10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q /A

Amendment No. 1

(Mark One)

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

For the quarterly period ended June 30, 2013

or

o 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)

Delaware	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 þ No o

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 o No þ

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

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes     o  No     þ

As of August 12, 2013, there were 825,269,126 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 June 30, 2013, filed with the Securities and Exchange Commission on August 14, 2013 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.

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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 Section906 of the  Sarbanes-Oxley Act of 2002.
*101.INS	XBRL Instance Document
*101.SCH	XBRL Taxonomy Extension Schema
*101.CAL	XBRL Taxonomy Extension Calculation Linkbase
*101.DEF	XBRL Taxonomy Extension Definition Linkbase
*101.LAB	XBRL Taxonomy Extension Label Linkbase
*101.PRE	XBRL Taxonomy Extension Presentation Linkbase

* Filed herewith.

** 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:  August 16, 2013	By:	/s/ Kyle Kennedy
		Kyle Kennedy President, Chief Executive Officer, and Chairman of the Board (Principal Executive Officer and Principal Accounting Officer)

Date: August 16, 2013	By:	/s/ Chuck Branscomb
		Chuck Branscomb, Director

Date: August 16, 2013	By:	/s/ Robert L. Kennedy
		Robert L. Kennedy, Director

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LEGAL PROCEEDINGS

3 Months Ended

Jun. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

LEGAL PROCEEDINGS

NOTE 12 – LEGAL PROCEEDINGS

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

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

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

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

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CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		6 Months Ended		76 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013
Income Statement [Abstract]
Revenue
Expenses:
Consulting and contractor expenses	364,579	117,061	652,815	228,233	3,835,966
Professional fees	149,702	32,827	184,744	47,327	673,002
Depreciation	8,496	8,124	16,992	16,249	185,190
General and administrative expenses	10,275	1,759	30,003	14,289	349,937
Vessel expenses	44,308	45,331	82,679	67,871	461,562
Travel and entertainment	36,646	13,796	52,184	26,457	269,560
Rent expense	5,446	3,166	27,064	6,962	147,750
Other operating expenses					13,187
Total operating expenses	619,452	222,064	1,046,481	407,388	5,936,154
Loss from operations	(619,452)	(222,064)	(1,046,481)	(407,388)	(5,936,154)
Other income (expense)
Interest expense	(123,596)	(46,578)	(157,306)	(58,015)	(836,847)
Interest income			80,609	33,150	224,830
Loss on extinguishment of debt		(31,398)	(38,447)	(31,398)	(419,560)
Loss on impairment					(42,800)
Total other income (expense)	(123,596)	(77,976)	(115,144)	(56,263)	(1,074,377)
Net loss	$ (743,048)	$ (300,040)	$ (1,161,625)	$ (463,651)	$ (7,010,531)
Net loss per share applicable to common stockholders - basic and diluted	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Weighted average number of shares outstanding - basic and diluted	811,905,248	656,319,856	779,676,653	637,381,387

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CAPITAL STOCK

3 Months Ended

Jun. 30, 2013

Equity [Abstract]

CAPITAL STOCK

NOTE 5 – CAPITAL STOCK

Common Stock

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

Series A Preferred Stock

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

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

The Company previously issued seven shares of its preferred stock. The Company and the preferred shareholders have agreed to amend the preferred shareholder agreements so that each share of preferred stock has the right to convert into 214,286 shares of the Company’s common stock and receive a 1% share of any artifacts found at the Church Hollow Site. As of June 30, 2013, no shares of preferred stock had been converted into shares of the Company’s common stock.

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CONVERTIBLE NOTES PAYABLE, AT FAIR VALUE (Tables)

3 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

The effects on earnings associated with changes in the fair values of the convertible note payable

	For the three months ended
	June 30,				June 30,
	2013				2012
Interest expense recorded upon issuance of the convertible note payable		$	--			$	(221,215	)
Interest income (expense) on fair value re-measurement of the convertible note payable			(76,145	)			271,241
		$	(76,145	)		$	50,026

	For the six months ended
	June 30,			June 30,
	2013			2012
Interest expense recorded upon issuance of the convertible note payable		$	--		$	(237,687	)
Interest income (expense) on fair value re-measurement of the convertible note payable			4,464			283,873
		$	4,464		$	46,186

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RELATED PARTY TRANSACTIONS

3 Months Ended

Jun. 30, 2013

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 13 – RELATED PARTY TRANSACTIONS

During the three month period ended June 30, 2013:

In April of 2013, one of the Company’s promissory note holders agreed to assign a total of $10,000 of the principal balance of his note which had an original face value of $20,000 and which was in default due to non-payment of principal and interest, to an investor who is related to the Company’s CEO, pursuant to two wrap around agreements between note holder and the related party investor. Under the agreements the related party investor agreed to repay the related party note holder a portion of the principal balance which was $10,000. The investor elected to convert the $10,000 principal balance of the note into 2,120,000 shares of the Company’s common stock.

In June of 2013, an individual who is related to the Company’s CEO entered into a subscription agreement to purchase 1,500,000 shares of the Company’s restricted common stock at a price of $0.01 per share and the Company received proceeds of $15,000.

The Company has an ongoing verbal agreement with a limited liability company that is controlled by a person who is related to the Company’s CEO to pay the related party consultant $3,000 per month to provide background research, background checks and investigative information on individuals and companies, and act as an administrative specialist to perform various administrative duties and clerical services. The consultant provides the services under the direction and supervision of the Company’s CEO. During the three month period ended June 30, 2013, the Company paid the related party consultant fees of $8,700. All fees paid to the related party consultant during the three month period ended June 30, 2013 are included as an expense in consulting and contractor fees in the accompanying income statement for the period.

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 June 30, 2013, the Company owed the transfer agency $2,831 and this amount is included in accounts payable and accrued liabilities in the accompanying balance sheet.

At June 30, 2013 the following promissory notes and shareholder loans were outstanding to related parties:

A convertible note payable dated January 9, 2009, due to a person related to the Company’s CEO with a face amount of $10,000. This note bears interest at a rate of 10% per annum with interest payment to be paid monthly and is convertible at the note holder’s option into the Company’s common stock at $0.015 per share.  The convertible note payable was due on or before January 9, 2010 and is secured.  This convertible note payable is currently in default due to non-payment of principal and interest.

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

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

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

A convertible note payable dated January 7, 2013, due to a person related to the Company’s CEO with a face amount of $7,500. 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 $0.004 per share.  The convertible note payable is due on or before June 30, 2013 and is not secured. The note is currently in default due to non-payment of principal and interest as of the date of the filing of this form 10-Q.

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 is 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 as of the date of the filing of this form 10-Q.

A convertible note payable dated February 7, 2013, due to a person related to the Company’s CEO with a face amount of $10,000. This note bears interest at a rate of 6% per annum with accrued interest to be paid at the time that the principal balance is repaid or the note is converted into shares of the Company’s common stock. The note is convertible at the note holder’s option into the Company’s common stock at $0.005 per share.  The convertible note payable is due on or before August 7, 2013 and is not secured.  The note is currently in default due to non-payment of principal and interest as of the date of the filing of this form 10-Q.

