employee Stock Based Compensation

The FASB issued SFAS No.123 (revised 2004), Share-Based Payment , which was superseded by ASC 718-10. ASC 718-10 provides investors and other users of financial statements with more complete and neutral financial information, by requiring that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost will be measured based on the fair value of the equity or liability instruments issued. SFAS 123(R) covers a wide range of share-based compensation arrangements, including share options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As of December 31, 2012, the Company has not implemented an employee stock based compensation plan.

Non-Employee Stock Based Compensation

The Company accounts for stock based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the measurement date guidelines enumerated in EITF 96-18, Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling, Goods or Services , which was superseded by ASC 505-50.  The Company issues compensatory shares for services including, but not limited to, executive management, accounting, archeological, operational, corporate communication and administrative consulting services.

Use of Estimates

The process of preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses.  Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements.  Accordingly, upon settlement, actual results may differ from estimated amounts.

Convertible Notes Payable

The Company accounts for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free standing derivative financial instruments. ASC 815 provides for an exception to this rule when convertible notes, as host instruments, are deemed to be conventional, as defined by ASC 815-40. As of December 31, 2012 and 2011, all of the Company’s convertible notes payable were classified as conventional instruments.

The Company accounts for convertible notes deemed conventional and conversion options embedded in non-conventional convertible notes which qualify as equity under ASC 815, in accordance with the provisions of ASC 470-20, which provides guidance on accounting for convertible securities with beneficial conversion features. Accordingly, the Company records, as a discount to convertible notes, the intrinsic value of such conversion options based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt.  As of December 31, 2012 and 2011, none of the Company’s convertible notes payable included a beneficial conversion option.

Subsequent Events

In accordance with ASC 855, the Company evaluated subsequent events through March 31, 2013 ; the date the financial statements were available for issue.

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CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE (Details Narrative) (USD $)	1 Months Ended		6 Months Ended	12 Months Ended
	Aug. 31, 2012	Jun. 30, 2012	May 20, 2013	Dec. 31, 2012	Dec. 31, 2011	Jul. 31, 2012	May 31, 2012
Debt Disclosure [Abstract]
Convertible note issued			$ 50,000
Convertible note interest rate			6.00%
Fixed conversion price of common stock per share			$ 0.005
Warrant to issue maximum shares of common stock			4,000,000
Interest expense related to amortization of debt discount				2,289	(59,280)
Carrying value of convertible note				36,003
Emergency short term loan	2,500	5,000		5,000	2,500	5,000	10,000
Emergency short term loan, interest rate	0.00%				0.00%		0.00%
Shares of common stock issued for short term debt	200,000	300,000			200,000
Accrued interest, notes payable and stockholder loans				45,898	11,769
Face value of Notes payable				386,171
Face value of Notes in default				167,800
Convertible notes payable				344,303
Convertible notes payable, in default				$ 252,800

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DESCRIPTION OF BUSINESS (Details Narrative)	1 Months Ended
	Jun. 30, 2008
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Seafarer shares issued for Organetix post-merger common shares	131,243,235

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NOTES RECEIVABLE (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Receivables [Abstract]
Owed to company from a corporation	$ 25,000	$ 25,000
Accrued interest due from a corporation	13,867	13,867
Note from corporation, interest rate per annum	4.50%	4.50%
Allowance for doubtful accounts	38,867	38,867
Carrying value of note, net allowance for doubtful accounts	$ 0	$ 0

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CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE - Convertible notes payable (Details) (USD $)	Dec. 31, 2012	Aug. 31, 2012	May 31, 2012	Dec. 31, 2011
Convertible notes payable	$ 344,303
Convertible notes payable, Total	91,503
Convertible notes payable, in default	252,800
Convertible notes payable, in default, Total	149,300			149,300
Convertible notes payable - related parties, in default, Interest rate		0.00%	0.00%	0.00%
Convertible notes payable - related parties, in default, Total	66,000			16,000
CONVERTIBLE NOTES PAYABLE, TOTAL	306,803			165,300
Note Issued Feb. 17, 2012
Convertible notes payable, Maturity date	Feb. 17, 2013
Convertible notes payable	7,500
Convertible notes payable, Interest rate	6.00%
Convertible notes payable, Conversion rate	$ 0.004
Convertible notes payable, in default, Interest rate	6.00%
Note Issued April 5, 2012
Convertible notes payable, Maturity date	Apr. 05, 2013
Convertible notes payable	15,000
Convertible notes payable, Interest rate	6.00%
Convertible notes payable, Conversion rate	$ 0.005
Convertible notes payable, in default, Interest rate	6.00%
Note issued July 16, 2012
Convertible notes payable, Maturity date	Jul. 16, 2013
Convertible notes payable	5,000
Convertible notes payable, Interest rate	6.00%
Convertible notes payable, Conversion rate	$ 0.005
Convertible notes payable, in default, Interest rate	6.00%
Note issued Oct.31, 2012
Convertible notes payable, Maturity date	Apr. 30, 2013
Convertible notes payable	8,000
Convertible notes payable, Interest rate	6.00%
Convertible notes payable, Conversion rate	$ 0.004
Convertible notes payable, in default, Interest rate	6.00%
Note issued Nov. 20, 2012
Convertible notes payable, Maturity date	May 20, 2013
Convertible notes payable	36,003
Convertible notes payable, Interest rate	6.00%
Convertible notes payable, Conversion rate	$ 0.005
Convertible notes payable, in default, Interest rate	6.00%
Note issued Dec. 20, 2012
Convertible notes payable, Maturity date	Jun. 20, 2013
Convertible notes payable	20,000
Convertible notes payable, Interest rate	6.00%
Convertible notes payable, Conversion rate	$ 0.004
Convertible notes payable, in default, Interest rate	6.00%
Note Issued Aug. 28, 2009
Convertible notes payable, Interest rate	10.00%			10.00%
Convertible notes payable, in default, Maturity date	Nov. 01, 2009			Nov. 01, 2009
Convertible notes payable, in default	4,300			4,300
Convertible notes payable, in default, Interest rate	10.00%			10.00%
Convertible notes payable, in default, Conversion rate	$ 0.0150			$ 0.0150
Note Issued April 7, 2010
Convertible notes payable, Interest rate	6.00%			6.00%
Convertible notes payable, in default, Maturity date	Nov. 07, 2010			Nov. 07, 2010
Convertible notes payable, in default	70,000			70,000
Convertible notes payable, in default, Interest rate	6.00%			6.00%
Convertible notes payable, in default, Conversion rate	$ 0.0080			$ 0.0080
Note Issued Nov. 12, 2010
Convertible notes payable, Interest rate	6.00%			6.00%
Convertible notes payable, in default, Maturity date	Nov. 07, 2010			Nov. 07, 2010
Convertible notes payable, in default	40,000			40,000
Convertible notes payable, in default, Interest rate	6.00%			6.00%
Convertible notes payable, in default, Conversion rate	$ 0.0080			$ 0.0080
Note Issued Nov. 9, 2011
Convertible notes payable, Interest rate	6.00%			6.00%
Convertible notes payable, in default, Maturity date	Dec. 31, 2012			Dec. 31, 2012
Convertible notes payable, in default	35,000			35,000
Convertible notes payable, in default, Interest rate	6.00%			6.00%
Convertible notes payable, in default, Conversion rate	$ 0.004			$ 0.004
Note Issued Jan. 9, 2009
Convertible notes payable - related parties, in default, Maturity date	Jan. 09, 2010			Jan. 09, 2010
Convertible notes payable - related parties, in default	10,000			10,000
Convertible notes payable - related parties, in default, Interest rate	10.00%			10.00%
Convertible notes payable - related parties, in default, Conversion rate	$ 0.0150			$ 0.0150
Note Issued Jan. 25, 2010
Convertible notes payable - related parties, in default, Maturity date	Jan. 25, 2011			Jan. 25, 2011
Convertible notes payable - related parties, in default	6,000			6,000
Convertible notes payable - related parties, in default, Interest rate	6.00%			6.00%
Convertible notes payable - related parties, in default, Conversion rate	$ 0.0050			$ 0.0050
Note Issued Jan, 18, 2012
Convertible notes payable - related parties, in default, Maturity date	Jul. 18, 2012
Convertible notes payable - related parties, in default	$ 50,000
Convertible notes payable - related parties, in default, Interest rate	8.00%
Convertible notes payable - related parties, in default, Conversion rate	$ 0.004

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DIVISON OF ARTIFACTS AND TREASURE (Details Narrative)	12 Months Ended
	Dec. 31, 2012
Notes to Financial Statements
Division of artifacts and treasure to FLDHR	20.00%
Division of artifacts and treasure to Tulco	40.00%
Division of artifacts and treasure to the Company	40.00%
Maximum division of artifacts and treasure to State's museum	20.00%

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BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Statement of Financial Position [Abstract]
Preferred stock; par value	$ 0.0001	$ 0.0001
Preferred stock; shares authorized	50,000,000	50,000,000
Preferred stock; shares issued	7	7
Preferred stock; shares outstanding	7	7
Common stock; par value	$ 0.0001	$ 0.0001
Common Stock; shares authorized	850,000,000	750,000,000
Common stock; shares issued	739,313,459	606,642,995
Common stock; shares outstanding	739,313,459	606,642,995

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LEASE OBLIGATION

12 Months Ended

Dec. 31, 2012

Leases [Abstract]

LEASE OBLIGATION

NOTE 8 – LEASE OBLIGATION

Corporate Office

The Company leases 823 square feet of office space located at 14497 North Dale Mabry Highway, Suite 209-N, Tampa, Florida 33618.  The Company entered into an amended lease agreement on September 12, 2011 for its current location. Under the terms of the amended lease agreement the lease term has been extended to June 30, 2013 with a base monthly rent of $1,166. There may be additional monthly charges for pro-rated maintenance, late fees, etc.

