SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 10 – SEGMENT INFORMATION

Seafarer’s wholly owned subsidiary Blockchain began operations in 2019 by providing referrals to a private company in exchange for referral fees for closed business.

Due to Blockchain 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 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 periods ended September 30, 2022 and 2021 incurred by the two separate segments below.

During the nine month periods ended September 30, 2022 and 2021, Blockchain did not generate any revenues. The Company is currently evaluating Blockchain’s business and does not believe that it will generate any revenues for the foreseeable future.

Segment information relating to the Company’s two operating segments for the nine month period ended September 30, 2022 is as follows:

	September 30, 2022		September 30, 2022			September 30, 2022
	Blockchain LogisTech, LLC		Seafarer Exploration Corp.			Consolidated
Service revenues	$	-	$	11,127		$	11,127
Total operating expenses		-		1,919,812			1,919,812
Net loss from operations	$	-	$	(1,908,685	)	$	(1,908,685	)

Segment information relating to the Company’s two operating segments for the nine month period ended September 30, 2021 is as follows:

	September 30, 2021			September 30, 2021			September 30, 2021
	Blockchain LogisTech, LLC			Seafarer Exploration Corp.			Consolidated
Service revenues	$	-		$	18,922		$	18,922
Total operating expenses		29,386			1,618,340			1,647,726
Net loss from operations	$	(29,386	)	$	(1,599,418	)	$	(1,628,804	)