Quarterly ResultMay 12, 2026, 03:36 PM
Seafarer Exploration Q1 Net Loss $(894K); Going Concern Doubt
AI Summary
Seafarer Exploration Corp. reported a net loss of $(894,170) for the three months ended March 31, 2026, an increase from $(731,401) in the prior year period. The company faces substantial doubt about its ability to continue as a going concern, with a significant working capital deficit of $3,327,699 and several convertible and other notes payable in default. Management plans to raise capital through common stock and debt issuance to fund operations, as it does not expect significant revenues in the foreseeable future. The company's cash position decreased to $30,216 from $50,469 at the end of 2025.
Key Highlights
- Company faces substantial doubt about its ability to continue as a going concern.
- Net loss for Q1 2026 was $(894,170), up from $(731,401) in Q1 2025.
- Working capital deficit stood at $3,327,699 as of March 31, 2026.
- Convertible notes payable in default totaled $325,300; other notes in default $1,162,000.
- Cash balance decreased to $30,216 at March 31, 2026, from $50,469.
- Total assets were $205,545, and total liabilities were $3,407,728.
- Loss on extinguishment of debt was $(234,245) in Q1 2026.
- Raised $686,550 from common stock issuance in Q1 2026.