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AND EXCHANGE COMMISSION********Washington, D.C. 20549**\n\n \n\n**FORM\n10-Q/A**\n\n \n\n(Mark\nOne)\n\n \n\nx**QUARTERLY\nREPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For\nthe quarterly period ended March 31, 2026**\n\n \n\n**or**\n\n \n\no**TRANSITION\nREPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For\nthe transition period from _________ to __________.**\n\n \n\n**Commission\nFile Number 000-29461**\n\n \n\n \n\n**SEAFARER EXPLORATION CORP.**\n\n**(Exact\nname of registrant as specified in its charter)**\n\n \n\n**Florida**\n**90-0473054**\n\n**(State\nor other jurisdiction of incorporation or organization)**\n**(I.R.S.\nEmployer Identification No.)**\n\n \n\n**14497 N. Dale Mabry Highway, Suite 209-N, Tampa, Florida 33618**\n\n**(Address\nof principal executive offices) (Zip code)**\n\n \n\n**(813)\n448-3577**\n\n**Registrant’s\ntelephone number**\n\n \n\n**Securities\nregistered pursuant to Section 12(g) of the Act:**\n\n**Common\nStock, par value $0.0001 per share**\n\n1\n\n \n\nIndicate\nby check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x\n\n \n\nIndicate\nby check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o\nNo x\n\n \n\nIndicate\nby check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities\nExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),\nand (2) has been subject to such filing requirements for the past 90 days. Yes x No\no\n\n \n\nIndicate\nby check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be\ncontained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III\nof this Form 10-K or any amendment to this Form 10-K. o\n\n \n\nIndicate\nby check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule\n405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant\nwas required to submit such files). Yes x No\no\n\n \n\nIndicate\nby check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting\ncompany. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company”\nin Rule 12b-2 of the Exchange Act. (Check one):\n\n \n\nLarge\naccelerated filer\no\n \nAccelerated\nfiler\no\n\n \n \n \n \n \n\nNon-accelerated filer\nx\n \nSmaller reporting company\nx\n\n \n \n \n\n \nEmerging growth company\no\n\n \n\nIndicate\nby check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No\nx\n\n \n\nAs\nof May 12, 2026, there were 10,833,743,694 shares of the registrant’s common stock, $.0001 par value per share, outstanding.\n\n2\n\n \n\n**EXPLANATORY NOTE**\n\nThe\npurpose of this amendment on Form 10-Q/A to Seafarer Exploration Corp's Quarterly Report on Form 10-Q for the period ended March 31,\n2026, filed with the Securities and Exchange Commission on May 12, 2026, is solely to furnish the Inline eXtensible Business\nReporting Language (iXBRL) data under Exhibit 101 and 104 to the Form 10-Q in accordance with Rule 405 of Regulation S-T and a\ncouple immaterial typographical errors were updated.\n\n \n\nNo other changes have been made to the Form 10-Q. This Amendment No. 1 to the Form 10-Q speaks as of\nthe original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and\ndoes not modify or update in any way disclosures made in the original Form 10-Q.\n\n \n\n \n\n****\n\n**SEAFARER\nEXPLORATION CORP.\nForm 10-Q\nFor the Quarterly Period Ended March 31, 2026**\n\n \n\n**TABLE OF CONTENTS**\n\n \n\n[PART I: FINANCIAL INFORMATION](#a001_v1)\n4\n\n \n \n\n[Item 1.\nFinancial Statements](#a002_v1)\n5\n\n \n \n\n[Condensed\nConsolidated Balance Sheets: March 31, 2026 (unaudited) and December 31, 2025](#a003_v1)\n5\n\n \n \n\n[Unaudited\nCondensed Consolidated Statements of Operations: Three months ended March 31, 2026 and 2025](#a004_v1)\n6\n\n \n \n\n[Unaudited\nCondensed Consolidated Statements of Changes in Stockholders’ Deficit: Three months ended March 31, 2026 and 2025](#a005_v1)\n7-8\n\n \n \n\n[Unaudited\nCondensed Consolidated Statements of Cash Flows: Three months ended March 31, 2026 and 2025](#a006_v1)\n9\n\n \n \n\n[Notes\nto Unaudited Condensed Consolidated Financial Statements](#a007_v1)\n10\n\n \n \n\n[Item 2.\nManagement’s Discussion and Analysis of Financial Condition and Results of Operations](#a008_v1)\n23\n\n \n \n\n[Item 3.\nQuantitative and Qualitative Disclosures About Market Risk](#a009_v1)\n26\n\n \n \n\n[Item 4.\nControls and Procedures](#a010_v1)\n27\n\n \n \n\n[PART\nII: OTHER INFORMATION](#a011_v1)\n29\n\n \n \n\n[Item 1.\nLegal Proceedings](#a012_v1)\n29\n\n \n \n\n[Item 1A.\nRisk Factors](#a013_v1)\n29\n\n \n \n\n[Item 2.\nRecent Sales and Other Issuances of Unregistered Securities](#a014_v1)\n29\n\n \n \n\n[Item 3.\nDefaults Upon Senior Securities](#a015_v1)\n30\n\n \n \n\n[Item 4.\nMine Safety Disclosures](#a016_v1)\n30\n\n \n \n\n[Item 5.\nOther Information](#a017_v1)\n30\n\n \n \n\n[Item 6.\nExhibits](#a018_v1)\n31\n\n \n \n\n[SIGNATURES](#a019_v1)\n32\n\n3\n\n \n\n**Part\nI: Financial Information**\n\n \n\nStatements\nin this Form 10-Q Quarterly Report may be “forward-looking statements.” Forward-looking statements include, but are not limited\nto, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future\nactivities or other future events or conditions. These statements are based on our current expectations, estimates and projections about\nour business based, in part, on assumptions made by our management. These assumptions are not guarantees of future performance and involve\nrisks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from\nwhat is expressed or forecasted in the forward-looking statements due to numerous factors, including those risks discussed in this Form\n10-Q Quarterly Report, under “Management’s Discussion and Analysis of Financial Condition and Results of Operations”\nand in other documents which we file with the Securities and Exchange Commission.\n\n \n\nIn\naddition, such statements could be affected by risks and uncertainties related to our financial condition, factors that affect our industry,\nmarket and customer acceptance, changes in technology, fluctuations in our quarterly results, our ability to continue and manage our\ngrowth, liquidity and other capital resource issues, compliance with government regulations and permits, agreements with third parties\nto conduct operations, competition, fulfillment of contractual obligations by other parties and general economic conditions. Any forward-looking\nstatements speak only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement\nto reflect events or circumstances after the date of this Form 10-Q Quarterly Report, except as required by Federal Securities law.\n\n4\n\n \n\n**Item\nI. Financial Statements**\n\n \n\n**SEAFARER\nEXPLORATION CORP.**\n\n**CONDENSED\nCONSOLIDATED BALANCE SHEETS**\n\n \n\n  \nMarch 31, 2026  \nDecember 31, 2025 \n\n  \n(Unaudited)  \n  \n\nCash \n$30,216  \n$50,469 \n\nPrepaid consulting expense \n 6,359  \n 6,907 \n\nDeposits and other prepaids \n 749  \n 749 \n\nTotal current assets \n 37,324  \n 58,125 \n\n  \n    \n   \n\nProperty and equipment, net \n 125,380  \n 170,743 \n\nRight of use asset \n 42,841  \n 46,872 \n\nTotal Assets \n$205,545  \n$275,740 \n\n  \n    \n   \n\nLiabilities and Stockholders’ Deficit \n    \n   \n\nCurrent liabilities \n    \n   \n\nAccounts payable and accrued expenses \n$981,807  \n$1,044,970 \n\nDeferred revenue \n 140,000  \n 140,000 \n\nConvertible notes payable, in default \n 325,300  \n 475,300 \n\nConvertible notes payable, in default - related parties \n 699,500  \n 704,500 \n\nNotes payable, net of discount of $0 and $4,783, respectively \n -  \n 45,217 \n\nNotes payable, in default \n 1,162,000  \n 1,112,000 \n\nNotes payable, in default - related parties \n 18,500  \n 18,500 \n\nLine of credit \n -  \n 40,304 \n\nShareholder loan \n 5,000  \n 5,000 \n\nOperating lease liability, current \n 16,848  \n 16,238 \n\nFinance lease liability, current \n 16,068  \n 29,640 \n\nTotal current liabilities \n 3,365,023  \n 3,631,669 \n\n  \n    \n   \n\nOperating lease liability, long-term \n 26,527  \n 30,968 \n\nFinance lease liability, long-term \n 16,178  \n 40,623 \n\nTotal Liabilities \n 3,407,728  \n 3,703,260 \n\n  \n    \n   \n\nCommitments and contingencies (Note 8) \n    \n   \n\n  \n    \n   \n\nPreferred stock, $0.0001 par values - 50,000,000 shares authorized; \n    \n   \n\nSeries A - 7 shares issued and outstanding \n -  \n - \n\nSeries B - 60 shares issued and outstanding \n -  \n - \n\nCommon stock, $0.0001 par value - 17,000,000,000 shares authorized; 10,807,243,691 and 10,133,211,197 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively \n 1,080,725  \n 1,013,322 \n\nCommon stock to be issued, $0.0001 par value, 32,373,211 shares outstanding \n 3,238  \n 3,238 \n\nAdditional paid in capital \n 31,594,700  \n 30,542,596 \n\nAccumulated deficit \n (35,880,846) \n (34,986,676)\n\nTotal Stockholders’ Deficit \n (3,202,183) \n (3,427,520)\n\nTotal Liabilities and Stockholders Deficit \n$205,545  \n$275,740 \n\n \n\nSee\naccompanying notes to the unaudited condensed consolidated financial statements.\n\n5\n\n \n\n**SEAFARER\nEXPLORATION CORP.