Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 12, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | SEAFARER EXPLORATION CORP | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Amendment Flag | false | |
Entity Central Index Key | 0001106213 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 4,232,149,156 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 000-29461 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Transition Period | false |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash | $ 34,889 | |
Prepaid expenses | 81,733 | 2,060 |
Deposits and other receivables | 750 | 750 |
Total Current Assets | 117,372 | 2,810 |
Right to use asset | 15,424 | |
Investment in P & S, Inc. | 78,000 | 78,000 |
TOTAL ASSETS | 210,796 | 80,810 |
Current Liabilities | ||
Overdraft | 2,919 | |
Accounts payable and accrued expense | 317,147 | 480,951 |
Convertible notes payable, net of discounts of $4,248 and $1,401 | 6,752 | 1,599 |
Convertible notes payable, related parties, net of discounts of $12,984 and $7,588 | 19,116 | 21,612 |
Convertible notes payable, in default | 460,300 | 457,300 |
Convertible notes payable, in default - related parties | 370,200 | 341,000 |
Notes payable, net of discounts of $7,071 and $14,943 | 97,929 | 90,057 |
Notes payable, in default | 105,000 | 152,500 |
Notes payable, in default - related parties | 18,500 | 18,500 |
Shareholder loan | 1,500 | 6,548 |
Lease liability | 15,580 | |
Total Current Liabilities | 1,412,024 | 1,572,986 |
TOTAL LIABILITIES | 1,412,024 | 1,572,986 |
Stockholders' Deficit | ||
Preferred stock, $0.0001 par values - 50,000,000 shares authorized; 67 shares issued Series A - 7 shares issued and outstanding at June 30, 2019 and December 31, 2018 Series B - 60 shares issued and outstanding at June 30, 2019 and December 31, 2018 | ||
Common stock, $0.0001 par value - 4,900,000,000 shares authorized; 4,185,865,834 and 3,518,252,964 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 417,124 | 350,573 |
Common stock to be issued, $0.0001 par value, 3,500,000 and 23,192,857 shares at June 30, 2019 and December 31, 2018, respectively | 350 | 2,319 |
Additional paid-in capital | 14,277,754 | 13,109,751 |
Accumulated deficit | (15,896,456) | (14,954,819) |
TOTAL STOCKHOLDERS' DEFICIT | (1,201,228) | (1,492,176) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | 210,796 | 80,810 |
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 June 30, 2019 and December 31, 2018 Series B - 60 shares issued and outstanding at June 30, 2019 and December 31, 2018 | ||
Series B | ||
Stockholders' Deficit | ||
Preferred stock, $0.0001 par values - 50,000,000 shares authorized; 67 shares issued Series A - 7 shares issued and outstanding at June 30, 2019 and December 31, 2018 Series B - 60 shares issued and outstanding at June 30, 2019 and December 31, 2018 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Discounts on convertible notes payable | $ 4,248 | $ 1,401 |
Discounts on convertible notes payable, related parties | 12,984 | 7,588 |
Discounts on notes payable | $ 7,071 | $ 14,943 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 67 | 67 |
Preferred Stock, shares outstanding | 67 | 67 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 4,900,000,000 | 4,900,000,000 |
Common stock, shares issued | 4,185,865,834 | 3,518,252,964 |
Common Stock, shares outstanding | 4,185,865,834 | 3,518,252,964 |
Common stock to be issued | 3,500,000 | 23,192,857 |
Series B | ||
Preferred stock, shares issued | 60 | 60 |
Preferred Stock, shares outstanding | 60 | 60 |
Series A | ||
Preferred stock, shares issued | 7 | 7 |
Preferred Stock, shares outstanding | 7 | 7 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements Of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue: | ||||
Service income | $ 3,500 | $ 3,500 | ||
Operating Expenses | ||||
Consulting and contractor expenses | 263,652 | 283,383 | 491,262 | 430,159 |
Vessel maintenance and dockage | 30,632 | 15,265 | 41,987 | 23,105 |
Professional fees | 20,815 | 12,131 | 52,575 | 35,726 |
General and administrative expenses | 197,099 | 25,348 | 224,863 | 42,696 |
Depreciation expense | 8,496 | 16,992 | ||
Rent expense | 6,689 | 10,446 | 19,496 | 19,085 |
Travel and entertainment expense | 13,118 | 19,157 | 27,675 | 36,587 |
Total operating expenses | 532,005 | 374,226 | 857,858 | 604,350 |
Net loss from operations | (528,505) | (374,226) | (854,358) | (604,350) |
Other Income (Expense): | ||||
Interest expense | (54,246) | (78,568) | (90,279) | (109,707) |
Dividend income | 1,500 | 3,000 | ||
