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 year ended December 31, 2015

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)

Florida	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 $5,869,259 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 March 14, 2016 the Registrant had 1,370,620,061 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 year ended December 31, 2015, filed with the Securities and Exchange Commission on April 13, 2016 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.

3

    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 Heartland Treasure Quest and Seafarer Exploration Corp. dated February 1, 2013, incorporated by reference to Form 10-K filed with the Commission on April 14, 2014.
10.3	Seafarers Quest, LLC Operating Agreement dated March 03, 2014,  incorporated by reference to Form 10-K filed with the Commission on March 31, 2015.
10.4	Fee Settlement Agreement by and between ClearTrust, LLC and Seafarer Exploration Corp. dated January 20, 2015 , incorporated by reference to Form 10-K filed with the Commission on April 13, 2016.
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 13, 2016.
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 13, 2016.
101.INS	XBRL Instance Document. Filed with this Form 10-K.
101.SCH	XBRL Taxonomy Extension Schema. Filed with this Form 10-K.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase. Filed with this Form 10-K.
101.DEF	XBRL Taxonomy Extension Definition Linkbase. Filed with this Form 10-K.
101.LAB	XBRL Taxonomy Extension Label Linkbase. Filed with this Form 10-K.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase. Filed with this Form 10-K.

4

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: April 18 , 2016	By:	/s/ Kyle Kennedy
		Kyle Kennedy President, Chief Executive Officer, and Chairman of the Board (Principal Executive Officer and Principal Accounting Officer)

Date: April 18 , 2016	By:	/s/ Charles Branscum
		Charles Branscum, Director

Date: April 18 , 2016	By:	/s/ Robert L. Kennedy
		Robert L. Kennedy, Director

5

XML

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 14, 2016
Document And Entity Information
Entity Registrant Name	SEAFARER EXPLORATION CORP
Entity Central Index Key	0001106213
Document Type	10-K/A
Document Period End Date	Dec. 31, 2015
Amendment Flag	true
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?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float		$ 137,062
Entity Common Stock, Shares Outstanding		1,370,620,061
Amendment Description	The purpose of this amendment on form 10-K to Seafarer Exploration Corp's Quarterly Report for the period ended December 31, 2015, filed with the Securities and Exchange Commission on April 13, 2016 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 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.
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2015

XML

Condensed Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash	$ 5,097	$ 12,424
Prepaid expenses	$ 28,557	29,991
Settlement receivable		18,000
Deposits	$ 316	1,183
Total current assets	33,970	61,598
Property and equipment, net	63,276	96,255
Total Assets	97,246	157,853
Current liabilities:
Accounts payable and accrued expense	244,678	191,967
Convertible notes payable, net of discounts of $17,295 and $14,148	45,705	10,852
Convertible notes payable, related parties, net of discounts of $-0- and $15,064	9,000	22,936
Convertible notes payable, in default	391,300	341,300
Convertible notes payable, in default - related parties	167,500	129,500
Convertible notes payable, at fair value	311,076	761,677
Shareholder loan	32,703	3,500
Notes payable, in default	30,000	30,000
Notes payable, in default - related parties	17,500	7,500
Total current liabilities	$ 1,249,462	$ 1,499,232
Stockholders' deficit:
Preferred stock, $0.0001 par values - 50,000,000 shares authorized; 67 shares issued; Series A - 7 shares issued and outstanding at December 31, 2015 and December 31, 2014; Series B - 60 shares issued and outstanding at December 31, 2015 and December 31, 2014
Common stock, $0.0001 par value - 1,500,000,000 shares authorized; 1,332,102,348 and 986,356,130 shares issued and outstanding at December 31, 2015 and December 31, 2014	$ 133,210	$ 98,636
Additional paid-in capital	10,040,526	8,734,606
Accumulated deficit	(11,325,952)	(10,174,621)
Total stockholders' deficit	(1,152,216)	(1,341,379)
Total liabilities and stockholders' deficit	$ 97,246	$ 157,853
Series A
Stockholders' deficit:
Preferred stock, $0.0001 par values - 50,000,000 shares authorized; 67 shares issued; Series A - 7 shares issued and outstanding at December 31, 2015 and December 31, 2014; Series B - 60 shares issued and outstanding at December 31, 2015 and December 31, 2014
Series B
Stockholders' deficit:
Preferred stock, $0.0001 par values - 50,000,000 shares authorized; 67 shares issued; Series A - 7 shares issued and outstanding at December 31, 2015 and December 31, 2014; Series B - 60 shares issued and outstanding at December 31, 2015 and December 31, 2014

XML

Condensed Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Discounts on convertible notes payable	$ 17,295	$ 14,148
Discounts on convertible notes payable, related parties	$ 0	$ 15,604
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	67	67
Preferred Stock, shares outstanding	67	67
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,500,000,000	1,200,000,000
Common stock, shares issued	1,332,102,348	986,356,130
Common Stock, shares outstanding	1,332,102,348	986,356,130
Series A
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares issued	7	7
Preferred Stock, shares outstanding	7	7
Series B
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares issued	60	60
Preferred Stock, shares outstanding	60	60

XML

Condensed Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Revenue
Expenses:
Consulting and contractor expenses	$ 624,412	$ 661,899
Professional fees	118,059	128,344
General and administrative expenses	117,897	78,345
Depreciation expense	33,984	33,984
Rent expense	45,857	29,749
Vessel expenses	46,355	89,631
Travel and entertainment	70,800	142,792
Total operating expenses	1,057,364	1,164,744
Loss from operations	(1,057,364)	(1,164,744)
Other income (expense)
Interest expense, net	$ (93,967)	(1,015,517)
Legal settlement		30,000
Impairment loss		(1,100)
Total other income (expense)	$ (93,967)	(986,617)
Net loss	$ (1,151,331)	$ (2,151,361)
Net loss per share - basic and diluted
Weighted average common shares outstanding - basic and diluted	1,187,757,189	904,898,653

XML

Condensed Statements of Cash Flows (Unaudited) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating activities
Net loss	$ (1,151,331)	$ (2,151,361)
Adjustments to reconcile net income to net cash provided (used) by operating activities
Depreciation	33,984	33,984
Amortization of beneficial conversion feature and warrants	116,152	269,277
Interest (income) expense on fair value adjustment	(88,175)	717,006
Common stock issued for services	255,676	$ 195,235
Common stock issued for financing fees	$ 11,675
Impairment of assets		$ 1,100
Decrease (increase) in:
Settlement receivable	$ 18,000	(18,000)
Prepaid expenses and deposits	$ 2,301	(3,167)
Advances from shareholder		3,267
Increase (decrease) in:
Accounts payable and accrued expenses	$ 88,021	49,384
Net cash provided (used) by operating activities	(713,697)	$ (903,275)
Cash flows from investing activities:
Purchase of equipment	(1,005)
Net cash used in investing activities	(1,005)
Cash flows from financing activities:
Proceeds from the issuance of common stock	434,169	$ 398,616
Proceeds from the issuance of convertible notes payable	237,000	456,505
Proceeds from the issuance of convertible notes payable, related party	9,000	81,505
Payment on Convertible note payable	(12,000)	$ (25,005)
Proceeds for notes payable	65,000
Payments on notes payable	(55,100)
Proceeds from loans from stockholders	39,406	$ 5,500
Payments on loans from stockholders	(10,100)	(2,000)
Net cash provided by financing activities	707,375	915,121
Net increase (decrease) in cash	(7,327)	11,846
Cash - beginning	12,424	578
Cash - ending	5,097	12,424
Supplemental disclosure of cash flow information:
Cash paid for interest expense	$ 6,000	$ 5,000
Cash paid for income taxes
Noncash operating and financing activities:
Common stock issued to satisfy debt	$ 35,309
Convertible debt converted and accrued interest converted to common stock	$ 476,164	$ 550,324

XML

Statements of Changes in Stockholders' Deficit - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance, Shares at Dec. 31, 2013	884,216,349
Beginning Balance, Value at Dec. 31, 2013	$ 84,422	$ 7,453,578	$ (8,023,260)	$ (485,260)
Conversion of notes payable and accrued interest, Shares	61,721,283
Conversion of notes payable and accrued interest, Amount	$ 6,172	544,152		550,324
Common stock issued for services, Shares	12,998,141
Common stock issued for services, Value	$ 1,300	193,935		195,235
Common stock issued for subscription agreements, Shares	67,420,357
Common stock issued for subscription agreements, Value	$ 6,742	391,874		398,616
Beneficial conversion feature arising from convertible note financing		$ 151,067		(29,212)
Net Income (loss)			$ (2,151,361)	$ (2,151,361)
Ending Balance, Shares at Dec. 31, 2014	986,356,130			986,356,130
Ending Balance, Value at Dec. 31, 2014	$ 98,636	$ 8,734,606	$ (10,174,621)	$ (1,341,379)
Stock issued to settle accounts payable, Shares	15,734,068
Stock issued to settle accounts payable, amount	$ 1,573	61,363		62,936
Conversion of notes payable and accrued interest, Shares	103,413,609
Conversion of notes payable and accrued interest, Amount	$ 10,341	465,823		476,164
Stock issued for cash, Shares	158,098,541
Stock issued for cash, Amount	$ 15,810	418,359		434,169
Stock issued for financing fees, Shares	7,750,000
Stock issued for financing fees, Amount	$ 775	18,400		19,175
Common stock issued for services, Shares	53,250,000
Common stock issued for services, Value	$ 5,325	222,725		228,050
Beneficial conversion feature arising from convertible note financing		120,000		$ (17,295)
Shares issued for repricing, Shares	7,500,000
Shares issued for repricing, Amount	$ 750	$ (750)
Net Income (loss)			$ (1,151,331)	$ (1,151,331)
Ending Balance, Shares at Dec. 31, 2015	1,332,102,348			1,332,102,348
Ending Balance, Value at Dec. 31, 2015	$ 133,210	$ 10,040,526	$ (11,325,952)	$ (1,152,216)

XML

Description of Business

12 Months Ended

Dec. 31, 2015

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 engage in the archaeologically-sensitive exploration, documentation, and recovery of historic shipwrecks with the objective of exploring and discovering Colonial-era shipwrecks for future generations to be able to appreciate and understand.   

XML

Going Concern

12 Months Ended

Dec. 31, 2015

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. The Company has incurred net losses since inception, which raises substantial doubt about the Company’s ability to continue as a going concern. Based on its historical rate of expenditures, the Company expects to expend its available cash in less than one month from April 6, 2016. 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.

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.

XML

Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Significant Accounting Policies

NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES

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. There are no cash equivalents at December 31, 2015 and 2014.

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 because outstanding common stock equivalents would have been anti-dilutive, as of December 31, 2015 and 2014.

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

	For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Net loss attributable to common shareholders	$	(1,151,331	)	$	(2,151,361	)
Weighted average shares outstanding:
Basic and diluted		1,187,757,189			904,898,653
Loss per share:
Basic and diluted	$	(0.00	)	$	(0.00	)

Fair Value of Financial Instruments

Effective January 1, 2008, fair value measurements are determined by the Company's adoption of authoritative guidance issued by the FASB, with the exception of the application of the statement to non-recurring, non-financial assets and liabilities, as permitted. Fair value is defined in the authoritative guidance as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy was established, which prioritizes the inputs used in measuring fair value into three broad levels as follows:

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

● Level 2 – Valuation based on, observable inputs (other than level one prices), quoted market prices for similar assets such as at the measurement date; quoted prices in the market that are not active; or other inputs that are observable, either directly or indirectly.

● 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.  The Company’s 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 the Company’s derivative liability is determined using Level 1 inputs, which consider (i) time value, (ii) current market and (iii) contractual prices. 

The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, receivables, accounts payable, notes payable and other payables, approximate their fair values because of the short maturity of these instruments.