As of December 31, 2012, future minimum rental payments required under this non-cancelable operating lease was $6,996, all of which is due during 2013.

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STATEMENTS OF STOCKHOLDERS’ DEFICIT (USD $)	Common Stock	Additional Paid-in Capital	Deficit Accumulated During the Development Stage	Total
Beginning Balance, Value at Feb. 14, 2007
Beginning Balance, Shares at Feb. 14, 2007
Common stock issued for cash, Shares	5,000,000
Common stock issued for cash, Value	500	4,693		5,193
Net loss			(5,294)	(5,294)
Ending Balance, Value at Apr. 30, 2007	500	4,693	(5,294)	(101)
Ending Balance, Shares at Apr. 30, 2007	5,000,000
Common stock issued for cash, Shares	5,000,000
Common stock issued for cash, Value	500	4,500		5,000
Common stock issued for subscription agreements, Shares	7,533,333
Common stock issued for subscription agreements, Value	753	612,247		613,000
Net loss			(282,364)	(282,364)
Ending Balance, Value at Apr. 30, 2008	1,753	621,440	(287,658)	335,535
Ending Balance, Shares at Apr. 30, 2008	17,533,333
Common stock issued for subscription agreements, Shares	6,425,918
Common stock issued for subscription agreements, Value	643	356,132		356,775
Recapitalization at reverse merger, Shares	233,522,002
Recapitalization at reverse merger, Value	23,352	68,148		91,500
Common stock issued for services, Shares	17,783,332
Common stock issued for services, Value	1,778	321,555		323,333
Common stock issued on conversion of notes payable, Shares	1,344,972
Common stock issued on conversion of notes payable, Value	135	18,865		19,000
Reclassification to mezzanine equity		(64,500)		(64,500)
Funds received no shares issued		25,000		25,000
Net loss			(970,794)	(970,794)
Ending Balance, Value at Dec. 31, 2008	27,661	1,346,640	(1,258,452)	115,849
Ending Balance, Shares at Dec. 31, 2008	276,609,557
Common stock issued for subscription agreements, Shares	20,783,371
Common stock issued for subscription agreements, Value	2,078	251,630		253,708
Common stock issued for services, Shares	11,670,000
Common stock issued for services, Value	1,167	503,123		504,290
Common stock issued on conversion of notes payable, Shares	8,608,384
Common stock issued on conversion of notes payable, Value	861	108,638		109,499
Reclassification to mezzanine equity		(64,500)		(64,500)
Net loss			(1,090,914)	(1,090,914)
Ending Balance, Value at Dec. 31, 2009	31,767	2,145,531	(2,349,366)	(172,068)
Ending Balance, Shares at Dec. 31, 2009	317,671,312
Common stock issued for subscription agreements, Shares	44,225,000
Common stock issued for subscription agreements, Value	4,423	228,773		233,196
Common stock issued for services, Shares	32,725,000
Common stock issued for services, Value	3,272	315,798		319,070
Common stock issued on conversion of notes payable, Shares	42,839,094
Common stock issued on conversion of notes payable, Value	4,284	310,421		314,705
Common stock issued as financing fees, Shares	3,530,000
Common stock issued as financing fees, Value	353	31,887		32,240
Common stock issued to extinguish notes, Shares	5,178,425
Common stock issued to extinguish notes, Value	518	27,553		28,071
Common stock issued under minimum value stock subscriptions, Shares	3,310,842
Common stock issued under minimum value stock subscriptions, Value	331	128,669		129,000
Net loss			(1,026,433)	(1,026,433)
Ending Balance, Value at Dec. 31, 2010	44,948	3,188,632	(3,375,799)	(142,219)
Ending Balance, Shares at Dec. 31, 2010	449,479,673
Common stock issued for subscription agreements, Shares	54,827,619
Common stock issued for subscription agreements, Value	5,483	291,689		297,172
Common stock issued for services, Shares	52,145,000			114,500
Common stock issued for services, Value	5,214	556,063		561,277
Common stock issued on conversion of notes payable, Shares	43,617,329
Common stock issued on conversion of notes payable, Value	4,362	536,162		540,524
Common stock issued as financing fees, Shares	500,000
Common stock issued as financing fees, Value	50	3,450		3,500
Common stock issued to extinguish outstanding invoices for legal services, Shares	6,073,374			200,000
Common stock issued to extinguish outstanding invoices for legal services, Value	607	39,950		40,557
Net loss			(1,516,309)	(1,516,309)
Ending Balance, Value at Dec. 31, 2011	60,664	4,615,946	(4,892,108)	(215,498)
Ending Balance, Shares at Dec. 31, 2011	606,642,995
Common stock issued for subscription agreements, Shares	59,953,571
Common stock issued for subscription agreements, Value	5,995	252,405		258,400
Common stock issued for services, Shares	19,425,000			3,000,000
Common stock issued for services, Value	1,943	123,944		125,887
Common stock issued on conversion of notes payable, Shares	39,486,259
Common stock issued on conversion of notes payable, Value	3,948	256,038		259,986
Common stock issued as financing fees, Shares	300,000
Common stock issued as financing fees, Value	30	1,470		1,500
Common stock issued to extinguish outstanding invoices for legal services, Shares	8,171,694
Common stock issued to extinguish outstanding invoices for legal services, Value	817	51,173		51,990
Common stock issued as for investment in LLC, Shares	1,000,000
Common stock issued as for investment in LLC, Value	100	9,700		9,800
Beneficial conversion feature arising from convertible note financing		2,000		2,000
Warrants arising from convertible note financing		14,286		14,286
Net loss			(956,798)	(956,798)
Ending Balance, Value at Dec. 31, 2012	$ 73,931	$ 5,356,866	$ (5,848,906)	$ (418,109)
Ending Balance, Shares at Dec. 31, 2012	739,313,459

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BALANCE SHEETS (USD $)	Dec. 31, 2012	Dec. 31, 2011
Current assets:
Cash	$ 43,919	$ 8,838
Prepaid expenses	36,014	57,728
Advances to shareholder	3,267	2,252
Deposits and other receivables	1,183	1,183
Total current assets	84,383	70,001
Property and equipment - net	164,223	189,585
Investments in common stock	1,100	1,100
Total assets	249,706	260,686
Current liabilities:
Accounts payable and accrued liabilities	140,270	133,827
Convertible notes payable	91,503	35,000
Convertible notes payable, in default	149,300	114,300
Convertible notes payable, in default - related parties	66,000	16,000
Convertible note payable, at fair value	183,242	119,557
Notes payable		5,000
Notes payable, in default	30,000	45,000
Notes payable in default - related parties	7,500	7,500
Total current liabilities	667,815	476,184
Stockholders' deficit:
Preferred stock, $0.0001 par value - 50,000,000 shares authorized; 7 shares issued and outstanding at December 31, 2012 and 2011
Common stock, $0.0001 par value – 850,000,000 and 750,000,000 shares authorized; 739,313,459 and 606,642,995 shares issued and outstanding at December 31, 2012 and 2011, respectively	73,931	60,664
Additional paid-in capital	5,356,866	4,615,946
Deficit accumulated during the development stage	(5,848,906)	(4,892,108)
Total stockholders' deficit	(418,109)	(215,498)
Total Liabilities and Stockholders' Deficit	$ 249,706	$ 260,686

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and equipment, net (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Accounting Policies [Abstract]
Diving Vessel	$ 325,000	$ 325,000
Generator	7,420
Less: Accumulated Depreciation	168,197	135,414
Property and equipment, net	$ 164,223	$ 189,586

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Property and equipment, net

	2012		2011
Diving Vessel	$	325,000	$	325,000
Generator		7,420		-
Less: Accumulated Depreciation		168,197		135,414
Property and equipment, net	$	164,223	$	189,586

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MATERIAL AGREEMENTS (Details Narrative) (USD $)	1 Months Ended									3 Months Ended	12 Months Ended				71 Months Ended
	Jan. 31, 2013	Dec. 31, 2012	Oct. 31, 2012	Aug. 31, 2012	Jul. 31, 2012	Jun. 30, 2012	May 31, 2012	Apr. 30, 2012	Jan. 31, 2012	May 31, 2012	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2012	Mar. 02, 2012
Commitments and Contingencies Disclosure [Abstract]
Fees owed to Tulco paid									$ 20,000				$ 20,000	$ 20,000
Conservation payment to Tulco, per calendar year													20,000	20,000
Owed to Tulco under Agreement	20,000					2,400					7,200
Agreement to pay limited partner in exchange for percent of net income										12,000
Percentage of net income received from general partner																16.00%
Funding for exploration and dig sites											12,000	21,000
Restricted shares of stock issued pursuant to agreement		1,250,000		200,000							1,000,000	1,000,000
Percent of any treasure or artifacts found at second dig site		16.00%									16.00%				16.00%
Minimum ongoing interest in any artifacts or treasure		16.00%									16.00%				16.00%
Recorded loss related to joint venture											21,800
Shares of stock issued to consultant for services						3,000,000	3,000,000	1,000,000	1,250,000		3,000,000	114,500
Consulting and contractor fees		566	1,667			18,900	18,900	1,000
Interest expense for short term emergency loan							1,500
Emergency short term loan		5,000		2,500	5,000	5,000	10,000			10,000	5,000	2,500			5,000
Emergency short term loan, interest rate				0.00%			0.00%			0.00%		0.00%
Shares of common stock issued for short term debt				200,000		300,000						200,000
Payment to Director, shares							3,000,000
Payment for legal services						1,500					25,754	40,557			65,494
Restricted stock issued to Legal counsel						300,000
Restricted shares issued for advisor services		900,000	1,500,000		1,200,000
Owed to limited liability company, accounts payable and accrued liabilities		8,381				1,600					8,381				8,381
Restricted stock issed to individual for generator			1,400,000
Value of stock issued for generator			7,420
Restricted stock issued to indivisual for operating services			500,000
Value of stock issued for operating services			3,000
Prepaid expense, fee paid to advisor		6,814	7,323
Payment to related party consultant						2,400	2,400	2,400	7,900		7,200
Related party transfer agency fees											8,381
Debt settlement agreement, Amount					5,677		19,260
Debt settlement agreement, Shares					1,000,000	4,000,000	6,641,583
Bookkeeping services and technical accounting											5,500,000	4,500,000
Value of stock issued for bookkeeping services											33,050	35,900
Shares recorded as expense for consultant rendering services						$ 300,000