Total expense, net | (52,746) | (78,568) | (87,279) | (109,707) |
Net loss | $ (581,251) | $ (452,794) | $ (941,637) | $ (714,057) |
Basic and diluted loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding | 4,125,752,387 | 3,036,145,467 | 3,904,802,596 | 2,906,438,618 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements Of Changes In Stockholders' Deficit Equity (Unaudited) - USD ($) | Series A Preferred Stock | Series B Preferred Stock | Common Stock | Common StockTo Be Issued | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, Shares at Dec. 31, 2017 | 7 | 60 | 2,784,317,155 | ||||
Beginning Balance, Value at Dec. 31, 2017 | $ 278,432 | $ 12,293,080 | $ (13,677,635) | $ (1,106,123) | |||
Common stock issued for cash, Shares | 10,000,000 | ||||||
Common stock issued for cash, Value | $ 1,000 | 24,000 | 25,000 | ||||
Stock issued to convert notes payable, Shares | 10,510,000 | ||||||
Stock issued to convert notes payable, Value | $ 1,051 | 13,949 | 15,000 | ||||
Beneficial conversion feature | 19,571 | 19,571 | |||||
Stock issued for services, Shares | 5,250,000 | ||||||
Stock issued for services, Value | $ 525 | 4,725 | 5,250 | ||||
Stock issued for financing cost, Shares | 8,500,000 | ||||||
Stock issued for financing cost, Value | $ 850 | 6,500 | 7,350 | ||||
Net Loss | (261,263) | (261,263) | |||||
Ending Balance, Shares at Mar. 31, 2018 | 7 | 60 | 2,818,577,155 | ||||
Ending Balance, Value at Mar. 31, 2018 | $ 281,858 | 12,361,825 | (13,938,898) | (1,295,215) | |||
Beginning Balance, Shares at Dec. 31, 2017 | 7 | 60 | 2,784,317,155 | ||||
Beginning Balance, Value at Dec. 31, 2017 | $ 278,432 | 12,293,080 | (13,677,635) | (1,106,123) | |||
Net Loss | (714,057) | ||||||
Ending Balance, Shares at Jun. 30, 2018 | 7 | 60 | 3,101,147,155 | ||||
Ending Balance, Value at Jun. 30, 2018 | $ 310,115 | 12,696,361 | (14,391,692) | (1,385,216) | |||
Beginning Balance, Shares at Dec. 31, 2017 | 7 | 60 | 2,784,317,155 | ||||
Beginning Balance, Value at Dec. 31, 2017 | $ 278,432 | 12,293,080 | (13,677,635) | (1,106,123) | |||
Ending Balance, Shares at Dec. 31, 2018 | 7 | 60 | 3,518,252,964 | 23,192,857 | |||
Ending Balance, Value at Dec. 31, 2018 | $ 350,573 | $ 2,319 | 13,109,751 | (14,954,819) | (1,492,176) | ||
Beginning Balance, Shares at Mar. 31, 2018 | 7 | 60 | 2,818,577,155 | ||||
Beginning Balance, Value at Mar. 31, 2018 | $ 281,858 | 12,361,825 | (13,938,898) | (1,295,215) | |||
Common stock issued for cash, Shares | 125,740,000 | ||||||
Common stock issued for cash, Value | $ 12,574 | 94,086 | 106,660 | ||||
Stock issued to convert notes payable, Shares | 4,000,000 | ||||||
Stock issued to convert notes payable, Value | $ 400 | 4,000 | 4,400 | ||||
Beneficial conversion feature | 81,500 | 81,500 | |||||
Stock issued for services, Shares | 148,830,000 | ||||||
Stock issued for services, Value | $ 14,883 | 147,300 | 162,183 | ||||
Stock issued for financing cost, Shares | 4,000,000 | ||||||
Stock issued for financing cost, Value | $ 400 | 7,650 | 8,050 | ||||
Net Loss | (452,794) | (452,794) | |||||
Ending Balance, Shares at Jun. 30, 2018 | 7 | 60 | 3,101,147,155 | ||||
Ending Balance, Value at Jun. 30, 2018 | $ 310,115 | 12,696,361 | (14,391,692) | (1,385,216) | |||
Beginning Balance, Shares at Dec. 31, 2018 | 7 | 60 | 3,518,252,964 | 23,192,857 | |||
Beginning Balance, Value at Dec. 31, 2018 | $ 350,573 | $ 2,319 | 13,109,751 | (14,954,819) | (1,492,176) | ||
Common stock issued for cash, Shares | 346,066,667 | ||||||
Common stock issued for cash, Value | $ 34,607 | 327,243 | 361,850 | ||||
Stock issued to convert notes payable, Shares | 1,284,938 | ||||||
Stock issued to convert notes payable, Value | $ 128 | 900 | 1,028 | ||||
Beneficial conversion feature | 10,500 | 10,500 | |||||
Stock issued for services, Shares | 96,220,616 | ||||||
Stock issued for services, Value | $ 9,622 | 202,028 | 211,650 | ||||
Stock issued for financing cost, Shares | 5,000,000 | ||||||
Stock issued for financing cost, Value | $ 500 | 7,000 | 7,500 | ||||
Net Loss | (360,386) | (360,386) | |||||
Ending Balance, Shares at Mar. 31, 2019 | 7 | 60 | 3,966,825,185 | 23,192,857 | |||
Ending Balance, Value at Mar. 31, 2019 | $ 395,430 | $ 2,319 | 13,657,422 | (15,315,205) | (1,260,034) | ||
Beginning Balance, Shares at Dec. 31, 2018 | 7 | 60 | 3,518,252,964 | 23,192,857 | |||
Beginning Balance, Value at Dec. 31, 2018 | $ 350,573 | $ 2,319 | 13,109,751 | (14,954,819) | $ (1,492,176) | ||
Common stock issued for cash, Shares | 506,095,239 | ||||||
Common stock issued for cash, Value | $ 800,750 | ||||||
Beneficial conversion feature | 35,600 | ||||||