Property and Equipment 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:

	2015			2014
Diving vessel	$	326,005		$	325,000
Generator		7,420			7,420
Less accumulated depreciation		(270,149	)		(236,165	)
	$	63,276		$	96,255

Depreciation expense for the years ended December 31, 2015 and 2014 amounted to $33,984.

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. ASC 360-10 provides guidance on accounting for property, plant, and equipment, and the related accumulated depreciation on those assets. ASC 360-10 also includes guidance on the impairment or disposal of long-lived assets. ASC 360-10 notes that long-lived tangible assets include land and land improvements, buildings, machinery and equipment, and furniture and fixtures. 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. The Company has determined there has been no impairment in the carrying value of its long-lived assets at December 31, 2015 and 2014, respectively.

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.

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 years ended December 31, 2015 and 2014, the Company did not report any revenues.

Convertible Notes Payable

The Company accounts for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 provides comprehensive guidance on derivative and hedging transactions. It sets forth the definition of a derivative instrument and specifies how to account for such instruments, including derivatives embedded in hybrid instruments. In addition, ASC 815 establishes when reporting entities, in certain limited, well-defined circumstances, may apply hedge accounting to a relationship involving a designated hedging instrument and hedged exposure. Hedge accounting provides an alternative, special way of accounting for such relationships. ASC 815 also provides guidance on how reporting entities determine whether an instrument is (1) indexed to the reporting entity’s own stock and (2) considered to be settled in the reporting entity’s own stock. Such a determination will dictate whether an instrument should  be accounted for as debt or equity and the appropriate accounting for the instrument. Finally, ASC 815 addresses the accounting for non-exchange-traded weather derivatives. 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, 2015 and 2014, 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. ASC 470-10 addresses classification determination for specific obligations, such as short-term obligations expected to be refinanced on a long-term basis, due-on-demand loan arrangements, callable debt, sales of future revenue, increasing rate debt, debt that includes covenants, revolving credit agreements subject to lock-box arrangements and subjective acceleration clauses, indexed debt. 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.

Recent Accounting Pronouncements

Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

XML

Capital Stock

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

CAPITAL STOCK

NOTE 4 – CAPITAL STOCK

At December 31, 2015 the Company was authorized to issue 1,500,000,000 shares of $0.0001 par value common stock. Per the Company’s filing on Form 8-K filed on January 26, 2016, the Board of Directors voted to increase the authorized shares of the Corporation from 1,500,000,000 common shares to 1,750,000,000 common shares (See Note 12 below).

Preferred Stock

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

Series A Preferred Stock

At December 31, 2015 the Company had seven shares of Series A preferred stock issued and outstanding. Each share of Series A preferred stock has the right to convert into 214,289 shares of the Company’s common stock.  As of December 31, 2015 and 2014, no shares of preferred stock had been converted into shares of the Company’s common stock.

Series B Preferred Stock

On February 10, 2014, the Board of Directors of the Company under the authority granted under Article V of the Articles of Incorporation, defined and created a new preferred series of shares from the 50,000,000 authorized preferred shares. Pursuant to Article V, the Board of Directors has the power to designate such shares and all powers and matters concerning such shares. Such share class shall be designated Preferred Class B. The preferred class was created for 60 Preferred Class B shares. Such shares each have a voting power equal to one percent of the outstanding shares issued (totaling 60%) at the time of any vote action as necessary for share votes under Florida law, with or without a shareholder meeting.  Such shares are non-convertible to common stock of the Company and are not considered as convertible under any accounting measure. Such shares shall only be held by the Board of Directors as a Corporate body, and shall not be placed into any individual name. Such shares were considered issued at the time of this resolution’s adoption, and do not require a stock certificate to exist, unless selected to do so by the Board for representational purposes only.  Such shares are considered for voting as a whole amount, and shall be voted for any matter by a majority vote of the Board of Directors. Such shares shall not be divisible among the Board members, and shall be voted as a whole either for or against such a vote upon the vote of the majority of the Board of Directors. In the event that there is any vote taken which results in a tie of a vote of the Board of Directors, the vote of the Chairman of the Board shall control the voting of such shares. Such shares are not transferable except in the case of a change of control of the Corporation when such shares shall continue to be held by the Board of Directors. Such shares have the authority to vote for all matters that require a share vote under Florida law and the Articles of Incorporation.

At December 31, 2015 the Company had 38,707,143 common shares issued and outstanding that were subject to anti-dilution protection guaranteeing the shareholders a minimum value ranging from $0.001 to $0.002 per share. The anti-dilution protection extends through the date upon which all registration restrictions expires, typically one year from the date the shares were issued, and is based upon the trading market value at the end of that period.  

Warrants and Options

During the year ended December 31, 2015 the Company issued warrants to purchase a total of 63,745,834 shares of its restricted common stock:

April 20, 2015 to November 20, 2015	10,000,000	$	0.0050
May 08, 2015 to May 8, 2016	1,562,500	$	0.0050
May 11, 2015 to November11, 2016	5,000,000	$	0.0050
June 8, 2015 to December 8, 2016	10,000,000	$	0.0032
June 16, 2015 to December 16, 2016	2,000,000	$	0.0050
June 29, 2015 to December 29, 2015	8,333,334	$	0.0050
July 8, 2015 to January 8, 2017	700,000	$	0.0050
July 14, 2015 to January 14, 2017	3,000,000	$	0.0050
August 1, 2015 to August 1, 2016	2,000,000	$	0.0050
August 19, 2015 to February 19, 2017	750,000	$	0.0100
September 18, 2015 to September 18, 2020	4,000,000	$	0.0030
December 03, 2015 to June 03, 2017	2,000,000	$	0.0040
December 03, 2015 to December 03, 2016	900,000	$	0.0050
December 24, 2015 to June 24, 2016	12,500,000	$	0.0040
December 29, 2015 to June 29, 2017	1,000,000	$	0.0040
	63,745,834

As of December 31, 2015, a convertible note holder had a warrant to purchase 4,000,000 shares of its common stock with an exercise price of $0.005 per share for a period of ten years beginning on November 20, 2012.

XML

Income Taxes

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 5 - INCOME TAXES

At December 31, 2015 and 2014, the Company had available Federal and state net operating loss carry forwards to reduce future taxable income. The amounts available were approximately $11,326,000 and $10,175,000 for Federal purposes. The Federal carry forward begin to expire in 2033. Given the Company’s history of net operating losses, management has determined that it is more likely than not that the Company will not be able to realize the tax benefit of the carryforwards. Accordingly, the Company has not recognized a deferred tax asset for this benefit.

The Company adopted FASB guidelines that address the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. This guidance also provides guidance on derecognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of December 31, 2015 and 2014, the Company did not have a liability for unrecognized tax benefits.

The Company’s policy is to record interest and penalties on uncertain tax provisions as income tax expense. As of December 31, 2015 and 2014, the Company has not accrued interest or penalties related to uncertain tax positions. Additionally, tax years 2010 through 2015 remain open to examination by the major taxing jurisdictions to which the Company is subject. The Company is currently in the process of filing tax returns for past years, due to the Company’s lack of revenue since inception management does not believe that there is any income tax liability for past years. There are currently no open federal or state tax years under audit.

Upon the attainment of taxable income by the Company, management will assess the likelihood of realizing the tax benefit associated with the use of the carry forwards and will recognize a deferred tax asset at that time.

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, 2015			For the Year Ended December 31,  2014
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, 2015 and 2014, the Company’s only significant deferred income tax asset was a cumulative estimated net tax operating loss of $11,326,000 and $10,175,000, 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, 2015 and 2014.

XML

Lease Obligation

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

LEASE OBLIGATION

NOTE 6 – 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 commencing on July 1, 2015 through June 30, 2017. Under the amended lease agreement the base monthly rent is $1,215 from July 1, 2015 through June 30, 2016 and $1,251 from July 1, 2016 to June 30, 2017.  There may be additional monthly charges for pro-rated maintenance, late fees, etc.

As of December 31, 2015, future minimum rental payments required under this non-cancelable operating lease total $14,802 for the year ending December 31, 2016 and $7,510 for the year ending December 31, 2017.

Operations House

The Company has an operating lease for a house located in Palm Bay, Florida. The Company uses the house to store equipment and gear and to provide temporary work-related living quarters for its divers, personnel, consultants and independent contractors involved in its exploration and recovery operations. The term of the lease agreement commenced on October 1, 2015 and expires on October 31, 2016.  The Company pays $1,300 per month to lease the operations house.

As of December 31, 2015, future minimum rental payments required under this non-cancelable operating lease total $13,000 for the year ending December 31, 2016.

XML

Convertible Notes Payable and Notes Payable

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE

NOTE 7 - 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 that have been remeasured to fair value which are discussed later in Note 7, as of December 31, 2015:

Issue	Maturity	December 31,		Interest			Conversion
Date	Date	2015		Rate			Rate
Convertible notes payable:
April 20, 2015	April 20, 2016	$	38,000		6.00	%		0.00320
September 18, 2015	March 18, 2016		25,000		6.00	%		0.00200
Unamortized discounts			17,295
Balance		$	45,705

Convertible notes payable – related party
July 14, 2015	January 14, 2016	$	9,000	6.00	%	0.00300
Convertible notes payable, in default
October 31, 2012	April 30, 2013	$	8,000	6.00	%	0.0040
July 16, 2012	July 30, 2013		5,000	6.00	%	0.0050
November 20, 2012	May 20, 2013		50,000	6.00	%	0.0050
January 19, 2013	July 30, 2013		5,000	6.00	%	0.0040
February 11, 2013	August 11, 2013		9,000	6.00	%	0.0060
September 25, 2013	March 25, 2014		10,000	6.00	%	0.0125
August 28, 2009	November 1, 2009		4,300	10.00	%	0.0150
April 7, 2010	November 7, 2010		70,000	6.00	%	0.0080
November 12, 2010	November 7, 2011		40,000	6.00	%	0.0050
October 4, 2013	April 4, 2014		50,000	6.00	%	0.0125
October 30, 2013	October 30, 2014		50,000	6.00	%	0.0125
May 15, 2014	November 15, 2014		40,000	6.00	%	0.0070
October 13, 2014	April 13, 2015		25,000	6.00	%	0.0050
June 29, 2015	December 29, 2015		25,000	6.00	%	0.0050
Balance		$	391,300
Convertible notes payable - related party, in default
January 19, 2013	July 30, 2013	$	15,000	6.00	%	0.0040
January 9, 2009	January 9, 2010		10,000	10.00	%	0.0150
January 25, 2010	January 25, 2011		6,000	6.00	%	0.0050
January 18, 2012	July 18, 2012		50,000	8.00	%	0.0040
July 26, 2013	January 26, 2014		10,000	6.00	%	0.0100
January 17, 2014	July 17, 2014		31,500	6.00	%	0.0060
May 27, 2014	November 27, 2014		7,000	6.00	%	0.0070
July 21, 2014	January 25, 2015		17,000	6.00	%	0.0080
October 16, 2014	April 16, 2015		21,000	6.00	%	0.0045
Balance		$	167,500

Notes Payable

The following table reflects the notes payable as of December 31, 2015 and 2014:

Issue Date	Maturity Date	2015		2014		Interest Rate
Notes payable, in default –related parties:
February 24, 2010	February 24, 2011	$	7,500	$	7,500		6.00	%
October 6, 2015	November 11, 2015		10,000		--		6.00	%
			17,500		7,500
Notes payable, in default:
June 23, 2011	August 23, 2011		25,000		25,000		6.00	%
April 27, 2011	April 27, 2012		5,000		5,000		6.00	%
			30,000		30,000
		$	47,500	$	37,500

Convertible Notes Payable

Between January 1, 2015 and December 31, 2015, the Company issued four (4) convertible notes payable totaling $109,000. The notes include interest at 6%. The principal amount of the notes and interest is payable on the maturity date. The notes and accrued interest are convertible into common stock at fixed conversion prices. The conversion prices and maturity dates of these notes are detailed in the table in the preceding page.

