Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Mar. 14, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | SEAFARER EXPLORATION CORP | |
Entity Central Index Key | 1,106,213 | |
Document Type | 10-K/A | |
Document Period End Date | Dec. 31, 2015 | |
Amendment Flag | true | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float | $ 137,062 | |
Entity Common Stock, Shares Outstanding | 1,370,620,061 | |
Amendment Description | The purpose of this amendment on form 10-K to Seafarer Exploration Corp's Quarterly Report for the period ended December 31, 2015, filed with the Securities and Exchange Commission on April 13, 2016 is solely to furnish Exhibit 101 to the Form 10-K in accordance with rule 405 of Regulation S-T. No other changes have been made to the Form 10-K. This Amendment No. 1 to the Form 10-K speaks of the original filing date of the Form 10-K, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-K. | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,015 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash | $ 5,097 | $ 12,424 |
Prepaid expenses | $ 28,557 | 29,991 |
Settlement receivable | 18,000 | |
Deposits | $ 316 | 1,183 |
Total current assets | 33,970 | 61,598 |
Property and equipment, net | 63,276 | 96,255 |
Total Assets | 97,246 | 157,853 |
Current liabilities: | ||
Accounts payable and accrued expense | 244,678 | 191,967 |
Convertible notes payable, net of discounts of $17,295 and $14,148 | 45,705 | 10,852 |
Convertible notes payable, related parties, net of discounts of $-0- and $15,064 | 9,000 | 22,936 |
Convertible notes payable, in default | 391,300 | 341,300 |
Convertible notes payable, in default - related parties | 167,500 | 129,500 |
Convertible notes payable, at fair value | 311,076 | 761,677 |
Shareholder loan | 32,703 | 3,500 |
Notes payable, in default | 30,000 | 30,000 |
Notes payable, in default - related parties | 17,500 | 7,500 |
Total current liabilities | $ 1,249,462 | $ 1,499,232 |
Stockholders' deficit: | ||
Preferred stock, $0.0001 par values - 50,000,000 shares authorized; 67 shares issued; Series A - 7 shares issued and outstanding at December 31, 2015 and December 31, 2014; Series B - 60 shares issued and outstanding at December 31, 2015 and December 31, 2014 | ||
Common stock, $0.0001 par value - 1,500,000,000 shares authorized; 1,332,102,348 and 986,356,130 shares issued and outstanding at December 31, 2015 and December 31, 2014 | $ 133,210 | $ 98,636 |
Additional paid-in capital | 10,040,526 | 8,734,606 |
Accumulated deficit | (11,325,952) | (10,174,621) |
Total stockholders' deficit | (1,152,216) | (1,341,379) |
Total liabilities and stockholders' deficit | $ 97,246 | $ 157,853 |
Series A | ||
Stockholders' deficit: | ||
Preferred stock, $0.0001 par values - 50,000,000 shares authorized; 67 shares issued; Series A - 7 shares issued and outstanding at December 31, 2015 and December 31, 2014; Series B - 60 shares issued and outstanding at December 31, 2015 and December 31, 2014 | ||
Series B | ||
Stockholders' deficit: | ||
Preferred stock, $0.0001 par values - 50,000,000 shares authorized; 67 shares issued; Series A - 7 shares issued and outstanding at December 31, 2015 and December 31, 2014; Series B - 60 shares issued and outstanding at December 31, 2015 and December 31, 2014 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Discounts on convertible notes payable | $ 17,295 | $ 14,148 |
Discounts on convertible notes payable, related parties | $ 0 | $ 15,604 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 67 | 67 |
Preferred Stock, shares outstanding | 67 | 67 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 1,500,000,000 | 1,200,000,000 |
Common stock, shares issued | 1,332,102,348 | 986,356,130 |
Common Stock, shares outstanding | 1,332,102,348 | 986,356,130 |
Series A | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 7 | 7 |
Preferred Stock, shares outstanding | 7 | 7 |
Series B | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 60 | 60 |
Preferred Stock, shares outstanding | 60 | 60 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||
Revenue | ||
Expenses: | ||
Consulting and contractor expenses | $ 624,412 | $ 661,899 |
Professional fees | 118,059 | 128,344 |
General and administrative expenses | 117,897 | 78,345 |
Depreciation expense | 33,984 | 33,984 |
Rent expense | 45,857 | 29,749 |
Vessel expenses | 46,355 | 89,631 |
Travel and entertainment | 70,800 | 142,792 |
Total operating expenses | 1,057,364 | 1,164,744 |
Loss from operations | (1,057,364) | (1,164,744) |
Other income (expense) | ||
Interest expense, net | $ (93,967) | (1,015,517) |
Legal settlement | 30,000 | |
Impairment loss | (1,100) | |
Total other income (expense) | $ (93,967) | (986,617) |
Net loss | $ (1,151,331) | $ (2,151,361) |
Net loss per share - basic and diluted | ||
Weighted average common shares outstanding - basic and diluted | 1,187,757,189 | 904,898,653 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities | ||
Net loss | $ (1,151,331) | $ (2,151,361) |
Adjustments to reconcile net income to net cash provided (used) by operating activities | ||
Depreciation | 33,984 | 33,984 |
Amortization of beneficial conversion feature and warrants | 116,152 | 269,277 |
Interest (income) expense on fair value adjustment | (88,175) | 717,006 |
Common stock issued for services | 255,676 | $ 195,235 |
Common stock issued for financing fees | $ 11,675 | |
Impairment of assets | $ 1,100 | |
Decrease (increase) in: | ||
Settlement receivable | $ 18,000 | (18,000) |
Prepaid expenses and deposits | $ 2,301 | (3,167) |
Advances from shareholder | 3,267 | |
Increase (decrease) in: | ||
Accounts payable and accrued expenses | $ 88,021 | 49,384 |
Net cash provided (used) by operating activities | (713,697) | $ (903,275) |
Cash flows from investing activities: | ||
Purchase of equipment | (1,005) | |
Net cash used in investing activities | (1,005) | |
Cash flows from financing activities: | ||
Proceeds from the issuance of common stock | 434,169 | $ 398,616 |
Proceeds from the issuance of convertible notes payable | 237,000 | 456,505 |
Proceeds from the issuance of convertible notes payable, related party | 9,000 | 81,505 |
Payment on Convertible note payable | (12,000) | $ (25,005) |
Proceeds for notes payable | 65,000 | |
Payments on notes payable | (55,100) | |
Proceeds from loans from stockholders | 39,406 | $ 5,500 |
Payments on loans from stockholders | (10,100) | (2,000) |
Net cash provided by financing activities | 707,375 | 915,121 |
Net increase (decrease) in cash | (7,327) | 11,846 |
Cash - beginning | 12,424 | 578 |
Cash - ending | 5,097 | 12,424 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest expense | $ 6,000 | $ 5,000 |
Cash paid for income taxes | ||
Noncash operating and financing activities: | ||
Common stock issued to satisfy debt | $ 35,309 | |
Convertible debt converted and accrued interest converted to common stock | $ 476,164 | $ 550,324 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, Shares at Dec. 31, 2013 | 884,216,349 | |||
Beginning Balance, Value at Dec. 31, 2013 | $ 84,422 | $ 7,453,578 | $ (8,023,260) | $ (485,260) |
Conversion of notes payable and accrued interest, Shares | 61,721,283 | |||
Conversion of notes payable and accrued interest, Amount | $ 6,172 | 544,152 | 550,324 | |
Common stock issued for services, Shares | 12,998,141 | |||
Common stock issued for services, Value | $ 1,300 | 193,935 | 195,235 | |
Common stock issued for subscription agreements, Shares | 67,420,357 | |||
Common stock issued for subscription agreements, Value | $ 6,742 | 391,874 | 398,616 | |
Beneficial conversion feature arising from convertible note financing | $ 151,067 | (29,212) | ||
Net Income (loss) | $ (2,151,361) | $ (2,151,361) | ||
Ending Balance, Shares at Dec. 31, 2014 | 986,356,130 | 986,356,130 | ||
Ending Balance, Value at Dec. 31, 2014 | $ 98,636 | $ 8,734,606 | $ (10,174,621) | $ (1,341,379) |
Stock issued to settle accounts payable, Shares | 15,734,068 | |||
Stock issued to settle accounts payable, amount | $ 1,573 | 61,363 | 62,936 | |
Conversion of notes payable and accrued interest, Shares | 103,413,609 | |||
Conversion of notes payable and accrued interest, Amount | $ 10,341 | 465,823 | 476,164 | |
Stock issued for cash, Shares | 158,098,541 | |||
Stock issued for cash, Amount | $ 15,810 | 418,359 | 434,169 | |
Stock issued for financing fees, Shares | 7,750,000 | |||
Stock issued for financing fees, Amount | $ 775 | 18,400 | 19,175 | |
Common stock issued for services, Shares | 53,250,000 | |||
Common stock issued for services, Value | $ 5,325 | 222,725 | 228,050 | |
Beneficial conversion feature arising from convertible note financing | 120,000 | $ (17,295) | ||
Shares issued for repricing, Shares | 7,500,000 | |||
Shares issued for repricing, Amount | $ 750 | $ (750) | ||
Net Income (loss) | $ (1,151,331) | $ (1,151,331) | ||
Ending Balance, Shares at Dec. 31, 2015 | 1,332,102,348 | 1,332,102,348 | ||
Ending Balance, Value at Dec. 31, 2015 | $ 133,210 | $ 10,040,526 | $ (11,325,952) | $ (1,152,216) |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | NOTE 1 DESCRIPTION OF BUSINESS Seafarer Exploration Corp. (the Company), formerly Organetix, Inc. (Organetix), was incorporated on May 28, 2003 in the State of Delaware. The principal business of the Company is to engage in the archaeologically-sensitive exploration, documentation, and recovery of historic shipwrecks with the objective of exploring and discovering Colonial-era shipwrecks for future generations to be able to appreciate and understand. |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 2 - GOING CONCERN These financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred net losses since inception, which raises substantial doubt about the Companys ability to continue as a going concern. Based on its historical rate of expenditures, the Company expects to expend its available cash in less than one month from April 6, 2016. Management's plans include raising capital through the equity markets to fund operations and, eventually, the generation of revenue through its business. The Company does not expect to generate any revenues for the foreseeable future. Failure to raise adequate capital and generate adequate revenues could result in the Company having to curtail or cease operations. The Companys ability to raise additional capital through the future issuances of the common stock is unknown. Additionally, even if the Company does raise sufficient capital to support its operating expenses and generate adequate revenues, there can be no assurances that the revenue will be sufficient to enable it to develop to a level where it will generate profits and cash flows from operations. These matters raise substantial doubt about the Company's ability to continue as a going concern; however, the accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classifications of the liabilities that might be necessary should the Company be unable to continue as a going concern. This summary of significant accounting policies of the Company is presented to assist in understanding the Companys financial statements. The financial statements and notes are representations of the Companys management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America, and have been consistently applied in the preparation of the financial statements. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid investments and short-term debt instruments with original maturities of three months or less to be cash equivalents. There are no cash equivalents at December 31, 2015 and 2014. Earnings Per Share The Company has adopted the Financial Accounting Standards Boards (FASB) Accounting Standards Codification (ASC) 260-10 which provides for calculation of "basic" and "diluted" earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common shareholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. Basic and diluted losses per share were the same at the reporting dates as there because outstanding common stock equivalents would have been anti-dilutive, as of December 31, 2015 and 2014. Components of loss per share for the respective years are as follows: For the Year Ended December 31, 2015 For the Year Ended December 31, 2014 Net loss attributable to common shareholders $ (1,151,331 ) $ (2,151,361 ) Weighted average shares outstanding: Basic and diluted 1,187,757,189 904,898,653 Loss per share: Basic and diluted $ (0.00 ) $ (0.00 ) Fair Value of Financial Instruments Effective January 1, 2008, fair value measurements are determined by the Company's adoption of authoritative guidance issued by the FASB, with the exception of the application of the statement to non-recurring, non-financial assets and liabilities, as permitted. Fair value is defined in the authoritative guidance as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy was established, which prioritizes the inputs used in measuring fair value into three broad levels as follows: ● Level 1 Valuation based on unadjusted quoted market prices in active markets for identical assets or liabilities. ● Level 2 Valuation based on, observable inputs (other than level one prices), quoted market prices for similar assets such as at the measurement date; quoted prices in the market that are not active; or other inputs that are observable, either directly or indirectly. ● Level 3 Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring managements best estimate of what market participants would use as fair value. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Companys assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The valuation of the Companys derivative liability is determined using Level 1 inputs, which consider (i) time value, (ii) current market and (iii) contractual prices. The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, receivables, accounts payable, notes payable and other payables, approximate their fair values because of the short maturity of these instruments. Property and Equipment and Depreciation Fixed assets are recorded at historical cost. Depreciation is computed on the straight-line method over the estimated useful lives of the respective assets. Property and equipment, net consist of the following at December 31: 2015 2014 Diving vessel $ 326,005 $ 325,000 Generator 7,420 7,420 Less accumulated depreciation (270,149 ) (236,165 ) $ 63,276 $ 96,255 Depreciation expense for the years ended December 31, 2015 and 2014 amounted to $33,984. Impairment of Long-Lived Assets In accordance with ASC 360-10, the Company, on a regular basis, reviews the carrying amount of long-lived assets for the existence of facts or circumstances, both internally and externally, that suggest impairment. ASC 360-10 provides guidance on accounting for property, plant, and equipment, and the related accumulated depreciation on those assets. ASC 360-10 also includes guidance on the impairment or disposal of long-lived assets. ASC 360-10 notes that long-lived tangible assets include land and land improvements, buildings, machinery and equipment, and furniture and fixtures. The Company determines if the carrying amount of a long-lived asset is impaired based on anticipated undiscounted cash flows, before interest, from the use of the asset. In the event of impairment, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the asset. Fair value is determined based on appraised value of the assets or the anticipated cash flows from the use of the asset, discounted at a rate commensurate with the risk involved. The Company has determined there has been no impairment in the carrying value of its long-lived assets at December 31, 2015 and 2014, respectively. Use of Estimates The process of preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts. Revenue Recognition The Company recognizes revenue on arrangements in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 101, Revenue Recognition in Financial Statements and No. 104, Revenue Recognition. In all cases, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability is reasonably assured. For the years ended December 31, 2015 and 2014, the Company did not report any revenues. Convertible Notes Payable The Company accounts for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 provides comprehensive guidance on derivative and hedging transactions. It sets forth the definition of a derivative instrument and specifies how to account for such instruments, including derivatives embedded in hybrid instruments. In addition, ASC 815 establishes when reporting entities, in certain limited, well-defined circumstances, may apply hedge accounting to a relationship involving a designated hedging instrument and hedged exposure. Hedge accounting provides an alternative, special way of accounting for such relationships. ASC 815 also provides guidance on how reporting entities determine whether an instrument is (1) indexed to the reporting entitys own stock and (2) considered to be settled in the reporting entitys own stock. Such a determination will dictate whether an instrument should be accounted for as debt or equity and the appropriate accounting for the instrument. Finally, ASC 815 addresses the accounting for non-exchange-traded weather derivatives. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free standing derivative financial instruments. ASC 815 provides for an exception to this rule when convertible notes, as host instruments, are deemed to be conventional, as defined by ASC 815-40. As of December 31, 2015 and 2014, all of the Companys convertible notes payable were classified as conventional instruments. The Company accounts for convertible notes deemed conventional and conversion options embedded in non-conventional convertible notes which qualify as equity under ASC 815, in accordance with the provisions of ASC 470-20, which provides guidance on accounting for convertible securities with beneficial conversion features. ASC 470-10 addresses classification determination for specific obligations, such as short-term obligations expected to be refinanced on a long-term basis, due-on-demand loan arrangements, callable debt, sales of future revenue, increasing rate debt, debt that includes covenants, revolving credit agreements subject to lock-box arrangements and subjective acceleration clauses, indexed debt. Accordingly, the Company records, as a discount to convertible notes, the intrinsic value of such conversion options based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt. Recent Accounting Pronouncements Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