Net Loss | (941,637) | ||||||
Ending Balance, Shares at Jun. 30, 2019 | 7 | 60 | 4,183,765,834 | 3,500,000 | |||
Ending Balance, Value at Jun. 30, 2019 | $ 417,124 | $ 350 | 14,277,754 | (15,896,456) | (1,201,228) | ||
Beginning Balance, Shares at Mar. 31, 2019 | 7 | 60 | 3,966,825,185 | 23,192,857 | |||
Beginning Balance, Value at Mar. 31, 2019 | $ 395,430 | $ 2,319 | 13,657,422 | (15,315,205) | (1,260,034) | ||
Common stock issued for cash, Shares | 160,028,572 | 3,500,000 | |||||
Common stock issued for cash, Value | $ 16,003 | $ 350 | 427,547 | 443,900 | |||
Reclass from common stock to be issued, Shares | 23,192,857 | (23,192,857) | |||||
Reclass from common stock to be issued, Value | $ 2,319 | $ (2,319) | |||||
Stock issued to convert accrued interest on convertible notes payable, Shares | 18,869,220 | ||||||
Stock issued to convert accrued interest on convertible notes payable, Value | $ 1,887 | 88,295 | 90,182 | ||||
Stock issued to convert accounts payable, Shares | 7,000,000 | ||||||
Stock issued to convert accounts payable, Value | $ 700 | 6,300 | 7,000 | ||||
Beneficial conversion feature | 25,100 | 25,100 | |||||
Stock issued for services, Shares | 7,850,000 | ||||||
Stock issued for services, Value | $ 785 | 73,090 | 73,875 | ||||
Net Loss | (581,251) | (581,251) | |||||
Ending Balance, Shares at Jun. 30, 2019 | 7 | 60 | 4,183,765,834 | 3,500,000 | |||
Ending Balance, Value at Jun. 30, 2019 | $ 417,124 | $ 350 | $ 14,277,754 | $ (15,896,456) | $ (1,201,228) |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (941,637) | $ (714,057) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 16,992 | |
Amortization right of use asset | 7,151 | |
Amortization of beneficial conversion feature and loan fees | 34,830 | 70,537 |
Interest expense on convertible debt | 11,422 | |
Common stock issued for services | 206,252 | 186,519 |
Common stock issued for closing costs | 7,350 | |
Common stock and warrants issued for non-payment of notes payable | 7,500 | |
Decrease in: | ||
Prepaid expenses and deposits | (3,824) | |
Increase (decrease) in: | ||
Accounts payable and accrued expenses | (66,594) | 90,196 |
Operating lease liabilities | (6,996) | |
Net Cash Used by Operating Activities | (759,494) | (334,865) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to property and equipment | (192) | |
Net Cash Used by Investing Activities | (192) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Decrease in bank overdraft | (2,919) | |
Proceeds from the issuance of common stock | 805,750 | 131,550 |
Proceeds from the issuance of convertible notes payable | 11,000 | 80,546 |
Payments on convertible notes payable | (10,000) | |
Proceeds from the issuance convertible notes payable, related party | 32,100 | 118,500 |
Payments on convertible notes payable, related party | (26,250) | |
Payments on convertible notes payable, in default | (46,500) | |
Advances from shareholder | 6,990 | |
Payments to shareholders | (5,048) | (5,340) |
Net Cash Provided By Financing Activities | 794,383 | 295,996 |
NET INCREASE IN CASH | 34,889 | (39,061) |
CASH, BEGINNING OF PERIOD | 62,609 | |
CASH, END OF PERIOD | 34,889 | 23,548 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest expense | 2,711 | |
Cash paid for income taxes | ||
Noncash operating and financing activities: | ||
Convertible debt and accrued interest converted to common stock | 91,210 | 15,000 |
Operating lease liabilities and right of use asset | 22,572 | |
Beneficial conversion feature on convertible notes payable | 35,200 | |
Stock issued for prepaid services | $ 145,814 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | NOTE 1 - DESCRIPTION OF BUSINESS Seafarer Exploration Corp. (the “Company”), formerly Organetix, Inc. (“Organetix”), was incorporated on May 28, 2003 in the State of Delaware. The principal business of the Company is to engage in the archaeologically-sensitive exploration, documentation, recovery, and conservation of historic shipwrecks with the objective of exploring and discovering Colonial-era shipwrecks for future generations to be able to appreciate and understand. The Company's wholly owned subsidiary Blockchain LogisTech, LLC, which was formed on April 4, 2018 and began operations in 2019, has a strategic partnership to provide referrals to a provider of blockchain related software services. The Company is also actively seeking revenue generating opportunities in order to generate revenue streams to support its historic shipwreck exploration and recovery operations. |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 2 - GOING CONCERN These condensed 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, which raises 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 August 14, 2019. Management's plans include raising capital through the equity markets to fund operations and, eventually, the generation of revenue through its business. The Company does not expect to generate any revenues for the foreseeable future. At June 30, 2019, the Company had a working capital deficit of $1,294,652. 