Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 26, 2020 | Jun. 30, 2019 | |
Document And Entity Information | |||
Entity Registrant Name | SEAFARER EXPLORATION CORP | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001106213 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 4,832,825,164 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filer | No | ||
Entity Shell Company | false | ||
Entity File Number | 000-29461 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Public Float | $ 43,287,769 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash | $ 618,537 | |
Prepaid expenses | 159,510 | 2,060 |
Deposits and other receivables | 750 | 750 |
Total Current Assets | 778,797 | 2,810 |
Property, plant and equipment, net | 199,695 | |
Right to use asset | 8,001 | |
Investment in P & S, Inc. | 78,000 | 78,000 |
TOTAL ASSETS | 1,064,493 | 80,810 |
Current Liabilities | ||
Bank overdraft | 2,919 | |
Accounts payable and accrued expense | 287,089 | 480,951 |
Convertible notes payable, net of discounts of $17,935 and $1,401, respectively | 33,065 | 1,599 |
Convertible notes payable, related parties, net of discounts of $57,413 and $7,588, respectively | 19,787 | 21,612 |
Convertible notes payable, in default | 328,300 | 457,300 |
Convertible notes payable, in default - related parties | 399,700 | 341,000 |
Notes payable, net of discounts of $0 and $14,9430 | 90,057 | |
Notes payable, in default | 175,000 | 152,500 |
Notes payable, in default - related parties | 18,500 | 18,500 |
Shareholder loan | 1,500 | 6,548 |
Lease liability | 8,079 | |
Total Current Liabilities | 1,271,020 | 1,572,986 |
TOTAL LIABILITIES | 1,271,020 | 1,572,986 |
Commitments and contingencies | ||
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, 2019 and December 31, 2018; Series B - 60 shares issued and outstanding at December 31, 2019 and December 31, 2018 | ||
Common stock, $0.0001 par value - 9,900,000,000 shares authorized; 4,759,442,383 and 3,518,252,964 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively | 474,863 | 350,573 |
Common stock to be issued, $0.0001 par value, 11,620,000 and 23,192,857 shares outstanding December 31, 2019 and December 31, 2018, respectively | 1,162 | 2,319 |
Additional paid-in capital | 16,581,432 | 13,109,751 |
Accumulated deficit | (17,263,984) | (14,954,819) |
TOTAL STOCKHOLDERS' DEFICIT | (206,527) | (1,492,176) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 1,064,493 | $ 80,810 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Discounts on convertible notes payable | $ 17,935 | $ 1,401 |
Discounts on convertible notes payable, related parties | 57,413 | 7,588 |
Discounts on notes payable | $ 0 | $ 14,943 |
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 | 9,900,000,000 | 9,900,000,000 |
Common stock, shares issued | 4,759,442,383 | 3,518,252,964 |
Common Stock, shares outstanding | 4,759,442,383 | 3,518,252,964 |
Common stock to be issued | 11,620,000 | 23,192,857 |
Series A | ||
Preferred stock, shares issued | 7 | 7 |
Preferred Stock, shares outstanding | 7 | 7 |
Series B | ||
Preferred stock, shares issued | 60 | 60 |
Preferred Stock, shares outstanding | 60 | 60 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue: | ||
Referral Fees income | $ 14,000 | |
Operating Expenses | ||
Consulting and contractor expenses | 1,095,266 | 747,886 |
Vessel maintenance and dockage | 154,741 | 58,309 |
Research and development | 444,002 | |
Professional fees | 108,055 | 74,340 |
General and administrative expenses | 154,985 | 60,165 |
Depreciation expense | 1,003 | 20,308 |
Rent expense | 40,929 | 34,185 |
Travel and entertainment expense | 65,890 | 54,636 |
Total operating expenses | 2,064,871 | 1,049,829 |
Net loss from operations | (2,050,871) | (1,049,829) |
Other Income (Expense): | ||
Interest expense | (214,612) | (228,855) |
Loss on extinguishment of debt | (49,682) | |
Dividend income | 6,000 | 1,500 |
Total expense, net | (258,294) | (227,355) |
Net loss | $ (2,309,165) | $ (1,277,184) |
Basic and diluted loss per share | $ 0 | $ 0 |
Basic and diluted weighted average number of shares outstanding | 4,128,643,539 | 3,103,881,581 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders' Deficit Equity - USD ($) | Preferred StockSeries A | Preferred StockSeries B | Common Stock | Common StockTo Be Issued | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, Value at Dec. 31, 2017 | $ 278,432 | $ 12,293,080 | $ (13,677,635) | $ (1,106,123) | |||
Beginning Balance, Shares at Dec. 31, 2017 | 7 | 60 | 2,784,317,155 | ||||
Common stock issued for cash, Value | $ 32,500 | $ 625 | 255,977 | 289,102 | |||
Common stock issued for cash, Shares | 325,004,949 | 6,250,000 | |||||
Stock issued to convert notes payable, Value | $ 1,676 | 17,800 | 19,476 | ||||
Stock issued to convert notes payable, Shares | 16,759,497 | ||||||
Beneficial conversion feature | 107,623 | 107,623 | |||||
Stock issued for services, Value | $ 26,755 | $ 694 | 291,651 | 319,100 | |||
Stock issued for services, Shares | 280,071,363 | 6,942,857 | |||||
Stock issued for financing cost, Value | $ 5,210 | $ 1,000 | 71,620 | 77,830 | |||
Stock issued for financing cost, Shares | 52,100,000 | 10,000,000 | |||||
Shares issued in exchange for investment in P&S, Inc. | $ 6,000 | 72,000 | 78,000 | ||||
Shares issued in exchange for investment in P&S, Inc. (in shares) | 60,000,000 | ||||||
Stock issued for charitable contributions | |||||||
Stock issued for purchase of vessel | |||||||
Net Loss | (1,277,184) | (1,277,184) | |||||
Ending Balance, Value at Dec. 31, 2018 | $ 350,573 | $ 2,319 | 13,109,751 | (14,954,819) | (1,492,176) | ||
Ending Balance, Shares at Dec. 31, 2018 | 7 | 60 | 3,518,252,964 | 23,192,857 | |||
Common stock issued for cash, Value | $ 95,360 | $ 962 | 2,070,371 | 2,166,693 | |||
Common stock issued for cash, Shares | 953,596,664 | 9,620,000 | |||||
Reclass from common stock to be issued, Value | $ 2,319 | $ (2,319) | |||||
Reclass from common stock to be issued, Shares | 23,192,857 | (23,192,857) | |||||
Stock issued to convert accrued interest on convertible notes payable, Value | $ 6,263 | 303,426 | 309,689 | ||||
Stock issued to convert accrued interest on convertible notes payable, Shares | 62,638,873 | ||||||
Stock issued to convert accounts payable, Value | $ 700 | 48,300 | 157,450 | ||||
Stock issued to convert accounts payable, Shares | 7,000,000 | ||||||
Beneficial conversion feature | 168,175 | 168,175 | |||||
Stock issued for services, Value | $ 15,148 | $ 200 | 628,709 | 644,057 | |||
Stock issued for services, Shares | 151,481,025 | 2,000,000 | |||||
Stock issued for financing cost, Value | $ 500 | 7,000 | 7,500 | ||||
Stock issued for financing cost, Shares | 5,000,000 | ||||||
Stock issued for charitable contributions | $ 600 | 48,500 | 49,100 | ||||
Stock issued for charitable contributions (in shares) | 6,000,000 | ||||||
Stock issued for purchase of vessel | $ 3,400 | 197,200 | 200,600 | ||||
Stock issued for purchase of vessel (in shares) | 34,000,000 | ||||||
Net Loss | (2,309,165) | (2,309,165) | |||||
Ending Balance, Value at Dec. 31, 2019 | $ 474,863 | $ 1,162 | $ 16,581,432 | $ (17,263,984) | $ (206,527) | ||
Ending Balance, Shares at Dec. 31, 2019 | 7 | 60 | 4,761,162,383 | 11,620,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (2,309,165) | $ (1,277,184) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 1,003 | 20,308 |
Amortization right of use asset | 14,571 | |
Amortization of beneficial conversion feature and loan fees | 117,003 | 138,557 |
Common stock issued for services | 486,607 | 319,100 |
Common stock and warrants issued for non-payment of notes payable | 63,284 | |
Common stock issued for loan fees | 7,500 | |
Common stock issued for charitable contributions | 49,100 | |
Loss on extinguishment of debt | (49,682) | |
Decrease in: | ||
Prepaid expenses and deposits | 30,167 | |
Increase (decrease) in: | ||
Accounts payable and accrued expenses | (56,796) | 201,663 |
Operating lease liabilities | (14,493) | |
Net Cash Used by Operating Activities | (1,654,988) | (504,105) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Increase (decrease) in bank overdraft | (2,919) | 2,919 |
Proceeds from the sale of common stock | 2,166,692 | 289,102 |
Proceeds from the issuance of convertible notes payable | 62,000 | 15,000 |
Payments on convertible notes payable | (10,000) | |
Proceeds from the issuance convertible notes payable, related party | 109,300 | 135,700 |
Proceeds from note payable | 101,000 | |
Payments on notes payable | (56,500) | (53,500) |
Proceeds from note payable, related parties | 26,000 | |
Payments on notes payable related party | (51,250) | |
Advances from shareholder | 8,085 | |
Payments on shareholder loan | (5,048) | (21,560) |
Net Cash Provided By Financing Activities | 2,273,525 | 441,496 |
NET INCREASE IN CASH | 618,537 | (62,609) |
CASH, BEGINNING OF PERIOD | 62,609 | |
CASH, END OF PERIOD | 618,537 | |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest expense | ||
Cash paid for income taxes | ||
Noncash operating and financing activities: | ||
Convertible debt and accrued interest converted to common stock | 309,007 | 19,476 |
Acquisition of investment; common stock shares | 78,000 | |
Operating lease liabilities and right of use asset | 22,572 | |
Beneficial conversion feature on convertible notes payable | 168,175 | 107,623 |
Stock issued for prepaid services | 157,450 | |
Stock issued for loan origination fees | 19,680 | |
Stock issued to purchase vessel | $ 200,600 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | NOTE 1 – DESCRIPTION OF BUSINESS Seafarer Exploration Corp. (the “Company”), formerly Organetix, Inc 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, recovery, and conservation of historic shipwrecks with the objective of exploring and discovering Colonial-era shipwrecks for future generations to be able to appreciate and understand. The Company’s wholly owned subsidiary Blockchain LogisTech, LLC, was formed on April 4, 2018 and began operations in 2019. Blockchain LogisTech, LLC provides customer referrals to a blockchain related software services company. Florida Division of Historical Resources Agreements/Permits The Company successfully renewed its permits for both Areas 1 and 2 for the Melbourne Beach site. The Area 2 permit was renewed on January 14, 2019 for a period of three years. The Area 1 permit was renewed on March 1, 2019 for a period of three years. Blockchain Software Services Referral Agreement and Concentration The Company’s wholly owned subsidiary Blockchain LogisTech, LLC, has a strategic partnership to provide referrals to P&S (please see Note 5 - Investment in Probability and Statistics, Inc.) and receive referral fees when the referrals lead to closed business for P&S. Blockchain LogisTech, LLC’s revenue stream is currently dependent on one customer, P&S, and as such there is significant risk due to a concentration of business with only one customer. |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 2 – GOING CONCERN These consolidated 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 and has an accumulated deficit of $17,263,984 as of December 31, 2019. During the year ended December 31, 2019, the Company used $1,654,988 in its operations and at December 31, 2019, the Company had a working capital deficit of $492,223. These factors raise substantial doubt about the Company’s 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 three months from April 3, 2020. Management’s plans include raising capital through the issuance of common stock and debt to fund operations and, eventually, the generation of revenue through its business. The Company does not expect to generate any significant revenues for the foreseeable future. The Company is in immediate need of further working capital and is seeking options, with respect to financing, in the form of debt, equity or a combination thereof. Failure to raise adequate capital and generate adequate revenues could result in the Company having to curtail or cease operations. The Company’s 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 consolidated 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 consolidated 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. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This summary of significant accounting policies of Seafarer Exploration Corp. is presented to assist in understanding the Company’s consolidated financial statements. The consolidated financial statements and notes are representations of the Company’s 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 consolidated financial statements. Principles of Consolidation The consolidated financial statements of the Company include the accounts of the Company and Blockchain LogisTech, LLC which is a wholly owned subsidiary. Intercompany accounts and transactions have been eliminated in consolidation. 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 were no cash equivalents at December 31, 2019 and 2018. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At December 19. 2019, the Company had $368,537 in excess of the FDIC insured limit. Research and Development Expenses Expenditures for research and development are expensed as incurred. The Company incurred research and development expenses of $444,002 and $0 for the years ended December 31, 2019 and 2018, respectively. Revenue Recognition Effective January 1, 2018, the Company adopted ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”) and all the related amendments. The Company elected to adopt this guidance using the modified retrospective method. The adoption of this guidance did not have a material effect on the Company’s financial position, results of operations or cash flows. The core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASC 606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under U.S. GAAP including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The Company recognizes revenue from the referrals that Blockchain LogisTech, LLC has made to a provider of software services when payment for a referral is received from the provider of software services. Earnings Per Share The Company has adopted the Financial Accounting Standards Board’s (“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 stockholders 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. The potentially dilutive common stock equivalents for the years ended December 31, 2019 and 2018 were excluded from the dilutive loss per share calculation as they would be antidilutive due to the net loss. As of December 31, 2019 and 2018, there were approximately 593,177,150 and 546,378,995 shares of common stock underlying our outstanding convertible notes payable and warrants, respectively. Fair Value of Financial Instruments The carrying amounts of financial assets and liabilities, such as cash, accounts payable, accrued expenses, convertible notes payable and payables, approximate their fair values because of the short maturity of these instruments. Property and Equipment Fixed assets are recorded at historical cost. Depreciation is computed on the straight-line method over the estimated useful lives of the respective assets. During the year ended December 31, 2019, the Company purchased a vessel with an estimated useful life of ten years. As of December 31, 2019, this is the only capital assets owned by the Company. Depreciation expense was $1,003 for the year ended December 31, 2019 and $20,308 for the year ended 2018 which is included on accompanying statements of operations. 