**\n\n**CONDENSED\nCONSOLIDATED STATEMENTS OF OPERATIONS**\n\n**(UNAUDITED)**\n\n \n\n  \n \n \n \n \n \n \n \n\n  \nFor the Three Months Ended March 31,\n\n  \n2026  \n2025 \n\nService income \n$-  \n$- \n\n  \n    \n   \n\nOperating Expenses \n    \n   \n\nConsulting and contractor expenses \n 325,420  \n 261,702 \n\nVessel maintenance and dockage \n 8,335  \n 19,092 \n\nResearch and development \n 82,852  \n 153,800 \n\nProfessional fees \n 55,769  \n 73,034 \n\nGeneral and administrative expense \n 101,355  \n 86,660 \n\nDepreciation and amortization expense \n 16,327  \n 19,811 \n\nRent expense \n 8,253  \n 8,825 \n\nTravel and entertainment expense \n 26,841  \n 32,767 \n\nTotal operating expenses \n 625,152  \n 655,691 \n\n  \n    \n   \n\nNet loss from operations \n (625,152) \n (655,691)\n\n  \n    \n   \n\nOther income (expenses) \n    \n   \n\nInterest expense \n (40,029) \n (43,373)\n\nGain on settlement of lease liability \n 5,256  \n - \n\nLoss on extinguishment of debt \n (234,245) \n (32,337)\n\nTotal other expenses, net \n (269,018) \n (75,710)\n\n  \n    \n   \n\nLoss before income tax \n (894,170) \n (731,401)\n\nProvision for income tax \n -  \n - \n\n  \n    \n   \n\nNet loss \n$(894,170) \n$(731,401)\n\n  \n    \n   \n\nBasic and diluted loss per share \n$(0.00) \n$(0.00)\n\n  \n    \n   \n\nWeighted average shares outstanding \n 10,447,970,020  \n 9,041,645,055 \n\n \n\nSee\naccompanying notes to the unaudited condensed consolidated financial statements.\n\n6\n\n \n\n**SEAFARER\nEXPLORATION CORP.**\n\n**CONDENSED\nCONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT**\n\n**FOR\nTHE THREE MONTHS ENDED MARCH 31, 2025**\n\n**(UNAUDITED)**\n\n \n\n  \n   \n   \n   \n   \n   \n   \n   \n   \nAdditional  \nAccumulated  \n  \n\n  \nSeries A Preferred Stock  \nSeries B Preferred Stock  \nCommon Stock  \nCommon Stock to be Issued  \nPaid in Capital  \nDeficit  \nTotal \n\n  \nShares  \nAmount  \nShares  \nAmount  \nShares  \nAmount  \nShares  \nAmount  \n   \n   \n  \n\nBalance December 31, 2024 \n 7  \n$-  \n 60  \n$-  \n 8,944,932,833  \n$894,494  \n 33,039,877  \n$3,304  \n$28,534,184  \n$(32,244,177) \n$(2,812,195)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nCommon stock issued for cash \n -  \n -  \n -  \n -  \n 257,500,000  \n 25,750  \n 37,357,500  \n 3,736  \n 570,229  \n -  \n 599,715 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nStock issued for services \n -  \n -  \n -  \n -  \n 100,000  \n 10  \n -  \n -  \n 415  \n -  \n 425 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nStock issued to settle accounts payable \n -  \n -  \n -  \n -  \n 14,000,000  \n 1,400  \n -  \n -  \n 59,500  \n -  \n 60,900 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nNet loss \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (731,401) \n (731,401)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nBalance March 31, 2025 \n 7  \n$-  \n 60  \n$-  \n 9,216,532,833  \n$921,654  \n 70,397,377  \n$7,040  \n$29,164,328  \n$(32,975,578) \n$(2,882,556)\n\n \n\nSee\naccompanying notes to the unaudited condensed consolidated financial statements.\n\n7\n\n \n\n**SEAFARER\nEXPLORATION CORP.**\n\n**CONDENSED\nCONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT**\n\n**FOR\nTHE THREE MONTHS ENDED MARCH 31, 2026**\n\n**(UNAUDITED)**\n\n \n\n  \nSeries A\nPreferred Stock  \nSeries B\nPreferred Stock  \nCommon Stock  \nCommon Stock\nto be Issued  \nAdditional\nPaid in Capital  \nAccumulated\nDeficit  \nTotal \n\n  \nShares  \nAmount  \nShares  \nAmount  \nShares  \nAmount  \nShares  \nAmount  \n   \n   \n  \n\nBalance December 31, 2025 \n 7  \n -  \n 60  \n -  \n 10,133,211,197  \n 1,013,322  \n 32,373,211  \n 3,238  \n$30,542,596  \n$(34,986,676) \n$(3,427,520)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nCommon stock issued for cash \n -  \n -  \n -  \n -  \n 487,033,339  \n 48,703  \n -  \n -  \n 637,847  \n -  \n 686,550 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nConversion of notes payable and accrued interest \n -  \n -  \n -  \n -  \n 180,999,155  \n 18,100  \n -  \n -  \n 397,457  \n -  \n 415,557 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nStock issued for services \n -  \n -  \n -  \n -  \n 6,000,000  \n 600  \n -  \n -  \n 16,800  \n -  \n 17,400 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nNet loss \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (894,170) \n (894,170)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nBalance March 31, 2026 \n 7  \n$-  \n 60  \n$-  \n 10,807,243,691  \n$1,080,725  \n 32,373,211  \n$3,238  \n$31,594,700  \n$(35,880,846) \n$(3,202,183)\n\n \n\nSee\naccompanying notes to the unaudited condensed consolidated financial statements.\n\n8\n\n \n\n**SEAFARER\nEXPLORATION CORP.**\n\n**CONDENSED\nCONSOLIDATED STATEMENTS OF CASH FLOWS**\n\n**(UNAUDITED)**\n\n \n\n  \n \n \n \n \n \n  \n\n  \nFor the Three Months Ended March 31, \n\n  \n2026  \n2025 \n\nCASH FLOWS FROM OPERATING ACTIVITIES: \n    \n   \n\nNet Loss \n$(894,170) \n$(731,401)\n\n  \n    \n   \n\nAdjustments to reconcile net loss to net cash used by operating activities: \n    \n   \n\nDepreciation \n 12,766  \n 12,767 \n\nAmortization of right of use asset, finance \n 3,561  \n 7,045 \n\nAmortization of right of use asset, facilities \n 4,031  \n 4,939 \n\nAmortization of debt discount \n 4,783  \n 10,525 \n\nAmortization of stock based compensation issued for\nservices \n 17,948  \n 425 \n\nLoss on extinguishment of debt \n 234,245  \n 32,337 \n\nGain on settlement of lease liability \n (5,256) \n - \n\nDecrease (increase) in: \n    \n   \n\nPrepaid consulting expense \n -  \n 2,876 \n\nIncrease (decrease) in: \n    \n   \n\nAccounts payable & accrued expenses \n (36,851) \n 72,593 \n\nOperating lease liability \n (3,831) \n (5,268)\n\nNet cash used by operating activities \n (662,774) \n (593,162)\n\n  \n    \n   \n\nCASH FLOWS FROM INVESTING ACTIVITIES: \n    \n   \n\nPurchase of property, plant and equipment \n -  \n - \n\nNet cash used in investing activities \n -  \n - \n\n  \n    \n   \n\nCASH FLOWS FROM FINANCING ACTIVITIES: \n    \n   \n\nProceeds from the issuance of common stock \n 686,550  \n 599,715 \n\nProceeds from line of credit \n 20,000  \n - \n\nPayments on finance lease liability \n (3,725) \n (6,572)\n\nPayments on line of credit \n (60,304) \n - \n\nNet cash provided by financing activities \n 642,521  \n 593,143 \n\n  \n    \n   \n\nNET DECREASE IN CASH \n (20,253) \n (19)\n\nCASH, BEGINNING OF PERIOD \n 50,469  \n 23,696 \n\nCASH, END OF PERIOD \n$30,216  \n$23,677 \n\n  \n    \n   \n\nSupplemental disclosure of cash flow information \n    \n   \n\nCash paid for interest expense \n$-  \n$- \n\nCash paid for income taxes \n$-  \n$- \n\n  \n    \n   \n\nNon-cash operating and financing activities: \n    \n   \n\nPrincipal and accrued interest converted to common stock \n$415,557  \n$- \n\nStock issued to settle accounts payable \n$-  \n$60,900 \n\nCommon stock issued for services \n$17,400  \n$- \n\n \n\nSee\naccompanying notes to the unaudited condensed consolidated financial statements.\n\n9\n\n \n\n**SEAFARER\nEXPLORATION CORP.**\n\n**NOTES\nTO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR THE PERIODS ENDED MARCH 31, 2026 and 2025**\n\n**(Unaudited)**\n\n \n\nThe accompanying unaudited condensed consolidated\nfinancial statements of Seafarer Exploration Corp. (“Seafarer” or the “Company”) are unaudited, but in the opinion\nof management, reflect all adjustments (consisting only of normal recurring adjustments) necessary to fairly state the Company’s\nfinancial position, results of operations, and cash flows as of and for the dates and periods presented. The unaudited condensed\nconsolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United\nStates of America (“GAAP”) for interim financial information.\n\n \n\nThese unaudited condensed consolidated financial\nstatements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes included in\nthe Company’s Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the\n“Commission”) on March 26, 2026. The results of operations for the three month period ended March 31, 2026 are not necessarily\nindicative of the results that may be expected for the entire year ending December 31, 2026 or for any future period.\n\n \n\n**NOTE\n1 – DESCRIPTION OF BUSINESS**\n\n \n\nSeafarer\nExploration Corp. (“Seafarer” or the “Company”), was incorporated on May 28, 2003 in the State of Delaware.\n\n \n\nThe\nprincipal business of the Company is to engage in the archaeologically-sensitive exploration, documentation, recovery, and conservation\nof historic shipwrecks with the objective of exploring and discovering Colonial-era shipwrecks for future generations to be able to appreciate\nand understand.\n\n \n\nIn\nMarch of 2014, Seafarer entered into a partnership with Marine Archaeology Partners, LLC (“MAP”), with the formation of Seafarer’s\nQuest, LLC (“SQ”) for the purpose of exploring a shipwreck site off of Melbourne Beach, Florida. Under the partnership with\nMAP, Seafarer is the designated manager of SQ.