10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

Amendment No. 1

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2017

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to __________.

Commission File Number 000-29461

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 209-N, Tampa, Florida 33618

(Address of principal executive offices)(Zip code)

(813) 448-3577

Registrant’s telephone number

1

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 ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☑ No ☐

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	☐	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☑
(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  ☐ No ☑

As of May 15, 2017, there were 2,429,980,249 shares of the registrant’s common stock, $.0001 par value per share, outstanding.

2

EXPLANATORY NOTE

The purpose of this amendment on Form 10-Q/A to Seafarer Exploration Corp's Quarterly Report on Form 10-Q for the period ended March 31, 2017, filed with the Securities and Exchange Commission on May 15, 2017 is solely to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T.

No other changes have been made to the Form 10-Q. This Amendment No. 1 to the Form 10-Q speaks as of the original filing date of the Form 10-Q, 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-Q.

3

Item 6. Exhibits

Set forth below is a list of the exhibits to this quarterly report on Form 10-Q.

Exhibit Number	Description
**31.1	Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities and  Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
**32.1	Certification of the Chief Executive Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities and  Exchange Act of 1934, as amended, and 18 U.S.C. 1350, as adopted pursuant to Section 906 of the  Sarbanes-Oxley Act of 2002.

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

* Furnished herewith.

** Previously filed.

4

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Seafarer Exploration Corp.
Date: May 23, 2017	By:	/s/ Kyle Kennedy
		Kyle Kennedy President, Chief Executive Officer, and Chairman of the Board (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

Date: May 23, 2017	By:	/s/ Chuck Branscomb
		Chuck Branscomb, Director

Date: May 23, 2017	By:	/s/ Robert L. Kennedy
		Robert L. Kennedy, Director

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Document and Entity Information - shares

3 Months Ended

Mar. 31, 2017

May 15, 2017

Document And Entity Information

Entity Registrant Name

SEAFARER EXPLORATION CORP

Entity Central Index Key

0001106213

Document Type

10-Q/A

Document Period End Date

Mar. 31, 2017

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 Common Stock, Shares Outstanding

2,429,980,249

Amendment Description

The purpose of this amendment on form 10-Q to Seafarer Exploration Corp's Quarterly Report for the period ended March 31, 2017, filed with the Securities and Exchange Commission on May 15, 2017 is solely to furnish Exhibit 101 to the Form 10-QK in accordance with rule 405 of Regulation S-T. No other changes have been made to the Form 10-Q. This Amendment No. 1 to the Form 10-Q speaks of the original filing date of the Form 10-Q, 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-Q.

Document Fiscal Period Focus

Q1

Document Fiscal Year Focus

2017

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Condensed Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash	$ 62,478	$ 24,549
Prepaid expenses	102,683	20,606
Deposits	750	750
Total current assets	165,911	45,905
Property and equipment, net	45,796	54,292
Total Assets	211,707	100,197
Current liabilities:
Accounts payable and accrued expense	341,363	332,106
Convertible notes payable, net of discounts of $48,352 and $22,423	21,398	27,327
Convertible notes payable, related parties, net of discounts of $18,750 and $156	6,250	2,244
Convertible notes payable, in default	441,300	444,952
Convertible notes payable, in default - related parties	206,500	196,500
Shareholder loan	17,070	22,270
Notes payable, in default	30,000	30,000
Notes payable, in default - related parties	17,500	17,500
Total current liabilities	1,081,381	1,072,899
Stockholders' deficit:
Preferred stock, $0.0001 par values - 50,000,000 shares authorized; 67 shares issued; Series A - 7 shares issued and outstanding at March 31, 2017 and December 31, 2016; Series B - 60 shares issued and outstanding at March 31, 2017 and December 31, 2016
Common stock, $0.0001 par value 2,900,000,000 shares authorized; 2,416,055,632 and 2,194,976,061 shares issued and outstanding at March 31, 2017 and December 31, 2016	241,606	219,498
Additional paid-in capital	11,887,490	11,485,588
Accumulated deficit	(12,998,770)	(12,677,788)
Total stockholders' deficit	(869,674)	(972,702)
Total liabilities and stockholders' deficit	211,707	100,197
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 March 31, 2017 and December 31, 2016; Series B - 60 shares issued and outstanding at March 31, 2017 and December 31, 2016
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 March 31, 2017 and December 31, 2016; Series B - 60 shares issued and outstanding at March 31, 2017 and December 31, 2016

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Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Discounts on convertible notes payable	$ 48,352	$ 22,423
Discounts on convertible notes payable, related parties	$ 18,750	$ 156
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
Common stock, shares authorized	2,900,000,000	2,900,000,000
Common stock, shares issued	2,416,055,632	2,194,976,061
Common Stock, shares outstanding	2,416,055,632	2,194,976,061
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

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Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Revenue
Expenses:
Consulting and contractor expenses	121,113	77,454
Vessel Maintenance and Dockage	13,025
Professional fees	18,180	20,500
General and administrative expenses	32,543	9,010
Depreciation expense	8,496	8,496
Rent expense	13,593	9,448
Surveying and site mapping	15,595
Travel and entertainment	10,444	16,001
Total operating expenses	232,989	140,909
Income (Loss) from operations	(232,989)	(140,909)
Other income (expense)
Interest (expense) income, net	(87,993)	(61,071)
Total other income (expense)	(87,993)	(61,071)
Net loss	$ (320,982)	$ (201,980)
Net loss per share - basic and diluted
Weighted average common shares outstanding - basic and diluted	1,345,436,472	1,345,436,472

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Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net loss	$ (320,982)	$ (201,980)
Adjustments to reconcile net income to net cash provided (used) by operating activities
Depreciation	8,496	8,496
Amortization of debt discount and interest expense on beneficial conversion feature of convertible notes		15,575
Unrealized gains/losses on fair value changes in derivatives	(9,742)	29,730
Common stock issued for services	119,700	8,000
Non-cash finance costs	1,200	2,340
Decrease in:
Prepaid expenses		12,608
Increase in:
Accounts payable and accrued expenses	9,257	51,873
Net cash provided (used) by operating activities	(192,071)	(73,358)
Cash flows from financing activities:
Proceeds from the issuance of common stock	160,000	22,000
Proceeds from the issuance of convertible notes payable	40,000	33,000
Proceeds from convertible notes payable, related party	30,000	5,000
Proceeds from loans from stockholders		4,260
Proceeds from notes payable		17,000
Net cash provided by financing activities	230,000	81,260
Net increase in cash	37,929	7,902
Cash - beginning of period	24,549	5,097
Cash - end of period	62,478	12,999
Supplemental disclosure of cash flow information:
Cash paid for interest expense
Cash paid for income taxes
Noncash financing activities:
Issuance of Common stock upon conversion of convertible debt and accrued interest	$ 73,160	$ 92,572

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Description of Business

3 Months Ended

Mar. 31, 2017

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.  Seafarer currently has two different wreck sites under permit with the State of Florida, one wreck site in the permit renewal process and one wreck site under contract with a private party and is working closely with the Florida Department of Historical Resources and the Florida Bureau of Archeological Research to research and document these, and additional, wreck sites.

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Going Concern

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Going Concern

NOTE 2 - GOING CONCERN

These condensed 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 May 15, 2017. 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 condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classifications of the liabilities that might be necessary should the Company be unable to continue as a going concern.

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Significant Accounting Policies

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Significant Accounting Policies

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

This summary of significant accounting policies of Seafarer Exploration Corp. is presented to assist in understanding the Company’s condensed financial statements. The condensed 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 condensed financial statements.

Accounting Method

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

Cash and Cash Equivalents

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

Revenue Recognition

The Company plans to recognize 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 will be recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability is reasonably assured. For the periods ended March 31, 2017 and 2016, the Company did not report any revenues.