The Company has evaluated the terms and conditions of the convertible notes under the guidance of ASC 815 and other applicable guidance. The conversion feature of four of the notes 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.

The following tables reflect the aggregate allocation as of December 31:

	2015			2014
Face value of convertible notes payable	$	63,000		$	151,500
Beneficial conversion feature		(17,295	)		(29,212	)
Carrying value	$	45,705		$	122,288

The discounts on the convertible notes arose from the allocation of basis to the beneficial conversion feature. The discount is amortized through charges to interest expense over the term of the debt agreement. For the twelve months ended December 31, 2015 and 2014, the Company recorded interest expense related to the amortization of debt discounts in the amount of approximately $116,000 and $269,000 respectively. 

At December 31, 2015 and 2014, combined accrued interest on the convertible notes payable, notes payable and stockholder loans was $135,581 and $91,754, respectively, and included in accounts payable and accrued expenses on the accompanying balance sheets.

Shareholder Loan

At December 31, 2015 the Company had a loan outstanding to a shareholder in the amount of $2,920 at 0% interest. The Company also has a loan outstanding to its CEO in the amount of $29,683 with a 6% annual rate of interest and another loan outstanding to its CEO for $100 at 0% interest.

Convertible Notes Payable and Notes Payable, in Default

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 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 fact that the Company is in default of several promissory notes held by various lenders makes investing in the Company or providing any loans to the Company extremely risky, with a very high potential for a total loss of capital.

The convertible notes that have been issued by the Company are convertible at the lender’s option. These convertible notes represent significant 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. As such when these notes are converted into shares of the Company’s common stock there is typically a highly dilutive effect on current shareholders and, it is very possible that such dilution may significantly negatively affect the trading price of the Company’s common stock.

Convertible Notes Payable at Fair Value

Convertible Note Payable Dated April 24, 2014 at Fair Value

On April 24, 2014, the Company entered into a convertible note payable with a corporation.  The note payable, with a face value of $107,000, including $7,000 of original issue discount, bears interest at 12.0% per annum and is due on April 24, 2015. 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 lowest closing bid price for the Company’s common stock during the twenty (20) trading day period including the day the notice of conversion is received by 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.

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 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, the Company recognized day-one derivative loss totaling $166,771 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 $166,771 loss on the derivative financial instrument and is included in interest expense. 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 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.

During the year ended December 31, 2014, the Company repaid $20,000 of the principle and converted $35,000 of the note into 9,956,709 shares of common stock.

During the twelve month period ended December 31, 2015, the remaining principal balance of $52,000 plus accrued interest was converted into 22,531,030 shares of common stock.   

Convertible Note Payable Dated August 21, 2014 at Fair Value

On August 21, 2014, the Company entered into a convertible note payable with a corporation.  The convertible note payable, with a face value of $40,000, bears interest at 8.0% per annum and is due on August 21, 2015. The 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 57% multiplied by the lowest closing bid price   for the Company’s common stock during the fifteen (15) trading day period including the day the notice of conversion is received by 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.

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 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, the Company recognized day-one derivative loss totaling $34,971 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 $34,971 loss on the derivative financial instrument and is included in interest expense. 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 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.

During the twelve month period ended December 31, 2015, the note was converted into 18,601,734 shares of common stock.

Convertible Note Payable Dated September 08, 2014 at Fair Value

On September 08, 2014, the Company entered into a convertible note payable with a corporation.  The note payable, with a face value of $53,500, including $3,500 of original issue discount, bears interest at 12.0% per annum and is due on September 8, 2015. 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 lowest closing bid price for the Company’s common stock during the twenty (20) trading day period including the day the notice of conversion is received by 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.

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 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, the Company recognized day-one derivative loss totaling $42,080 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 $42,080 loss on the derivative financial instrument and is included in interest expense. 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 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.

During the twelve month period ended December 31, 2015, the note was converted into 23,900,625 shares of common stock.

Convertible Note Payable Dated November 5, 2014 at Fair Value

On November 5, 2014, the Company entered into a convertible note payable with a corporation.  The note payable, with a face value of $53,000, bears interest at 8.0% per annum and is due on July 31, 2015.  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 65% 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.  

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 November 5, 2014 the Company encountered the unusual circumstance of a day-one derivative loss of $22,057 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 $22,057 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 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.

During the twelve month period ended December 31, 2015, the Company repaid $12,000 of principal and accrued interest of the note and the remaining balance of the note was converted into 15,980,220 shares of common stock.

Convertible Note Payable Dated December 17, 2014 at Fair Value

On December 17, 2014, the Company entered into a convertible note payable with a corporation.  The note payable, with a face value of $43,000, bears interest at 8.0% per annum and is due on September 19, 2015.  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 65% 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 17, 2014 the Company encountered the unusual circumstance of a day-one derivative loss of $40,980 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 $40,980 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 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.

During the twelve month period ended December 31, 2015, the note was converted into 18,650,000 shares of common stock.

Convertible Note Payable Dated August 28, 2015 at Fair Value

On August 28, 2015 the Company entered into a convertible note payable with a corporation.  The note payable, with a face value of $44,000, including a $4,000 of original issue discount, bears interest at 12.0% per annum and is due on August 28, 2016. 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 62% multiplied by the lowest closing bid price for the Company’s common stock during the twenty (20) trading day period including the day the notice of conversion is received by the Company. If the Company’s market capitalization is less than $1,000,000 on the day immediately prior to the date of the notice of conversion, then the conversion price shall be 25% multiplied by the lowest closing price as of the date notice of conversion is given and if the closing price of the Company’s common stock on the day immediately prior to the date of the notice of conversion is less than $0.00075 then the conversion price shall be 25% multiplied by the lowest closing price as of the date a notice of conversion is given. 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.

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 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, the Company recognized day-one derivative loss totaling $32,210 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 $32,210 loss on the derivative financial instrument and is included in interest expense. 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 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.  

At December 31, 2015, the $44,000 face value convertible note payable was recorded at its fair value of $100,588.

Convertible Note Payable Dated September 3, 2015 at Fair Value

On September 3, 2015 the Company entered into a convertible note payable with a corporation.  The note payable  in the amount of $38,500, including a $3,500 original issue discount, and bears interest at 12.0% per annum and is due on September 3, 2017. According to the terms of the note, the Company was eligible to utilize up to $200,000 of credit under the note, with potential proceeds received of $180,000, however the Company elected to borrow only the $38,500.  Any additional amount borrowed under this note would require approval of both the Company and the lender. 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 65% multiplied by the lowest trade price for the Company’s common stock in the twenty-five (25) trading day period previous to the conversion. 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.

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 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, the Company recognized day-one derivative loss totaling $42,308 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 $29,789 loss on the derivative financial instrument and is included in interest expense. 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 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.

At December 31, 2015, the $38,500 face value convertible note payable was recorded at its fair value of $94,262.

Convertible Note Payable Dated September 8, 2015 at Fair Value

On September 8, 2015, the Company entered into a convertible note payable with a corporation.  The convertible note payable, with a face value of $27,000, bears interest at 8.0% per annum and is due on September 8, 2016. The 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 65% multiplied by the lowest closing bid price   for the Company’s common stock during the fifteen (15) trading day period including the day the notice of conversion is received by 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.

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 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, the Company recognized day-one derivative loss totaling $16,690 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 $16,690 loss on the derivative financial instrument and is included in interest expense. 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 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.

December 31, 2015, the $27,000 face value convertible note payable was recorded at its fair value of $58,331.

On December 15, 2015 the Company entered into a convertible note payable with a corporation.  The note payable  in the amount of $27,500, including a $2,500 original issue discount, and bears interest at 12.0% per annum and is due on September 3, 2017. 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 65% multiplied by the lowest trade price for the Company’s common stock in the twenty-five (25) trading day period previous to the conversion. 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.

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 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, the Company recognized day-one derivative loss totaling $29,789 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 $29,789 loss on the derivative financial instrument and is included in interest expense. 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 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.

At December 31, 2015, the $27,500 face value convertible note payable was recorded at its fair value of $57,895.

The conversion of the various promissory notes that are measured at fair value into shares of the Company’s common stock is potentially highly dilutive to current shareholders. If the note holders elect to sell the shares that it has acquired as a result of converting the notes into shares of common stock, then the sales of any such shares may result in a significant decrease in the market price of the Company’s common stock.

Additionally, the holders of these convertible notes at fair value have 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 default the interest rates for each of the notes at fair value may increase to rates of 24% per annum or greater.

Furthermore, there are additional events that could cause the lenders 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 lenders receives additional shares of the Company’s common 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.

The following tables summarize the effects on December 31, 2015:

Face value of the convertible notes payable	$	137,000
Interest expense to record the convertible notes at
fair value on the date of issuance		93,479
Interest income to mark to market the convertible notes on December 31, 2015		80,597
December 31, 2015 fair value	$	311,076

XML

Material Agreements

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

MATERIAL AGREEMENTS

NOTE 8 – MATERIAL AGREEMENTS

Agreement to Explore a Shipwreck Site Located off of Brevard County, Florida

On March 1, 2014, Seafarer entered into a partnership and ownership with Marine Archaeology Partners, LLC, with the formation of Seafarer’s Quest, LLC. Such LLC was formed in the State of Florida for the purpose of permitting, exploration and recovery of artifacts from a designated area on the east coast of Florida. Such site area is from a defined, contracted area by a separate entity, which a portion of such site is designated from a previous contracted holding through the State of Florida. Under such agreement, Seafarer is responsible for costs of permitting, exploration and recovery, and is entitled to 60% of such artifact recovery. Seafarer has a 50% ownership, with designated management of the LLC coming from Seafarer.

Exploration Permit with the Florida Division of Historical Resources for an Area off of Juno Beach, Florida

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 was active through April 25, 2014. The Permit authorizes Seafarer to dig and recover artifacts from the designated site at Juno Beach, Florida. It will be necessary for the Company to obtain a renewal to the Recovery Permit for the Juno Beach shipwreck site in order to continue to perform exploration and recovery work at the site after April 25, 2014. Currently the Management believes that the permit with the FBAR may eventually be renewed solely in the name of Seafarer Exploration Corp. under a judge’s order, however the renewal of this permit is not currently a priority for the Company. The permit had not been issued as of the filing date of this report.

Exploration Permit with the Florida Division of Historical Resources for an Area off of Cape Canaveral, Florida

On July 28, 2014, the Company’s partnership with Marine Archeological Partners, LLC, Seafarer’s Quest, LLC received a 1A-31 Dig and Identify Permit (the “Permit”) from the Florida Division of Historical Resources for an area identified off of Cape Canaveral, Florida. The Permit is active for three years from the date of issuance. The Company must obtain various concurrent environmental permits in order to perform exploration and recovery operations at the site. The Company has applied for permits from the State of Florida for two additional areas that were formerly permitted solely by an affiliate of Marine Archeological Partners, LLC. These permits have not been issued as of the filing date of this report.

Certain Other Agreements

In January of 2015, the Company extended the term of a previous 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 8,000,000 restricted shares of its common stock and to negotiate future compensation on a year-by-year basis. The Company also agreed to reimburse the Director for pre-approved expenses. A portion of the 8,000,000 shares are included as an expense in consulting and contractor fees in the accompanying statement of operations and the remainder of the shares are going to be expensed over a twelve month period, these shares are included in the accompanying balance sheet as a prepaid expense.

In January of 2015, the Company extended the term of a previous 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 6,000,000 restricted shares of its common stock and to negotiate future compensation on a year-by-year basis. The Company also agreed to reimburse the Director for pre-approved expenses. A portion of the 6,000,000 shares are included as an expense in consulting and contractor fees in the accompanying statement of operations and the remainder of the shares are going to be expensed over a twelve month period, these shares are included in the accompanying balance sheet as a prepaid expense.

