Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Apr. 06, 2021 | Jun. 30, 2019 | |
Document And Entity Information | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 000-29461 | ||
Entity Registrant Name | SEAFARER EXPLORATION CORP | ||
Entity Central Index Key | 0001106213 | ||
Entity Tax Identification Number | 90-0473054 | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Address, Address Line One | 14497 N. Dale Mabry Highway | ||
Entity Address, Address Line Two | Suite 209-N, Tampa | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33618 | ||
Country Region | 813 | ||
City Area Code | 448-3577 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 34,870,590 | ||
Entity Common Stock, Shares Outstanding | 5,380,268,545 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash | $ 186,873 | $ 618,537 |
Prepaid expenses | 123,039 | 159,510 |
Deposits | 750 | 750 |
Total Current Assets | 310,662 | 778,797 |
Property, plant and equipment, net | 197,336 | 199,695 |
Right to use asset | 41,991 | 8,001 |
Investment in P & S, Inc. | 78,000 | |
Total Assets | 549,989 | 1,064,493 |
Current Liabilities | ||
Accounts payable and accrued expense | 350,785 | 287,089 |
Convertible notes payable, net of discounts of $13,425 and $17,935, respectively | 31,575 | 33,065 |
Convertible notes payable, related parties, net of discounts of $24,431 and $57,413, respectively | 86,169 | 19,787 |
Convertible notes payable, in default | 308,300 | 328,300 |
Convertible notes payable, in default - related parties | 527,900 | 399,700 |
Notes payable, in default | 130,000 | 175,000 |
Notes payable, in default - related parties | 18,500 | 18,500 |
Shareholder loan | 1,500 | 1,500 |
Lease liability, current | 14,680 | 8,079 |
Total Current Liabilities | 1,469,409 | 1,271,020 |
Lease liability, long-term | 27,594 | |
Total Liabilities | 1,497,003 | 1,271,020 |
Stockholders' Deficit | ||
Common stock, $0.0001 par value - 9,900,000,000 shares authorized; 5,315,683,905 and 4,761,162,383 shares issued and outstanding at December 31, 2020 and 2019 , repectively | 530,315 | 474,863 |
Common stock to be issued, $0.0001 par value, 1,500,000 and 11,620,000 shares outstanding at December 31, 2020 and 2019, respectively | 150 | 1,162 |
Unearned compensation | 67,058 | |
Additional paid-in capital | 18,514,376 | 16,581,432 |
Accumulated deficit | (19,924,797) | (17,263,984) |
Total Stockholders' Deficit | (947,014) | (206,527) |
Total Liabilities and Stockholders' Deficit | 549,989 | 1,064,493 |
Series A | ||
Stockholders' Deficit | ||
Preferred stock, $0.0001 par values - 50,000,000 shares authorized; 67 shares issued; Series A - 7 shares issued and outstanding at December 31, 2020 and 2019; Series B - 60 shares issued and outstanding at December 31, 2020 and 2019 | ||
Series B | ||
Stockholders' Deficit | ||
Preferred stock, $0.0001 par values - 50,000,000 shares authorized; 67 shares issued; Series A - 7 shares issued and outstanding at December 31, 2020 and 2019; Series B - 60 shares issued and outstanding at December 31, 2020 and 2019 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Discounts on convertible notes payable | $ 13,425 | $ 17,935 |
Discounts on convertible notes payable, related parties | $ 24,431 | $ 57,413 |
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 | 5,315,683,905 | 4,759,442,383 |
Common Stock, shares outstanding | 5,315,683,905 | 4,759,442,383 |
Common stock to be issued, outstanding | 1,500,000 | 11,620,000 |
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 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue: | ||
Service income | $ 10,622 | $ 14,000 |
Operating Expenses | ||
Consulting and contractor expenses | 1,542,145 | 1,095,266 |
Research and development | 463,468 | 444,002 |
General and administrative expenses | 244,328 | 154,985 |
Vessel maintenance and dockage | 193,844 | 154,741 |
Professional fees | 136,786 | 108,055 |
Travel and entertainment expense | 66,892 | 65,890 |
Rent expense | 41,986 | 40,929 |
Depreciation expense | 20,379 | 1,003 |
Total operating expenses | 2,709,828 | 2,064,871 |
Net loss from operations | (2,699,206) | (2,050,871) |
Other Income (Expense): | ||
Interest expense | (286,720) | (214,612) |
Loss on extinguishment of debt | (34,375) | (49,682) |
Gain on settlement of accounts payable | (4,512) | |
Gain on disposal of asset | 5,500 | |
Gain on disposal of investment | 354,000 | |
Dividend income | 4,500 | 6,000 |
Total other expense, net | 38,393 | (258,294) |
Net loss | $ (2,660,813) | $ (2,309,165) |
Basic and diluted loss per share | $ 0 | $ 0 |
Basic and diluted weighted average number of shares outstanding | 4,946,696,428 | 4,128,643,539 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) | Preferred StockSeries A | Preferred StockSeries B | Common Stock | Common StockTo Be Issued | Unearned Compensation | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance at Dec. 31, 2018 | $ 350,573 | $ 2,319 | $ 13,109,751 | $ (14,954,819) | $ (1,492,176) | |||
Beginning Balance (in shares) at Dec. 31, 2018 | 7 | 60 | 3,518,252,964 | 23,192,857 | ||||
Common stock issued for cash | $ 95,360 | $ 962 | 2,070,371 | 2,166,693 | ||||
Common stock issued for cash (in shares) | 953,596,664 | 9,620,000 | ||||||
Reclass from common stock to be issued | $ 2,319 | $ (2,319) | ||||||
Reclass from common stock to be issued (in shares) | 23,192,857 | (23,192,857) | ||||||
Stock issued to convert accrued interest on convertible notes payable | $ 6,263 | 303,426 | 309,689 | |||||
Stock issued to convert accrued interest on convertible notes payable (in shares) | 62,638,873 | |||||||
Stock issued to convert accounts payable | $ 700 | 48,300 | 49,000 | |||||
Stock issued to convert accounts payable (in shares) | 7,000,000 | |||||||
Beneficial conversion feature | 168,175 | 168,175 | ||||||
Stock issued for services | $ 15,148 | $ 200 | 628,709 | 644,057 | ||||
Stock issued for services (in shares) | 151,481,025 | 2,000,000 | ||||||
Stock issued for financing cost | $ 500 | 7,000 | 7,500 | |||||
Stock issued for financing cost (in shares) | 5,000,000 | |||||||
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 | $ 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 | |||||||
Stock issued for purchase of vehicle | ||||||||
Net Loss | (2,309,165) | (2,309,165) | ||||||
Ending Balance at Dec. 31, 2019 | $ 474,863 | $ 1,162 | 16,581,432 | (17,263,984) | (206,527) | |||
Ending Balance (in shares) at Dec. 31, 2019 | 7 | 60 | 4,761,162,383 | 11,620,000 | ||||
Common stock issued for cash | $ 42,578 | 1,256,446 | 1,299,024 | |||||
Common stock issued for cash (in shares) | 425,777,619 | |||||||
Reclass from common stock to be issued | $ 1,012 | $ (1,012) | ||||||
Reclass from common stock to be issued (in shares) | 10,120,000 | (10,120,000) | ||||||
Stock issued to convert accrued interest on convertible notes payable | $ 3,978 | 80,108 | 84,086 | |||||
Stock issued to convert accrued interest on convertible notes payable (in shares) | 39,781,082 | |||||||
Beneficial conversion feature | 202,100 | 202,100 | ||||||
Stock issued for services | $ 13,684 | (67,058) | 804,790 | 751,416 | ||||
Stock issued for services (in shares) | 136,842,821 | |||||||
Shares issued in exchange for investment in P&S, Inc. | $ (6,000) | (426,000) | (432,000) | |||||
Shares issued in exchange for investment in P&S, Inc. (in shares) | (60,000,000) | |||||||
Stock issued for charitable contributions | $ 100 | 9,600 | 9,700 | |||||
Stock issued for charitable contributions (in shares) | 1,000,000 | |||||||
Stock issued for purchase of vessel | ||||||||
Stock issued for purchase of vehicle | $ 100 | 5,900 | 6,000 | |||||
Stock issued for purchase of vehicle (in shares) | 1,000,000 | |||||||
Net Loss | (2,660,813) | (2,660,813) | ||||||
Ending Balance at Dec. 31, 2020 | $ 530,315 | $ 150 | $ (67,058) | $ 18,514,376 | $ (19,924,797) | $ (947,014) | ||
Ending Balance (in shares) at Dec. 31, 2020 | 7 | 60 | 5,315,683,905 | 1,500,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (2,660,813) | $ (2,309,165) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 20,379 | 1,003 |
Amortization right of use asset | 14,571 | |
Amortization of beneficial conversion feature and loan fees | 239,592 | 117,003 |
Common stock issued for services | 751,416 | 644,057 |
Common stock issued for a charitable contribution | 9,700 | 49,100 |
Common stock issued for loan fees | 7,500 | |
Gain on sale of asset | (5,500) | |
Gain on sale of investment | (354,000) | |
Loss on extinguishment of debt | 34,375 | 49,682 |
Gain on settlement of accounts payable | 4,512 | |
Decrease (increase) in: | ||
Prepaid expenses | 36,471 | |
Increase (decrease) in: | ||
Accounts payable and accrued expenses | 38,080 | (56,796) |
Operating lease liabilities | (14,493) | |
Net Cash Used by Operating Activities | (1,885,788) | (1,654,988) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property, plant and equipment | (12,000) | |
Proceeds from sale of asset | 5,500 | |
Net cash used in investing activities | (6,500) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Increase in bank overdraft | (2,919) | |
Proceeds from the sale of common stock | 1,299,024 | 2,166,692 |
Proceeds from the issuance of convertible notes payable | 206,600 | 62,000 |
Proceeds from the issuance convertible notes payable, related party | 109,300 | |