Earnings Per Share

The Company has adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 260-10 which provides for calculation of "basic" and "diluted" earnings per share.  Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common stockholders by the weighted average common shares outstanding for the period.  Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity.  Basic and diluted losses per share were the same at the reporting dates as there were no common stock equivalents outstanding at March 31, 2017 and 2016.

Fair Value of Financial Instruments

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 notes recorded at fair value is determined using Level 3 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 March 31, 2017 and December 31, 2016:

	March 31, 2017			December 31, 2016
Diving vessel	$	326,005		$	326,005
Equipment		32,420			32,420
Less accumulated depreciation		(312,629	)		(304,133	)
	$	45,796		$	54,292

Depreciation expense for each of the three month periods ended March 31, 2017 and 2016 amounted to $8,496.

Impairment of Long-Lived Assets

In accordance with ASC 360-10, the Company, on a regular basis, reviews the carrying amount of long-lived assets for the existence of facts or circumstances, both internally and externally, that suggest impairment. The Company determines if the carrying amount of a long-lived asset is impaired based on anticipated undiscounted cash flows, before interest, from the use of the asset. In the event of impairment, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the asset. Fair value is determined based on appraised value of the assets or the anticipated cash flows from the use of the asset, discounted at a rate commensurate with the risk involved. There were no impairment charges recorded during the periods ended March 31, 2017 and 2016.

Employee Stock Based Compensation

The FASB issued SFAS No.123 (revised 2004), Share-Based Payment , which was superseded by ASC 718-10. ASC 718-10 provides investors and other users of financial statements with more complete and neutral financial information, by requiring that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost will be measured based on the fair value of the equity or liability instruments issued. SFAS 123(R) covers a wide range of share-based compensation arrangements, including share options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As of March 31, 2017, the Company has not implemented an employee stock based compensation plan.

Non-Employee Stock Based Compensation

The Company accounts for stock based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the measurement date guidelines enumerated in EITF 96-18,  Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling, Goods or Services , which was superseded by ASC 505-50.  The Company has issued compensatory shares for various services including, but not limited to, executive, board of directors, business consulting, corporate advisory, accounting, research, archeological, operations, strategic planning, corporate communications, financial, legal and administrative consulting services. As determined by Management the Company may issue compensatory shares in the future for these or other services.  

Use of Estimates

The process of preparing condensed 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 condensed financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts.

Convertible Notes Payable

The Company accounts for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free standing derivative financial instruments. ASC 815 provides for an exception to this rule when convertible notes, as host instruments, are deemed to be conventional, as defined by ASC 815-40.

  The Company accounts for convertible notes deemed conventional and conversion options embedded in non-conventional convertible notes which qualify as equity under ASC 815, in accordance with the provisions of ASC 470-20, which provides guidance on accounting for convertible securities with beneficial conversion features. Accordingly, the Company records, as a discount to convertible notes, the intrinsic value of such conversion options based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt. 

The classification of derivative instruments, including the determination of whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.  Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months from the balance sheet date. 

Convertible Notes Payable at Fair Value

The Company elected to account for this hybrid contract under the guidance of ASC 815-15-25-4.  This guidance allows an entity that initially recognizes a hybrid financial instrument that under paragraph  815-15-25-1 would be required to be separated into a host contract and a derivative instrument may irrevocably elect to initially and subsequently measure that hybrid financial instrument in its entirety at fair value (with changes in fair value recognized in earnings).

The fair value election is also available when a previously recognized financial instrument subject to a re-measurement event and the separate recognition of an embedded derivative. The fair value election may be made instrument by instrument. For purposes of this paragraph, a re-measurement event (new basis event) is an event identified in generally accepted accounting principles, other than the recognition of an other-than-temporary impairment, that requires a financial instrument to be re-measured to its fair value at the time of the event but does not require that instrument to be reported at fair value on a continuous basis with the change in fair value recognized in earnings. Examples of re-measurement events are business combinations and significant modifications of debt as defined in Subtopic 470-50.

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Loss Per Share

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Loss Per Share

NOTE 4 - LOSS PER SHARE

Components of loss per share for the three months ended March 31, 2017 and 2016 are as follows:

	For the Three Months Ended March 31, 2017			For the Three Months Ended March 31, 2016
Net loss attributable to common stockholders	$	(320,982	)	$	(201,980	)
Weighted average shares outstanding:
Basic and diluted		2,262,309,103			1,345,436,472
Loss per share:
Basic and diluted	$	(0.00	)	$	(0.00	)

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Capital Stock

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

CAPITAL STOCK

NOTE 5 - CAPITAL STOCK

On February 24, 2017, 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 2,500,000,000 to 2,900,000,000 common shares. Such filing was processed to be effective with the State of Florida on March 2, 2017.

As a result, the Company is authorized to issue 2,900,000,000 shares of $0.0001 par value common stock.

In January of 2017, the Company entered into a subscription agreement to sell 17,000,000 shares of restricted common stock to two individuals in exchange for proceeds of $75,000. The Company also agreed that the purchaser will be entitled to receive $500,000 of treasure of their choice after both the Company has recovered a minimum of $1,200,000 of artifacts/treasure and the State of Florida has received its full share of treasure per any permits or agreements. The purchaser will have the right to convert up to a maximum of $500,000 worth of treasure that they have received into shares of the Company’s restricted common stock at a discount of 10% of the average trading price of the Company’s common stock of the previous five days closing price provided that the Company’s common stock is trading at or above $0.04 by providing a written notice to the Company. The conversion option will expire eighteen months after the Company first locates a minimum of $1,200,000 worth of treasure. The value of the treasure will be determined by a mutually agreed upon third party who is a recognized expert in the valuation of historic artifacts.

Preferred Stock

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

Series A Preferred Stock

At March 31, 2017, 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 March 31, 2017 and 2016, 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. 

Warrants and Options

During the three month period ended March 31, 2017, the Company issued the following warrants in connection with the issuances of indebtedness (see Note 8):

Term	Amount	Exercise Price
01/31/17 to 01/31/18	40,000,000	$0.0040
02/14/17 to 08/14/18	33,333,333	$0.0050
09/10/17 to 09/10/19	15,000,000	$0.0250
09/10/17 to 09/10/19	10,000,000	$0.0250
Total warrants issued	98,333,333

As of March 31, 2017, the Company had a total of 220,515,151 warrants outstanding to purchase common stock with exercise prices ranging from $0.001 to $0.025 per share.

In January of 2017, the Company entered into a subscription agreement to sell 40,000,000 shares of restricted common stock at a price $0.0005 share to an individual in exchange for proceeds of $20,000. The Company also agreed that the purchaser will be entitled to receive warrants to purchase 40,000,000 shares of the Company’s restricted common stock. The warrants are exercisable at a price of 0.004 per share for a period of one year from January 31, 2017.

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Income Taxes

3 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 6 - INCOME TAXES

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

	For the Three Months Ended March 31, 2017			For the Three Months Ended March 31, 2016
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 March 31, 2017 and December 31, 2016, the Company’s only significant deferred income tax asset was an estimated net tax operating loss of $12,600,000 and $12,300,000 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 March 31, 2017 and December 31, 2016. The Company is preparing and reviewing information for tax returns for past years. Due to the Company’s lack of revenue since inception, management does not anticipate that there is any income tax liability for past years. Management has evaluated tax positions in accordance with ASC 740 and has not identified any tax positions, other than those discussed above, that require disclosure.

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Lease Obligation

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

LEASE OBLIGATION

NOTE 7 - LEASE OBLIGATION

The Company leases 823 square feet of office space located at 14497 North Dale Mabry Highway, Suite 209-N, Tampa, Florida 33618. The lease expires on June 30, 2017, and calls for base monthly rent of $1,251.

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 Company pays $1,300 per month to lease the operations house. The Company is leasing the operations house on a month-to-month basis and anticipates continuing to lease the house for the foreseeable future.

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Convertible Notes Payable and Notes Payable

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE

NOTE 8 - 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 ASC 470.