CAPITAL STOCK | NOTE 4 CAPITAL STOCK At December 31, 2015 the Company was authorized to issue 1,500,000,000 shares of $0.0001 par value common stock. Per the Companys filing on Form 8-K filed on January 26, 2016, the Board of Directors voted to increase the authorized shares of the Corporation from 1,500,000,000 common shares to 1,750,000,000 common shares (See Note 12 below). Preferred Stock The Company is authorized to sell or issue 50,000,000 shares of preferred stock. Series A Preferred Stock At December 31, 2015 the Company had seven shares of Series A preferred stock issued and outstanding. Each share of Series A preferred stock has the right to convert into 214,289 shares of the Companys common stock. As of December 31, 2015 and 2014, no shares of preferred stock had been converted into shares of the Companys common stock. Series B Preferred Stock On February 10, 2014, the Board of Directors of the Company under the authority granted under Article V of the Articles of Incorporation, defined and created a new preferred series of shares from the 50,000,000 authorized preferred shares. Pursuant to Article V, the Board of Directors has the power to designate such shares and all powers and matters concerning such shares. Such share class shall be designated Preferred Class B. The preferred class was created for 60 Preferred Class B shares. Such shares each have a voting power equal to one percent of the outstanding shares issued (totaling 60%) at the time of any vote action as necessary for share votes under Florida law, with or without a shareholder meeting. Such shares are non-convertible to common stock of the Company and are not considered as convertible under any accounting measure. Such shares shall only be held by the Board of Directors as a Corporate body, and shall not be placed into any individual name. Such shares were considered issued at the time of this resolutions adoption, and do not require a stock certificate to exist, unless selected to do so by the Board for representational purposes only. Such shares are considered for voting as a whole amount, and shall be voted for any matter by a majority vote of the Board of Directors. Such shares shall not be divisible among the Board 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. In 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 Board shall control the voting of such shares. Such shares are not transferable except in the case of a change of control of the Corporation when such shares shall continue to be held by the Board of Directors. Such shares have the authority to vote for all matters that require a share vote under Florida law and the Articles of Incorporation. At December 31, 2015 the Company had 38,707,143 common shares issued and outstanding that were subject to anti-dilution protection guaranteeing the shareholders a minimum value ranging from $0.001 to $0.002 per share. The anti-dilution protection extends through the date upon which all registration restrictions expires, typically one year from the date the shares were issued, and is based upon the trading market value at the end of that period. Warrants and Options During the year ended December 31, 2015 the Company issued warrants to purchase a total of 63,745,834 shares of its restricted common stock: April 20, 2015 to November 20, 2015 10,000,000 $ 0.0050 May 08, 2015 to May 8, 2016 1,562,500 $ 0.0050 May 11, 2015 to November11, 2016 5,000,000 $ 0.0050 June 8, 2015 to December 8, 2016 10,000,000 $ 0.0032 June 16, 2015 to December 16, 2016 2,000,000 $ 0.0050 June 29, 2015 to December 29, 2015 8,333,334 $ 0.0050 July 8, 2015 to January 8, 2017 700,000 $ 0.0050 July 14, 2015 to January 14, 2017 3,000,000 $ 0.0050 August 1, 2015 to August 1, 2016 2,000,000 $ 0.0050 August 19, 2015 to February 19, 2017 750,000 $ 0.0100 September 18, 2015 to September 18, 2020 4,000,000 $ 0.0030 December 03, 2015 to June 03, 2017 2,000,000 $ 0.0040 December 03, 2015 to December 03, 2016 900,000 $ 0.0050 December 24, 2015 to June 24, 2016 12,500,000 $ 0.0040 December 29, 2015 to June 29, 2017 1,000,000 $ 0.0040 63,745,834 As of December 31, 2015, a convertible note holder had a warrant to purchase 4,000,000 shares of its common stock with an exercise price of $0.005 per share for a period of ten years beginning on November 20, 2012. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 5 - INCOME TAXES At December 31, 2015 and 2014, the Company had available Federal and state net operating loss carry forwards to reduce future taxable income. The amounts available were approximately $11,326,000 and $10,175,000 for Federal purposes. The Federal carry forward begin to expire in 2033. Given the Companys history of net operating losses, management has determined that it is more likely than not that the Company will not be able to realize the tax benefit of the carryforwards. Accordingly, the Company has not recognized a deferred tax asset for this benefit. The Company adopted FASB guidelines that address the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. This guidance also provides guidance on derecognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of December 31, 2015 and 2014, the Company did not have a liability for unrecognized tax benefits. The Companys policy is to record interest and penalties on uncertain tax provisions as income tax expense. As of December 31, 2015 and 2014, the Company has not accrued interest or penalties related to uncertain tax positions. Additionally, tax years 2010 through 2015 remain open to examination by the major taxing jurisdictions to which the Company is subject. The Company is currently in the process of filing tax returns for past years, due to the Companys lack of revenue since inception management does not believe that there is any income tax liability for past years. There are currently no open federal or state tax years under audit. Upon the attainment of taxable income by the Company, management will assess the likelihood of realizing the tax benefit associated with the use of the carry forwards and will recognize a deferred tax asset at that time. The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes are as follows: For the Year Ended December 31, 2015 For the Year Ended December 31, 2014 Income tax at federal statutory rate (34.00 %) (34.00 %) State tax, net of federal effect (3.96 %) (3.96 %) 37.96 % 37.96 % Valuation allowance (37.96 %) (37.96 %) Effective rate 0.00 % 0.00 % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. As of December 31, 2015 and 2014, the Companys only significant deferred income tax asset was a cumulative estimated net tax operating loss of $11,326,000 and $10,175,000, respectively that is available to offset future taxable income, if any, in future periods, subject to expiration and other limitations imposed by the Internal Revenue Service. Management has considered the Company's operating losses incurred to date and believes that a full valuation allowance against the deferred tax assets is required as of December 31, 2015 and 2014. |
Lease Obligation
Lease Obligation | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
LEASE OBLIGATION | NOTE 6 LEASE OBLIGATION Corporate Office The Company leases 823 square feet of office space located at 14497 North Dale Mabry Highway, Suite 209-N, Tampa, Florida 33618. The Company entered into an amended lease agreement commencing on July 1, 2015 through June 30, 2017. Under the amended lease agreement the base monthly rent is $1,215 from July 1, 2015 through June 30, 2016 and $1,251 from July 1, 2016 to June 30, 2017. There may be additional monthly charges for pro-rated maintenance, late fees, etc. As of December 31, 2015, future minimum rental payments required under this non-cancelable operating lease total $14,802 for the year ending December 31, 2016 and $7,510 for the year ending December 31, 2017. Operations House The Company has an operating lease for a house located in Palm Bay, Florida. The Company uses the house to store equipment and gear and to provide temporary work-related living quarters for its divers, personnel, consultants and independent contractors involved in its exploration and recovery operations. The term of the lease agreement commenced on October 1, 2015 and expires on October 31, 2016. The Company pays $1,300 per month to lease the operations house. As of December 31, 2015, future minimum rental payments required under this non-cancelable operating lease total $13,000 for the year ending December 31, 2016. |
Convertible Notes Payable and N
Convertible Notes Payable and Notes Payable | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE | NOTE 7 - CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE Upon inception, the Company evaluates each financial instrument to determine whether it meets the definition of conventional convertible debt under paragraph 4 of EITF 00-19, which was superseded by ASC 815, and EITF 05-02, which was superseded by ASC 470. Convertible Notes Payable The following table reflects the convertible notes payable, other than the notes that have been remeasured to fair value which are discussed later in Note 7, as of December 31, 2015: Issue Maturity December 31, Interest Conversion Date Date 2015 Rate Rate Convertible notes payable: April 20, 2015 April 20, 2016 $ 38,000 6.00 % 0.00320 September 18, 2015 March 18, 2016 25,000 6.00 % 0.00200 Unamortized discounts 17,295 Balance $ 45,705 Convertible notes payable related party July 14, 2015 January 14, 2016 $ 9,000 6.00 % 0.00300 Convertible notes payable, in default October 31, 2012 April 30, 2013 $ 8,000 6.00 % 0.0040 July 16, 2012 July 30, 2013 5,000 6.00 % 0.0050 November 20, 2012 May 20, 2013 50,000 6.00 % 0.0050 January 19, 2013 July 30, 2013 5,000 6.00 % 0.0040 February 11, 2013 August 11, 2013 9,000 6.00 % 0.0060 September 25, 2013 March 25, 2014 10,000 6.00 % 0.0125 August 28, 2009 November 1, 2009 4,300 10.00 % 0.0150 April 7, 2010 November 7, 2010 70,000 6.00 % 0.0080 November 12, 2010 November 7, 2011 40,000 6.00 % 0.0050 October 4, 2013 April 4, 2014 50,000 6.00 % 0.0125 October 30, 2013 October 30, 2014 50,000 6.00 % 0.0125 May 15, 2014 November 15, 2014 40,000 6.00 % 0.0070 October 13, 2014 April 13, 2015 25,000 6.00 % 0.0050 June 29, 2015 December 29, 2015 25,000 6.00 % 0.0050 Balance $ 391,300 Convertible notes payable - related party, in default January 19, 2013 July 30, 2013 $ 15,000 6.00 % 0.0040 January 9, 2009 January 9, 2010 10,000 10.00 % 0.0150 January 25, 2010 January 25, 2011 6,000 6.00 % 0.0050 January 18, 2012 July 18, 2012 50,000 8.00 % 0.0040 July 26, 2013 January 26, 2014 10,000 6.00 % 0.0100 January 17, 2014 July 17, 2014 31,500 6.00 % 0.0060 May 27, 2014 November 27, 2014 7,000 6.00 % 0.0070 July 21, 2014 January 25, 2015 17,000 6.00 % 0.0080 October 16, 2014 April 16, 2015 21,000 6.00 % 0.0045 Balance $ 167,500 Notes Payable The following table reflects the notes payable as of December 31, 2015 and 2014: Issue Date Maturity Date 2015 2014 Interest Rate Notes payable, in default related parties: February 24, 2010 February 24, 2011 $ 7,500 $ 7,500 6.00 % October 6, 2015 November 11, 2015 10,000 -- 6.00 % 17,500 7,500 Notes payable, in default: June 23, 2011 August 23, 2011 25,000 25,000 6.00 % April 27, 2011 April 27, 2012 5,000 5,000 6.00 % 30,000 30,000 $ 47,500 $ 37,500 Convertible Notes Payable Between January 1, 2015 and December 31, 2015, the Company issued four (4) convertible notes payable totaling $109,000. The notes include interest at 6%. The principal amount of the notes and interest is payable on the maturity date. The notes and accrued interest are convertible into common stock at fixed conversion prices. The conversion prices and maturity dates of these notes are detailed in the table in the preceding page. The Company has evaluated the terms and conditions of the convertible notes under the guidance of ASC 815 and other applicable guidance. The conversion feature of four of the notes met the definition of conventional convertible for purposes of applying the conventional convertible exemption. The definition of conventional contemplates a limitation on the number of shares issuable under the arrangement. The note is convertible into a fixed number of shares and there are no down round protection features contained in the contracts. Since the convertible notes achieved the conventional convertible exemption, the Company was required to consider whether the hybrid contracts embody a beneficial conversion feature. The calculation of the effective conversion amount did result in a beneficial conversion feature. The following tables reflect the aggregate allocation as of December 31: 2015 2014 Face value of convertible notes payable $ 63,000 $ 151,500 Beneficial conversion feature (17,295 ) (29,212 ) Carrying value $ 45,705 $ 122,288 The discounts on the convertible notes arose from the allocation of basis to the beneficial conversion feature. The discount is amortized through charges to interest expense over the term of the debt agreement. For the twelve months ended December 31, 2015 and 2014, the Company recorded interest expense related to the amortization of debt discounts in the amount of approximately $116,000 and $269,000 respectively. At December 31, 2015 and 2014, combined accrued interest on the convertible notes payable, notes payable and stockholder loans was $135,581 and $91,754, respectively, and included in accounts payable and accrued expenses on the accompanying balance sheets. Shareholder Loan At December 31, 2015 the Company had a loan outstanding to a shareholder in the amount of $2,920 at 0% interest. The Company also has a loan outstanding to its CEO in the amount of $29,683 with a 6% annual rate of interest and another loan outstanding to its CEO for $100 at 0% interest. Convertible Notes Payable and Notes Payable, in Default The Company does not have additional sources of debt financing to refinance its convertible notes payable and notes payable that are currently in default. If the Company is unable to obtain additional capital, such lenders may file suit, including suit to foreclose on the assets held as collateral for the obligations arising under the secured notes. If any of the lenders file suit to foreclose on the assets held as collateral, then the Company may be forced to significantly scale back or cease its operations which would more than likely result in a complete loss of all capital that has been invested in or borrowed by the Company. The fact that the Company is in default of several promissory notes held by various lenders makes investing in the Company or providing any loans to the Company extremely risky, with a very high potential for a total loss of capital. The convertible notes that have been issued by the Company are convertible at the lenders option. These convertible notes represent significant potential dilution to the Companys current shareholders as the convertible price of these notes is generally lower than the current market price of the Companys shares. As such when these notes are converted into shares of the Companys common stock there is typically a highly dilutive effect on current shareholders and, it is very possible that such dilution may significantly negatively affect the trading price of the Companys common stock. Convertible Notes Payable at Fair Value Convertible Note Payable Dated April 24, 2014 at Fair Value On April 24, 2014, the Company entered into a convertible note payable with a corporation. The note payable, with a face value of $107,000, including $7,000 of original issue discount, bears interest at 12.0% per annum and is due on April 24, 2015. The convertible note payable is convertible, at the holders option, into the Companys common shares at the Variable Conversion Price. The Variable Conversion Price is defined as 60% multiplied by the lowest closing bid price for the Companys common stock during the twenty (20) trading day period including the day the notice of conversion is received by the Company. The conversion feature is subject to full-ratchet, anti-dilution protection if the Company sells shares or share-indexed financing instruments at less than the conversion price. In the evaluation of the financing arrangement, the Company concluded that the conversion feature did not meet the conditions set forth in current accounting standards for equity classification. Since equity classification is not available for the conversion feature, it requires bifurcation and liability classification, at fair value. The Company elected to account for this hybrid contract under the guidance of ASC 815-15-25-4. In connection with the issuance of the convertible note payable, the Company recognized day-one derivative loss totaling $166,771 related to the recognition of (i) the hybrid note and (ii) the derivative instrument arising from the fair value measurement due to the fair value of the hybrid note and embedded derivative exceeding the proceeds that the Company received from the arrangement. Therefore, the