In April of 2015, the Company entered into agreements or exteneded the terms of previous advisory agreements with ten separate individuals to either join or rejoin the Company’s advisory council. Under the advisory council agreements all of the advisors 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 nine of the advisors 1,000,000 shares a piece and one advisor 2,000,000 shares, an aggregate total of 11,000,000 restricted shares of its common stock. According to the agreements each of the Advisor’s shares vest at a rate of 1/12th of the amount per month over the term of the agreement.  If any of the advisors or the Company terminates the advisory council agreements prior to the expiration of the one year terms, then each of the advisors whose agreement has been terminated 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.

In August of 2015 the Company entered into a consulting agreement with a corporation under which the corporation agreed to provide various services including business development, digital arbitrage and developing, studying and evaluating revenue proposals in order to assist the Company in attempting to generate revenue. The term of the agreement will continue until the completion of the services. The Company agreed to pay the consultant a total of 2,000,000 shares of its restricted common stock with 1,000,000  shares being restricted for 6 months from the execution of the agreement and 1,000,000 shares being restricted for 1 year from the execution of the agreement.

In October of 2015 the Company entered into a consulting agreement with an individual under which the consultant agreed to provide various services including business development, mergers and acquisitions, business strategy and business introductions. The term of the agreement will continue until the completion of the services. The Company agreed to pay the consultant a total of 1,500,000 shares of its restricted common stock.

In October of 2015 the Company entered into a consulting agreement with an individual under which the consultant agreed to provide various services including business development, international introductions, translation services and the analysis of the historic shipwreck industry in Cuba. The term of the agreement will continue until the completion of the services. The Company agreed to pay the consultant a total of 2,000,000 shares of its restricted common stock with 1,000,000 shares being restricted for 6 months from the execution of the agreement and 1,000,000 shares being restricted for 1 year from the execution of the agreement. The Company also agreed to pay the consultant $100 per day when travelling on Company business.

In November of 2015 the Company entered into a consulting agreement with an individual under which the consultant agreed to provide various management consulting, business advisory, and shareholder notification and information services. The term of the agreement will continue until the completion of the services or for one year. The Company agreed to pay the consultant a total of 2,000,000 shares of its restricted common stock.

The Company has an ongoing agreement to pay a limited liability company a monthly fee of $3,500 in cash or $5,000 per month in restricted stock for archeological services and the review of historic shipwreck research consulting services. All fees paid to the related party consultant during the period ended December 31, 2015 and 2014 are included as an expense in consulting and contractor expenses in the accompanying statements of operations.

The Company has an ongoing agreement to pay an individual a monthly fee of $3,500 per month for archeological consulting services.

The Company has an ongoing consulting agreement to pay a limited liability company a minimum of $5,000 per month for providing ongoing business advisory and strategic planning and consulting services, assistance with financial reporting, accounting, IT management, and administrative 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. 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 related party consultant during the period ended December 31, 2015 and 2014 are included as an expense in consulting and contractor expenses in the accompanying statements of operations.

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 $3,000 per month to provide general business consulting, industry research, monitoring and assessing the Company's business and to advise management with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions and identifying and evaluating alternative courses of action, perform background research including background checks and provide investigative information on individuals and companies and acting as an administrative specialist to perform various administrative duties and clerical services including reviewing the Company’s agreements and books and records. The consultant provides the services under the direction and supervision of the Company’s CEO. The Company paid the related party consultant a total of $47,200 in 2015, an amount that included bonus payments for extra services provided to the Company. All fees paid to the related party consultant during the period ended December 31, 2015 and 2014 are included as an expense in consulting and contractor expenses in the accompanying statements of operations.

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. At December 31, 2015, the Company owed the related party limited liability company $27,287 for transfer agency services rendered and for the reimbursement of legal fees. . In January 2015, the Company entered into a separate debt settlement agreement with the related party vendor to settle a total of $62,936 of outstanding debt related to legal fees incurred by the related party vendor due to a lawsuit against the Company in which suit the related party vendor was also named as a defendant due to its position as the Company’s stock transfer agency. The Company issued 15,734,068 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 $62,936 from the sale of the stock, then the consultant is entitled to receive up to an additional 5,000,000 shares of common stock or a cash payment until the balance is paid in full. The Company paid the transfer agency $5,451 in 2015 for transfer agency fees. All fees paid to the related party consultant during the period ended December 31, 2015 and 2014 are included as an expense in consulting and contractor expenses in the accompanying statements of operations.

XML

Legal Proceedings

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

LEGAL PROCEEDINGS

NOTE 9 – LEGAL PROCEEDINGS

Since December 11, 2009, the Company, has been involved in a lawsuit where it was named as a Defendant, along with its CEO and transfer agent in Case Number 09-CA-030763, filed in the Circuit Court of Hillsborough County, Florida. The lawsuit was brought in the name of 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. Such lawsuit continued to a hearing of the Plaintiffs’ motion for summary judgment against the Defendants including Seafarer, which was heard on September 1, 2011 and denied by the Court. Litigation of the matter has continued and the Company has presented evidence and arguments of law that the shares were distributed from their original recipient, Micah Eldred, in an illegal sale to another corporate entity. The Company further contends in its pleadings that such shares were then illegally purchased back by Eldred, then distributed in a manner by Eldred to others including the 31 other Plaintiffs to avoid reporting requirements under the Securities Act and as Eldred had a duty to report as a principal of a brokerage. The actions by Eldred, as pled by the Corporation, is that on or about October 8, 2008, Eldred gifted most of the 34,700,000 shares to certain friends, family, and employees (i.e., the Plaintiffs named in this Complaint), and kept ownership of 4,140,000 shares.

On September 11, 2013, the Parties attended a voluntary mediation, which ended in an impasse.

Some discovery had progressed to the point that Seafarer had, on September 25, 2013, filed a Motion to File Counterclaims and Third-Party Complaint (“Motion for Leave to File Counterclaim”) along with a proposed Counterclaim.  Such counterclaims were filed in December 2013.  Included in the counterclaim was an allegation of conspiracy between Eldred and Sean Murphy for the publication of false information which Seafarer sued Murphy for and received a judgment for libel against Murphy on April 1, 2011 for $5,080,000. Thus the counterclaim was filed against the Plaintiffs: Micah Eldred, Michael J. Daniels, Carl Dilley, Heather Dilley, James Eldred, Mary R. Eldred, Michole Eldred, Nathan Eldred, Toni A. Eldred, Diane J. Harrison, Ioulia Hess, Olessia  Kritskaia,  Anna Krokhina, George Lindner, Elizabeth Lizzano, Karen Lizzano, Robert Lizzano, Abby Lord, Jillian Mally, Ekaterina Messinger, Susan Miller, Michael Mona, Matthew J. Presy, Oksana Savchenko, Vanessa A. Verbosh, Alan Wolper, Sarah Wolper, and Christine Zitman. On April 23, 2014, the trial court ruled on the Counter-Claim Defendants’ motion to dismiss and ordered the dismissal of the claims for section 517.301 violations, conspiracy and fraud. The court ruled that the Corporation did not have standing and was not in privity with the counter-claim defendants at the time of their alleged actions so the company could not maintain the action, unlike private shareholders who could have standing. Thus the Company attempted to protect the shareholders by such suit, but was ruled against as not having standing to do so.  

On October 18, 2013, the Plaintiffs filed a Notice of Removal to Federal Court in the Tampa Division of the United States District Court, citing the allegation that such lawsuit should be moved to Federal Court based upon the Defendants proposed counterclaims of Federal law. The pleading for removal contained the allegation by the Plaintiffs that they had the consent of all the listed Plaintiffs to remove the matter to Federal Court. On November 4, 2013, Seafarer filed a Motion to Remand back to State Court in the Federal Court, citing legal argument and the undisputed facts that removal to Federal Court was improper as having no basis in law, and asking for attorney’s fees from the Plaintiffs for such removal. On November 7, 2013, Judge James Moody of the United States District Court entered an Order granting the Remand Motion of Seafarer, finding that “Plaintiffs removed the case based on their assumption that the counterclaim would establish federal jurisdiction. Plaintiffs’ removal is patently without merit.” Judge Moody further held “Plaintiffs’ removal had no basis under the law or facts. Simply put, the removal was not objectively reasonable.”   Accordingly, the Court Ordered the case sent back to State Court and that the Federal Court would award Defendants [Seafarer] a reasonable amount of attorney’s fees and costs.” Seafarer collected such attorney’s fees through counsel. Such case was remanded to the Circuit Court in Hillsborough County, where Seafarer had the motion to file the Counterclaims and Third Party Claims heard and an Order Granting the filing and service of such claims was made by Circuit Judge Paul Huey on December 13, 2013. Seafarer filed such complaint and served such Counterclaim Defendants and Third Party Defendants during the months of December 2013 and January 2014. Such complaint included claims by Seafarer for damages including punitive damages against the Plaintiffs for their actions, which is alleged to have materially damaged the Corporation and its shareholders. Such litigation continues and the Company will continue to fight the release of such shares for sale. It is the position of Seafarer that due to the actions involved with such shares, they are tainted and should be ordered to be cancelled. Seafarer intends to continuously pursue this defense.

In early October 2013, counsel for Seafarer was contacted by counsel representing the listed Plaintiff, CADEF: The Childhood Autism Foundation (CADEF), as to their being named in the lawsuit as Plaintiffs in the State Court action and the litigation being done in their name. Pursuant to those discussions, on November 5, 2013, Seafarer, Kyle Kennedy (individually), Cleartrust LLC and CADEF entered into a Settlement Agreement and Release from Litigation. CADEF agreed to surrender all rights to the 1,000,000 shares in its name, as well as causing dismissal of any such claims against the Seafarer, Kennedy and Cleartrust that had been brought in their name in the lawsuit. Specifically, CADEF agreed: “CADEF agrees that the following matters of fact exist based upon the knowledge of its Board of Directors and Principals: A) The Board of Directors of CADEF had no knowledge of the share certificate ever being issued for its benefit or the existence of such share certificate until recently in the month of October 2013 when such shares were sent to them. B) The Board of Directors of CADEF never authorized the filing of the lawsuit cited above or to be a party to such. C) Because of the above in B) CADEF’s Board of Directors was never advised of any settlement offer being made by the Defendants nor of the mediation held on September 11, 2013. On approximately October 30, 2013 CADEF delivered such 1,000,000 shares to counsel for Seafarer. Such shares were cancelled subsequently.

During the fall of 2014, the Company through counsel, conducted a number of depositions in the matter, including Micah Eldred and other parties. As well the Company filed three motions against the Defendants. Included in these motions were a motion to dismiss for fraudulent conduct in the naming of a party as a plaintiff which had no knowledge of the lawsuit, and failure to related settlement offers to the Plaintiffs. The second motion was for sanctions for intentional destruction of documentary evidence related to such shares. As to the second motion, the Court entered an order granting the motion for sanctions, finding that the Defendants had intentionally destroyed evidence, but the Court abated determining the sanctions until a later date. The third motion was to dismiss for fraudulent conduct, wherein the Plaintiffs allege that the Defendant, Eldred had made illicit offers to elicit false testimony. Both of the motions for sanctions are currently pending before the Court. As well in the first week of January 2015, the Defendants filed two simultaneous motions for summary judgment for dismissal of all counts in the case. That motion for summary judgment is currently pending before the Court.

In the ongoing litigation in the above case against Micah Eldred and associated persons to protect the interests of the shareholders, the Corporation followed up on its counter-claims against Eldred by the filing of a notice of appeal of the dismissal of such claims, to the Second District Court of Appeal for Florida on May 17, 2014.   On May 29, 2014, the Company was served a secondary lawsuit in Hillsborough County. The lawsuit challenges the creation of the Preferred B Series of Shares and the increase in authorized shares. The lawsuit in the opinion of the Corporation and multiple counsel has no merit since the corporation’s articles of incorporation and Florida statutes allow for the creation of the preferred shares, and thus the increase in authorized shares. The Corporation is defending such lawsuit and seeking dismissal by motion and judgment through the motion for summary judgment.