\n\n \n\nThe\nCompany’s wholly owned subsidiary Blockchain LogisTech, LLC (“Blockchain”), was formed on April 4, 2018 and began operations\nin 2019. The Company is evaluating Blockchain’s business opportunities and does not believe that Blockchain will generate any revenues\nfor the foreseeable future.\n\n \n\nThe\nCompany formed a wholly owned subsidiary, Exploration Studios, LLC, in May 2018 in order to explore media strategies and opportunities.\nExploration Studios, LLC has not yet commenced operations.\n\n \n\n**Florida\nDivision of Historical Resources Agreements/Permits**\n\n \n\nThe\nCompany successfully renewed its permits with the Florida Division of Historical Resources for its Melbourne Beach historical shipwreck\nsite, for both Areas 1 and 2, on March 22, 2024. The permits are valid until March 21, 2027.\n\n \n\n**Federal\nAdmiralty Judgment**\n\n \n\nSeafarer\nwas granted, through the United States District Court for the Southern District of Florida, a final judgment for its federal admiralty\nclaim on the Juno Beach shipwreck site. The Company is conducting limited exploration operations at the Juno Beach shipwreck site while\nit awaits updated permitting from the Army Corp of Engineers.\n\n \n\n**Blockchain\nSoftware Services Referral Agreements**\n\n \n\nManagement\nis reviewing potential alternate plans for Blockchain and believes that it is highly unlikely that Blockchain will generate any revenues\nfor the foreseeable future, if ever.\n\n \n\n**NOTE\n2 – GOING CONCERN**\n\n \n\nThese consolidated financial statements have been\nprepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal\ncourse of business for the foreseeable future. The Company has incurred net losses since inception and has an accumulated deficit of $35,880,846\nas of March 31, 2026. During the three month period ended March 31, 2026, the Company’s net loss was $894,170. The Company also\nhad a substantial working capital deficit of $3,327,699 at March 31, 2026. It is management’s opinion that these factors raise substantial\ndoubt about the Company’s ability to continue as a going concern for a period of twelve months from the date of the issuance of\nthese consolidated financial statements. Based on its historical rate of expenditures, the Company expects to expend its available cash\nin less than one month from the filing date of this report. Management’s plans include raising capital through the issuance of common\nstock and debt to fund operations and, eventually, the generation of revenue through its business. The Company does not expect to generate\nany significant revenues for the foreseeable future. The Company is in immediate need of further working capital and is seeking options,\nwith respect to financing, in the form of debt, equity or a combination thereof.\n\n10\n\n \n\nFailure\nto raise adequate capital and generate adequate revenues could result in the Company having to curtail or cease operations. The Company’s\nability to raise additional capital through the future issuances of the common stock is unknown. Additionally, even if the Company does\nraise sufficient capital to support its operating expenses and generate adequate revenues, there can be no assurances that the revenue\nwill be sufficient to enable it to develop to a level where it will generate profits and cash flows from operations. These matters raise\nsubstantial doubt about the Company’s ability to continue as a going concern; however, the accompanying unaudited condensed consolidated\nfinancial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities\nin the normal course of business. These unaudited condensed consolidated financial statements do not include any adjustments relating\nto the recovery of the recorded assets or the classifications of the liabilities that might be necessary should the Company be unable\nto continue as a going concern.\n\n \n\n**Convertible\nNotes Payable and Notes Payable, in Default**\n\n \n\nThe\nCompany does not have additional sources of debt financing to refinance its convertible notes payable and notes payable that are currently\nin default. If the Company is unable to obtain additional capital, such lenders may file suit, including suit to foreclose on the assets\nheld as collateral for the obligations arising under the secured notes. If any of the lenders file suit to foreclose on the assets held\nas collateral, then the Company may be forced to significantly scale back or cease its operations which would more than likely result\nin a complete loss of all capital that has been invested in or borrowed by the Company. The fact that the Company is in default regarding\nseveral loans held by various lenders makes investing in the Company or providing any loans to the Company extremely risky with a very\nhigh potential for a complete loss of capital.\n\n \n\nThe\nconvertible notes that have been issued by the Company are convertible at the lender’s option. These convertible notes represent\nsignificant potential dilution to the Company’s current shareholders as the convertible price of these notes is generally lower\nthan the current market price of the Company’s shares. As such when these notes are converted into equity there is typically a\nhighly dilutive effect on current shareholders and very high probability that such dilution may significantly negatively affect the trading\nprice of the Company’s common stock. Furthermore, management intends to have discussions with several of the promissory note holders\nwho do not currently have convertible notes regarding converting their notes into equity. Any such amended agreements to convert promissory\nnotes into equity would more than likely have a highly dilutive effect on current shareholders and there is a very high probability that\nsuch dilution may significantly negatively affect the trading price of the Company’s common stock.\n\n \n\nSee\nNote 5 for further information regarding the Company’s convertible notes payable and notes payable that are currently in default\ndue to non payment of principal and interest.\n\n \n\n**NOTE\n3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**\n\n \n\nThis\nsummary of significant accounting policies of the Company is presented to assist in understanding its consolidated financial statements.\nThe consolidated financial statements and notes are representations of the Company’s management, who are responsible for their\nintegrity and objectivity. These accounting policies conform to Generally Accepted Accounting Principles (“GAAP”) and have\nbeen consistently applied in the preparation of the consolidated financial statements.\n\n \n\n**Cash\nand Cash Equivalents**\n\n \n\nFor\npurposes of the consolidated statements of cash flows, the Company considers all highly liquid investments and short-term debt instruments\nwith original maturities of three months or less to be cash equivalents. There were no cash equivalents at March 31, 2026 and 2025. Financial\ninstruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each\ninstitution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At March 31, 2026, the Company\nhad deposits that were $0 in excess of the FDIC insured limit.\n\n** **\n\n**Research\nand Development Expenses**\n\n \n\nExpenditures\nfor research and development are expensed as incurred. The Company incurred research and development expenses of $82,852 and $153,800\nfor the three month periods ended March 31, 2026 and 2025, respectively. \n\n \n\n**Revenue\nRecognition**\n\n \n\nThe\nCompany recognizes revenue in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards\nCodification (“ASC”) Topic 606, “*Revenue from Contracts with Customers*” (“ASC 606”) and all\nthe related amendments which requires the following:\n\n \n\n \n1.\nIdentify\nthe contract with a customer.\n\n \n\n \n2.\nIdentify\nthe performance obligations in the contract.\n\n \n\n \n3.\nDetermine\nthe transaction price of the contract.\n\n \n\n \n4.\nAllocate\nthe transaction price to the performance obligations in the contract.\n\n \n\n \n5.\nRecognize\nrevenue when the performance obligations are met or delivered.\n\n11\n\n \n\nThe\nCompany recognizes revenue from the referrals that Blockchain has made to providers of software services when payment for a referral\nis received from the provider of software services. Blockchain, at its sole discretion and with no specific sales quotas or targets,\nprovides referrals of potential end users to the software service providers and is paid a referral fee only after the software services\nproviders receive payment from the end user.\n\n \n\nThe\nCompany also has a separate sales referral agreement, with no sales quotas or specific goals or targets, with a limited liability company\nthat provides product/system engineering and development services. The Company’s performance obligation is met when the payment\nfrom the customer is received by the provider of the development services, which is at a point in time. The Company receives referral\nfees when payment is received from the provider of the product/system development services which is when the Company recognizes revenue\nunder the agreement. \n\n \n\nThe\nCompany recognizes revenue when cash is received or when it has met its obligations per the terms of a contract or agreement for services.