Company was required to record a $166,771 loss on the derivative financial instrument and is included in interest expense. In addition, the fair value will change in future periods, based upon changes in the Companys common stock price and changes in other assumptions and market indicators used in the valuation techniques. These future changes will be currently recognized in interest expense or interest income on the Companys statement of operations. The conversion of the note into shares of the Companys common stock is potentially highly dilutive to current shareholders. If the note holder elects to sell the shares that it has acquired as a result of converting the note into shares of common stock, then any such sales may result in a significant decrease in the market price of the Companys shares. During the year ended December 31, 2014, the Company repaid $20,000 of the principle and converted $35,000 of the note into 9,956,709 shares of common stock. During the twelve month period ended December 31, 2015, the remaining principal balance of $52,000 plus accrued interest was converted into 22,531,030 shares of common stock. Convertible Note Payable Dated August 21, 2014 at Fair Value On August 21, 2014, the Company entered into a convertible note payable with a corporation. The convertible note payable, with a face value of $40,000, bears interest at 8.0% per annum and is due on August 21, 2015. The note payable is convertible, at the holders option, into the Companys common shares at the Variable Conversion Price. The Variable Conversion Price is defined as 57% multiplied by the lowest closing bid price for the Companys common stock during the fifteen (15) trading day period including the day the notice of conversion is received by the Company. The conversion feature is subject to full-ratchet, anti-dilution protection if the Company sells shares or share-indexed financing instruments at less than the conversion price. In the evaluation of the financing arrangement, the Company concluded that the conversion feature did not meet the conditions set forth in current accounting standards for equity classification. Since equity classification is not available for the conversion feature, it requires bifurcation and liability classification, at fair value. The Company elected to account for this hybrid contract under the guidance of ASC 815-15-25-4. In connection with the issuance of the convertible note payable, the Company recognized day-one derivative loss totaling $34,971 related to the recognition of (i) the hybrid note and (ii) the derivative instrument arising from the fair value measurement due to the fair value of the hybrid note and embedded derivative exceeding the proceeds that the Company received from the arrangement. Therefore, the Company was required to record a $34,971 loss on the derivative financial instrument and is included in interest expense. In addition, the fair value will change in future periods, based upon changes in the Companys common stock price and changes in other assumptions and market indicators used in the valuation techniques. These future changes will be currently recognized in interest expense or interest income on the Companys statement of operations. The conversion of the note into shares of the Companys common stock is potentially highly dilutive to current shareholders. If the note holder elects to sell the shares that it has acquired as a result of converting the note into shares of common stock, then any such sales may result in a significant decrease in the market price of the Companys shares. During the twelve month period ended December 31, 2015, the note was converted into 18,601,734 shares of common stock. Convertible Note Payable Dated September 08, 2014 at Fair Value On September 08, 2014, the Company entered into a convertible note payable with a corporation. The note payable, with a face value of $53,500, including $3,500 of original issue discount, bears interest at 12.0% per annum and is due on September 8, 2015. The convertible note payable is convertible, at the holders option, into the Companys common shares at the Variable Conversion Price. The Variable Conversion Price is defined as 60% multiplied by the lowest closing bid price for the Companys common stock during the twenty (20) trading day period including the day the notice of conversion is received by the Company. The conversion feature is subject to full-ratchet, anti-dilution protection if the Company sells shares or share-indexed financing instruments at less than the conversion price. In the evaluation of the financing arrangement, the Company concluded that the conversion feature did not meet the conditions set forth in current accounting standards for equity classification. Since equity classification is not available for the conversion feature, it requires bifurcation and liability classification, at fair value. The Company elected to account for this hybrid contract under the guidance of ASC 815-15-25-4. In connection with the issuance of the convertible note payable, the Company recognized day-one derivative loss totaling $42,080 related to the recognition of (i) the hybrid note and (ii) the derivative instrument arising from the fair value measurement due to the fair value of the hybrid note and embedded derivative exceeding the proceeds that the Company received from the arrangement. Therefore, the Company was required to record a $42,080 loss on the derivative financial instrument and is included in interest expense. In addition, the fair value will change in future periods, based upon changes in the Companys common stock price and changes in other assumptions and market indicators used in the valuation techniques. These future changes will be currently recognized in interest expense or interest income on the Companys statement of operations. The conversion of the note into shares of the Companys common stock is potentially highly dilutive to current shareholders. If the note holder elects to sell the shares that it has acquired as a result of converting the note into shares of common stock, then any such sales may result in a significant decrease in the market price of the Companys shares. During the twelve month period ended December 31, 2015, the note was converted into 23,900,625 shares of common stock. On November 5, 2014, the Company entered into a convertible note payable with a corporation. The note payable, with a face value of $53,000, bears interest at 8.0% per annum and is due on July 31, 2015. The convertible note payable is convertible, at the holders option, into the Companys common shares at the Variable Conversion Price. The Variable Conversion Price is defined as 65% multiplied by the average of the lowest two trading prices for the Companys common stock during the twenty five trading day period ending one trading day prior to the date the convertible note payable is sent by the holder to the Company. The conversion feature is subject to full-ratchet, anti-dilution protection if the Company sells shares or share-indexed financing instruments at less than the conversion price. In the evaluation of the financing arrangement, the Company concluded that the conversion feature did not meet the conditions set forth in current accounting standards for equity classification. Since equity classification is not available for the conversion feature, it requires bifurcation and liability classification, at fair value. The Company also concluded that the Default Put required bifurcation because, while puts on debt instruments are generally considered clearly and closely related to the host, the Default Put is indexed to certain events that are not associated with the convertible note payable. The Company elected to account for this hybrid contract under the guidance of ASC 815-15-25-4. In connection with the issuance of the convertible note payable on November 5, 2014 the Company encountered the unusual circumstance of a day-one derivative loss of $22,057 related to the recognition of (i) the hybrid note and (ii) the derivative instrument arising from the fair value measurement due to the fair value of the hybrid note and embedded derivative exceeding the proceeds that the Company received from the arrangement. Therefore, the Company was required to record a $22,057 loss on the derivative financial instrument. In addition, the fair value will change in future periods, based upon changes in the Companys common stock price and changes in other assumptions and market indicators used in the valuation techniques. These future changes will be recognized in interest expense or interest income on the Companys statement of operations. The holder of this convertible note has the right to convert the balance of the note into shares of the Companys common stock at a substantial discount to the current market price of the shares. The conversion of the note into shares of the Companys common stock is potentially highly dilutive to current shareholders. If the note holder elects to sell the shares that it has acquired as a result of converting the note into shares of common stock, then any such sales may result in a significant decrease in the market price of the Companys shares. During the twelve month period ended December 31, 2015, the Company repaid $12,000 of principal and accrued interest of the note and the remaining balance of the note was converted into 15,980,220 shares of common stock. Convertible Note Payable Dated December 17, 2014 at Fair Value On December 17, 2014, the Company entered into a convertible note payable with a corporation. The note payable, with a face value of $43,000, bears interest at 8.0% per annum and is due on September 19, 2015. The convertible note payable is convertible, at the holders option, into the Companys common shares at the Variable Conversion Price. The Variable Conversion Price is defined as 65% multiplied by the average of the lowest two trading prices for the Companys common stock during the twenty five trading day period ending one trading day prior to the date the convertible note payable is sent by the holder to the Company. The conversion feature is subject to full-ratchet, anti-dilution protection if the Company sells shares or share-indexed financing instruments at less than the conversion price. The holder has the option to redeem the convertible note payable for cash in the event of defaults or certain other contingent events (the Default Put). In the evaluation of the financing arrangement, the Company concluded that the conversion feature did not meet the conditions set forth in current accounting standards for equity classification. Since equity classification is not available for the conversion feature, it requires bifurcation and liability classification, at fair value. The Company also concluded that the Default Put required bifurcation because, while puts on debt instruments are generally considered clearly and closely related to the host, the Default Put is indexed to certain events that are not associated with the convertible note payable. The Company elected to account for this hybrid contract under the guidance of ASC 815-15-25-4. In connection with the issuance of the convertible note payable on December 17, 2014 the Company encountered the unusual circumstance of a day-one derivative loss of $40,980 related to the recognition of (i) the hybrid note and (ii) the derivative instrument arising from the fair value measurement due to the fair value of the hybrid note and embedded derivative exceeding the proceeds that the Company received from the arrangement. Therefore, the Company was required to record a $40,980 loss on the derivative financial instrument. In addition, the fair value will change in future periods, based upon changes in the Companys common stock price and changes in other assumptions and market indicators used in the valuation techniques. These future changes will be recognized in interest expense or interest income on the Companys statement of operations. The holder of this convertible note has the right to convert the balance of the note into shares of the Companys common stock at a substantial discount to the current market price of the shares. The conversion of the note into shares of the Companys common stock is potentially highly dilutive to current shareholders. If the note holder elects to sell the shares that it has acquired as a result of converting the note into shares of common stock, then any such sales may result in a significant decrease in the market price of the Companys shares. During the twelve month period ended December 31, 2015, the note was converted into 18,650,000 shares of common stock. Convertible Note Payable Dated August 28, 2015 at Fair Value On August 28, 2015 the Company entered into a convertible note payable with a corporation. The note payable, with a face value of $44,000, including a $4,000 of original issue discount, bears interest at 12.0% per annum and is due on August 28, 2016. The convertible note payable is convertible, at the holders option, into the Companys common shares at the Variable Conversion Price. The Variable Conversion Price is defined as 62% multiplied by the lowest closing bid price for the Companys common stock during the twenty (20) trading day period including the day the notice of conversion is received by the Company. If the Companys market capitalization is less than $1,000,000 on the day immediately prior to the date of the notice of conversion, then the conversion price shall be 25% multiplied by the lowest closing price as of the date notice of conversion is given and if the closing price of the Companys common stock on the day immediately prior to the date of the notice of conversion is less than $0.00075 then the conversion price shall be 25% multiplied by the lowest closing price as of the date a notice of conversion is given. The conversion feature is subject to full-ratchet, anti-dilution protection if the Company sells shares or share-indexed financing instruments at less than the conversion price. In the evaluation of the financing arrangement, the Company concluded that the conversion feature did not meet the conditions set forth in current accounting standards for equity classification. Since equity classification is not available for the conversion feature, it requires bifurcation and liability classification, at fair value. The Company elected to account for this hybrid contract under the guidance of ASC 815-15-25-4. In connection with the issuance of the convertible note payable, the Company recognized day-one derivative loss totaling $32,210 related to the recognition of (i) the hybrid note and (ii) the derivative instrument arising from the fair value measurement due to the fair value of the hybrid note and embedded derivative exceeding the proceeds that the Company received from the arrangement. Therefore, the Company was required to record a $32,210 loss on the derivative financial instrument and is included in interest expense. In addition, the fair value will change in future periods, based upon changes in the Companys common stock price and changes in other assumptions and market indicators used in the valuation techniques. These future changes will be currently recognized in interest expense or interest income on the Companys statement of operations. The conversion of the note into shares of the Companys common stock is potentially highly dilutive to current shareholders. If the note holder elects to sell the shares that it has acquired as a result of converting the note into shares of common stock, then any such sales may result in a significant decrease in the market price of the Companys shares. At December 31, 2015, the $44,000 face value convertible note payable was recorded at its fair value of $100,588. Convertible Note Payable Dated September 3, 2015 at Fair Value On September 3, 2015 the Company entered into a convertible note payable with a corporation. The note payable in the amount of $38,500, including a $3,500 original issue discount, and bears interest at 12.0% per annum and is due on September 3, 2017. According to the terms of the note, the Company was eligible to utilize up to $200,000 of credit under the note, with potential proceeds received of $180,000, however the Company elected to borrow only the $38,500. Any additional amount borrowed under this note would require approval of both the Company and the lender. The convertible note payable is convertible, at the holders option, into the Companys common shares at the Variable Conversion Price. The Variable Conversion Price is defined as 65% multiplied by the lowest trade price for the Companys common stock in the twenty-five (25) trading day period previous to the conversion. The conversion feature is subject to full-ratchet, anti-dilution protection if the Company sells shares or share-indexed financing instruments at less than the conversion price. In the evaluation of the financing arrangement, the Company concluded that the conversion feature did not meet the conditions set forth in current accounting standards for equity classification. Since equity classification is not available for the conversion feature, it requires bifurcation and liability classification, at fair value. The Company elected to account for this hybrid contract under the guidance of ASC 815-15-25-4. In connection with the issuance of the convertible note payable, the Company recognized day-one derivative loss totaling $42,308 related to the recognition of (i) the hybrid note and (ii) the derivative instrument arising from the fair value measurement due to the fair value of the hybrid note and embedded derivative exceeding the proceeds that the Company received from the arrangement. Therefore, the Company was