This is a pre-revenue micro-cap on the verge of cash depletion with a massive debt overhang and relentless dilution. The technical amendment is noise — the real story is the going-concern risk and imminent need for emergency financing, which will likely be highly dilutive.
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Executive Summary
Seafarer Exploration Corp. filed an amended 10-Q solely to furnish iXBRL data and correct immaterial typographical errors; no financial statement changes were made. The underlying Q2 2026 results show zero revenue, a net loss of $1,291,630 for the six months, and a going-concern warning with only $25,267 cash on hand and a $3,453,726 working capital deficit. The company expects to exhaust cash in less than one month, faces massive debt defaults totaling over $2.1 million, and continues to rely on dilutive equity and debt financing to survive.
Key Facts
- Amendment is purely technical — adds iXBRL exhibits and fixes immaterial typos; no financial restatement.
- Six-month net loss of $1,291,630; accumulated deficit of $36,278,306.
- Cash balance of only $25,267; expects to exhaust cash in less than one month.
- Working capital deficit of $3,453,726; total current liabilities of $3,481,346 vs. current assets of $27,620.
- Zero revenue generated in Q2 2026 and Q2 2025; no revenue expected for the foreseeable future.
- Over $2.1 million in convertible and non-convertible notes in default, including $699,500 in related-party convertible notes.
- 886 million shares issued in H1 2026 for cash, debt conversion, and services; massive ongoing dilution.
- Subsequent to quarter end: $30,000 new related-party convertible note at $0.0015/share; 20 million shares issued for $20,000.
- Material weakness in internal controls over financial reporting persists.
Financial Impact
Six-month net loss of $1,291,630; working capital deficit of $3,453,726; cash burn rate implies insolvency within weeks without new financing.
Risk Factors
- Imminent cash depletion — less than one month of runway.
- Massive debt defaults ($2.1M+) could trigger foreclosure on collateralized assets.
- Relentless dilution from equity issuances and convertible note conversions.
- Going-concern qualification raises substantial doubt about survival.
- No revenue and no near-term path to profitability.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 10-Q/A Filing (Primary) | 0001199835-26-000298 |
| Document: sfrx-ex31_1.htm | 0001199835-26-000298 |
| Document: sfrx-ex32_1.htm | 0001199835-26-000298 |
| Document: 0001199835-26-000298-index-headers.html | 0001199835-26-000298 |
| Document: 0001199835-26-000298-index.html | 0001199835-26-000298 |
| Document: 0001199835-26-000298.txt | 0001199835-26-000298 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 20, 2026 9w ago | 10-Q/A | $0.001700 $0.001800 | ▼ −5.88% | ▼ −5.88% | $0.003400 (−100.00%) |
May 15, 2026 23w ago | 10-Q/A | $0.002500 $0.002300 | ▲ +8.00% | ▲ +10.12% | $0.003400 (−36.00%) |
Apr 6, 2026 29w ago | 10-K/A | $0.002500 $0.002400 | ▲ +2.04% | ▲ +11.02% | $0.003400 (−36.00%) |
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