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Description of Business
12 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business

NOTE 1 – DESCRIPTION OF BUSINESS

 

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

 

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

 

The Company’s wholly owned subsidiary Blockchain LogisTech, LLC, was formed on April 4, 2018 and began operations in 2019. Blockchain LogisTech, LLC provides customer referrals to a blockchain related software services company.

 

Florida Division of Historical Resources Agreements/Permits

 

The Company successfully renewed its permits for both Areas 1 and 2 for the Melbourne Beach site. The Area 2 permit was renewed on January 14, 2019 for a period of three years. The Area 1 permit was renewed on March 1, 2019 for a period of three years.

 

Blockchain Software Services Referral Agreement and Concentration

 

The Company’s wholly owned subsidiary Blockchain LogisTech, LLC, has a strategic partnership to provide referrals to P&S (please see Note 5 - Investment in Probability and Statistics, Inc.) and receive referral fees when the referrals lead to closed business for P&S. Blockchain LogisTech, LLC’s revenue stream is currently dependent on one customer, P&S, and as such there is significant risk due to a concentration of business with only one customer.