required to record a $29,789 loss on the derivative financial instrument and is included in interest expense. In addition, the fair value will change in future periods, based upon changes in the Companys common stock price and changes in other assumptions and market indicators used in the valuation techniques. These future changes will be currently recognized in interest expense or interest income on the Companys statement of operations. The conversion of the note into shares of the Companys common stock is potentially highly dilutive to current shareholders. If the note holder elects to sell the shares that it has acquired as a result of converting the note into shares of common stock, then any such sales may result in a significant decrease in the market price of the Companys shares. At December 31, 2015, the $38,500 face value convertible note payable was recorded at its fair value of $94,262. Convertible Note Payable Dated September 8, 2015 at Fair Value On September 8, 2015, the Company entered into a convertible note payable with a corporation. The convertible note payable, with a face value of $27,000, bears interest at 8.0% per annum and is due on September 8, 2016. The note payable is convertible, at the holders option, into the Companys common shares at the Variable Conversion Price. The Variable Conversion Price is defined as 65% multiplied by the lowest closing bid price for the Companys common stock during the fifteen (15) trading day period including the day the notice of conversion is received by the Company. The conversion feature is subject to full-ratchet, anti-dilution protection if the Company sells shares or share-indexed financing instruments at less than the conversion price. In the evaluation of the financing arrangement, the Company concluded that the conversion feature did not meet the conditions set forth in current accounting standards for equity classification. Since equity classification is not available for the conversion feature, it requires bifurcation and liability classification, at fair value. The Company elected to account for this hybrid contract under the guidance of ASC 815-15-25-4. In connection with the issuance of the convertible note payable, the Company recognized day-one derivative loss totaling $16,690 related to the recognition of (i) the hybrid note and (ii) the derivative instrument arising from the fair value measurement due to the fair value of the hybrid note and embedded derivative exceeding the proceeds that the Company received from the arrangement. Therefore, the Company was required to record a $16,690 loss on the derivative financial instrument and is included in interest expense. In addition, the fair value will change in future periods, based upon changes in the Companys common stock price and changes in other assumptions and market indicators used in the valuation techniques. These future changes will be currently recognized in interest expense or interest income on the Companys statement of operations. The conversion of the note into shares of the Companys common stock is potentially highly dilutive to current shareholders. If the note holder elects to sell the shares that it has acquired as a result of converting the note into shares of common stock, then any such sales may result in a significant decrease in the market price of the Companys shares. December 31, 2015, the $27,000 face value convertible note payable was recorded at its fair value of $58,331. On December 15, 2015 the Company entered into a convertible note payable with a corporation. The note payable in the amount of $27,500, including a $2,500 original issue discount, and bears interest at 12.0% per annum and is due on September 3, 2017. The convertible note payable is convertible, at the holders option, into the Companys common shares at the Variable Conversion Price. The Variable Conversion Price is defined as 65% multiplied by the lowest trade price for the Companys common stock in the twenty-five (25) trading day period previous to the conversion. The conversion feature is subject to full-ratchet, anti-dilution protection if the Company sells shares or share-indexed financing instruments at less than the conversion price. In the evaluation of the financing arrangement, the Company concluded that the conversion feature did not meet the conditions set forth in current accounting standards for equity classification. Since equity classification is not available for the conversion feature, it requires bifurcation and liability classification, at fair value. The Company elected to account for this hybrid contract under the guidance of ASC 815-15-25-4. In connection with the issuance of the convertible note payable, the Company recognized day-one derivative loss totaling $29,789 related to the recognition of (i) the hybrid note and (ii) the derivative instrument arising from the fair value measurement due to the fair value of the hybrid note and embedded derivative exceeding the proceeds that the Company received from the arrangement. Therefore, the Company was required to record a $29,789 loss on the derivative financial instrument and is included in interest expense. In addition, the fair value will change in future periods, based upon changes in the Companys common stock price and changes in other assumptions and market indicators used in the valuation techniques. These future changes will be currently recognized in interest expense or interest income on the Companys statement of operations. The conversion of the note into shares of the Companys common stock is potentially highly dilutive to current shareholders. If the note holder elects to sell the shares that it has acquired as a result of converting the note into shares of common stock, then any such sales may result in a significant decrease in the market price of the Companys shares. At December 31, 2015, the $27,500 face value convertible note payable was recorded at its fair value of $57,895. The conversion of the various promissory notes that are measured at fair value into shares of the Companys common stock is potentially highly dilutive to current shareholders. If the note holders elect to sell the shares that it has acquired as a result of converting the notes into shares of common stock, then the sales of any such shares may result in a significant decrease in the market price of the |
Material Agreements
Material Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
MATERIAL AGREEMENTS | NOTE 8 MATERIAL AGREEMENTS Agreement to Explore a Shipwreck Site Located off of Brevard County, Florida On March 1, 2014, Seafarer entered into a partnership and ownership with Marine Archaeology Partners, LLC, with the formation of Seafarers Quest, LLC. Such LLC was formed in the State of Florida for the purpose of permitting, exploration and recovery of artifacts from a designated area on 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 designated from a previous contracted holding through the State of Florida. Under such agreement, Seafarer is responsible for costs of permitting, exploration and recovery, and is entitled to 60% of such artifact recovery. Seafarer has a 50% ownership, with designated management of the LLC coming from Seafarer. Exploration Permit with the Florida Division of Historical Resources for an Area off of Juno Beach, Florida As previously noted on its form 8-K filed on May 9, 2011, the Company and Tulco received a 1A-31 Recovery Permit from the Florida Division of Historical Resources. The Recovery Permit was active through April 25, 2014. The Permit authorizes Seafarer to dig and recover artifacts from the designated site at Juno Beach, Florida. It will be necessary for the Company to obtain a renewal to the Recovery Permit for the Juno Beach shipwreck site in order to continue to perform exploration and recovery work at the site after April 25, 2014. Currently the Management believes that the permit with the FBAR may eventually be renewed solely in the name of Seafarer Exploration Corp. under a judges order, however the renewal of this permit is not currently a priority for the Company. The permit had not been issued as of the filing date of this report. Exploration Permit with the Florida Division of Historical Resources for an Area off of Cape Canaveral, Florida On July 28, 2014, the Companys partnership with Marine Archeological Partners, LLC, Seafarers Quest, LLC received a 1A-31 Dig and Identify Permit (the Permit) from the Florida Division of Historical Resources for an area identified off of Cape Canaveral, Florida. The Permit is active for three years from the date of issuance. The Company must obtain various concurrent environmental permits in order to perform exploration and recovery operations at the site. The Company has applied for permits from the State of Florida for two additional areas that were formerly permitted solely by an affiliate of Marine Archeological Partners, LLC. These permits have not been issued as of the filing date of this report. Certain Other Agreements In January of 2015, the Company extended the term of a previous agreement with an individual who is related to the Companys CEO to continue serving as a member of the Companys Board of Directors. Under the agreement, the Director agreed to provide various services to the Company including making recommendations for both the short term and the long term business strategies to be employed by the Company, monitoring and assessing the Company's business and to advise the Companys Board of Directors with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions and identifying and evaluating alternative courses of action, making suggestions to strengthen the Company's operations, identifying and evaluating external threats and opportunities to the Company, evaluating and making ongoing recommendations to the Board with respect for one year and may be terminated by either the Company or the Director by providing written notice to the other party. The agreement also terminates automatically upon the death, resignation or removal of the Director. Under the terms of the agreement, the Company agreed to pay the Director 8,000,000 restricted shares of its common stock and to negotiate future compensation on a year-by-year basis. The Company also agreed to reimburse the Director for pre-approved expenses. A portion of the 8,000,000 shares are included as an expense in consulting and contractor fees in the accompanying statement of operations and the remainder of the shares are going to be expensed over a twelve month period, these shares are included in the accompanying balance sheet as a prepaid expense. In January of 2015, the Company extended the term of a previous agreement with an individual who is related to the Companys CEO to continue serving as a member of the Companys Board of Directors. Under the agreement, the Director agreed to provide various services to the Company including making recommendations for both the short term and the long term business strategies to be employed by the Company, monitoring and assessing the Company's business and to advise the Companys Board of Directors with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions and identifying and evaluating alternative courses of action, making suggestions to strengthen the Company's operations, identifying and evaluating external threats and opportunities to the Company, evaluating and making ongoing recommendations to the Board with respect for one year and may be terminated by either the Company or the Director by providing written notice to the other party. The agreement also terminates automatically upon the death, resignation or removal of the Director. Under the terms of the agreement, the Company agreed to pay the Director 6,000,000 restricted shares of its common stock and to negotiate future compensation on a year-by-year basis. The Company also agreed to reimburse the Director for pre-approved expenses. A portion of the 6,000,000 shares are included as an expense in consulting and contractor fees in the accompanying statement of operations and the remainder of the shares are going to be expensed over a twelve month period, these shares are included in the accompanying balance sheet as a prepaid expense. In April of 2015, the Company entered into agreements or exteneded the terms of previous advisory agreements with ten separate individuals to either join or rejoin the Companys advisory council. Under the advisory council agreements all of the advisors agreed to provide various advisory services to the Company, including making recommendations for both the short term and the long term business strategies to be employed by the Company, monitoring and assessing the Company's business and to advise the Companys Board of Directors with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions and identifying and evaluating alternative courses of action, making suggestions to strengthen the Company's operations, identifying and evaluating external threats and opportunities to the Company, evaluating and making ongoing recommendations to the Board with respect to the Company's business, and providing such other advisory or consulting services as may be appropriate from time to time. The term of each of the advisory council agreements is for one year. In consideration for the performance of the advisory services, the Company agreed to issue the nine of the advisors 1,000,000 shares a piece and one advisor 2,000,000 shares, an aggregate total of 11,000,000 restricted shares of its common stock. According to the agreements each of the Advisors shares vest at a rate of 1/12th of the amount per month over the term of the agreement. If any of the advisors or the Company terminates the advisory council agreements prior to the expiration of the one year terms, then each of the advisors whose agreement has been terminated has agreed to return to the Company for cancellation any portion of their shares that have not vested. Under the advisory council agreements, the Company has agreed to reimburse the advisors for pre approved expenses. In August of 2015 the Company entered into a consulting agreement with a corporation under which the corporation agreed to provide various services including business development, digital arbitrage and developing, studying and evaluating revenue proposals in order to assist the Company in attempting to generate revenue. The term of the agreement will continue until the completion of the services. The Company agreed to pay the consultant a total of 2,000,000 shares of its restricted common stock with 1,000,000 shares being restricted for 6 months from the execution of the agreement and 1,000,000 shares being restricted for 1 year from the execution of the agreement. In October of 2015 the Company entered into a consulting agreement with an individual under which the consultant agreed to provide various services including business development, mergers and acquisitions, business strategy and business introductions. The term of the agreement will continue until the completion of the services. The Company agreed to pay the consultant a total of 1,500,000 shares of its restricted common stock. In October of 2015 the Company entered into a consulting agreement with an individual under which the consultant agreed to provide various services including business development, international introductions, translation services and the analysis of the historic shipwreck industry in Cuba. The term of the agreement will continue until the completion of the services. The Company agreed to pay the consultant a total of 2,000,000 shares of its restricted common stock with 1,000,000 shares being restricted for 6 months from the execution of the agreement and 1,000,000 shares being restricted for 1 year from the execution of the agreement. The Company also agreed to pay the consultant $100 per day when travelling on Company business. In November of 2015 the Company entered into a consulting agreement with an individual under which the consultant agreed to provide various management consulting, business advisory, and shareholder notification and information services. The term of the agreement will continue until the completion of the services or for one year. The Company agreed to pay the consultant a total of 2,000,000 shares of its restricted common stock. The Company has an ongoing agreement to pay a limited liability company a monthly fee of $3,500 in cash or $5,000 per month in restricted stock for archeological services and the review of historic shipwreck research consulting services. All fees paid to the related party consultant during the period ended December 31, 2015 and 2014 are included as an expense in consulting and contractor expenses in the accompanying statements of operations. The Company has an ongoing agreement to pay an individual a monthly fee of $3,500 per month for archeological consulting services. The Company has an ongoing consulting agreement to pay a limited liability company a minimum of $5,000 per month for providing ongoing business advisory and strategic planning and consulting services, assistance with financial reporting, accounting, IT management, and administrative services. The Company also agreed to pay additional compensation to the consultant in the form of cash and/or restricted stock to be awarded solely at the Companys discretion. The Company also agreed to reimburse the consultant for certain expenses. The agreement is verbal and may be terminated by the Company or the consultant at any time. All fees paid to the related party consultant during the period ended December 31, 2015 and 2014 are included as an expense in consulting and contractor expenses in the accompanying statements of operations. The Company has an ongoing verbal agreement with a limited liability company that is controlled by a person who is related to the Companys CEO to pay the related party consultant $3,000 per month to provide general business consulting, industry research, monitoring and assessing the Company's business and to advise management with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions and identifying and evaluating alternative courses of action, perform background research including background checks and provide investigative information on individuals and companies and acting as an administrative specialist to perform various administrative duties and clerical services including reviewing the Companys agreements and books and records. The consultant provides the services under the direction and supervision of the Companys CEO. The Company paid the related party consultant a total of $47,200 in 2015, an amount that included bonus payments for extra services provided to the Company. All fees paid to the related party consultant during the period ended December 31, 2015 and 2014 are included as an expense in consulting and contractor expenses in the accompanying statements of operations. The Company has an ongoing agreement with a limited liability company that is owned and controlled by a person who is related to the Companys CEO to provide stock transfer agency services. At December 31, 2015, the Company owed the related party limited liability company $27,287 for transfer agency services rendered and for the reimbursement of legal fees. . In January 2015, the Company entered into a separate debt settlement agreement with the related party vendor to settle a total of $62,936 of outstanding debt related to legal fees incurred by the related party vendor due to a lawsuit against the Company in which suit the related party vendor was also named as a defendant due to its position as the Companys stock transfer agency. The Company issued 15,734,068 shares of its common stock to this vendor as satisfaction for the outstanding debt. The agreement between the Company and the vendor stipulated that should the transfer agency realize less than $62,936 from the sale of the stock, then the consultant is entitled to receive up to an additional 5,000,000 shares of common stock or a cash payment until the balance is paid in full. The Company paid the transfer agency $5,451 in 2015 for transfer agency fees. All fees paid to the related party consultant during the period ended December 31, 2015 and 2014 are included as an expense in consulting and contractor expenses in the accompanying statements of operations. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