Payments on convertible notes payable | (56,500) | |
Payments on notes payable | (45,000) | |
Payments to shareholders | (5,048) | |
Net Cash Provided By Financing Activities | 1,460,624 | 2,273,525 |
NET INCREASE IN CASH | (431,664) | 618,537 |
CASH, BEGINNING OF PERIOD | 618,537 | |
CASH, END OF PERIOD | 186,873 | 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 | 84,086 | 296,435 |
Operating lease liabilities and right of use asset | 48,957 | 22,572 |
Beneficial conversion feature on convertible notes payable | 202,100 | 102,975 |
Stock issued for prepaid services | 29,500 | 164,267 |
Stock issued to purchase vessel | 200,600 | |
Stock issued to purchase vehicle | $ 6,000 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | NOTE 1 – DESCRIPTION OF BUSINESS Seafarer Exploration Corp. (“Seafarer” or the “Company”), 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. In March of 2014, Seafarer entered into a partnership with Marine Archaeology Partners, LLC (“MAP”), with the formation of Seafarer’s Quest, LLC (“SQ”) for the purpose of exploring a shipwreck site off of Melbourne Beach, Florida. Under the partnership with MAP, Seafarer is the designated manager of SQ. The Company’s wholly owned subsidiary Blockchain LogisTech, LLC (“Blockchain”), was formed on April 4, 2018 and began operations in 2019. Blockchain 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 1 permit was renewed on March 1, 2019 for a period of three years. The Area 2 permit was renewed on January 14, 2019 for a period of three years. Federal Admiralty Judgement As previously noted on its form 8-K filed on November 22, 2017, Seafarer was granted, through the United States District Court for the Southern District of Florida, a final judgment for its federal admiralty claim on the Juno Beach shipwreck site. The Company is not currently conducting operations at the Juno Beach shipwreck site. Blockchain Software Services Referral Agreements Blockchain has a strategic partnership to provide referrals to a blockchain software services provider and receive referral fees when the referrals lead to closed business for the blockchain software services company. Blockchain also has a reseller agreement with a separate company that sells a blockchain related security product. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2020 | |
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 $19,924,797 as of December 31, 2020. During the year ended December 31, 2020, the Company used $2,660,813 in its operations and at December 31, 2020, the Company had a working capital deficit of $1,158,747. 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 one month from April 12, 2021. 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. Covid-19 Disclosure The COVID-19 global pandemic may have a serious negative affect on the Company’s operations and business. It is possible that this ongoing global pandemic may cause the Company to have to significantly delay or suspend its operations, which would likely result in a material adverse impact on its business and financial positions. Furthermore, the Company may be unable to raise sufficient capital due to COVID-19’s effects on the general economy and the capital markets. If the Company is not able to obtain financing due to COVID-19, then it is highly likely that it will be forced to cease operations. Smaller companies such as Seafarer, who lack significant revenues, earnings and cash flows as well as who lack diversified business operations are particularly vulnerable to having to potentially cease operations due to the effects of COVID-19. If the Company were to be unable to raise capital and cease its operations then it would be highly likely that the Company would not survive and lenders and investors would suffer a complete loss of all capital loaned to or invested in the Company. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
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 (“GAAP”) 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 which is a wholly owned subsidiary. Intercompany accounts and transactions have been eliminated in consolidation. Cash and Cash Equivalents For purposes of the consolidated 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, 2020 and 2019. 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 31, 2020, the Company did not have deposits 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 $463,468 and $444,002 for the years ended December 31, 2020 and 2019, respectively. Revenue Recognition The Company recognizes revenue in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, “ Revenue from Contracts with Customers 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 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 has made to providers of software services when payment for a referral is received from the provider of software services. Blockchain, at its sole discretion and with no specific sales quotas or targets, provides referrals of potential end users to the software service providers and is paid a referral fee only after the software services providers receive payment from the end user. The Company also has a separate sales referral agreement, with no sales quotas or specific goals or targets, with a limited liability company that provides product/system engineering and development services. The Company's performance obligation is met when the payment from the customer is received by the provider of the development services, which is at a point in time. The Company receives referral fees when payment is received from the provider of the product/system development services which is when the Company recognizes revenue under the agreement. Earnings Per Share The Company has adopted the FASB ASC 260-10, which provides for the 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, 2020 and 2019 were excluded from the dilutive loss per share calculation as they would be antidilutive due to the net loss. As of December 31, 2020 and 2019, there were approximately 663,053,249 and 593,177,150 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, Plant and Equipment Property, plant and equipment 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. During the year ended December 31, 2020 the Company purchased a vehicle with an estimated useful life of seven years. As of December 31, 2020, these are the only capital assets owned by the Company. Depreciation expense was $20,379 and $1,003 for the years ended December 31, 2020 and 2019, which is included in operating expenses in the accompanying consolidated 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, 2020 and 2019. Use of Estimates The process of preparing consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Significant estimates for the years ended December 31, 2020 and 2019 include useful life of property, plant and equipment, valuation allowances against deferred tax assets and the fair value of non cash equity transactions. Segment Information During 2019, Seafarer’s wholly owned subsidiary, Blockchain began operations, generated revenue and incurred expenses. The business of Blockchain 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 and Seafarer Exploration were separate reportable segments as of the years ended December 31, 2020 and 2019 (see Note 11 – Segment Information). 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. 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 FASB ASC 718, “ Share Based Payment 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 Accounting Standards Update (“ASU”) 2016-02, Leases On January 1, 2019, the Company adopted ASU 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 the Company obtains 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 (“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 uses 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 in operating expenses on the consolidated statements of operations. As permitted under the new guidance, the Company has made an accounting policy election not to apply the recognition provisions of the new guidance to short term leases (leases with a lease term of twelve months or less that do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise); instead, the Company will recognize the lease payments for short term leases on a straight-line basis over the lease term. Investments The Company follows ASC 325-20, Cost Method Investments Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Recent Accounting Pronouncements 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 AND RIGHT-OF-US
OPERATING LEASE AND RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Operating Lease And Right-of-use Assets And Operating Lease Liabilities | |