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CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE - Notes payable (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Notes payable, in default, Total	$ 30,000	$ 45,000
TOTAL NOTES PAYABLE	37,500	57,500
Note issued February 24, 2010
Notes payable, in default –related parties, Maturity date	Feb. 24, 2011	Feb. 24, 2011
Notes payable, in default –related parties	7,500	7,500
Notes payable, in default –related parties, Interest rate	6.00%	6.00%
Note issued April 27, 2011
Notes payable, Maturity date		Apr. 27, 2012
Notes payable		5,000
Notes payable, Interest rate		6.00%
Note issued February 23, 2011
Notes payable, in default, Maturity date		Mar. 23, 2011
Notes payable, in default		20,000
Notes payable, in default, Interest rate		7.00%
Note issued June 23, 2011
Notes payable, in default, Maturity date	Aug. 23, 2011	Aug. 23, 2011
Notes payable, in default	25,000	25,000
Notes payable, in default, Interest rate	6.00%	6.00%
Note in default issued April 27, 2011
Notes payable, in default, Maturity date	Aug. 23, 2011
Notes payable, in default	$ 5,000
Notes payable, in default, Interest rate	6.00%

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INCOME TAXES (Details Narrative) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]
Net tax operating loss	$ 5,848,906	$ 4,892,107

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LEASE OBLIGATION (Details Narrative) (USD $)	22 Months Ended
	Jun. 30, 2013 sqft	Dec. 31, 2012	Sep. 12, 2011
Leases [Abstract]
Square feet of office space leased	823
Base rental rate, including taxes, per month			$ 1,166
Future minimum rental payments		$ 6,996

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INCOME TAXES

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 7 - INCOME TAXES

The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes are as follows:

	For the Year Ended December 31, 2012			For the Year Ended December 31,  2011
Income tax at federal statutory rate		(34.00	) %		(34.00	) %
State tax, net of federal effect		(3.96	) %		(3.96	) %
		37.96	%		37.96	%
Valuation allowance		(37.96	) %		(37.96	)  %
Effective rate		0.00	%		0.00	%

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

As of December 31, 2012 and 2011, the Company’s only significant deferred income tax asset was a cumulative estimated net tax operating loss of $5,848,906 and $4,892,107, respectively that is available to offset future taxable income, if any, in future periods, subject to expiration and other limitations imposed by the Internal Revenue Service.  Management has considered the Company's operating losses incurred to date and believes that a full valuation allowance against the deferred tax assets is required as of December 31, 2012 and 2011.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)	12 Months Ended		71 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012
Accounting Policies [Abstract]
Revenues
Depreciation expense	32,783	32,500
Impairment charges

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CONVERTIBLE NOTES PAYABLE, AT FAIR VALUE - Fair values of convertible notes payable (Details) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Fair Value Disclosures [Abstract]
Interest expense recorded upon issuance of the convertible note payable	$ (221,163)	$ (49,982)
Interest recapture on fair value re-measurement of the convertible note payable	23,739	(9,298)
Total	$ (197,424)	$ (59,280)

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CONVERTIBLE NOTES PAYABLE, AT FAIR VALUE

12 Months Ended

Dec. 31, 2012

Fair Value Disclosures [Abstract]

CONVERTIBLE NOTES PAYABLE, AT FAIR VALUE

NOTE 10 – CONVERTIBLE NOTES PAYABLE, AT FAIR VALUE

Convertible Note Payable Dated October 6, 2011 at Fair Value

On October 6, 2011, the Company entered into a convertible note payable with a corporation.  The convertible note payable, with a face value of $42,500, bears interest at 8.0% per annum and is due on July 11, 2012.  The convertible note payable is convertible, at the holder’s option, into the Company’s common shares at the Variable Conversion Price.  The Variable Conversion Price is defined as 58% multiplied by the average of the lowest three trading prices for the Company’s common stock during the ten trading day period ending one trading day prior to the date the convertible note payable is sent by the holder to the Company.  The conversion feature is subject to full-ratchet, anti-dilution protection if the Company sells shares or share-indexed financing instruments at less than the conversion price.  The holder has the option to redeem the convertible note payable for cash in the event of defaults or certain other contingent events (the “Default Put”).

In the evaluation of the financing arrangement, the Company concluded that the conversion feature did not meet the conditions set forth in current accounting standards for equity classification.  Since equity classification is not available for the conversion feature, it requires bifurcation and liability classification, at fair value. The Company also concluded that the Default Put required bifurcation because, while puts on debt instruments are generally considered clearly and closely related to the host, the Default Put is indexed to certain events that are not associated with the convertible note payable.

The Company   elected to account for this hybrid contract under the guidance of ASC 815-15-25-4.

In connection with the issuance of the convertible note payable on October 6, 2011, the Company encountered the unusual circumstance of a day-one derivative loss related to the recognition of (i) the hybrid note and (ii) the derivative instrument arising from the fair value measurement due to the fair value of the hybrid note and embedded derivative exceeding the proceeds that the Company received from the arrangement.  Therefore, the Company was required to record a loss on the derivative financial instrument.  In addition, the fair value will change in future periods, based upon changes in the Company’s common stock price and changes in other assumptions and market indicators used in the valuation techniques.  These future changes will be currently recognized in interest expense or interest income on the Company’s statement of operations.

The holder of this convertible note has substantial rights and protections regarding dilution if certain events, including a default were to occur. There are a number of events that could trigger a default, including but not limited to failure to pay principal or interest, failure to issue shares under the conversion feature, breach of covenants, breach of representations and warranties, appointment of a receiver or trustee, judgments, bankruptcy, delisting of common stock, failure to comply with the exchange act, liquidation, cessation of operations, failure to maintain assets, material financial statement restatement, reverse split of borrowers stock, etc. In the event of that any of these events were to occur then the lender would be entitled to receive significant amounts of additional shares of the Company’s stock above the amounts for conversion and such occurrence would be highly dilutive to the Company’s shareholders.

Furthermore, there are additional events that could cause the lender to be due additional shares of common stock above and beyond the shares due from a conversion. Some of these events include, but are not limited to a merger or consolidation of the Company, dividend distribution or spin off, dilutive issuances of the Company’s stock, etc. If the lender receives additional shares of the Company’s commons stock due to any of the foregoing events or for other reasons, then this may have an extremely dilutive effect on the shareholders of the Company. Such dilution would likely result in a significant drop in the per share price of the Company’s common stock. The potential dilutive nature of this note presents a very high degree of risk to the Company and its shareholders.

During the year ended December 31, 2012, the holder converted the note in full into 15,524,573 shares of the Company’s common stock. At December 31, 2011, the convertible note payable, at fair value, was recorded at $119,557.

Convertible Note Payable Dated January 31, 2012 at Fair Value

On January 31, 2012, the Company entered into a convertible note payable with a corporation.  The convertible note payable, with a face value of $32,500, bears interest at 8.0% per annum and is due on November 2, 2012.  The convertible note payable is convertible, at the holder’s option, into the Company’s common shares at the Variable Conversion Price.  The Variable Conversion Price is defined as 58% multiplied by the average of the lowest three trading prices for the Company’s common stock during the ten trading day period ending one trading day prior to the date the convertible note payable is sent by the holder to the Company.  The conversion feature is subject to full-ratchet, anti-dilution protection if the Company sells shares or share-indexed financing instruments at less than the conversion price.  The holder has the option to redeem the convertible note payable for cash in the event of defaults or certain other contingent events (the “Default Put”).

In the evaluation of the financing arrangement, the Company concluded that the conversion feature did not meet the conditions set forth in current accounting standards for equity classification.  Since equity classification is not available for the conversion feature, it requires bifurcation and liability classification, at fair value. The Company also concluded that the Default Put required bifurcation because, while puts on debt instruments are generally considered clearly and closely related to the host, the Default Put is indexed to certain events that are not associated with the convertible note payable.

The Company elected to account for this hybrid contract under the guidance of ASC 815-15-25-4.

In connection with the issuance of the convertible note payable on January 31, 2012, the Company encountered the unusual circumstance of a day-one derivative loss related to the recognition of (i) the hybrid note and (ii) the derivative instrument arising from the fair value measurement due to the fair value of the hybrid note and embedded derivative exceeding the proceeds that the Company received from the arrangement.  Therefore, the Company was required to record a loss on the derivative financial instrument.  In addition, the fair value will change in future periods, based upon changes in the Company’s common stock price and changes in other assumptions and market indicators used in the valuation techniques.  These future changes will be currently recognized in interest expense or interest income on the Company’s statement of operations.

The holder of this convertible note has the right to convert the balance of the note into shares of the Company’s common stock at a substantial discount to the current market price of the shares. The conversion of the note into shares of the Company’s common stock is potentially highly dilutive to current shareholders. If the note holder elects to sell the shares that it has acquired as a result of converting the note into shares of common stock, then any such sales may result in a significant decrease in the market price of the Company’s shares.

Additionally, the holder of this convertible note has substantial rights and protections regarding dilution if certain events, including a default were to occur. There are a number of events that could trigger a default, including but not limited to failure to pay principal or interest, failure to issue shares under the conversion feature, breach of covenants, breach of representations and warranties, appointment of a receiver or trustee, judgments, bankruptcy, delisting of common stock, failure to comply with the exchange act, liquidation, cessation of operations, failure to maintain assets, material financial statement restatement, reverse split of borrowers stock, etc. In the event of that any of these events were to occur then the lender would be entitled to receive significant amounts of additional shares of the Company’s stock above the amounts for conversion and such occurrence would be highly dilutive to the Company’s shareholders.