LEGAL PROCEEDINGS | NOTE 9 LEGAL PROCEEDINGS Since December 11, 2009, the Company, has been involved in a lawsuit where it was named as a Defendant, along with its CEO and transfer agent in Case Number 09-CA-030763, filed in the Circuit Court of Hillsborough County, Florida. The lawsuit was brought in the name of 31 individuals and 1 corporation. The lawsuit alleges that the Company, its CEO, and its transfer agent wrongfully refused to remove the restrictive legend from certain shares of the Companys common stock that are collectively owned by the plaintiffs, which prevented the plaintiffs from selling or transferring their shares of the Companys common stock. The plaintiffs allege that they have lost approximately $1,041,000 as of the date of the lawsuit. Such lawsuit continued to a hearing of the Plaintiffs motion for summary judgment against the Defendants including Seafarer, which was heard on September 1, 2011 and denied by the Court. Litigation of the matter has continued and the Company has presented evidence and arguments of law that the shares were distributed from their original recipient, Micah Eldred, in an illegal sale to another corporate entity. The Company further contends in its pleadings that such shares were then illegally purchased back by Eldred, then distributed in a manner by Eldred to others including the 31 other Plaintiffs to avoid reporting requirements under the Securities Act and as Eldred had a duty to report as a principal of a brokerage. The actions by Eldred, as pled by the Corporation, is that on or about October 8, 2008, Eldred gifted most of the 34,700,000 shares to certain friends, family, and employees (i.e., the Plaintiffs named in this Complaint), and kept ownership of 4,140,000 shares. On September 11, 2013, the Parties attended a voluntary mediation, which ended in an impasse. Some discovery had progressed to the point that Seafarer had, on September 25, 2013, filed a Motion to File Counterclaims and Third-Party Complaint (Motion for Leave to File Counterclaim) along with a proposed Counterclaim. Such counterclaims were filed in December 2013. Included in the counterclaim was an allegation of conspiracy between Eldred and Sean Murphy for the publication of false information which Seafarer sued Murphy for and received a judgment for libel against Murphy on April 1, 2011 for $5,080,000. Thus the counterclaim was filed against the Plaintiffs: Micah Eldred, Michael J. Daniels, Carl Dilley, Heather Dilley, James Eldred, Mary R. Eldred, Michole Eldred, Nathan Eldred, Toni A. Eldred, Diane J. Harrison, Ioulia Hess, Olessia Kritskaia, Anna Krokhina, George Lindner, Elizabeth Lizzano, Karen Lizzano, Robert Lizzano, Abby Lord, Jillian Mally, Ekaterina Messinger, Susan Miller, Michael Mona, Matthew J. Presy, Oksana Savchenko, Vanessa A. Verbosh, Alan Wolper, Sarah Wolper, and Christine Zitman. On April 23, 2014, the trial court ruled on the Counter-Claim Defendants motion to dismiss and ordered the dismissal of the claims for section 517.301 violations, conspiracy and fraud. The court ruled that the Corporation did not have standing and was not in privity with the counter-claim defendants at the time of their alleged actions so the company could not maintain the action, unlike private shareholders who could have standing. Thus the Company attempted to protect the shareholders by such suit, but was ruled against as not having standing to do so. On October 18, 2013, the Plaintiffs filed a Notice of Removal to Federal Court in the Tampa Division of the United States District Court, citing the allegation that such lawsuit should be moved to Federal Court based upon the Defendants proposed counterclaims of Federal law. The pleading for removal contained the allegation by the Plaintiffs that they had the consent of all the listed Plaintiffs to remove the matter to Federal Court. On November 4, 2013, Seafarer filed a Motion to Remand back to State Court in the Federal Court, citing legal argument and the undisputed facts that removal to Federal Court was improper as having no basis in law, and asking for attorneys fees from the Plaintiffs for such removal. On November 7, 2013, Judge James Moody of the United States District Court entered an Order granting the Remand Motion of Seafarer, finding that Plaintiffs removed the case based on their assumption that the counterclaim would establish federal jurisdiction. Plaintiffs removal is patently without merit. Judge Moody further held Plaintiffs removal had no basis under the law or facts. Simply put, the removal was not objectively reasonable. Accordingly, the Court Ordered the case sent back to State Court and that the Federal Court would award Defendants [Seafarer] a reasonable amount of attorneys fees and costs. Seafarer collected such attorneys fees through counsel. Such case was remanded to the Circuit Court in Hillsborough County, where Seafarer had the motion to file the Counterclaims and Third Party Claims heard and an Order Granting the filing and service of such claims was made by Circuit Judge Paul Huey on December 13, 2013. Seafarer filed such complaint and served such Counterclaim Defendants and Third Party Defendants during the months of December 2013 and January 2014. Such complaint included claims by Seafarer for damages including punitive damages against the Plaintiffs for their actions, which is alleged to have materially damaged the Corporation and its shareholders. Such litigation continues and the Company will continue to fight the release of such shares for sale. It is the position of Seafarer that due to the actions involved with such shares, they are tainted and should be ordered to be cancelled. Seafarer intends to continuously pursue this defense. In early October 2013, counsel for Seafarer was contacted by counsel representing the listed Plaintiff, CADEF: The Childhood Autism Foundation (CADEF), as to their being named in the lawsuit as Plaintiffs in the State Court action and the litigation being done in their name. Pursuant to those discussions, on November 5, 2013, Seafarer, Kyle Kennedy (individually), Cleartrust LLC and CADEF entered into a Settlement Agreement and Release from Litigation. CADEF agreed to surrender all rights to the 1,000,000 shares in its name, as well as causing dismissal of any such claims against the Seafarer, Kennedy and Cleartrust that had been brought in their name in the lawsuit. Specifically, CADEF agreed: CADEF agrees that the following matters of fact exist based upon the knowledge of its Board of Directors and Principals: A) The Board of Directors of CADEF had no knowledge of the share certificate ever being issued for its benefit or the existence of such share certificate until recently in the month of October 2013 when such shares were sent to them. B) The Board of Directors of CADEF never authorized the filing of the lawsuit cited above or to be a party to such. C) Because of the above in B) CADEFs Board of Directors was never advised of any settlement offer being made by the Defendants nor of the mediation held on September 11, 2013. On approximately October 30, 2013 CADEF delivered such 1,000,000 shares to counsel for Seafarer. Such shares were cancelled subsequently. During the fall of 2014, the Company through counsel, conducted a number of depositions in the matter, including Micah Eldred and other parties. As well the Company filed three motions against the Defendants. Included in these motions were a motion to dismiss for fraudulent conduct in the naming of a party as a plaintiff which had no knowledge of the lawsuit, and failure to related settlement offers to the Plaintiffs. The second motion was for sanctions for intentional destruction of documentary evidence related to such shares. As to the second motion, the Court entered an order granting the motion for sanctions, finding that the Defendants had intentionally destroyed evidence, but the Court abated determining the sanctions until a later date. The third motion was to dismiss for fraudulent conduct, wherein the Plaintiffs allege that the Defendant, Eldred had made illicit offers to elicit false testimony. Both of the motions for sanctions are currently pending before the Court. As well in the first week of January 2015, the Defendants filed two simultaneous motions for summary judgment for dismissal of all counts in the case. That motion for summary judgment is currently pending before the Court. In the ongoing litigation in the above case against Micah Eldred and associated persons to protect the interests of the shareholders, the Corporation followed up on its counter-claims against Eldred by the filing of a notice of appeal of the dismissal of such claims, to the Second District Court of Appeal for Florida on May 17, 2014. On March 2, 2010, the Company filed a complaint naming, Sean Murphy as a Defendant who formerly provided services as a captain, diver, and general laborer to the Company as a defendant in the Circuit Court of Hillsborough County, Florida case number 10-CA-004674. The lawsuit contains numerous counts against the defendant, including civil theft, breach of contract, libel and negligence. On April 5, 2011, a six person jury in Hillsborough County, Florida found in favor of the Company and found that the Defendant was responsible for $5,080,000 in compensatory damages. In 2012, the Company attempted to schedule a trial for the punitive damages, but the Court cancelled the trial due to scheduling of priority cases. The Company is currently seeking final entry of not only the judgment, but will be exercising collection matters against the Defendant. The Company intends to pursue collection, no matter the ability of the Defendant to pay. On June 18, 2013, Seafarer began litigation against Tulco Resources, LLC, in a lawsuit filed in the Circuit Court in and for Hillsborough County, Florida. Such suit was filed for against Tulco based upon for breach of contract, equitable relief and injunctive relief. Tulco was the party holding the rights under a permit to a treasure site at Juno Beach, Florida. Tulco and Seafarer had entered into contracts in March 2008, and later renewed under an amended agreement on June 11, 2010. Such permit was committed to by Tulco to be an obligation and contractual duty to which they would be responsible for payment of all costs in order for the permit to be reissued. Such obligation is contained in the agreement of March 2008 which was renewed in the June 2010 agreement between Seafarer and Tulco. Tulco made the commitment to be responsible for payments of all necessary costs for the gaining of the new permit. Tulco never performed on such obligation, and Seafarer during the period of approximately March 2008 and April 2012 had endeavored and even had to commence a lawsuit to gain such permit which was awarded in April 2012. Seafarer alleges in their complaint the expenditure of large amounts of shares and monies for financing and for delays due to Tulcos non-performance. Seafarer seeks monetary damages and injunctive relief for the award of all rights held by Tulco to Seafarer. As of March 24, 2014, Seafarer, through Counsel with the assistance of a licensed investigator, established there was no party or individual to be served from Tulco due to the death of the former Manager, and having no other legal person or entity to serve, has established that it will seek the entry of a default judgment, and final judgment for award of all rights to such site for contractual and other rights held by Tulco. Seafarer gained a default and final Judgment on such matter on July 23, 2014. Seafarer is now working with the State for the renewed permit to be in Seafarers name and rights only, with Tulco removed per the Order of the Court. On March 4, 2015, the Court awarded full rights to the Juno site to Seafarer Exploration, erasing all rights of Tulco Resources. The company is currently filing an Admiralty Claim over such site as well in the United States District Court. On September 3, 2014, the Company filed a lawsuit against Darrel Volentine, of California. Mr. Volentine was sued in two counts of libel per se under Florida law, as well as a count for injunction against the Defendant to exclude and prohibit internet postings. Such lawsuit was filed in the Circuit Court in Hillsborough County, Florida. Such suit is based upon internet postings on www.investorshub.com |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
RELATED PARTY TRANSACTIONS | NOTE 10 RELATED PARTY TRANSACTIONS In January of 2015, an individual who is related to the Companys CEO entered into a subscription agreement to purchase 350,000 shares of the Companys restricted common stock at a price of $0.0032 per share and the Company received proceeds of $1,120. In January of 2015, the Company extended the term of a previous agreement with an individual who is related to the Companys CEO to continue serving as a member of the Companys Board of Directors. Under the agreement, the Director agreed to provide various services to the Company including making recommendations for both the short term and the long term business strategies to be employed by the Company, monitoring and assessing the Company's business and to advise the Companys Board of Directors with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions and identifying and evaluating alternative courses of action, making suggestions to strengthen the Company's operations, identifying and evaluating external threats and opportunities to the Company, evaluating and making ongoing recommendations to the Board with respect for one year and may be terminated by either the Company or the Director by providing written notice to the other party. The agreement also terminates automatically upon the death, resignation or removal of the Director. Under the terms of the agreement, the Company agreed to pay the Director 8,000,000 restricted shares of its common stock and to negotiate future compensation on a year-by-year basis. The Company also agreed to reimburse the Director for pre-approved expenses. A portion of the 8,000,000 shares are included as an expense in consulting and contractor fees in the accompanying income statement and the remainder of the shares are going to be expensed over a twelve month period, these shares are included in the accompanying balance sheet as a prepaid expense. In January of 2015, the Company extended the term of a previous agreement with an individual who is related to the Companys CEO to continue serving as a member of the Companys Board of Directors. Under the agreement, the Director agreed to provide various services to the Company including making recommendations for both the short term and the long term business strategies to be employed by the Company, monitoring and assessing the Company's business and to advise the Companys Board of Directors with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions and identifying and evaluating alternative courses of action, making suggestions to strengthen the Company's operations, identifying and evaluating external threats and opportunities to the Company, evaluating and making ongoing recommendations to