OPERATING LEASE AND RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES | NOTE 4 – OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES 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 the incremental borrowing rate, estimated to be 6%, as the interest rate implicit in most of the Company’s leases are not readily determinable. Operating lease expense is recognized on a straight-line basis over the lease term. During the years ended December 31, 2020 and 2019, the Company recorded $10,398 and $15,780, respectively, as operating lease expense, which is included in rent expense on the consolidated statements of operations. The Company leases 823 square feet of office space located at 14497 North Dale Mabry Highway, Suite 209-N, Tampa, Florida 33618. During the year ended December 31, 2019 and through June 30, 2020 the Company paid $1,252 per month to lease the office space. The Company entered into an amended lease agreement commencing on July 1, 2020 through July 31, 2023 with base month rents of $1,475 from July 1, 2020 to June 30, 2021, $1,519 from July 1, 2021 to June 30, 2022, $1,564 from July 1, 2022 to June 30, 2023 and $1,611 from July 1, 2023 to July 31, 2023. Under the terms of the lease there may be additional fees charged above the base monthly rental fee. In adopting 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. As permitted under the new guidance, the Company has made an accounting policy election not to apply the recognition provisions of the new guidance to short term leases (leases with a lease term of twelve months or less that do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise); instead, the Company will recognize the lease payments for short term leases on a straight-line basis over the lease term. On January 1, 2019, upon adoption of Topic 842, the Company recorded right-of-use assets and lease liabilities of $22,575. On July 1, 2020, upon renewal of the lease, the Company recorded a right-of-use asset and lease liability of $48,957. Right-of-use assets at December 31, 2020 and 2019 are summarized below: December 31, 2020 December 31, 2019 Office lease $ 48,957 $ 22,575 Less accumulated amortization (6,966 ) (14,574 ) Right of use assets, net $ 41,991 $ 8,001 Amortization on the right -of -use asset is included in rent expense on the consolidated statements of operations. Operating lease liabilities are summarized below: December 31, 2020 December 31, 2019 Office lease $ 42,274 $ 8,079 Less: current portion (14,680 ) (8,079 ) Long term portion $ 27,594 $ - Maturity of lease liabilities are as follows: Year ended December 31, 2021 $ 18,103 Year ended December 31, 2022 18,641 Year ended December 31, 2023 11,080 Total future minimum lease payments 47,824 Less: Present value discount (5,550 ) Lease liability $ 42,274 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. |
INVESTMENT IN PROBABILITY AND S
INVESTMENT IN PROBABILITY AND STATISTICS, INC. | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
INVESTMENT IN PROBABILITY 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 the 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, 2020 and 2019 of $4,500 and $6,000 respectively, which have been presented as dividend income on the consolidated statements of operations. In August of 2020, the Company and P&S entered into a new agreement to effectively unwind the previous share exchange agreement. Under the terms of the new agreement, Seafarer agreed to exchange 10,000 shares of P&S for 60,000,000 shares of its common stock. As a result of the transaction in August of 2020, the Company realized a gain on investment of $354,000. Seafarer also has an agreement with P&S to receive referral fees. 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 years ended December 31, 2020 and 2021, P&S paid a total of $4,200 and $14,000, respectively, of referral fees to the Company. These amounts are included in service income in the consolidated statements of operations. |
CONVERTIBLE NOTES PAYABLE AND N
CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019: Issue Date Maturity Date December 31, 2020 December 31, 2019 Rate Conversion Price Principal Balance Principal Balance Convertible notes payable 09/04/19 03/04/20 $ - $ 25,000 6.00% 0.00300 09/04/19 03/04/20 - 26,000 6.00% 0.00300 09/01/20 03/01/21 45,000 - 6.00% 0.00300 Face value 45,000 51,000 Less unamortized discounts (13,425 ) (17,935 ) Balance convertible notes payable $ 31,575 $ 33,065 Issue Date Maturity December 31, 2020 December 31, Rate Conversion Principal Balance Principal Balance Convertible notes payable - related parties 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 08/06/20 02/06/21 25,200 - 6.00% 0.00350 08/06/20 02/06/21 35,000 - 6.00% 0.00350 08/14/20 02/14/21 50,400 - 6.00% 0.00350 Face value 110,600 77,200 Less unamortized discounts (24,431 ) (57,413 ) Balance convertible notes payable - related parties $ 86,169 $ 19,787 Issue Date Maturity Date December 31, 2020 December 31, 2019 Rate Conversion Price Principal Balance Principal Balance Convertible notes payable - in default 08/28/09 11/01/09 $ 4,300 $ 4,300 10.00% 0.01500 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 6.00% 0.00500 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 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 3,000 6.00% 0.00070 01/03/19 07/03/19 1,000 1,000 6.00% 0.00100 03/16/19 09/16/19 10,000 10,000 6.00% 0.00100 09/04/19 03/04/20 25,000 - 6.00% 0.00300 Balance convertible notes payable - in default $ 308,300 $ 328,300 Issue Date Maturity Date December 31, 2020 December 31, 2019 Rate Conversion Price Principal Balance Principal Balance 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 12,000 6.00% 0.00060 08/27/18 02/27/19 2,000 2,000 6.00% 0.00070 10/02/18 04/02/19 1,000 1,000 6.00% 0.00080 10/23/18 04/23/19 4,200 4,200 6.00% 0.00070 11/07/18 05/07/19 2,000 2,000 6.00% 0.00080 11/14/18 05/14/19 8,000 8,000 6.00% 0.00080 01/08/19 07/08/19 7,000 7,000 6.00% 0.00080 04/25/19 12/23/19 20,000 20,000 6.00% 0.00400 06/07/19 12/07/19 5,100 5,100 6.00% 0.00300 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 01/07/20 06/20/20 51,000 - 6.00% 0.00300 Balance convertible notes payable - related parties, in default $ 527,900 $ 399,700 Balance all convertible notes payable $ 953,944 $ 780,852 Notes Payable The following tables reflect the notes payable at December 31, 2020 and 2019: Issue Date Maturity Date December 31, 2020 December 31, 2019 Rate Principal Balance Principal Balance Notes payable - in default 04/27/11 04/27/12 $ 5,000 $ 5,000 6.00% 12/14/17 12/14/18 20,000 65,000 6.00% 11/29/17 11/29/19 105,000 105,000 2.06% Balance notes payable - default $ 130,000 $ 175,000 Issue Date Maturity Date December 31, 2020 December 31, 2019 Rate Principal Balance Principal Balance 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 Balance all notes payable $ 148,500 $ 193,500 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 years ended December 31, 2020 and 2019, the Company recognized beneficial conversion features totaling $202,100 and $168,175, 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 years ended December 31, 2020 and 2019, the Company recorded interest expense related to the amortization of debt discounts in the amount of approximately $240,000 and $101,000 which is included in interest expense on the consolidated statements of operations. New Convertible Notes Payable Issued During the Years Ended December 31, 2020 and 2019 During the year ended December 31, 2020, the Company entered into the following Convertible Notes Payable and Notes Payable Agreements: In January of 2020, the Company entered into a convertible promissory note agreement in the amount of $51,000 with a related party who is a member of the 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 June 30, 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 August of 2020, the Company entered into a convertible promissory note agreement in the amount of $25,200 with a related party who is a member of the 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 February 6, 2021. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0035 per share. This note went into default subsequent to December 31, 2020. In August of 2020, the Company entered into a convertible promissory note agreement in the amount of $35,000 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 February 6, 2021. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0035 per share. This note went into default subsequent to December 31, 2020. In August of 2020, the Company entered into a convertible promissory note agreement in the amount of $50,400 with a related party who is a member of the 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 February 14, 2021. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0035 per share. This note went into default subsequent to December 31, 2020. In September of 2020, the Company entered into a convertible promissory note agreement in the amount of $45,000 with an individual. This note pays interest at a rate of 6% per annum and the principal and accrued interest was due on or before March 1, 2021. 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 went into default subsequent to December 31, 2020. 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 $0.001 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. This note is currently in default due to non payment of principal and interest. 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. This note is currently in default due to non payment of principal and interest. 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 $0.003 per share. This note is currently in default due to non payment of principal and interest. 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 $0.003 per share. This note is currently in default due to non payment of principal and interest. Note Conversions During the year ended December 31, 2020: The Company issued 39,781,082 shares of restricted common stock to settle $84,086 of principal and accrued interest owed on three convertible notes payable. The remaining principal balance of all of these notes was $0 at December 31, 2020. 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. Repayment of Promissory Note During the year ended December 31, 2020, the Company repaid a total of $45,000 of the principal of a promissory note that was due on December 14, 2018 with an original principal balance of $75,000 and a principal balance outstanding of $65,000 at December 31, 2019. The remaining principal balance of the note at December 31 2020 was $20,000. Shareholder Loan At December 31, 2020 and 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. Collateralized Promissory Notes Two convertible notes outstanding with related parties, dated January 9, 2009 and January 18, 2012 are collateralized by Company assets. 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. |