\nPayments received for services not yet provided are recorded as deferred revenue and are recognized as revenue when the services have\nbeen provided.\n\n \n\nDuring\nthe year ended December 31, 2021, the Company entered into an agreement to provide scanning services using its SeaSearcher technology\nto a corporation involved in searching for historic shipwreck material. Under the terms of the agreement the Company received an upfront\npayment of $140,000 which has been included in the accompanying consolidated balance sheets at March 31, 2026 and 2025 as deferred revenue,\nas the services have not yet been provided.\n\n \n\n**Earnings\nPer Share**\n\n \n\nThe\nCompany has adopted the FASB ASC 260-10, *Earnings per Share*, which provides for the calculation of “basic” and “diluted”\nearnings per share. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common\nstockholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution\nof securities that could share in the earnings of an entity.\n\n \n\nThe\npotentially dilutive common stock equivalents for the three month periods ended March 31, 2026 and 2025 were excluded from the dilutive\nloss per share calculation as they would be antidilutive due to the net loss. As of March 31, 2026 and 2025, there were approximately\n775,351,090 and 618,418,569 shares of common stock underlying our outstanding convertible notes payable and warrants, respectively.\n\n \n\n**Fair\nValue of Financial Instruments**\n\n \n\nThe\ncarrying amounts of financial assets and liabilities, such as cash, accounts payable, accrued expenses, convertible notes payable and\npayables, approximate their fair values because of the short maturity of these instruments.\n\n \n\n**Property,\nPlant and Equipment**\n\n \n\nProperty,\nplant and equipment are recorded at historical cost. Depreciation is computed on the straight-line method over the estimated useful lives\nof the respective assets. During the year ended December 31, 2019, the Company purchased a vessel with an estimated useful life of ten\nyears. During the year ended December 31, 2020 the Company purchased a vehicle with an estimated useful life of seven years. As of March\n31, 2026, these are the only capital assets owned by the Company. \n\n \n\nDepreciation\nexpense was $12,766 and $12,767 for the three month periods ended March 31, 2026 and 2025, respectively, which is included in operating\nexpenses in the accompanying unaudited condensed consolidated statements of operations.\n\n \n\n**Impairment\nof Long-Lived Assets**\n\n \n\nIn\naccordance with ASC 360-10, *Impairment and Disposal of Long Lived Asset*s, the Company, on a regular basis, reviews the carrying\namount of long-lived assets for the existence of facts or circumstances, both internally and externally, that suggest impairment. The\nCompany determines if the carrying amount of a long-lived asset is impaired based on anticipated undiscounted cash flows, before interest,\nfrom the use of the asset. In the event of impairment, a loss is recognized based on the amount by which the carrying amount exceeds\nthe fair value of the asset. Fair value is determined based on appraised value of the assets or the anticipated cash flows from the use\nof the asset, discounted at a rate commensurate with the risk involved. There were no impairment charges recorded during the three month\nperiods ended March 31, 2026 and 2025.\n\n \n\n**Use\nof Estimates**\n\n \n\nThe\nprocess of preparing unaudited condensed consolidated financial statements in conformity with GAAP requires the use of estimates and\nassumptions regarding certain types of assets, liabilities, revenues, and expenses. Significant estimates for the three month periods\nended March 31, 2026 and 2025 include the useful life of property, plant and equipment, valuation allowances against deferred tax assets,\nthe fair value of non cash equity transactions, and impairment of long-lived assets.\n\n12\n\n \n\n**Segment\nInformation**\n\n \n\nDuring 2019, Seafarer’s wholly owned subsidiary,\nBlockchain began operations, generated revenue and incurred expenses. The business of Blockchain has no relation to the Company’s\nhistoric shipwreck exploration and recovery operations other than common ownership. The single segment was identified based\non how the Chief Operating Decision Maker (“CODM”), who the Company has determined to be its Chief Executive Officer, manages\nand evaluates performance and allocates resources. As such, the Company concluded that the operations of Blockchain and Seafarer Exploration\nwere separate reportable segments (see Note 10 – Segment Information).\n\n \n\n**Convertible\nDebentures**\n\n \n\nThe\nCompany adheres to the guidance in Accounting Standards Updated (“ASU”) 2020-06, *Accounting for Convertible\nInstruments and Contracts in an Entity’s Own Equity*. ASU 2020-06 simplifies an issuer’s accounting for convertible instruments\nand its application of the derivatives scope exception for contracts in its own equity. Additionally, ASU 2020-06 removes the requirements\nfor accounting for beneficial conversion features.\n\n \n\n**Fair\nValue Measurements and Fair Value of Financial Instruments**\n\n \n\nThe\nCompany adopted ASC Topic 820, *Fair Value Measurements*. ASC Topic 820 clarifies the definition of fair value, prescribes methods\nfor measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:\n\n \n\nLevel\n1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.\n\n \n\nLevel\n2: Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets\nand liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated\nby observable market data.\n\n \n\nLevel\n3: Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants\nwould use in pricing the asset or liability based on the best available information.\n\n \n\nThe\nestimated fair value of certain financial instruments, including all current liabilities are carried at historical cost basis, which\napproximates their fair values because of the short-term nature of these instruments.\n\n \n\nThe\ninputs to the valuation methodology of stock options and warrants were under level 3 fair value measurements.\n\n \n\nASC\nsubtopic 825-10, *Financial Instruments* (“ASC 825-10”) requires disclosure of the fair value of certain financial instruments.\nThe carrying value of cash and cash equivalents, accounts payable and accrued liabilities as reflected in the condensed consolidated\nbalance sheets, approximate fair value because of the short-term maturity of these instruments. All other significant financial assets,\nfinancial liabilities and equity instruments of the Company are either recognized or disclosed in the unaudited condensed consolidated\nfinancial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate\nrisk and credit risk. Where practicable the fair values of financial assets and financial liabilities have been determined and disclosed;\notherwise only available information pertinent to fair value has been disclosed.\n\n \n\nThe\nCompany follows ASC subtopic 820-10, *Fair Value Measurements and Disclosures* (“ASC 820-10”) and ASC 825-10, which\npermits entities to choose to measure many financial instruments and certain other items at fair value.\n\n \n\n**Stock\nBased Compensation**\n\n \n\nThe\nCompany applies the fair value method of FASB ASC 718, *Share Based Payment*, in accounting for its stock-based compensation. The\nstandard states that compensation cost is measured at the grant date based on the fair value of the award and is recognized over the\nservice period. The Company values stock-based compensation at the market price for the Company’s common stock and other pertinent\nfactors at the grant date.\n\n \n\nFully\nvested and non-forfeitable shares issued prior to the services being performed are classified as unearned compensation. \n\n \n\n**Leases**\n\n \n\nThe\nCompany accounts for leases under ASU 2016-02, *Leases*. At the inception of a contract\nthe Company assesses whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract\ninvolves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit\nfrom the use of the asset throughout the period, and (3) whether it has the right to direct the use of the asset. The Company will allocate\nthe consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments.\n\n \n\nFinance\nleases are included in property and equipment, net, current portion of long-term debt, net and long-term debt, less current portion and\ndebt issuance costs in the Company’s condensed consolidated balance sheets.\n\n13\n\n \n\nOperating\nlease right of use (“ROU”) assets represents the right to use the leased asset for the lease term and operating lease liabilities\nare recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most leases\ndo not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the adoption date\nin determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over\nthe lease term and is presented in operating expenses on the condensed consolidated statements of operations.