A convertible note payable dated March 6, 2013, due to a person related to the Company’s CEO with a face amount of $23,000. 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 $0.015 per share.  The convertible note payable is due on or before September 6, 2013 and is not secured.  

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CONVERTIBLE NOTES PAYABLE, AT FAIR VALUE - The effects on earnings associated with changes in the fair values of the convertible note payable (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Debt Disclosure [Abstract]
Interest expense recorded upon issuance of the convertible note payable		$ (221,215)		$ (237,687)
Interest income (expense) on fair value re-measurement of the convertible note payable	(76,145)	271,241	4,464	283,873
Net interest expense of the convertible note payable	$ (76,145)	$ 50,026	$ 4,464	$ 46,186

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended		76 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012	Dec. 31, 2008	Jun. 30, 2013
Accounting Policies [Abstract]
Revenue
Purchase cost of diving vessel						325,000
Useful life length of diving vessel and depreciation length						10 years
Purchase price of generator					7,420
Useful life length of generator and depreciation length					5 years
Impairment charges related to Company's investment in Church Hollow, LLC							$ 21,000

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GOING CONCERN (Details Narrative) (USD $)	76 Months Ended
	Jun. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net losses incurred since inception	$ 7,010,531

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CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE - Allocation of Purchases, Convertible Note Issued on November 13, 2012 (Details) (USD $)	6 Months Ended
	May 20, 2013 $50,000 Face Value	Jun. 30, 2013 $134,500 Face Value
Convertible Note
Proceeds	$ 50,000	$ 134,500
Paid-in capital (beneficial conversion feature)	(2,000)	(126,000)
Paid-in capital (warrants)	(14,286)
Carrying value	$ 33,714	$ 8,500

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MATERIAL AGREEMENT (Details Narrative) (USD $)	1 Months Ended	3 Months Ended
	Jun. 30, 2013	Jun. 30, 2013	Apr. 30, 2013	Feb. 01, 2013	Jan. 31, 2013	Jan. 08, 2013	Jan. 31, 2012	Aug. 30, 2011	Jun. 08, 2010
Notes to Financial Statements
Total payment to Tulco									$ 40,000
2009 diving season fees owed to Tulco									20,000
2010 diving season fees owed to Tulco									20,000
Yearly conservation payment agreement to Tulco									20,000
Fees paid as required under Agreement							20,000
Fees not paid until legal counsel					20,000
Percentage received by Seafarer from recovery of archeological material from the shipwreck site				60.00%
Net of any percentages that are donated to State of Florida received by the corporation				40.00%
Payment of its restricted common stock			2,000,000	10,000,000
Common stock shares due and payable upon execution of the agreement				2,500,000
Common stock shares due and payable upon receipt of a salvage and recovery contract				2,500,000
Common stock shares upon commencement of the work at the site				2,500,000
Common stock shares upon the discovery of valuable archeological material				2,500,000
Seafarer's responibility of the cost of the conservation of the artifacts				60.00%
The corporation's responibility of the cost of the conservation of the artifacts				40.00%
Restricted shares of common stock to be paid to the Director						4,000,000
Vesting rate of restricted shares of common stock per month						75,000
Payment per month to the consultant under original agreement			3,500					10,000
Payment per month to the consultant under revised agreement								5,000
Restricted shares of common stock provided to the consultant for the services under revised agreement	18,500,000	18,500,000						2,500,000
Restricted shares issued included as expense in consulting and contractor fees		200,000
Restricted shares of common stock to be issued to the advisor	240,000	240,000
Restriced stock issued to legal advisor for services		4,000,000
Payment to related party consultant per month	3,000	8,700
Minimum payment per month to CFO	5,000
Ongoing aggreement for monthly bookkeeping services	500
Additional payment for bookkeeping services, value of restricted stock	$ 5,000

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INCOME TAXES (Details Narrative) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Net tax operating loss	$ 7,010,531	$ 5,848,906

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RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)	3 Months Ended
	Jun. 30, 2013	Jan. 19, 2013	Jan. 06, 2013	Jan. 18, 2012	Feb. 24, 2010	Jan. 25, 2010	Jan. 09, 2009
Payment of related party transfer agency fees	$ 4,864
Convertible note payable, face amount		15,000	7,500	50,000	7,500	6,000	10,000
Convertible note payable, interest rate per annum		6.00%	6.00%	8.00%	6.00%	6.00%	10.00%
Convertible note payable, common stock price per share		$ 0.004	$ 0.004	$ 0.004		$ 0.005	$ 0.015
April of 2013
Prommisory note, principal balance	10,000
Promissory note, original face value	20,000
Promissory note principal balance converted to common shares	2,120,000
June of 2013
Restricted shares of common subcribed to by individual	1,500,000
Restricted shares of common subcribed to by individual, price per share	$ 0.01
Net proceeds from subscription to restriced common stock	$ 15,000

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DESCRIPTION OF BUSINESS (Details Narrative)	Jun. 30, 2008
Accounting Policies [Abstract]
Organetix post-merger common shares received in exchange for the Company's common stock	131,243,235

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DESCRIPTION OF BUSINESS

3 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

DESCRIPTION OF BUSINESS

NOTE 1 – DESCRIPTION OF BUSINESS

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

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

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

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

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

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

SUMMARY OF 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 recognizes revenue on arrangements in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” and No. 104, “Revenue Recognition”. In all cases, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability is reasonably assured. For the periods ended June 30, 2013 and 2012, and for the period from inception to June 30, 2013, 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 June 30, 2013 and 2012.

Fair Value of Financial Instruments

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

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

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

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

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

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of June 30, 2013 and December 31, 2012.  The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments.  These financial instruments include cash, notes receivable, accounts payable and accrued expenses. The fair value of the Company’s debt instruments is estimated based on current rates that would be available for debt of similar terms, which is not significantly different from its stated value, except for the convertible note payable, at fair value, which has been revalued based on current market rates using Level 1 inputs.  

Income Taxes

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

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

Fixed Assets and Depreciation

Fixed assets are recorded at historical cost. Depreciation is computed on the straight-line method over the estimated useful lives of the respective assets. Currently the Company’s assets are a (i) diving vessel, which was purchased for $325,000 during 2008 and is being depreciated over a 10 year useful life and (ii) a generator, which was purchases for $7,420 during 2012 and is being depreciated over a 5 year useful life.

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 June 30, 2013 and 2012. During the period from inception to June 30, 2013, the Company has incurred $21,000 in impairment charges related to its investment in Church Hollow, LLC.

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 June 30, 2013, the Company has not implemented an employee stock based compensation plan.

Non-Employee Stock Based Compensation

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

Subsequent Events

In accordance with  ASC 855, Subsequent Event , the Company evaluated subsequent events through August 14, 2013, the date the Company’s quarterly report on Form 10-Q was ready to issue.