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. 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. There were no impairment charges recorded during the years ended December 31, 2019 and 2018. Use of Estimates The process of preparing consolidated 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. Significant estimates for the years ended December 31, 2019 and 2018 include useful life of property and equipment, valuation allowances against deferred tax assets and fair value of non cash equity transactions. Segment Information During 2019, Seafarer’s wholly owned subsidiary, Blockchain LogisTech, LLC began operations, generated revenue and incurred expenses. The business of Blockchain LogisTech, LLC has no relation to the Company’s shipwreck exploration and recovery operations other than common ownership. As such the Company concluded that the operations of Blockchain LogisTech, LLC and Seafarer Exploration were separate reportable segments as of December 31, 2019 (see Note 11). Convertible Notes Payable 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. Stock Based Compensation The Company applies the fair value method of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718, “ Share Based Payment Through December 31, 2018, the Company accounted for transactions in which services were received from non-employees in exchange for equity instruments based on the fair value of the equity instruments exchanged, in accordance with ASC 505-50, “ Equity Based payments to Non-employees Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting, Fully vested and non-forfeitable shares issued prior to the services being performed are classified as prepaid expenses. Leases In February 2016, the FASB issued ASU 2016-02, Leases On January 1, 2019, the Company adopted ASU No. 2016-02, applying the package of practical expedients to leases that commenced before the effective date whereby the Company elected to not reassess the following: (i) whether any expired or existing contracts contain leases and; (ii) initial direct costs for any existing leases. For contracts entered into on or after the effective date, at the inception of a contract the Company assessed whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether it has the right to direct the use of the asset. The Company will allocate the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments. Operating lease right of use assets (“ROU”) assets represents the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company use an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is presented on the statements of operations. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)”. Under this guidance, an entity is required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. This guidance offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. This guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company applied this guidance on January 1, 2019 and it did not have a material impact on the consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting All other recent accounting pronouncements issued by the FASB, did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements. |
Operating Lease Right-Of-Use As
Operating Lease Right-Of-Use Assets and Operating Lease Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Operating Lease And Right-of-use Assets And Operating Lease Liabilities | |
Operating Lease Right-Of-Use Assets and Operating Lease Liabilities | NOTE 4 – OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES 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 20, 2017 through June 30, 2020 with base month rents of $1,252 from July 1, 2017 to June 30, 2018, $1,289 from July 1, 2018 to June 30, 2019, and $1,328 from July 1, 2019 to June 30, 2020. Under the terms of the lease there may be additional fees charged about the base monthly rental fee. Operating lease right-of-use assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value is our incremental borrowing rate, estimated to be 6%, as the interest rate implicit in most of our leases is not readily determinable. Operating lease expense is recognized on a straight-line basis over the lease term. During the years ended December 31, 2019 and 2018, the Company recorded $15,780 and $0, respectively, as operating lease expense which is included in rent expense on the statements of operations. In adopting ASC Topic 842, Leases (Topic 842), the Company has elected the ‘package of practical expedients’, which permit it not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter is not applicable to the Company. In addition, the Company elected not to apply ASC Topic 842 to arrangements with lease terms of twelve month or less. On January 1, 2019, upon adoption of ASC Topic 842, the Company recorded right-of-use assets and lease liabilities of $22,575. Right-of- use assets are summarized below: December 31, 2019 Office lease (remaining lease term of 12 months) $ 22,575 Less accumulated amortization (14,574 ) Right-of-use assets, net $ 8,001 Amortization on the right -of -use asset is included in rent expense on the statements of operations. Operating Lease liabilities are summarized below: December 31, 2019 Office lease $ 8,079 Less: current portion (8,079 ) Long term portion - Maturity of lease liabilities are as follows: Year ending 2020 $ 7,968 7,968 Plus: Present value discount 111 Lease liability $ 8,079 The Company also has an operating lease for a house located in Palm Bay, Florida that it leases on a month-to-month basis for $1,300 per month. 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 Company also pays a rental fee for a space in a park on an as needed basis. Total rent expense was $21,615 for the year ended December 31, 2019 on these rentals. Due to the short term nature of these leases, they do not fall under the scope of ASC 842. |
Investment in Probabilities and
Investment in Probabilities and Statistics, Inc. | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Investment in Probabilities and Statistics, Inc. | NOTE 5 – INVESTMENT IN PROBABILITY AND STATISTICS, INC. The Company entered into a share exchange agreement with Probability and Statistics, Inc. (“P&S”), a privately held corporation, in August of 2018. Under the terms of the share exchange agreement, the Company agreed to issue 60,000,000 shares of its restricted common stock to P&S in exchange for 10,000 common shares of P&S or a 1% interest. All shares issued by both parties under the agreement have all rights and entitlements as the common stock of every other shareholder of such share class. The investment in P&S was valued at $78,000 based on fair value of the Company’s shares issued to P&S on the date of the share exchange agreement and is being accounted for as a cost method investment. The Company received dividends from P&S during the years ended December 31, 2019 and 2018 of $6,000 and $1,500 which have been presented as dividend income on the statements of operations. The Company has an agreement with P&S to receive referral fees from P&S. Under the terms of the agreement P&S has agreed to pay a 7% referral fee to the Company when P&S receives cash flows from providing blockchain software services to entities that were referred by the Company. The agreement is ongoing and has no expiration date. .During the year ended December 31, 2019 and 2018, P&S paid Blockchain LogisTech, LLC referral fees of $14,000 and $0, respectively. P&S is currently Blockchain LogisTech, LLC 's only customer. |
Convertible Notes Payable and N
Convertible Notes Payable and Notes Payable | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable And Notes Payable | NOTE 6 – CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE Convertible Notes Payable The following table reflects the convertible notes payable as of December 31, 2019 and 2018: Issue Date Maturity Date Principal Balance Principal Balance Rate Conversion Price 2019 2018 Convertible notes payable 10/29/18 04/29/19 - $3,000 6.00% 0.00070 09/04/19 03/04/20 25,000 - 6.00% 0.00300 09/04/19 03/04/20 26,000 - 6.00% 0.00300 Face value 51,000 3,000 Less unamortized discounts 17,935 1,401 Balance convertible notes payable 33,065 1,599 Convertible notes payable - related parties 01/09/18 01/09/19 - 12,000 6.00% 0.00060 08/27/18 02/27/19 - 2,000 6.00% 0.00070 10/02/18 04/02/19 - 1,000 6.00% 0.00080 10/23/18 04/23/19 - 4,200 6.00% 0.00070 11/07/18 05/07/19 - 2,000 6.00% 0.00080 11/14/18 05/14/19 - 8,000 6.00% 0.00080 09/17/19 04/17/20 12,000 - 6.00% 0.00300 11/12/19 05/12/20 25,000 - 6.00% 0.00250 11/26/19 05/26/20 25,200 - 6.00% 0.00300 12/03/19 06/03/20 15,000 - 6.00% 0.00300 Face value 77,200 29,200 Less unamortized discounts 57,413 7,588 Balance convertible notes payable - related parties $19,787 $21,612 Convertible notes payable - in default Convertible notes payable - in default 08/28/09 11/01/09 $4,300 $4,300 10.00% 0.01500 4/7/2010 11/07/10 - 70,000 6.00% 0.00800 11/12/10 11/12/11 - 40,000 6.00% 0.00500 10/31/12 04/30/13 - 8,000 6.00% 0.00400 11/20/12 05/20/13 50,000 50,000 6.00% 0.00500 01/19/13 07/30/13 5,000 5,000 6.00% 0.00400 02/11/13 08/11/13 9,000 9,000 6.00% 0.00600 09/25/13 03/25/14 10,000 10,000 6.00% 0.01250 10/04/13 04/04/14 50,000 50,000 6.00% 0.01250 10/30/13 10/30/14 50,000 50,000 6.00% 0.01250 05/15/14 11/15/14 40,000 40,000 6.00% 0.00700 10/13/14 04/13/15 25,000 25,000 6.00% 0.00500 06/29/15 12/29/15 - 25,000 09/18/15 03/18/16 25,000 25,000 6.00% 0.00200 04/04/16 10/04/16 10,000 10,000 6.00% 0.00100 07/19/16 07/19/17 4,000 4,000 6.00% 0.00150 08/24/16 02/24/17 20,000 20,000 6.00% 0.00100 03/06/18 09/06/18 6,000 6,000 6.00% 0.00060 02/06/18 11/07/18 6,000 6,000 6.00% 0.00060 10/29/18 04/29/19 3,000 - 6.00% 0.00070 01/03/19 07/03/19 1,000 - 6.00% 0.00100 03/16/19 09/16/19 10,000 - 6.00% 0.00100 Balance convertible notes payable - in default $328,300 $457,300 Convertible notes payable - related parties, in default 01/09/09 01/09/10 $10,000 $10,000 10.00% 0.01500 01/25/10 01/25/11 6,000 6,000 6.00% 0.00500 01/18/12 07/18/12 50,000 50,000 8.00% 0.00400 01/19/13 07/30/13 15,000 15,000 6.00% 0.00400 07/26/13 01/26/14 10,000 10,000 6.00% 0.01000 01/17/14 07/17/14 31,500 31,500 6.00% 0.00600 05/27/14 11/27/14 7,000 7,000 6.00% 0.00700 07/21/14 01/25/15 17,000 17,000 6.00% 0.00800 10/16/14 04/16/15 21,000 21,000 6.00% 0.00450 07/14/15 01/14/16 9,000 9,000 6.00% 0.00300 01/12/16 07/12/16 5,000 5,000 6.00% 0.00200 05/10/16 11/10/16 5,000 5,000 6.00% 0.00050 05/10/16 11/10/16 5,000 5,000 6.00% 0.00050 05/20/16 11/20/16 5,000 5,000 6.00% 0.00050 07/12/16 01/12/17 2,400 2,400 6.00% 0.00060 01/26/17 03/12/17 5,000 5,000 6.00% 0.00050 02/14/17 08/14/17 25,000 25,000 6.00% 0.00075 08/16/17 09/16/17 3,000 3,000 6.00% 0.00080 03/14/18 05/14/18 25,000 25,000 6.00% 0.00070 04/04/18 06/04/18 3,000 3,000 6.00% 0.00070 04/11/18 06/11/18 25,000 25,000 6.00% 0.00070 05/08/18 07/08/18 25,000 25,000 6.00% 0.00070 05/30/18 08/30/18 25,000 25,000 6.00% 0.00070 06/12/18 09/12/18 3,000 3,000 6.00% 0.00070 06/20/18 09/12/18 500 500 6.00% 0.00070 01/09/18 01/09/19 12,000 - 6.00% 0.00060 08/27/18 02/27/19 2,000 - 6.00% 0.00070 10/02/18 04/02/19 1,000 - 6.00% 0.00080 10/23/18 04/23/19 4,200 - 6.00% 0.00070 11/07/18 05/07/19 2,000 - 6.00% 0.00080 11/14/18 05/14/19 8,000 - 6.00% 0.00080 01/08/19 07/08/19 7,000 - 6.00% 0.00080 04/25/19 12/23/19 20,000 - 6.00% 0.00400 06/07/19 12/07/19 5,100 - 6.00% 0.00300 Balance convertible notes payable - relatd parties, in default $399,700 $338,400 Notes Payable The following table reflects the notes payable as of December 31, 2019 and 2018: Issue Date Maturity Date 2019 2018 Rate Principal Balance Principal Balance Notes payable 11/29/17 11/29/19 - $105,000 2.06% Face value notes payable - 105,000 Less unamortized discounts - 14,943 Balance notes payable - 90,057 Notes payable - in default 04/27/11 04/27/12 5,000 5,000 6.00% 06/23/11 08/23/11 - 25,000 6.00% 12/14/17 12/14/18 65,000 75,000 6.00% 03/07/18 04/15/18 - 25,000 6.00% 04/20/18 05/04/18 - 21,500 6.00% 08/21/18 09/21/18 - 1,000 6.00% 11/29/17 11/29/19 105,000 - 2.06% Balance notes payable - default $175,000 $152,500 Notes payable - related parties, in default 02/24/10 02/24/11 $7,500 $7,500 6.00% 10/06/15 11/15/15 10,000 10,000 6.00% 02/08/18 04/09/18 1,000 1,000 6.00% Balance notes payable - related parties, in default $18,500 $18,500 The convertible notes payable are convertible into a fixed number of shares and with no down round protection features. The Company accounted for the beneficial conversion features based on the intrinsic value at the date of issuance. During the year ended December 31, 2019 and 2018, the Company recognized beneficial conversion features totaling $168,175 and $107,623, respectively. The discount from the beneficial conversion features are being amortized through charges to interest expense over the term of the convertible notes payable. For the year ended December 31, 2019 and 2018, the Company recorded interest expense related to the amortization of debt discounts in the amount of approximately $101,000 and $139,000 which is included in interest expense on the consolidated statements of operations. Notes Payable and Convertible Notes Payable Issued in 2019 During the year ended December 31, 2019 the Company entered into the following Convertible Notes Payable and Notes Payable Agreements: In January of 2019, the Company entered into a convertible promissory note agreement in the amount of $1,000 with an individual. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before July 3, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.001 per share. This note is currently in default due to non payment of principal and interest. In January of 2019, the Company entered into a convertible promissory note agreement in the amount of $7,000 with a related party. This note pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before July 8, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.008 per share. This note is currently in default due to non payment of principal and interest. In March of 2019, the Company entered into a convertible promissory note agreement in the amount of $10,000 with an individual. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before September 16, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0010 per share. This note is currently in default due to non payment of principal and interest. In April of 2019, the Company entered into a convertible promissory note agreement in the amount of $20,000 with a related party. This note pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before October 23, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.004 per share. This note is currently in default due to non payment of principal and interest. In June of 2019, the Company entered into a convertible promissory note agreement in the amount of $5,100 with a related party. This note pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before December 7, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.003 per share. This note is currently in default due to non payment of principal and interest. In September of 2019, the Company entered into a convertible promissory note agreement in the amount of $25,000 with an individual. This loan pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before March 4, 2020. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.003 per share. This note is currently in default due to non payment of principal and interest. In September of 2019, the Company entered into a convertible promissory note agreement in the amount of $26,000 with an individual. This loan pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before March 4, 2020. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.003 per share. This note is currently in default due to non payment of principal and interest. In September of 2019, the Company entered into a convertible promissory note agreement in the amount of $12,000 with a related party. This note pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before April 17, 2020. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.003 per share. In November of 2019, the Company entered into a convertible promissory note agreement in the amount of $25,000 with a related party. This note pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before May 12, 2020. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0025 per share. In November of 2019, the Company entered into a convertible promissory note agreement in the amount of $25,200 with a related party. This note pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before May 26, 2020. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0030 per share. In December of 2019, the Company entered into a convertible promissory note agreement in the amount of $15,000 with a related party. This note pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before June 3, 2020. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0030 per share. Convertible Notes Payable and Notes Payable Issued in 2018 During the year ended December 31, 2018, the Company entered into the following Convertible Notes Payable and Notes Payable Agreements: In January of 2018, the Company entered into a convertible promissory note agreement in the amount of $12,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before January 9, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0006 per share. In January of 2018, the Company entered into a promissory note agreement in the amount of $25,000 with a related party. This note pays interest at a rate of 6% per annum and the principal and accrued interest were due on or before March 2, 2018. The related party lender received 2,000,000 shares of the Company’s restricted common stock as a loan origination fee. The Company agreed that if the note was not repaid in full by March 2, 2018 then the interest rate on the note would increase to 10% after that date until the note is paid in full and the Company would be obligated to pay an additional 1,000,000 shares of the Company restricted common stock to the related party lender. This note was repaid and the balance owed at December 31, 2018 was $0. In February of 2018, the Company entered into a convertible promissory note agreement in the amount of $6,000 with an individual. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before November 7, 2018. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0006 per share. This note is currently in default due to non payment of principal and interest. In February of 2018, the Company entered into a promissory note agreement in the amount of $1,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This note pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before April 9, 2018. This note was repaid and the balance owed at December 31, 2018 was $0. In March of 2018, the Company entered into a convertible promissory note agreement in the amount of $6,000 with an individual. This note pays interest at a rate of 6% per annum and the principal and accrued interest is due on or before September 6, 2018. The lender received 500,000 shares of the Company’s restricted common stock as a loan origination fee. The note is unsecured. This note is currently in default due to non payment of principal and interest. In March of 2018, the Company entered into a promissory note agreement in the amount of $25,000 with an individual. This note pays interest at a rate of 6% per annum and the principal and accrued interest were due on or before April 15, 2018. The lender received 5,000,000 shares of the Company’s restricted common stock as a loan origination fee. This note is currently in default due to non payment of principal and interest. The note is unsecured. In March of 2018, the Company entered into a convertible promissory note agreement in the amount of $25,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This note pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before May14, 2018. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0007 per share. This note is currently in default due to non payment of principal and interest. In April of 2018, the Company entered into a convertible promissory note agreement in the amount of $3,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before June 4, 2018. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0007 per share. This note is currently in default due to non payment of principal and interest. In April of 2018, the Company entered into a convertible promissory note agreement in the amount of $25,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before June 11, 2018. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0007 per share. This note is currently in default due to non payment of principal and interest. In April of 2018, the Company entered into a promissory note agreement in the amount of $25,000 with an individual. This note pays interest at a rate of 6% per annum and the principal and accrued interest were due on or before May 15, 2018. The lender received 4,000,000 shares of the Company’s restricted common stock as a loan origination fee and a $1,250 financing fee. This note was repaid and the balance owed at December 31, 2018 was $0. In April of 2018, the Company entered into a promissory note agreement in the amount of $40,000 with an individual. This note pays interest at a rate of 6% per annum and the principal and accrued interest were due on or before May 4, 2018. The lender received 4,000,000 shares of the Company’s restricted common stock as a loan origination fee. This note is currently in default due to non payment of principal and interest. The note is unsecured. The Company repaid principal balance of $18,500 and the principal balance owed was $21,500 at December 31, 2018. In May of 2018, the Company entered into a convertible promissory note agreement in the amount of $25,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before August 30, 2018. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0007 per share. This note is currently in default due to non payment of principal and interest. In May of 2018, the Company entered into a convertible promissory note agreement in the amount of $25,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before July 8, 2018. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0007 per share. This note is currently in default due to non payment of principal and interest. In June of 2018, the Company entered into a convertible promissory note agreement in the amount of $3,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before September 12, 2018. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0007 per share. This note is currently in default due to non payment of principal and interest. In June of 2018, the Company entered into a convertible promissory note agreement in the amount of $500 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before September 12, 2018. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0007 per share. This note is currently in default due to non payment of principal and interest. In August of 2018, the Company entered into a promissory note agreement in the amount of $1,000 with an individual. This note pays interest at a rate of 6% per annum and the principal and accrued interest were due on or before September 21, 2018. The lender received 100,000 shares of the Company’s restricted common stock as a loan origination fee. This note is currently in default due to non payment of principal and interest. The note is unsecured. In August of 2018, the Company entered into a convertible promissory note agreement in the amount of $2,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before February 27, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0007 per share. This note is currently in default due to non payment of principal and interest. In October of 2018, the Company entered into a promissory note agreement in the amount of $10,000 with an individual. This note pays interest at a rate of 1% per annum and the principal and accrued interest were due on or before October 9, 2018. The lender received 500,000 shares of the Company’s restricted common stock as a loan origination fee. This note was repaid and the balance owed at December 31, 2018 was $0. This note is currently in default due to non payment of principal and interest. In October of 2018, the Company entered into a convertible promissory note agreement in the amount of $1,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before April 2, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0008 per share. This note is currently in default due to non payment of principal and interest. In October of 2018, the Company entered into a convertible promissory note agreement in the amount of $4,200 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before April 23, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0008 per share. This note is currently in default due to non payment of principal and interest. In October of 2018, the Company entered into a convertible promissory note agreement in the amount of $3,000 with an individual. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before April 29, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0006 per share. This note is currently in default due to non payment of principal and interest. In November of 2018, the Company entered into a convertible promissory note agreement in the amount of $2,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before May 7, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0008 per share. This note is currently in default due to non payment of principal and interest. In November of 2018, the Company entered into a convertible promissory note agreement in the amount of $8,000 with an individual who is related to the Company’s CEO. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before May 7, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0008 per share. This note is currently in default due to non payment of principal and interest. Note Conversions During the year ended December 31, 2019 the Company issued 62,638,873 shares of common stock to settle $309,689 of principle and accrued interest owed on various convertible notes payable and one note payable.Due to the extinguishment of a note payable with common stock a loss in the amount of $5,274 was recognized upon settlement. During the year ended December 31, 2018, two different lenders converted their outstanding principal and accrued interest into shares of the Company’s common stock. Upon these conversions, the Company issued an aggregate of 16,759,497 for $18,546 of principal balance and $930 of accrued interest. Shareholder Loans At December 31, 2019 the Company had a loan outstanding to its CEO in the amount of $1,500. The loan has a 2% annual rate of interest and an option to convert the loan into restricted shares of the Company’s common stock at $0.0005. At December 31, 2018, the Company had eight loans outstanding to its CEO totaling $6,548, consisting of a loan in the amount of $468 with a 6% annual rate of interest, a loan in the amount of $1,500 at 2% rate of interest and an option to convert the loan into restricted shares of the Company’s common stock at $0.0005, and the remaining six loans of $4,580 at 1% rate of 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 complete loss of capital. The convertible notes that have been issued by the Company are convertible at the lender’s option. These convertible notes represent significant potential dilution to the Company’s current shareholders as the convertible price of these notes is generally lower than the current market price of the Company’s shares. As such when these notes are converted into shares of the Company’s common stock there is typically a highly dilutive effect on current shareholders and very possible that such dilution may significantly negatively affect the trading price of the Company’s common stock. |