\n\n \n\nAs\npermitted under the new guidance, the Company has made an accounting policy election not to apply the recognition provisions of the guidance\nto short term leases (leases with a lease term of twelve months or less that do not include an option to purchase the underlying asset\nthat the lessee is reasonably certain to exercise); instead, the Company will recognize the lease payments for short term leases on a\nstraight-line basis over the lease term. \n\n \n\n**Income\nTaxes**\n\n \n\nIncome\ntaxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities\nare determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using\nthe currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available\nevidence, are not expected to be realized.\n\n \n\n**Subsequent\nEvents**\n\n \n\nIt\nis the Company’s policy to evaluate all events that occur after the balance sheet date through the date when the unaudited condensed\nconsolidated financial statements were issued to determine if they must be reported.\n\n \n\n**Recent\nAccounting Pronouncements**\n\n \n\nIn November 2024, the FASB issued ASU\n2024-04, *Debt with Conversion and Other Options: Induced Conversion of Convertible Debt Instruments (Subtopic 470-20),*\nwhich clarifies accounting for induced conversions of convertible debt, specifically when issuers offer “sweeteners” to\nprompt early conversion. It requires that for induced conversion accounting to apply, the instrument must have a substantive\nconversion feature and the offer must preserve the form and amount of consideration, even if settled in cash or hybrid forms. This\nstandard is effective for annual periods beginning after December 15, 2025, and early adoption permitted. The Company adopted the\nstandard as of January 1, 2026 and it does not expect the adoption of this new guidance to have a material impact, if any, on the\nfinancial statements.\n\n** **\n\n**NOTE\n4 – RIGHT-OF-USE ASSETS AND OPERATING AND FINANCE LEASE LIABILITIES**\n\n \n\n**Operating\nLeases**\n\n \n\nOperating\nlease right-of-use assets and liabilities are recognized at the present value of the future lease payments at the lease commencement\ndate. The interest rate used to determine the present value is the incremental borrowing rate, estimated to be 10%, as the interest rate\nimplicit in most of the Company’s leases are not readily determinable. Operating lease expense is recognized on a straight-line\nbasis over the lease term.\n\n \n\nThe\nCompany leases 823 square feet of office space located at 14497 North Dale Mabry Highway, Suite 209-N, Tampa, Florida 33618. The Company\nentered into an amended lease agreement commencing on July 15, 2025 through July 31, 2028 with base month rents of $1,646 from August\n1, 2025 to July 31, 2026, $1,712 from August 1, 2026 to July 31, 2027, and $1,780 from August 1, 2027 to July 31, 2028. Under\nthe terms of the amended lease there may be additional fees charged above the base monthly rental fee. During the three months ended\nMarch 31, 2026 and 2025, the Company recorded $5,138 and $5,268 as operating lease expense, respectively, which is included in rent\nexpense on the unaudited condensed statements of operations.\n\n \n\nRight-of-use\nassets at March 31, 2026 and December 31, 2025 are summarized below:\n\n \n\nSchedule of right-of-use assets\n\n  \nMarch 31, 2026  \nDecember 31, 2025 \n\nOffice lease \n$53,382  \n$53,382 \n\nLess accumulated amortization \n (10,541) \n (6,510)\n\nRight of use assets, net \n$42,841  \n$46,872 \n\n \n\nAmortization\non the right-of -use asset is included in rent expense on the unaudited condensed consolidated statements of operations.\n\n \n\nOperating\nLease liabilities are summarized below:\n\n \n\nSchedule of operating lease liabilities\n\n  \nMarch 31, 2026  \nDecember 31, 2025 \n\nOffice lease \n$43,375  \n$47,206 \n\nLess: current portion \n (16,848) \n (16,238)\n\nLong term portion \n$26,527  \n$30,968 \n\n14\n\n \n\nMaturity\nof operating lease liabilities are as follows:\n\n \n\nSchedule of Maturity of lease liabilities\n\nYear Ended December 31, 2026 \n$15,145 \n\nYear Ended December 31, 2027 \n 20,884 \n\nYear Ended December 31, 2028 \n 12,462 \n\nTotal future minimum lease payments \n 48,491 \n\nLess imputed interest \n (5,116)\n\nPV of payments \n$43,375 \n\n** **\n\n**Finance\nLeases**\n\n \n\nCommencing\nduring the year ended December 31, 2023, the Company entered into the following leases:\n\n \n\n \n○\nVehicle\nlease - monthly lease payments of $1,167 for 60 months amortized over 5 years at 12%\n\n \n \n \n\n \n○\nVessel\nlease - monthly lease payments of $1,557 for 60 months amortized over 5 years at 12%\n\n \n \n \n\n \n○\nSonar\nlease - monthly lease payments of $422 for 60 months amortized over 5 years at 12%\n\n \n \n \n\nFinance\nright of use assets are summarized below:\n\n \n\nSchedule of Finance Right-Of-Use Assets\n\n  \nMarch 31, 2026  \nDecember 31, 2025 \n\nVehicle lease \n$53,100  \n$53,100 \n\nVessel lease \n -  \n 70,849 \n\nSonar lease \n 18,987  \n 18,987 \n\nFinance right of use asset before Accumulated Amortization \n 72,087  \n 142,936 \n\nLess accumulated amortization \n (45,025) \n (83,277)\n\nFinance right of use asset \n$27,062  \n$59,659 \n\n \n\nFinance\nlease liabilities are summarized below:\n\n \n\nSchedule of Finance Lease Liabilities\n\n  \nMarch 31, 2025  \nDecember 31, 2025 \n\nVehicle lease \n$22,944  \n$25,702 \n\nVessel lease \n -  \n 34,291 \n\nSonar lease \n 9,302  \n 10,270 \n\nTotal Lease Liabilities \n 32,246  \n 70,263 \n\nLess: current portion \n (16,068) \n (29,640)\n\nLong term portion \n$16,178  \n$40,623 \n\n \n\nThe vessel was damaged and the lessee agreed to end the lease as of December 31, 2025 with no further payments owed\nby the Company based on the insurance settlement terms.\n\n \n\nMaturity\nof lease liabilities are as follows:\n\n \n\nSchedule of Future minimum lease payments\n\nYear Ended December 31, 2026 \n 14,305 \n\nYear Ended December 31, 2027 \n 19,073 \n\nYear Ended December 31, 2028 \n 2,856 \n\nTotal future minimum lease payments \n 36,234 \n\nLess imputed interest \n (3,988)\n\nPV of payments \n$32,246 \n\n \n\nExpenses\nincurred with respect to the Company’s finance leases during the three months ended March 31, 2026 and 2025 which are included\nin general and administrative expenses on the unaudited condensed consolidated statements of operations are set forth below.\n\n \n\nSchedule of Expenses with respect to Finance Leases\n\n  \nMarch 31, 2026  \nMarch 31, 2025 \n\nFinance lease amortization \n$3,561  \n$7,045 \n\nFinance lease interest \n 1,042  \n 2,868 \n\nTotal finance lease expense \n$4,603  \n$9,913 \n\n15\n\n \n\nThe weighted\naverage remaining lease term and the weighted average discount rate on the finance leases at March 31, 2026 and December 31, 2025\nare set forth below.\n\n \n\nSchedule of Weighted Average Remaining Lease Team and Average Discount on Finance Leases\n\n  \nMarch 31,  \nDecember 31, \n\n  \n2026  \n2025 \n\nWeighted average remaining lease term \n 1.87 years  \n 2.11 years \n\nWeighted average discount rate \n 12% \n 12%\n\n \n\n**NOTE\n5 – CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE**\n\n \n\nUpon\ninception, the Company evaluates each financial instrument to determine whether it meets the definition of “conventional convertible”\ndebt under ASC 470.\n\n \n\n**Convertible\nNotes Payable**\n\n \n\nThe\nfollowing tables reflect the convertible notes payable at March 31, 2026 and December 31, 2025:\n\n \n\n \n \n**Issue\nDate**\n \n**Maturity\nDate**\n \n**March\n31,\n2026**\n \n \n**December\n31,\n2025**\n \n \n**Rate**\n \n**Conversion\nPrice**\n \n\n \n \n \n \n \n \n**Principal\nBalance**\n \n \n**Principal\nBalance**\n \n \n \n \n \n \n\n**Convertible\nnotes payable - in default**\n \n \n \n \n \n \n \n \n \n \n \n\nNotes\npayable, Face Value\n \n08/28/09\n \n11/01/09\n \n$\n4,300\n \n \n$\n4,300\n \n \n10.00%\n \n$\n0.0150\n \n\nNotes\npayable, Face Value\n \n11/20/12\n \n05/20/13\n \n \n50,000\n \n \n \n50,000\n \n \n6.00%\n \n \n0.0050\n \n\nNotes\npayable, Face Value\n \n01/19/13\n \n07/30/13\n \n \n5,000\n \n \n \n5,000\n \n \n6.00%\n \n \n0.0040\n \n\nNotes\npayable, Face Value\n \n02/11/13\n \n08/11/13\n \n \n9,000\n \n \n \n9,000\n \n \n6.00%\n \n \n0.0060\n \n\nNotes\npayable, Face Value\n \n09/25/13\n \n03/25/14\n \n \n10,000\n \n \n \n10,000\n \n \n6.00%\n \n \n0.0125\n \n\nNotes\npayable, Face Value\n \n10/04/13\n \n04/04/14\n \n \n50,000\n \n \n \n50,000\n \n \n6.00%\n \n \n0.0125\n \n\nNotes\npayable, Face Value\n \n05/15/14\n \n11/15/14\n \n \n40,000\n \n \n \n40,000\n \n \n6.00%\n \n \n0.0070\n \n\nNotes\npayable, Face Value\n \n09/18/15\n \n03/18/16\n \n \n25,000\n \n \n \n25,000\n \n \n6.00%\n \n \n0.0020\n \n\nNotes\npayable, Face Value\n \n07/19/16\n \n07/19/17\n \n \n4,000\n \n \n \n4,000\n \n \n6.00%\n \n \n0.0015\n \n\nNotes\npayable, Face Value\n \n02/06/18\n \n11/07/18\n \n \n6,000\n \n \n \n6,000\n \n \n6.00%\n \n \n0.0006\n \n\nNotes\npayable, Face Value\n \n03/06/18\n \n09/06/18\n \n \n6,000\n \n \n \n6,000\n \n \n6.00%\n \n \n0.0006\n \n\nNotes\npayable, Face Value\n \n01/03/19\n \n07/03/19\n \n \n1,000\n \n \n \n1,000\n \n \n6.00%\n \n \n0.0010\n \n\nNotes\npayable, Face Value\n \n09/04/19\n \n03/04/20\n \n \n25,000\n \n \n \n25,000\n \n \n6.00%\n \n \n0.0030\n \n\nNotes\npayable, Face Value\n \n03/18/24\n \n03/18/25\n \n \n-\n \n \n \n50,000\n \n \n6.00%\n \n \n0.0020\n \n\nNotes\npayable, Face Value \n \n03/28/24\n \n03/28/25\n \n \n-\n \n \n \n100,000\n \n \n6.00%\n \n \n0.0020\n \n\nNotes\npayable, Face Value\n \n06/24/25\n \n07/24/25\n \n \n15,000\n \n \n \n15,000\n \n \n6.00%\n \n \n0.0020\n \n\nNotes\npayable, Face Value\n \n07/02/25\n \n10/02/25\n \n \n75,000\n \n \n \n75,000\n \n \n6.00%\n \n \n0.0016\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**Balance\nconvertible notes payable - in default**\n \n$\n325,300\n \n \n$\n475,300\n \n \n \n \n \n \n \n\n16\n\n \n\n \n \n**Issue\nDate**\n \n**Maturity\nDate**\n \n**March\n31,\n2026**\n \n \n**December\n31,\n2025**\n \n \n**Rate**\n \n**Conversion\nPrice**\n \n\n \n \n \n \n \n \n**Principal\nBalance**\n \n \n**Principal\nBalance**\n \n \n \n \n \n \n\n**Convertible\nnotes payable - related parties, in default**\n \n \n \n \n \n \n \n \n \n \n \n\nNotes\npayable, Face Value\n \n01/09/09\n \n01/09/10\n \n$\n10,000\n \n \n$\n10,000\n \n \n10.00%\n \n$\n0.0150\n \n\nNotes\npayable, Face Value\n \n01/25/10\n \n01/25/11\n \n \n6,000\n \n \n \n6,000\n \n \n6.00%\n \n \n0.0050\n \n\nNotes\npayable, Face Value\n \n01/18/12\n \n07/18/12\n \n \n50,000\n \n \n \n50,000\n \n \n8.00%\n \n \n0.0040\n \n\nNotes\npayable, Face Value\n \n01/19/13\n \n07/30/13\n \n \n15,000\n \n \n \n15,000\n \n \n6.00%\n \n \n0.0040\n \n\nNotes\npayable, Face Value\n \n07/26/13\n \n01/26/14\n \n \n10,000\n \n \n \n10,000\n \n \n6.00%\n \n \n0.0100\n \n\nNotes\npayable, Face Value\n \n01/17/14\n \n07/17/14\n \n \n31,500\n \n \n \n31,500\n \n \n6.00%\n \n \n0.0060\n \n\nNotes\npayable, Face Value\n \n05/27/14\n \n11/27/14\n \n \n7,000\n \n \n \n7,000\n \n \n6.00%\n \n \n0.0070\n \n\nNotes\npayable, Face Value\n \n07/21/14\n \n01/25/15\n \n \n17,000\n \n \n \n17,000\n \n \n6.00%\n \n \n0.0080\n \n\nNotes\npayable, Face Value\n \n10/16/14\n \n04/16/15\n \n \n21,000\n \n \n \n21,000\n \n \n6.00%\n \n \n0.0045\n \n\nNotes\npayable, Face Value\n \n07/14/15\n \n01/14/16\n \n \n9,000\n \n \n \n9,000\n \n \n6.00%\n \n \n0.0030\n \n\nNotes\npayable, Face Value \n \n01/12/16\n \n07/12/16\n \n \n5,000\n \n \n \n5,000\n \n \n6.00%\n \n \n0.0020\n \n\nNotes\npayable, Face Value\n \n05/10/16\n \n11/10/16\n \n \n5,000\n \n \n \n5,000\n \n \n6.00%\n \n \n0.0005\n \n\nNotes\npayable, Face Value\n \n05/10/16\n \n11/10/16\n \n \n5,000\n \n \n \n5,000\n \n \n6.00%\n \n \n0.0005\n \n\nNotes\npayable, Face Value \n \n05/20/16\n \n11/20/16\n \n \n5,000\n \n \n \n5,000\n \n \n6.00%\n \n \n0.0005\n \n\nNotes\npayable, Face Value\n \n07/12/16\n \n01/12/17\n \n \n2,400\n \n \n \n2,400\n \n \n6.00%\n \n \n0.0006\n \n\nNotes\npayable, Face Value \n \n01/26/17\n \n03/12/17\n \n \n-\n \n \n \n5,000\n \n \n6.00%\n \n \n0.0005\n \n\nNotes\npayable, Face Value \n \n02/14/17\n \n08/14/17\n \n \n25,000\n \n \n \n25,000\n \n \n6.00%\n \n \n0.0008\n \n\nNotes\npayable, Face Value\n \n08/16/17\n \n09/16/17\n \n \n3,000\n \n \n \n3,000\n \n \n6.00%\n \n \n0.0008\n \n\nNotes\npayable, Face Value\n \n01/09/18\n \n01/09/19\n \n \n12,000\n \n \n \n12,000\n \n \n6.00%\n \n \n0.0006\n \n\nNotes\npayable, Face Value\n \n03/14/18\n \n05/14/18\n \n \n25,000\n \n \n \n25,000\n \n \n6.00%\n \n \n0.0007\n \n\nNotes\npayable, Face Value\n \n04/04/18\n \n06/04/18\n \n \n3,000\n \n \n \n3,000\n \n \n6.00%\n \n \n0.0007\n \n\nNotes\npayable, Face Value \n \n04/11/18\n \n06/11/18\n \n \n25,000\n \n \n \n25,000\n \n \n6.00%\n \n \n0.0007\n \n\nNotes\npayable, Face Value \n \n05/08/18\n \n07/08/18\n \n \n25,000\n \n \n \n25,000\n \n \n6.00%\n \n \n0.0007\n \n\nNotes\npayable, Face Value \n \n05/30/18\n \n08/30/18\n \n \n25,000\n \n \n \n25,000\n \n \n6.00%\n \n \n0.0007\n \n\nNotes\npayable, Face Value\n \n06/12/18\n \n09/12/18\n \n \n3,000\n \n \n \n3,000\n \n \n6.00%\n \n \n0.0007\n \n\nNotes\npayable, Face Value\n \n06/20/18\n \n09/12/18\n \n \n500\n \n \n \n500\n \n \n6.00%\n \n \n0.0007\n \n\nNotes\npayable, Face Value\n \n08/27/18\n \n02/27/19\n \n \n2,000\n \n \n \n2,000\n \n \n6.00%\n \n \n0.0007\n \n\nNotes\npayable, Face Value\n \n10/02/18\n \n04/02/19\n \n \n1,000\n \n \n \n1,000\n \n \n6.00%\n \n \n0.0008\n \n\nNotes\npayable, Face Value\n \n10/23/18\n \n04/23/19\n \n \n4,200\n \n \n \n4,200\n \n \n6.00%\n \n \n0.0007\n \n\nNotes\npayable, Face Value\n \n11/07/18\n \n05/07/19\n \n \n2,000\n \n \n \n2,000\n \n \n6.00%\n \n \n0.0008\n \n\nNotes\npayable, Face Value\n \n11/14/18\n \n05/14/19\n \n \n8,000\n \n \n \n8,000\n \n \n6.00%\n \n \n0.0008\n \n\nNotes\npayable, Face Value\n \n01/08/19\n \n07/08/19\n \n \n7,000\n \n \n \n7,000\n \n \n6.00%\n \n \n0.0008\n \n\nNotes\npayable, Face Value\n \n04/25/19\n \n10/23/19\n \n \n20,000\n \n \n \n20,000\n \n \n6.00%\n \n \n0.0040\n \n\nNotes\npayable, Face Value\n \n06/07/19\n \n12/07/19\n \n \n5,100\n \n \n \n5,100\n \n \n6.00%\n \n \n0.0030\n \n\nNotes\npayable, Face Value\n \n09/17/19\n \n04/17/20\n \n \n12,000\n \n \n \n12,000\n \n \n6.00%\n \n \n0.0030\n \n\nNotes\npayable, Face Value \n \n11/12/19\n \n05/12/20\n \n \n25,000\n \n \n \n25,000\n \n \n6.00%\n \n \n0.0025\n \n\nNotes\npayable, Face Value\n \n11/26/19\n \n05/26/20\n \n \n25,200\n \n \n \n25,200\n \n \n6.00%\n \n \n0.0030\n \n\nNotes\npayable, Face Value \n \n12/03/19\n \n06/03/20\n \n \n15,000\n \n \n \n15,000\n \n \n6.00%\n \n \n0.0030\n \n\nNotes\npayable, Face Value \n \n01/07/20\n \n06/20/20\n \n \n51,000\n \n \n \n51,000\n \n \n6.00%\n \n \n0.0030\n \n\nNotes\npayable, Face Value \n \n08/06/20\n \n02/06/21\n \n \n25,200\n \n \n \n25,200\n \n \n6.00%\n \n \n0.0035\n \n\nNotes\npayable, Face Value\n \n08/06/20\n \n02/06/21\n \n \n35,000\n \n \n \n35,000\n \n \n6.00%\n \n \n0.0035\n \n\nNotes\npayable, Face Value\n \n08/14/20\n \n02/14/21\n \n \n50,400\n \n \n \n50,400\n \n \n6.00%\n \n \n0.0035\n \n\nNotes\npayable, Face Value\n \n10/13/21\n \n04/13/22\n \n \n3,000\n \n \n \n3,000\n \n \n2.00%\n \n \n0.0020\n \n\nNotes\npayable, Face Value\n \n11/10/21\n \n05/10/22\n \n \n3,000\n \n \n \n3,000\n \n \n6.00%\n \n \n0.0020\n \n\nNotes\npayable, Face Value \n \n07/06/22\n \n01/06/23\n \n \n20,000\n \n \n \n20,000\n \n \n6.00%\n \n \n0.0015\n \n\nNotes\npayable, Face Value\n \n07/29/22\n \n01/28/23\n \n \n10,000\n \n \n \n10,000\n \n \n6.00%\n \n \n0.0020\n \n\nNotes\npayable, Face Value\n \n08/04/22\n \n02/04/23\n \n \n10,000\n \n \n \n10,000\n \n \n6.00%\n \n \n0.0020\n \n\nNotes\npayable, Face Value\n \n07/24/23\n \n09/24/23\n \n \n5,000\n \n \n \n5,000\n \n \n1.00%\n \n \n0.00175\n \n\nNotes\npayable, Face Value\n \n12/11/24\n \n06/11/25\n \n \n15,000\n \n \n \n15,000\n \n \n6.00%\n \n \n0.0020\n \n\n**Balance\nconvertible notes payable - related parties, in default**\n \n$\n699,500\n \n \n$\n704,500\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**Balance\nall convertible notes payable**\n$\n1,024,800\n \n \n$\n1,179,800\n \n \n \n \n \n \n \n\n17\n\n \n\n**Notes\nPayable**\n\n \n\nThe\nfollowing tables reflect the notes payable at March 31, 2026 and December 31, 2025:\n\n \n\n \n \n**Issue\nDate**\n \n**Maturity\nDate**\n \n**March\n31,\n2026**\n \n \n**December\n31,\n2025**\n \n \n**Rate**\n\n \n \n \n \n \n \n**Principal\nBalance**\n \n \n**Principal\nBalance**\n \n \n \n\n**Notes\npayable**\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNotes\npayable, Face Value\n \n12/02/25\n \n02/23/26\n \n$ \n-\n \n \n \n50,000\n \n \n12.00%\n\nTotal\n \n \n \n \n \n \n-\n \n \n \n50,000\n \n \n \n\n Less\nunamortized discounts\n \n \n \n \n \n \n-\n \n \n \n(4,783)\n \n \n \n\n**Balance\nnotes payable**\n \n \n \n \n \n$\n-\n \n \n$\n45,217\n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n**Issue\nDate**\n \n**Maturity\nDate**\n \n**March\n31,\n2026**\n \n \n**December\n31,\n2025**\n \n \n**Rate**\n\n \n \n \n \n \n \n**Principal\nBalance**\n \n \n**Principal\nBalance**\n \n \n \n\n**Notes\npayable - in default**\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNotes\npayable, Face Value\n \n04/27/11\n \n04/27/12\n \n$\n5,000\n \n \n$\n5,000\n \n \n6.00%\n\nNotes\npayable, Face Value\n \n12/14/17\n \n12/14/18\n \n \n2,000\n \n \n \n2,000\n \n \n6.00%\n\nNotes\npayable, Face Value\n \n11/29/17\n \n11/29/19\n \n \n105,000\n \n \n \n105,000\n \n \n2.06%\n\nNotes\npayable, Face Value\n \n11/10/23\n \n05/10/25\n \n \n500,000\n \n \n \n500,000\n \n \n6.00%\n\nNotes\npayable, Face Value \n \n02/28/24\n \n05/10/25\n \n \n350,000\n \n \n \n350,000\n \n \n6.00%\n\nNotes\npayable, Face Value \n \n04/01/24\n \n04/01/25\n \n \n150,000\n \n \n \n150,000\n \n \n6.00%\n\nNotes\npayable, Face Value \n \n12/02/25\n \n02/23/26\n \n \n50,000\n \n \n \n-\n \n \n12.00%\n\n**Balance\nnotes payable – default**\n \n \n \n \n \n$\n1,162,000\n \n \n$\n1,112,000\n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n**Issue\nDate**\n \n**Maturity\nDate**\n \n**March\n31,\n2025**\n \n \n**December\n31,\n2025**\n \n \n**Rate**\n\n \n \n \n \n \n \n**Principal\nBalance**\n \n \n**Principal\nBalance**\n \n \n \n\n**Notes\npayable - related parties, in default**\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNotes\npayable, Face Value\n \n02/24/10\n \n02/24/11\n \n$\n7,500\n \n \n$\n7,500\n \n \n6.00%\n\nNotes\npayable, Face Value\n \n10/06/15\n \n11/15/15\n \n \n10,000\n \n \n \n10,000\n \n \n6.00%\n\nNotes\npayable, Face Value\n \n02/08/18\n \n04/09/18\n \n \n1,000\n \n \n \n1,000\n \n \n6.00%\n\n**Balance\nnotes payable - related parties, in default**\n \n \n \n \n \n$\n18,500\n \n \n$\n18,500\n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**Balance\nall notes payable**\n \n \n \n \n \n$\n1,180,500\n \n \n$\n1,175,717\n \n \n \n\n  \n\n**Terms\nof Related Party Convertible Notes Payable and Related Party Notes Payable**\n\n \n\nThe\nCompany’s related party convertible notes payable and related party notes payable may contain terms that are not indicative of\nthe terms that would normally be agreeable to non related third parties.