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INCOME TAXES

3 Months Ended

Jun. 30, 2013

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 Six Months Ended June 30, 2013			For the Six Months Ended June 30, 2012
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 June 30, 2013 and December 31, 2012, the Company’s only significant deferred income tax asset was an estimated net tax operating loss of $7,010,531 and $5,848,906 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 June 30, 2013 and December 31, 2012. 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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LOSS PER SHARE

3 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

LOSS PER SHARE

NOTE 4 - LOSS PER SHARE

Components of loss per share for the three months ended June 30, 2013 and 2012 are as follows:

	For the Three Months Ended June 30, 2013			For the Three Months Ended June 30, 2012
Net loss attributable to common stockholders	$	(743,048	)	$	(300,040	)
Weighted average shares outstanding:
Basic and diluted		811,905,248			656,319,856
Loss per share:
Basic and diluted	$	(0.00	)	$	(0.00	)

 Components of loss per share for the six months ended June 30, 2013 and 2012 are as follows:

	For the Six Months Ended June 30, 2013			For the Six Months Ended June 30, 2012
Net loss attributable to common stockholders	$	(1,161,625	)	$	(463,651	)
Weighted average shares outstanding:
Basic and diluted		779,676,653			637,381,387
Loss per share:
Basic and diluted	$	(0.00	)	$	(0.00	)

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DIVISON OF ARTIFACTS AND TREASURE (Details Narrative)	Jun. 08, 2010
Notes to Financial Statements
Assumption of FLDHR's portion of artifacts or treasure recovered from the Juno Beach Shipwreck	20.00%
FLDHR's percentage under the Exploration Agreement	20.00%
Tulco's percentage under the Exploration Agreement	40.00%
The Company's percentage under the Exploration Agreement	40.00%
FLDHR's rights to total value of recovered artifacts and treasre for museum collection, maximum	20.00%

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LOSS PER SHARE - Components of loss per share (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (743,048)	$ (300,040)	$ (1,161,625)	$ (463,651)
Weighted average shares outstanding:
Basic and diluted	811,905,248	656,319,856	779,676,653	637,381,387
Loss per share:
Basic and diluted	$ 0.00	$ 0.00	$ 0.00	$ 0.00

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LEASE OBLIGATION (Details Narrative) (USD $)	Sep. 12, 2011 sqft
Leases [Abstract]
Office space leased	823
Base monthly rent	$ 1,166

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CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE (Details Narrative) (USD $)	2 Months Ended	3 Months Ended	6 Months Ended
	Mar. 06, 2013	Jun. 30, 2013	Jun. 30, 2013	Dec. 31, 2012	Nov. 20, 2012
Debt Disclosure [Abstract]
Convertible note issued on November 20, 2012					$ 50,000
Convertible note November 20, 2012 interest rate					6.00%
Conversion price, November 20, 2012 note					$ 0.005
Shares of common stock convertible, November 20, 2012 convertible note					4,000,000
Exercise price, November 20, 2012 convertible note					$ 0.005
Warrants term, November 20, 2012 convertible note					10 years
Interest expense related to amoritzation of debt discount			13,997
Carrying value of convertible note		50,000	50,000	36,003
Aggregate value of convertible notes issued	134,500
Interest rate	6.00%
Interest expense related to amortization of debt discounts, Notes Payable		7,502	37,439
Aggregate carrying value of convertible notes, Notes Payable		45,939	45,939
Combined accrued interest on convertible notes payable, notes payable and stockholder loans		26,163	26,163	45,898
Face value of convertible notes payable, convertible notes payable at fair value and notes		450,228	450,228
Amount of notes in default		$ 288,300	$ 288,300

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CONDENSED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	7	0
Preferred Stock, shares outstanding	7	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	850,000,000	850,000,000
Common stock, shares issued	815,795,446	739,313,459
Common Stock, shares outstanding	815,795,446	739,313,459

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CONVERTIBLE NOTES PAYABLE, AT FAIR VALUE

3 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

CONVERTIBLE NOTES PAYABLE, AT FAIR VALUE

NOTE 9 – CONVERTIBLE NOTES PAYABLE, AT FAIR VALUE

Convertible Note Payable Dated October 22, 2012 at Fair Value

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

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

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

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

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

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

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

During the six months ended June 30, 2013, the Company repaid $30,000 in principal and the remaining $12,500 in principal was converted into 1,136,364 shares of the Company’s common stock. At June 30, 2013 and December 31, 2012, the convertible note payable, at fair value, was recorded at $0 and $90,047, respectively.

Convertible Note Payable Dated December 18, 2012 at Fair Value

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

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

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

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

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

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

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

At June 30, 2013 and December 31, 2012, the convertible note payable, at fair value, was recorded at $118,488 and $93,195, respectively.

The following tables summarize the effects on earnings associated with changes in the fair values of the convertible note payable, at fair value for the three months ended June 30, 2013 and 2012:  

	For the three months ended
	June 30,				June 30,
	2013				2012
Interest expense recorded upon issuance of the convertible note payable		$	--			$	(221,215	)
Interest income (expense) on fair value re-measurement of the convertible note payable			(76,145	)			271,241
		$	(76,145	)		$	50,026

The following tables summarize the effects on earnings associated with changes in the fair values of the convertible note payable, at fair value for the six months ended June 30, 2013 and 2012:  

	For the six months ended
	June 30,			June 30,
	2013			2012
Interest expense recorded upon issuance of the convertible note payable		$	--		$	(237,687	)
Interest income (expense) on fair value re-measurement of the convertible note payable			4,464			283,873
		$	4,464		$	46,186

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CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	6 Months Ended		76 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,161,625)	$ (463,651)	$ (7,010,531)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	16,992	16,249	185,190
Allowance for uncollectible notes receivable			38,867
Amortization of debt discount	51,437		53,657
Amortization of deferred finance costs		40,402	59,605
Interest (income) expense on fair value adjustment on convertible notes payable	(4,464)	7,721	445,889
Interest accrued on note receivable			(11,705)
Write-off of uncollectible deposit			20,000
Loss on extinguishment of debt		31,398	381,113
Loss on impairment			42,800
Stock issued for services	937,037	76,885	2,833,387
Stock issued for financing fees			5,000
Changes in operating assets and liabilities:
Prepaid expenses	(182,862)		(231,122)
Advances to shareholders			(1,015)
Deposits and other receivables			(23,346)
Accounts payable and accrued liabilities	4,223	12,658	236,424
Net cash used in operating activities	(342,262)	(278,338)	(2,975,787)
CASH FLOWS FROM INVESTING ACTIVITIES
Issuance of notes receivable			(25,000)
Purchase of investment in common stock		(12,000)	(34,100)
Acquisition of equipment			(325,000)
Net cash used in investing activities		(12,000)	(384,100)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of common stock	193,843	139,000	2,241,387
Proceeds from the issuance of convertible notes, related parties	55,500	50,000	111,500
Proceeds from the issuance of convertible notes, non related parties	79,000	72,500	841,800
Proceeds from the issuance of notes payable		30,000	286,500
Proceeds from the issuance of notes payable - related parties			8,500
Payments on convertible notes payable	(30,000)		(76,000)
Payments on notes payable		(10,000)	(57,500)
Payments on notes payable - related parties			(1,000)
Proceeds from loans from stockholders			40,925
Payments on loans from stockholders			(36,225)
Net cash provided by financing activities	298,343	281,500	3,359,887
NET DECREASE IN CASH	(43,919)	(8,838)
CASH, BEGINNING OF PERIOD	43,919	8,838
CASH, ENDING OF PERIOD
NONCASH FINANCING ACTIVITIES:
Due to Organetix, Inc. reclassified to additional paid-in capital			91,500
Common stock issued in conjunction with a joint venture			9,800
Common stock issued to satisfy debt		70,851	76,528
Common stock issued to satisfy minimum value guarantee			87,667
Convertible debt converted to common stock including accrued interest	127,416	91,259	1,340,438
Common stock issued in exchange for a fixed asset			7,420
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest			$ 3,660