Convertible Notes Payable

The following table reflects the convertible notes payable at March 31, 2017:

Issue Date:	Maturity Date	2017	Interest Rate	Conversion Rate
Convertible notes payable:
July 19, 2016	July 19, 2017	4,000	6.00%	0.0015
August 31, 2016	August 31, 2017	25,750	6.00%	0.0010
March 10, 2016	September 10, 2017	15,000	6.00%	0.0010
March 10, 2016	September 10, 2017	10,000	6.00%	0.0010
March 14, 2016	September 14, 2017	15,000	6.00%	0.0015
Unamortized discounts		(48,352)
Balance		21,398
Convertible notes payable - related party:
February 24, 2017	August 24, 2017	25,000	6.00%	0.0075
Unamortized discounts		(18,750)
Balance		6,250
Convertible notes payable, in default:
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 12, 2011	40,000	6.00%	0.0050
October 31, 2012	April 30, 2013	8,000	6.00%	0.0040
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
October 04, 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%	0.0030
September 18, 2015	March 18, 2016	25,000	6.00%	0.0020
April 04, 2016	October 4, 2016	10,000	6.00%	0.0010
August 24, 2016	February 24, 2017	20,000	6.00%	0.0010
Balance		441,300
Convertible notes payable - related parties, in default:
January 09, 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
January 19, 2013	July 30, 2013	15,000	6.00%	0.0040
July 26, 2013	January 26, 2014	10,000	6.00%	0.0100
January 01, 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
July 14, 2015	January 14, 2016	9,000	6.00%	0.0030
January 12, 2016	July 12, 2016	5,000	6.00%	0.0020
May 10, 2016	November 10, 2016	5,000	6.00%	0.0005
May 10, 2016	November 10, 2016	5,000	6.00%	0.0005
May 20, 2016	November 20, 2016	5,000	6.00%	0.0005
July 12, 2016	January 12, 2017	5,000	6.00%	0.0006
January 26, 2017	March 12, 2017	5,000	6.00%
Balance		206,500
Balance, convertible notes payable		675,448

Notes Payable

The following table reflects the notes payable at March 31, 2017:

Issue Date:	Maturity Date	2017	Interest Rate
Notes payable, in default:
April 27, 2011	April 27, 2012	5,000	6.00%
June 23, 2011	August 23, 2011	25,000	6.00%
Balance		30,000
Notes payable - related parties, in default:
February 24, 2010	February 24, 2011	7,500	6.00%
October 6, 2015	November 15, 2015	10,000	6.00%
Balance		17,500
Balance, notes payable		47,500

New Convertible Notes Payable and Notes Payable

During the three month period ended March 31, 2017 the Company entered into the following Convertible Notes Payable and Notes Payable Agreements:

In January of 2017, the Company entered into a convertible promissory note agreement in the amount of $5,000 with an individual who is related to the Company’s CEO. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before March 12, 2017. The Company agreed to pay the related party lender a loan origination fee of 1,000,000 shares of its restricted common stock. 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 $0.0005 per share. At March 31, 2017 the loan was in default due to non-payment of principal and interest.

In February of 2017, the Company entered into a convertible promissory note agreement in the amount of $25,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before August 14, 2017. 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 $0.00075 per share. The related party lender received 33,333,333 warrants to purchase shares of the Company’s common stock at a price of $0.005.

In March of 2017, the Company entered into a convertible promissory note agreement in the amount of $15,000 with a corporation. This loan pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before September 10, 2017. 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 $0.001 per share. The lender received 15,000,000 warrants to purchase shares of the Company’s common stock at a price of $0.025.

In March of 2017, the Company entered into a convertible promissory note agreement in the amount of $10,000 with a corporation. This loan pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before September 10, 2017. 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 $0.001 per share. The lender received 10,000,000 warrants to purchase shares of the Company’s common stock at a price of $0.025.

In March of 2017, the Company entered into a convertible promissory note agreement in the amount of $15,000 with a corporation. This loan pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before September 14, 2017. 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 $0.0015 per share.

Note Conversion

A lender who had a convertible promissory note outstanding with a remaining principal balance of $24,402 elected to convert the principal balance of the note plus accrued interest and late fees of $2,242 into 36,205,587 shares of the Company’s common stock. The remaining principal balance of this note was $0 at March 31, 2017.

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 complete 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 very possible that such dilution may significantly negatively affect the trading price of the Company’s common stock.

Shareholder Loans

At March 31, 2017 the Company had two loans outstanding to its CEO totaling $17,483, consisting of a loan in the amount of $15,983 with a 6% annual rate of interest and a loan in the amount of $1,200 at 6% rate of interest and an option to convert the loan into restricted shares of the Company’s common stock at $0.002.

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Material Agreements

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

MATERIAL AGREEMENTS

NOTE 9 – 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 Melbourne Beach, Florida

On July 28, 2014, Seafarer’s Quest, LLC, received a 1A-31 Permit (the “Permit”) from the Florida Division of Historical Resources for an area identified off of Melbourne Beach, Florida. The Permit is active for three years from the date of issuance.

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

On July 6, 2016, Seafarer’s Quest, LLC, received a 1A-31 Permit (the “Permit”) from the Florida Division of Historical Resources for a second area identified off of Melbourne Beach, Florida. The Permit is active for three years from the date of issuance.

Certain Other Agreements

In January of 2017, the Company entered into a subscription agreement to sell 17,000,000 shares of restricted common stock to two individuals in exchange for proceeds of $75,000. The Company also agreed that the purchaser will be entitled to receive $500,000 of treasure of their choice after both the Company has recovered a minimum of $1,200,000 of artifacts/treasure and the State of Florida has received its full share of treasure per any permits or agreements. The purchaser will have the right to convert up to a maximum of $500,000 worth of treasure that they have received into shares of the Company’s restricted common stock at a discount of 10% of the average trading price of the Company’s common stock of the previous five days closing price provided that the Company’s common stock is trading at or above $0.04 by providing a written notice to the Company. The conversion option will expire eighteen months after the Company first locates a minimum of $1,200,000 worth of treasure. The value of the treasure will be determined by a mutually agreed upon third party who is a recognized expert in the valuation of historic artifacts.

In January of 2017, the Company entered into a convertible promissory note agreement in the amount of $5,000 with an individual who is related to the Company’s CEO. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before March 12, 2017. The Company agreed to pay the related party lender a loan origination fee of 1,000,000 shares of its restricted common stock. 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 $0.0005 per share.  At March 31, 2017 the loan was in default due to non-payment of principal and interest.

In January of 2017, the Company entered into a subscription agreement to sell 40,000,000 shares of restricted common stock at a price $0.0005 share to an individual in exchange for proceeds of $20,000. The Company also agreed that the purchaser will be entitled to receive warrants to purchase 40,000,000 shares of the Company’s restricted common stock. The warrants are exercisable at a price of 0.004 per share for a period of one year from January 31, 2017.

In January of 2017, the Company amended agreement with an individual who had previously joined the Company’s advisory council in 2016. Under the amended advisory council agreement the Company agreed to pay the advisor an additional 2,000,000 shares of restricted common stock for efforts above and beyond the services agreed to in the original advisory council agreement, in particular advice and expertise pertaining to a certain technology that the Company desired to utilize in its exploration operations. The 2,000,000 were issued to the advisor during the three month period ended March 31, 2017.

In February of 2017, the Company entered into a convertible promissory note agreement in the amount of $25,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before August 14, 2017. 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 $0.00075 per share.  The related party lender received 33,333,333 warrants to purchase shares of the Company’s common stock at a price of $0.005.

In February of 2017, the Company entered into an agreement with a corporation under which the corporation agreed to provide consulting services utilizing a technology to assist the Company with shipwreck site and artifact location and identification. The consultant agrees to utilize the technology system at a designated shipwreck site to ascertain and/or verify the presence of valuable artifacts in a specific area. The Company agreed to pay the consultant 5% royalty with a cap of $1,500,000 for anything of value located at the site. The Company also agreed to pay the consultant a 20% royalty from the recovery of materials located and verified by the technology in the areas surrounding the designated site. The Company also paid the consultant of $30,000 for the utilization of the technology to provide the Company with specific data under a trial survey as to the approximate location of various items of value.