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 six person 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.

On June 18, 2013, Seafarer began litigation against Tulco Resources, LLC, in a lawsuit filed in the Circuit Court in and for Hillsborough County, Florida. Such suit was filed for against Tulco based upon  for breach of contract, equitable relief and injunctive relief. Tulco was the party holding the rights under a permit to a treasure site at Juno Beach, Florida. Tulco and Seafarer had entered into contracts  in March 2008, and later renewed under an amended agreement on June 11, 2010. Such permit was committed to by Tulco to be an obligation and contractual duty to which they would be responsible for payment of all costs in order for the permit to be reissued. Such obligation is contained in the agreement of March 2008 which was renewed in the June 2010 agreement between Seafarer and Tulco. Tulco made the commitment to be responsible for payments of all necessary costs for the gaining of the new permit. Tulco never performed on such obligation, and Seafarer during the period of approximately March 2008 and April 2012 had endeavored and even had to commence a lawsuit to gain such permit which was awarded in April 2012. Seafarer alleges in their complaint the expenditure of large amounts of shares and monies for financing and for delays due to Tulco’s non-performance. Seafarer seeks monetary damages and injunctive relief for the award of all rights held by Tulco to Seafarer. As of March 24, 2014, Seafarer, through Counsel with the assistance of a licensed investigator, established there was no party or individual to be served from Tulco due to the death of the former Manager, and having no other legal person or entity to serve, has established that it will seek the entry of a default judgment, and final judgment for award of all rights to such site for contractual and other rights held by Tulco. Seafarer gained a default and final Judgment on such matter on July 23, 2014. Seafarer is now working with the State for the renewed permit to be in Seafarer’s name and rights only, with Tulco removed per the Order of the Court. On March 4, 2015, the Court awarded full rights to the Juno site to Seafarer Exploration, erasing all rights of Tulco Resources. The company is currently filing an Admiralty Claim over such site as well in the United States District Court.     

On September 3, 2014, the Company filed a lawsuit against Darrel Volentine, of California. Mr. Volentine was sued in two counts of libel per se under Florida law, as well as a count for injunction against the Defendant to exclude and prohibit internet postings. Such lawsuit was filed in the Circuit Court in Hillsborough County, Florida.  Such suit is based upon internet postings on www.investorshub.com . On or about October 15, 2014, the Company and Volentine entered into a stipulation whereby Volentine admitted to his tortious conduct, however the stipulated damages agreed to were rejected by the Court, and the Company is proceeding to trial on damages against Volentine in a non-jury trial on December 1, 2015. The Defendant is the subject of a contempt of court motion by the Company for continued internet postings and communications that violate his injunction imposed upon him, and the Company will be seeking further damages and an order of contempt against Mr. Volentine for a number of sanctions available.

XML

Related Party Transactions

12 Months Ended

Dec. 31, 2015

Notes to Financial Statements

RELATED PARTY TRANSACTIONS

NOTE 10 – RELATED PARTY TRANSACTIONS

In January of 2015, an individual who is related to the Company’s CEO entered into a subscription agreement to purchase 350,000 shares of the Company’s restricted common stock at a price of $0.0032 per share and the Company received proceeds of $1,120.

In January of 2015, the Company extended the term of a previous 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 8,000,000 restricted shares of its common stock and to negotiate future compensation on a year-by-year basis. The Company also agreed to reimburse the Director for pre-approved expenses. A portion of the 8,000,000 shares are included as an expense in consulting and contractor fees in the accompanying income statement and the remainder of the shares are going to be expensed over a twelve month period, these shares are included in the accompanying balance sheet as a prepaid expense.

In January of 2015, the Company extended the term of a previous 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 6,000,000 restricted shares of its common stock and to negotiate future compensation on a year-by-year basis. The Company also agreed to reimburse the Director for pre-approved expenses. A portion of the 6,000,000 shares are included as an expense in consulting and contractor fees in the accompanying income statement and the remainder of the shares are going to be expensed over a twelve month period, these shares are included in the accompanying balance sheet as a prepaid expense.

In February and March of 2015, a related party shareholder provided an interest free loan to the Company in the amount of $2,900. As of December 31, 2015, the loan balance outstanding to the related party shareholder was $2,900.

In May of 2015, an individual who is related to the Company’s CEO entered into a subscription agreement to purchase 5,000,000 shares of the Company’s restricted common stock at a price of $0.0032 per share and the Company received proceeds of $16,000. The related party also received a warrant to purchase 5,000,000 at a price of $0.005 for eighteen months from the execution date of the subscription agreement.

In July of 2015, the Company entered into a convertible promissory note agreement in the amount of $9,000 with an individual 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 14, 2016. 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 $0.003 per share.  

In August of 2015, an individual who is related to the Company’s CEO entered into a subscription agreement to purchase 2,000,000 shares of the Company’s restricted common stock at a price of $0.002 per share and the Company received proceeds of $4,000. Under the subscription agreement the related party investor received a warrant to purchase 2,000,000 shares of the Company’s common stock at a price of 0.005 for a period of one year from the execution date of the subscription agreement.

In August of 2015, an individual who is related to the Company’s CEO entered into a subscription agreement to purchase 750,000 shares of the Company’s restricted common stock at a price of $0.002 per share and the Company received proceeds of $1,500. Under the subscription agreement the related party investor received a warrant to purchase 750,000 shares of the Company’s common stock at a price of 0.01 for a period of eighteen months form the execution date of the subscription agreement.

In October of 2015, the Company entered into a promissory note agreement in the amount of $10,000 with an individual 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 were due on or before November 15, 2015. The note also provided that the related party lender would receive a 500,000 share origination fee for providing the loan and an additional 3,000,000 shares if the loan was not repaid by the due date. The note is not secured and was still outstanding at December 31, 2015.  

In December 2015, the Company’s CEO provided an interest free loan to the Company in the amount of $100. There was no repayment terms of this loan and the loan remained outstanding as of December 31, 2015.

In December 2015, the Company’s CEO paid legal fees on behalf of the Company totaling $29,683. The Company agreed that the payments would be converted into a shareholder loan and the CEO would receive 6% interest on the outstanding balance. The Company also agreed to pay 3,000,000 shares of its restricted common stock to the CEO in the event that the loan was not repaid by June 14, 2016.

In December of 2015, an individual who is related to the Company’s CEO entered into a subscription agreement to purchase 1,000,000 shares of the Company’s restricted common stock at a price of $0.002 per share and the Company received proceeds of $2,000. Under the subscription agreement the related party investor received a warrant to purchase 1,000,000 shares of the Company’s common stock at a price of 0.04 for a period of eighteen months form the execution date of the subscription agreement.

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 $3,000 per month to provide general business consulting, industry research, monitoring and assessing the Company's business and to advise management with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions and identifying and evaluating alternative courses of action, perform background research including background checks and provide investigative information on individuals and companies and acting as an administrative specialist to perform various administrative duties and clerical services including reviewing the Company’s agreements and books and records. The consultant provides the services under the direction and supervision of the Company’s CEO. The Company paid the related party consultant a total of $47,200 in 2015, an amount that included bonus payments for extra services provided to the Company. All fees paid to the related party consultant during the period ended December 31, 2015 and 2014 are included as an expense in consulting and contractor expenses in the accompanying statements of operations.

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. At December 31, 2015, the Company owed the related party limited liability company $27,287 for transfer agency services rendered and for the reimbursement of legal fees. . In January 2015, the Company entered into a separate debt settlement agreement with the related party vendor to settle a total of $62,936 of outstanding debt related to legal fees incurred by the related party vendor due to a lawsuit against the Company in which suit the related party vendor was also named as a defendant due to its position as the Company’s stock transfer agency. The Company issued 15,734,068 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 $62,936 from the sale of the stock, then the consultant is entitled to receive up to an additional 5,000,000 shares of common stock or a cash payment until the balance is paid in full. The Company paid the transfer agency $5,451 in 2015 for transfer agency fees. All fees paid to the related party consultant during the period ended December 31, 2015 and 2014 are included as an expense in consulting and contractor expenses in the accompanying statements of operations.

The Company agreed to rent a cesium vapor magnetometer from a related party in 2014. As of December 31, 2015 the Company and the related party had not entered into a written rental agreement and were still negotiating the amount to be paid in order for the Company to lease the magnetometer. No payments or funds were owed to the related party as of December 31, 2015.

At December 31, 2015 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 payments 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 note is currently in default due to non-payment of principal and interest.

A convertible note payable 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 were 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 note is currently in default due to non-payment of principal and interest.

A note payable dated February 24, 2010 in 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 note is currently in default due to non-payment of principal and interest.

A convertible note payable 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.

A convertible note payable dated January 19, 2013 due to a person related to the Company’s CEO with a face amount of $15,000. This note bears interest at a rate of 6% per annum with accrued interest to be paid at the time that the principal balance is repaid or the note is converted into shares of the Company’s common stock. The note is convertible at the note holder’s option into the Company’s common stock at $0.004 per share.  The convertible note payable was due on or before July 30, 2013 and is not secured.  The note is currently in default due to non-payment of principal and interest.

A convertible note payable dated July 26, 2013 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 6% per annum with accrued interest to be paid at the time that the principal balance is repaid or the note is converted into shares of the Company’s common stock. The note is convertible at the note holder’s option into the Company’s common stock at $0.01 per share.  The convertible note payable was due on or before January 26, 2014 and is not secured.  The note is currently in default due to non-payment of principal and interest.

A convertible note payable dated January 17, 2014 due to a person related to the Company’s CEO with a face amount of $31,500. This note bears interest at a rate of 6% per annum with accrued interest to be paid at the time that the principal balance is repaid or the note is converted into shares of the Company’s common stock. The note is convertible at the note holder’s option into the Company’s common stock at $0.006 per share.  The convertible note payable is due on or before July 17, 2015 and is not secured. The note is currently in default due to non-payment of principal and interest.

A convertible note payable dated May 27, 2014 due to a person related to the Company’s CEO with a face amount of $7,000. This note bears interest at a rate of 6% per annum with accrued interest to be paid at the time that the principal balance is repaid or the note is converted into shares of the Company’s common stock. The note is convertible at the note holder’s option into the Company’s common stock at $0.007 per share.  The convertible note payable was due on or before November 27, 2014 and is not secured. The note is currently in default due to non-payment of principal and interest.

A convertible note payable dated July 21, 2014 due to a person related to the Company’s CEO with a face amount of $17,000. This note bears interest at a rate of 6% per annum with accrued interest to be paid at the time that the principal balance is repaid or the note is converted into shares of the Company’s common stock. The note is convertible at the note holder’s option into the Company’s common stock at $0.008 per share. The convertible note payable was due on or before January 25, 2015 and is not secured. The note is currently in default due to non-payment of principal and interest.

A convertible note payable dated October 16, 2014 due to a person related to the Company’s CEO with a face amount of $21,000. This note bears interest at a rate of 6% per annum with accrued interest to be paid at the time that the principal balance is repaid or the note is converted into shares of the Company’s common stock. The note is convertible at the note holder’s option into the Company’s common stock at $0.0045 per share.  The convertible note payable was due on or before April 16, 2015 and is not secured.  The note is currently in default due to non-payment of principal and interest.

A convertible note payable dated July 14, 2015 due to a person related to the Company’s CEO with a face amount of $9,000. This note bears interest at a rate of 6% per annum with accrued interest to be paid at the time that the principal balance is repaid or the note is converted into shares of the Company’s common stock. The note is convertible at the note holder’s option into the Company’s common stock at $0.0030 per share.  The convertible note payable was due on or before January 14, 2016 and is not secured.  