Furthermore, there are additional events that could cause the lender to be owed additional shares of common stock above and beyond the shares due from a conversion. Some of these events include, but are not limited to a merger or consolidation of the Company, dividend distribution or spin off, dilutive issuances of the Company’s stock, etc. If the lender receives additional shares of the Company’s commons stock due to any of the foregoing events or for other reasons, then this may have an extremely dilutive effect on the shareholders of the Company. Such dilution would likely result in a significant drop in the per share price of the Company’s common stock. The potential dilutive nature of this note presents a very high degree of risk to the Company and its shareholders.

During the year ended December 31, 2012, the holder converted the note in full into 11,655,173 shares of the Company’s common stock.

Convertible Note Payable Dated May 7, 2012 at Fair Value

On May 7, 2012, the Company entered into a convertible note payable with a corporation.  The convertible note payable, with a face value of $32,500, bears interest at 8.0% per annum and is due on February 11, 2013.  The convertible note payable is convertible, at the holder’s option, into the Company’s common shares at the Variable Conversion Price.  The Variable Conversion Price is defined as 58% multiplied by the average of the lowest three trading prices for the Company’s common stock during the ten trading day period ending one trading day prior to the date the convertible note payable is sent by the holder to the Company.  The conversion feature is subject to full-ratchet, anti-dilution protection if the Company sells shares or share-indexed financing instruments at less than the conversion price.  The holder has the option to redeem the convertible note payable for cash in the event of defaults or certain other contingent events (the “Default Put”).

In the evaluation of the financing arrangement, the Company concluded that the conversion feature did not meet the conditions set forth in current accounting standards for equity classification.  Since equity classification is not available for the conversion feature, it requires bifurcation and liability classification, at fair value. The Company also concluded that the Default Put required bifurcation because, while puts on debt instruments are generally considered clearly and closely related to the host, the Default Put is indexed to certain events that are not associated with the convertible note payable.

The Company elected to account for this hybrid contract under the guidance of ASC 815-15-25-4.

In connection with the issuance of the convertible note payable on May 7, 2012 the Company encountered the unusual circumstance of a day-one derivative loss related to the recognition of (i) the hybrid note and (ii) the derivative instrument arising from the fair value measurement due to the fair value of the hybrid note and embedded derivative exceeding the proceeds that the Company received from the arrangement.  Therefore, the Company was required to record a loss on the derivative financial instrument.  In addition, the fair value will change in future periods, based upon changes in the Company’s common stock price and changes in other assumptions and market indicators used in the valuation techniques.  These future changes will be currently recognized in interest expense or interest income on the Company’s statement of operations.

The holder of this convertible note has the right to convert the balance of the note into shares of the Company’s common stock at a substantial discount to the current market price of the shares. The conversion of the note into shares of the Company’s common stock is potentially highly dilutive to current shareholders. If the note holder elects to sell the shares that it has acquired as a result of converting the note into shares of common stock, then any such sales may result in a significant decrease in the market price of the Company’s shares.

Additionally, the holder of this convertible note has substantial rights and protections regarding dilution if certain events, including a default were to occur. There are a number of events that could trigger a default, including but not limited to failure to pay principal or interest, failure to issue shares under the conversion feature, breach of covenants, breach of representations and warranties, appointment of a receiver or trustee, judgments, bankruptcy, delisting of common stock, failure to comply with the exchange act, liquidation, cessation of operations, failure to maintain assets, material financial statement restatement, reverse split of borrowers stock, etc. In the event of that any of these events were to occur then the lender would be entitled to receive significant amounts of additional shares of the Company’s stock above the amounts for conversion and such occurrence would be highly dilutive to the Company’s shareholders.

Furthermore, there are additional events that could cause the lender to be owed additional shares of common stock above and beyond the shares due from a conversion. Some of these events include, but are not limited to a merger or consolidation of the Company, dividend distribution or spin off, dilutive issuances of the Company’s stock, etc. If the lender receives additional shares of the Company’s commons stock due to any of the foregoing events or for other reasons, then this may have an extremely dilutive effect on the shareholders of the Company. Such dilution would likely result in a significant drop in the per share price of the Company’s common stock. The potential dilutive nature of this note presents a very high degree of risk to the Company and its shareholders.

During the year ended December 31, 2012, the holder converted the note in full into 12,306,513 shares of the Company’s common stock.

Convertible Note Payable Dated October 22, 2012 at Fair Value

On October 22, 2012, the Company entered into a convertible note payable with a corporation.  The convertible note payable, with a face value of $42,500, bears interest at 8.0% per annum and is due on July 24, 2013.  The convertible note payable is convertible, at the holder’s option, into the Company’s common shares at the Variable Conversion Price.  The Variable Conversion Price is defined as 60% multiplied by the average of the lowest two trading prices for the Company’s common stock during the twenty five trading day period ending one trading day prior to the date the convertible note payable is sent by the holder to the Company.  The conversion feature is subject to full-ratchet, anti-dilution protection if the Company sells shares or share-indexed financing instruments at less than the conversion price.  The holder has the option to redeem the convertible note payable for cash in the event of defaults or certain other contingent events (the “Default Put”).

In the evaluation of the financing arrangement, the Company concluded that the conversion feature did not meet the conditions set forth in current accounting standards for equity classification.  Since equity classification is not available for the conversion feature, it requires bifurcation and liability classification, at fair value. The Company also concluded that the Default Put required bifurcation because, while puts on debt instruments are generally considered clearly and closely related to the host, the Default Put is indexed to certain events that are not associated with the convertible note payable.

The Company elected to account for this hybrid contract under the guidance of ASC 815-15-25-4.

In connection with the issuance of the convertible note payable on October 22, 2012 the Company encountered the unusual circumstance of a day-one derivative loss related to the recognition of (i) the hybrid note and (ii) the derivative instrument arising from the fair value measurement due to the fair value of the hybrid note and embedded derivative exceeding the proceeds that the Company received from the arrangement.  Therefore, the Company was required to record a loss on the derivative financial instrument.  In addition, the fair value will change in future periods, based upon changes in the Company’s common stock price and changes in other assumptions and market indicators used in the valuation techniques.  These future changes will be currently recognized in interest expense or interest income on the Company’s statement of operations.

The holder of this convertible note has the right to convert the balance of the note into shares of the Company’s common stock at a substantial discount to the current market price of the shares. The conversion of the note into shares of the Company’s common stock is potentially highly dilutive to current shareholders. If the note holder elects to sell the shares that it has acquired as a result of converting the note into shares of common stock, then any such sales may result in a significant decrease in the market price of the Company’s shares.

Additionally, the holder of this convertible note has substantial rights and protections regarding dilution if certain events, including a default were to occur. There are a number of events that could trigger a default, including but not limited to failure to pay principal or interest, failure to issue shares under the conversion feature, breach of covenants, breach of representations and warranties, appointment of a receiver or trustee, judgments, bankruptcy, delisting of common stock, failure to comply with the exchange act, liquidation, cessation of operations, failure to maintain assets, material financial statement restatement, reverse split of borrowers stock, etc. In the event of that any of these events were to occur then the lender would be entitled to receive significant amounts of additional shares of the Company’s stock above the amounts for conversion and such occurrence would be highly dilutive to the Company’s shareholders.

Furthermore, there are additional events that could cause the lender to be owed additional shares of common stock above and beyond the shares due from a conversion. Some of these events include, but are not limited to a merger or consolidation of the Company, dividend distribution or spin off, dilutive issuances of the Company’s stock, etc. If the lender receives additional shares of the Company’s commons stock due to any of the foregoing events or for other reasons, then this may have an extremely dilutive effect on the shareholders of the Company. Such dilution would likely result in a significant drop in the per share price of the Company’s common stock. The potential dilutive nature of this note presents a very high degree of risk to the Company and its shareholders.

At December 31, 2012, the convertible note payable, at fair value, was recorded at $90,047.

Convertible Note Payable Dated December 18, 2012 at Fair Value

On December 18, 2012, the Company entered into a convertible note payable with a corporation.  The convertible note payable, with a face value of $42,500, bears interest at 8.0% per annum and is due on September 20, 2013.  The convertible note payable is convertible, at the holder’s option, into the Company’s common shares at the Variable Conversion Price.  The Variable Conversion Price is defined as 60% multiplied by the average of the lowest two trading prices for the Company’s common stock during the twenty five trading day period ending one trading day prior to the date the convertible note payable is sent by the holder to the Company.  The conversion feature is subject to full-ratchet, anti-dilution protection if the Company sells shares or share-indexed financing instruments at less than the conversion price.  The holder has the option to redeem the convertible note payable for cash in the event of defaults or certain other contingent events (the “Default Put”).

In the evaluation of the financing arrangement, the Company concluded that the conversion feature did not meet the conditions set forth in current accounting standards for equity classification.  Since equity classification is not available for the conversion feature, it requires bifurcation and liability classification, at fair value. The Company also concluded that the Default Put required bifurcation because, while puts on debt instruments are generally considered clearly and closely related to the host, the Default Put is indexed to certain events that are not associated with the convertible note payable.

The Company elected to account for this hybrid contract under the guidance of ASC 815-15-25-4.

In connection with the issuance of the convertible note payable on December 18, 2012 the Company encountered the unusual circumstance of a day-one derivative loss related to the recognition of (i) the hybrid note and (ii) the derivative instrument arising from the fair value measurement due to the fair value of the hybrid note and embedded derivative exceeding the proceeds that the Company received from the arrangement.  Therefore, the Company was required to record a loss on the derivative financial instrument.  In addition, the fair value will change in future periods, based upon changes in the Company’s common stock price and changes in other assumptions and market indicators used in the valuation techniques.  These future changes will be currently recognized in interest expense or interest income on the Company’s statement of operations.