the Board with respect for one year and may be terminated by either the Company or the Director by providing written notice to the other party. The agreement also terminates automatically upon the death, resignation or removal of the Director. Under the terms of the agreement, the Company agreed to pay the Director 6,000,000 restricted shares of its common stock and to negotiate future compensation on a year-by-year basis. The Company also agreed to reimburse the Director for pre-approved expenses. A portion of the 6,000,000 shares are included as an expense in consulting and contractor fees in the accompanying income statement and the remainder of the shares are going to be expensed over a twelve month period, these shares are included in the accompanying balance sheet as a prepaid expense. In February and March of 2015, a related party shareholder provided an interest free loan to the Company in the amount of $2,900. As of December 31, 2015, the loan balance outstanding to the related party shareholder was $2,900. In May of 2015, an individual who is related to the Companys CEO entered into a subscription agreement to purchase 5,000,000 shares of the Companys restricted common stock at a price of $0.0032 per share and the Company received proceeds of $16,000. The related party also received a warrant to purchase 5,000,000 at a price of $0.005 for eighteen months from the execution date of the subscription agreement. In July of 2015, the Company entered into a convertible promissory note agreement in the amount of $9,000 with an individual who is related to the Companys CEO. This loan pays interest at a rate of 6% per annum and the principle and accrued interest are due on or before January 14, 2016. The note is not secured and is convertible at the lenders option into shares of the Companys common stock at a rate of $0.003 per share. In August of 2015, an individual who is related to the Companys CEO entered into a subscription agreement to purchase 2,000,000 shares of the Companys restricted common stock at a price of $0.002 per share and the Company received proceeds of $4,000. Under the subscription agreement the related party investor received a warrant to purchase 2,000,000 shares of the Companys common stock at a price of 0.005 for a period of one year from the execution date of the subscription agreement. In August of 2015, an individual who is related to the Companys CEO entered into a subscription agreement to purchase 750,000 shares of the Companys restricted common stock at a price of $0.002 per share and the Company received proceeds of $1,500. Under the subscription agreement the related party investor received a warrant to purchase 750,000 shares of the Companys common stock at a price of 0.01 for a period of eighteen months form the execution date of the subscription agreement. In October of 2015, the Company entered into a promissory note agreement in the amount of $10,000 with an individual who is related to the Companys CEO. This loan pays interest at a rate of 6% per annum and the principle and accrued interest were due on or before November 15, 2015. The note also provided that the related party lender would receive a 500,000 share origination fee for providing the loan and an additional 3,000,000 shares if the loan was not repaid by the due date. The note is not secured and was still outstanding at December 31, 2015. In December 2015, the Companys CEO provided an interest free loan to the Company in the amount of $100. There was no repayment terms of this loan and the loan remained outstanding as of December 31, 2015. In December 2015, the Companys CEO paid legal fees on behalf of the Company totaling $29,683. The Company agreed that the payments would be converted into a shareholder loan and the CEO would receive 6% interest on the outstanding balance. The Company also agreed to pay 3,000,000 shares of its restricted common stock to the CEO in the event that the loan was not repaid by June 14, 2016. In December of 2015, an individual who is related to the Companys CEO entered into a subscription agreement to purchase 1,000,000 shares of the Companys restricted common stock at a price of $0.002 per share and the Company received proceeds of $2,000. Under the subscription agreement the related party investor received a warrant to purchase 1,000,000 shares of the Companys common stock at a price of 0.04 for a period of eighteen months form the execution date of the subscription agreement. The Company has an ongoing verbal agreement with a limited liability company that is controlled by a person who is related to the Companys CEO to pay the related party consultant $3,000 per month to provide general business consulting, industry research, monitoring and assessing the Company's business and to advise management with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions and identifying and evaluating alternative courses of action, perform background research including background checks and provide investigative information on individuals and companies and acting as an administrative specialist to perform various administrative duties and clerical services including reviewing the Companys agreements and books and records. The consultant provides the services under the direction and supervision of the Companys CEO. The Company paid the related party consultant a total of $47,200 in 2015, an amount that included bonus payments for extra services provided to the Company. All fees paid to the related party consultant during the period ended December 31, 2015 and 2014 are included as an expense in consulting and contractor expenses in the accompanying statements of operations. The Company has an ongoing agreement with a limited liability company that is owned and controlled by a person who is related to the Companys CEO to provide stock transfer agency services. At December 31, 2015, the Company owed the related party limited liability company $27,287 for transfer agency services rendered and for the reimbursement of legal fees. . In January 2015, the Company entered into a separate debt settlement agreement with the related party vendor to settle a total of $62,936 of outstanding debt related to legal fees incurred by the related party vendor due to a lawsuit against the Company in which suit the related party vendor was also named as a defendant due to its position as the Companys stock transfer agency. The Company issued 15,734,068 shares of its common stock to this vendor as satisfaction for the outstanding debt. The agreement between the Company and the vendor stipulated that should the transfer agency realize less than $62,936 from the sale of the stock, then the consultant is entitled to receive up to an additional 5,000,000 shares of common stock or a cash payment until the balance is paid in full. The Company paid the transfer agency $5,451 in 2015 for transfer agency fees. All fees paid to the related party consultant during the period ended December 31, 2015 and 2014 are included as an expense in consulting and contractor expenses in the accompanying statements of operations. The Company agreed to rent a cesium vapor magnetometer from a related party in 2014. As of December 31, 2015 the Company and the related party had not entered into a written rental agreement and were still negotiating the amount to be paid in order for the Company to lease the magnetometer. No payments or funds were owed to the related party as of December 31, 2015. At December 31, 2015 the following promissory notes and shareholder loans were outstanding to related parties: A convertible note payable dated January 9, 2009 due to a person related to the Companys CEO with a face amount of $10,000. This note bears interest at a rate of 10% per annum with interest payments to be paid monthly and is convertible at the note holders option into the Companys common stock at $0.015 per share. The convertible note payable was due on or before January 9, 2010 and is secured. This note is currently in default due to non-payment of principal and interest. A convertible note payable dated January 25, 2010 in the principal amount of $6,000 with a person who is related to the Companys CEO. This loan pays interest at a rate of 6% per annum and the principle and accrued interest were due on or before January 25, 2011. The note is not secured and is convertible at the lenders option into shares of the Companys common stock at a rate of $0.005 per share. This note is currently in default due to non-payment of principal and interest. A note payable dated February 24, 2010 in the principal amount of $7,500 with a corporation. The Companys CEO is a director of the corporation and a former Director of the Company is an officer of the corporation. The loan is not secured and pays interest at a rate of 6% per annum and the principle and accrued interest were due on or before February 24, 2011. This note is currently in default due to non-payment of principal and interest. A convertible note payable dated January 18, 2012 in the amount of $50,000 with two individuals who are related to the Companys CEO. This loan pays interest at a rate of 8% per annum and the principle and accrued interest were due on or before July 18, 2012. The note is secured and is convertible at the lenders option into shares of the Companys common stock at a rate of $0.004 per share. The note is currently in default due to non-payment of principal and interest. A convertible note payable dated January 19, 2013 due to a person related to the Companys CEO with a face amount of $15,000. This note bears interest at a rate of 6% per annum with accrued interest to be paid at the time that the principal balance is repaid or the note is converted into shares of the Companys common stock. The note is convertible at the note holders option into the Companys common stock at $0.004 per share. The convertible note payable was due on or before July 30, 2013 and is not secured. The note is currently in default due to non-payment of principal and interest. A convertible note payable dated July 26, 2013 due to a person related to the Companys CEO with a face amount of $10,000. This note bears interest at a rate of 6% per annum with accrued interest to be paid at the time that the principal balance is repaid or the note is converted into shares of the Companys common stock. The note is convertible at the note holders option into the Companys common stock at $0.01 per share. The convertible note payable was due on or before January 26, 2014 and is not secured. The note is currently in default due to non-payment of principal and interest. A convertible note payable dated January 17, 2014 due to a person related to the Companys CEO with a face amount of $31,500. This note bears interest at a rate of 6% per annum with accrued interest to be paid at the time that the principal balance is repaid or the note is converted into shares of the Companys common stock. The note is convertible at the note holders option into the Companys common stock at $0.006 per share. The convertible note payable is due on or before July 17, 2015 and is not secured. The note is currently in default due to non-payment of principal and interest. A convertible note payable dated May 27, 2014 due to a person related to the Companys CEO with a face amount of $7,000. This note bears interest at a rate of 6% per annum with accrued interest to be paid at the time that the principal balance is repaid or the note is converted into shares of the Companys common stock. The note is convertible at the note holders option into the Companys common stock at $0.007 per share. The convertible note payable was due on or before November 27, 2014 and is not secured. The note is currently in default due to non-payment of principal and interest. A convertible note payable dated July 21, 2014 due to a person related to the Companys CEO with a face amount of $17,000. This note bears interest at a rate of 6% per annum with accrued interest to be paid at the time that the principal balance is repaid or the note is converted into shares of the Companys common stock. The note is convertible at the note holders option into the Companys common stock at $0.008 per share. The convertible note payable was due on or before January 25, 2015 and is not secured. The note is currently in default due to non-payment of principal and interest. A convertible note payable dated October 16, 2014 due to a person related to the Companys CEO with a face amount of $21,000. This note bears interest at a rate of 6% per annum with accrued interest to be paid at the time that the principal balance is repaid or the note is converted into shares of the Companys common stock. The note is convertible at the note holders option into the Companys common stock at $0.0045 per share. The convertible note payable was due on or before April 16, 2015 and is not secured. The note is currently in default due to non-payment of principal and interest. A convertible note payable dated July 14, 2015 due to a person related to the Companys CEO with a face amount of $9,000. This note bears interest at a rate of 6% per annum with accrued interest to be paid at the time that the principal balance is repaid or the note is converted into shares of the Companys common stock. The note is convertible at the note holders option into the Companys common stock at $0.0030 per share. The convertible note payable was due on or before January 14, 2016 and is not secured. A loan in the amount of $2,920 due to a related party shareholder. This loan does not bear interest and has no specific repayment terms. A note payable dated October 6, 2015 in the principal amount of $10,000 due to one of the Companys Directors. The loan is not secured and pays interest at a rate of 6% per annum and the principle and accrued interest was due on or before November 11, 2015. This note is currently in default due to non-payment of principal and interest. A loan in the amount of $100 due to the Companys CEO. This loan does not bear interest and has no specific repayment terms. The Company also has a loan outstanding due to its CEO in the amount of $29,683. The loan is not secured and pays interest at a 6% per annum and the principal and accrued interest are due on or before June 14, 2016. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11 - SUBSEQUENT EVENTS Per the Companys filing on Form 8-K filed on January 26, 2016, the Board of Directors, pursuant to Section 607.0704, Florida Statutes, the Board of Directors, acting as shareholders of the Preferred Shares and pursuant to their own resolution, voted to increase the authorized shares of the Corporation from 1,500,000,000 common shares to 1,750,000,000 common shares. Such filing was filed with the State of Florida on January 20 th , 2016. Per the Companys filing on Form 8-K filed on March 23, 2016 , on March 23, 2016 the Board of Directors signed a universal settlement agreement with the Plaintiffs in the litigation matters of Micah Eldred, et al., v. Seafarer Exploration, et al. Micah Eldred v. Seafarer Exploration Corp., et al., Hillsborough County, Florida Seafarer Exploration, et al. v. Micah Eldred, et al., The settlement called for both cases to be dismissed, with prejudice, and the Plaintiffs in case number 09-CA-30763 agreed to surrender and cancel all of their 32,300,000 shares of restricted common stock to be returned to the treasury of the Corporation. All such shares have been returned for cancellation but have not yet been cancelled as of the filing date of this Form 10-K. On March 23, 2016 Seafarer CEO signed the resolution to cancel the 32,300,000 shares and instructed the transfer agent ClearTrust LLC to cancel the shares and return them to treasury for the benefit of Seafarer thus reducing the number of outstanding shares by 32,300,000 shares. |
Significant Accounting Polici18
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid investments and short-term debt instruments with original maturities of three months or less to be cash equivalents. There are no cash equivalents at December 31, 2015 and 2014. |
Earnings Per Share | Earnings Per Share The Company has adopted the Financial Accounting Standards Boards (FASB) Accounting Standards Codification (ASC) 260-10 which provides for calculation of "basic" and "diluted" earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common shareholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. Basic and diluted losses per share were the same at the reporting dates as there because outstanding common stock equivalents would have been anti-dilutive, as of December 31, 2015 and 2014. Components of loss per share for the respective years are as follows: For the Year Ended December 31, 2015 For the Year Ended December 31, 2014 Net loss attributable to common shareholders $ (1,151,331 ) $ (2,151,361 ) Weighted average shares outstanding: Basic and diluted 1,187,757,189 904,898,653 Loss per share: Basic and diluted $ (0.00 ) $ (0.00 ) |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Effective January 1, 2008, fair value measurements are determined by the Company's adoption of authoritative guidance issued by the FASB, with the exception of the application of the statement to non-recurring, non-financial assets and liabilities, as permitted. Fair value is defined in the authoritative guidance as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy was established, which prioritizes the inputs used in measuring fair value into three broad levels as follows: ● Level 1 Valuation based on unadjusted quoted market prices in active markets for identical assets or liabilities. ● Level 2 Valuation based on, observable inputs (other than level one prices), quoted market prices for similar assets such as at the measurement date; quoted prices in the market that are not active; or other inputs that are observable, either directly or indirectly. ● Level 3 Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring managements best estimate of what market participants would use as fair value. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Companys assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The valuation of the Companys derivative liability is determined using Level 1 inputs, which consider (i) time value, (ii) current market and (iii) contractual prices. The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, receivables, accounts payable, notes payable and other payables, approximate their fair values because of the short maturity of these instruments. |