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CONDENSED BALANCE SHEETS (Unaudited) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Current assets:
Cash		$ 43,919
Prepaid expenses	218,876	36,014
Advances to shareholder	3,267	3,267
Deposits and other receivables	1,183	1,183
Total current assets	223,326	84,383
Property and equipment - net	147,231	164,223
Investments	1,100	1,100
Total Assets	371,657	249,706
Current liabilities:
Accounts payable and accrued liabilities	119,868	140,270
Convertible notes payable	24,738	91,503
Convertible notes payable - related parties	18,702
Convertible notes payable, in default	177,300	149,300
Convertible notes payable, in default - related parties	73,500	66,000
Convertible note payable, at fair value	118,488	183,242
Notes payable, in default	30,000	30,000
Notes payable in default related parties	7,500	7,500
Total current liabilities	570,096	667,815
Stockholders' equity (deficit):
Preferred stock, $0.0001 par value - 50,000,000 shares authorized; 7 and 0 shares issued and outstanding at June 30, 2013 and December 31, 2012
Common stock, $0.0001 par value - 850,000,000 shares authorized; 815,795,446 and 739,313,459 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively	81,580	73,931
Additional paid-in capital	6,730,512	5,356,866
Deficit accumulated during the development stage	(7,010,531)	(5,848,906)
Total stockholders' equity (deficit)	(198,439)	(418,109)
Total Liabilities and Stockholders' Equity (Deficit)	$ 371,657	$ 249,706

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CAPITAL STOCK (Details Narrative) (USD $)	Jun. 30, 2013	Mar. 30, 2011
Equity [Abstract]
Common stock authorized for issuance	850,000,000
Common stock authorized for issuance, par value	$ 0.0001
Voting right for holders of common stock percentage	50.00%
Preferred stock authorized for sale or issuance	50,000,000
Designated shares as Series A Preferred Stock		50,000
Designated par value for Series A Preferred Stock		$ 0.0001
Series A Preferred liquidation preference		$ 1
Previously issued preferred stock	7
Conversion of preferred stock into the Company's common stock	214,286
Percent share received of artifacts found at the Church Hollow Site	1.00%

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CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE (Tables)

3 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Convertible Notes Payable as of June 30, 2013 and December 31, 2012

Issue Date	Maturity Date		June 30, 2013			December 31, 2012		Interest Rate			Conversion Rate
Convertible notes payable:
February 17, 2012	February 17, 2013	$	--		$	7,500		6.00		%	0.004
April 5, 2012	April 5, 2013		--			15,000		6.00		%	0.005
July 16, 2012	July16, 2013		5,000			5,000		6.00		%	0.005
October 31, 2012	April 30, 2013		--			8,000		6.00		%	0.004
November 20, 2012	May 20, 2013		--			36,003		6.00		%	0.005
December 20, 2012	June 20, 2013		--			20,000		6.00		%	0.004
January 11, 2013	July 11, 2013		12,095			--		6.00		%	0.004
January 19, 2013	July 30, 2013		3,035			--		6.00		%	0.004
January 28, 2013	January 28, 2014		1,334			--		6.00		%	0.005
January 28, 2013	January 28, 2014		1,334			--		6.00		%	0.005
February 11, 2013	August 11, 2013		1,940			--		6.00		%	0.006
				24,738			91,503
Convertible notes payable– related parties :
January 19, 2013	July 30, 2013		9,105			--		6.00		%	0.004
February 7, 2013	August 7, 2013		4,642			--		6.00		%	0.005
March 6, 2013	September 6, 2013		4,955			--		6.00		%	0.015
				18,702			--
Convertible notes payable, in default :
August 28, 2009	November 1, 2009			4,300			4,300		10.00	%		0.015
April 7, 2010	November 7, 2010			70,000			70,000		6.00	%		0.008
November 12, 2010	November 7, 2010			40,000			40,000		6.00	%		0.008
April 5, 2012	April 5, 2013			5,000			--		6.00	%		0.005
October 31, 2012	April 30, 2013		8,000			--		6.00		%	0.004
November 9, 2011	December 31, 2012			50,000			35,000	6.00		%	0.004
				177,300			149,300

Convertible notes payable – related parties, in default:
January 7, 2013	June 30, 2013	$	7,500		$	--		6.00		%	0.004
January 9, 2009	January 9, 2010			10,000			10,000		10.00	%		0.015
January 25, 2010	January 25, 2011			6,000			6,000		6.00	%		0.005
January 18, 2012	July 18, 2012			50,000			50,000		8.00	%		0.004
				73,500			66,000
			$	294,240		$	306,803

Allocation of Purchases, Convertible Note Issued on November 20, 2012

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

Allocation of Purchases, Convertible Notes Issued between January 7, 2013 and March 6, 2013

	$134,500
Convertible Note	Face Value
Proceeds	$	134,500
Paid-in capital (beneficial conversion feature)		(126,000	)
Carrying value	$	8,500

Notes Payable as of June 30, 2013 and December 31, 2012

Issue Date	Maturity Date	June 30, 2013		December 31, 2012		Interest Rate
Notes payable, in default –related parties:
February 24, 2010	February 24, 2011	$	7,500	$	7,500		6.00	%
Notes payable, in default:
June 23, 2011	August 23, 2011		25,000		25,000		6.00	%
April 27, 2011	April 27, 2012		5,000		5,000		6.00	%
			30,000		30,000
		$	37,500	$	37,500

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CONVERTIBLE NOTES PAYABLE, AT FAIR VALUE (Details Narrative) (USD $)	6 Months Ended
	Jun. 30, 2013	Dec. 18, 2013	Dec. 31, 2012	Oct. 22, 2012
Debt Disclosure [Abstract]
Convertible note payable, face value		$ 42,500		$ 42,500
Convertible note payable, interest rate		8.00%		8.00%
Variable Conversion Price defined by the average of the lowest three trading prices for the Company's common stock		60.00%		60.00%
Repayment in principal	30,000
Value of principal converted into common stock	12,500
Principal converted into common stock	1,136,364
Convertible note payable, at fair value	0		90,047
Convertible note payable, at fair value (B)	$ 118,488		$ 93,195

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CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE - Allocation of Purchases, Convertible Notes Issued between January 7, 2013 and March 6, 2013 (Details) (USD $)	6 Months Ended
	Jun. 30, 2013 $134,500 Face Value	May 20, 2013 $50,000 Face Value
Convertible Note
Proceeds	$ 134,500	$ 50,000
Paid-in capital (beneficial conversion feature)	(126,000)	(2,000)
Carrying value	$ 8,500	$ 33,714