Stockholders' Deficit
Stockholders' Deficit | 12 Months Ended |
Dec. 31, 2019 | |
Capital Stock | |
Stockholders' Deficit | NOTE 7 – STOCKHOLDERS’ DEFICIT The Company’s total authorized capital stock consists of 9,900,000,000 shares of common stock, $0.0001 par value per share. Preferred Stock The Company is authorized to issue 50,000,000 shares of preferred stock. Series A Preferred Stock At December 31, 2019 and December 31, 2018, 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 Company’s common stock. In the event of a liquidation, Series A have preference. 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 resolution’s 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. Common Stock Issuances During the years ended December 31, 2019 and 2018, the Company issued the following shares of common stock: 2019 2018 Common shares issued for cash 953,596,664 325,004,949 Common stock issued to convert notes payable and accrued interest 62,638,873 16,759,497 Stock issued to convert accounts payable 7,000,000 - Common stock issued for services 151,481,025 280,071,363 Common stock issued for financing costs 5,000,000 52,100,000 Investment purchased with stock - 60,000,000 Stock issued for charitable contributions 6,000,000 - Purchase of vessel 34,000,000 - Shares reclassed from common stock to be issued 23,192,857 - Total 1,242,909,419 733,935,809 Common Stock Issuances During the year ended December 31, 2019, the Company issued or is to issue the following shares of restricted common stock: - 953,596,664 shares for total proceeds of $2,166,692. As of December 31, 2019, 9,620,000 shares of restricted common stock remain to be issued. - 62,638,873 shares to settle $309,689 of principle and accrued interest owed on various convertible notes payable and one note payable . - 7,000,000 shares to settle an account payable in the amount of $7,000. This resulted in a loss on extinguishment of approximately $42,000 which is included in the loss on extinguishment of debt on the statements of operations. - 151,481,025 shares for services provided by consultants, contractors, advisory members, board members, and other service providers. As of December 31, 2019, 2,000,000 shares of restricted common stock remain to be issued. The Company determined the fair value of the shares issued using the stock price on date of grant or issuance. Compensation expense is recognized as the services are provided to the Company. For the year ended December 31, 2019, we incurred $486,607 of compensation expense for stock issued for services and have prepaid expenses of $159,510 at December 31, 2019 for stock issued prior to services being performed. - 5,000,000 shares to one of our convertible note payable lenders as a penalty for failure to repay the convertible note when due. The fair value of these shares was determined to be $7,500 based on the market price of the stock on date issued in accordance with the convertible note payable agreement which is included in interest expense on the statements of operations. - 6,000,000 shares valued at $49,100 issued as charitable contributions to four separate charities. The Company determined the fair value of the shares issued using the stock price on date of issuance. - 34,000,000 shares valued at $200,600 for the purchase of a vessel. The Company determined the fair value of the shares issued for the vessel using the stock price on the date of issuance. - 23,192,857 shares to be issued. During the year ended December 31, 2018, the Company issued or is to issue the following shares of restricted common stock: 331,254,949 shares for total proceeds of $289,102. At December 31, 2018, 6,250,000 shares of restricted common stock were to be issued. 16,759,497 shares to settle $19,476 of principle and accrued interest owed on various convertible notes payable 287,014,220 shares for services provided by consultants, contractors, advisory members, board members, and other service providers. At December 31, 2018, 6,942,857 shares were to be issued. The Company determined the fair value of the shares issued using the stock price on date of grant or issuance. Compensation expense is recognized as the services are provided to the Company. For the year ended December 31, 2018, we incurred $319,11 of compensation expense for stock issued for services. 62,100,000 shares to various convertible notes payable lenders as an issuance cost and as a penalty for failure to repay the convertible note when due. At December 31, 2018, 10,000,000 shares of were to be issued. The fair value of these shares was determined to be $77,830 based on the market price of the stock on date issued which is included in interest expense on the statements of operations. 60,000,000 shares valued at $78,000 for the purchase of a 1% equity interest in P&S (see Note 5). The Company determined the fair value of the shares issued using the stock price on the date of issuance. 23,192,857 shares to be issued. Warrants and Options The Company did not issue any warrants or options during the years ended December 31, 2019 and 2018. During the year ended December 31, 2019, 25,000,000 warrants expired. During the year ended December 31, 2018, 112,333,333 warrants expired. At December 31, 2019 the Company had warrants to purchase a total of 8,000,000 shares of its restricted common stock outstanding. The following table shows the warrants outstanding at December 31, 2019: Number of Shares Term 2019 Exercise Price 11/10/12 to 11/20/22 4,000,000 0.0050 09/18/15 to 09/18/20 4,000,000 0.0030 09/10/17 to 09/10/19 - 0.0250 09/10/17 to 09/10/19 - 0.0250 8,000,000 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 8 – INCOME TAXES On December 22, 2017, the United States signed into law the Tax Cuts and Jobs Act (the “Act”), a tax reform bill which, among other items, reduces the current federal income tax rate to 21% from 34%. The rate reduction is effective January 1, 2018, and is permanent. At December 31, 2019 and 2018, the Company had available Federal and state net operating loss carry forwards (“NOLs”) to reduce future taxable income. The amounts available were approximately $16,900,000 and $14,600,000 for Federal purposes. The potential tax benefit arising from the NOLs of approximately $14,600,000 from the period prior to the Act’s effective date will begin to expire in 2033. The potential tax benefit arising from the net operating loss carryforward of approximately $2,300,000 generated from the period following the Act’s effective date can be carried forward indefinitely within the annual usage limitations. Given the Company’s 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, 2019 and 2018, the Company did not have a liability for unrecognized tax benefits. The Company’s policy is to record interest and penalties on uncertain tax provisions as income tax expense. As of December 31, 2019 and 2018, the Company has not accrued interest or penalties related to uncertain tax positions. Additionally, tax years 2016 through 2019 remain open to examination by the major taxing jurisdictions to which the Company is subject. The Company is preparing and reviewing information for tax returns for past years. Due to the Company’s 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 For the Year Ended Ended December 31, 2019 December 31, 2018 Income tax at federal statutory rate (21.00 )% (21.00) % State tax, net of federal effect (3.96 )% (3.96) % (23.96 )% (23.96) % Valuation allowance 23.96 % 23.96 % 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, 2019 and 2018, the Company’s only significant deferred income tax asset was a cumulative estimated net tax operating loss of approximately $16,900,000and $14,600,000, 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, 2019 and 2018. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Commitments | |
Commitments | NOTE 9 – COMMITMENTS AND CONTINGENCIES Agreement to Explore a Shipwreck Site Located off of Brevard County, Florida In March of 2014, Seafarer entered into a partnership and ownership with Marine Archaeology Partners, LLC, with the formation of Seafarer’s 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. Seafarer is handling the operations on behalf of Seafarer’s Quest, there has been no significant financial activity in Seafarer’s Quest. Certain Other Agreements See Note 4 Operating Lease Right-of-Use Assets and Operating Lease Liabilities |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions | NOTE 10 – RELATED PARTY TRANSACTIONS During the years ended December 31, 2019 and 2018 the Company has had extensive dealings with related parties: In January of 2018, the Company entered into a convertible promissory note agreement in the amount of $12,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest is due on or before January 9, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0006 per share. In January of 2018, the Company repaid $26,250 of principal and $505 of accrued interest to a related party lender in order to satisfy a convertible promissory note. At December 31, 2018 the principal balance of the note was $0. In January of 2018, the Company entered into a promissory note agreement in the amount of $25,000 with a related party. This note pays interest at a rate of 6% per annum and the principal and accrued interest were due on or before March 2, 2018. The related party lender received 2,000,000 shares of the Company’s restricted common stock as a loan origination fee. The Company agreed that if the note was not repaid in full by March 2, 2018 then the interest rate on the note would increase to 10% after that date until the note is paid in full and the Company would be obligated to pay an additional 1,000,000 shares of the Company restricted common stock to the related party lender. This note was repaid and the balance owed at December 31, 2018 was $0. In February of 2018, the Company entered into a promissory note agreement in the amount of $1,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This note pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before April 9, 2018. This note is currently in default due to non payment of principal and interest. The note is unsecured. In March of 2018, the Company’s CEO provided a loan to the Company in the amount of $500. The loan pays interest at the rate of 1% per annum. The loan was due on or before April 6, 2018. This loan is currently in default due to non payment of principal and interest. In March of 2018, the Company entered into a convertible promissory note agreement in the amount of $25,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This note pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before May 14, 2018. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0007 per share. This note is currently in default due to non payment of principal and interest. In April of 2018, the Company entered into a convertible promissory note agreement in the amount of $3,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before June 4, 2018. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0007 per share. This note is currently in default due to non payment of principal and interest. In April of 2018, the Company extended the term of a previous agreement with two individuals who are related to the Company’s CEO to continue serving as members of the Company’s Board of Directors. Under the agreement, the Directors 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 Company’s 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 Directors. Under the terms of the agreement, the Company agreed to compensate the individuals via payment of 23,000,000 restricted shares of its common stock each, a total of 46,000,000 shares, and to negotiate future compensation on a year-by-year basis. The Company also agreed to reimburse the individuals for preapproved expenses. In April of 2018, the Company’s CEO provided a loan to the Company in the amount of $400. The loan pays interest at the rate of 1% per annum. The loan was due on or before May 4, 2018. In April of 2018, the Company entered into a convertible promissory note agreement in the amount of $25,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before June 11, 2018. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0007 per share. This note is currently in default due to non payment of principal and interest. In April of 2018, the Company entered into a promissory note agreement in the amount of $25,000 with an individual. This note pays interest at a rate of 6% per annum and the principal and accrued interest were due on or before May 15, 2018. The lender received 4,000,000 shares of the Company’s restricted common stock as a loan origination fee and a $1,250 financing fee. This note was repaid and the balance owed at December 31, 2018 was $0. In April of 2018, the Company entered into a promissory note agreement in the amount of $25,000 with an individual. This note pays interest at a rate of 6% per annum and the principal and accrued interest were due on or before May 4, 2018. The lender received 4,000,000 shares of the Company’s restricted common stock as a loan origination fee. This note is currently in default due to non payment of principal and interest. The note is unsecured. In April of 2018, the Company repaid $25,000 of principal and $479 of accrued interest to a related party lender in order to satisfy a convertible promissory note. At December 31, 2018 the principal balance of the note was $0. In May of 2018, the Company entered into a convertible promissory note agreement in the amount of $25,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before July 8, 2018. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0007 per share. This note is currently in default due to non payment of principal and interest. In May of 2018, the Company repaid $440 in principal plus $3 in accrued interest to its CEO in order to repay a loan the CEO had previously provided to the Company. The loan balance at December 31, 2018 was $0. In May of 2018, the Company repaid $500 in principal plus $4 in accrued interest to its CEO in order to repay a loan the CEO had previously provided to the Company. The loan balance at December 31, 2018 was $0. In May of 2018, the Company’s CEO provided a loan to the Company in the amount of $4,000. The loan pays interest at the rate of 1% per annum. This loan was repaid and the balance owed at December 31, 2018 was $0. In May of 2018, the Company repaid $400 in principal plus $1 in accrued interest to its CEO in order to repay a loan the CEO had previously provided to the Company. The loan balance at December 31, 2018 was $0. In May of 2018, the Company entered into a convertible promissory note agreement in the amount of $25,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before August, 2018. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0007 per share. This note is currently in default due to non payment of principal and interest. In June of 2018, the Company entered into a convertible promissory note agreement in the amount of $3,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before September 12, 2018. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0007 per share. In June of 2018, the Company’s CEO provided a loan to the Company in the amount of $200. The loan pays interest at the rate of 1% per annum. The loan was due on or before July 14, 2018. In June of 2018, the Company entered into a convertible promissory note agreement in the amount of $500 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before September 20, 2018. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0007 per share. In July of 2018, the Company’s CEO provided a loan to the Company in the amount of $800. The loan pays interest at the rate of 1% per annum. The loan was due on or before August 11, 2018. This loan is currently in default due to non payment of principal and interest. In July of 2018, the Company’s CEO provided a loan to the Company in the amount of $480. The loan pays interest at the rate of 1% per annum. The loan was due on or before August 19, 2018. This loan is currently in default due to non payment of principal and interest. In August of 2018, the Company entered into a convertible promissory note agreement in the amount of $2,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before February 27, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0007 per share. In September of 2018, the Company’s CEO provided a loan to the Company in the amount of $600. The loan pays interest at the rate of 1% per annum. The loan was due on or before October 10, 2018. This loan is currently in default due to non payment of principal and interest. In October of 2018, the Company’s CEO provided a loan to the Company in the amount of $200. The loan pays interest at the rate of 1% per annum. The loan was due on or before November, 2018. This loan is currently in default due to non payment of principal and interest. In October of 2018, the Company entered into a convertible promissory note agreement in the amount of $1,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before April 2, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0008 per share. This note is currently in default due to non payment of principal and interest. In October of 2018, the Company entered into a convertible promissory note agreement in the amount of $4,200 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before April 23, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0008 per share. In November of 2018, the Company’s CEO provided a loan to the Company in the amount of $150. The loan pays interest at the rate of 0% per annum. The loan had no maturity date and was repaid prior to December 31, 2018. In November of 2018, the Company entered into a convertible promissory note agreement in the amount of $2,000 with an individual who is both related to the Company’s CEO and a member of the Company’s Board of Directors. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before May 7, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0008 per share. In November of 2018, the Company entered into a convertible promissory note agreement in the amount of $8,000 with an individual who is related to the Company’s CEO. This loan pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before May 7, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0008 per share. On various dates during the year ended December 31, 2018 the Company repaid its CEO a total of $21,560 principal and accrued interest for various outstanding loans. In January of 2019, the Company extended the term of previous agreements with four individuals to continue serving as members of the Company’s Board of Directors. Two of the individuals are related to the Company’s CEO. Under the agreement, the Directors 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 Company’s 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 previous agreement also terminates automatically upon the death, resignation or removal of the Directors. Under the terms of the agreement, the Company agreed to compensate two of the individuals via payment of 22,000,000 restricted shares of its common stock each, and two of the individuals via payment of 3,666,667 shares of the Company’s restricted common stock, an aggregate total of 51,333,334 shares, and to negotiate future compensation on a year-by-year basis. The Company also agreed to reimburse the individuals for preapproved expenses. In January of 2019, the Company entered into a convertible promissory note agreement in the amount of $7,000 with a person who is related to the Company’s CEO. This note pays interest at a rate of 6% per annum and the principal and accrued interest were due on or before July 8, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.008 per share. This note is currently in default due to non payment of principal and interest upon maturity. In April of 2019, the Company entered into a convertible promissory note agreement in the amount of $20,000 with a person who is related to the Company’s CEO. This note pays interest at a rate of 6% per annum and the principal and accrued interest were due on or before October 23, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.004 per share. This note is currently in default due to non payment of principal and interest upon maturity. In June of 2019, the Company entered into a convertible promissory note agreement in the amount of $5,100 with a person who is related to the Company’s CEO. This note pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before December 7, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.003 per share. This note is currently in default due to non payment of principal and interest upon maturity. In August of 2019 the Company issued 5,000,000 shares of its restricted common stock with a market value of $34,500 to a person who is related to the Company’s CEO for providing various services to the Company that had he had previously not been compensated for due to the Company lacking sufficient financing to pay for the services. The services included logo and business card designs, website content and press release creation and editing, creation and art design of marketing materials, assistance with website revisions and other creative and design services. The estimated value of the services was $52,000. In November of 2019, the Company entered into a convertible promissory note agreement in the amount of $25,000 with a related party. This note pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before May 12, 2020. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0025 per share. In November of 2019, the Company entered into a convertible promissory note agreement in the amount of $25,200 with a related party. This note pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before May 26, 2020. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0030 per share. In December of 2019, the Company extended the term of previous agreements with four individuals to continue serving as members of the Company’s Board of Directors through December 31, 2020. Two of the individuals are related to the Company’s CEO. Under the agreement, the Directors 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 Company’s 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 previous agreement also terminates automatically upon the death, resignation or removal of the Directors. Under the terms of the agreement, the Company agreed to compensate all four of the directors with 4,000,000 restricted shares of its common stock each, an aggregate total of 16,000,000 shares, and to negotiate future compensation on a year-by-year basis. The Company also agreed to reimburse the individuals for preapproved expenses. In December of 2019, the Company entered into a convertible promissory note agreement in the amount of $15,000 with a related party. This note pays interest at a rate of 6% per annum and the principal and accrued interest are due on or before May 26, 2020. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0030 per share. On various dates during the year ended December 31, 2019 the Company repaid its CEO a total of $5,048 principal and accrued interest to repay various outstanding loans. The Company has an informal consulting agreement with a limited liability company that is owned and controlled by a person who is related to the Company’s CEO to pay the related party limited liability company a minimum of $3,500 per month plus periodic bonuses to provide general business consulting 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, perform period background research including background checks and provide investigative information on individuals and companies and to assist, when needed, as an administrative specialist to perform various administrative duties and clerical services including reviewing the Company’s agreements and books and records. The consultant provides the services under the direction and supervision of the Company’s CEO. During the years ended December 31, 2019 and 2018 the Company paid the related party consultant fees of $76,289 and $39,100 respectively for services rendered, these fees are recorded as an expense in consulting and contractor expenses in the accompanying statements of operations. At December 31, 2019 and 2018, the Company owed the related party limited liability company $0 and $11,150, respectively, which is included in accounts payable on the consolidated balance sheets. The Company has an ongoing agreement with a limited liability company that is owned and controlled by a person who is related to the Company’s CEO to provide stock transfer agency services. During the years ended December 31, 2019 and 2018 the Company paid the related party limited liability company fees of $17,619 and $400 respectivelyfor services rendered, these fees are recorded as an expense in consulting and contractor expenses in the accompanying statements of operations. At December 31, 2019 and 2018, the Company owed the related party limited liability company $2,978 and $4,385, respectively, which is included in accounts payable on the consolidated balance sheets. . At December 31, 2019 and 2018 the following promissory notes and convertible promissory notes were outstanding to related parties: See Note 6 convertible notes payable and notes payable - related parties and related parties in default. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 11 –SEGMENT INFORMATION During 2019, Seafarer's wholly owned subsidiary Blockchain LogisTech, LLC began operations by providing referrals to P&S (please see Note 5 - Investment in Probability and Statistics, Inc.) in exchange for referral fees for closed business. Due to Blockchain LogisTech, LLC starting operations which have no relation to the Company's shipwreck and exploration recovery business, the Company evaluated this business and its impact upon the existing corporate structure. During the year ended December 31, 2019, the Company determined that Blockchain LogisTech, LLC's and Seafarer Exploration Corp. operated has separate segments of the business. As such, the Company has presented the income (loss) from operations during the year ended December 31, 2019 incurred by the two separate segments below. substantially all of the assets held by the Company are for its shipwreck exploration and recovery business. All proceeds received from sales of common stock and issuance of convertible notes payable and notes payable are used in the shipwreck and exploration recovery business. Blockchain LogisTech, LLC’s revenue of $14,000 was 100% of the consolidated revenue of Seafarer. Segment information relating to the Company's results of continuing operations was as follows: 2019 2019 2019 Blockchain LogisTech, LLC Seafarer Exploration Corp. Consolidated Service revenues $14,000 $0 $14,000 Operating Expenses Consulting and contractor expenses 4,250 1,091,016 1,095,266 Vessel maintenance and dockage - 154,741 154,741 Research and development - 444,002 444,002 Professional fees - 108,055 108,055 General and administrative expense 995 154,993 155,988 Depreciation expense - 1,003 1,003 Rent expense - 40,929 40,929 Travel and entertainment expense 381 65,509 65,890 Total operating expenses 5,626 2,059,245 2,064,871 Net loss from operations $8,374 ($2,059,245) ($2,050,871) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 12 – SUBSEQUENT EVENTS Subsequent to December 31, 2019 the Company sold or issued shares of its common stock as follows ( unaudited): (i) sales of 21,520,000 shares of common stock, used for general corporate purposes, working capital and repayment of certain notes payable ; (ii) issuance of 7,348,366 shares of common stock for services; and (iii) issuance of 39,781,082 shares of common stock to settle $71,000 of principle and $13,086 of accrued interest of three convertible notes payable. Subsequent to December 31, 2019 the following convertible notes payable went into default: 1) A convertible note payable originally due March 4, 2020 with a face amount of $25,000; and 2) A convertible note payable originally due March 4, 2020 with a face amount of $26,000. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements of the Company include the accounts of the Company and Blockchain LogisTech, LLC which is a wholly owned subsidiary. Intercompany accounts and transactions have been eliminated in consolidation. |