Property and Equipment and Depreciation | Property and Equipment and Depreciation Fixed assets are recorded at historical cost. Depreciation is computed on the straight-line method over the estimated useful lives of the respective assets. Property and equipment, net consist of the following at December 31: 2015 2014 Diving vessel $ 326,005 $ 325,000 Generator 7,420 7,420 Less accumulated depreciation (270,149 ) (236,165 ) $ 63,276 $ 96,255 Depreciation expense for the years ended December 31, 2015 and 2014 amounted to $33,984. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets In accordance with ASC 360-10, the Company, on a regular basis, reviews the carrying amount of long-lived assets for the existence of facts or circumstances, both internally and externally, that suggest impairment. ASC 360-10 provides guidance on accounting for property, plant, and equipment, and the related accumulated depreciation on those assets. ASC 360-10 also includes guidance on the impairment or disposal of long-lived assets. ASC 360-10 notes that long-lived tangible assets include land and land improvements, buildings, machinery and equipment, and furniture and fixtures. The Company determines if the carrying amount of a long-lived asset is impaired based on anticipated undiscounted cash flows, before interest, from the use of the asset. In the event of impairment, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the asset. Fair value is determined based on appraised value of the assets or the anticipated cash flows from the use of the asset, discounted at a rate commensurate with the risk involved. The Company has determined there has been no impairment in the carrying value of its long-lived assets at December 31, 2015 and 2014, respectively. |
Use of Estimates | Use of Estimates The process of preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue on arrangements in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 101, Revenue Recognition in Financial Statements and No. 104, Revenue Recognition. In all cases, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability is reasonably assured. For the years ended December 31, 2015 and 2014, the Company did not report any revenues. |
Convertible Notes Payable | Convertible Notes Payable The Company accounts for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 provides comprehensive guidance on derivative and hedging transactions. It sets forth the definition of a derivative instrument and specifies how to account for such instruments, including derivatives embedded in hybrid instruments. In addition, ASC 815 establishes when reporting entities, in certain limited, well-defined circumstances, may apply hedge accounting to a relationship involving a designated hedging instrument and hedged exposure. Hedge accounting provides an alternative, special way of accounting for such relationships. ASC 815 also provides guidance on how reporting entities determine whether an instrument is (1) indexed to the reporting entitys own stock and (2) considered to be settled in the reporting entitys own stock. Such a determination will dictate whether an instrument should be accounted for as debt or equity and the appropriate accounting for the instrument. Finally, ASC 815 addresses the accounting for non-exchange-traded weather derivatives. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free standing derivative financial instruments. ASC 815 provides for an exception to this rule when convertible notes, as host instruments, are deemed to be conventional, as defined by ASC 815-40. As of December 31, 2015 and 2014, all of the Companys convertible notes payable were classified as conventional instruments. The Company accounts for convertible notes deemed conventional and conversion options embedded in non-conventional convertible notes which qualify as equity under ASC 815, in accordance with the provisions of ASC 470-20, which provides guidance on accounting for convertible securities with beneficial conversion features. ASC 470-10 addresses classification determination for specific obligations, such as short-term obligations expected to be refinanced on a long-term basis, due-on-demand loan arrangements, callable debt, sales of future revenue, increasing rate debt, debt that includes covenants, revolving credit agreements subject to lock-box arrangements and subjective acceleration clauses, indexed debt. Accordingly, the Company records, as a discount to convertible notes, the intrinsic value of such conversion options based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements. |
Significant Accounting Polici19
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Components of loss per share | Components of loss per share for the respective years are as follows: For the Year Ended December 31, 2015 For the Year Ended December 31, 2014 Net loss attributable to common shareholders $ (1,151,331 ) $ (2,151,361 ) Weighted average shares outstanding: Basic and diluted 1,187,757,189 904,898,653 Loss per share: Basic and diluted $ (0.00 ) $ (0.00 ) |
Property and Equipment and Depreciation | 2015 2014 Diving vessel $ 326,005 $ 325,000 Generator 7,420 7,420 Less accumulated depreciation (270,149 ) (236,165 ) $ 63,276 $ 96,255 |
Capital Stock - Warrants and Op
Capital Stock - Warrants and Options (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Warrants issued | April 20, 2015 to November 20, 2015 10,000,000 $ 0.0050 May 08, 2015 to May 8, 2016 1,562,500 $ 0.0050 May 11, 2015 to November11, 2016 5,000,000 $ 0.0050 June 8, 2015 to December 8, 2016 10,000,000 $ 0.0032 June 16, 2015 to December 16, 2016 2,000,000 $ 0.0050 June 29, 2015 to December 29, 2015 8,333,334 $ 0.0050 July 8, 2015 to January 8, 2017 700,000 $ 0.0050 July 14, 2015 to January 14, 2017 3,000,000 $ 0.0050 August 1, 2015 to August 1, 2016 2,000,000 $ 0.0050 August 19, 2015 to February 19, 2017 750,000 $ 0.0100 September 18, 2015 to September 18, 2020 4,000,000 $ 0.0030 December 03, 2015 to June 03, 2017 2,000,000 $ 0.0040 December 03, 2015 to December 03, 2016 900,000 $ 0.0050 December 24, 2015 to June 24, 2016 12,500,000 $ 0.0040 December 29, 2015 to June 29, 2017 1,000,000 $ 0.0040 63,745,834 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate | For the Year Ended December 31, 2015 For the Year Ended December 31, 2014 Income tax at federal statutory rate (34.00 %) (34.00 %) State tax, net of federal effect (3.96 %) (3.96 %) 37.96 % 37.96 % Valuation allowance (37.96 %) (37.96 %) Effective rate 0.00 % 0.00 % |
Convertible Notes Payable and22
Convertible Notes Payable and Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable | Issue Maturity December 31, Interest Conversion Date Date 2015 Rate Rate Convertible notes payable: April 20, 2015 April 20, 2016 $ 38,000 6.00 % 0.00320 September 18, 2015 March 18, 2016 25,000 6.00 % 0.00200 Unamortized discounts 17,295 Balance $ 45,705 Convertible notes payable related party July 14, 2015 January 14, 2016 $ 9,000 6.00 % 0.00300 Convertible notes payable, in default October 31, 2012 April 30, 2013 $ 8,000 6.00 % 0.0040 July 16, 2012 July 30, 2013 5,000 6.00 % 0.0050 November 20, 2012 May 20, 2013 50,000 6.00 % 0.0050 January 19, 2013 July 30, 2013 5,000 6.00 % 0.0040 February 11, 2013 August 11, 2013 9,000 6.00 % 0.0060 September 25, 2013 March 25, 2014 10,000 6.00 % 0.0125 August 28, 2009 November 1, 2009 4,300 10.00 % 0.0150 April 7, 2010 November 7, 2010 70,000 6.00 % 0.0080 November 12, 2010 November 7, 2011 40,000 6.00 % 0.0050 October 4, 2013 April 4, 2014 50,000 6.00 % 0.0125 October 30, 2013 October 30, 2014 50,000 6.00 % 0.0125 May 15, 2014 November 15, 2014 40,000 6.00 % 0.0070 October 13, 2014 April 13, 2015 25,000 6.00 % 0.0050 June 29, 2015 December 29, 2015 25,000 6.00 % 0.0050 Balance $ 391,300 Convertible notes payable - related party, in default January 19, 2013 July 30, 2013 $ 15,000 6.00 % 0.0040 January 9, 2009 January 9, 2010 10,000 10.00 % 0.0150 January 25, 2010 January 25, 2011 6,000 6.00 % 0.0050 January 18, 2012 July 18, 2012 50,000 8.00 % 0.0040 July 26, 2013 January 26, 2014 10,000 6.00 % 0.0100 January 17, 2014 July 17, 2014 31,500 6.00 % 0.0060 May 27, 2014 November 27, 2014 7,000 6.00 % 0.0070 July 21, 2014 January 25, 2015 17,000 6.00 % 0.0080 October 16, 2014 April 16, 2015 21,000 6.00 % 0.0045 Balance $ 167,500 |
Aggregate allocation of Notes Payable | 2015 2014 Face value of convertible notes payable $ 63,000 $ 151,500 Beneficial conversion feature (17,295 ) (29,212 ) Carrying value $ 45,705 $ 122,288 |
Notes Payable | Issue Date Maturity Date 2015 2014 Interest Rate Notes payable, in default related parties: February 24, 2010 February 24, 2011 $ 7,500 $ 7,500 6.00 % October 6, 2015 November 11, 2015 10,000 -- 6.00 % 17,500 7,500 Notes payable, in default: June 23, 2011 August 23, 2011 25,000 25,000 6.00 % April 27, 2011 April 27, 2012 5,000 5,000 6.00 % 30,000 30,000 $ 47,500 $ 37,500 |
Summary of effect on earnings | Face value of the convertible notes payable $ 137,000 Interest expense to record the convertible notes at fair value on the date of issuance 93,479 Interest income to mark to market the convertible notes on December 31, 2015 80,597 December 31, 2015 fair value $ 311,076 |
Significant Accounting Polici23
Significant Accounting Policies - Components of loss per share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Net loss attributable to common stockholders | $ (1,151,331) | $ (2,151,361) |
Weighted average shares outstanding: | ||
Basic and diluted | 1,187,757,189 | 904,898,653 |
Loss per share: | ||
Basic and diluted | $ 0 | $ 0 |
Significant Accounting Polici24
Significant Accounting Policies - Property and Equipment and Depreciation (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Property and Equipment, net | $ 63,276 | $ 96,255 |
Less accumulated depreciation | (270,149) | (236,165) |
Diving Vessel | ||
Property and Equipment, net | 326,005 | 325,000 |
Generator | ||
Property and Equipment, net | $ 7,420 | $ 7,420 |
Significant Account Policies (D
Significant Account Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Depreciation expense | $ 33,984 | $ 33,984 |
Capital Stock - Warrants and 26
Capital Stock - Warrants and Options (Details) - $ / shares | Dec. 31, 2015 | May. 31, 2015 |
Warrants issued | 1,000,000 | 5,000,000 |
April 20, 2015 to November 20, 2015 | ||
Warrants issued | 10,000,000 | |
Warrants, Exercise Price | $ .0050 | |
May 08, 2015 to May 8, 2016 | ||
Warrants issued | 1,562,500 | |
Warrants, Exercise Price | $ 0.0050 | |
May 11, 2015 to November11, 2016 | ||
Warrants issued | 5,000,000 | |
Warrants, Exercise Price | $ 0.0050 | |
June 8, 2015 to December 8, 2016 | ||
Warrants issued | 10,000,000 | |
Warrants, Exercise Price | $ .0032 | |
June 16, 2015 to December 16, 2016 | ||
Warrants issued | 2,000,000 | |
Warrants, Exercise Price | $ .0050 | |
June 29, 2015 to December 29, 2015 | ||
Warrants issued | 8,333,334 | |
Warrants, Exercise Price | $ .0050 | |
July 8, 2015 to January 8, 2017 | ||
Warrants issued | 700,000 | |
Warrants, Exercise Price | $ 0.0050 | |
July 14, 2015 to January 14, 2017 | ||
Warrants issued | 3,000,000 | |
Warrants, Exercise Price | $ 0.0050 | |
August 1, 2015 to August 1, 2016 | ||
Warrants issued | 2,000,000 | |
Warrants, Exercise Price | $ 0.0050 | |
August 19, 2015 to February 19, 2017 | ||
Warrants issued | 750,000 | |
Warrants, Exercise Price | $ 0.0100 | |
September 18, 2015 to September 18, 2020 | ||
Warrants issued | 4,000,000 | |
Warrants, Exercise Price | $ 0.0030 | |
December 03, 2015 to June 03, 2017 | ||
Warrants issued | 2,000,000 | |
Warrants, Exercise Price | $ 0.0040 | |
December 03, 2015 to December 03, 2016 | ||
Warrants issued | 900,000 | |
Warrants, Exercise Price | $ 0.0050 | |
December 24, 2015 to June 24, 2016 | ||
Warrants issued | 12,500,000 | |
Warrants, Exercise Price | $ 0.0040 | |
December 29, 2015 to June 29, 2017 | ||
Warrants issued | 1,000,000 | |
Warrants, Exercise Price | $ 0.0040 |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Jan. 26, 2016 | Dec. 31, 2014 | Feb. 10, 2014 | |
Common stock, shares authorized | 1,500,000,000 | 1,750,000,000 | 1,200,000,000 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | ||
Authorized preferred shares | 50,000,000 | 50,000,000 | ||
Common shares issued and outstanding subject to anti-dilution protection | 38,707,143 | |||
Warrants | ||||
Common stock, shares authorized | 4,000,000 | |||
Exercise price | $ 0.005 | |||
Series A | ||||
Shares of common stock from the conversion of each share of preferred stock | 214,289 | |||
Percent of any found artifacts found | 1.00% | |||
Series B | ||||
Authorized preferred shares | 50,000,000 | |||
Preferred shares created | 60 | |||
Voting power total | 60.00% |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Income tax at federal statutory rate | (34.00%) | (34.00%) |
State tax, net of federal effect | (3.96%) | (3.96%) |
Income taxes | 37.96% | 37.96% |
Valuation allowance | (37.96%) | (37.96%) |
Effective rate | 0.00% | 0.00% |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Net tax operating loss | $ 11,326,000 | $ 10,175,000 |
Lease Obligation (Details Narra
Lease Obligation (Details Narrative) | 12 Months Ended | |||
Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Base monthly rent | $ 45,857 | $ 29,749 | ||
Corporate Office | ||||
Base monthly rent | $ 1,251 | $ 1,215 | ||
Office space, area | ft² | 823 | 823 | ||
Future minimum rental payments | $ 7,510 | $ 14,802 | ||
Operations House | ||||
Base monthly rent | $ 1,300 | |||
Future minimum rental payments | $ 13,000 |
Convertible Notes Payable and31
Convertible Notes Payable and Notes Payable - Convertible Notes Payable (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)$ / shares | |
Convertible notes payable, Unamortized discount | $ 17,295 |
Convertible notes payable, Total | 45,705 |
Convertible notes payable, in default, Total | 391,300 |
Convertible notes payable - related parties, in default, Total | $ 167,500 |
Notes Issued April 20, 2015 | |
Convertible notes payable, Maturity date | Apr. 20, 2016 |
Convertible notes payable | $ 50,000 |
Convertible notes payable, Interest rate | 6.00% |
Convertible notes payable, Conversion rate | $ / shares | $ .00320 |
Notes Issued September 18, 2015 | |
Convertible notes payable, Maturity date | Mar. 18, 2016 |
Convertible notes payable | $ 25,000 |
Convertible notes payable, Interest rate | 6.00% |
Convertible notes payable, Conversion rate | $ / shares | $ .00200 |
Notes Issued July 14, 2015 | |
Convertible notes payable - related party, Maturity date | Jan. 14, 2016 |
Convertible notes payable - related party | $ 9,000 |
Convertible notes payable - related parties, Interest rate | 6.00% |
Convertible notes payable - related parties, Conversion rate | $ / shares | $ 0.00300 |
Notes Issued Oct 31, 2012 | |
Convertible notes payable, in default, Maturity date | Apr. 30, 2013 |
Convertible notes payable, in default | $ 8,000 |
Convertible notes payable, in default, Interest rate | 6.00% |
Convertible notes payable, in default, Conversion rate | $ / shares | $ 0.0040 |
Notes Issued Jul 16, 2012 | |
Convertible notes payable, in default, Maturity date | Jul. 30, 2013 |
Convertible notes payable, in default | $ 5,000 |
Convertible notes payable, in default, Interest rate | 6.00% |
Convertible notes payable, in default, Conversion rate | $ / shares | $ 0.0050 |
Notes Issued Nov 20, 2012 | |
Convertible notes payable, in default, Maturity date | May 20, 2013 |
Convertible notes payable, in default | $ 50,000 |
Convertible notes payable, in default, Interest rate | 6.00% |
Convertible notes payable, in default, Conversion rate | $ / shares | $ 0.0050 |
Notes Issued Jan 19, 2013 | |
Convertible notes payable, in default, Maturity date | Jul. 30, 2013 |
Convertible notes payable, in default | $ 5,000 |
Convertible notes payable, in default, Interest rate | 6.00% |
Convertible notes payable, in default, Conversion rate | $ / shares | $ 0.0040 |
Convertible notes payable - related parties, in default, Maturity date | Jul. 30, 2013 |
Convertible notes payable - related parties, in default | $ 15,000 |
Convertible notes payable - related parties, in default, Interest rate | 6.00% |
Convertible notes payable - related parties, in default, Conversion rate | $ / shares | $ 0.0040 |
Notes Issued Feb 11, 2013 | |
Convertible notes payable, in default, Maturity date | Aug. 11, 2013 |
Convertible notes payable, in default | $ 9,000 |
Convertible notes payable, in default, Interest rate | 6.00% |
Convertible notes payable, in default, Conversion rate | $ / shares | $ 0.0060 |
Notes Issued Sep 25, 2013 | |
Convertible notes payable, in default, Maturity date | Mar. 25, 2014 |
Convertible notes payable, in default | $ 10,000 |
Convertible notes payable, in default, Interest rate | 6.00% |
Convertible notes payable, in default, Conversion rate | $ / shares | $ 0.0125 |
Notes Issued Aug 28, 2009 | |
Convertible notes payable, in default, Maturity date | Nov. 1, 2009 |
Convertible notes payable, in default | $ 4,300 |