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CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE - Notes Payable as of March 31, 2013 and December 31, 2012 (Details) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Issued February 24, 2010, with Maturity Date February 24, 2011	$ 7,500	$ 7,500
Issued June 23, 2011, with Maturity Date August 23, 2011	25,000	25,000
Issued April 27, 2011, with Maturity Date April 27, 2012	5,000	5,000
Total Notes payable, in default	30,000	30,000
Net Notes Payable	$ 37,500	$ 37,500
Interest Rate
Issued February 24, 2010, with Maturity Date February 24, 2011, Interest Rate	6.00%	6.00%
Issued June 23, 2011, with Maturity Date August 23, 2011, Interest Rate	6.00%	6.00%
Issued April 27, 2011, with Maturity Date April 27, 2012, Interest Rate	6.00%	6.00%

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CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE

3 Months Ended

Jun. 30, 2013

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 paragraph 4 of EITF 00-19, which was ultimately superseded by ASC 470.

Convertible Notes Payable

The following table reflects the convertible notes payable, other than the one remeasured to fair value, which is discussed in Note 10, as of June 30, 2013 and December 31, 2012:

Issue Date	Maturity Date		June 30, 2013			December 31, 2012		Interest Rate			Conversion Rate
Convertible notes payable:
February 17, 2012	February 17, 2013	$	--		$	7,500		6.00		%	0.004
April 5, 2012	April 5, 2013		--			15,000		6.00		%	0.005
July 16, 2012	July16, 2013		5,000			5,000		6.00		%	0.005
October 31, 2012	April 30, 2013		--			8,000		6.00		%	0.004
November 20, 2012	May 20, 2013		--			36,003		6.00		%	0.005
December 20, 2012	June 20, 2013		--			20,000		6.00		%	0.004
January 11, 2013	July 11, 2013		12,095			--		6.00		%	0.004
January 19, 2013	July 30, 2013		3,035			--		6.00		%	0.004
January 28, 2013	January 28, 2014		1,334			--		6.00		%	0.005
January 28, 2013	January 28, 2014		1,334			--		6.00		%	0.005
February 11, 2013	August 11, 2013		1,940			--		6.00		%	0.006
				24,738			91,503
Convertible notes payable– related parties :
January 19, 2013	July 30, 2013		9,105			--		6.00		%	0.004
February 7, 2013	August 7, 2013		4,642			--		6.00		%	0.005
March 6, 2013	September 6, 2013		4,955			--		6.00		%	0.015
				18,702			--
Convertible notes payable, in default :
August 28, 2009	November 1, 2009			4,300			4,300		10.00	%		0.015
April 7, 2010	November 7, 2010			70,000			70,000		6.00	%		0.008
November 12, 2010	November 7, 2010			40,000			40,000		6.00	%		0.008
April 5, 2012	April 5, 2013			5,000			--		6.00	%		0.005
October 31, 2012	April 30, 2013		8,000			--		6.00		%	0.004
November 9, 2011	December 31, 2012			50,000			35,000	6.00		%	0.004
				177,300			149,300

Convertible notes payable – related parties, in default:
January 7, 2013	June 30, 2013	$	7,500		$	--		6.00		%	0.004
January 9, 2009	January 9, 2010			10,000			10,000		10.00	%		0.015
January 25, 2010	January 25, 2011			6,000			6,000		6.00	%		0.005
January 18, 2012	July 18, 2012			50,000			50,000		8.00	%		0.004
				73,500			66,000
			$	294,240		$	306,803

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

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

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

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

The discount on the convertible note arose from the allocation of basis to the beneficial conversion feature and the embedded warrants. The discount is amortized through charges to interest expense over the term of the debt agreement. For the six months ended June 30, 2013, the Company recorded interest expense related to the amortization of debt discount in the amount of $13,997. The carrying value of the convertible note at June 30, 2013 and December 31, 2012 was $50,000 and $36,003, respectively.

Between January 7, 2013 and March 6, 2013, the Company issued an aggregate $134,500 6% convertible notes. The principal amount of the notes and interest is payable on the maturity date. The note and accrued interest are convertible into common stock at fixed conversion prices. The conversion prices and maturity dates of these notes are detailed in the table in the preceding page.

The Company has evaluated the terms and conditions of the convertible note under the guidance of ASC 815 and other applicable guidance. The conversion feature met the definition of conventional convertible for purposes of applying the conventional convertible exemption. The definition of conventional contemplates a limitation on the number of shares issuable under the arrangement. The note is convertible into a fixed number of shares and there are no down round protection features contained in the contracts. Since the convertible notes achieved the conventional convertible exemption, the Company was required to consider whether the hybrid contracts embody a beneficial conversion feature. The calculation of the effective conversion amount did result in a beneficial conversion feature.

The following tables reflect the aggregate allocation of the purchase on the financing date(s):

	$134,500
Convertible Note	Face Value
Proceeds	$	134,500
Paid-in capital (beneficial conversion feature)		(126,000	)
Carrying value	$	8,500

Notes Payable

The discounts on the convertible notes arose from the allocation of basis to the beneficial conversion feature. The discount is amortized through charges to interest expense over the term of the debt agreement. For the six months ended June 30, 2013, the Company recorded interest expense related to the amortization of debt discounts in the amount of $37,439. The aggregate carrying value of these convertible notes at June 30, 2013 was $45,939.

The following table reflects the notes payable as of June 30, 2013 and December 31, 2012:

Issue Date	Maturity Date	June 30, 2013		December 31, 2012		Interest Rate
Notes payable, in default –related parties:
February 24, 2010	February 24, 2011	$	7,500	$	7,500		6.00	%
Notes payable, in default:
June 23, 2011	August 23, 2011		25,000		25,000		6.00	%
April 27, 2011	April 27, 2012		5,000		5,000		6.00	%
			30,000		30,000
		$	37,500	$	37,500

At June 30, 2013 and December 31, 2012, combined accrued interest on the convertible notes payable, notes payable and stockholder loans was $26,163 and $45,898, respectively, and included in accounts payable and accrued liabilities on the accompanying balance sheets.

Convertible Notes Payable and Notes Payable, in Default

At June 30, 2013, the Company had convertible notes payable, convertible notes payable at fair value and notes payable of $450,228 of which $288,300 were 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 equity there is typically a highly dilutive effect on current shareholders and very high probability that such dilution may significantly negatively affect the trading price of the Company’s common stock.

Furthermore, management intends to have discussions or has already had discussions with several of the promissory note holders who do not currently have convertible notes regarding converting their notes into equity. Any such amended agreements to convert promissory notes into equity would more than likely have a highly dilutive effect on current shareholders and there is a very high probability that such dilution may significantly negatively affect the trading price of the Company’s common stock. Some of these note holders have already amended their non-convertible notes to be convertible and converted the notes into equity. Based on conversations with other note holders, the Company believes that additional note holders will amend their notes to contain a convertibility clause and eventually convert the notes into equity.