The holder of this convertible note has the right to convert the balance of the note into shares of the Company’s common stock at a substantial discount to the current market price of the shares. The conversion of the note into shares of the Company’s common stock is potentially highly dilutive to current shareholders. If the note holder elects to sell the shares that it has acquired as a result of converting the note into shares of common stock, then any such sales may result in a significant decrease in the market price of the Company’s shares.

Additionally, the holder of this convertible note has substantial rights and protections regarding dilution if certain events, including a default were to occur. There are a number of events that could trigger a default, including but not limited to failure to pay principal or interest, failure to issue shares under the conversion feature, breach of covenants, breach of representations and warranties, appointment of a receiver or trustee, judgments, bankruptcy, delisting of common stock, failure to comply with the exchange act, liquidation, cessation of operations, failure to maintain assets, material financial statement restatement, reverse split of borrowers stock, etc. In the event of that any of these events were to occur then the lender would be entitled to receive significant amounts of additional shares of the Company’s stock above the amounts for conversion and such occurrence would be highly dilutive to the Company’s shareholders.

Furthermore, there are additional events that could cause the lender to be owed additional shares of common stock above and beyond the shares due from a conversion. Some of these events include, but are not limited to a merger or consolidation of the Company, dividend distribution or spin off, dilutive issuances of the Company’s stock, etc. If the lender receives additional shares of the Company’s commons stock due to any of the foregoing events or for other reasons, then this may have an extremely dilutive effect on the shareholders of the Company. Such dilution would likely result in a significant drop in the per share price of the Company’s common stock. The potential dilutive nature of this note presents a very high degree of risk to the Company and its shareholders.

At December 31, 2012, the convertible note payable, at fair value, was recorded at $93,195.

The following tables summarize the effects on earnings associated with changes in the fair values of the convertible note payable, at fair value for the years ended December 31, 2012 and 2011:  

	For the year ended				For the year ended
	December 31,				December 31,
	2012				2011
Interest expense recorded upon issuance of the convertible note payable		$	(221,163	)		$	(49,982	)
Interest recapture on fair value re-measurement of the convertible note payable			23,739				(9,298	)
		$	(197,424	)		$	(59,280	)

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CAPITAL STOCK

12 Months Ended

Dec. 31, 2012

Equity [Abstract]

CAPITAL STOCK

NOTE 6 – CAPITAL STOCK

Common Stock

The Company is authorized to issue 850,000,000 shares of $0.0001 par value common stock.  All shares have equal voting rights, are non-assessable and have one vote per share.  Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they choose to do so, elect all of the directors of the Company.

Series A Preferred Stock

The Company is authorized to sell or issue 50,000,000 shares of preferred stock.

On March 30, 2011, the Company designated 50,000 shares, par value $0.0001 per share as Series A Preferred Stock (“Series A Preferred”). The Series A Preferred has a liquidation preference of $1. The holders have no voting rights and are entitled to receive dividends if and when declared by the board. Additionally, the Series A Preferred does not have a term or a maturity date; it is a perpetual financial instrument. We analyzed the instrument under EITF D-109 Determining the Nature of a Host Contract Related to a Hybrid Financial Instrument Issued in the Form of a Share under FASB Statement 133 (FASB Codification ASC 815) to determine if the host preferred stock is more akin to an equity instrument or a debt instrument in terms of their economic characteristics and risks. The Company concluded that the Series A Preferred is more akin to an equity instrument. The Company further analyzed the instrument under EITF D-98 Classification and Measurement of Redeemable Securities (FASB Codification ASC 480-10) and concluded that because the instrument is not redeemable for cash, it does not require classification in the mezzanine section of the financial statements.  

During the period ended December 31, 2011, the Company issued seven shares of its preferred stock. The Company and the preferred shareholders have agreed to amend the preferred shareholder agreements so that each share of preferred stock has the right to convert into 214,286 shares of the Company’s common stock and receive a 1% share of any artifacts found at the Church Hollow Site. As of December 31, 2012, no shares of preferred stock had been converted into shares of the Company’s common stock.

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DESCRIPTION OF BUSINESS

12 Months Ended

Dec. 31, 2012

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DESCRIPTION OF BUSINESS

NOTE 1 – DESCRIPTION OF BUSINESS

Seafarer Exploration Corp. (the “Company”), formerly Organetix, Inc. (“Organetix”), was incorporated on May 28, 2003 in the State of Delaware.

The principal business of the Company is to develop the infrastructure necessary to engage in the archaeologically-sensitive exploration and recovery of historic shipwrecks. During 2008, the Company changed its fiscal year end from April 30 to December 31.

The Company is in the development stage and its activities during the development stage include developing a business plan and raising capital.

In June of 2008, Seafarer Exploration, Inc. (“Seafarer Inc.”) merged with Organetix pursuant to a Share Exchange Agreement (the “Exchange Agreement”). The Exchange Agreement provided for the exchange of all of Seafarer Inc.’s common shares for 131,243,235 of Organetix post-merger common shares. Considering that Seafarer Inc.’s former shareholders controlled the majority of Organetix’s outstanding voting common stock, Seafarer Inc.’s management had actual operational control of Organetix and Organetix effectively succeeded its otherwise minimal operations to Seafarer Inc.’s operations.  Seafarer Inc. was considered the accounting acquirer in this reverse-merger transaction. A reverse-merger transaction with a non-operating public shell company is considered and accounted for as a capital transaction in substance; it is equivalent to the issuance of Seafarer Inc.’s common stock for the net monetary assets of Organetix, accompanied by a recapitalization. Accordingly, the accounting does not contemplate the recognition of unrecorded assets of the accounting acquiree, such as goodwill. On the date of the merger, Organetix was a blank-check public shell company and had no assets and no liabilities. Financial statements presented herein and subsequent to the merger reflect the financial assets and liabilities and operations of Seafarer Inc., at their historical costs, giving effect to the recapitalization, as if it had been Organetix during the periods presented.

In July of 2008, the Company changed its name from Organetix, Inc. to Seafarer Exploration Corp.

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RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)	1 Months Ended									12 Months Ended		71 Months Ended
	Jan. 31, 2013	Dec. 31, 2012	Oct. 31, 2012	Aug. 31, 2012	Jul. 31, 2012	Jun. 30, 2012	May 31, 2012	Apr. 30, 2012	Jan. 31, 2012	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012	Jan. 18, 2012	Feb. 24, 2010	Jan. 25, 2010	Jan. 09, 2009
Related Party Transactions [Abstract]
Shares of stock issued to consultant for services						3,000,000	3,000,000	1,000,000	1,250,000	3,000,000	114,500
Consulting and contractor fees		$ 566	$ 1,667			$ 18,900	$ 18,900	$ 1,000
CEO agreement to purchase stock						2,857,143
Common stock, price per share		$ 0.04				$ 0.0035			$ 0.004	$ 0.04		$ 0.04
Received proceeds from issuance of common stock		5,000				10,000			5,000	258,400	297,172	2,047,544
CEO agreement with two individuals to purchase common stock						4,571,429
Price per share issued to two individuals						$ 0.0035			$ 0.004
Received proceeds from sale of stock to two individiuals						16,000			50,000
Payment for legal services						1,500				25,754	40,557	65,494
Restricted stock issued to Legal counsel				200,000		300,000					200,000
Expensed as legal fees						2,940
Emergency short term loan		5,000		2,500	5,000	5,000	10,000			5,000	2,500	5,000
Restricted shares of stock issued pursuant to agreement		1,250,000		200,000						1,000,000	1,000,000
Related party consultant, payment per month	20,000					2,400				7,200
Owed to limited liability company, accounts payable and accrued liabilities		8,381				1,600				8,381		8,381
Related party transfer agency fees										8,381
Debt settlement agreement, Amount					5,677		19,260
Debt settlement agreement, Shares					1,000,000	4,000,000	6,641,583
Convertible note payable outstanding at December 31, 2012, Amount													$ 50,000	$ 7,500	$ 6,000	$ 10,000
Convertible note payable outstanding at December 31, 2012, Interest Rate													$ 0.04		$ 0.005	$ 0.015
Annual interest on outstanding convertible note payable													8.00%	6.00%	6.00%	10.00%

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CAPITAL STOCK (Details Narrative) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Common stock, authorized	850,000,000	750,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Minimum percent of common stock to establish cumulative voting rights	50.00%
Preferred stock; shares authorized	50,000,000	50,000,000
Preferred stock; par value	$ 0.0001	$ 0.0001
Right to convert preferred stock into common stock	214,286
Share of artifacts found at Church Hollow Site	1.00%
Series A Preferred Stock
Preferred stock; shares authorized	50,000
Preferred stock; par value	$ 0.0001
Preferred stock, liquidation preference	$ 1