STOCKHOLDERS' DEFICIT
STOCKHOLDERS' DEFICIT | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, 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, 2020 and 2019, the Company issued the following shares of common stock: 2020 2019 Common stock issued for cash 425,777,619 953,596,664 Common stock issued for services 136,842,821 151,481,025 Common stock issued to convert notes payable and accrued interest 39,781,082 62,638,873 Stock issued for charitable contributions 1,000,000 6,000,000 Stock issued for purchase of vehicle 1,000,000 - Shares cancelled and returned to treasury (60,000,000 ) - Shares reclassed from common stock to be issued 10,120,000 - Stock issued to convert accounts payable - 7,000,000 Common stock issued for financing costs - 5,000,000 Purchase of vessel - 34,000,000 Shares reclassed from common stock to be issued - 23,192,857 Total 554,521,522 1,242,909,419 Common Stock Issuances During the year ended December 31, 2020, the Company issued or is to issue the following shares of restricted common stock: - 425,777,619 shares for total proceeds of $1,299,024. - 136,842,821 shares for services provided by consultants, contractors, advisory members, board members, and other service providers. 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, 2020, the Company incurred $751,416 of compensation expense for stock issued for services and have prepaid expenses of $123,039 at December 31, 2020 for stock issued prior to services being performed. The Company recorded unearned compensation of $67,058 on its consolidated balance sheet for the year ended December 31, 2020. - 39,781,082 shares to settle $84,086 of principle and accrued interest owed on various convertible notes payable and one note payable. - 1,000,000 shares valued at $6,000 for the purchase of a vehicle. The Company determined the fair value of the shares issued for the purchase of the vehicle using the stock price on the date of the bill of sale. - 1,000,000 shares valued at $9,700 issued as charitable contributions to a charity. The Company determined the fair value of the shares issued using the stock price on date of issuance. - 60,000,000 shares were cancelled and returned to the treasure (See Note 5 – Investment in Probability and Statistics, Inc.). - 10,120,000 restricted shares reclassed from common stock to be issued. 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 consolidated 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, the Company 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 consolidated 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. Warrants and Options The Company did not issue any warrants or options during the years ended December 31, 2020, and 2019. At December 31, 2020, the Company had warrants to purchase a total of 4,000,000 shares of its restricted common stock outstanding. The following table shows the warrants outstanding at December 31, 2020 and 2019: Number of Weighted Average Weighted Average Average Warrants Exercise Price Remaining Life (Years) Intrinsic Value Outstanding, December 31, 2018 33,000,000 $0.0199 1.27 $- Granted - - - - Forfeited or expired (25,000,000) 0.025 - - Exercised - - - - Outstanding, December 31, 2019 8,000,000 0.004 1.83 0.0038 Exercisable, December 31, 2019 8,000,000 0.004 1.83 0.0038 Granted - - - - Forfeited or expired (4,000,000) 0.003 - 0.0033 Exercised - - - - Outstanding, December 31, 2020 4,000,000 0.005 1.92 0.0013 Exercisable, December 31, 2020 4,000,000 $0.005 1.92 $0.0013 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, the Company had available Federal and state net operating loss carry forwards (“NOLs”) to reduce future taxable income. The amounts available were approximately $19,925,000 and $16,900,000, respectively, 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 $4,184,000 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, 2020 and 2019, the Company did not have a liability for unrecognized tax benefits. The valuation allowance at December 31, 2020 was approximately $4,184,000. The net change in valuation allowance during the year ended December 31, 2020 was $635,000. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The Company’s policy is to record interest and penalties on uncertain tax provisions as income tax expense. As of December 31, 2020 and 2019, the Company has not accrued interest or penalties related to uncertain tax positions. Additionally, tax years 2016 through 2020 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, 2020 December 31, 2019 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, 2020 and 2019, the Company’s only significant deferred income tax asset was a cumulative estimated net tax operating loss of approximately $19,925,000 and $16,900,000, 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, 2020 and 2019. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Commitments And Contingencies Abstract | |
COMMITMENTS AND CONTINGENCIES | NOTE 9 – COMMITMENTS AND CONTINGENCIES Agreement to Explore a Shipwreck Site Located off of Melbourne Beach, Florida In March of 2014, Seafarer entered into a partnership and with MAP, with the formation of Seafarer’s Quest, LLC for the purpose of exploring a shipwreck site off of Melbourne Beach, Florida. Seafarer owns 50% of Seafarer’s Quest, LLC and is handling the operations on behalf of Seafarer’s Quest. To date there has been no significant financial activity in Seafarer’s Quest. Under the partnership with MAP, Seafarer is the designated manager of Seafarer’s Quest, LLC and is responsible for the costs of permitting, exploration and recovery. Seafarer is entitled to receive 80% and MAP is entitled to receive 20% of artifacts and treasure recovered from the site after the State of Florida receives its share, which is anticipated to be 20% under any future recovery permits. The permits with the State of Florida for two areas on the site, designated as Areas 1 and 2, were renewed in 2019 for an additional 3 years. There are currently no recovery permits for the site that have been applied for or issued as of the date of this filing. It will be necessary to be granted a recovery permit in order to recover any artifacts and treasure that may potentially be located on the site. The required, affiliated environmental permits from the U.S. Army Corps of Engineers (“USACE”) and Florida Department of Environmental Protection (“FLDEP’) were previously issued in the name of a partner that is no longer active. In 2020 Seafarer workedwith the various State of Florida governmental agencies involved to update and consolidate all of these environmental permits solely under the Company’s name. The State of Florida Bureau of Archeological Research (“FBAR”) had ordered the Company not to disturb the ocean’s bottom while the changes and updates to the Company’s permits were in process. Some requests of change are questionable to the Company. Since the issuance of the USACE and FLDEP environmental permits, FBAR has continued to stop or delay ground disturbance in Seafarer’s legally permitted area with ongoing questions and requests. 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, 2020 | |
Notes to Financial Statements | |