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 condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. These consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classifications of the liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This summary of significant accounting policies of Seafarer Exploration Corp. is presented to assist in understanding the Company’s condensed consolidated financial statements. The condensed consolidated financial statements and notes are representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the condensed consolidated financial statements. Principles of Consolidation The consolidated financial statements of the Company include the accounts of Blockchain LogisTech, LLC which is a wholly owned subsidiary. Intercompany accounts and transactions have been eliminated in consolidation. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid investments and short-term debt instruments with original maturities of three months or less to be cash equivalents. There were no cash equivalents at June 30, 2019 and December 31, 2018. Revenue Recognition Effective January 1, 2018, the Company adopted ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”) and all the related amendments. The Company elected to adopt this guidance using the modified retrospective method. The adoption of this guidance did not have a material effect on the Company’s financial position, results of operations or cash flows. The core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASC 606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under U.S. GAAP including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. Earnings Per Share The Company has adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 260-10 which provides for calculation of "basic" and "diluted" earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common stockholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. The potentially dilutive common stock equivalents for the six months ended June 30, 2019 and 2018 were excluded from the dilutive loss per share calculation as they would be antidilutive due to the net loss. As of June 30, 2019 and 2018, there were 553,309,220 and 558,089,442 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 and cash equivalents, receivables, accounts payable, notes payable and other payables, approximate their fair values because of the short maturity of these instruments. 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 quarters ended June 30, 2019 and 2018. Use of Estimates The process of preparing condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the condensed consolidated financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts. Convertible Notes Payable The Company accounts for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 provides comprehensive guidance on derivative and hedging transactions. It sets forth the definition of a derivative instrument and specifies how to account for such instruments, including derivatives embedded in hybrid instruments. In addition, ASC 815 establishes when reporting entities, in certain limited, well-defined circumstances, may apply hedge accounting to a relationship involving a designated hedging instrument and hedged exposure. Hedge accounting provides an alternative, special way of accounting for such relationships. ASC 815 also provides guidance on how reporting entities determine whether an instrument is (1) indexed to the reporting entity’s own stock and (2) considered to be settled in the reporting entity’s own stock. Such a determination will dictate whether an instrument should be accounted for as debt or equity and the appropriate accounting for the instrument. Finally, ASC 815 addresses the accounting for non-exchange-traded weather derivatives. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free standing derivative financial instruments. ASC 815 provides for an exception to this rule when convertible notes, as host instruments, are deemed to be conventional, as defined by ASC 815-40. As of June 30, 2019 and 2018, all of the Company’s convertible notes payable were classified as conventional instruments. The Company accounts for convertible notes deemed conventional and conversion options embedded in non-conventional convertible notes which qualify as equity under ASC 815, in accordance with the provisions of ASC 470-20, which provides guidance on accounting for convertible securities with beneficial conversion features. ASC 470-10 addresses classification determination for specific obligations, such as short-term obligations expected to be refinanced on a long-term basis, due-on-demand loan arrangements, callable debt, sales of future revenue, increasing rate debt, debt that includes covenants, revolving credit agreements subject to lock-box arrangements and subjective acceleration clauses, indexed debt. Accordingly, the Company records, as a discount to convertible notes, the intrinsic value of such conversion options based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt. Stock Based Compensation The Company applies the fair value method of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718, “ Share Based Payment Through December 31, 2018, the Company accounted for transactions in which services were received from non-employees in exchange for equity instruments based on the fair value of the equity instruments exchanged, in accordance with ASC 505-50, “ Equity Based payments to Non-employees Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting, Fully vested and non-forfeitable shares issued prior to the services being performed are classified as prepaid expenses. Leases In February 2016, the FASB issued ASU 2016-02, Leases On January 1, 2019, the Company adopted ASU No. 2016-02, applying the package of practical expedients to leases that commenced before the effective date whereby the Company elected to not reassess the following: (i) whether any expired or existing contracts contain leases and; (ii) initial direct costs for any existing leases. For contracts entered into on or after the effective date, at the inception of a contract the Company assessed whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether it has the right to direct the use of the asset. The Company will allocate the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments. Operating lease right of use assets (“ROU”) assets represents the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company use an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is included in general and administrative expenses in the condensed statements of operations. Recent Accounting Pronouncements All other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements. |
Stockholders' Deficit
Stockholders' Deficit | 6 Months Ended |
Jun. 30, 2019 | |
Capital Stock | |
Stockholders' Deficit | NOTE 4 – STOCKHOLDERS’ DEFICIT The Company’s total authorized capital stock consists of 4,900,000,000 shares of common stock, $0.0001 par value per share. Preferred Stock The Company is authorized to sell or issue 50,000,000 shares of preferred stock. Series A Preferred Stock At June 30, 2019 and December 31, 2018, the Company had seven shares of Series A preferred stock issued and outstanding. Each share of Series A preferred stock has the right to convert into 214,289 shares of the Company’s common stock. 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 six month period ended June 30, 2019, the Company issued the following shares of common stock: The Company issued or agreed to issue 506,095,239 shares for total proceeds of $800,750. The Company issued 1,284,938 shares for the conversion of $1,000 of convertible note principal and $28 of accrued interest for a total of $1,028. The Company issued 106,170,616 fully vested and non-forfeitable common stock shares for services provided by consultants, contractors, advisory members, board members, and other service providers (see Note 9). We determined the fair value of the shares issued using the stock price on date of issuance. Compensation expense is recognized as the services are provided to the Company. For the three and six-month periods ended June 30, 2019, we incurred $59,325 and $254,175 of compensation expense for stock issued for services and have prepaid expenses of $81,733 at June 30, 2019 for stock issued prior to services being performed. The Company issued 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. The Company issued 18,869,220 shares to settle $90,182 of accrued interest owed on fourteen convertible notes payable. The Company issued 7,000,000 shares to settle an account payable in the amount of $7,000. Warrants and Options The Company did not issue any warrants or options during the six month period ended June 30, 2019. At June 30, 2019 the Company had warrants to purchase a total of 33,000,000 shares of its restricted common stock outstanding. The following table shows the warrants outstanding at June 30, 2019: Number of Shares Term June 30, 2018 Exercise Price 11/10/12 to 11/20/22 4,000,000 0.0050 09/18/15 to 09/18/20 4,000,000 0.0030 09/10/17 to 09/10/19 15,000,000 0.0250 09/10/17 to 09/10/19 10,000,000 0.0250 33,000,000 |