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 were no cash equivalents at December 31, 2019 and 2018. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At December 19. 2019, the Company had $368,537 in excess of the FDIC insured limit. |
Research and Development Expenses | Research and Development Expenses Expenditures for research and development are expensed as incurred. The Company incurred research and development expenses of $444,002 and $0 for the years ended December 31, 2019 and 2018, respectively. |
Revenue Recognition | Revenue Recognition Effective January 1, 2018, the Company adopted ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”) and all the related amendments. The Company elected to adopt this guidance using the modified retrospective method. The adoption of this guidance did not have a material effect on the Company’s financial position, results of operations or cash flows. The core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASC 606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under U.S. GAAP including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The Company recognizes revenue from the referrals that Blockchain LogisTech, LLC has made to a provider of software services when payment for a referral is received from the provider of software services. |
Earnings Per Share | Earnings Per Share The Company has adopted the Financial Accounting Standards Board’s (“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 stockholders 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. The potentially dilutive common stock equivalents for the years ended December 31, 2019 and 2018 were excluded from the dilutive loss per share calculation as they would be antidilutive due to the net loss. As of December 31, 2019 and 2018, there were approximately 593,177,150 and 546,378,995 shares of common stock underlying our outstanding convertible notes payable and warrants, respectively. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of financial assets and liabilities, such as cash, accounts payable, accrued expenses, convertible notes payable and payables, approximate their fair values because of the short maturity of these instruments. |
Property and Equipment | Property and Equipment Fixed assets are recorded at historical cost. Depreciation is computed on the straight-line method over the estimated useful lives of the respective assets. During the year ended December 31, 2019, the Company purchased a vessel with an estimated useful life of ten years. As of December 31, 2019, this is the only capital assets owned by the Company. Depreciation expense was $1,003 for the year ended December 31, 2019 and $20,308 for the year ended 2018 which is included on the accompanying statements of operations. |
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. 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. There were no impairment charges recorded during the years ended December 31, 2019 and 2018. |
Use of Estimates | Use of Estimates The process of preparing consolidated 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. Significant estimates for the years ended December 31, 2019 and 2018 include useful life of property and equipment, valuation allowances against deferred tax assets and fair value of non cash equity transactions. |
Segment Information | Segment Information During 2019, Seafarer’s wholly owned subsidiary, Blockchain LogisTech, LLC began operations, generated revenue and incurred expenses. The business of Blockchain LogisTech, LLC has no relation to the Company’s shipwreck exploration and recovery operations other than common ownership. As such the Company concluded that the operations of Blockchain LogisTech, LLC and Seafarer Exploration were separate reportable segments as of December 31, 2019 (see Note 11). |
Convertible Notes Payable | Convertible Notes Payable 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. |
Stock Based Compensation | Stock Based Compensation The Company applies the fair value method of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718, “ Share Based Payment Through December 31, 2018, the Company accounted for transactions in which services were received from non-employees in exchange for equity instruments based on the fair value of the equity instruments exchanged, in accordance with ASC 505-50, “ Equity Based payments to Non-employees Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting, Fully vested and non-forfeitable shares issued prior to the services being performed are classified as prepaid expenses. |
Leases | Leases In February 2016, the FASB issued ASU 2016-02, Leases On January 1, 2019, the Company adopted ASU No. 2016-02, applying the package of practical expedients to leases that commenced before the effective date whereby the Company elected to not reassess the following: (i) whether any expired or existing contracts contain leases and; (ii) initial direct costs for any existing leases. For contracts entered into on or after the effective date, at the inception of a contract the Company assessed whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether it has the right to direct the use of the asset. The Company will allocate the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments. Operating lease right of use assets (“ROU”) assets represents the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company use an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is presented on the statements of operations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)”. Under this guidance, an entity is required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. This guidance offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. This guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company applied this guidance on January 1, 2019 and it did not have a material impact on the consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting All other recent accounting pronouncements issued by the FASB, did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements. |
Operating Lease Right-Of-Use _2
Operating Lease Right-Of-Use Assets and Operating Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Operating Lease And Right-of-use Assets And Operating Lease Liabilities | |
Schedule of right-of- use assets | Right-of- use assets are summarized below: December 31, 2019 Office lease (remaining lease term of 12 months) $ 22,575 Less accumulated amortization (14,574 ) Right-of-use assets, net $ 8,001 |
Schedule of operating lease liabilities | Operating Lease liabilities are summarized below: December 31, 2019 Office lease $ 8,079 Less: current portion (8,079 ) Long term portion - |
Maturity of lease liabilities | Maturity of lease liabilities are as follows: Year ending 2020 $ 7,968 7,968 Plus: Present value discount 111 Lease liability $ 8,079 |
Convertible Notes Payable and_2
Convertible Notes Payable and Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Notes Payable | The following table reflects the convertible notes payable as of December 31, 2019 and 2018: Issue Date Maturity Date Principal Balance Principal Balance Rate Conversion Price 2019 2018 Convertible notes payable 10/29/18 04/29/19 - $3,000 6.00% 0.00070 09/04/19 03/04/20 25,000 - 6.00% 0.00300 09/04/19 03/04/20 26,000 - 6.00% 0.00300 Face value 51,000 3,000 Less unamortized discounts 17,935 1,401 Balance convertible notes payable 33,065 1,599 Convertible notes payable - related parties 01/09/18 01/09/19 - 12,000 6.00% 0.00060 08/27/18 02/27/19 - 2,000 6.00% 0.00070 10/02/18 04/02/19 - 1,000 6.00% 0.00080 10/23/18 04/23/19 - 4,200 6.00% 0.00070 11/07/18 05/07/19 - 2,000 6.00% 0.00080 11/14/18 05/14/19 - 8,000 6.00% 0.00080 09/17/19 04/17/20 12,000 - 6.00% 0.00300 11/12/19 05/12/20 25,000 - 6.00% 0.00250 11/26/19 05/26/20 25,200 - 6.00% 0.00300 12/03/19 06/03/20 15,000 - 6.00% 0.00300 Face value 77,200 29,200 Less unamortized discounts 57,413 7,588 Balance convertible notes payable - related parties $19,787 $21,612 Convertible notes payable - in default Convertible notes payable - in default 08/28/09 11/01/09 $4,300 $4,300 10.00% 0.01500 4/7/2010 11/07/10 - 70,000 6.00% 0.00800 11/12/10 11/12/11 - 40,000 6.00% 0.00500 10/31/12 04/30/13 - 8,000 6.00% 0.00400 11/20/12 05/20/13 50,000 50,000 6.00% 0.00500 01/19/13 07/30/13 5,000 5,000 6.00% 0.00400 02/11/13 08/11/13 9,000 9,000 6.00% 0.00600 09/25/13 03/25/14 10,000 10,000 6.00% 0.01250 10/04/13 04/04/14 50,000 50,000 6.00% 0.01250 10/30/13 10/30/14 50,000 50,000 6.00% 0.01250 05/15/14 11/15/14 40,000 40,000 6.00% 0.00700 10/13/14 04/13/15 25,000 25,000 6.00% 0.00500 06/29/15 12/29/15 - 25,000 09/18/15 03/18/16 25,000 25,000 6.00% 0.00200 04/04/16 10/04/16 10,000 10,000 6.00% 0.00100 07/19/16 07/19/17 4,000 4,000 6.00% 0.00150 08/24/16 02/24/17 20,000 20,000 6.00% 0.00100 03/06/18 09/06/18 6,000 6,000 6.00% 0.00060 02/06/18 11/07/18 6,000 6,000 6.00% 0.00060 10/29/18 04/29/19 3,000 - 6.00% 0.00070 01/03/19 07/03/19 1,000 - 6.00% 0.00100 03/16/19 09/16/19 10,000 - 6.00% 0.00100 Balance convertible notes payable - in default $328,300 $457,300 Convertible notes payable - related parties, in default 01/09/09 01/09/10 $10,000 $10,000 10.00% 0.01500 01/25/10 01/25/11 6,000 6,000 6.00% 0.00500 01/18/12 07/18/12 50,000 50,000 8.00% 0.00400 01/19/13 07/30/13 15,000 15,000 6.00% 0.00400 07/26/13 01/26/14 10,000 10,000 6.00% 0.01000 01/17/14 07/17/14 31,500 31,500 6.00% 0.00600 05/27/14 11/27/14 7,000 7,000 6.00% 0.00700 07/21/14 01/25/15 17,000 17,000 6.00% 0.00800 10/16/14 04/16/15 21,000 21,000 6.00% 0.00450 07/14/15 01/14/16 9,000 9,000 6.00% 0.00300 01/12/16 07/12/16 5,000 5,000 6.00% 0.00200 05/10/16 11/10/16 5,000 5,000 6.00% 0.00050 05/10/16 11/10/16 5,000 5,000 6.00% 0.00050 05/20/16 11/20/16 5,000 5,000 6.00% 0.00050 07/12/16 01/12/17 2,400 2,400 6.00% 0.00060 01/26/17 03/12/17 5,000 5,000 6.00% 0.00050 02/14/17 08/14/17 25,000 25,000 6.00% 0.00075 08/16/17 09/16/17 3,000 3,000 6.00% 0.00080 03/14/18 05/14/18 25,000 25,000 6.00% 0.00070 04/04/18 06/04/18 3,000 3,000 6.00% 0.00070 04/11/18 06/11/18 25,000 25,000 6.00% 0.00070 05/08/18 07/08/18 25,000 25,000 6.00% 0.00070 05/30/18 08/30/18 25,000 25,000 6.00% 0.00070 06/12/18 09/12/18 3,000 3,000 6.00% 0.00070 06/20/18 09/12/18 500 500 6.00% 0.00070 01/09/18 01/09/19 12,000 - 6.00% 0.00060 08/27/18 02/27/19 2,000 - 6.00% 0.00070 10/02/18 04/02/19 1,000 - 6.00% 0.00080 10/23/18 04/23/19 4,200 - 6.00% 0.00070 11/07/18 05/07/19 2,000 - 6.00% 0.00080 11/14/18 05/14/19 8,000 - 6.00% 0.00080 01/08/19 07/08/19 7,000 - 6.00% 0.00080 04/25/19 12/23/19 20,000 - 6.00% 0.00400 06/07/19 12/07/19 5,100 - 6.00% 0.00300 Balance convertible notes payable - relatd parties, in default $399,700 $338,400 |
Schedule of Notes Payable | The following table reflects the notes payable as of December 31, 2019 and 2018: Issue Date Maturity Date 2019 2018 Rate Principal Balance Principal Balance Notes payable 11/29/17 11/29/19 - $105,000 2.06% Face value notes payable - 105,000 Less unamortized discounts - 14,943 Balance notes payable - 90,057 Notes payable - in default 04/27/11 04/27/12 5,000 5,000 6.00% 06/23/11 08/23/11 - 25,000 6.00% 12/14/17 12/14/18 65,000 75,000 6.00% 03/07/18 04/15/18 - 25,000 6.00% 04/20/18 05/04/18 - 21,500 6.00% 08/21/18 09/21/18 - 1,000 6.00% 11/29/17 11/29/19 105,000 - 2.06% Balance notes payable - default $175,000 $152,500 Notes payable - related parties, in default 02/24/10 02/24/11 $7,500 $7,500 6.00% 10/06/15 11/15/15 10,000 10,000 6.00% 02/08/18 04/09/18 1,000 1,000 6.00% Balance notes payable - related parties, in default $18,500 $18,500 |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Capital Stock | |
Common Stock Issuances | During the years ended December 31, 2019 and 2018, the Company issued the following shares of common stock: 2019 2018 Common shares issued for cash 953,596,664 325,004,949 Common stock issued to convert notes payable and accrued interest 62,638,873 16,759,497 Stock issued to convert accounts payable 7,000,000 - Common stock issued for services 151,481,025 280,071,363 Common stock issued for financing costs 5,000,000 52,100,000 Investment purchased with stock - 60,000,000 Stock issued for charitable contributions 6,000,000 - Purchase of vessel 34,000,000 - Shares reclassed from common stock to be issued 23,192,857 - Total 1,242,909,419 733,935,809 |
Warrants and Options | The following table shows the warrants outstanding at December 31, 2019 : Number of Shares Term 2019 Exercise Price 11/10/12 to 11/20/22 4,000,000 0.0050 09/18/15 to 09/18/20 4,000,000 0.0030 09/10/17 to 09/10/19 - 0.0250 09/10/17 to 09/10/19 - 0.0250 8,000,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Income Taxes Tables Abstract | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 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 For the Year Ended Ended December 31, 2019 December 31, 2018 Income tax at federal statutory rate (21.00 )% (21.00) % State tax, net of federal effect (3.96 )% (3.96) % (23.96 )% (23.96) % Valuation allowance 23.96 % 23.96 % Effective rate 0.00 % 0.00 % |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Segment Information Tables Abstract | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment information relating to the Company's results of continuing operations was as follows: 2019 2019 2019 Blockchain LogisTech, LLC Seafarer Exploration Corp. Consolidated Service revenues $14,000 $0 $14,000 Operating Expenses Consulting and contractor expenses 4,250 1,091,016 1,095,266 Vessel maintenance and dockage - 154,741 154,741 Research and development - 444,002 444,002 Professional fees - 108,055 108,055 General and administrative expense 995 154,993 155,988 Depreciation expense - 1,003 1,003 Rent expense - 40,929 40,929 Travel and entertainment expense 381 65,509 65,890 Total operating expenses 5,626 2,059,245 2,064,871 Net loss from operations $8,374 ($2,059,245) ($2,050,871) |
Going Concern (Details Narrativ
Going Concern (Details Narrative) | Dec. 31, 2019USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Working capital deficit | $ 492,223 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Outstanding convertible note payable | 593,177,150 | |
Outstanding warrants | 546,378,995 | |
Cash Equivalents | $ 0 | |
Research and development | 444,002 | |
Depreciation Expense | $ 1,003 | $ 20,308 |
Operating Lease Right-Of-Use _3
Operating Lease Right-Of-Use Assets and Operating Lease Liabilities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Lease And Right-of-use Assets And Operating Lease Liabilities | ||