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LEGAL PROCEEDINGS

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

LEGAL PROCEEDINGS

NOTE 13 – LEGAL PROCEEDINGS

On December 11, 2009, the Company, its CEO and transfer agent were named as defendants in Case Number 09-CA-030763, filed in the Circuit Court of Hillsborough County, Florida, by 31 individuals and 1 corporation. The lawsuit alleges that the Company, its CEO, and its transfer agent wrongfully refused to remove the restrictive legend from certain shares of the Company’s common stock that are collectively owned by the plaintiffs, which prevented the plaintiffs from selling or transferring their shares of the Company’s common stock. The plaintiffs allege that they have lost approximately $1,041,000 as of the date of the lawsuit. The plaintiffs are seeking actual damages in an amount greater than $15,000, punitive damages to be determined at trial, injunctive relief requiring the defendants to reissue the plaintiff’s stock without the restrictive legends, injunctive relief barring the defendants from removing the stock legends from any Seafarer stock until the dispute with the plaintiffs is fully resolved, injunctive relief barring the defendants from selling their Seafarer stock, directly or indirectly, until the dispute with the plaintiffs is fully resolved, a declaratory judgment that plaintiffs are entitled to have their shares reissued without the restrictive legend, such other incidental and consequential damages as may be proven at trial, costs, interest, and legal expenses allowed by law and such other further relief as the court may deem just and proper. The Company contends that the restrictive legends were either (i) not qualified for removal under Rule 144 promulgated under the Securities Act of 1933, (ii) the plaintiffs failed to provide sufficient facts supporting removal of the restrictive legends, or (iii) the plaintiffs failed to provide sufficient facts to demonstrate that the distribution was not part of a plan or scheme to evade the registration requirements of the Securities Act of 1933. On September 1, 2011, the plaintiffs filed a motion for summary judgment in the matter. Upon review of the facts of the case, the below signed counsel filed a response to the motion for summary judgment, in which pleading and supporting affidavit, the Company presented factual allegations that the initial investment by one of the Plaintiff’s, Micah Eldred, was made in the private company of Seafarer, Inc. on June 15, 2007 for $5,000. The Company alleged in its responsive court filing, that at the time of the investment, share rights and disbursal of such shares in the public company, Eldred was a registered and licensed broker with the NASD; any ownership interests and in this case a control position held by Eldred would have had to have been reported to overseeing authorities. On May 22, 2012, the Court held the hearing on the motion for summary judgment at which time the court heard argument on the motion. The Plaintiffs argued that as a matter of law, that they were entitled to removal of the legend under Rule 144 of the Securities Act. Seafarer and the transfer agent argued that the Plaintiffs were not entitled to removal of the restrictive legend due to the allegations and evidence that the lead Plaintiff, Eldred, was involved in an illegal distribution of the shares originally in order to avoid registration. The Court ruled in favor of the Defendants, Seafarer Exploration and the transfer agent, denying the motion for summary judgment as to removal of the restrictive legend from such shares. Such litigation continues in the discovery phase currently including requests to produce and interrogatories, but no further Court events are scheduled.

On February 24, 2011, the Company was named as defendants in Case Number 11000393CC filed in the Circuit Court of Martin County, Florida, by a limited liability company. The limited liability company is claiming that the Company owes $12,064, plus court costs and attorney’s fees under a lease agreement. The plaintiff is demanding that the court render judgment against the Company in the amount of $12,064, plus court costs and attorney’s fees pursuant to Section 720.305(1) of the Florida Statutes costs and other relief as the court deems just and proper. Management believes that the limited liability company was paid all of the fees owed to it under the lease agreement and the Company plans to mount a vigorous defense against this claim and is currently seeking all attorney’s fees and costs for what it sees as a spurious claim. The Company has presented proof of payment for all billed liabilities and believes that full payment was made. The Company has filed and will keep pending a motion for sanctions and dismissal of the cause of action. On February 21, 2013, both parties settled the matter with neither party making any admission of liability.

On March 2, 2010, the Company filed a complaint naming, Sean Murphy as a Defendant who formerly provided services as a captain, diver, and general laborer to the Company as a defendant in the Circuit Court of Hillsborough County, Florida case number 10-CA-004674. The lawsuit contains numerous counts against the defendant, including civil theft, breach of contract, libel and negligence. On April 5, 2011, a jury in Hillsborough County, Florida found in favor of the Company and found that the defendant was responsible for $5,080,000 in compensatory damages. In 2012, the Company attempted to schedule a trial for the punitive damages, but the Court cancelled the trial due to scheduling of priority cases. The Company is currently seeking final entry of not only the judgment, but will be exercising collection matters against the Defendant. The Company intends to pursue collection, no matter the ability of the Defendant to pay.

The Company currently has litigation pending in Pinellas County, the Sixth Judicial Circuit, Civil Case No. 11-05539-Cl-19 naming as Defendants both an individual and a corporation controlled by the individual. The case is a collection case against the corporation for the balance of a promissory note due to the Company, and against the individual as a guarantor of the promissory note. The defendants have filed an answer in the nature of a general denial, certain affirmative defenses, and a singular counterclaim against the Company and its CEO, individually, alleging that the Company and its CEO were negligent in the use or maintenance of a vessel owned by the corporation, for which damages are sought in excess of $15,000. Seafarer’s legal counsel intends to argue that the Company’s CEO has been improperly individually joined in this action. The counterclaim allegations are being vigorously legally contested by both the Company and its CEO. Motion to strike and dismiss defenses and counterclaims are currently pending, legal discovery is ongoing, and the pleadings are not otherwise currently “at-issue” to schedule the action for trial. At the time of the filing of this form 10-K, the Company’s motions have not been set for hearing and dispositions by the court.

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CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE

12 Months Ended

Dec. 31, 2012

Debt Disclosure [Abstract]

CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE

NOTE 9 – CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE

Upon inception, the Company evaluates each financial instrument to determine whether it meets the definition of “conventional convertible” debt under paragraph 4 of EITF 00-19, which was superseded by ASC 815, and EITF 05-02, which was superseded by ASC 470.

Convertible Notes Payable

The following table reflects the convertible notes payable, other than the notes remeasured to fair value, which are discussed in Note 10, as of December 31, 2012 and 2011:

Issue Date	Maturity Date		December 31, 2012			December 31, 2011		Interest Rate			Conversion Rate
Convertible notes payable:
February 17, 2012	February 17, 2013	$	7,500		$	--		6.00		%	0.004
April 5, 2012	April 5, 2013		15,000			--		6.00		%	0.005
July 16, 2012	July16, 2013		5,000			--		6.00		%	0.005
October 31, 2012	April 30, 2013		8,000			--		6.00		%	0.004
November 20, 2012	May 20, 2013		36,003			--		6.00		%	0.005
December 20, 2012	June 20, 2013		20,000			--		6.00		%	0.004
				91,503			--
Convertible notes payable, in default :
August 28, 2009	November 1, 2009			4,300			4,300		10.00	%	$	0.0150
April 7, 2010	November 7, 2010			70,000			70,000		6.00	%	$	0.0080
November 12, 2010	November 7, 2010			40,000			40,000		6.00	%	$	0.0080
November 9, 2011	December 31, 2012			35,000			35,000	6.00		%	0.004
				149,300			149,300
Convertible notes payable – related parties, in default:
January 9, 2009	January 9, 2010			10,000			10,000		10.00	%	$	0.0150
January 25, 2010	January 25, 2011			6,000			6,000		6.00	%	$	0.0050
January 18, 2012	July 18, 2012			50,000			--		8.00	%	$	0.004
				66,000			16,000
			$	306,803		$	165,300

The convertible notes payable classified as “in default” are in default as of the date this annual report on Form 10-K was ready for issue.

On November 13, 2012, the Company issued a $50,000 6% convertible note with a term to May 20, 2013 (the “Maturity Date”). The principal amount of the note and interest is payable on the maturity date. The note and accrued interest is convertible into common stock at a fixed conversion price of $0.005 per share. Within seventy five (75) days of the inception date of the note, the Company is required to issue warrants to the holder to purchase up to 4,000,000 share of the Company’s common stock at an exercise price of $0.005 per share. The warrants will have a ten year term.

The Company has evaluated the terms and conditions of the convertible note and embedded warrant under the guidance of ASC 815 and other applicable guidance. The conversion feature met the definition of conventional convertible for purposes of applying the conventional convertible exemption. The definition of conventional contemplates a limitation on the number of shares issuable under the arrangement. The note is convertible into a fixed number of shares and there are no down round protection features contained in the contracts. Since the convertible notes achieved the conventional convertible exemption, the Company was required to consider whether the hybrid contracts embody a beneficial conversion feature. The calculation of the effective conversion amount did result in a beneficial conversion feature. Additionally, the warrants did not contain any terms or feature that would preclude equity classification.

The following tables reflect the allocation of the purchase on the financing date:

	$ 50,000
Convertible Note	Face Value
Proceeds	$	50,000
Paid-in capital (beneficial conversion feature)		(2,000	)
Paid-in capital (warrants)		(14,286	)
Carrying value	$	(33,714	)

The discount on the convertible note arose from the allocation of basis to the beneficial conversion feature and the embedded warrants. The discount is amortized through charges to interest expense over the term of the debt agreement. For the year ended December 31, 2012, the Company recorded interest expense related to the amortization of debt discount in the amount of $2,289. The carrying value of the convertible note at December 31, 2012 was $36,003.

Notes Payable

The following table reflects the notes payable, as of December 31, 2012 and 2011:

Issue Date	Maturity Date	December 31, 2012		December 31, 2011		Interest Rate
Notes payable, in default –related parties:
February 24, 2010	February 24, 2011	$	7,500	$	7,500		6.00	%
Notes payable:
April 27, 2011	April 27, 2012		--		5,000		6.00	%
Notes payable, in default:
February 23, 2011	March 23, 2011		--		20,000		7.00	%
June 23, 2011	August 23, 2011		25,000		25,000		6.00	%
April 27, 2011	August 23, 2011		5,000		--		6.00	%
			30,000		45,000
		$	37,500	$	57,500

Between July 13, 2011 and October 17, 2011, several promissory notes were modified to add a conversion option. These notes were converted into common stock immediately following the modifications. The following table details the promissory notes that were modified and subsequently converted:

Issue Date	Modification and Conversion Date	Face Value plus Accrued Interest		Shares Issued Upon Conversion		Extinguishment Loss
Notes payable:
May 10, 2011	July 13, 2011	$	5,050		631,555	$	5,054
April 28, 2011	July 14, 2011		50,592		10,118,368		101,184
May 19, 2011	July 19, 2011		5,049		631,150		2,525
May 25, 2011	July 26, 2011		5,049		631,150		2,525
June 6, 2011	August 12, 2011		5,055		1,010,988		5,055
February 22, 2010	August 13, 2011		20,600		6,200,000		47,600
May 26, 2011	September 6, 2011		20,224		4,044,744		46,515
June 17, 2011	October 14, 2011		5,089		1,017,876		5,089
June 16, 2011	October 17, 2011		15,218		3,043,540		15,218
		$	131,926		27,329,371	$	230,765

The following table details the convertible promissory notes that were converted between July 26, 2011 and August 26, 2011:

Issue Date	Modification and Conversion Date	Face Value plus Accrued Interest		Shares Issued Upon Conversion		Extinguishment Loss
Convertible notes payable:
December 16, 2009	July 26, 2011	$	9,540		1,908,000	$	13,355
February 15, 2011	August 16, 2011		22,267		2,945,370		10,132
November 30, 2009	August 26, 2011		11,071		2,767,670		30,444
Various	August 26, 2011		4,900		1,200,000		13,100
		$	47,778		8,821,040	$	67,031

The Company entered into a verbal promissory note agreement with a related party shareholder under which the related party shareholder agreed to provide the Company with an emergency short term loan in the amount of $2,500. The related party shareholder agreed to provide the loan to the Company at 0% rate of interest and the Company agreed to pay the related party shareholder 200,000 restricted shares of its common stock as an equity kicker in exchange for providing the emergency no interest rate loan. The Company repaid the entire loan balance in 2012.