RELATED PARTY TRANSACTIONS | NOTE 10 – RELATED PARTY TRANSACTIONS During the year ended December 31, 2020, the Company has had extensive dealings with related parties including the following: In January of 2020, the Company entered into a convertible promissory note agreement in the amount of $51,000 with a related party who is a member of the 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 June 30, 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 upon maturity. In August of 2020, the Company entered into a convertible promissory note agreement in the amount of $25,200 with a related party who is a member of the 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 February 6, 2021. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0035 per share. This note went into default subsequent to December 31, 2020. In August of 2020, the Company entered into a convertible promissory note agreement in the amount of $35,000 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 February 6, 2021. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0035 per share. This note went into default subsequent to December 31, 2020. In August of 2020, the Company entered into a convertible promissory note agreement in the amount of $50,400 with a related party who is a member of the 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 February 14, 2021. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0035 per share. This note went into default subsequent to December 31, 2020. In December of 2020, 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 the Board members via payment of 5,000,000 restricted shares of its common stock each, an aggregate total of 20,000,000 shares, and to negotiate future compensation on a year-by-year basis. The Company also agreed to reimburse the individuals for preapproved expenses. During the year ended December 31, 2019, the Company has had extensive dealings with related parties including the following: 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 September of 2019, the Company entered into a convertible promissory note agreement in the amount of $12,000 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 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. This note is currently in default due to non payment of principal and interest upon maturity. 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. This note is currently in default due to non payment of principal and interest upon maturity. 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 $0.003 per share. This note is currently in default due to non payment of principal and interest upon maturity. 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 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 $0.003 per share. This note is currently in default due to non payment of principal and interest upon maturity. 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. Additional related party transactions: 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 $4,000 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, 2020 and 2019, the Company paid the related party consultant fees of $58,000 and $76,289, respectively, for services rendered. These fees are recorded as an expense in consulting and contractor expenses in the accompanying consolidated statements of operations. At December 31, 2020 and 2019, the Company owed the related party limited liability company $0. 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, 2020 and 2019 the Company paid the related party limited liability company fees of $11,295 and $17,619, respectively, for services rendered. These fees are recorded as an expense in consulting and contractor expenses in the accompanying consolidated statements of operations. During the years ended December 31, 2020 and 2019, the Company also paid the related party limited liability 1,000,000 and 0 shares of the Company’s restricted common stock, valued at $5,100, and $0, respectively, as a bonus. All of the fees paid to the related party limited liability company are recorded as an expense in consulting and contractor expenses in the accompanying consolidated statements of operations. At December 31, 2020 and 2019, the Company owed the related party limited liability company $0 and $2,978, respectively, which is included in accounts payable and accrued expenses on the consolidated balance sheets. During the years ended December 31, 2020 and 2019, the Company paid a related party consultant cash fees of $18,750 and $4,250, respectively for marketing and administrative services rendered to the Company’s Blockchain subsidiary. Additionally, during the years ended December 31, 2020 and 2019, the Company paid the related party consultant 6,000,000 shares, valued at $30,600, and 0 shares, respectively, of the Company’s restricted common stock as further compensation to offset cash payments for extra work and as a retention bonus. All of the fees paid to the related party consultant are recorded as an expense in consulting and contractor expenses in the accompanying consolidated statements of operations. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | NOTE 11 –SEGMENT INFORMATION Seafarer’s wholly owned subsidiary Blockchain began operations in 2019 by providing referrals to P&S (See Note 5 - Investment in Probability and Statistics, Inc.) in exchange for referral fees for closed business. Due to Blockchain 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. The Company has determined that Blockchain and Seafarer Exploration Corp. operate as separate segments of the business. As such, the Company has presented the income (loss) from operations during the years ended December 31, 2020 and 2019 incurred by the two separate segments below. During the years ended December 31, 2020 and 2019, Blockchain revenues of $4,200 and $14,000, respectively, were 39.6% and 100%, respectively, of the consolidated revenues of the Company. Segment information relating to the Company’s two operating segments for the year ended December 31, 2020 is as follows: December 31, 2020 December 31, 2020 December 31, 2020 Blockchain LogisTech, LLC Seafarer Exploration Corp. Consolidated Service revenues $ 4,200 $ 6,422 $ 10,622 Total operating expenses 23,469 2,686,359 2,709,828 Net loss from operations $ (19,269 ) $ (2,679,937 ) $ (2,699,206 ) Segment information relating to the Company’s two operating segments for the year ended December 31, 2019 is as follows: December 31, 2019 December 31, 2019 December 31, 2019 Blockchain LogisTech, LLC Seafarer Exploration Corp. Consolidated Service revenues $ 14,000 $ - $ 14,000 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, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12 – SUBSEQUENT EVENTS Subsequent to December 31, 2020 the Company sold or issued shares of its restricted common stock as follows: (i) sales of 55,850,000 shares of common stock under subscription agreements for proceeds of $171,600; and (ii) issuance of 8,734,640 shares of common stock to settle the $20,303 of accrued interest of three convertible notes payable. Subsequent to December 31, 2020 the following convertible notes payable went into default: 1) A convertible note payable originally due February 6, 2021 with a face amount of $25,200; 2) A convertible note payable originally due February 6, 2021 with a face amount of $35,000; 3) A convertible note payable originally due February 14, 2021 with a face amount of $50,400; and 4) A convertible note payable originally due March 1, 2021 with a face amount of $45,200. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements of the Company include the accounts of the Company and Blockchain 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 consolidated 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, 2020 and 2019. 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 31, 2020, the Company did not have deposits 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 $463,468 and $444,002 for the years ended December 31, 2020 and 2019, respectively. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, “ Revenue from Contracts with Customers 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 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 has made to providers of software services when payment for a referral is received from the provider of software services. Blockchain, at its sole discretion and with no specific sales quotas or targets, provides referrals of potential end users to the software service providers and is paid a referral fee only after the software services providers receive payment from the end user. The Company also has a separate sales referral agreement, with no sales quotas or specific goals or targets, with a limited liability company that provides product/system engineering and development services. The Company's performance obligation is met when the payment from the customer is received by the provider of the development services, which is at a point in time. The Company receives referral fees when payment is received from the provider of the product/system development services which is when the Company recognizes revenue under the agreement. |
Earnings Per Share | Earnings Per Share The Company has adopted the FASB ASC 260-10, which provides for the 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, 2020 and 2019 were excluded from the dilutive loss per share calculation as they would be antidilutive due to the net loss. As of December 31, 2020 and 2019, there were approximately 663,053,249 and 593,177,150 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, Plant and Equipment Property, plant and equipment 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. During the year ended December 31, 2020 the Company purchased a vehicle with an estimated useful life of seven years. As of December 31, 2020, these are the only capital assets owned by the Company. Depreciation expense was $20,379 and $1,003 for the years ended December 31, 2020 and 2019, which is included in operating expenses in the accompanying consolidated 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, 2020 and 2019. |
Use of Estimates | Use of Estimates The process of preparing consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Significant estimates for the years ended December 31, 2020 and 2019 include useful life of property, plant and equipment, valuation allowances against deferred tax assets and the fair value of non cash equity transactions. |
