Seafarer Exploration Corp (SFRX)

[hedge_fun]

At June 30, 2015, we had cash in the bank of $7,125. During the six month period ended June 30, 2015 we incurred a net loss of $401,951. At June 30, 2015, we had $54,835 in current assets and $870,599 in current liabilities, leaving us a working capital deficit of $815,764.

Lack of Liquidity

A major financial challenge and significant risk facing the Company is a lack of liquidity.

Page 28 here: http://www.sec.gov/Archives/edgar/data/1106213/000119983515000391/seafarer_10q-16529.htm

This is what they filed with FBAR on July 15, 2015.

Financial Ability: Based on the December 31, 2014 annual report, Seafarer Exploration Corp has additional paid in capital of $10,174,612.

https://www.scribd.com/doc/298728027/2015-07-15-Seafarers-Exploration-Renewal-Application

Do someone fall asleep at FBAR, or did they just take Kyle's word for it? Of course the permit has NOT been issued yet, now has it?


1A-31.050. Permit Issuance
·
Effective on Monday, July 20, 2009

The division shall only issue a permit when:

(1) The applicant has supplied evidence of sufficient financial ability to conduct the permitted activities;

(2) The applicant has demonstrated that project participants including subcontractors possess sufficient qualifications, resources, and abilities to successfully complete the permitted activities;

(3) The applicant has supplied a letter of intent from a professional underwater archaeologist who has agreed to serve as project archaeologist;

(4) The applicant has demonstrated that proposed project activities will utilize professionally accepted techniques for exploration, identification, recovery, recording, conservation and/or stabilization, and analysis of archaeological materials recovered;

(5) The applicant has supplied an adequate plan for the conservation and/or stabilization, analysis, and curation of all archaeological materials recovered, records, and other materials resulting from the permitted activities, including facilities if appropriate; and

(6) The division has determined that activities allowed under the permit are consistent with the requirements of this rule.

Rulemaking Authority 267.031(1) FS. Law Implemented 267.031(2), (5)(i), (k), (o), 267.061(1) FS