Investment in Probabilities and
Investment in Probabilities and Statistics, Inc. | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Investment in Probabilities and Statistics, Inc. | NOTE 5 – INVESTMENT IN PROBABILITY AND STATISTICS, INC. The Company entered into a share exchange agreement with Probability and Statistics, Inc. (“P&S”), a privately held corporation, in August of 2018. Under the terms of the share exchange agreement, the Company agreed to issue 60,000,000 shares of its restricted common stock to P&S in exchange for 10,000 common shares of P&S or a 1% interest. All shares issued by both parties under the agreement have all rights and entitlements as the common stock of every other shareholder of such share class. The investment in P&S was valued at $78,000. The value of the investment in P&S was accounted for as the total value of the Company’s shares issued to P&S on the date of the share exchange agreement. |
Lease Obligation
Lease Obligation | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Lease Obligation | NOTE 6 - LEASE OBLIGATION Operations House The Company has an operating lease for a house located in Palm Bay, Florida. The Company uses the house to store equipment and gear and to provide temporary work-related living quarters for its divers, personnel, consultants and independent contractors involved in its exploration and recovery operations. The term of the lease agreement commenced on October 1, 2015 and expired on October 31, 2016. The Company pays $1,300 per month to lease the operations house. The term of the lease expired in October 2016, the Company is leasing the operations house on a month-to-month basis and anticipates continuing to lease the house for the foreseeable future. |
Operating Lease and Right-Of-Us
Operating Lease and Right-Of-Use Assets and Operating Lease Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Operating Lease And Right-of-use Assets And Operating Lease Liabilities | |
Operating Lease and Right-Of-Use Assets and Operating Lease Liabilities | NOTE 7 - OPERATING LEASE AND 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 our incremental borrowing rate, estimated to be 6%, as the interest rate implicit in most of our leases is not readily determinable. Operating lease expense is recognized on a straight-line basis over the lease term. During the three and six months ended June 30, 2019 and 2018, the Company recorded $3,945 and $0 and $7,890 and $0, respectively, as operating lease expense which is included in rent expenses on the 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. The Company entered into an amended lease agreement commencing on July 20, 2017 through June 30, 2020 with base month rents of $1,252 from July 1, 2017 to June 30, 2018, $1,289 from July 1, 2018 to June 30, 2019, and $1,328 from July 1, 2019 to June 30, 2020. Under the terms of the lease there may be additional fees charged about the base monthly rental fee. In adopting ASC Topic 842, Leases (Topic 842), the Company has elected the ‘package of practical expedients’, which permit it not to reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter is not applicable to the Company. In addition, the Company elected not to apply ASC Topic 842 to arrangements with lease terms of 12 month or less. On January 1, 2019, upon adoption of ASC Topic 842, the Company recorded right-of-use assets and lease liabilities of $22,575. Right-of- use assets are summarized below: June 30,2019 (Unaudited) Office lease (remaining lease term of 12 months) $ 22,575 Less accumulated amortization (7,151 ) Right-of-use assets, net $ 15,424 Amortization on the right -of -use asset is included in rent expense on the statements of operations. Operating Lease liabilities are summarized below: June 30,2019 (Unaudited) Office lease $ 15,580 Less: current portion (15,580 ) Long term portion — Maturity of lease liabilities are as follows: Six months ended June 30, 2019 $ 7,968 Year ending 2020 7,968 Less: Present value discount (356 ) Lease liability $ 15,580 |
Convertible Notes Payable and N