In February of 2017, 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 20,000,000 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 preapproved expenses.

In February of 2017, the Company extended the term of a previous agreement with a second 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 20,000,000 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 preapproved expenses.

In February of 2017, the Company entered into agreements with seven 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 advisors shares of the Company’s restricted common stock including 5,000,000 shares each to two of the advisors, 4,000,000 shares each to four of the advisors and 3,000,000 shares to one of the advisors, an aggregate total of 22,000,000 restricted shares. According to the agreements each of the advisors’ 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 preapproved expenses.

In March of 2017, the Company entered into a Financing and Rights agreement with a limited liability company. Under the terms of the agreement the limited liability company agreed to provide financing for the Company for the exploration, recovery and all other related requirements necessary for the related permitted offshore underwater search and recovery for a site located off of Juno Beach, Florida and several additional sites that have been identified by a third party to Seafarer as being located off of the East Coast of Florida in areas that would be subject to Federal Admiralty claims should opportunities arise for the exploration and recovery of historic shipwrecks at these sites. The Company has agreed to enter into a separate agreement with the third party for the specific location of the potential additional shipwreck sites and as such the rights to these sites that the Company may receive due its agreement with the third party are included as a part of the Financing and Rights agreement. In exchange for the services and rights to be provided by the Company under its core business and such applicable rights under such judgments and permits, the limited liability company agreed to provide project capital for the Juno Site project in the amount of up to $800,000, within ninety days of the approval of the recovery permit necessary for such site. In return for such capital contribution, the Company agreed to pay to the limited liability company a portion of such division of artifacts, revenue. In the event that the limited liability company has contributed capital toward the enterprise in any amount and treasure and artifacts are found at any time in the future under the Company or any related party, then the limited liability company shall be entitled to a percentage of its share of such artifacts or revenue created from such site, so long as a minimum funding of $100,000 has been committed in the furtherance of the recovery effort. In its sole discretion, the limited liability company may, if it chooses to do so, contribute such necessary capital for the necessary actions to gain such permit for such recovery operations on such Juno Site. The limited liability company agreed to provide the funding in exchange for exclusive rights to portions of artifacts recovered from such site, or revenues created from such. The agreement further states that capital provided to the Company by the limited liability Company shall be sued exclusively for actions or operations on the Juno Site, unless another site is mutually agreed upon, for dive operations, surveys and scanning as necessary, boat and vessel expenses, compensation and site management expenses, fuel and other related costs to the Juno Site project. The limited liability company will have the right to withhold and approve funding if the funding is not required for recovery operations on the Juno Site. After a the State of Florida has taken its share of any artifacts and treasure per any future permits or agreements for the Juno Site, the limited liability Company will be entitled to receive 20% of the first $10,000,000 of artifacts/treasure recovered, 15% of the amount of any artifacts/treasure recovered with a value greater than $10,000,000 to $50,000,000, 10% of the amount of any artifacts/treasure recovered with a value greater than $50,000,000 for a period of three years, and 5% of the amount of any treasure/artifacts recovered with a value greater than $50,000,000 for five years. Additionally, the limited liability company has been made aware that Seafarer has had negotiations with a separate third party for the location of several additional shipwreck sites. The limited liability company will be given exclusive rights to any sites that the Company gains from the third party with the sites becoming a part of this agreement. Per the agreement the sites are unproven, never scanned and presumed to be unsearched and highly speculative as to whether there are any shipwrecks or shipwreck material on the sites however such sites are included in the Financing and Rights agreement. For any of the sites that Seafarer acquires the rights to from the third party, the limited liability Company will be entitled to receive 20% of the first $10,000,000 of artifacts/treasure recovered, 15% of the amount of any artifacts/treasure recovered with a value greater than $10,000,000 to $50,000,000, 10% of the amount of any artifacts/treasure recovered with a value greater than $50,000,000 for a period of three years, and 5% of the amount of any treasure/artifacts recovered with a value greater than $50,000,000 for five years. Seafarer and the limited liability company may also agree to revenue sharing from the sales of artifacts/treasure. If Seafarer has not previously contracted with any party as to media rights, then the Company and the limited liability company agreed that the limited liability company will be allowed to make or cause a media venture at its own expense. Each party will have portion of the revenues from such venture from whatever source. Such media rights are only applicable to the Juno Site and the potential third party site projects that are subject to the Financing and Rights agreement.

The Company has a 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 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, perform period background research including background checks and provide investigative information on individuals and companies and to occasional assist 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. At March 31, 2017, the Company owed the related party limited liability company $3,000 for services rendered.

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 March 31, 2017, the Company owed the related party limited liability company $4,226 for transfer agency services rendered and fees.

The Company has an agreement to pay an individual a monthly fee of $1,500 per month for archeological consulting services.

The Company has a verbal consulting agreement to pay a limited liability company a minimum of $5,000 per month for business advisory, strategic planning and consulting services, assistance with financial reporting, IT management, and administrative services. The Company also agreed to reimburse the consultant for expenses. The agreement may be terminated by the Company or the consultant at any time.

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Legal Proceedings

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

LEGAL PROCEEDINGS

NOTE 10 – LEGAL PROCEEDINGS

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 which were returned to the treasury of the Corporation. All such shares have been returned for cancellation. 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. At the present time the dismissal has been filed and the case closed, with all shares cancelled.

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 cite 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 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 sight to Seafarer Exploration, erasing all rights of Tulco Resources. The company has currently filed an Admiralty Claim over such sight in the United States District Court which is pending final ruling. On October 21, 2016 a hearing on the Admiralty Claim in the United States District Court for the Southern District of Florida was held, where the Court Ordered actions to take place for ongoing admiralty claim, which will occur during the month of November 2016. The Court subsequently entered and Order directing the arrest warrant for such site, and such arrest warrant has been issued by the Clerk of Court. Such warrant entry is now in process by the Company.

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, 2015, 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 which was heard on April 7, 2016, whereby the Court found a violation and modified the injunction against the Defendant, and imposed other matters of potential penalties against the Defendant. The Court also awarded attorney’s fees against the Defendant on behalf of Seafarer for such motion. The Defendant subsequently attempted to have such ruling, evidence and testimony attacked through a motion heard before the Court on October 24, 2016. The Court dismissed the Defendant’s motion after presentation of the Defendant’s case at the hearing. The Plaintiff has set the matter for entry of the attorney’s fees amount due from the Defendant for hearing in December 2016. As well the Plaintiff has set for hearing its motion for sanctions in the form of attorney’s fees for frivolous filing of the October 24 th motion, which motion is also set for hearing in December 2016. The Plaintiff filed a renewed and amended motion for punitive damages in the case on September 11, 2016, which has not been set for hearing. The Defendant had also filed a motion for summary judgment on the matter of notice entitlement pre-suit, which motion is pending before the Court. The Plaintiff filed a motion for sanctions against the Defendant for the motion for summary judgment being frivolous under existing law, and such motion is pending ruling on the motion. Discovery is ongoing on such case. On December 7, 2016, the Court held a hearing on the Defendant’s motion for sanctions, and essentially attempting to rehear the motion for contempt against the Defendant. The Court dismissed the Defendant’s motions, and renewed the ability of the Company to seek attorney’s fees on such matter, which hearing has not been set at present. On February 28, 2017, the Court entered an Order denying the Defendant’s motion for summary judgment. The Company has a pending motion for sanctions related to the Defendant’s filing of the motion for summary judgment which has not been set for hearing. The Company will be attempting to set such matter for trial during 2017.