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INCOME TAXES - Difference between income taxes computed at the federal statutory rate and the provision for income taxes (Details)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Income Tax Disclosure [Abstract]
Income tax at federal statutory rate	(3400.00%)	(3400.00%)
State tax, net of federal effect	(396.00%)	(396.00%)
Income taxes	37.96%	37.96%
Valuation allowance	(3796.00%)	(3796.00%)
Effective rate	0.00%	0.00%

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LEGAL PROCEEDINGS (Details Narrative) (USD $)	Apr. 05, 2011	Feb. 24, 2011	Dec. 11, 2009	Jun. 15, 2007
Commitments and Contingencies Disclosure [Abstract]
Amount loss of the lawsuit			$ 1,041,000
Actual damages sought after by the plaintiff			15,000
Allegation of initial investment by Micah Eldred made in Seafarer, Inc.				5,000
Claims owed by the Company to the limited liability company		12,064
Compensatory damages	5,080,000
Damages sought for negligence in use or maintenance of a vessel	$ 15,000

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DIVISON OF ARTIFACTS AND TREASURE

3 Months Ended

Jun. 30, 2013

Notes to Financial Statements

DIVISON OF ARTIFACTS AND TREASURE

NOTE 11 – DIVISON OF ARTIFACTS AND TREASURE

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

20% to the FLDHR

40% to Tulco

40% to the Company

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

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

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

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

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

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LEASE OBLIGATION

3 Months Ended

Jun. 30, 2013

Leases [Abstract]

LEASE OBLIGATION

NOTE 7 - LEASE OBLIGATION

Office

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

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GOING CONCERN

3 Months Ended

Jun. 30, 2013

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. As shown in the accompanying condensed financial statements, the Company has incurred net losses of $7,010,531 since inception. Based on its historical rate of expenditures, the Company expects to expend its available cash in less than one month from August 14, 2013. Management's plans include raising capital through the equity markets to fund operations and eventually, the generating 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 condensed 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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CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE - Convertible Notes Payable as of March 31, 2013 and December 31, 2012 (Details) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Convertible notes payable:
Issued February 17, 2012 with Maturity Date of February 17, 2013		$ 7,500
Issued April 5, 2012 with Maturity Date of April 5, 2013		15,000
Issued July 16, 2012 with Maturity Date of July 16, 2013	5,000	5,000
Issued October 31, 2012 with Maturity Date of April 30, 2013		8,000
Issued November 20, 2012 with Maturity Date of May 20, 2013		36,003
Issued December 20, 2012 with Maturity Date of June 20, 2013		20,000
Issued January 11, 2013 with Maturity Date of July 11, 2013	12,095
Issued January 19, 2013 with Maturity Date of July 30, 2013	3,035
Issued January 28, 2013 with Maturity Date of January 28, 2014	1,334
Issued January 28, 2013 with Maturity Date of January 28, 2014 (2)	1,334
Issued February 11, 2013 with Maturity Date of August 11, 2013	1,940
Total, convertible notes payable	24,738	91,503
Convertible notes payable - related parties:
Issued January 19, 2013 with Maturity Date of July 30, 2013	9,105
Issued February 7, 2013 with Maturity Date of August 7, 2013	4,642
Issued March 6, 2013 with Maturity Date of September 6, 2013	4,955
Total, convertible notes payable - related parties	18,702
Issued August 28, 2009 with Maturity Date of November 1, 2009	4,300	4,300
Issued April 7, 2010 with Maturity Date of November 7, 2010	70,000	70,000
Issued November 12, 2010 with Maturity Date of November 12, 2011	40,000	40,000
Issued April 5, 2012 with Maturity Date of April 5, 2013	5,000
Issued October 31, 2012 with Maturity Date of April 30, 2013	8,000
Issued November 9, 2011 with Maturity Date of December 31, 2012	35,000	35,000
Total, convertible notes payable, in default	177,300	149,300
Issued January 7, 2013 with Maturity Date of June 30, 2013	7,500
Issued January 9, 2009 with Maturity Date of January 9, 2010	10,000	10,000
Issued January 25, 2010 with Maturity Date of January 25, 2011	6,000	6,000
Issued January 18, 2012 with Maturity Date of July 18, 2012	50,000	50,000
Total, convertible notes payable - related parties, in default	73,500	66,000
Total of all convertible notes payable, related parties convertible notes and convertible notes in default	$ 294,240	$ 306,803
Interest Rate
Convertible notes payable:
Issued February 17, 2012 with Maturity Date of February 17, 2013, interest rate	6.00%	6.00%
Issued April 5, 2012 with Maturity Date of April 5, 2013, interest rate	6.00%	6.00%
Issued July 16, 2012 with Maturity Date of July 16, 2013, interest rate	6.00%	6.00%
Issued October 31, 2012 with Maturity Date of April 30, 2013, interest rate	6.00%	6.00%
Issued November 20, 2012 with Maturity Date of May 20, 2013, interest rate	6.00%	6.00%
Issued December 20, 2012 with Maturity Date of June 20, 2013, interest rate	6.00%	6.00%
Issued January 11, 2013 with Maturity Date of July 11, 2013, interest rate	6.00%	6.00%
Issued January 19, 2013 with Maturity Date of July 30, 2013, interest rate	6.00%	6.00%
Issued January 28, 2013 with Maturity Date of January 28, 2014, interest rate	6.00%	6.00%
Issued January 28, 2013 with Maturity Date of January 28, 2014, interest rate (2)	6.00%	6.00%
Issued February 11, 2013 with Maturity Date of August 11, 2013, interest rate	6.00%	6.00%
Convertible notes payable - related parties:
Issued January 19, 2013 with Maturity Date of July 30, 2013, interest rate	6.00%	6.00%
Issued February 7, 2013 with Maturity Date of August 7, 2013, interest rate	6.00%	6.00%
Issued March 6, 2013 with Maturity Date of September 6, 2013, interest rate	6.00%	6.00%
Issued August 28, 2009 with Maturity Date of November 1, 2009, interest rate	10.00%	10.00%
Issued April 7, 2010 with Maturity Date of November 7, 2010, interest rate	6.00%	6.00%
Issued November 12, 2010 with Maturity Date of November 12, 2011, interest rate	6.00%	6.00%
Issued April 5, 2012 with Maturity Date of April 5, 2013, interest rate	6.00%	6.00%
Issued October 31, 2012 with Maturity Date of April 30, 2013, interest rate	6.00%	6.00%
Issued November 9, 2011 with Maturity Date of December 31, 2012, interest rate	6.00%	6.00%
Issued January 7, 2013 with Maturity Date of June 30, 2013, interest rate	6.00%	6.00%
Issued January 9, 2009 with Maturity Date of January 9, 2010, interest rate	10.00%	10.00%
Issued January 25, 2010 with Maturity Date of January 25, 2011, interest rate	6.00%	6.00%
Issued January 18, 2012 with Maturity Date of July 18, 2012, interest rate	8.00%	8.00%
Conversion Rate
Convertible notes payable:
Issued February 17, 2012 with Maturity Date of February 17, 2013, conversion rate	$ 0.004	$ 0.004
Issued April 5, 2012 with Maturity Date of April 5, 2013, conversion rate	$ 0.005	$ 0.005
Issued July 16, 2012 with Maturity Date of July 16, 2013, conversion rate	$ 0.005	$ 0.005
Issued October 31, 2012 with Maturity Date of April 30, 2013, conversion rate	$ 0.004	$ 0.004
Issued November 20, 2012 with Maturity Date of May 20, 2013, conversion rate	$ 0.005	$ 0.005
Issued December 20, 2012 with Maturity Date of June 20, 2013, conversion rate	$ 0.004	$ 0.004
Issued January 11, 2013 with Maturity Date of July 11, 2013, conversion rate	$ 0.004	$ 0.004
Issued January 19, 2013 with Maturity Date of July 30, 2013, conversion rate	$ 0.004	$ 0.004
Issued January 28, 2013 with Maturity Date of January 28, 2014, conversion rate	$ 0.005	$ 0.005
Issued January 28, 2013 with Maturity Date of January 28, 2014, conversion rate (2)	$ 0.005	$ 0.005
Issued February 11, 2013 with Maturity Date of August 11, 2013, conversion rate	$ 0.006	$ 0.006
Convertible notes payable - related parties:
Issued January 19, 2013 with Maturity Date of July 30, 2013, conversion rate	$ 0.004	$ 0.004
Issued February 7, 2013 with Maturity Date of August 7, 2013, conversion rate	$ 0.005	$ 0.005
Issued March 6, 2013 with Maturity Date of September 6, 2013, conversion rate	$ 0.015	$ 0.015
Issued August 28, 2009 with Maturity Date of November 1, 2009, conversion rate	$ 0.015	$ 0.015
Issued April 7, 2010 with Maturity Date of November 7, 2010, conversion rate	$ 0.008	$ 0.008
Issued November 12, 2010 with Maturity Date of November 12, 2011, conversion rate	$ 0.008	$ 0.008
Issued April 5, 2012 with Maturity Date of April 5, 2013, conversion rate	$ 0.005	$ 0.004
Issued October 31, 2012 with Maturity Date of April 30, 2013, conversion rate	$ 0.004	$ 0.004
Issued November 9, 2011 with Maturity Date of December 31, 2012, conversion rate	$ 0.004	$ 0.004
Issued January 7, 2013 with Maturity Date of June 30, 2013, conversion rate	$ 0.004	$ 0.004
Issued January 9, 2009 with Maturity Date of January 9, 2010, conversion rate	$ 0.015	$ 0.015
Issued January 25, 2010 with Maturity Date of January 25, 2011, conversion rate	$ 0.005	$ 0.005
Issued January 18, 2012 with Maturity Date of July 18, 2012, conversion rate	$ 0.004	$ 0.004