Convertible Notes Payable and Notes Payable | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable And Notes Payable | NOTE 8 - CONVERTIBLE NOTES PAYABLE AND NOTES PAYABLE Upon inception, the Company evaluates each financial instrument to determine whether it meets the definition of “conventional convertible” debt under ASC 470. Convertible Notes Payable The following table reflects the convertible notes payable at June 30, 2019: Date Due Date Principal Balance Rate Conversion Rate Convertible notes payable 01/03/19 07/03/19 $ 1,000 6.00 % 0.00100 03/16/19 09/16/19 $ 10,000 6.00 % 0.00100 Subtotal convertible notes payable $ 11,000 Less unamortized discounts $ 4,248 Balance, convertible notes payable $ 6,752 Convertible notes payable - related parties 01/08/19 07/08/19 $ 7,000 6.00 % 0.00080 04/25/19 12/23/19 $ 20,000 6.00 % 0.00400 06/07/19 12/07/19 $ 5,100 6.00 % 0.00300 Sub-Total notes payable - related parties $ 32,100 Less unamortized discounts $ 12,984 Balance, convertible notes payable - related parties $ 19,116 Convertible notes payable - in default 08/28/09 11/01/09 $ 4,300 10.00 % 0.01500 04/07/10 11/07/10 $ 70,000 6.00 % 0.00800 11/12/10 11/12/11 $ 40,000 6.00 % 0.00500 10/31/12 04/30/13 $ 8,000 6.00 % 0.00400 11/20/12 05/20/13 $ 50,000 6.00 % 0.00500 01/19/13 07/30/13 $ 5,000 6.00 % 0.00400 02/11/13 08/11/13 $ 9,000 6.00 % 0.00600 09/25/13 03/25/14 $ 10,000 6.00 % 0.01250 10/04/13 04/04/14 $ 50,000 6.00 % 0.01250 10/30/13 10/30/14 $ 50,000 6.00 % 0.01250 05/15/14 11/15/14 $ 40,000 6.00 % 0.00700 10/13/14 04/13/15 $ 25,000 6.00 % 0.00500 06/29/15 12/29/15 $ 25,000 6.00 % 0.00300 09/18/15 03/18/16 $ 25,000 6.00 % 0.00200 04/04/16 10/04/16 $ 10,000 6.00 % 0.00100 07/19/16 07/19/17 $ 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 6.00 % 0.00060 02/06/18 11/07/18 $ 6,000 6.00 % 0.00060 10/29/18 04/29/19 $ 3,000 6.00 % 0.00070 Sub-Total convertible notes payable - in default $ 460,300 Convertible notes payable - related parties, in default 01/09/09 01/09/10 $ 10,000 10.00 % 0.01500 01/25/10 01/25/11 $ 6,000 6.00 % 0.00500 01/18/12 07/18/12 $ 50,000 8.00 % 0.00400 01/19/13 07/30/13 $ 15,000 6.00 % 0.00400 07/26/13 01/26/14 $ 10,000 6.00 % 0.01000 01/17/14 07/17/14 $ 31,500 6.00 % 0.00600 05/27/14 11/27/14 $ 7,000 6.00 % 0.00700 07/21/14 01/25/15 $ 17,000 6.00 % 0.00800 10/16/14 04/16/15 $ 21,000 6.00 % 0.00450 07/14/15 01/14/16 $ 9,000 6.00 % 0.00300 01/12/16 07/12/16 $ 5,000 6.00 % 0.00200 05/10/16 11/10/16 $ 5,000 6.00 % 0.00050 05/10/16 11/10/16 $ 5,000 6.00 % 0.00050 05/20/16 11/20/16 $ 5,000 6.00 % 0.00050 07/12/16 01/12/17 $ 2,400 6.00 % 0.00060 01/26/17 03/12/17 $ 5,000 6.00 % 0.00050 02/14/17 08/14/17 $ 25,000 6.00 % 0.00075 08/16/17 09/16/17 $ 3,000 6.00 % 0.00080 03/14/18 05/14/18 $ 25,000 6.00 % 0.00070 04/04/18 06/04/18 $ 3,000 6.00 % 0.00070 04/11/18 06/11/18 $ 25,000 6.00 % 0.00070 05/08/18 07/08/18 $ 25,000 6.00 % 0.00070 05/30/18 08/30/18 $ 25,000 6.00 % 0.00070 06/12/18 09/12/18 $ 3,000 6.00 % 0.00070 06/20/18 09/12/18 $ 500 6.00 % 0.00070 01/09/18 01/09/19 $ 12,000 6.00 % 0.00060 08/27/18 02/27/19 $ 2,000 6.00 % 0.00070 10/02/18 04/02/19 $ 1,000 6.00 % 0.00080 10/23/18 04/23/19 $ 4,200 6.00 % 0.00070 11/07/18 05/07/19 $ 2,000 6.00 % 0.00080 11/14/18 05/14/19 $ 8,000 6.00 % 0.00080 Sub-Total convertible notes payable - related parties, in default $ 367,600 Balance - convertible notes payable $ 853,768 Notes Payable The following table reflects the notes payable at June 30, 2019: Date Due Date Principal Balance Rate Notes payable 11/29/17 11/29/19 $ 105,000 2.06 % NA Balance $ 105,000 Less unamortized discounts $ 7,071 Balance notes payable $ 97,929 Notes payable - in default 04/27/11 04/27/12 $ 5,000 6.00 % NA 06/23/11 08/23/11 $ 25,000 6.00 % NA 12/14/17 12/14/18 $ 75,000 6.00 % NA Balance $ 105,000 Notes payable - related parties, in default 02/24/10 02/24/11 $ 7,500 6.00 % NA 10/06/15 11/15/15 $ 10,000 6.00 % NA 02/08/18 04/09/18 $ 1,000 6.00 % NA Balance $ 18,500 Balance - notes payable $ 221,429 New Convertible Notes Payable and Notes Payable During the six month period ended June 30, 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. 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 are 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. 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 are due on or before September 16, 2019. The note is unsecured and is convertible at the lender’s option into shares of the Company’s common stock at a rate of $0.0010 per share. 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 are 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. 