Segment Information | Segment Information During 2019, Seafarer’s wholly owned subsidiary, Blockchain began operations, generated revenue and incurred expenses. The business of Blockchain 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 and Seafarer Exploration were separate reportable segments as of the years ended December 31, 2020 and 2019 (see Note 11 – Segment Information). |
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. 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 FASB ASC 718, “ Share Based Payment 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 Accounting Standards Update (“ASU”) 2016-02, Leases On January 1, 2019, the Company adopted ASU 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 the Company obtains 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 (“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 uses 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 in operating expenses on the consolidated statements of operations. As permitted under the new guidance, the Company has made an accounting policy election not to apply the recognition provisions of the new guidance to short term leases (leases with a lease term of twelve months or less that do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise); instead, the Company will recognize the lease payments for short term leases on a straight-line basis over the lease term. |
Investments | Investments The Company follows ASC 325-20, Cost Method Investments |
Income Taxes | Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 AND RIGHT-OF-_2
OPERATING LEASE AND RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Operating Lease And Right-of-use Assets And Operating Lease Liabilities | |
Schedule of right-of- use assets | Right-of-use assets at December 31, 2020 and 2019 are summarized below: December 31, 2020 December 31, 2019 Office lease $ 48,957 $ 22,575 Less accumulated amortization (6,966 ) (14,574 ) Right of use assets, net $ 41,991 $ 8,001 |
Schedule of operating lease liabilities | Operating lease liabilities are summarized below: December 31, 2020 December 31, 2019 Office lease $ 42,274 $ 8,079 Less: current portion (14,680 ) (8,079 ) Long term portion $ 27,594 $ - |
Maturity of lease liabilities | Maturity of lease liabilities are as follows: Year ended December 31, 2021 $ 18,103 Year ended December 31, 2022 18,641 Year ended December 31, 2023 11,080 Total future minimum lease payments 47,824 Less: Present value discount (5,550 ) Lease liability $ 42,274 |
CONVERTIBLE NOTES PAYABLE AND_2
CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Notes Payable | The following table reflects the convertible notes payable as of December 31, 2020 and 2019: Issue Date Maturity Date December 31, 2020 December 31, 2019 Rate Conversion Price Principal Balance Principal Balance Convertible notes payable 09/04/19 03/04/20 $ - $ 25,000 6.00% 0.00300 09/04/19 03/04/20 - 26,000 6.00% 0.00300 09/01/20 03/01/21 45,000 - 6.00% 0.00300 Face value 45,000 51,000 Less unamortized discounts (13,425 ) (17,935 ) Balance convertible notes payable $ 31,575 $ 33,065 Issue Date Maturity December 31, 2020 December 31, Rate Conversion Principal Balance Principal Balance Convertible notes payable - related parties 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 08/06/20 02/06/21 25,200 - 6.00% 0.00350 08/06/20 02/06/21 35,000 - 6.00% 0.00350 08/14/20 02/14/21 50,400 - 6.00% 0.00350 Face value 110,600 77,200 Less unamortized discounts (24,431 ) (57,413 ) Balance convertible notes payable - related parties $ 86,169 $ 19,787 Issue Date Maturity Date December 31, 2020 December 31, 2019 Rate Conversion Price Principal Balance Principal Balance Convertible notes payable - in default 08/28/09 11/01/09 $ 4,300 $ 4,300 10.00% 0.01500 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 6.00% 0.00500 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 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 3,000 6.00% 0.00070 01/03/19 07/03/19 1,000 1,000 6.00% 0.00100 03/16/19 09/16/19 10,000 10,000 6.00% 0.00100 09/04/19 03/04/20 25,000 - 6.00% 0.00300 Balance convertible notes payable - in default $ 308,300 $ 328,300 Issue Date Maturity Date December 31, 2020 December 31, 2019 Rate Conversion Price Principal Balance Principal Balance 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 12,000 6.00% 0.00060 08/27/18 02/27/19 2,000 2,000 6.00% 0.00070 10/02/18 04/02/19 1,000 1,000 6.00% 0.00080 10/23/18 04/23/19 4,200 4,200 6.00% 0.00070 11/07/18 05/07/19 2,000 2,000 6.00% 0.00080 11/14/18 05/14/19 8,000 8,000 6.00% 0.00080 01/08/19 07/08/19 7,000 7,000 6.00% 0.00080 04/25/19 12/23/19 20,000 20,000 6.00% 0.00400 06/07/19 12/07/19 5,100 5,100 6.00% 0.00300 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 01/07/20 06/20/20 51,000 - 6.00% 0.00300 Balance convertible notes payable - related parties, in default $ 527,900 $ 399,700 Balance all convertible notes payable $ 953,944 $ 780,852 |
Schedule of Notes Payable | The following tables reflect the notes payable at December 31, 2020 and 2019: Issue Date Maturity Date December 31, 2020 December 31, 2019 Rate Principal Balance Principal Balance Notes payable - in default 04/27/11 04/27/12 $ 5,000 $ 5,000 6.00% 12/14/17 12/14/18 20,000 65,000 6.00% 11/29/17 11/29/19 105,000 105,000 2.06% Balance notes payable - default $ 130,000 $ 175,000 Issue Date Maturity Date December 31, 2020 December 31, 2019 Rate Principal Balance Principal Balance 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 Balance all notes payable $ 148,500 $ 193,500 |
STOCKHOLDERS' DEFICIT (Tables)
STOCKHOLDERS' DEFICIT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Capital Stock | |
Schedule of Warrants Outstanding | During the years ended December 31, 2020 and 2019, the Company issued the following shares of common stock: 2020 2019 Common stock issued for cash 425,777,619 953,596,664 Common stock issued for services 136,842,821 151,481,025 Common stock issued to convert notes payable and accrued interest 39,781,082 62,638,873 Stock issued for charitable contributions 1,000,000 6,000,000 Stock issued for purchase of vehicle 1,000,000 - Shares cancelled and returned to treasury (60,000,000 ) - Shares reclassed from common stock to be issued 10,120,000 - Stock issued to convert accounts payable - 7,000,000 Common stock issued for financing costs - 5,000,000 Purchase of vessel - 34,000,000 Shares reclassed from common stock to be issued - 23,192,857 Total 554,521,522 1,242,909,419 The following table shows the warrants outstanding at December 31, 2020 and 2019: Number of Weighted Average Weighted Average Average Warrants Exercise Price Remaining Life (Years) Intrinsic Value Outstanding, December 31, 2018 33,000,000 $0.0199 1.27 $- Granted - - - - Forfeited or expired (25,000,000) 0.025 - - Exercised - - - - Outstanding, December 31, 2019 8,000,000 0.004 1.83 0.0038 Exercisable, December 31, 2019 8,000,000 0.004 1.83 0.0038 Granted - - - - Forfeited or expired (4,000,000) 0.003 - 0.0033 Exercised - - - - Outstanding, December 31, 2020 4,000,000 0.005 1.92 0.0013 Exercisable, December 31, 2020 4,000,000 $0.005 1.92 $0.0013 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Segment Information Tables Abstract | |
Schedule of Segment Reporting Information, by Segment | Segment information relating to the Company’s two operating segments for the year ended December 31, 2020 is as follows: December 31, 2020 December 31, 2020 December 31, 2020 Blockchain LogisTech, LLC Seafarer Exploration Corp. Consolidated Service revenues $ 4,200 $ 6,422 $ 10,622 Total operating expenses 23,469 2,686,359 2,709,828 Net loss from operations $ (19,269 ) $ (2,679,937 ) $ (2,699,206 ) Segment information relating to the Company’s two operating segments for the year ended December 31, 2019 is as follows: December 31, 2019 December 31, 2019 December 31, 2019 Blockchain LogisTech, LLC Seafarer Exploration Corp. Consolidated Service revenues $ 14,000 $ - $ 14,000 Total operating expenses 5,626 2,059,245 2,064,871 Net loss from operations $ 8,374 $ (2,059,245 ) $ (2,050,871 ) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Income Taxes Tables Abstract | |
Schedule of Income taxes computed at the federal statutory rate and the provision for income taxes | 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, 2020 December 31, 2019 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 % |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) | Dec. 31, 2020USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Working capital deficit | $ 1,158,747 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Research and development | $ 463,468 | $ 444,002 |
Depreciation Expense | $ 20,379 | $ 1,003 |
Outstanding convertible note payable | 663,053,249 | 663,053,249 |
Outstanding warrants | 593,177,150 | 593,177,150 |
OPERATING LEASE AND RIGHT-OF-_3
OPERATING LEASE AND RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Lease And Right-of-use Assets And Operating Lease Liabilities | ||
Office lease (remaining lease term) | $ 48,957 | $ 22,575 |
Less accumulated amortization | (6,966) | (14,574) |
Right-of-use assets, net | $ 41,991 | $ 8,001 |
OPERATING LEASE AND RIGHT-OF-_4