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Related Party Transactions

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

RELATED PARTY TRANSACTIONS

NOTE 11 – RELATED PARTY TRANSACTIONS

During the three month period ended March 31, 2017:

In January of 2017, the Company entered into a convertible promissory note agreement in the amount of $5,000 with an individual who is related to the Company’s CEO. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before March 12, 2017. The Company agreed to pay the related party lender a loan origination fee of 1,000,000 shares of its restricted common stock. 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 $0.0005 per share.  At March 31, 2017 the loan was in default due to non-payment of principal and interest.

In February of 2017, the Company entered into a convertible promissory note agreement in the amount of $25,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before August 14, 2017. 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 $0.00075 per share.  The related party lender received 33,333,333 warrants to purchase shares of the Company’s common stock at a price of $0.005.

In February of 2017, 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 20,000,000 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 preapproved expenses.

In February of 2017, 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 20,000,000 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 preapproved expenses.

In March of 2017, the Company repaid $4,000 to its CEO in order to repay a portion of the principal balance of a loan the CEO had previously provided to the Company. 

The Company has a 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 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, perform period background research including background checks and provide investigative information on individuals and companies and to occasional assist 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. At March 31, 2017, the Company owed the related party limited liability company $3,000 for services rendered.

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 March 31, 2017, the Company owed the related party limited liability company $4,226 for transfer agency services rendered and fees.

At March 31, 2017 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 principal 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 was previously a director of the corporation. The loan is not secured and pays interest at a rate of 6% per annum and the principal 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 principal 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 and a member of the Company’s Board of Directors 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.  The note is currently in default due to non-payment of principal and interest.

A note payable dated October 6, 2015 in the principal amount of $10,000 due to a person who is related to the Company’s CEO and a member of the Company’s Board of Directors. The loan is not secured and pays interest at a rate of 6% per annum and the principal 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 $19,983 due to the Company’s CEO. The loan is not secured and pays interest at a 6% per annum and the principal and accrued interest and was due on or before June 14, 2016. The note is currently in default due to non-payment of principal and interest.

A convertible note payable dated January 12, 2016 due to a person related to the Company’s CEO with a face amount of $5,000. 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 $0.0020 per share.  The convertible note payable was due on or before July 12, 2016 and is not secured.  The note is currently in default due to non-payment of principal and interest.

A loan in the amount with the remaining principal balance of $1,200 due to the Company’s CEO. The loan is not secured and pays interest at a 6% per annum. The lender is entitled to receive 500,000 shares of the Company’s restricted common stock due to the loan not being repaid within 90 days from February 10, 2016.  

A convertible note payable dated May 10, 2016 due to a person related to the Company’s CEO with a face amount of $5,000. 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 $0.0005 per share.  The convertible note payable was due on or before November 10, 2016 and is not secured.  The note is currently in default due to non-payment of principal and interest.

A convertible note payable dated May 10, 2016 due to a person who is related to the Company’s CEO and a member of the Company’s Board of Directors with a face amount of $5,000. 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 $0.0005 per share.  The convertible note payable was due on or before November 10, 2016 and is not secured.  The note is currently in default due to non-payment of principal and interest.

A convertible note payable dated May 20, 2016 due to a person related to the Company’s CEO with a face amount of $5,000. 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 $0.0005 per share.  The convertible note payable was due on or before November 20, 2016 and is not secured.  The note is currently in default due to non-payment of principal and interest.

A convertible note payable dated July 12, 2016 due to a person related to the Company’s CEO with a face amount of $2,400. 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 $0.0006 per share.  The convertible note payable was due on or before January 12, 2017 and is not secured. The note is currently in default due to non-payment of principal and interest.

A loan in the amount of $15,983 due to the Company’s CEO. The loan is not secured and pays interest at a 6% per annum.

A loan in the amount of $1,200 due to the Company’s CEO. The loan is not secured and pays interest at a 2% per annum. After the loan has aged for six months from December 16, 2016 the lender has the right to convert the loan into shares of the Company’s restricted common shares at a rate of $0.005 per share.

A convertible loan dated January 26, 2017 due to a person related to the Company’s CEO with a face amount of $5,000. 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 $0.0005 per share.  The convertible note payable was due on or before March 12, 2017 and is not secured.  The note is currently in default due to non-payment of principal and interest.

A convertible note payable dated February 14, 2017 in the principal amount of $25,000 due to a person who is related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before August 14, 2017. 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 $0.00075 per share.  

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Subsequent Events

3 Months Ended

Mar. 31, 2017

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 12 – SUBSEQUENT EVENTS

Subsequent to March 31, 2017:

The Company sold 39,000,000 shares of restricted common stock for proceeds of $68,000, used for general working capital purposes and repayment of debt.

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Accounting Method

Accounting Method

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

Cash and Cash Equivalents

Cash and Cash Equivalents

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

Revenue Recognition

Revenue Recognition

The Company plans to recognize 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 will be recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability is reasonably assured. For the periods ended March 31, 2017 and 2016, the Company did not report any revenues.

Earnings Per Share

Earnings Per Share

The Company has adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 260-10 which provides for calculation of "basic" and "diluted" earnings per share.  Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common stockholders by the weighted average common shares outstanding for the period.  Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity.  Basic and diluted losses per share were the same at the reporting dates as there were no common stock equivalents outstanding at March 31, 2017 and 2016.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

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 notes recorded at fair value is determined using Level 3 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 March 31, 2017 and December 31, 2016:

	March 31, 2017			December 31, 2016
Diving vessel	$	326,005		$	326,005
Equipment		32,420			32,420
Less accumulated depreciation		(312,629	)		(304,133	)
	$	45,796		$	54,292

Depreciation expense for each of the three month periods ended March 31, 2017 and 2016 amounted to $8,496.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

In accordance with ASC 360-10, the Company, on a regular basis, reviews the carrying amount of long-lived assets for the existence of facts or circumstances, both internally and externally, that suggest impairment. The Company determines if the carrying amount of a long-lived asset is impaired based on anticipated undiscounted cash flows, before interest, from the use of the asset. In the event of impairment, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the asset. Fair value is determined based on appraised value of the assets or the anticipated cash flows from the use of the asset, discounted at a rate commensurate with the risk involved. There were no impairment charges recorded during the periods ended March 31, 2017 and 2016.

Employee Stock Based Compensation

Employee Stock Based Compensation

The FASB issued SFAS No.123 (revised 2004), Share-Based Payment , which was superseded by ASC 718-10. ASC 718-10 provides investors and other users of financial statements with more complete and neutral financial information, by requiring that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost will be measured based on the fair value of the equity or liability instruments issued. SFAS 123(R) covers a wide range of share-based compensation arrangements, including share options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As of March 31, 2017, the Company has not implemented an employee stock based compensation plan.

Non-Employee Stock Based Compensation

Non-Employee Stock Based Compensation

The Company accounts for stock based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the measurement date guidelines enumerated in EITF 96-18,  Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling, Goods or Services , which was superseded by ASC 505-50.  The Company has issued compensatory shares for various services including, but not limited to, executive, board of directors, business consulting, corporate advisory, accounting, research, archeological, operations, strategic planning, corporate communications, financial, legal and administrative consulting services. As determined by Management the Company may issue compensatory shares in the future for these or other services.  

Use of Estimates

Use of Estimates

The process of preparing condensed 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 condensed financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts.

Convertible Notes Payable

Convertible Notes Payable

The Company accounts for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free standing derivative financial instruments. ASC 815 provides for an exception to this rule when convertible notes, as host instruments, are deemed to be conventional, as defined by ASC 815-40.

The Company accounts for convertible notes deemed conventional and conversion options embedded in non-conventional convertible notes which qualify as equity under ASC 815, in accordance with the provisions of ASC 470-20, which provides guidance on accounting for convertible securities with beneficial conversion features. Accordingly, the Company records, as a discount to convertible notes, the intrinsic value of such conversion options based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt. 

The classification of derivative instruments, including the determination of whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.  Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months from the balance sheet date. 

