INVESTMENT IN PROBABILITY AND STATISTICS, INC.	3 Months Ended
Mar. 31, 2021
Notes to Financial Statements
INVESTMENT IN PROBABILITY AND STATISTICS, INC.	NOTE 5 – INVESTMENT IN PROBABILITY AND STATISTICS, INC. The Company entered into a share exchange agreement with Probability and Statistics, Inc. (“P&S”), a privately held corporation, in August of 2018. Under the terms of the share exchange agreement, the Company agreed to issue 60,000,000 shares of its restricted common stock to P&S in exchange for 10,000 common shares of P&S, or a 1% interest. All shares issued by both parties under the agreement have all rights and entitlements as the common stock of every other shareholder of such share class. The investment in P&S was valued at $78,000 based on the fair value of the Company’s shares issued to P&S on the date of the share exchange agreement and was accounted for as a cost method investment. The Company received dividends from P&S during the three month periods ended March 31, 2021 and 2020 of $0 and $1,500 respectively, which have been presented as dividend income on the condensed consolidated statements of operations. In August of 2020, the Company and P&S entered into a new agreement to effectively unwind the previous share exchange agreement. Under the terms of the new agreement, Seafarer agreed to exchange 10,000 shares of P&S for 60,000,000 shares of its common stock. As a result of the transaction in August of 2020, the Company realized a gain on investment of $354,000. The investment in P&S was $0 and $0 on the accompanying condensed consolidated balance sheets at March 31, 2021 and December 31, 2020. Seafarer also has an agreement with P&S to receive referral fees. Under the terms of the agreement, P&S has agreed to pay a 7% referral fee to the Company when P&S receives cash flows from providing blockchain software services to entities that were referred by the Company. The agreement is ongoing and has no expiration date. During the three month periods ended March 31, 2021 and 2020, P&S paid a total of $0 and $4,200, respectively, of referral fees to the Company. These amounts are included in service income in the condensed consolidated statements of operations.

INVESTMENT IN PROBABILITY AND STATISTICS, INC.

3 Months Ended

Mar. 31, 2021

INVESTMENT IN PROBABILITY AND STATISTICS, INC.

NOTE 5 – INVESTMENT IN PROBABILITY AND STATISTICS, INC.

The Company entered into a share exchange agreement with Probability and Statistics, Inc. (“P&S”), a privately held corporation, in August of 2018.

Under the terms of the share exchange agreement, the Company agreed to issue 60,000,000 shares of its restricted common stock to P&S in exchange for 10,000 common shares of P&S, or a 1% interest. All shares issued by both parties under the agreement have all rights and entitlements as the common stock of every other shareholder of such share class.

The investment in P&S was valued at $78,000 based on the fair value of the Company’s shares issued to P&S on the date of the share exchange agreement and was accounted for as a cost method investment. The Company received dividends from P&S during the three month periods ended March 31, 2021 and 2020 of $0 and $1,500 respectively, which have been presented as dividend income on the condensed consolidated statements of operations.

In August of 2020, the Company and P&S entered into a new agreement to effectively unwind the previous share exchange agreement. Under the terms of the new agreement, Seafarer agreed to exchange 10,000 shares of P&S for 60,000,000 shares of its common stock. As a result of the transaction in August of 2020, the Company realized a gain on investment of $354,000. The investment in P&S was $0 and $0 on the accompanying condensed consolidated balance sheets at March 31, 2021 and December 31, 2020.

Seafarer also has an agreement with P&S to receive referral fees. Under the terms of the agreement, P&S has agreed to pay a 7% referral fee to the Company when P&S receives cash flows from providing blockchain software services to entities that were referred by the Company. The agreement is ongoing and has no expiration date. During the three month periods ended March 31, 2021 and 2020, P&S paid a total of $0 and $4,200, respectively, of referral fees to the Company. These amounts are included in service income in the condensed consolidated statements of operations.