A related party shareholder provided the Company with emergency short term loan proceeds totaling $5,000. The Company repaid the related party shareholder the entire $5,000 balance in 2012. The Company did not pay any interest or fees to the related party shareholder for providing the short term loan.

At December 31, 2012 and 2011, combined accrued interest on the convertible notes payable, notes payable and stockholder loans was $45,898 and $11,769, respectively, and are included in accounts payable and accrued liabilities on the accompanying balance sheets. Management intends to have discussions or has already had discussions with several of the promissory note holders who do not currently have convertible notes regarding amending their notes to make them convertible into shares of the Company’s common stock. Any such agreements to convert promissory notes into shares of the Company’s common stock would more than likely have a highly dilutive effect on current shareholders and such dilution may significantly depress the trading price of the Company’s common stock.

Convertible Notes Payable and Notes Payable, in Default

At December 31, 2012, the Company had convertible notes payable, notes payable and stockholder loans of $344,303, of which $252,800 were in default.  The convertible notes payable and notes payable in default at December 31, 2012 are reflected in the tables shown above.

The Company does not have additional sources of debt financing to refinance its convertible notes payable and notes payable that are currently in default. If the Company is unable to obtain additional capital, such lenders may file suit, including suit to foreclose on the assets, including foreclosure on the Company’s main salvage vessel, held as collateral for the obligations arising under the secured notes. If any of the lenders file suit to foreclose on the assets held as collateral, then the Company may be forced to significantly scale back or cease its operations which would more than likely result in a complete loss of all capital that has been invested in or borrowed by the Company.

The convertible notes that have been issued by the Company are convertible at the lender’s option. These convertible notes represent potential dilution to the Company’s current shareholders as the convertible price of these notes is generally lower than the current market price of the Company’s shares. When these notes are converted into equity, there is typically a highly dilutive effect on current shareholders.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Accounting Method

Accounting Method

The Company’s financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.

Cash and Cash Equivalents

Cash and Cash Equivalents

For purposes of the statement of cash flows, the Company considers all highly liquid investments and short-term debt instruments with original maturities of three months or less to be cash equivalents.

Revenue Recognition

Revenue Recognition

The Company recognizes revenue on arrangements in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” and No. 104, “Revenue Recognition”. In all cases, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability is reasonably assured. For the periods ended December 31, 2012 and 2011, and for the period from inception to December 31, 2012, the Company did not report any revenues.

Earnings Per Share

Earnings Per Share

The Company has adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 260-10 which provides for calculation of "basic" and "diluted" earnings per share.  Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common shareholders by the weighted average common shares outstanding for the period.  Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity.  Basic and diluted losses per share were the same at the reporting dates as there were no common stock equivalents outstanding at December 31, 2012 and 2011.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Effective January 1, 2008, the Company adopted Statement of Financial Accounting Standards (“SFAS”) No. 157 Fair Value Measurements (“SFAS 157”), superseded by ASC 820-10, which defines fair value, establishes a framework for measuring fair value and expands required disclosure about fair value measurements of assets and liabilities. The impact of adopting ASC 820-10 was not significant to the Company’s financial statements. ASC 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820-10 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

· Level 1 – Valuation based on quoted market prices in active markets for identical assets or liabilities.

· Level 2 – Valuation based on quoted market prices for similar assets and liabilities in active markets.

· Level 3 – Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use as fair value.

In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety.  Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.  The valuation of our derivative liability is determined using Level 1 inputs, which consider (i) time value, (ii) current market and (iii) contractual prices. 

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2012 and 2011.  The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments.  These financial instruments include cash, notes receivable, accounts payable and accrued expenses. The fair value of the Company’s debt instruments is estimated based on current rates that would be available for debt of similar terms, which is not significantly different from its stated value, except for the convertible note payable, at fair value, which has been revalued based on current market rates using Level 1 inputs. 

Income Taxes

Income Taxes

The Company provides for federal and state income taxes payable, as well as for those deferred because of the timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. The effect of a change in tax rates is recognized as income or expense in the period of the change. A valuation allowance is established, when necessary, to reduce deferred income tax assets to the amount that is more likely than not to be realized.

Upon inception, the Company adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), superseded by ASC 740-10. The Company did not recognize a liability as a result of the implementation of ASC 740-10. A reconciliation of the beginning and ending amount of unrecognized tax benefits has not been provided since there is no unrecognized benefit as of the date of adoption. The Company did not recognize interest expense or penalties as a result of the implementation of ASC 740-10. If there were an unrecognized tax benefit, the Company would recognize interest related to unrecognized tax benefits in interest expense and penalties in other operating expenses.

Fixed Assets and Depreciation

Fixed Assets and Depreciation

Fixed assets are recorded at historical cost. Depreciation is computed on the straight-line method over the estimated useful lives of the respective assets. Property and equipment, net consist of the following at December 31, 2012 and 2011:

	2012		2011
Diving Vessel	$	325,000	$	325,000
Generator		7,420		-
Less: Accumulated Depreciation		168,197		135,414
Property and equipment, net	$	164,223	$	189,586

Depreciation expense for the years ended December 31, 2012 and 2011 amounted to $32,783 and $32,500, respectively

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

In accordance with ASC 360-10, the Company, on a regular basis, reviews the carrying amount of long-lived assets for the existence of facts or circumstances, both internally and externally, that suggest impairment. The Company determines if the carrying amount of a long-lived asset is impaired based on anticipated undiscounted cash flows, before interest, from the use of the asset. In the event of impairment, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the asset. Fair value is determined based on appraised value of the assets or the anticipated cash flows from the use of the asset, discounted at a rate commensurate with the risk involved. There were no impairment charges recorded during the periods ended December 31, 2012 and 2011 or for the period from inception to December 31, 2012.

Employee Stock Based Compensation

Employee Stock Based Compensation

The FASB issued SFAS No.123 (revised 2004), Share-Based Payment , which was superseded by ASC 718-10. ASC 718-10 provides investors and other users of financial statements with more complete and neutral financial information, by requiring that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost will be measured based on the fair value of the equity or liability instruments issued. SFAS 123(R) covers a wide range of share-based compensation arrangements, including share options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As of December 31, 2012, the Company has not implemented an employee stock based compensation plan.

Non-Employee Stock Based Compensation

Non-Employee Stock Based Compensation

The Company accounts for stock based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the measurement date guidelines enumerated in EITF 96-18, Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling, Goods or Services , which was superseded by ASC 505-50.  The Company issues compensatory shares for services including, but not limited to, executive management, accounting, archeological, operational, corporate communication and administrative consulting services.

Use of Estimates

Use of Estimates

The process of preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses.  Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements.  Accordingly, upon settlement, actual results may differ from estimated amounts.

Convertible Notes Payable

Convertible Notes Payable

The Company accounts for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free standing derivative financial instruments. ASC 815 provides for an exception to this rule when convertible notes, as host instruments, are deemed to be conventional, as defined by ASC 815-40. As of December 31, 2012 and 2011, all of the Company’s convertible notes payable were classified as conventional instruments.

The Company accounts for convertible notes deemed conventional and conversion options embedded in non-conventional convertible notes which qualify as equity under ASC 815, in accordance with the provisions of ASC 470-20, which provides guidance on accounting for convertible securities with beneficial conversion features. Accordingly, the Company records, as a discount to convertible notes, the intrinsic value of such conversion options based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt.  As of December 31, 2012 and 2011, none of the Company’s convertible notes payable included a beneficial conversion option.

Subsequent Events

Subsequent Events

In accordance with ASC 855, the Company evaluated subsequent events through March 31, 2013 ; the date the financial statements were available for issue.

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RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2012

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 14 – RELATED PARTY TRANSACTIONS

In January of 2012, two individuals who are related to the Company’s CEO entered into a subscription agreement to purchase 1,250,000 shares of the Company’s restricted common stock at a price of $0.004 per share and the Company received proceeds of $5,000.

In January of 2012, the Company entered into a convertible loan agreement in the amount of $50,000 with two individuals who are related to the Company’s CEO. This loan pays interest at a rate of 8% per annum and the principle and accrued interest are due on or before July 18, 2012. The note is secured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.004 per share.