A loan in the amount of $2,920 due to a related party shareholder. This loan does not bear interest and has no specific repayment terms.

A note payable dated October 6, 2015 in the principal amount of $10,000 due to one of the Company’s Directors. The loan is not secured and pays interest at a rate of 6% per annum and the principle and accrued interest was due on or before November 11, 2015. This note is currently in default due to non-payment of principal and interest.

A loan in the amount of $100 due to the Company’s CEO. This loan does not bear interest and has no specific repayment terms.

The Company also has a loan outstanding due to its CEO in the amount of $29,683. The loan is not secured and pays interest at a 6% per annum and the principal and accrued interest are due on or before June 14, 2016.

XML

Subsequent Events

12 Months Ended

Dec. 31, 2015

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 11 - SUBSEQUENT EVENTS

Per the Company’s filing on Form 8-K filed on January 26, 2016, the Board of Directors, pursuant to Section 607.0704, Florida Statutes, the Board of Directors, acting as shareholders of the Preferred Shares and pursuant to their own resolution, voted to increase the authorized shares of the Corporation from 1,500,000,000 common shares to 1,750,000,000 common shares. Such filing was filed with the State of Florida on January 20 th , 2016.

Per the Company’s filing on Form 8-K filed on March 23, 2016 , on March 23, 2016 the Board of Directors signed a universal settlement agreement with the Plaintiffs in the litigation matters of Micah Eldred, et al., v. Seafarer Exploration, et al. , Hillsborough County, Florida, Case No. 09-CA-30763, and Micah Eldred v. Seafarer Exploration Corp., et al., Hillsborough County, Florida , Case No. 14-CA-5360,  and in the matter of Seafarer Exploration, et al. v. Micah Eldred, et al., Hillsborough County, Florida, Court of Appeals Case No. 14-2884, specifically: Micah Eldred, Michael Daniels, Diane J. Harrison, James Eldred, Mary R. Eldred, Michole Eldred, Nathan Eldred, Toni A. Eldred, Toni A. Eldred FBO Jordan Gratton, Toni A. Eldred FBO Justin Gratton, Vanessa A Verbosh, Oksana Savchenko, Matthew J. Presy, Olessia Kritskaia, Ekaterina Messinger, Abby Lord, Ioulia Hess, Anna Krokhina, George Linder, Christine Zitman, Carl Dilley, Heather Dilley, Robert Lizzano, Elizabeth Lizzano, Karen Lizzano, Susan Miller, Jillian Mally, Michael Mona, Alan Wolper, Sarah Wolper, Alan Wolper FBO Michael Wolper, Spartan Securities Group, Ltd., and Am Asia Consulting entered into the settlement agreement with Seafarer.  An earlier named party, CADEF, The Childhood Autism Foundation, Inc., had previously entered into a settlement agreement and is no longer a party in the Litigation. 

The settlement called for both cases to be dismissed, with prejudice, and the Plaintiffs in case number 09-CA-30763 agreed to surrender and cancel all of their 32,300,000 shares of restricted common stock to be returned to the treasury of the Corporation. All such shares have been returned for cancellation but have not yet been cancelled as of the filing date of this Form 10-K. On March 23, 2016 Seafarer CEO signed the resolution to cancel the 32,300,000 shares and instructed the transfer agent ClearTrust LLC to cancel the shares and return them to treasury for the benefit of Seafarer thus reducing the number of outstanding shares by 32,300,000 shares.

XML

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

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. There are no cash equivalents at December 31, 2015 and 2014.

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 because outstanding common stock equivalents would have been anti-dilutive, as of December 31, 2015 and 2014.

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

	For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Net loss attributable to common shareholders	$	(1,151,331	)	$	(2,151,361	)
Weighted average shares outstanding:
Basic and diluted		1,187,757,189			904,898,653
Loss per share:
Basic and diluted	$	(0.00	)	$	(0.00	)

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Effective January 1, 2008, fair value measurements are determined by the Company's adoption of authoritative guidance issued by the FASB, with the exception of the application of the statement to non-recurring, non-financial assets and liabilities, as permitted. Fair value is defined in the authoritative guidance as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy was established, which prioritizes the inputs used in measuring fair value into three broad levels as follows:

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

● Level 2 – Valuation based on, observable inputs (other than level one prices), quoted market prices for similar assets such as at the measurement date; quoted prices in the market that are not active; or other inputs that are observable, either directly or indirectly.

● 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.  The Company’s 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 the Company’s derivative liability is determined using Level 1 inputs, which consider (i) time value, (ii) current market and (iii) contractual prices. 

The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, receivables, accounts payable, notes payable and other payables, approximate their fair values because of the short maturity of these instruments.

Property and Equipment and Depreciation

Property and Equipment 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:

	2015			2014
Diving vessel	$	326,005		$	325,000
Generator		7,420			7,420
Less accumulated depreciation		(270,149	)		(236,165	)
	$	63,276		$	96,255

Depreciation expense for the years ended December 31, 2015 and 2014 amounted to $33,984.

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. ASC 360-10 provides guidance on accounting for property, plant, and equipment, and the related accumulated depreciation on those assets. ASC 360-10 also includes guidance on the impairment or disposal of long-lived assets. ASC 360-10 notes that long-lived tangible assets include land and land improvements, buildings, machinery and equipment, and furniture and fixtures. 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. The Company has determined there has been no impairment in the carrying value of its long-lived assets at December 31, 2015 and 2014, respectively.

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.

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 years ended December 31, 2015 and 2014, the Company did not report any revenues.

Convertible Notes Payable

Convertible Notes Payable

The Company accounts for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 provides comprehensive guidance on derivative and hedging transactions. It sets forth the definition of a derivative instrument and specifies how to account for such instruments, including derivatives embedded in hybrid instruments. In addition, ASC 815 establishes when reporting entities, in certain limited, well-defined circumstances, may apply hedge accounting to a relationship involving a designated hedging instrument and hedged exposure. Hedge accounting provides an alternative, special way of accounting for such relationships. ASC 815 also provides guidance on how reporting entities determine whether an instrument is (1) indexed to the reporting entity’s own stock and (2) considered to be settled in the reporting entity’s own stock. Such a determination will dictate whether an instrument should  be accounted for as debt or equity and the appropriate accounting for the instrument. Finally, ASC 815 addresses the accounting for non-exchange-traded weather derivatives. 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, 2015 and 2014, 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. ASC 470-10 addresses classification determination for specific obligations, such as short-term obligations expected to be refinanced on a long-term basis, due-on-demand loan arrangements, callable debt, sales of future revenue, increasing rate debt, debt that includes covenants, revolving credit agreements subject to lock-box arrangements and subjective acceleration clauses, indexed debt. 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.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

XML

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Components of loss per share

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

	For the Year Ended December 31, 2015			For the Year Ended December 31, 2014
Net loss attributable to common shareholders	$	(1,151,331	)	$	(2,151,361	)
Weighted average shares outstanding:
Basic and diluted		1,187,757,189			904,898,653
Loss per share:
Basic and diluted	$	(0.00	)	$	(0.00	)

Property and Equipment and Depreciation

	2015			2014
Diving vessel	$	326,005		$	325,000
Generator		7,420			7,420
Less accumulated depreciation		(270,149	)		(236,165	)
	$	63,276		$	96,255

XML

Capital Stock - Warrants and Options (Tables)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Warrants issued

April 20, 2015 to November 20, 2015	10,000,000	$	0.0050
May 08, 2015 to May 8, 2016	1,562,500	$	0.0050
May 11, 2015 to November11, 2016	5,000,000	$	0.0050
June 8, 2015 to December 8, 2016	10,000,000	$	0.0032
June 16, 2015 to December 16, 2016	2,000,000	$	0.0050
June 29, 2015 to December 29, 2015	8,333,334	$	0.0050
July 8, 2015 to January 8, 2017	700,000	$	0.0050
July 14, 2015 to January 14, 2017	3,000,000	$	0.0050
August 1, 2015 to August 1, 2016	2,000,000	$	0.0050
August 19, 2015 to February 19, 2017	750,000	$	0.0100
September 18, 2015 to September 18, 2020	4,000,000	$	0.0030
December 03, 2015 to June 03, 2017	2,000,000	$	0.0040
December 03, 2015 to December 03, 2016	900,000	$	0.0050
December 24, 2015 to June 24, 2016	12,500,000	$	0.0040
December 29, 2015 to June 29, 2017	1,000,000	$	0.0040
	63,745,834

XML

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate

	For the Year Ended December 31, 2015			For the Year Ended December 31,  2014
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	%

XML

Convertible Notes Payable and Notes Payable (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Convertible Notes Payable

Issue	Maturity	December 31,		Interest			Conversion
Date	Date	2015		Rate			Rate
Convertible notes payable:
April 20, 2015	April 20, 2016	$	38,000		6.00	%		0.00320
September 18, 2015	March 18, 2016		25,000		6.00	%		0.00200
Unamortized discounts			17,295
Balance		$	45,705

Convertible notes payable – related party
July 14, 2015	January 14, 2016	$	9,000	6.00	%	0.00300
Convertible notes payable, in default
October 31, 2012	April 30, 2013	$	8,000	6.00	%	0.0040
July 16, 2012	July 30, 2013		5,000	6.00	%	0.0050
November 20, 2012	May 20, 2013		50,000	6.00	%	0.0050
January 19, 2013	July 30, 2013		5,000	6.00	%	0.0040
February 11, 2013	August 11, 2013		9,000	6.00	%	0.0060
September 25, 2013	March 25, 2014		10,000	6.00	%	0.0125
August 28, 2009	November 1, 2009		4,300	10.00	%	0.0150
April 7, 2010	November 7, 2010		70,000	6.00	%	0.0080
November 12, 2010	November 7, 2011		40,000	6.00	%	0.0050
October 4, 2013	April 4, 2014		50,000	6.00	%	0.0125
October 30, 2013	October 30, 2014		50,000	6.00	%	0.0125
May 15, 2014	November 15, 2014		40,000	6.00	%	0.0070
October 13, 2014	April 13, 2015		25,000	6.00	%	0.0050
June 29, 2015	December 29, 2015		25,000	6.00	%	0.0050
Balance		$	391,300
Convertible notes payable - related party, in default
January 19, 2013	July 30, 2013	$	15,000	6.00	%	0.0040
January 9, 2009	January 9, 2010		10,000	10.00	%	0.0150
January 25, 2010	January 25, 2011		6,000	6.00	%	0.0050
January 18, 2012	July 18, 2012		50,000	8.00	%	0.0040
July 26, 2013	January 26, 2014		10,000	6.00	%	0.0100
January 17, 2014	July 17, 2014		31,500	6.00	%	0.0060
May 27, 2014	November 27, 2014		7,000	6.00	%	0.0070
July 21, 2014	January 25, 2015		17,000	6.00	%	0.0080
October 16, 2014	April 16, 2015		21,000	6.00	%	0.0045
Balance		$	167,500

Aggregate allocation of Notes Payable

	2015			2014
Face value of convertible notes payable	$	63,000		$	151,500
Beneficial conversion feature		(17,295	)		(29,212	)
Carrying value	$	45,705		$	122,288

Notes Payable

Issue Date	Maturity Date	2015		2014		Interest Rate
Notes payable, in default –related parties:
February 24, 2010	February 24, 2011	$	7,500	$	7,500		6.00	%
October 6, 2015	November 11, 2015		10,000		--		6.00	%
			17,500		7,500
Notes payable, in default:
June 23, 2011	August 23, 2011		25,000		25,000		6.00	%
April 27, 2011	April 27, 2012		5,000		5,000		6.00	%
			30,000		30,000
		$	47,500	$	37,500