Convertible Notes Payable at Fair Value

Convertible Notes Payable at Fair Value

The Company elected to account for this hybrid contract under the guidance of ASC 815-15-25-4.  This guidance allows an entity that initially recognizes a hybrid financial instrument that under paragraph  815-15-25-1 would be required to be separated into a host contract and a derivative instrument may irrevocably elect to initially and subsequently measure that hybrid financial instrument in its entirety at fair value (with changes in fair value recognized in earnings).

The fair value election is also available when a previously recognized financial instrument subject to a re-measurement event and the separate recognition of an embedded derivative. The fair value election may be made instrument by instrument. For purposes of this paragraph, a re-measurement event (new basis event) is an event identified in generally accepted accounting principles, other than the recognition of an other-than-temporary impairment, that requires a financial instrument to be re-measured to its fair value at the time of the event but does not require that instrument to be reported at fair value on a continuous basis with the change in fair value recognized in earnings. Examples of re-measurement events are business combinations and significant modifications of debt as defined in Subtopic 470-50.

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Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Property and Equipment and Depreciation

	March 31, 2017			December 31, 2016
Diving vessel	$	326,005		$	326,005
Equipment		32,420			32,420
Less accumulated depreciation		(312,629	)		(304,133	)
	$	45,796		$	54,292

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Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Components of loss per share

	For the Three Months Ended March 31, 2017			For the Three Months Ended March 31, 2016
Net loss attributable to common stockholders	$	(320,982	)	$	(201,980	)
Weighted average shares outstanding:
Basic and diluted		2,262,309,103			1,345,436,472
Loss per share:
Basic and diluted	$	(0.00	)	$	(0.00	)

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Capital Stock - Warrants and Options (Tables)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Warrants issued

Term	Amount	Exercise Price
01/31/17 to 01/31/18	40,000,000	$0.0040
02/14/17 to 08/14/18	33,333,333	$0.0050
09/10/17 to 09/10/19	15,000,000	$0.0250
09/10/17 to 09/10/19	10,000,000	$0.0250
Total warrants issued	98,333,333

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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate

	For the Three Months Ended March 31, 2017			For the Three Months Ended March 31, 2016
Income tax at federal statutory rate		(34.00	)%		(34.00	)%
State tax, net of federal effect		(3.96	)%		(3.96	)%
		37.96	%		37.96	%
Valuation allowance		(37.96	)%		(37.96	)%
Effective rate		0.00	%		0.00	%

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Convertible Notes Payable and Notes Payable (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Convertible Notes Payable

Issue Date:	Maturity Date	2017	Interest Rate	Conversion Rate
Convertible notes payable:
July 19, 2016	July 19, 2017	4,000	6.00%	0.0015
August 31, 2016	August 31, 2017	25,750	6.00%	0.0010
March 10, 2016	September 10, 2017	15,000	6.00%	0.0010
March 10, 2016	September 10, 2017	10,000	6.00%	0.0010
March 14, 2016	September 14, 2017	15,000	6.00%	0.0015
Unamortized discounts		(48,352)
Balance		21,398
Convertible notes payable - related party:
February 24, 2017	August 24, 2017	25,000	6.00%	0.0075
Unamortized discounts		(18,750)
Balance		6,250
Convertible notes payable, in default:
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 12, 2011	40,000	6.00%	0.0050
October 31, 2012	April 30, 2013	8,000	6.00%	0.0040
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
October 04, 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%	0.0030
September 18, 2015	March 18, 2016	25,000	6.00%	0.0020
April 04, 2016	October 4, 2016	10,000	6.00%	0.0010
August 24, 2016	February 24, 2017	20,000	6.00%	0.0010
Balance		441,300
Convertible notes payable - related parties, in default:
January 09, 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
January 19, 2013	July 30, 2013	15,000	6.00%	0.0040
July 26, 2013	January 26, 2014	10,000	6.00%	0.0100
January 01, 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
July 14, 2015	January 14, 2016	9,000	6.00%	0.0030
January 12, 2016	July 12, 2016	5,000	6.00%	0.0020
May 10, 2016	November 10, 2016	5,000	6.00%	0.0005
May 10, 2016	November 10, 2016	5,000	6.00%	0.0005
May 20, 2016	November 20, 2016	5,000	6.00%	0.0005
July 12, 2016	January 12, 2017	5,000	6.00%	0.0006
January 26, 2017	March 12, 2017	5,000	6.00%
Balance		206,500
Balance, convertible notes payable		675,448

Notes Payable

Issue Date:	Maturity Date	2017	Interest Rate
Notes payable, in default:
April 27, 2011	April 27, 2012	5,000	6.00%
June 23, 2011	August 23, 2011	25,000	6.00%
Balance		30,000
Notes payable - related parties, in default:
February 24, 2010	February 24, 2011	7,500	6.00%
October 6, 2015	November 15, 2015	10,000	6.00%
Balance		17,500
Balance, notes payable		47,500

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Significant Accounting Policies - Property and Equipment and Depreciation (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Property and Equipment, net	$ 45,796	$ 54,292
Less accumulated depreciation	$ (312,629)	(304,133)
Diving Vessel
Property and Equipment, net		326,005	$ 326,005
Equipment
Property and Equipment, net		$ 32,420	$ 32,420

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Significant Account Policies (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accounting Policies [Abstract]
Depreciation expense	$ 8,496	$ 8,496

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Loss Per Share - Components of loss per share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accounting Policies [Abstract]
Net loss attributable to common stockholders	$ (320,982)	$ (201,980)
Weighted average shares outstanding:
Basic and diluted	2,262,309,103	1,345,436,472
Loss per share:
Basic and diluted	$ (0.00)	$ (0.00)

XML

Capital Stock - Warrants and Options (Details) - $ / shares	Mar. 31, 2017	Mar. 31, 2016
Warrants issued	98,333,333
01/31/17 to 01/31/18
Warrants issued	40,000,000
Warrants, Exercise Price	$ 0.0040
02/14/17 to 08/14/18
Warrants issued	33,333,333
Warrants, Exercise Price	$ 0.0050
09/10/17 to 09/10/19
Warrants issued	15,000,000
Warrants, Exercise Price	$ 0.0250
09/10/17 to 09/10/19
Warrants issued		10,000,000
Warrants, Exercise Price		$ 0.0250

XML

Capital Stock (Details Narrative) - USD ($)

1 Months Ended

3 Months Ended

Jan. 31, 2017

Mar. 31, 2016

Mar. 31, 2017

Dec. 31, 2016

Feb. 10, 2014

Common stock, shares authorized

2,900,000,000

2,900,000,000

Common stock, par value

$ 0.0001

Authorized preferred shares

50,000,000

50,000,000

Warrants outstanding

$ 220,515,151

Minimum

Exercise price

$ .001

Maximum

Exercise price

$ .025

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%

Subscription Agreement 1

Shares of restricted stock issued

17,000,000

Shares of restricted stock issued, value

$ 75,000

Value of treasure receivable

500,000

Value of artifacts/treasure recovered

$ 1,200,000

Agreement Terms

The purchaser will have the right to convert up to a maximum of $500,000 worth of treasure that they have received into shares of the Company’s restricted common stock at a discount of 10% of the average trading price of the Company’s common stock of the previous five days closing price provided that the Company’s common stock is trading at or above $0.04 by providing a written notice to the Company. The conversion option will expire eighteen months after the Company first locates a minimum of $1,200,000 worth of treasure. The value of the treasure will be determined by a mutually agreed upon third party who is a recognized expert in the valuation of historic artifacts.

Subscription Agreement 2

Shares of restricted stock issued

40,000,000

Shares of restricted stock issued, value

$ 20,000

Agreement Terms

The Company also agreed that the purchaser will be entitled to receive warrants to purchase 40,000,000 shares of the Company’s restricted common stock. The warrants are exercisable at a price of 0.004 per share for a period of one year from January 31, 2017.