In May of 2012, the Company entered into an agreement with an individual who is related to the Company’s CEO to continue serving as a member of the Company’s Board of Directors. Under the  agreement, the Director agreed to provide various services to the Company including making recommendations for both the short term and the long term business strategies to be employed by the Company, monitoring and assessing the Company's business and to advise the Company’s Board of Directors with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions and identifying and evaluating alternative courses of action, making suggestions to strengthen the Company's operations, identifying and evaluating external threats and opportunities to the Company, evaluating and making ongoing recommendations to the Board with respect for one year and may be terminated by either the Company or the Director by providing written notice to the other party. The agreement also terminates automatically upon the death, resignation or removal of the Director.  Under the terms of the agreement, the Company agreed to pay the Director 3,000,000 restricted shares of its common stock at the execution of the agreement and to negotiate future compensation on a year-by-year basis. The Company also agreed to reimburse the Director for pre approved expenses. As of December 31, 2012, the Company had issued the related party Director 3,000,000 shares of its restricted common stock pursuant to the agreement. The 3,000,000 shares are included as an expense in the amount of $18,900 in consulting and contractor fees the accompanying income statement.

In June 2012, an individual who is related to the Company’s CEO entered into a subscription agreement to purchase 2,857,143 shares of the Company’s restricted common stock at a price of $0.0035 per share and the Company received proceeds of $10,000.

In June of 2012, two individuals who are related to the Company’s CEO entered into a subscription agreement to purchase 4,571,429 shares of the Company’s restricted common stock at a price of $0.0035 per share and the Company received proceeds of $16,000.

In June of 2012, the Company agreed to pay $1,500 for legal services related to the filing of schedules of share ownership for a related party shareholder. Legal counsel agreed to accept 300,000 shares of the Company’s restricted common stock for the payment for the legal services rendered. The Company issued 300,000 restricted common shares which are included as an expense in legal fees in the amount of $2,940 in the accompanying income statement.

In July 2012, a related party shareholder provided the Company with emergency short term loan proceeds totaling $5,000. The Company repaid the related party shareholder the entire $5,000 balance prior to September 30, 2012. The Company did not pay any interest or fees to the related party shareholder for providing the short term loan.

In August 2012, the Company entered into a promissory note agreement with a related party shareholder under which the related party shareholder agreed to provide the Company with an emergency short term loan in the amount of $2,500. The related party shareholder agreed to provide the loan to the Company at a 0% rate of interest and the Company agreed to pay the shareholder 200,000 restricted shares of its common stock as an equity kicker in exchange for providing the emergency no interest rate loan. The Company repaid the entire loan balance prior December 31, 2012. The Company issued the 200,000 restricted shares of its common stock that were agreed to as an equity kicker in December of 2012.

In December of 2012, an individual who is related to the Company’s CEO entered into a subscription agreement to purchase 1,250,000 shares of the Company’s restricted common stock at a price of $0.004 per share and the Company received proceeds of $5,000.

The Company has an ongoing verbal agreement with a limited liability company that is controlled by a person who is related to the Company’s CEO to pay the related party consultant a minimum of $2,400 per month to provide administrative services, background research, background checks and investigative information on individuals and companies, and to perform administrative duties and clerical services. If the related party consultant performs additional work then the monthly fee may increase. The consultant provides the services under the direction and supervision of the Company’s CEO. During the three month period ended December 31, 2012 the Company paid the related party consultant fees of $7,200. All fees paid to the related party consultant during the twelve month period ended December 31, 2012 are included as an expense in consulting and contractor fees in the accompanying income statement for the twelve month period ended December 31, 2012. At December 31, 2012, the Company owed the limited liability company $600 and this amount is included in accounts payable and accrued liabilities in the accompanying balance sheet.

The Company has an ongoing agreement with a limited liability company that is owned and controlled by a person who is related to the Company’s CEO to provide stock transfer agency services. All fees paid to the related party consultant during the 2012 are included as an expense in consulting and contractor fees in the accompanying income statement for the twelve month period ended December 31, 2012. At December 31, 2012, the Company owed the related party limited liability company $8,381 for transfer agency services rendered, legal fees incurred and other services. This amount is included in accounts payable and accrued liabilities in the accompanying balance sheet. In May 2012 the Company entered into a debt settlement agreement with the related party vendor to settle $19,260 of outstanding debt related to legal fees incurred by the related party vendor due to a lawsuit against the Company of which the related party vendor was also named as a defendant due to its position as the Company’s stock transfer agency. The Company issued 6,641,583 shares of its common stock to this vendor as satisfaction for the outstanding debt. The agreement between the Company and the vendor stipulated that should the transfer agency less than $19,260 from the sale of the stock, then they are entitled to receive up to an additional 4,000,000 shares of common stock or a cash payment until the balance is paid in full. In July 2012 the Company entered into a debt settlement agreement with the related party vendor to settle $5,677 of outstanding debt related to legal fees incurred by the related party vendor due to a lawsuit against the Company in which the related party vendor was also named as a defendant due to its position as the Company’s stock transfer agency. The Company issued 1,530,111 shares of its common stock to this vendor as satisfaction for the outstanding debt. The agreement between the Company and the vendor stipulated that should the transfer agency realize less than $5,677 from the sale of the stock, then they are entitled to receive up to an additional 1,000,000 shares of common stock or a cash payment to cover the difference in the amount owed.

F-25

SEAFARER EXPLORATION CORP. AND SUBSIDIARIES

 (A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS

NOTE 14 – RELATED PARTY TRANSACTIONS - continued

The Company previously had an ongoing agreement to pay a person who is related to the Company’s CEO a minimum of $3,000 per month plus additional cash and/or stock based compensation at its discretion based on additional time that the consultant spent rendering services. The Company and the related party consultant mutually agreed to terminate the consulting agreement as of May 4, 2012. In January 2012, the Company issued 1,000,000 shares of its restricted common stock to the related party consultant. The shares were recorded as an expense of $7,900 in consulting and contractor fees in the accompanying income statement. All fees paid to the related party consultant during the twelve month period ended December 31, 2012 are included as an expense in consulting and contractor fees in the accompanying income statement. As of December 31, 2012 the Company did not owe any fees or compensation to the related party consultant.

At December 31, 2012, the following promissory notes and shareholder loans were outstanding to related parties:

A convertible note payable dated January 9, 2009, due to a person related to the Company’s CEO with a face amount of $10,000. This note bears interest at a rate of 10% per annum with interest payment to be paid monthly and is convertible at the note holder’s option into the Company’s common stock at $0.015 per share.  The convertible note payable was due on or before January 9, 2010 and is secured.  This convertible note payable is currently in default due to non-payment of principal and interest. The lender may file suit to foreclose on the Company’s assets then such consequence may have a material adverse effect on the Company and its prospects that could include shutting down the Company’s operations.

A convertible loan dated January 25, 2010, in the principal amount of $6,000 with a person who is related to the Company’s CEO. This loan pays interest at a rate of 6% per annum and the principle and accrued interest are due on or before January 25, 2011. The note is not secured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.005 per share. This loan is currently in default due to non-payment of principal and interest.

A loan agreement dated February 24, 2010, the principal amount of $7,500 with a corporation. The Company’s CEO is a director of the corporation and a former Director of the Company is an officer of the corporation. The loan is not secured and pays interest at a rate of 6% per annum and the principle and accrued interest were due on or before February 24, 2011. This loan is currently in default due to non-payment of principal and interest.

A convertible promissory note dated January 18, 2012, in the amount of $50,000, with two individuals who are related to the Company’s CEO. This loan pays interest at a rate of 8% per annum and the principle and accrued interest were due on or before July 18, 2012. The note is secured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.004 per share. The note is currently in default due to non-payment of principal and interest as of the date of the filing of this form 10-K. The lenders may file suit to foreclose on the Company’s assets then such consequence may have a material adverse effect on the Company and its prospects that could include shutting down the Company’s operations.

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Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2012	Jun. 28, 2013	Apr. 12, 2013
Document And Entity Information
Entity Registrant Name	Seafarer Exploration Corp.
Entity Central Index Key	0001106213
Document Type	10-K
Document Period End Date	Dec. 31, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Smaller Reporting Company
Entity Public Float		$ 5,492,466
Entity Common Stock, Shares Outstanding			780,569,084
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2012

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SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2012

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 15 – SUBSEQUENT EVENTS

Subsequent to December 31, 2012:

On February 1, 2013 the Company entered into an agreement with a corporation under which Seafarer was given the rights to explore a purported historic shipwreck located off of Brevard County, Florida. Under the terms of the agreement Seafarer agreed to provide services that are normal to the exploration and salvage of historic shipwrecks including exploration, dig and identify, research and establish historic province, salvage, recover and conserve artifacts and archeological material from abandoned and lost shipwreck sites. Seafarer will also assist to obtain and/or update the necessary permits and contracts with various governmental agencies including the Florida Division of Historical Resources, including environmental permits, which are required to be able to explore and eventually salvage the shipwreck site. Seafarer will also act as the project manager for the exploration and salvage of the shipwreck site. Under the agreement, Seafarer will receive 60% of any recovery of archeological material from the shipwreck site and the corporation will receive 40% net of any percentages that are donated to the State of Florida. All ancillary rights including but not limited to public exhibits, publicity, movies, real time video, television, literary, archival research, and replica rights shall be shared equally between Seafarer and the corporation. Seafarer agreed to pay to the corporation 10 million shares of its restricted common stock with 2.5 million shares due and payable upon execution of the agreement, 2.5 million shares due and payable upon the receipt of a salvage and recovery contract from the State of Florida, 2.5 million shares upon commencement of the work at the site, and 2.5 million shares upon the discovery of valuable archeological material. Seafarer may in its discretion issue additional performance shares of its stock to the corporation.  Seafarer and the corporation will be jointly responsible for overseeing the conservation of archeological materials from the site and will mutually locate and agree on a third party to handle the conservation of the artifacts. Seafarer will be responsible for 60% of the cost of the conservation of the artifacts and the corporation will be responsible for 40% of the cost. Seafarer and the corporation are individually responsible for their own costs and expenses that they incur that are associated with the agreement, including but not limited to fees, insurance, independent contractors, food, permit and contract fees, repairs, equipment, vessels, divers, safety equipment, travel, legal expenses, etc.