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Material Agreements
3 Months Ended
Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
MATERIAL AGREEMENTS

NOTE 9 – MATERIAL AGREEMENTS

 

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

 

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

 

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

 

On July 28, 2014, the Company’s partnership with Marine Archeological Partners, LLC, Seafarer’s Quest, LLC received a 1A-31 Permit (the “Permit”) from the Florida Division of Historical Resources for an area identified off of Cape Canaveral, Florida. The Permit is active for three years from the date of issuance. The Company must obtain and maintain various concurrent environmental permits in order to perform operations at the site. The Company has applied for permits from the State of Florida for two additional areas that are in the vicinity of the area. No additional permits have been issued as of the filing date of this report.

 

Certain Other Agreements

 

On January 7, 2016 the Company entered into a consulting agreement with an individual under which the individual agreed to provide corporate communications services and shareholder notification and awareness services. The term of the agreements is for twelve months and the Company agreed to pay the consultant 4,000,000 shares of its restricted common stock to perform the services.

 

The Company has an ongoing verbal agreement with a limited liability company that is controlled by a person who is related to the Company’s CEO to pay the related party consultant $3,000 per month to provide general business consulting, industry research, monitoring and assessing the Company's business and to advise management with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions and identifying and evaluating alternative courses of action, perform background research including background checks and provide investigative information on individuals and companies and acting as an administrative specialist to perform various administrative duties and clerical services including reviewing the Company’s agreements and books and records. The consultant provides the services under the direction and supervision of the Company’s CEO. All fees paid to the related party consultant during the period ended March 31, 2016 and 2015 are included as an expense in consulting and contractor expenses in the accompanying statements of operations.

 

The Company has an ongoing agreement with a limited liability company that is owned and controlled by a person who is related to the Company’s CEO to provide stock transfer agency services. At March 31, 2016, the Company owed the related party limited liability company $28,669 for transfer agency services rendered and for the reimbursement of legal fees. All fees paid to the related party consultant during the period ended March 31, 2016 and 2015 are included as an expense in consulting and contractor expenses in the accompanying statements of operations.

 

The Company has an ongoing agreement to pay a limited liability company a monthly fee of $3,500 in cash or $5,000 per month in restricted stock for archeological services and the review of historic shipwreck research consulting services. All fees paid to the related party consultant during the period ended March 31, 2016 and 2015 are included as an expense in consulting and contractor expenses in the accompanying statements of operations.

 

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

 

The Company has an ongoing consulting agreement to pay a limited liability company a minimum of $5,000 per month for providing ongoing business advisory, strategic planning and consulting services, assistance with financial reporting, IT management, and administrative services. The Company also agreed to pay additional compensation to the consultant in the form of cash and/or restricted stock to be awarded solely at the Company’s discretion. The Company also agreed to reimburse the consultant for certain expenses. The agreement is verbal and may be terminated by the Company or the consultant at any time. All fees paid to the related party consultant during the period ended March 31, 2016 and 2015 are included as an expense in consulting and contractor expenses in the accompanying statements of operations.