Summary of effect on earnings

Face value of the convertible notes payable	$	137,000
Interest expense to record the convertible notes at
fair value on the date of issuance		93,479
Interest income to mark to market the convertible notes on December 31, 2015		80,597
December 31, 2015 fair value	$	311,076

XML

Significant Accounting Policies - Components of loss per share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Net loss attributable to common stockholders	$ (1,151,331)	$ (2,151,361)
Weighted average shares outstanding:
Basic and diluted	1,187,757,189	904,898,653
Loss per share:
Basic and diluted	$ 0.00	$ 0.00

XML

Significant Accounting Policies - Property and Equipment and Depreciation (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Property and Equipment, net	$ 63,276	$ 96,255
Less accumulated depreciation	(270,149)	(236,165)
Diving Vessel
Property and Equipment, net	326,005	325,000
Generator
Property and Equipment, net	$ 7,420	$ 7,420

XML

Significant Account Policies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Depreciation expense	$ 33,984	$ 33,984

XML

Capital Stock - Warrants and Options (Details) - $ / shares	Dec. 31, 2015	May. 31, 2015
Warrants issued	1,000,000	5,000,000
April 20, 2015 to November 20, 2015
Warrants issued	10,000,000
Warrants, Exercise Price	$ .0050
May 08, 2015 to May 8, 2016
Warrants issued	1,562,500
Warrants, Exercise Price	$ 0.0050
May 11, 2015 to November11, 2016
Warrants issued	5,000,000
Warrants, Exercise Price	$ 0.0050
June 8, 2015 to December 8, 2016
Warrants issued	10,000,000
Warrants, Exercise Price	$ .0032
June 16, 2015 to December 16, 2016
Warrants issued	2,000,000
Warrants, Exercise Price	$ .0050
June 29, 2015 to December 29, 2015
Warrants issued	8,333,334
Warrants, Exercise Price	$ .0050
July 8, 2015 to January 8, 2017
Warrants issued	700,000
Warrants, Exercise Price	$ 0.0050
July 14, 2015 to January 14, 2017
Warrants issued	3,000,000
Warrants, Exercise Price	$ 0.0050
August 1, 2015 to August 1, 2016
Warrants issued	2,000,000
Warrants, Exercise Price	$ 0.0050
August 19, 2015 to February 19, 2017
Warrants issued	750,000
Warrants, Exercise Price	$ 0.0100
September 18, 2015 to September 18, 2020
Warrants issued	4,000,000
Warrants, Exercise Price	$ 0.0030
December 03, 2015 to June 03, 2017
Warrants issued	2,000,000
Warrants, Exercise Price	$ 0.0040
December 03, 2015 to December 03, 2016
Warrants issued	900,000
Warrants, Exercise Price	$ 0.0050
December 24, 2015 to June 24, 2016
Warrants issued	12,500,000
Warrants, Exercise Price	$ 0.0040
December 29, 2015 to June 29, 2017
Warrants issued	1,000,000
Warrants, Exercise Price	$ 0.0040

XML

Capital Stock (Details Narrative) - $ / shares	12 Months Ended
	Dec. 31, 2015	Jan. 26, 2016	Dec. 31, 2014	Feb. 10, 2014
Common stock, shares authorized	1,500,000,000	1,750,000,000	1,200,000,000
Common stock, par value	$ 0.0001		$ 0.0001
Authorized preferred shares	50,000,000		50,000,000
Common shares issued and outstanding subject to anti-dilution protection	38,707,143
Warrants
Common stock, shares authorized	4,000,000
Exercise price	$ 0.005
Series A
Shares of common stock from the conversion of each share of preferred stock	214,289
Percent of any found artifacts found	1.00%
Series B
Authorized preferred shares				50,000,000
Preferred shares created				60
Voting power total				60.00%

XML

Income Taxes - Schedule of Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income tax at federal statutory rate	(34.00%)	(34.00%)
State tax, net of federal effect	(3.96%)	(3.96%)
Income taxes	37.96%	37.96%
Valuation allowance	(37.96%)	(37.96%)
Effective rate	0.00%	0.00%

XML

Income Taxes (Details Narrative) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Net tax operating loss	$ 11,326,000	$ 10,175,000

XML

Lease Obligation (Details Narrative)	12 Months Ended
	Dec. 31, 2017 USD ($) ft²	Dec. 31, 2016 USD ($) ft²	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Base monthly rent			$ 45,857	$ 29,749
Corporate Office
Base monthly rent	$ 1,251	$ 1,215
Office space, area | ft²	823	823
Future minimum rental payments	$ 7,510	$ 14,802
Operations House
Base monthly rent			$ 1,300
Future minimum rental payments		$ 13,000

XML

Convertible Notes Payable and Notes Payable - Convertible Notes Payable (Details)	12 Months Ended
	Dec. 31, 2015 USD ($) $ / shares
Convertible notes payable, Unamortized discount	$ 17,295
Convertible notes payable, Total	45,705
Convertible notes payable, in default, Total	391,300
Convertible notes payable - related parties, in default, Total	$ 167,500
Notes Issued April 20, 2015
Convertible notes payable, Maturity date	Apr. 20, 2016
Convertible notes payable	$ 50,000
Convertible notes payable, Interest rate	6.00%
Convertible notes payable, Conversion rate | $ / shares	$ .00320
Notes Issued September 18, 2015
Convertible notes payable, Maturity date	Mar. 18, 2016
Convertible notes payable	$ 25,000
Convertible notes payable, Interest rate	6.00%
Convertible notes payable, Conversion rate | $ / shares	$ .00200
Notes Issued July 14, 2015
Convertible notes payable - related party, Maturity date	Jan. 14, 2016
Convertible notes payable - related party	$ 9,000
Convertible notes payable - related parties, Interest rate	6.00%
Convertible notes payable - related parties, Conversion rate | $ / shares	$ 0.00300
Notes Issued Oct 31, 2012
Convertible notes payable, in default, Maturity date	Apr. 30, 2013
Convertible notes payable, in default	$ 8,000
Convertible notes payable, in default, Interest rate	6.00%
Convertible notes payable, in default, Conversion rate | $ / shares	$ 0.0040
Notes Issued Jul 16, 2012
Convertible notes payable, in default, Maturity date	Jul. 30, 2013
Convertible notes payable, in default	$ 5,000
Convertible notes payable, in default, Interest rate	6.00%
Convertible notes payable, in default, Conversion rate | $ / shares	$ 0.0050
Notes Issued Nov 20, 2012
Convertible notes payable, in default, Maturity date	May 20, 2013
Convertible notes payable, in default	$ 50,000
Convertible notes payable, in default, Interest rate	6.00%
Convertible notes payable, in default, Conversion rate | $ / shares	$ 0.0050
Notes Issued Jan 19, 2013
Convertible notes payable, in default, Maturity date	Jul. 30, 2013
Convertible notes payable, in default	$ 5,000
Convertible notes payable, in default, Interest rate	6.00%
Convertible notes payable, in default, Conversion rate | $ / shares	$ 0.0040
Convertible notes payable - related parties, in default, Maturity date	Jul. 30, 2013
Convertible notes payable - related parties, in default	$ 15,000
Convertible notes payable - related parties, in default, Interest rate	6.00%
Convertible notes payable - related parties, in default, Conversion rate | $ / shares	$ 0.0040
Notes Issued Feb 11, 2013
Convertible notes payable, in default, Maturity date	Aug. 11, 2013
Convertible notes payable, in default	$ 9,000
Convertible notes payable, in default, Interest rate	6.00%
Convertible notes payable, in default, Conversion rate | $ / shares	$ 0.0060
Notes Issued Sep 25, 2013
Convertible notes payable, in default, Maturity date	Mar. 25, 2014
Convertible notes payable, in default	$ 10,000
Convertible notes payable, in default, Interest rate	6.00%
Convertible notes payable, in default, Conversion rate | $ / shares	$ 0.0125
Notes Issued Aug 28, 2009
Convertible notes payable, in default, Maturity date	Nov. 01, 2009
Convertible notes payable, in default	$ 4,300
Convertible notes payable, in default, Interest rate	10.00%
Convertible notes payable, in default, Conversion rate | $ / shares	$ 0.0150
Notes Issued Apr 7, 2010
Convertible notes payable, in default, Maturity date	Nov. 07, 2010
Convertible notes payable, in default	$ 70,000
Convertible notes payable, in default, Interest rate	6.00%
Convertible notes payable, in default, Conversion rate | $ / shares	$ 0.0080
Notes Issued Nov 12, 2010
Convertible notes payable, in default, Maturity date	Nov. 07, 2011
Convertible notes payable, in default	$ 40,000
Convertible notes payable, in default, Interest rate	6.00%
Convertible notes payable, in default, Conversion rate | $ / shares	$ 0.0050
Notes Issued Oct 4, 2013
Convertible notes payable, in default, Maturity date	Apr. 04, 2014
Convertible notes payable, in default	$ 50,000
Convertible notes payable, in default, Interest rate	6.00%
Convertible notes payable, in default, Conversion rate | $ / shares	$ 0.0125
Notes Issued Oct 30, 2013
Convertible notes payable, in default, Maturity date	Oct. 30, 2014
Convertible notes payable, in default	$ 50,000
Convertible notes payable, in default, Interest rate	6.00%
Convertible notes payable, in default, Conversion rate | $ / shares	$ 0.0125
Notes Issued May 15, 2014
Convertible notes payable, in default, Maturity date	Nov. 15, 2014
Convertible notes payable, in default	$ 40,000
Convertible notes payable, in default, Interest rate	6.00%
Convertible notes payable, in default, Conversion rate | $ / shares	$ 0.0070
Notes Issued Oct 13, 2014
Convertible notes payable, in default, Maturity date	Apr. 13, 2015
Convertible notes payable, in default	$ 25,000
Convertible notes payable, in default, Interest rate	6.00%
Convertible notes payable, in default, Conversion rate | $ / shares	$ 0.0050
Convertible notes payable, in default, Total	$ 0.005
Notes Issued June 29, 2015
Convertible notes payable, in default, Maturity date	Dec. 29, 2015
Convertible notes payable, in default	$ 25,000
Convertible notes payable, in default, Interest rate	6.00%
Convertible notes payable, in default, Conversion rate | $ / shares	$ 0.0050
Notes Issued Jan 9, 2009
Convertible notes payable - related parties, in default, Maturity date	Jan. 09, 2010
Convertible notes payable - related parties, in default	$ 10,000
Convertible notes payable - related parties, in default, Interest rate	10.00%
Convertible notes payable - related parties, in default, Conversion rate | $ / shares	$ 0.0150
Notes Issued Jan 25, 2010
Convertible notes payable - related parties, in default, Maturity date	Jan. 25, 2011
Convertible notes payable - related parties, in default	$ 6,000
Convertible notes payable - related parties, in default, Interest rate	6.00%
Convertible notes payable - related parties, in default, Conversion rate | $ / shares	$ 0.0050
Notes 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 | $ / shares	$ 0.0040
Notes Issued Jul 26, 2013
Convertible notes payable - related parties, in default, Maturity date	Jan. 26, 2014
Convertible notes payable - related parties, in default	$ 10,000
Convertible notes payable - related parties, in default, Interest rate	6.00%
Convertible notes payable - related parties, in default, Conversion rate | $ / shares	$ 0.0100
Notes Issued Jan 17, 2014
Convertible notes payable - related parties, in default, Maturity date	Jul. 17, 2014
Convertible notes payable - related parties, in default	$ 31,500
Convertible notes payable - related parties, in default, Interest rate	6.00%
Convertible notes payable - related parties, in default, Conversion rate | $ / shares	$ 0.0060
Notes Issued May 27, 2014
Convertible notes payable - related parties, in default, Maturity date	Nov. 27, 2014
Convertible notes payable - related parties, in default	$ 7,000
Convertible notes payable - related parties, in default, Interest rate	6.00%
Convertible notes payable - related parties, in default, Conversion rate | $ / shares	$ 0.0070
Notes Issued Jul 21, 2014
Convertible notes payable - related parties, in default, Maturity date	Jan. 25, 2015
Convertible notes payable - related parties, in default	$ 17,000
Convertible notes payable - related parties, in default, Interest rate	6.00%
Convertible notes payable - related parties, in default, Conversion rate | $ / shares	$ 0.0080
Notes Issued Oct 16, 2014
Convertible notes payable - related parties, in default, Maturity date	Oct. 22, 2014
Convertible notes payable - related parties, in default	$ 21,000
Convertible notes payable - related parties, in default, Interest rate	6.00%
Convertible notes payable - related parties, in default, Conversion rate | $ / shares	$ 0.0045