XML

Income Taxes - Schedule of Effective Income Tax Rate (Details)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
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 ($)	Mar. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Net tax operating loss	$ 12,600,000	$ 12,300,000

XML

Lease Obligation (Details Narrative)	3 Months Ended		12 Months Ended
	Mar. 31, 2017 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2017 USD ($) ft²
Base monthly rent	$ 13,593	$ 9,448
Corporate Office
Base monthly rent			$ 1,251
Office space, area | ft²			823
Operations House
Base monthly rent		$ 1,300

XML

Convertible Notes Payable and Notes Payable - Convertible Notes Payable (Details)	3 Months Ended
	Mar. 31, 2017 USD ($) $ / shares
Convertible notes payable	$ 21,398
Convertible notes payable, Interest rate	0.00%
Convertible notes payable, Unamortized discount	$ (48,352)
Convertible notes payable, Total	675,448
Convertible notes payable - related party	6,250
Convertible notes payable - related parties, Unamortized discount	(18,750)
Convertible notes payable, in default	441,300
Convertible notes payable - related parties, in default, Total	$ 206,500
July 19, 2016
Convertible notes payable, Maturity date	Jul. 19, 2017
Convertible notes payable	$ 4,000
Convertible notes payable, Interest rate	6.00%
Convertible notes payable, Conversion rate | $ / shares	$ 0.0015
August 31, 2016
Convertible notes payable, Maturity date	Aug. 31, 2017
Convertible notes payable	$ 25,750
Convertible notes payable, Interest rate	6.00%
Convertible notes payable, Conversion rate | $ / shares	$ .0010
March 10, 2016
Convertible notes payable, Maturity date	Sep. 10, 2017
Convertible notes payable	$ 15,000
Convertible notes payable, Interest rate	6.00%
Convertible notes payable, Conversion rate | $ / shares	$ .0010
March 10, 2016 #2
Convertible notes payable, Maturity date	Sep. 10, 2017
Convertible notes payable	$ 10,000
Convertible notes payable, Interest rate	6.00%
Convertible notes payable, Conversion rate | $ / shares	$ .0010
March 14, 2016
Convertible notes payable, Maturity date	Sep. 14, 2017
Convertible notes payable	$ 15,000
Convertible notes payable, Interest rate	6.00%
Convertible notes payable, Conversion rate | $ / shares	$ .0015
February 24, 2017
Convertible notes payable - related party, Maturity date	Aug. 24, 2017
Convertible notes payable - related party	$ 25,000
Convertible notes payable - related parties, Interest rate	6.00%
Convertible notes payable - related parties, Conversion rate | $ / shares	$ .0075
August 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	$ 0.015
April 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	$ .008
November 12, 2010
Convertible notes payable, in default, Maturity date	Nov. 12, 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	$ .005
October 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	$ .004
November 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	$ .005
January 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	$ 0.004
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
February 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	$ .006
September 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	$ .0125
October 04, 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	$ .0125
October 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	$ .0125
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	$ .007
October 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	$ .005
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	$ .003
September 18, 2015
Convertible notes payable, in default, Maturity date	Mar. 18, 2016
Convertible notes payable, in default	$ 25,000
Convertible notes payable, in default, Interest rate	6.00%
Convertible notes payable, in default, Conversion rate | $ / shares	$ .002
April 04, 2016
Convertible notes payable, in default, Maturity date	Oct. 04, 2016
Convertible notes payable, in default	$ 10,000
Convertible notes payable, in default, Interest rate	6.00%
Convertible notes payable, in default, Conversion rate | $ / shares	$ .001
August 24, 2016
Convertible notes payable, in default, Maturity date	Feb. 24, 2017
Convertible notes payable, in default	$ 20,000
Convertible notes payable, in default, Interest rate	6.00%
Convertible notes payable, in default, Conversion rate | $ / shares	$ .001
January 09, 2009
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	$ 0.015
January 25, 2010
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	$ .005
January 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	$ .004
July 26, 2013
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	$ .01
January 01, 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	$ .006
May 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	$ .007
July 21, 2014
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	$ .008
October 16, 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	$ .0045
July 14, 2015
Convertible notes payable - related parties, in default	$ 9,000
Convertible notes payable - related parties, in default, Interest rate	6.00%
Convertible notes payable - related parties, in default, Conversion rate | $ / shares	$ .003
January 12, 2016
Convertible notes payable - related parties, in default	$ 5,000
Convertible notes payable - related parties, in default, Interest rate	6.00%
Convertible notes payable - related parties, in default, Conversion rate | $ / shares	$ .002
May 10, 2016
Convertible notes payable - related parties, in default	$ 5,000
Convertible notes payable - related parties, in default, Interest rate	6.00%
Convertible notes payable - related parties, in default, Conversion rate | $ / shares	$ .0005
May 10, 2016 #2
Convertible notes payable - related parties, in default	$ 5,000
Convertible notes payable - related parties, in default, Interest rate	6.00%
Convertible notes payable - related parties, in default, Conversion rate | $ / shares	$ .0005
May 20, 2016
Convertible notes payable - related parties, in default	$ 5,000
Convertible notes payable - related parties, in default, Interest rate	6.00%
Convertible notes payable - related parties, in default, Conversion rate | $ / shares	$ .0005
July 12, 2016
Convertible notes payable - related parties, in default	$ 5,000
Convertible notes payable - related parties, in default, Interest rate	6.00%
Convertible notes payable - related parties, in default, Conversion rate | $ / shares	$ .0006
January 26, 2017
Convertible notes payable - related parties, in default	$ 5,000
Convertible notes payable - related parties, in default, Interest rate	6.00%

XML

Convertible Notes Payable and Notes Payable - Notes Payable (Details)	3 Months Ended
	Mar. 31, 2017 USD ($)
Notes Payable	$ 30,000
Notes payable, in default –related parties	17,500
Notes payable, in default, Total	30,000
Notes Payable, Total	47,500
April 27, 2011
Notes Payable	$ 5,000
Notes Payable, Interest Rate	6.00%
Notes Payable, Maturity Date	Apr. 27, 2012
June 23, 2011
Notes Payable	$ 25,000
Notes Payable, Interest Rate	6.00%
Notes Payable, Maturity Date	Aug. 23, 2011
February 24, 2010
Notes payable, in default –related parties, Maturity date	Feb. 24, 2011
Notes payable, in default –related parties	$ 7,500
Notes payable, in default –related parties, Interest rate	6.00%
October 06, 2015
Notes payable, in default –related parties, Maturity date	Nov. 12, 2015
Notes payable, in default –related parties	$ 10,000
Notes payable, in default –related parties, Interest rate	6.00%

XML

Convertible Notes Payable and Notes Payable (Details Narrative) - USD ($)	1 Months Ended			3 Months Ended
	Mar. 31, 2017	Feb. 28, 2017	Jan. 31, 2017	Mar. 31, 2017	Dec. 31, 2016	Jul. 13, 2016	Jul. 12, 2016	Mar. 31, 2016	Jan. 12, 2016	Oct. 06, 2015
Warrants issued	98,333,333			98,333,333
Convertible promissory note, remaining balance	$ 21,398			$ 21,398	$ 27,327
Common stock issued	2,416,055,632			2,416,055,632	2,194,976,061
Loan outstanding to related party						$ 1,200	$ 15,983		$ 1,200	$ 19,983
Loan payable, Interest rate	0.00%			0.00%
CEO, Second Loan
Conversion price								$ .002
Loan outstanding to related party								$ 12,000
Loan payable, Interest rate								6.00%
Chief Executive Officer
Loan outstanding to related party								$ 15,983
Loan payable, Interest rate								6.00%
Convertible Promissory Note
Total convertible notes issued	$ 15,000	$ 25,000
Interest on note payable	6.00%	6.00%
Conversion price	$ .001	$ .00075	$ .0005	$ .001
Warrants issued	15,000,000	33,333,333		15,000,000
Warrant price per share	$ .025	$ .005		$ .025
Convertible Promissory Note Agreement 2
Total convertible notes issued	$ 10,000
Interest on note payable	6.00%
Conversion price	$ .001			$ .001
Warrants issued	10,000,000			10,000,000
Warrant price per share	$ .025			$ .025
Convertible Promissory Note Agreement 3
Total convertible notes issued	$ 15,000
Interest on note payable	6.00%
Conversion price	$ .0015			$ .0015
Note Conversion
Total convertible notes issued				$ 0
Convertible promissory note, remaining balance	$ 24,402			24,402
Accrued interest	$ 2,242			$ 2,242
Common stock issued	36,205,587			36,205,587
Convertible Promissory Note
Total convertible notes issued			$ 5,000
Interest on note payable			6.00%
Loan origination fee, shares			1,000,000