Office lease (remaining lease term of 12 months) | $ 22,575 | |
Less accumulated amortization | (14,574) | |
Right-of-use assets, net | $ 8,001 |
Operating Lease Right-Of-Use _4
Operating Lease Right-Of-Use Assets and Operating Lease Liabilities (Details 2) | Dec. 31, 2019USD ($) |
Operating Lease And Right-of-use Assets And Operating Lease Liabilities | |
Office lease | $ 8,079 |
Less: current portion | (8,079) |
Long term portion | $ 0 |
Operating Lease Right-Of-Use _5
Operating Lease Right-Of-Use Assets and Operating Lease Liabilities (Details 3) | Dec. 31, 2019USD ($) |
Operating Lease And Right-of-use Assets And Operating Lease Liabilities | |
Year ending 2020 | $ 7,968 |
Year ending 2020 | 7,968 |
Plus: Present value discount | 111 |
Lease liability | $ 8,079 |
Operating Lease Right-Of-Use _6
Operating Lease Right-Of-Use Assets and Operating Lease Liabilities (Details 4) - USD ($) | 12 Months Ended | ||||
Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Accounting Policies [Abstract] | |||||
Base monthly rent | $ 1,328 | $ 40,929 | $ 1,289 | $ 34,185 | $ 1,252 |
Operating lease expense | $ 15,780 | $ 0 |
Convertible Notes Payable and_3
Convertible Notes Payable and Notes Payable (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Convertible notes payable | $ 33,065 | $ 1,599 |
Less: Unamortized discounts, Convertible Notes - Related Parties | 57,413 | 7,588 |
Convertible Notes Payable - Related Parties | 19,787 | 21,612 |
Convertible Notes Payable [Member] | ||
Convertible notes payable, Face Value | 51,000 | 3,000 |
Less: Unamortized discounts, Convertible Notes | 17,935 | 1,401 |
Convertible notes payable | $ 33,065 | $ 1,599 |
Convertible Notes Payable [Member] | October 29, 2018 | ||
Convertible notes payble, Maturity Date | Apr. 29, 2019 | |
Convertible notes payable, Face Value | $ 3,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00070 | |
Convertible Notes Payable [Member] | September 4, 2019 | ||
Convertible notes payble, Maturity Date | Mar. 4, 2020 | |
Convertible notes payable, Face Value | $ 25,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00300 | |
Convertible Notes Payable [Member] | September 4, 2019 | ||
Convertible notes payble, Maturity Date | Mar. 4, 2020 | |
Convertible notes payable, Face Value | $ 26,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00300 | |
Convertible Notes Payable - Related Parties [Member] | ||
Convertible notes payable, Face Value | $ 77,200 | $ 29,200 |
Less: Unamortized discounts, Convertible Notes - Related Parties | 57,413 | 7,588 |
Convertible Notes Payable - Related Parties | $ 19,787 | $ 21,612 |
Convertible Notes Payable - Related Parties [Member] | January 09, 2016 | ||
Convertible notes payble, Maturity Date | Jan. 9, 2019 | |
Convertible notes payable, Face Value | $ 12,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00060 | |
Convertible Notes Payable - Related Parties [Member] | August 27, 2018 | ||
Convertible notes payble, Maturity Date | Feb. 27, 2019 | |
Convertible notes payable, Face Value | $ 2,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00070 | |
Convertible Notes Payable - Related Parties [Member] | October 02, 2018 | ||
Convertible notes payble, Maturity Date | Apr. 2, 2019 | |
Convertible notes payable, Face Value | $ 1,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00080 | |
Convertible Notes Payable - Related Parties [Member] | October 23, 2018 | ||
Convertible notes payble, Maturity Date | Apr. 23, 2019 | |
Convertible notes payable, Face Value | $ 4,200 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00070 | |
Convertible Notes Payable - Related Parties [Member] | November 07, 2018 | ||
Convertible notes payble, Maturity Date | May 7, 2019 | |
Convertible notes payable, Face Value | $ 2,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00080 | |
Convertible Notes Payable - Related Parties [Member] | November 14, 2018 | ||
Convertible notes payble, Maturity Date | May 14, 2019 | |
Convertible notes payable, Face Value | $ 8,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00080 | |
Convertible Notes Payable - Related Parties [Member] | September 17, 2019 | ||
Convertible notes payble, Maturity Date | Apr. 17, 2020 | |
Convertible notes payable, Face Value | $ 12,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00300 | |
Convertible Notes Payable - Related Parties [Member] | November 12, 2019 | ||
Convertible notes payble, Maturity Date | May 12, 2020 | |
Convertible notes payable, Face Value | $ 25,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00250 | |
Convertible Notes Payable - Related Parties [Member] | November 26, 2019 | ||
Convertible notes payble, Maturity Date | May 26, 2020 | |
Convertible notes payable, Face Value | $ 25,200 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00300 | |
Convertible Notes Payable - Related Parties [Member] | December 03, 2019 | ||
Convertible notes payble, Maturity Date | Jun. 3, 2020 | |
Convertible notes payable, Face Value | $ 15,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00300 | |
Convertible Notes Payable - In Default[Member] | ||
Convertible notes payable, Face Value | $ 328,300 | $ 457,300 |
Convertible Notes Payable - In Default[Member] | October 29, 2018 | ||
Convertible notes payble, Maturity Date | Apr. 29, 2019 | |
Convertible notes payable, Face Value | $ 3,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00070 | |
Convertible Notes Payable - In Default[Member] | August 28, 2009 | ||
Convertible notes payble, Maturity Date | Nov. 1, 2009 | |
Convertible notes payable, Face Value | $ 4,300 | $ 4,300 |
Convertible notes payeble Rate | 10.00% | 10.00% |
Convertible notes payable, Conversion Price | $ 0.01500 | $ 0.01500 |
Convertible Notes Payable - In Default[Member] | April 07, 2010 | ||
Convertible notes payble, Maturity Date | Nov. 7, 2010 | |
Convertible notes payable, Face Value | $ 70,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00800 | |
Convertible Notes Payable - In Default[Member] | November 12, 2010 | ||
Convertible notes payble, Maturity Date | Nov. 12, 2011 | |
Convertible notes payable, Face Value | $ 40,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00500 | |
Convertible Notes Payable - In Default[Member] | October 31, 2012 | ||
Convertible notes payble, Maturity Date | Apr. 30, 2013 | |
Convertible notes payable, Face Value | $ 8,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00400 | |
Convertible Notes Payable - In Default[Member] | November 20, 2012 | ||
Convertible notes payble, Maturity Date | May 20, 2013 | |
Convertible notes payable, Face Value | $ 50,000 | $ 50,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00500 | $ 0.00500 |
Convertible Notes Payable - In Default[Member] | January 19, 2013 | ||
Convertible notes payble, Maturity Date | Jul. 30, 2013 | |
Convertible notes payable, Face Value | $ 5,000 | $ 5,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00400 | $ 0.00400 |
Convertible Notes Payable - In Default[Member] | February 11, 2013 | ||
Convertible notes payble, Maturity Date | Aug. 11, 2013 | |
Convertible notes payable, Face Value | $ 9,000 | $ 9,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00600 | $ 0.00600 |
Convertible Notes Payable - In Default[Member] | September 25, 2013 | ||
Convertible notes payble, Maturity Date | Mar. 25, 2014 | |
Convertible notes payable, Face Value | $ 10,000 | $ 10,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.01250 | $ 0.01250 |
Convertible Notes Payable - In Default[Member] | October 04, 2013 | ||
Convertible notes payble, Maturity Date | Apr. 4, 2014 | |
Convertible notes payable, Face Value | $ 50,000 | $ 50,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.01250 | $ 0.01250 |
Convertible Notes Payable - In Default[Member] | October 30, 2013 | ||
Convertible notes payble, Maturity Date | Oct. 30, 2014 | |
Convertible notes payable, Face Value | $ 50,000 | $ 50,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.01250 | $ 0.01250 |
Convertible Notes Payable - In Default[Member] | May 15, 2014 | ||
Convertible notes payble, Maturity Date | Nov. 15, 2014 | |
Convertible notes payable, Face Value | $ 40,000 | $ 40,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00700 | $ 0.00700 |
Convertible Notes Payable - In Default[Member] | October 13, 2014 | ||
Convertible notes payble, Maturity Date | Apr. 13, 2015 | |
Convertible notes payable, Face Value | $ 25,000 | $ 25,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00500 | $ 0.00500 |
Convertible Notes Payable - In Default[Member] | June 29, 2015 | ||
Convertible notes payble, Maturity Date | Dec. 29, 2015 | |
Convertible notes payable, Face Value | $ 25,000 | |
Convertible Notes Payable - In Default[Member] | September 18, 2015 | ||
Convertible notes payble, Maturity Date | Mar. 18, 2016 | |
Convertible notes payable, Face Value | $ 25,000 | $ 25,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00200 | $ 0.00200 |
Convertible Notes Payable - In Default[Member] | April 04, 2016 | ||
Convertible notes payble, Maturity Date | Oct. 4, 2016 | |
Convertible notes payable, Face Value | $ 10,000 | $ 10,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00100 | $ 0.00100 |
Convertible Notes Payable - In Default[Member] | July 19, 2016 | ||
Convertible notes payble, Maturity Date | Jul. 19, 2017 | |
Convertible notes payable, Face Value | $ 4,000 | $ 4,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00150 | $ 0.00150 |
Convertible Notes Payable - In Default[Member] | August 24, 2016 | ||
Convertible notes payble, Maturity Date | Feb. 24, 2017 | |
Convertible notes payable, Face Value | $ 20,000 | $ 20,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00100 | $ 0.00100 |
Convertible Notes Payable - In Default[Member] | March 06, 2018 | ||
Convertible notes payble, Maturity Date | Sep. 6, 2018 | |
Convertible notes payable, Face Value | $ 6,000 | $ 6,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00060 | $ 0.00060 |
Convertible Notes Payable - In Default[Member] | Februrary 06, 2018 | ||
Convertible notes payble, Maturity Date | Nov. 7, 2018 | |
Convertible notes payable, Face Value | $ 6,000 | $ 6,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00060 | $ 0.00060 |
Convertible Notes Payable - In Default[Member] | January 03, 2019 | ||
Convertible notes payble, Maturity Date | Jul. 3, 2019 | |
Convertible notes payable, Face Value | $ 1,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00100 | |
Convertible Notes Payable - In Default[Member] | March 16, 2019 | ||
Convertible notes payble, Maturity Date | Sep. 16, 2019 | |
Convertible notes payable, Face Value | $ 10,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00100 | |
Convertible Notes Payable - Related Parties, in Default[Member] | ||
Convertible notes payable, Face Value | $ 399,700 | 338,400 |
Convertible Notes Payable - Related Parties, in Default[Member] | January 09, 2016 | ||
Convertible notes payble, Maturity Date | Jan. 9, 2019 | |
Convertible notes payable, Face Value | $ 12,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00060 | |
Convertible Notes Payable - Related Parties, in Default[Member] | August 27, 2018 | ||
Convertible notes payble, Maturity Date | Feb. 27, 2019 | |
Convertible notes payable, Face Value | $ 2,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00070 | |
Convertible Notes Payable - Related Parties, in Default[Member] | October 02, 2018 | ||
Convertible notes payble, Maturity Date | Apr. 2, 2019 | |
Convertible notes payable, Face Value | $ 1,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00080 | |
Convertible Notes Payable - Related Parties, in Default[Member] | October 23, 2018 | ||
Convertible notes payble, Maturity Date | Apr. 23, 2019 | |
Convertible notes payable, Face Value | $ 4,200 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00070 | |
Convertible Notes Payable - Related Parties, in Default[Member] | November 07, 2018 | ||
Convertible notes payble, Maturity Date | May 7, 2019 | |
Convertible notes payable, Face Value | $ 2,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00080 | |
Convertible Notes Payable - Related Parties, in Default[Member] | November 14, 2018 | ||
Convertible notes payble, Maturity Date | May 14, 2019 | |
Convertible notes payable, Face Value | $ 8,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00080 | |
Convertible Notes Payable - Related Parties, in Default[Member] | January 19, 2013 | ||
Convertible notes payble, Maturity Date | Jul. 30, 2013 | |
Convertible notes payable, Face Value | $ 15,000 | $ 15,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00400 | $ 0.00400 |
Convertible Notes Payable - Related Parties, in Default[Member] | January 09, 2009 | ||
Convertible notes payble, Maturity Date | Jan. 9, 2010 | |
Convertible notes payable, Face Value | $ 10,000 | $ 10,000 |
Convertible notes payeble Rate | 10.00% | 10.00% |
Convertible notes payable, Conversion Price | $ 0.01500 | $ 0.01500 |
Convertible Notes Payable - Related Parties, in Default[Member] | January 25, 2010 | ||
Convertible notes payble, Maturity Date | Jan. 25, 2011 | |
Convertible notes payable, Face Value | $ 6,000 | $ 6,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00500 | $ 0.00500 |
Convertible Notes Payable - Related Parties, in Default[Member] | January 18, 2012 | ||
Convertible notes payble, Maturity Date | Jul. 18, 2012 | |
Convertible notes payable, Face Value | $ 50,000 | $ 50,000 |
Convertible notes payeble Rate | 8.00% | 8.00% |
Convertible notes payable, Conversion Price | $ 0.00400 | $ 0.00400 |
Convertible Notes Payable - Related Parties, in Default[Member] | July 26, 2016 | ||
Convertible notes payble, Maturity Date | Jan. 26, 2014 | |
Convertible notes payable, Face Value | $ 10,000 | $ 10,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.01000 | $ 0.01000 |
Convertible Notes Payable - Related Parties, in Default[Member] | January 17, 2014 | ||
Convertible notes payble, Maturity Date | Jul. 17, 2014 | |
Convertible notes payable, Face Value | $ 31,500 | $ 31,500 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00600 | $ 0.00600 |
Convertible Notes Payable - Related Parties, in Default[Member] | May 27, 2014 | ||
Convertible notes payble, Maturity Date | Nov. 27, 2014 | |
Convertible notes payable, Face Value | $ 7,000 | $ 7,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00700 | $ 0.00700 |