\n\n \n\n**New\nConvertible Notes Payable Issued During the Three Month Periods Ended March 31, 2026 and 2025**\n\n \n\nDuring\nthe three month periods ended March 31, 2026 and 2025 the Company did not enter into any convertible notes payable or notes payable agreements.\n\n \n\n**Repayments\nof Notes Payable**\n\n \n\nThe\nCompany did not repay any of its notes payable during the three month periods ended March 31, 2026 and 2025.\n\n \n\n**Note\nConversions**\n\n \n\nPeriod\nEnded March 31, 2026\n\n \n\nThe\nCompany issued 13,681,348 shares of restricted common stock to a related party to settle $5,000 of the principal balance of a convertible\npromissory note dated January 6, 2017 and $8,994 of the accrued interest owed on seventeen convertible notes payable. The balance of\nthe convertible note was $0 at March 31, 2026.\n\n18\n\n \n\nThe\nCompany issued 111,490,411 shares of restricted common stock to settle $111,490 of the principal and accrued interest owed on a convertible\nnote payable dated March 28, 2024. The Company recorded a loss on extinguishment of debt of $234,245 on the\nconversion. The balance of the convertible note was $0 at March 31, 2026.\n\n \n\nThe\nCompany issued 55,827,397 shares of restricted common stock to settle $55,827 of the principal and accrued interest owed on a convertible\nnote payable dated March 18, 2024. The balance of the convertible note was $0 at March 31, 2026.\n\n \n\nThere\nwere no note conversions during the three month period ended March 31, 2025.\n\n \n\n**Shareholder\nLoan**\n\n \n\nAt\nMarch 31, 2026 and December 31, 2025, the Company had the following loans outstanding to its CEO in the total amount of $5,000 as follows:\n\n \n\n \n-\nA\nloan with no due date with a $1,500 remaining balance and an interest rate of 2% and a conversion rate of $0.0005; and\n\n \n\n \n-\nA\nloan due on September 9, 2022 with a remaining balance of $3,500, and an interest rate of 1%.\n\n \n\n**Collateralized\nPromissory Notes**\n\n \n\nTwo\nconvertible notes outstanding with related parties, dated January 9, 2009 and January 18, 2012 totalling $60,000 are collateralized by\nCompany assets.\n\n \n\n**NOTE\n6 – LINE OF CREDIT**\n\n \n\nThe\nCompany has a revolving line of credit (“LoC”) that has a maximum draw amount of $50,000. Advances on the LoC bear interest,\non the outstanding principal balance at a rate equal to 5.99% per annum. The Company entered into the LoC on April 15, 2025 and the LoC\nhas no maturity date. As of March 31, 2026 the Company’s LoC balance is $0. The LoC is not collateralized.\n\n \n\n**NOTE\n7 – STOCKHOLDERS’ DEFICIT**\n\n \n\nOn\nJune 16, 2025, the Board of Directors, pursuant to Section 607.0704, Florida Statutes, the Board of Directors, acting as shareholders\nof the Preferred Shares and pursuant to their own resolution, voted to increase the authorized shares of the Corporation from 9,900,000,000\ncommon shares to 17,000,000,000 common shares. Such filing was processed to be effective with the State of Florida on June 16, 2025.\n\n \n\nThe\nCompany’s total authorized capital stock consists of 17,000,000,000 shares of common stock, $0.0001 par value per share.\n\n \n\n**Preferred\nStock**\n\n \n\nThe\nCompany is authorized to issue 50,000,000 shares of preferred stock. 49,999,940 Series A and 60 Series B preferred shares are authorized.\n\n \n\n**Series\nA Preferred Stock**\n\n \n\nAt\nMarch 31, 2026 and 2025, the Company had 49,999,940 Series A preferred shares authorized and seven shares of Series A preferred stock\nissued and outstanding. Each share of Series A preferred stock has the right to convert into 214,289 shares of the Company’s common\nstock. In the event of a liquidation, Series A have preference.\n\n \n\n**Series\nB Preferred Stock**\n\n \n\nAt\nMarch 31, 2026 and 2025, the Company had 60 Series B preferred shares authorized and 60 shares of Series B preferred stock issued and\noutstanding. In 2014, the Board of Directors of the Company under the authority granted under Article V of the Articles of Incorporation,\ndefined and created a new preferred series of shares from the 50,000,000 authorized preferred shares. Pursuant to Article V, the Board\nof Directors has the power to designate such shares and all powers and matters concerning such shares. Such share class shall be designated\nPreferred Class B. The preferred class was created for 60 Preferred Class B shares. Such shares each have a voting power equal to one\npercent of the outstanding shares issued (totaling 60%) at the time of any vote action as necessary for share votes under Florida law,\nwith or without a shareholder meeting. Such shares are non-convertible to common stock of the Company and are not considered as convertible\nunder any accounting measure. Such shares shall only be held by the Board of Directors as a Corporate body, and shall not be placed into\nany individual name. Such shares were considered issued at the time of this resolution’s adoption, and do not require a stock certificate\nto exist, unless selected to do so by the Board for representational purposes only. Such shares are considered for voting as a whole\namount, and shall be voted for any matter by a majority vote of the Board of Directors. Such shares shall not be divisible among the\nBoard members, and shall be voted as a whole either for or against such a vote upon the vote of the majority of the Board of Directors.\nIn the event that there is any vote taken which results in a tie of a vote of the Board of Directors, the vote of the Chairman of the\nBoard shall control the voting of such shares. Such shares are not transferable except in the case of a change of control of the Corporation\nwhen such shares shall continue to be held by the Board of Directors. Such shares have the authority to vote for all matters that require\na share vote under Florida law and the Articles of Incorporation.\n\n19\n\n \n\n**NOTE\n8 – COMMITMENTS AND CONTINGENCIES**\n\n \n\nIn\nMarch of 2014, Seafarer entered into a partnership and ownership with Marine Archaeology Partners, LLC (“MAP”) with the formation\nof SQ. SQ was formed in the State of Florida for the purpose of permitting, exploration and recovery of artifacts from a designated area\non the east coast of Florida. Such site area is from a defined, contracted area by a separate entity, which a portion of such site is\ndesignated from a previous contracted holding through the State of Florida. Under such agreement, Seafarer is responsible for costs of\npermitting, exploration and recovery, and is entitled to 80% of such artifact recovery after the state of Florida has taken their 20%\nunder any future recovery permits. Seafarer has a 50% ownership, with designated management of the SQ coming from Seafarer. As of December\n31, 2025, the partnership has had no operations. Seafarer is responsible for managing the site on behalf of SQ.\n\n \n\n**Vessel\nand Trailer Rental and Purchase Agreement**\n\n \n\nIn\nJanuary of 2023, the Company entered into a rental and purchase agreement for a vessel and trailer. Under the terms of the agreement,\nthe Company has the right to exclusive use of the vessel, a thirty four foot King Cat manufactured by Baha Cruisers, and trailer to be\nable to haul the vessel. The Company agreed to make a one time payment of 15,000,000 shares of its restricted common stock, with an agreed\nupon value of $30,000 for the purposes of the valuation of the vessel and trailer, and pay $1,557 per month for sixty months. The Company\nand the owner of the vessel and trailer agreed that the price of the shares for the purposes of the share price calculation was $0.002.\nOnce the Company has paid the amount totaling the agreed upon purchase price of $100,000, the owner of the vessel agreed to transfer\nthe title and ownership of the vessel and trailer to the Company. The lease is recorded under property, plant and equipment in the Company’s\naccompanying consolidated balance sheets. The vessel was damaged and the lessee agreed to end the lease as of December 31, 2025 with\nno further payments owed by the Company based on the insurance settlement terms.