Seafarer Exploration Corp (SFRX)

[buccaneer1961]

In April of 2013, the Company and a consultant mutually amended an agreement they had entered into in August of 2011 under which the consultant agreed to provide services and advice to the Company on site work as deemed necessary for the job, directing, mapping, charting for the Company in relation to the specific shipwreck project under the direction of the Company’s President. Under the original terms of the consulting agreement the Company agreed to pay the consultant $10,000 per month after receiving an approved salvage permit with the State of Florida for the shipwreck site that the consultant agreed to make known to the Company. Under the amended agreement the Company agreed to pay the consultant $5,000 per month instead of $10,000. In addition to the cash fee the company also issued the consultant 5,500,000 restricted shares of its common stock as consideration for the services. All of the other terms of the original consulting agreement remain in effect. All fees paid to the consultant during the twelve month period ended December 31, 2013 are included as an expense in consulting and contractor fees in the accompanying income statement.


I see a reference to this term in several places

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. During the year ended December 31, 2013, the Company paid the related party transfer agency fees of $4,864.

In April of 2013, the Company entered into an independent contractor agreement with a limited liability company to provide various archeological and historic research consulting services to the Company, including researching historic shipwreck sites, identifying artifacts, advising the Company in regards to proper archeological guidelines for exploring and salvaging shipwrecks, teaching classes pertaining to proper archeological procedures and the proper way to recover artifacts and to perform other consulting services as may be appropriate from time to time. The term of each of the consulting agreements is open ended and may be terminated by either party upon request. In consideration for the performance of the consulting services, the Company agreed to issue the consultant a total of 2,000,000 restricted shares of its common stock. Additionally, the Company agreed to pay the consultant $3,500 per month in shares of the Company’s restricted common stock. Under the consulting agreement, the Company has agreed to reimburse the advisors for preapproved expenses. In August of 2013, the Company and the consultant agreed to amend the original agreement so that the agreement reflects that the Company will pay the consultant a minimum of $4,000 per month in shares of its restricted common stock. The Company also agreed to pay expenses, including travel, lodging, meals and entertainment and other out of pocket expenses, for archaeological research of historic shipwrecks and the attendance of the consultant at events related to historical shipwrecks and the archaeology, exploration, and recovery of historical shipwrecks.



In April of 2013, the Company entered into a legal services agreement with an individual under which the individual agreed to act as the Company’s legal representative, counselor and agent with regards to media projects that the Company undertakes, including movies and television. The Company agreed to issue the legal consultant 200,000 shares of its restricted common stock in exchange for the services. The term of the agreement is for one year. During the twelve month period ended December 31, 2013, the Company had issued the consultant 200,000 shares of its restricted common stock which is included as an expense in consulting and contractor fees in the accompanying income statement.




In May of 2013, the Company issued 4,000,000 shares of its restricted common stock to one of its attorneys as payment for legal services rendered. The 4,000,000 shares are included as an expense in consulting and contractor fees in the accompanying income statement.


so theres incentive to get and keep the pps up and going possibly?
any attempt to bring certain situations to light get a petty lawsuite against them?

I see a few places now and then this

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. During the year ended December 31, 2013, the Company paid the related party transfer agency fees of $4,864.

who is the person related to the ceo? theres several references that say... a person related to the ceo...very interesting...who is that person,not in this case but every case mentioned? is it the same or another related?