SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 10 – SEGMENT INFORMATION

Seafarer’s wholly owned subsidiary Blockchain LogisTech, LLC began operations in 2019 by providing referrals to P&S (please see Note 5 - Investment in Probability and Statistics, Inc.) in exchange for referral fees for closed business.

Due to Blockchain LogisTech, LLC starting operations which have no relation to the Company’s shipwreck and exploration recovery business, the Company evaluated this business and its impact upon the existing corporate structure. The Company has determined that Blockchain LogisTech, LLC’s and Seafarer Exploration Corp. operate as separate segments of the business. As such, the Company has presented the income (loss) from operations during the nine month period ended September 30, 2020 and 2019 incurred by the two separate segments below.

Substantially all of the assets held by the Company are for its shipwreck exploration and recovery business. All proceeds received from sales of common stock and issuance of convertible notes payable and notes payable are used in the shipwreck and exploration recovery business.

During the nine month periods ended September 30, 2020 and 2019, Blockchain LogisTech, LLC’s revenues of $4,200 and $12,600, respectively, were 65.8% and 100%, respectively, of the consolidated revenues of Seafarer.

Segment information relating to the Company’s two operating segments for the nine month period ended September 30, 2020 is as follows:

	September 30, 2020	September 30, 2020	September 30, 2020
	Blockchain LogisTech, LLC	Seafarer Exploration Corp.	Consolidated
Service revenues	$4,200	$2,182	$6,382
Total operating expenses	15,185	1,820,533	1,835,718
Net loss from operations	($10,985)	($1,818,351)	($1,829,336)

Segment information relating to the Company’s two operating segments for the nine month period ended September 30, 2019 is as follows:

	September 30, 2019	September 30, 2019	September 30, 2019
	Blockchain LogisTech, LLC	Seafarer Exploration Corp.	Consolidated
Service revenues	$12,600	-	$12,600
Total operating expenses	-	1,509,091	1,509,091
Net loss from operations	$12,600	($1,509,718)	($1,496,491)