OPERATING LEASE AND RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES (Details 2) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Lease And Right-of-use Assets And Operating Lease Liabilities | ||
Office lease | $ 42,274 | $ 8,079 |
Less: current portion | (14,680) | (8,079) |
Long term portion | $ 27,594 |
OPERATING LEASE AND RIGHT-OF-_5
OPERATING LEASE AND RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES (Details 3) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Lease And Right-of-use Assets And Operating Lease Liabilities | ||
Year ended December 31, 2021 | $ 18,103 | |
Year ended December 31, 2022 | 18,641 | |
Year ended December 31, 2023 | 11,080 | |
Total future minimum lease payments | 47,824 | |
Plus: Present value discount | (5,550) | |
Lease liability | $ 42,274 | $ 8,079 |
OPERATING LEASE AND RIGHT-OF-_6
OPERATING LEASE AND RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES (Details Narrative) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||||||
Operating lease expense | $ 10,398 | $ 15,780 | ||||
Base monthly rent | $ 1,611 | $ 1,564 | $ 1,519 | $ 1,475 | $ 41,986 | $ 40,929 |
CONVERTIBLE NOTES PAYABLE AND_3
CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Convertible notes payable | $ 31,575 | $ 33,065 |
Less: Unamortized discounts, Convertible Notes - Related Parties | 24,431 | 57,413 |
Convertible Notes Payable - Related Parties | 86,169 | 19,787 |
Convertible Notes Payable [Member] | ||
Convertible notes payable, Face Value | 45,000 | 51,000 |
Less: Unamortized discounts, Convertible Notes | (13,425) | 17,935 |
Convertible notes payable | $ 31,575 | $ 33,065 |
Convertible Notes Payable [Member] | September 1, 2020 | ||
Convertible notes payble, Maturity Date | Mar. 1, 2021 | |
Convertible notes payable, Face Value | $ 45,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00300 | |
Convertible Notes Payable [Member] | September 04, 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 | $ 0.0030 | |
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 | $ 0.0030 | |
Convertible Notes Payable - Related Parties [Member] | ||
Convertible notes payable, Face Value | $ 110,600 | $ 77,200 |
Less: Unamortized discounts, Convertible Notes - Related Parties | (24,431) | 57,413 |
Convertible Notes Payable - Related Parties | $ 86,169 | $ 19,787 |
Convertible Notes Payable - Related Parties [Member] | August 06, 2020 | ||
Convertible notes payble, Maturity Date | Feb. 6, 2021 | |
Convertible notes payable, Face Value | $ 25,200 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00350 | |
Convertible Notes Payable - Related Parties [Member] | August 06, 2020 | ||
Convertible notes payble, Maturity Date | Feb. 6, 2021 | |
Convertible notes payable, Face Value | $ 35,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00350 | |
Convertible Notes Payable - Related Parties [Member] | August 14, 2020 | ||
Convertible notes payble, Maturity Date | Feb. 14, 2021 | |
Convertible notes payable, Face Value | $ 50,400 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.00350 | |
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 | $ 0.0030 | |
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 | $ 0.0025 | |
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 | $ 0.0030 | |
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 | $ 0.0030 | |
Convertible Notes Payable - In Default[Member] | ||
Convertible notes payable, Face Value | $ 308,300 | $ 328,300 |
Convertible Notes Payable - In Default[Member] | August 28, 2009 | ||
Convertible notes payble, Maturity Date | Nov. 1, 2009 | 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 | $ 0.0150 | $ 0.0150 |
Convertible Notes Payable - In Default[Member] | November 20, 2012 | ||
Convertible notes payble, Maturity Date | May 20, 2013 | 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 | $ 0.0050 | $ 0.0050 |
Convertible Notes Payable - In Default[Member] | January 19, 2013 | ||
Convertible notes payble, Maturity Date | Jul. 30, 2013 | 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 | $ 0.0040 | $ 0.0040 |
Convertible Notes Payable - In Default[Member] | February 11, 2013 | ||
Convertible notes payble, Maturity Date | Aug. 11, 2013 | 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 | $ 0.0060 | $ 0.0060 |
Convertible Notes Payable - In Default[Member] | September 25, 2013 | ||
Convertible notes payble, Maturity Date | Mar. 25, 2014 | 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 | $ 0.0125 | $ 0.0125 |
Convertible Notes Payable - In Default[Member] | October 04, 2013 | ||
Convertible notes payble, Maturity Date | Apr. 4, 2014 | 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 | $ 0.0125 | $ 0.0125 |
Convertible Notes Payable - In Default[Member] | October 30, 2013 | ||
Convertible notes payble, Maturity Date | Oct. 30, 2014 | 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 | $ 0.0125 | $ 0.0125 |
Convertible Notes Payable - In Default[Member] | May 15, 2014 | ||
Convertible notes payble, Maturity Date | Nov. 15, 2014 | 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 | $ 0.0070 | $ 0.0070 |
Convertible Notes Payable - In Default[Member] | September 18, 2015 | ||
Convertible notes payble, Maturity Date | Mar. 18, 2016 | 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 | $ 0.0020 | $ 0.0020 |
Convertible Notes Payable - In Default[Member] | April 04, 2016 | ||
Convertible notes payble, Maturity Date | Oct. 4, 2016 | 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 | $ 0.0010 | $ 0.0010 |
Convertible Notes Payable - In Default[Member] | July 19, 2016 | ||
Convertible notes payble, Maturity Date | Jul. 19, 2017 | 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 | $ 0.0015 | $ 0.0015 |
Convertible Notes Payable - In Default[Member] | March 06, 2018 | ||
Convertible notes payble, Maturity Date | Sep. 6, 2018 | 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 | $ 0.0006 | $ 0.0006 |
Convertible Notes Payable - In Default[Member] | Februrary 06, 2018 | ||
Convertible notes payble, Maturity Date | Nov. 7, 2018 | 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 | $ 0.0006 | $ 0.0006 |
Convertible Notes Payable - In Default[Member] | October 29, 2018 | ||
Convertible notes payble, Maturity Date | Apr. 29, 2019 | Apr. 29, 2019 |
Convertible notes payable, Face Value | $ 3,000 | $ 3,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.0007 | $ 0.0007 |
Convertible Notes Payable - In Default[Member] | January 03, 2019 | ||
Convertible notes payble, Maturity Date | Jul. 3, 2019 | Jul. 3, 2019 |
Convertible notes payable, Face Value | $ 1,000 | $ 1,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.0010 | $ 0.0010 |
Convertible Notes Payable - In Default[Member] | March 16, 2019 | ||
Convertible notes payble, Maturity Date | Sep. 16, 2019 | Sep. 16, 2019 |
Convertible notes payable, Face Value | $ 10,000 | $ 10,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.0010 | $ 0.0010 |
Convertible Notes Payable - In Default[Member] | September 04, 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 | $ 0.0030 | |
Convertible Notes Payable - In Default[Member] | October 13, 2014 | ||
Convertible notes payble, Maturity Date | Apr. 13, 2015 | |
Convertible notes payable, Face Value | $ 25,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.0050 | |
Convertible Notes Payable - In Default[Member] | August 24, 2016 | ||
Convertible notes payble, Maturity Date | Feb. 24, 2017 | |
Convertible notes payable, Face Value | $ 20,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.0010 | |
Convertible Notes Payable - Related Parties, in Default[Member] | ||
Convertible notes payable, Face Value | $ 527,900 | $ 399,700 |
Convertible Notes Payable - Related Parties, in Default[Member] | January 19, 2013 | ||
Convertible notes payble, Maturity Date | Jul. 30, 2013 | 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 | $ 0.0040 | $ 0.0040 |
Convertible Notes Payable - Related Parties, in Default[Member] | January 09, 2009 | ||
Convertible notes payble, Maturity Date | Jan. 9, 2010 | 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 | $ 0.0150 | $ 0.0150 |
Convertible Notes Payable - Related Parties, in Default[Member] | January 25, 2010 | ||
Convertible notes payble, Maturity Date | Jan. 25, 2011 | 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 | $ 0.0050 | $ 0.0050 |
Convertible Notes Payable - Related Parties, in Default[Member] | January 18, 2012 | ||
Convertible notes payble, Maturity Date | Jul. 18, 2012 | 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 | $ 0.0040 | $ 0.0040 |
Convertible Notes Payable - Related Parties, in Default[Member] | July 26, 2016 | ||
Convertible notes payble, Maturity Date | Jan. 26, 2014 | 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 | $ 0.0100 | $ 0.0100 |
Convertible Notes Payable - Related Parties, in Default[Member] | January 17, 2014 | ||
Convertible notes payble, Maturity Date | Jul. 17, 2014 | 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 | $ 0.0060 | $ 0.0060 |
Convertible Notes Payable - Related Parties, in Default[Member] | May 27, 2014 | ||
Convertible notes payble, Maturity Date | Nov. 27, 2014 | 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 | $ 0.0070 | $ 0.0070 |
Convertible Notes Payable - Related Parties, in Default[Member] | July 21, 2014 | ||