Convertible Notes Payable - Related Parties, in Default[Member] | July 21, 2014 | ||
Convertible notes payble, Maturity Date | Jan. 25, 2015 | |
Convertible notes payable, Face Value | $ 17,000 | $ 17,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00800 | $ 0.00800 |
Convertible Notes Payable - Related Parties, in Default[Member] | October 16, 2014 | ||
Convertible notes payble, Maturity Date | Apr. 16, 2015 | |
Convertible notes payable, Face Value | $ 21,000 | $ 21,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00450 | $ 0.00450 |
Convertible Notes Payable - Related Parties, in Default[Member] | July 14, 2015 | ||
Convertible notes payble, Maturity Date | Jan. 14, 2016 | |
Convertible notes payable, Face Value | $ 9,000 | $ 9,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00300 | $ 0.00300 |
Convertible Notes Payable - Related Parties, in Default[Member] | January 12, 2016 | ||
Convertible notes payble, Maturity Date | Jul. 12, 2016 | |
Convertible notes payable, Face Value | $ 5,000 | $ 5,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00200 | $ 0.00200 |
Convertible Notes Payable - Related Parties, in Default[Member] | May 10, 2016 | ||
Convertible notes payble, Maturity Date | Nov. 10, 2016 | |
Convertible notes payable, Face Value | $ 5,000 | $ 5,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00050 | $ 0.00050 |
Convertible Notes Payable - Related Parties, in Default[Member] | May 10, 2016 | ||
Convertible notes payble, Maturity Date | Nov. 10, 2016 | |
Convertible notes payable, Face Value | $ 5,000 | $ 5,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00050 | $ 0.00050 |
Convertible Notes Payable - Related Parties, in Default[Member] | May 20, 2016 | ||
Convertible notes payble, Maturity Date | Nov. 20, 2016 | |
Convertible notes payable, Face Value | $ 5,000 | $ 5,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00050 | $ 0.00050 |
Convertible Notes Payable - Related Parties, in Default[Member] | July 12, 2016 | ||
Convertible notes payble, Maturity Date | Jan. 12, 2017 | |
Convertible notes payable, Face Value | $ 2,400 | $ 2,400 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00060 | $ 0.00060 |
Convertible Notes Payable - Related Parties, in Default[Member] | January 26, 2017 | ||
Convertible notes payble, Maturity Date | Mar. 12, 2017 | |
Convertible notes payable, Face Value | $ 5,000 | $ 5,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00050 | $ 0.00050 |
Convertible Notes Payable - Related Parties, in Default[Member] | Februrary 14, 2017 | ||
Convertible notes payble, Maturity Date | Aug. 14, 2017 | |
Convertible notes payable, Face Value | $ 25,000 | $ 25,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00075 | $ 0.00075 |
Convertible Notes Payable - Related Parties, in Default[Member] | August 16, 2017 | ||
Convertible notes payble, Maturity Date | Sep. 16, 2017 | |
Convertible notes payable, Face Value | $ 3,000 | $ 3,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00080 | $ 0.00080 |
Convertible Notes Payable - Related Parties, in Default[Member] | March 14, 2018 | ||
Convertible notes payble, Maturity Date | May 14, 2018 | |
Convertible notes payable, Face Value | $ 25,000 | $ 25,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00070 | $ 0.00070 |
Convertible Notes Payable - Related Parties, in Default[Member] | April 04, 2018 | ||
Convertible notes payble, Maturity Date | Jun. 4, 2018 | |
Convertible notes payable, Face Value | $ 3,000 | $ 3,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00070 | $ 0.00070 |
Convertible Notes Payable - Related Parties, in Default[Member] | April 11, 2018 | ||
Convertible notes payble, Maturity Date | Jun. 11, 2018 | |
Convertible notes payable, Face Value | $ 25,000 | $ 25,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00070 | $ 0.00070 |
Convertible Notes Payable - Related Parties, in Default[Member] | May 05, 2018 | ||
Convertible notes payble, Maturity Date | Jul. 8, 2018 | |
Convertible notes payable, Face Value | $ 25,000 | $ 25,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00070 | $ 0.00070 |
Convertible Notes Payable - Related Parties, in Default[Member] | May 30, 2018 | ||
Convertible notes payble, Maturity Date | Aug. 30, 2018 | |
Convertible notes payable, Face Value | $ 25,000 | $ 25,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00070 | $ 0.00070 |
Convertible Notes Payable - Related Parties, in Default[Member] | June 12, 2018 | ||
Convertible notes payble, Maturity Date | Sep. 12, 2018 | |
Convertible notes payable, Face Value | $ 3,000 | $ 3,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00070 | $ 0.00070 |
Convertible Notes Payable - Related Parties, in Default[Member] | June 20, 2018 | ||
Convertible notes payble, Maturity Date | Sep. 12, 2018 | |
Convertible notes payable, Face Value | $ 500 | $ 500 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.00070 | $ 0.00070 |
Convertible Notes Payable - Related Parties, in Default[Member] | January 08, 2019 | ||
Convertible notes payble, Maturity Date | Jul. 8, 2019 | |
Convertible notes payable, Face Value | $ 7,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00080 | |
Convertible Notes Payable - Related Parties, in Default[Member] | April 25, 2019 | ||
Convertible notes payble, Maturity Date | Dec. 23, 2019 | |
Convertible notes payable, Face Value | $ 20,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00400 | |
Convertible Notes Payable - Related Parties, in Default[Member] | June 07, 2019 | ||
Convertible notes payble, Maturity Date | Dec. 7, 2019 | |
Convertible notes payable, Face Value | $ 5,100 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00300 |
Convertible Notes Payable and_4
Convertible Notes Payable and Notes Payable (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Less: Unamortized discount, Notes Payable | $ 0 | $ 14,943 |
Notes Payable [Member] | ||
Notes payable, Face Value | $ 105,000 | |
Notes payable, Rate | 1494300.00% | |
Less: Unamortized discount, Notes Payable | $ 90,057 | |
Notes Payable [Member] | November 29, 2017 | ||
Notes payble, Maturity Date | Nov. 29, 2019 | |
Notes payable, Face Value | $ 105,000 | |
Notes payable, Rate | 2.06% | |
Notes Payable, Default [Member] | ||
Notes payable, Face Value | $ 175,000 | $ 152,500 |
Notes Payable, Default [Member] | November 29, 2017 | ||
Notes payble, Maturity Date | Nov. 29, 2019 | |
Notes payable, Face Value | $ 105,000 | |
Notes payable, Rate | 2.06% | |
Notes Payable, Default [Member] | April 27, 2011 | ||
Notes payble, Maturity Date | Apr. 27, 2012 | |
Notes payable, Face Value | $ 5,000 | $ 5,000 |
Notes payable, Rate | 6.00% | 6.00% |
Notes Payable, Default [Member] | June 23, 2011 | ||
Notes payble, Maturity Date | Aug. 23, 2011 | |
Notes payable, Face Value | $ 25,000 | |
Notes payable, Rate | 6.00% | |
Notes Payable, Default [Member] | December 14, 2017 | ||
Notes payble, Maturity Date | Dec. 14, 2018 | |
Notes payable, Face Value | $ 65,000 | $ 75,000 |
Notes payable, Rate | 6.00% | 6.00% |
Notes Payable, Default [Member] | March 07, 2018 | ||
Notes payble, Maturity Date | Apr. 15, 2018 | |
Notes payable, Face Value | $ 25,000 | |
Notes payable, Rate | 6.00% | |
Notes Payable, Default [Member] | April 20, 2018 | ||
Notes payble, Maturity Date | May 4, 2018 | |
Notes payable, Face Value | $ 21,500 | |
Notes payable, Rate | 6.00% | |
Notes Payable, Default [Member] | August 21, 2018 | ||
Notes payble, Maturity Date | Sep. 21, 2018 | |
Notes payable, Face Value | $ 1,000 | |
Notes payable, Rate | 6.00% | |
Notes Payable, Related Parties in Default [Member] | ||
Notes payable, Face Value | $ 18,500 | $ 18,500 |
Notes Payable, Related Parties in Default [Member] | Feburary 24, 2010 | ||
Notes payble, Maturity Date | Feb. 24, 2011 | |
Notes payable, Face Value | $ 7,500 | $ 7,500 |
Notes payable, Rate | 6.00% | 6.00% |
Notes Payable, Related Parties in Default [Member] | June 06, 2015 | ||
Notes payble, Maturity Date | Nov. 15, 2015 | |
Notes payable, Face Value | $ 10,000 | $ 10,000 |
Notes payable, Rate | 6.00% | 6.00% |
Notes Payable, Related Parties in Default [Member] | Februrary 08, 2018 | ||
Notes payble, Maturity Date | Apr. 9, 2018 | |
Notes payable, Face Value | $ 1,000 | $ 1,000 |
Notes payable, Rate | 6.00% | 6.00% |
Stockholders' Deficit (Details
Stockholders' Deficit (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Feb. 10, 2014 | |
Common stock, shares authorized | 9,900,000,000 | 9,900,000,000 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Authorized preferred shares | 50,000,000 | 50,000,000 | |
Preferred stock, shares issued | 67 | 67 | |
Preferred Stock, shares outstanding | 67 | 67 | |
Warrants outstanding | $ 33,000,000 | ||
Proceeds from common stock issued | $ 2,166,693 | $ 289,102 | |
Series A | |||
Preferred stock, shares issued | 7 | 7 | |
Preferred Stock, shares outstanding | 7 | 7 | |
Convertible shares terms | Each share of Series A preferred stock has the right to convert into 214,289 shares of the Company’s common stock. | Each share of Series A preferred stock has the right to convert into 214,289 shares of the Company’s common stock. | |
Series B | |||
Authorized preferred shares | 50,000,000 | ||
Preferred stock, shares issued | 60 | 60 | |
Preferred Stock, shares outstanding | 60 | 60 | |
Convertible shares terms | 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. |
Stockholders' Deficit (Details)
Stockholders' Deficit (Details) | Dec. 31, 2019$ / sharesshares |
Warrants issued | 8,000,000 |
November 10, 2012 to November 20, 2022 | |
Warrants issued | 4,000,000 |
Warrants, Exercise Price | $ / shares | $ 0.0050 |
September 18, 2015 to September 18, 2020 | |
Warrants issued | 4,000,000 |
Warrants, Exercise Price | $ / shares | $ 0.0030 |
September 10, 2017 to September 10, 2019 | |
Warrants issued | |
Warrants, Exercise Price | $ / shares | $ 0.0250 |
September 10, 2017 to September 10, 2019 (2) | |
Warrants issued | |
Warrants, Exercise Price | $ / shares | $ 0.0250 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Income Taxes Abstract | ||
Income tax at federal statutory rate, as a percentage | 21.00% | 21.00% |
State tax, net of federal effect, as a percent | 3.96% | 3.96% |
Valuation allowance, as a percent | 23.96% | 23.96% |
Effective rate as a percent | 0.00% | 0.00% |
Federal and state net operating loss carry forwards | $ 16,900,000 | $ 14,600,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Dec. 31, 2019 | Oct. 31, 2019 | Oct. 30, 2019 | Jun. 30, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Nov. 30, 2018 | Oct. 31, 2018 | Sep. 30, 2018 | Aug. 31, 2018 | Jul. 31, 2018 | Jul. 30, 2018 | Jun. 30, 2018 | May 31, 2018 | May 30, 2018 | Apr. 30, 2018 | Mar. 31, 2018 | Jan. 31, 2018 |
Convertible Promissory Note #2 | ||||||||||||||||||
Convertible note payable, amount | $ 15,000 | $ 25,000 | $ 25,200 | $ 5,100 | $ 20,000 | $ 7,000 | $ 8,000 | $ 4,200 | $ 25,000 | $ 25,000 | ||||||||
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% | 6.00% | ||||||||
Convertible note payable, common stock price per share | $ 0.0030 | $ 0.0025 | $ 0.0030 | $ .003 | $ 0.004 | $ 0.008 | $ 0.0008 | $ 0.0008 | $ 0.0007 | $ 0.0007 | ||||||||
Loan repaid | $ 1,340 | |||||||||||||||||
Accrued interest paid | $ 8 | |||||||||||||||||
Convertible Promissory Note | ||||||||||||||||||
Convertible note payable, amount | $ 2,000 | $ 1,000 | $ 2,000 | $ 25,000 | $ 3,000 | $ 25,000 | $ 12,000 | |||||||||||
Convertible note payable, interest rate per annum | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | |||||||||||
Convertible note payable, common stock price per share | $ 0.0008 | $ 0.0008 | $ 0.0007 | $ 0.0007 | $ 0.0007 | $ 0.0007 | $ 0.0006 | |||||||||||
Loan repaid | $ 25,000 | $ 26,250 | ||||||||||||||||
Accrued interest paid | 479 | 505 | ||||||||||||||||
Promissory Note | ||||||||||||||||||
Convertible note payable, amount | $ 25,000 | |||||||||||||||||
Convertible note payable, interest rate per annum | 6.00% | |||||||||||||||||
Convertible note payable, common stock price per share | $ 0.0006 | |||||||||||||||||
Loan origination fee | 2,000,000 | |||||||||||||||||
CEO Loan | ||||||||||||||||||
Loan outstanding to related party | $ 150 | $ 200 | $ 600 | $ 480 | $ 800 | $ 200 | $ 4,000 | $ 400 | $ 500 | |||||||||
Loan payable, Interest rate | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Segment Information (Details)
Segment Information (Details) - USD ($) | 12 Months Ended | ||||
Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Services revenues | $ 14,000 | ||||
Operating Expenses | |||||
Consulting and contractor expenses | 1,095,266 | 747,886 | |||
Vessel maintenance and dockage | 154,741 | 58,309 | |||
Research and development | 444,002 | ||||
Professional fees | 108,055 | 74,340 | |||
General and administrative expenses | 154,985 | 60,165 | |||
Depreciation expense | 1,003 | 20,308 | |||
Rent expense | $ 1,328 | 40,929 | $ 1,289 | 34,185 | $ 1,252 |
Travel and entertainment expense | 65,890 | 54,636 | |||
Total operating expenses | 2,064,871 | 1,049,829 | |||
Net loss from operations | (2,050,871) | $ (1,049,829) | |||
Wholly owned Subsidiary [Member] | |||||
Services revenues | 14,000 | ||||
Operating Expenses | |||||
Consulting and contractor expenses | 4,250 | ||||
Vessel maintenance and dockage | |||||
Research and development | |||||
Professional fees | |||||
General and administrative expenses | 995 | ||||
Depreciation expense | |||||
Rent expense | |||||
Travel and entertainment expense | 381 | ||||
Total operating expenses | 5,626 | ||||
Net loss from operations | 8,374 | ||||
Seafarer Exploration Corp. [Member] | |||||
Services revenues | 0 | ||||
Operating Expenses | |||||
Consulting and contractor expenses | 1,091,016 | ||||
Vessel maintenance and dockage | 154,741 | ||||
Research and development | 444,002 | ||||
Professional fees | 108,055 | ||||
General and administrative expenses | 154,993 | ||||
Depreciation expense | 1,003 | ||||
Rent expense | 40,929 | ||||
Travel and entertainment expense | 65,509 | ||||
Total operating expenses | 2,059,245 | ||||
Net loss from operations | $ (2,059,245) |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) (Unaudited) - Subsequent Event [Member] | 2 Months Ended |
Mar. 14, 2020shares | |
Common stock sold | 21,520,000 |
Stock Issued During Period, Shares, Issued for Services | 7,348,366 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 39,781,082 |