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SUBSEQUENT EVENTS

3 Months Ended

Jun. 30, 2013

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 14 – SUBSEQUENT EVENTS

None.

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MATERIAL AGREEMENT

3 Months Ended

Jun. 30, 2013

Notes to Financial Statements

MATERIAL AGREEMENT

NOTE 10 – MATERIAL AGREEMENT

Agreement with Tulco Resources, Ltd.

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

The Company has previously received correspondence from Tulco’s legal counsel demanding that the Company pay additional fees that are not contemplated in the Exploration Agreement and that the Company turn over artifacts to Tulco. Tulco has stated that if the Company does not meet its demands then Tulco will seek other groups to work at the Juno Beach site and that it will terminate its agreement with the Company and it has threatened to take legal action against the Company. The Company paid Tulco the $20,000 fee in January 2012 as required under the Exploration Agreement, however Tulco has not cashed the check from 2012. The Company has not paid Tulco the $20,000 fee in January 2013 as contemplated in the Agreement and does not intend to make the payment until legal counsel is able to determine Tulco’s intent with regard to the Exploration Agreement. Tulco has not provided any conservation services as required under the Exploration Agreement. The original three year term of the Exploration Agreement was valid until June 10, 2013 and both Seafarer and Tulco had the option to extend the agreement for an additional three years. There have been no discussions between Tulco and Seafarer regarding extending the Exploration Agreement. It is possible that Tulco may claim that the Exploration Agreement is no longer valid and that therefore the Company has no further rights to explore and salvage the Juno Beach site. The Company is exploring its legal rights and options with regard to the relationship with Tulco and the Exploration Agreement.

Recovery Permit with Florida Division of Historical Resources

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

Exploration Permit with Florida Division of Historical Resources

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

Agreement to Explore Shipwreck

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

Certain Other Agreements

The Company previously entered into an agreement with an individual who is related to the Company’s CEO to join 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 4,000,000 restricted shares of its common stock at a future date and to negotiate future compensation on a year-by-year basis. The Company also agreed to reimburse the Director for pre approved expenses.

The Company previously entered into an agreement in January 2013 with an individual to join the Company’s advisory council. Under the advisory council agreements the advisor agreed to provide various advisory services to the Company, including making recommendations for both the short term and the long term business strategies to be employed by the Company, monitoring and assessing the Company's business and to advise the Company’s Board of Directors with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions and identifying and evaluating alternative courses of action, making suggestions to strengthen the Company's operations, identifying and evaluating external threats and opportunities to the Company, evaluating and making ongoing recommendations to the Board with respect to the Company's business, and providing such other advisory or consulting services as may be appropriate from time to time. The term of each of the advisory council agreements is for one year. In consideration for the performance of the advisory services, the Company agreed to issue the advisor an aggregate total of 900,000 restricted shares of its common stock. According to the agreement the shares vest at a rate of 75,000 per month during the term of the agreement.  If the advisory council agreements are terminated prior to the expiration of the one year terms, then each of the advisors has agreed to return to the Company for cancellation any portion of their shares that have not vested. Under the advisory council agreements, the Company has agreed to reimburse the advisors for pre approved expenses. As of June 30, 2013 the Company had not issued any shares of its restricted common stock to the advisor.

In April of 2013, the Company entered into an independent contractor agreement with a limited liability company to provide various archeological and historic research consulting services to the Company, including researching historic shipwreck sites, identifying artifacts, advising the Company in regards to proper archeological guidelines for exploring and salvaging shipwrecks, teaching classes pertaining to proper archeological procedures and the proper way to recover artifacts and to perform other consulting services as may be appropriate from time to time. The term of each of the consulting agreements is open ended and may be terminated by either party upon request. In consideration for the performance of the consulting services, the Company agreed to issue the consultant a total of 2,000,000 restricted shares of its common stock. Additionally, the Company agreed to pay the consultant $3,500 per month in shares of the Company’s restricted common stock. Under the consulting agreement, the Company has agreed to reimburse the advisors for pre approved expenses. During the three months ended June 30, 2013, the Company had issued the consultant a total of 1,850,000 shares of its restricted common stock which is included as an expense in consulting and contractor fees in the accompanying income statement.