Convertible notes payble, Maturity Date | Jan. 25, 2015 | 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 | $ 0.0080 | $ 0.0080 |
Convertible Notes Payable - Related Parties, in Default[Member] | October 16, 2014 | ||
Convertible notes payble, Maturity Date | Apr. 16, 2015 | 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 | $ 0.0045 | $ 0.0045 |
Convertible Notes Payable - Related Parties, in Default[Member] | July 14, 2015 | ||
Convertible notes payble, Maturity Date | Jan. 14, 2016 | 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 | $ 0.0030 | $ 0.0030 |
Convertible Notes Payable - Related Parties, in Default[Member] | January 12, 2016 | ||
Convertible notes payble, Maturity Date | Jul. 12, 2016 | 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 | $ 0.0020 | $ 0.0020 |
Convertible Notes Payable - Related Parties, in Default[Member] | May 10, 2016 | ||
Convertible notes payble, Maturity Date | Nov. 10, 2016 | 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 | $ 0.0005 | $ 0.0005 |
Convertible Notes Payable - Related Parties, in Default[Member] | May 10, 2016 | ||
Convertible notes payble, Maturity Date | Nov. 10, 2016 | 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 | $ 0.0005 | $ 0.0005 |
Convertible Notes Payable - Related Parties, in Default[Member] | May 20, 2016 | ||
Convertible notes payble, Maturity Date | Nov. 20, 2016 | 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 | $ 0.0005 | $ 0.0005 |
Convertible Notes Payable - Related Parties, in Default[Member] | July 12, 2016 | ||
Convertible notes payble, Maturity Date | Jan. 12, 2017 | 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 | $ 0.0006 | $ 0.0006 |
Convertible Notes Payable - Related Parties, in Default[Member] | January 26, 2017 | ||
Convertible notes payble, Maturity Date | Mar. 12, 2017 | 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 | $ 0.0005 | $ 0.0005 |
Convertible Notes Payable - Related Parties, in Default[Member] | Februrary 14, 2017 | ||
Convertible notes payble, Maturity Date | Aug. 14, 2017 | 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 | $ 0.0008 |
Convertible Notes Payable - Related Parties, in Default[Member] | August 16, 2017 | ||
Convertible notes payble, Maturity Date | Sep. 16, 2017 | 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 | $ 0.0008 | $ 0.0008 |
Convertible Notes Payable - Related Parties, in Default[Member] | March 14, 2018 | ||
Convertible notes payble, Maturity Date | May 14, 2018 | 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 | $ 0.0007 | $ 0.0007 |
Convertible Notes Payable - Related Parties, in Default[Member] | April 04, 2018 | ||
Convertible notes payble, Maturity Date | Jun. 4, 2018 | 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 | $ 0.0007 | $ 0.0007 |
Convertible Notes Payable - Related Parties, in Default[Member] | April 11, 2018 | ||
Convertible notes payble, Maturity Date | Jun. 11, 2018 | 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 | $ 0.0007 | $ 0.0007 |
Convertible Notes Payable - Related Parties, in Default[Member] | May 05, 2018 | ||
Convertible notes payble, Maturity Date | Jul. 8, 2018 | 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 | $ 0.0007 | $ 0.0007 |
Convertible Notes Payable - Related Parties, in Default[Member] | May 30, 2018 | ||
Convertible notes payble, Maturity Date | Aug. 30, 2018 | 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 | $ 0.0007 | $ 0.0007 |
Convertible Notes Payable - Related Parties, in Default[Member] | June 12, 2018 | ||
Convertible notes payble, Maturity Date | Sep. 12, 2018 | 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 | $ 0.0007 | $ 0.0007 |
Convertible Notes Payable - Related Parties, in Default[Member] | June 20, 2018 | ||
Convertible notes payble, Maturity Date | Sep. 12, 2018 | Sep. 12, 2018 |
Convertible notes payable, Face Value | $ 500 | $ 500 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.0007 | $ 0.0007 |
Convertible Notes Payable - Related Parties, in Default[Member] | January 09, 2018 | ||
Convertible notes payble, Maturity Date | Jan. 9, 2019 | Jan. 9, 2019 |
Convertible notes payable, Face Value | $ 12,000 | $ 12,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.0006 | $ 0.0006 |
Convertible Notes Payable - Related Parties, in Default[Member] | August 27, 2018 | ||
Convertible notes payble, Maturity Date | Feb. 27, 2019 | Feb. 27, 2019 |
Convertible notes payable, Face Value | $ 2,000 | $ 2,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.0007 | $ 0.0007 |
Convertible Notes Payable - Related Parties, in Default[Member] | October 02, 2018 | ||
Convertible notes payble, Maturity Date | Apr. 2, 2019 | Apr. 2, 2019 |
Convertible notes payable, Face Value | $ 1,000 | $ 1,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.0008 | $ 0.0008 |
Convertible Notes Payable - Related Parties, in Default[Member] | October 23, 2018 | ||
Convertible notes payble, Maturity Date | Apr. 23, 2019 | Apr. 23, 2019 |
Convertible notes payable, Face Value | $ 4,200 | $ 4,200 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.0007 | $ 0.0007 |
Convertible Notes Payable - Related Parties, in Default[Member] | November 07, 2018 | ||
Convertible notes payble, Maturity Date | May 7, 2019 | May 7, 2019 |
Convertible notes payable, Face Value | $ 2,000 | $ 2,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.0008 | $ 0.0008 |
Convertible Notes Payable - Related Parties, in Default[Member] | November 14, 2018 | ||
Convertible notes payble, Maturity Date | May 14, 2019 | May 14, 2019 |
Convertible notes payable, Face Value | $ 8,000 | $ 8,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.0008 | $ 0.0008 |
Convertible Notes Payable - Related Parties, in Default[Member] | January 08, 2019 | ||
Convertible notes payble, Maturity Date | Jul. 8, 2019 | Jul. 8, 2019 |
Convertible notes payable, Face Value | $ 7,000 | $ 7,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.0008 | $ 0.0008 |
Convertible Notes Payable - Related Parties, in Default[Member] | April 25, 2019 | ||
Convertible notes payble, Maturity Date | Dec. 23, 2019 | Dec. 23, 2019 |
Convertible notes payable, Face Value | $ 20,000 | $ 20,000 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.0040 | $ 0.0040 |
Convertible Notes Payable - Related Parties, in Default[Member] | June 07, 2019 | ||
Convertible notes payble, Maturity Date | Dec. 7, 2019 | Dec. 7, 2019 |
Convertible notes payable, Face Value | $ 5,100 | $ 5,100 |
Convertible notes payeble Rate | 6.00% | 6.00% |
Convertible notes payable, Conversion Price | $ 0.0030 | $ 0.0030 |
Convertible Notes Payable - Related Parties, in Default[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, in Default[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 | $ 0.0030 | |
Convertible Notes Payable - Related Parties, in Default[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 | $ 0.0030 | |
Convertible Notes Payable - Related Parties, in Default[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 | $ 0.0030 | |
Convertible Notes Payable - Related Parties, in Default[Member] | January 07, 2020 | ||
Convertible notes payble, Maturity Date | Jun. 20, 2020 | |
Convertible notes payable, Face Value | $ 51,000 | |
Convertible notes payeble Rate | 6.00% | |
Convertible notes payable, Conversion Price | $ 0.0030 |
CONVERTIBLE NOTES PAYABLE AND_4
CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Notes Payable, Default [Member] | ||
Notes payable, Face Value | $ 135,000 | $ 175,000 |
Notes Payable, Default [Member] | April 27, 2011 | ||
Notes payble, Maturity Date | Apr. 27, 2012 | Apr. 27, 2012 |
Notes payable, Face Value | $ 5,000 | $ 5,000 |
Notes payable, Rate | 6.00% | 6.00% |
Notes Payable, Default [Member] | December 14, 2017 | ||
Notes payble, Maturity Date | Dec. 14, 2018 | Dec. 14, 2018 |
Notes payable, Face Value | $ 25,000 | $ 65,000 |
Notes payable, Rate | 6.00% | 6.00% |
Notes Payable, Default [Member] | November 29, 2017 | ||
Notes payble, Maturity Date | Nov. 29, 2019 | Nov. 29, 2019 |
Notes payable, Face Value | $ 105,000 | $ 105,000 |
Notes payable, Rate | 2.06% | 2.06% |
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 | 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 | 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 | 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) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | 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 | |
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. |
INCOME TAXES (Details)
INCOME TAXES (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Income Taxes Details Abstract | ||
Income tax at federal statutory rate, as a percentage | (21.00%) | (21.00%) |
State tax, net of federal effect | (3.96%) | (3.96%) |
Valuation allowance, as a percent | 23.96% | 23.96% |
Effective rate | 0.00% | 0.00% |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Services revenues | $ 10,622 | $ 14,000 |
Total operating expenses | 2,709,828 | 2,064,871 |
Net loss from operations | (2,699,206) | (2,050,871) |
Blockchain LogisTech, LLC [Member] | ||
Services revenues | 4,200 | 14,000 |
Total operating expenses | 23,469 | 5,626 |
Net loss from operations | (19,269) | 8,374 |
Seafarer Exploration Corp. [Member] | ||
Services revenues | 6,422 | |
Total operating expenses | 2,686,358 | 2,059,245 |
Net loss from operations | $ (2,679,936) | $ (2,059,245) |