\n\n \n\n**Vehicle\nRental and Purchase Agreement**\n\n \n\nIn\nJanuary of 2023, the Company entered into a rental and purchase agreement for a vehicle for use in the Company’s operations to\ntow vessels and other equipment. Under the terms of the agreement, the Company has the right to exclusive use of the vehicle, a 2021\nDodge RAM 3500. The Company agreed to make a one time payment of 11,242,350 shares of its restricted common stock, with an agreed upon\nvalue of $22,485 for the purposes of the valuation of the truck, and pay $1,167 per month for sixty two months. Once the Company has\nan amount totaling the payoff amount, $52,464, to the seller, the seller agreed to transfer title and ownership of the vehicle to the\nCompany. The lease is recorded under property, plant and equipment in the Company’s accompanying consolidated balance sheets. The\nlessee agreed to end the lease as of December 31, 2025 with no further payments owed by the Company.\n\n \n\n**Sonar\nRental and Purchase Agreement**\n\n \n\nIn\nMay of 2023, the Company entered into a rental and purchase agreement for sonar for use in the Company’s operations to scan, identify,\nand locate historic shipwreck sites. Under the terms of the agreement, the Company has the right to exclusive use of the sonar, a SSS-600K\nside scan sonar with total of 250 feet of cable, cable connector, laptop computer, software, GPS unit and hard carry case. The Company\nagreed to make a one time payment of 4,166,700 shares of its restricted common stock, with an agreed upon value of $83,334 for the purposes\nof the valuation of the sonar, and pay $422 per month for sixty two months. Once the Company has an amount totaling the payoff amount,\n$26,186, to the seller, the seller agreed to transfer title and ownership of the sonar to the Company. The lease is recorded under property,\nplant and equipment in the Company’s accompanying consolidated balance sheets.\n\n \n\n**Legal\nProceedings**\n\n \n\nOn\nSeptember 6, 2024, the Plaintiff, Diane McConnell filed suit against Seafarer Exploration Corporation and Kyle Kennedy in the County\nCourt of Brevard County, Florida. The suit alleges breach of contract and negligence regarding the maintenance and upkeep of a residential\nproperty. Seafarer leased the property from Plaintiff, as lodging for boat captains and crew. The lease was without incident for nearly\nten years. Due to the Plaintiff’s vexatious litigation strategy, the costs of litigating this matter would have exceeded $100,000.\nOn October 30, 2025, the Parties attended mediation and Seafarer successfully negotiated the dismissal of the lawsuit with prejudice\n(Meaning the claims cannot be filed again at a future date). Seafarer agreed to pay Plaintiff $22,500, and each party is responsible\nfor their respective attorney fees. Plaintiff is bound by a confidentiality agreement and no disparagement agreement barring the Plaintiff\nfrom making slanderous public comments about Seafarer. The case is closed with no further payment or performance obligations due or outstanding\nas of March 31, 2026 and December 31, 2025.\n\n \n\n**Certain\nOther Agreements**\n\n \n\nSee\nNote 4 Operating Lease Right-of-Use Assets and Operating Lease Liabilities.\n\n \n\n**NOTE\n9 – RELATED PARTY TRANSACTIONS**\n\n \n\nThree\nMonth Period Ended March 31, 2026:\n\n \n\nSee\nNote 5 convertible notes payable.\n\n \n\nThree\nMonth Period Ended March 31, 2025:\n\n \n\nNone.\n\n20\n\n \n\n**Other\nRelated Party Transactions**\n\n \n\nThe\nCompany has an informal consulting agreement with a person who is related to its CEO to provide general business consulting services\nincluding periodically assessing the Company’s business and advising management with respect to business strategy on an ongoing\nbasis, commenting on proposed corporate decisions, perform period background research including background checks and provide investigative\ninformation on individuals and companies and to assist, when needed, as an administrative specialist to perform various administrative\nduties and clerical services including reviewing the Company’s agreements. The consultant provides the services under the direction\nand supervision of the Company’s CEO. During the three month periods ended March 31, 2026 and 2025, the Company paid the related\nparty consulting fees $0 and $12,000 for services rendered. These fees are recorded as an expense in consulting and contractor expenses\nin the accompanying unaudited condensed consolidated statements of operations. At March 31, 2026 and December 31, 2025, the Company owed\nthe related party limited liability company $2,500.\n\n \n\nThe\nCompany has an ongoing agreement with a limited liability company that is owned and controlled by a person who is related to the Company’s\nCEO to provide stock transfer agency services. During the three month periods ended March 31, 2026 and 2025, the Company paid the related\nparty limited liability company fees of $6,200 and $3,386, respectively, for services rendered. These fees are recorded as an expense\nin general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. At March 31, 2026\nand December 31, 2025, the Company owed the related party limited liability company $13,868 and $7,668, respectively. \n\n \n\n**Related\nParty Transactions**\n\n \n\nThe\nCompany’s related party transactions are not necessarily indicative of the terms that would normally be agreeable to non related\nthird parties.\n\n \n\n**Shareholder\nLoans**\n\n \n\nSee\nNote 5 convertible notes payable – related parties, convertible notes payable – related parties, in default, and notes payable\n- related parties, in default.\n\n \n\n**At\nMarch 31, 2026, the following promissory notes and shareholder loans were outstanding to related parties:**\n\n \n\nSee\nNote 5 convertible notes payable – related parties, convertible notes payable – related parties, in default, and notes payable\n- related parties, in default. \n\n \n\n**NOTE\n10 – SEGMENT INFORMATION**\n\n \n\nSeafarer’s\nwholly owned subsidiary Blockchain began operations in 2019 by providing referrals in exchange for referral fees for closed business.\n\n \n\nDue\nto Blockchain starting operations which have no relation to the Company’s shipwreck and exploration recovery business, the Company\nevaluated this business and its impact upon the existing corporate structure. The Company has determined that Blockchain and Seafarer\nExploration Corp. operate as separate segments of the business. As such, the Company has presented the income (loss) from operations\nduring the three month periods ended March 31, 2026 and 2025 incurred by the two separate segments below.\n\n \n\nDuring\nthe three month periods ended March 31, 2026 and 2025, Blockchain revenues were $0 and were 0% of the consolidated revenues of the Company.\n\n \n\nSegment\ninformation relating to the Company’s two operating segments for the three month period ended March 31, 2026 is as follows: \n\n \n\nSchedule of Segment Reporting Information, by Segment\n\n  \nMarch 31, 2026  \nMarch 31, 2026  \nMarch 31, 2026 \n\n  \nBlockchain LogisTech, LLC  \nSeafarer Exploration Corp.  \nConsolidated \n\nService revenues \n$-  \n$-  \n$- \n\n  \n    \n    \n   \n\nTotal operating expenses \n -  \n 625,152  \n 625,152 \n\n  \n    \n    \n   \n\nNet loss from operations \n$-  \n$(625,152) \n$(625,152)\n\n21\n\n \n\nSegment\ninformation relating to the Company’s two operating segments for the three month period ended March 31, 2025 is as follows:\n\n \n\n  \nMarch 31, 2025  \nMarch 31, 2025  \nMarch 31, 2025 \n\n  \nBlockchain LogisTech, LLC  \nSeafarer Exploration Corp.  \nConsolidated \n\nService revenues \n$-  \n$-  \n$- \n\n  \n    \n    \n   \n\nTotal operating expenses \n -  \n 655,691  \n 655,691 \n\n  \n    \n    \n   \n\nNet loss from operations \n$-  \n$(655,691) \n$(655,691)\n\n \n\nThe\nfollowing information shows information for the total assets relating to the Company’s two operating segments at March 31, 2026\nand December 31, 2025 are as follows:\n\n \n\n \n \n**March\n31, 2026**\n \n \n**March\n31, 2026**\n \n \n**March\n31, 2026**\n \n\n \n \n**Blockchain\nLogisTech, LLC**\n \n \n**Seafarer\nExploration Corp.**\n \n \n**Consolidated**\n \n\nTotal\nassets\n \n$\n-\n \n \n$\n205,545\n \n \n$\n205,545\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n**December\n31, 2025**\n \n \n**December\n31, 2025**\n \n \n**December\n 31, 2025**\n \n\n \n \n**Blockchain\nLogisTech, LLC**\n \n \n**Seafarer\nExploration Corp.**\n \n \n**Consolidated**\n \n\nTotal\nassets\n \n$\n-\n \n \n$\n275,740\n \n \n$\n275,740\n \n\n \n\n**NOTE\n11 – SUBSEQUENT EVENTS**\n\n \n\nSubsequent to March\n31, 2026, the Company sold or issued additional shares of its restricted common stock as follows:\n\n \n\n \n-\n24,000,003 shares were issued under subscription agreements for proceeds of $36;000: and\n\n \n\n \n-\n2,500,000 shares with a total value of $6,250 were issued for services.\n\n \n\nA lender agreed to cancel the principal balance of\n$105,000 for a convertible promissory note dated November 19, 2017 in exchange for receiving a portion of future treasure with a minimum\nvalue of $3,200,000 that is recovered by the Company.\n\n22"}