In April of 2013, the Company entered into a legal services agreement with an individual under which the individual agreed to act as the Company’s legal representative, counselor and agent with regards to media projects that the Company undertakes, including movies and television. The Company agreed to issue the legal consultant 200,000 shares of its restricted common stock in exchange for the services. The term of the agreement is for one year. During the three months ended June 30, 2013, the Company had issued the consultant 200,000 shares of its restricted common stock which is included as an expense in consulting and contractor fees in the accompanying income statement.

In June of 2013, the Company entered into an agreement with an individual to join the Company’s advisory council. Under the advisory council agreements the advisor agreed to provide various advisory services to the Company, including making recommendations for both the short term and the long term business strategies to be employed by the Company, monitoring and assessing the Company's business and to advise the Company’s Board of Directors with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions and identifying and evaluating alternative courses of action, making suggestions to strengthen the Company's operations, identifying and evaluating external threats and opportunities to the Company, evaluating and making ongoing recommendations to the Board with respect to the Company's business, and providing such other advisory or consulting services as may be appropriate from time to time. The term of each of the advisory council agreements is for one year. In consideration for the performance of the advisory services, the Company agreed to issue the advisor an aggregate total of 240,000 restricted shares of its common stock. According to the agreement, the shares vest at a rate of 20,000 per month during the term of the agreement.  If the advisory council agreements are terminated prior to the expiration of the one year terms, then each of the advisors has agreed to return to the Company for cancellation any portion of their shares that have not vested. Under the advisory council agreements, the Company has agreed to reimburse the advisors for pre approved expenses. As of June 30, 2013, the Company had not issued any shares of its restricted common stock to the advisor.

The Company has an ongoing legal services agreement with an individual under which the individual agreed to provide various legal services to the Company. During the three months ended June 30, 2013 the Company issued the legal advisor 4,000,000 shares of its restricted common stock and these shares are included as an expense in consulting and contractor fees in the accompanying income statement.

The Company has an ongoing verbal agreement with a limited liability company that is controlled by a person who is related to the Company’s CEO to pay the related party consultant $3,000 per month to provide background research, background checks and investigative information on individuals and companies, and act as an administrative specialist to perform various administrative duties and clerical services. The consultant provides the services under the direction and supervision of the Company’s CEO. During the three month period ended June 30, 2013, the Company paid the related party consultant fees of $8,700. All fees paid to the related party consultant during the three month period ended June 30, 2013 are included as an expense in consulting and contractor fees in the accompanying income statement for the period.

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 June 30, 2013 the Company owed the transfer agency $2,831 and this amount is included in accounts payable and accrued liabilities in the accompanying balance sheet.

The Company has an ongoing consulting agreement to pay a limited liability company controlled by its former Chief Financial Officer a minimum of $5,000 per month for providing ongoing financial reporting, strategic planning, and accounting services. The Company also agreed to pay additional compensation to the consultant in the form of cash and/or restricted stock to be awarded solely at the Company’s discretion to show appreciation for the consultant’s willingness to spend additional time and effort rendering services to the Company, to provide services to the Company at below market cash compensation rates and as an incentive and an inducement to continue to provide services to the Company. The Company also agreed to reimburse the consultant for certain expenses. The agreement is verbal and may be terminated by the Company or the consultant at any time. All fees paid to the consultant during the three month periods ended June 30, 2013 are included as an expense in consulting and contractor fees in the accompanying income statements.

The Company has an ongoing consulting agreement to pay a limited liability company a minimum of $500 per month for bookkeeping services and an additional $5,000 worth of restricted stock and/or cash per quarter for providing assistance with technical accounting and financial reporting. The Company may also pay additional compensation to the consultant in the form of cash and/or restricted stock to be awarded solely at the Company’s discretion to show appreciation for the consultant’s willingness to spend additional time and effort rendering services to the Company, to provide services to the Company at below market cash compensation rates and as an incentive and an inducement to continue to provide services to the Company. The Company also agreed to reimburse the consultant for certain expenses. The agreement is verbal and may be terminated by the Company or the consultant at any time. All fees paid to the consultant, including any payments of restricted stock, during the three month period ended June 30, 2013 are included as an expense in consulting and contractor fees in the accompanying income statements.

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INCOME TAXES (Tables)

3 Months Ended

Jun. 30, 2013

Income Tax Disclosure [Abstract]

Difference between income taxes computed at the federal statutory rate and the provision for income taxes

	For the Six Months Ended June 30, 2013			For the Six Months Ended June 30, 2012
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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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Jun. 30, 2013

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 recognizes revenue on arrangements in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 101, “Revenue Recognition in Financial Statements” and No. 104, “Revenue Recognition”. In all cases, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability is reasonably assured. For the periods ended June 30, 2013 and 2012, and for the period from inception to June 30, 2013, 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 June 30, 2013 and 2012.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

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

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

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

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

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

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of June 30, 2013 and December 31, 2012.  The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments.  These financial instruments include cash, notes receivable, accounts payable and accrued expenses. The fair value of the Company’s debt instruments is estimated based on current rates that would be available for debt of similar terms, which is not significantly different from its stated value, except for the convertible note payable, at fair value, which has been revalued based on current market rates using Level 1 inputs. 

Income Taxes

Income Taxes

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

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

Fixed Assets and Depreciation

Fixed Assets and Depreciation

Fixed assets are recorded at historical cost. Depreciation is computed on the straight-line method over the estimated useful lives of the respective assets. Currently the Company’s assets are a (i) diving vessel, which was purchased for $325,000 during 2008 and is being depreciated over a 10 year useful life and (ii) a generator, which was purchases for $7,420 during 2012 and is being depreciated over a 5 year useful life.

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 June 30, 2013 and 2012. During the period from inception to June 30, 2013, the Company has incurred $21,000 in impairment charges related to its investment in Church Hollow, LLC.

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 June 30, 2013, the Company has not implemented an employee stock based compensation plan.

Non-Employee Stock Based Compensation

Non-Employee Stock Based Compensation

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

Subsequent Events

Subsequent Events

In accordance with  ASC 855, Subsequent Event , the Company evaluated subsequent events through August 14, 2013, the date the Company’s quarterly report on Form 10-Q was ready to issue.

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Document and Entity Information	3 Months Ended
	Jun. 30, 2013	Aug. 12, 2013
Document And Entity Information
Entity Registrant Name	SEAFARER EXPLORATION CORP
Entity Central Index Key	0001106213
Document Type	10-Q
Document Period End Date	Jun. 30, 2013
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		825,269,126
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2013

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LOSS PER SHARE (Tables)

3 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Components of loss per share

	For the Three Months Ended June 30, 2013			For the Three Months Ended June 30, 2012
Net loss attributable to common stockholders	$	(743,048	)	$	(300,040	)
Weighted average shares outstanding:
Basic and diluted		811,905,248			656,319,856
Loss per share:
Basic and diluted	$	(0.00	)	$	(0.00	)

	For the Three Months Ended June 30, 2013			For the Three Months Ended June 30, 2012
Net loss attributable to common stockholders	$	(743,048	)	$	(300,040	)
Weighted average shares outstanding:
Basic and diluted		811,905,248			656,319,856
Loss per share:
Basic and diluted	$	(0.00	)	$	(0.00	)