XML

Convertible Notes Payable and Notes Payable - Notes Payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Notes payable, in default, Total	$ 30,000	$ 30,000
Notes Payable, Total	$ 47,500	$ 37,500
Notes Issued Feb 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%
Notes Issued October 6, 2015
Notes payable, in default –related parties, Maturity date	Nov. 11, 2015
Notes payable, in default –related parties	$ 10,000
Notes payable, in default –related parties, Interest rate	6.00%
Notes Issued Jun 23, 2011
Notes payable, in default, Maturity date	Aug. 03, 2011	Aug. 23, 2011
Notes payable, in default	$ 25,000	$ 25,000
Notes payable, in default, Interest rate	6.00%	6.00%
Notes Issued Apr 27, 2011
Notes payable, in default, Maturity date	Apr. 27, 2012	Apr. 27, 2012
Notes payable, in default	$ 5,000	$ 5,000
Notes payable, in default, Interest rate	6.00%	6.00%

XML

Convertible Notes Payable and Notes Payable - Aggregate allocation of Notes Payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Face value of convertible notes payable	$ 63,000	$ 151,500
Beneficial conversion feature and warrants	(17,295)	(29,212)
Carrying value	$ 45,705	$ 122,288

XML

Convertible Notes Payable and Notes Payable - Summary of effect on earnings (Details)	12 Months Ended
	Dec. 31, 2015 USD ($)
Debt Disclosure [Abstract]
Face value of the convertible notes payable	$ 137,000
Interest expense to record the convertible notes at fair value on the date of issuance	93,479
Interest expense to mark to market the convertible notes	80,597
Fair Value	$ 311,076

XML

Convertible Notes Payable and Notes Payable (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Total convertible notes issued	$ 109,000
Interest on note payable	6.00%
Interest Expense	$ 135,581	$ 91,754
Accrued interest	111,168
Convertible notes payable total	75,000
Loan outstanding to related party	2,920
Derivative loss	166,771
Convertible notes payable, fair value	$ 311,076	761,677
Increase amount of interest on notes payable	24.00%
Notes Issued Apr 24, 2014
Convertible notes payable total	$ 107,000
Loan payable, Interest rate	12.00%
Original issue discount of note payable	$ 7,000
Variable conversion price	60.00%
Derivative loss	$ 166,771
Loss on derivative financial instrument	$ 166,771
Repayment on notes		$ 20,000
Conversion price	$ 52,000	$ 35,000
Notes converted into shares of common stock	22,531,030	9,956,709
Notes Issued Aug 21, 2014
Convertible notes payable total	$ 40,000
Loan payable, Interest rate	8.00%
Variable conversion price	57.00%
Derivative loss	$ 34,971
Loss on derivative financial instrument	$ 34,971
Notes converted into shares of common stock	18,601,734
Notes Issued Sep 8, 2014
Convertible notes payable total	$ 53,500
Loan payable, Interest rate	12.00%
Original issue discount of note payable	$ 3,500
Variable conversion price	60.00%
Derivative loss	$ 42,080
Loss on derivative financial instrument	$ 42,080
Notes converted into shares of common stock	23,900,625
Notes Issued Nov 5, 2014
Convertible notes payable total	$ 53,000
Loan payable, Interest rate	8.00%
Variable conversion price	65.00%
Derivative loss	$ 22,057
Repayment on notes	$ 12,000
Notes converted into shares of common stock	15,980,220
Face value of convertible note	$ 53,000
Convertible notes payable, fair value	91,047
Notes Issued Dec 17, 2014
Convertible notes payable total	$ 43,000
Loan payable, Interest rate	8.00%
Variable conversion price	65.00%
Derivative loss	$ 40,980
Loss on derivative financial instrument	$ 40,980
Notes converted into shares of common stock	18,650,000
Notes Issued Aug 28, 2015
Convertible notes payable total	$ 44,000
Loan payable, Interest rate	12.00%
Original issue discount of note payable	$ 4,000
Variable conversion price	62.00%
Loss on derivative financial instrument	$ 32,210
Conversion price	$ 44,000
Face value of convertible note	$ 100,588
Market capitalization, maximum	$ 1,000,000
Market capitalization, maximum conversion price	25.00%
Conversion price, maximun	$ .00075
Notes Issued Sept 3, 2015
Convertible notes payable total	$ 38,500
Loan payable, Interest rate	12.00%
Original issue discount of note payable	$ 3,500
Variable conversion price	65.00%
Derivative loss	$ 42,308
Loss on derivative financial instrument	29,789
Face value of convertible note	38,500
Convertible notes payable, fair value	94,262
Eligible credit under note	200,000
Potential proceeds received	180,000
Notes Issued Sept 8, 2015
Convertible notes payable total	$ 27,000
Loan payable, Interest rate	8.00%
Variable conversion price	65.00%
Derivative loss	$ 16,690
Loss on derivative financial instrument	16,690
Face value of convertible note	27,000
Convertible notes payable, fair value	58,331
Notes Issued Dec 15, 2015
Convertible notes payable total	$ 27,500
Loan payable, Interest rate	12.00%
Original issue discount of note payable	$ 2,500
Variable conversion price	65.00%
Derivative loss	$ 29,789
Loss on derivative financial instrument	29,789
Face value of convertible note	27,500
Convertible notes payable, fair value	57,895
CEO
Loan outstanding to related party	$ 29,683
Loan payable, Interest rate	6.00%
CEO, Second Loan
Loan outstanding to related party	$ 100
Loan payable, Interest rate	0.00%

XML

Material Agreements (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2015	Dec. 31, 2015	Nov. 30, 2015	Oct. 31, 2015	Aug. 31, 2015	Apr. 30, 2015	Dec. 31, 2014
Payment of restricted common stock						11,000,000
Restricted shares of common stock issued consultant for services		1,103,448	2,000,000		2,000,000
Restricted shares restricted for 6 months					1,000,000
Restricted shares restricted for 1 year					1,000,000
Payment per month for archeological services		$ 3,500
Payment per month in restricted stock		5,000
Ongoing agreement, payment per month for archeological consulting services		3,500
Ongoing consulting agreement for business advisory services payment per month		5,000
Payment per month to related party LLC		3,000
Owed to related party LLC		47,200
Outstanding debt related to transfer agency services		27,287
Payments for transfer agent fees		5,451
Outstanding debt related to legal fees	$ 62,936	$ 27,287
Shares issued to vendor for outstanding debt	15,734,068
Vendor entitled to common stock, until debt is paid in full, Shares	5,000,000
Agreement #1
Payment of restricted common stock	6,000,000
Restricted shares of common stock issued consultant for services		8,000,000
Agreement #2
Payment of restricted common stock							6,000,000
Restricted shares of common stock issued consultant for services							6,000,000
Advisory Council Member 1-9
Payment of restricted common stock						1,000,000
Advisory Council Member 10
Payment of restricted common stock						2,000,000
Consulting Agreement #1
Restricted shares of common stock issued consultant for services				1,500,000
Consulting Agreement #2
Restricted shares of common stock issued consultant for services				2,000,000
Restricted shares restricted for 6 months				1,000,000
Restricted shares restricted for 1 year				1,000,000
Payment per day when travelling				$ 100
Quest, LLC
Entitlement of artifact recovery		60.00%
Ownership		50.00%

XML

Legal Proceedings (Details Narrative) - USD ($)	Oct. 30, 2013	Apr. 05, 2011	Dec. 11, 2009	Oct. 08, 2008
Commitments and Contingencies Disclosure [Abstract]
Amount loss of the lawsuit			$ 1,041,000
Shares issued to counsel for Seafarer	1,000,000
Compensatory damages		$ 5,080,000
Shares gifted by Micah Eldred				34,700,000
Shares kept by Eldred				4,140,000

XML

Related Party Transactions (Details Narrative) - USD ($)	1 Months Ended					12 Months Ended
	Dec. 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Jan. 31, 2015	Dec. 31, 2015	Oct. 31, 2015	Oct. 06, 2015	Aug. 30, 2015	Jul. 30, 2015	Jul. 14, 2015	May. 31, 2015	Dec. 31, 2014	Oct. 16, 2014	Jul. 21, 2014	May. 27, 2014	Jan. 17, 2014	Jul. 26, 2013	Jan. 19, 2013	Jan. 18, 2012	Feb. 24, 2010	Jan. 25, 2010	Jan. 09, 2009
Short term loan from related party shareholder	$ 2,920					$ 2,920
Payment of restricted common stock		11,000,000
Interest free loan		$ 2,920	$ 2,900	$ 2,900		2,900
Convertible note payable, amount								$ 10,000		$ 9,000	$ 9,000			$ 21,000	$ 17,000	$ 7,000	$ 31,500	$ 10,000	$ 15,000	$ 50,000	$ 7,500	$ 6,000	$ 10,000
Convertible note payable, interest rate per annum								6.00%		6.00%	6.00%			6.00%	6.00%	6.00%	6.00%	6.00%	6.00%	8.00%	6.00%	6.00%	10.00%
Convertible note payable, common stock price per share										$ .003	$ 0.0045			$ 0.0045	$ 0.008	$ 0.007	$ 0.006	$ 0.01	$ 0.004	$ 0.004		$ 0.005	$ 0.015
Promissory note payable, amount							$ 10,000
Promissory note payable, interest rate per annum							6.00%
Origination fee, shares							500,000
Shares issued if note unpaid by due date							3,000,000
Legal fees						29,683
Payment to related party consultant per month						3,000
Outstanding debt related to legal fees	$ 27,287				$ 62,936	$ 27,287
Shares issued to vendor for outstanding debt					15,734,068
Vendor entitled to common stock, until debt is paid in full, Shares					5,000,000
Subscription agreement, shares	1,000,000				350,000	1,000,000						5,000,000
Subscription agreement, price per share	$ 0.002				$ 0.0032	$ 0.002						$ .0032
Subscription agreement, proceeds received	$ 2,000				$ 1,120	$ 2,000						$ 16,000
Warrants issued	1,000,000					1,000,000						5,000,000
Warrants, exercise price	$ 0.04					$ 0.04						$ .005
Paid to related party consultant						$ 47,200
Transfer agency fees						$ 5,451
Agreement #1
Payment of restricted common stock					6,000,000
Interest free loan	$ 100
Due to CEO, interest rate	6.00%					6.00%
Restricted shares due to CEO if loan is unpaid	3,000,000					3,000,000
Subscription agreement, shares									2,000,000
Subscription agreement, price per share									$ .002
Subscription agreement, proceeds received									$ 4,000
Warrants issued									2,000,000
Warrants, exercise price									$ .005
Agreement #2
Payment of restricted common stock													6,000,000
Subscription agreement, shares									750,000
Subscription agreement, price per share									$ .002
Subscription agreement, proceeds received									$ 1,500
Warrants issued									750,000
Warrants, exercise price									$ .01

XML

Subsequent Events (Details Narrative) - shares	Mar. 26, 2016	Jan. 26, 2016	Dec. 31, 2015	Dec. 31, 2014
Subsequent Events [Abstract]
Common Shares Authorized		1,750,000,000	1,500,000,000	1,200,000,000
Restricted shares cancelled	32,300,000