XML

Material Agreements (Details Narrative) - USD ($)

1 Months Ended

3 Months Ended

Mar. 31, 2017

Feb. 28, 2017

Jan. 31, 2017

Mar. 31, 2017

Payment of restricted common stock to Director

20,000,000

20,000,000

Payment per month to related party LLC

$ 3,000

$ 3,000

Outstanding debt related to transfer agency services

4,226

Ongoing agreement, payment per month for archeological consulting services

1,500

1,500

Ongoing consulting agreement for business advisory services payment per month

5,000

$ 5,000

Subscription Agreement 1

Shares of restricted stock issued

17,000,000

Shares of restricted stock issued, value

$ 75,000

Value of treasure receivable

500,000

Value of artifacts/treasure recovered

$ 1,200,000

Agreement Terms

The purchaser will have the right to convert up to a maximum of $500,000 worth of treasure that they have received into shares of the Company’s restricted common stock at a discount of 10% of the average trading price of the Company’s common stock of the previous five days closing price provided that the Company’s common stock is trading at or above $0.04 by providing a written notice to the Company. The conversion option will expire eighteen months after the Company first locates a minimum of $1,200,000 worth of treasure. The value of the treasure will be determined by a mutually agreed upon third party who is a recognized expert in the valuation of historic artifacts.

Convertible Promissory Note

Agreement Terms

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 $0.00075 per share.  The related party lender received 33,333,333 warrants to purchase shares of the Company’s common stock at a price of $0.005.

The Company agreed to pay the related party lender a loan origination fee of 1,000,000 shares of its restricted common stock. 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 $0.0005 per share.  At March 31, 2017 the loan was in default due to non-payment of principal and interest.

Promissory note, amount

$ 25,000

$ 5,000

Promissory note, interest rate

6.00%

6.00%

Subscription Agreement 2

Shares of restricted stock issued

40,000,000

Shares of restricted stock issued, value

$ 20,000

Agreement Terms

The Company also agreed that the purchaser will be entitled to receive warrants to purchase 40,000,000 shares of the Company’s restricted common stock. The warrants are exercisable at a price of 0.004 per share for a period of one year from January 31, 2017.

Restricted common stock, price per share

$ .0005

Advisory Council

Shares of restricted stock issued

22,000,000

2,000,000

Agreement Terms

In consideration for the performance of the advisory services, the Company agreed to issue the advisors shares of the Company’s restricted common stock including 5,000,000 shares each to two of the advisors, 4,000,000 shares each to four of the advisors and 3,000,000 shares to one of the advisors, an aggregate total of 22,000,000 restricted shares. According to the agreements each of the advisors’ shares vest at a rate of 1/12th of the amount per month over the term of the agreement.  

Consulting Agreement

Entitlement of artifact recovery

5.00%

Value of artifacts/treasure recovered

$ 1,500,000

Royalty on recovery of materials on designated site

20.00%

Utilization of technology expense

$ 30,000

Financing And Rights Agreement

Value of artifacts/treasure recovered

$ 800,000

Agreement Terms

After a the State of Florida has taken its share of any artifacts and treasure per any future permits or agreements for the Juno Site, the limited liability Company will be entitled to receive 20% of the first $10,000,000 of artifacts/treasure recovered, 15% of the amount of any artifacts/treasure recovered with a value greater than $10,000,000 to $50,000,000, 10% of the amount of any artifacts/treasure recovered with a value greater than $50,000,000 for a period of three years, and 5% of the amount of any treasure/artifacts recovered with a value greater than $50,000,000 for five years. Additionally, the limited liability company has been made aware that Seafarer has had negotiations with a separate third party for the location of several additional shipwreck sites. The limited liability company will be given exclusive rights to any sites that the Company gains from the third party with the sites becoming a part of this agreement. Per the agreement the sites are unproven, never scanned and presumed to be unsearched and highly speculative as to whether there are any shipwrecks or shipwreck material on the sites however such sites are included in the Financing and Rights agreement. For any of the sites that Seafarer acquires the rights to from the third party, the limited liability Company will be entitled to receive 20% of the first $10,000,000 of artifacts/treasure recovered, 15% of the amount of any artifacts/treasure recovered with a value greater than $10,000,000 to $50,000,000, 10% of the amount of any artifacts/treasure recovered with a value greater than $50,000,000 for a period of three years, and 5% of the amount of any treasure/artifacts recovered with a value greater than $50,000,000 for five years. Seafarer and the limited liability company may also agree to revenue sharing from the sales of artifacts/treasure. If Seafarer has not previously contracted with any party as to media rights, then the Company and the limited liability company agreed that the limited liability company will be allowed to make or cause a media venture at its own expense. Each party will have portion of the revenues from such venture from whatever source. Such media rights are only applicable to the Juno Site and the potential third party site projects that are subject to the Financing and Rights agreement.

Commitment to further recovery

$ 100,000

Quest, LLC

Entitlement of artifact recovery

60.00%

Ownership

50.00%

XML

Legal Proceedings (Details Narrative)	3 Months Ended
	Mar. 31, 2017 shares
Commitments and Contingencies Disclosure [Abstract]
Restricted common stock surrendered and cancelled	32,300,000
Increase (decrease) in outstanding restricted shares	(32,300,000)

XML

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2017	Feb. 28, 2017	Feb. 14, 2017	Jan. 31, 2017	Jan. 26, 2017	Jul. 13, 2016	Jul. 12, 2016	May 20, 2016	May 10, 2016	Mar. 31, 2016	Jan. 12, 2016	Oct. 06, 2015	Jul. 14, 2015	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
Convertible note payable, amount			$ 25,000	$ 5,000	$ 5,000		$ 2,400	$ 5,000	$ 5,000		$ 5,000	$ 10,000	$ 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%	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			$ .00075	$ .0005	$ .0005	$ .005	$ .0006	$ 0.0005	$ .0005		$ .0020		$ .0030	$ 0.0045	$ 0.008	$ 0.007	$ 0.006	$ 0.01	$ 0.004	$ 0.004		$ 0.005	$ 0.015
Loan origination fee				1,000,000
Shares entitled to lender											500,000
Payment of restricted common stock	20,000,000
Payment per month to related party LLC	$ 3,000
Outstanding debt related to transfer agency services	$ 4,226
Loan outstanding to related party						$ 1,200	$ 15,983				$ 1,200	$ 19,983
Loan payable, Interest rate	0.00%
Chief Executive Officer
Convertible note payable, amount		$ 25,000
Convertible note payable, interest rate per annum		6.00%
Convertible note payable, common stock price per share		$ .005
Option to convert common stock, rate per share		$ .00075
Shares entitled to lender		20,000,000
Payment of restricted common stock		20,000,000
Loan repaid	$ 4,000
Payment per month to related party LLC	$ 3,000
Loan outstanding to related party										$ 15,983
Loan payable, Interest rate										6.00%

XML

Subsequent Events (Details Narrative)	1 Months Ended
	May 15, 2017 USD ($) shares
Subsequent Events Details Narrative
Restricted shares sold | shares	39,000,000
Proceeds from sale of restricted common stock | $	$ 68,000