Convertible notes payable, in default, Interest rate | 10.00% |
Convertible notes payable, in default, Conversion rate | $ / shares | $ 0.0150 |
Notes Issued Apr 7, 2010 | |
Convertible notes payable, in default, Maturity date | Nov. 7, 2010 |
Convertible notes payable, in default | $ 70,000 |
Convertible notes payable, in default, Interest rate | 6.00% |
Convertible notes payable, in default, Conversion rate | $ / shares | $ 0.0080 |
Notes Issued Nov 12, 2010 | |
Convertible notes payable, in default, Maturity date | Nov. 7, 2011 |
Convertible notes payable, in default | $ 40,000 |
Convertible notes payable, in default, Interest rate | 6.00% |
Convertible notes payable, in default, Conversion rate | $ / shares | $ 0.0050 |
Notes Issued Oct 4, 2013 | |
Convertible notes payable, in default, Maturity date | Apr. 4, 2014 |
Convertible notes payable, in default | $ 50,000 |
Convertible notes payable, in default, Interest rate | 6.00% |
Convertible notes payable, in default, Conversion rate | $ / shares | $ 0.0125 |
Notes Issued Oct 30, 2013 | |
Convertible notes payable, in default, Maturity date | Oct. 30, 2014 |
Convertible notes payable, in default | $ 50,000 |
Convertible notes payable, in default, Interest rate | 6.00% |
Convertible notes payable, in default, Conversion rate | $ / shares | $ 0.0125 |
Notes Issued May 15, 2014 | |
Convertible notes payable, in default, Maturity date | Nov. 15, 2014 |
Convertible notes payable, in default | $ 40,000 |
Convertible notes payable, in default, Interest rate | 6.00% |
Convertible notes payable, in default, Conversion rate | $ / shares | $ 0.0070 |
Notes Issued Oct 13, 2014 | |
Convertible notes payable, in default, Maturity date | Apr. 13, 2015 |
Convertible notes payable, in default | $ 25,000 |
Convertible notes payable, in default, Interest rate | 6.00% |
Convertible notes payable, in default, Conversion rate | $ / shares | $ 0.0050 |
Convertible notes payable, in default, Total | $ 0.005 |
Notes Issued June 29, 2015 | |
Convertible notes payable, in default, Maturity date | Dec. 29, 2015 |
Convertible notes payable, in default | $ 25,000 |
Convertible notes payable, in default, Interest rate | 6.00% |
Convertible notes payable, in default, Conversion rate | $ / shares | $ 0.0050 |
Notes Issued Jan 9, 2009 | |
Convertible notes payable - related parties, in default, Maturity date | Jan. 9, 2010 |
Convertible notes payable - related parties, in default | $ 10,000 |
Convertible notes payable - related parties, in default, Interest rate | 10.00% |
Convertible notes payable - related parties, in default, Conversion rate | $ / shares | $ 0.0150 |
Notes Issued Jan 25, 2010 | |
Convertible notes payable - related parties, in default, Maturity date | Jan. 25, 2011 |
Convertible notes payable - related parties, in default | $ 6,000 |
Convertible notes payable - related parties, in default, Interest rate | 6.00% |
Convertible notes payable - related parties, in default, Conversion rate | $ / shares | $ 0.0050 |
Notes Issued Jan 18, 2012 | |
Convertible notes payable - related parties, in default, Maturity date | Jul. 18, 2012 |
Convertible notes payable - related parties, in default | $ 50,000 |
Convertible notes payable - related parties, in default, Interest rate | 8.00% |
Convertible notes payable - related parties, in default, Conversion rate | $ / shares | $ 0.0040 |
Notes Issued Jul 26, 2013 | |
Convertible notes payable - related parties, in default, Maturity date | Jan. 26, 2014 |
Convertible notes payable - related parties, in default | $ 10,000 |
Convertible notes payable - related parties, in default, Interest rate | 6.00% |
Convertible notes payable - related parties, in default, Conversion rate | $ / shares | $ 0.0100 |
Notes Issued Jan 17, 2014 | |
Convertible notes payable - related parties, in default, Maturity date | Jul. 17, 2014 |
Convertible notes payable - related parties, in default | $ 31,500 |
Convertible notes payable - related parties, in default, Interest rate | 6.00% |
Convertible notes payable - related parties, in default, Conversion rate | $ / shares | $ 0.0060 |
Notes Issued May 27, 2014 | |
Convertible notes payable - related parties, in default, Maturity date | Nov. 27, 2014 |
Convertible notes payable - related parties, in default | $ 7,000 |
Convertible notes payable - related parties, in default, Interest rate | 6.00% |
Convertible notes payable - related parties, in default, Conversion rate | $ / shares | $ 0.0070 |
Notes Issued Jul 21, 2014 | |
Convertible notes payable - related parties, in default, Maturity date | Jan. 25, 2015 |
Convertible notes payable - related parties, in default | $ 17,000 |
Convertible notes payable - related parties, in default, Interest rate | 6.00% |
Convertible notes payable - related parties, in default, Conversion rate | $ / shares | $ 0.0080 |
Notes Issued Oct 16, 2014 | |
Convertible notes payable - related parties, in default, Maturity date | Oct. 22, 2014 |
Convertible notes payable - related parties, in default | $ 21,000 |
Convertible notes payable - related parties, in default, Interest rate | 6.00% |
Convertible notes payable - related parties, in default, Conversion rate | $ / shares | $ 0.0045 |
Convertible Notes Payable and32
Convertible Notes Payable and Notes Payable - Notes Payable (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Notes payable, in default, Total | $ 30,000 | $ 30,000 |
Notes Payable, Total | $ 47,500 | $ 37,500 |
Notes Issued Feb 24, 2010 | ||
Notes payable, in default –related parties, Maturity date | Feb. 24, 2011 | Feb. 24, 2011 |
Notes payable, in default –related parties | $ 7,500 | $ 7,500 |
Notes payable, in default –related parties, Interest rate | 6.00% | 6.00% |
Notes Issued October 6, 2015 | ||
Notes payable, in default –related parties, Maturity date | Nov. 11, 2015 | |
Notes payable, in default –related parties | $ 10,000 | |
Notes payable, in default –related parties, Interest rate | 6.00% | |
Notes Issued Jun 23, 2011 | ||
Notes payable, in default, Maturity date | Aug. 3, 2011 | Aug. 23, 2011 |
Notes payable, in default | $ 25,000 | $ 25,000 |
Notes payable, in default, Interest rate | 6.00% | 6.00% |
Notes Issued Apr 27, 2011 | ||
Notes payable, in default, Maturity date | Apr. 27, 2012 | Apr. 27, 2012 |
Notes payable, in default | $ 5,000 | $ 5,000 |
Notes payable, in default, Interest rate | 6.00% | 6.00% |
Convertible Notes Payable and33
Convertible Notes Payable and Notes Payable - Aggregate allocation of Notes Payable (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | ||
Face value of convertible notes payable | $ 63,000 | $ 151,500 |
Beneficial conversion feature and warrants | (17,295) | (29,212) |
Carrying value | $ 45,705 | $ 122,288 |
Convertible Notes Payable and34
Convertible Notes Payable and Notes Payable - Summary of effect on earnings (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Debt Disclosure [Abstract] | |
Face value of the convertible notes payable | $ 137,000 |
Interest expense to record the convertible notes at fair value on the date of issuance | 93,479 |
Interest expense to mark to market the convertible notes | 80,597 |
Fair Value | $ 311,076 |
Convertible Notes Payable and35
Convertible Notes Payable and Notes Payable (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Total convertible notes issued | $ 109,000 | |
Interest on note payable | 6.00% | |
Interest Expense | $ 135,581 | $ 91,754 |
Accrued interest | 111,168 | |
Convertible notes payable total | 75,000 | |
Loan outstanding to related party | 2,920 | |
Derivative loss | 166,771 | |
Convertible notes payable, fair value | $ 311,076 | 761,677 |
Increase amount of interest on notes payable | 24.00% | |
Notes Issued Apr 24, 2014 | ||
Convertible notes payable total | $ 107,000 | |
Loan payable, Interest rate | 12.00% | |
Original issue discount of note payable | $ 7,000 | |
Variable conversion price | 60.00% | |
Derivative loss | $ 166,771 | |
Loss on derivative financial instrument | $ 166,771 | |
Repayment on notes | $ 20,000 | |
Conversion price | $ 52,000 | $ 35,000 |
Notes converted into shares of common stock | 22,531,030 | 9,956,709 |
Notes Issued Aug 21, 2014 | ||
Convertible notes payable total | $ 40,000 | |
Loan payable, Interest rate | 8.00% | |
Variable conversion price | 57.00% | |
Derivative loss | $ 34,971 | |
Loss on derivative financial instrument | $ 34,971 | |
Notes converted into shares of common stock | 18,601,734 | |
Notes Issued Sep 8, 2014 | ||
Convertible notes payable total | $ 53,500 | |
Loan payable, Interest rate | 12.00% | |
Original issue discount of note payable | $ 3,500 | |
Variable conversion price | 60.00% | |
Derivative loss | $ 42,080 | |
Loss on derivative financial instrument | $ 42,080 | |
Notes converted into shares of common stock | 23,900,625 | |
Notes Issued Nov 5, 2014 | ||
Convertible notes payable total | $ 53,000 | |
Loan payable, Interest rate | 8.00% | |
Variable conversion price | 65.00% | |
Derivative loss | $ 22,057 | |
Repayment on notes | $ 12,000 | |
Notes converted into shares of common stock | 15,980,220 | |
Face value of convertible note | $ 53,000 | |
Convertible notes payable, fair value | 91,047 | |
Notes Issued Dec 17, 2014 | ||
Convertible notes payable total | $ 43,000 | |
Loan payable, Interest rate | 8.00% | |
Variable conversion price | 65.00% | |
Derivative loss | $ 40,980 | |
Loss on derivative financial instrument | $ 40,980 | |
Notes converted into shares of common stock | 18,650,000 | |
Notes Issued Aug 28, 2015 | ||
Convertible notes payable total | $ 44,000 | |
Loan payable, Interest rate | 12.00% | |
Original issue discount of note payable | $ 4,000 | |
Variable conversion price | 62.00% | |
Loss on derivative financial instrument | $ 32,210 | |
Conversion price | $ 44,000 | |
Face value of convertible note | $ 100,588 | |
Market capitalization, maximum | $ 1,000,000 | |
Market capitalization, maximum conversion price | 25.00% | |
Conversion price, maximun | $ .00075 | |
Notes Issued Sept 3, 2015 | ||
Convertible notes payable total | $ 38,500 | |
Loan payable, Interest rate | 12.00% | |
Original issue discount of note payable | $ 3,500 | |
Variable conversion price | 65.00% | |
Derivative loss | $ 42,308 | |
Loss on derivative financial instrument | 29,789 | |
Face value of convertible note | 38,500 | |
Convertible notes payable, fair value | 94,262 | |
Eligible credit under note | 200,000 | |
Potential proceeds received | 180,000 | |
Notes Issued Sept 8, 2015 | ||
Convertible notes payable total | $ 27,000 | |
Loan payable, Interest rate | 8.00% | |
Variable conversion price | 65.00% | |
Derivative loss | $ 16,690 | |
Loss on derivative financial instrument | 16,690 | |
Face value of convertible note | 27,000 | |
Convertible notes payable, fair value | 58,331 | |
Notes Issued Dec 15, 2015 | ||
Convertible notes payable total | $ 27,500 | |
Loan payable, Interest rate | 12.00% | |
Original issue discount of note payable | $ 2,500 | |
Variable conversion price | 65.00% | |
Derivative loss | $ 29,789 | |
Loss on derivative financial instrument | 29,789 | |
Face value of convertible note | 27,500 | |
Convertible notes payable, fair value | 57,895 | |
CEO | ||
Loan outstanding to related party | $ 29,683 | |
Loan payable, Interest rate | 6.00% | |
CEO, Second Loan | ||
Loan outstanding to related party | $ 100 | |
Loan payable, Interest rate | 0.00% |
Material Agreements (Details Na
Material Agreements (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2015 | Dec. 31, 2015 | Nov. 30, 2015 | Oct. 31, 2015 | Aug. 31, 2015 | Apr. 30, 2015 | Dec. 31, 2014 | |
Payment of restricted common stock | 11,000,000 | ||||||
Restricted shares of common stock issued consultant for services | 1,103,448 | 2,000,000 | 2,000,000 | ||||
Restricted shares restricted for 6 months | 1,000,000 | ||||||
Restricted shares restricted for 1 year | 1,000,000 | ||||||
Payment per month for archeological services | $ 3,500 | ||||||
Payment per month in restricted stock | 5,000 | ||||||
Ongoing agreement, payment per month for archeological consulting services | 3,500 | ||||||
Ongoing consulting agreement for business advisory services payment per month | 5,000 | ||||||
Payment per month to related party LLC | 3,000 | ||||||
Owed to related party LLC | 47,200 | ||||||
Outstanding debt related to transfer agency services | 27,287 | ||||||
Payments for transfer agent fees | 5,451 | ||||||
Outstanding debt related to legal fees | $ 62,936 | $ 27,287 | |||||
Shares issued to vendor for outstanding debt | 15,734,068 | ||||||
Vendor entitled to common stock, until debt is paid in full, Shares | 5,000,000 | ||||||
Agreement #1 | |||||||
Payment of restricted common stock | 6,000,000 | ||||||
Restricted shares of common stock issued consultant for services | 8,000,000 | ||||||
Agreement #2 | |||||||
Payment of restricted common stock | 6,000,000 | ||||||
Restricted shares of common stock issued consultant for services | 6,000,000 | ||||||
Advisory Council Member 1-9 | |||||||
Payment of restricted common stock | 1,000,000 | ||||||
Advisory Council Member 10 | |||||||
Payment of restricted common stock | 2,000,000 | ||||||
Consulting Agreement #1 | |||||||
Restricted shares of common stock issued consultant for services | 1,500,000 | ||||||
Consulting Agreement #2 | |||||||
Restricted shares of common stock issued consultant for services | 2,000,000 | ||||||
Restricted shares restricted for 6 months | 1,000,000 | ||||||
Restricted shares restricted for 1 year | 1,000,000 | ||||||
Payment per day when travelling | $ 100 | ||||||
Quest, LLC | |||||||
Entitlement of artifact recovery | 60.00% | ||||||
Ownership | 50.00% |
Legal Proceedings (Details Narr
Legal Proceedings (Details Narrative) - USD ($) | Oct. 30, 2013 | Apr. 05, 2011 | Dec. 11, 2009 | Oct. 08, 2008 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Amount loss of the lawsuit | $ 1,041,000 | |||
Shares issued to counsel for Seafarer | 1,000,000 | |||
Compensatory damages | $ 5,080,000 | |||
Shares gifted by Micah Eldred | 34,700,000 | |||
Shares kept by Eldred | 4,140,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2015 | Apr. 30, 2015 | Mar. 31, 2015 | Feb. 28, 2015 | Jan. 31, 2015 | Dec. 31, 2015 | Oct. 31, 2015 | Oct. 06, 2015 | Aug. 30, 2015 | Jul. 30, 2015 | Jul. 14, 2015 | May. 31, 2015 | Dec. 31, 2014 | Oct. 16, 2014 | Jul. 21, 2014 | May. 27, 2014 | Jan. 17, 2014 | Jul. 26, 2013 | Jan. 19, 2013 | Jan. 18, 2012 | Feb. 24, 2010 | Jan. 25, 2010 | Jan. 09, 2009 | |
Short term loan from related party shareholder | $ 2,920 | $ 2,920 | |||||||||||||||||||||
Payment of restricted common stock | 11,000,000 | ||||||||||||||||||||||
Interest free loan | $ 2,920 | $ 2,900 | $ 2,900 | 2,900 | |||||||||||||||||||
Convertible note payable, amount | $ 10,000 | $ 9,000 | $ 9,000 | $ 21,000 | $ 17,000 | $ 7,000 | $ 31,500 | $ 10,000 | $ 15,000 | $ 50,000 | $ 7,500 | $ 6,000 | $ 10,000 | ||||||||||
Convertible note payable, interest rate per annum | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 8.00% | 6.00% | 6.00% | 10.00% | ||||||||||
Convertible note payable, common stock price per share | $ .003 | $ 0.0045 | $ 0.0045 | $ 0.008 | $ 0.007 | $ 0.006 | $ 0.01 | $ 0.004 | $ 0.004 | $ 0.005 | $ 0.015 | ||||||||||||
Promissory note payable, amount | $ 10,000 | ||||||||||||||||||||||
Promissory note payable, interest rate per annum | 6.00% | ||||||||||||||||||||||
Origination fee, shares | 500,000 | ||||||||||||||||||||||
Shares issued if note unpaid by due date | 3,000,000 | ||||||||||||||||||||||
Legal fees | 29,683 | ||||||||||||||||||||||
Payment to related party consultant per month | 3,000 | ||||||||||||||||||||||
Outstanding debt related to legal fees | $ 27,287 | $ 62,936 | $ 27,287 | ||||||||||||||||||||
Shares issued to vendor for outstanding debt | 15,734,068 | ||||||||||||||||||||||
Vendor entitled to common stock, until debt is paid in full, Shares | 5,000,000 | ||||||||||||||||||||||
Subscription agreement, shares | 1,000,000 | 350,000 | 1,000,000 | 5,000,000 | |||||||||||||||||||
Subscription agreement, price per share | $ 0.002 | $ 0.0032 | $ 0.002 | $ .0032 | |||||||||||||||||||
Subscription agreement, proceeds received | $ 2,000 | $ 1,120 | $ 2,000 | $ 16,000 | |||||||||||||||||||
Warrants issued | 1,000,000 | 1,000,000 | 5,000,000 | ||||||||||||||||||||
Warrants, exercise price | $ 0.04 | $ 0.04 | $ .005 | ||||||||||||||||||||
Paid to related party consultant | $ 47,200 | ||||||||||||||||||||||
Transfer agency fees | $ 5,451 | ||||||||||||||||||||||
Agreement #1 | |||||||||||||||||||||||
Payment of restricted common stock | 6,000,000 | ||||||||||||||||||||||
Interest free loan | $ 100 | ||||||||||||||||||||||
Due to CEO, interest rate | 6.00% | 6.00% | |||||||||||||||||||||
Restricted shares due to CEO if loan is unpaid | 3,000,000 | 3,000,000 | |||||||||||||||||||||
Subscription agreement, shares | 2,000,000 | ||||||||||||||||||||||
Subscription agreement, price per share | $ .002 | ||||||||||||||||||||||
Subscription agreement, proceeds received | $ 4,000 | ||||||||||||||||||||||
Warrants issued | 2,000,000 | ||||||||||||||||||||||
Warrants, exercise price | $ .005 | ||||||||||||||||||||||
Agreement #2 | |||||||||||||||||||||||
Payment of restricted common stock | 6,000,000 | ||||||||||||||||||||||
Subscription agreement, shares | 750,000 | ||||||||||||||||||||||
Subscription agreement, price per share | $ .002 | ||||||||||||||||||||||
Subscription agreement, proceeds received | $ 1,500 | ||||||||||||||||||||||
Warrants issued | 750,000 | ||||||||||||||||||||||
Warrants, exercise price | $ .01 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - shares | Mar. 26, 2016 | Jan. 26, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsequent Events [Abstract] | ||||
Common Shares Authorized | 1,750,000,000 | 1,500,000,000 | 1,200,000,000 | |
Restricted shares cancelled | 32,300,000 |