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. For the six month period ended June 30, 2019, the Company recorded a beneficial conversion feature of $35,600 on the convertible notes payable issued which was recorded as discount and will be amortized to interest expense over the related term of the convertible debt. For the six month period ended June 30, 2019, the Company recorded amortization of debt discounts of $27,357. For the three month period ended June 30, 2019, the Company recorded a beneficial conversion feature of $25,100 on the convertible notes payable issued which was recorded as discount and will be amortized to interest expense over the related term of the convertible debt. For the three month period ended June 30, 2019, the Company recorded amortization of debt discounts of $17,594. Note Conversions During the three month period ended March 31, 2019: A lender converted the principal and accrued interest for a convertible promissory note outstanding with a principal balance of $1,000 into 1,284,938 shares of the Company’s common stock. The remaining principal balance of this note was $0 at June 30, 2019. During the three month period ended June 30, 2019: The Company issued 18,869,220 shares to settle $90,182 of accrued interest owed on fourteen convertible notes payable. Shareholder Loans At June 30, 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. During the three month period ended June 30, 2019 the Company repaid the principal balance of $200 of a loan owed to its CEO. Convertible Notes Payable and Notes Payable, in Default The Company does not have additional sources of debt financing to refinance its convertible notes payable and notes payable that are currently in default. If the Company is unable to obtain additional capital, such lenders may file suit, including suit to foreclose on the assets held as collateral for the obligations arising under the secured notes. If any of the lenders file suit to foreclose on the assets held as collateral, then the Company may be forced to significantly scale back or cease its operations which would more than likely result in a complete loss of all capital that has been invested in or borrowed by the Company. The fact that the Company is in default of several promissory notes held by various lenders makes investing in the Company or providing any loans to the Company extremely risky with a very high potential for a complete loss of capital. The convertible notes that have been issued by the Company are convertible at the lender’s option. These convertible notes represent significant potential dilution to the Company’s current shareholders as the convertible price of these notes is generally lower than the current market price of the Company’s shares. As such when these notes are converted into shares of the Company’s common stock there is typically a highly dilutive effect on current shareholders and very possible that such dilution may significantly negatively affect the trading price of the Company’s common stock. |
Material Agreements
Material Agreements | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Material Agreements | NOTE 9 – MATERIAL AGREEMENTS Agreement to Explore a Shipwreck Site Located off of Brevard County, Florida In March of 2014, Seafarer entered into a partnership and ownership with Marine Archaeology Partners, LLC, with the formation of Seafarer’s Quest, LLC. Such LLC was formed in the State of Florida for the purpose of permitting, exploration and recovery of artifacts from a designated area on the east coast of Florida. Such site area is from a defined, contracted area by a separate entity, which a portion of such site is designated from a previous contracted holding through the State of Florida. Under such agreement, Seafarer is responsible for costs of permitting, exploration and recovery, and is entitled to 60% of such artifact recovery. Seafarer has a 50% ownership, with designated management of the LLC coming from Seafarer. Florida Division of Historical Resources Agreements/Permits The Company successfully renewed its permits for both Areas 1 and 2 for the Melbourne Beach site. The Area 2 permit was renewed on January 14, 2019 for a period of three years. The Area 1 permit was renewed on March 1, 2019 for a period of three years. 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. Agreement with Probability and Statistics, Inc. Seafarer acquired a 1% ownership position in Probability and Statistics, Inc. (P&S) for an exchange of shares of Seafarer’s restricted common stock (See Note 5). Certain Other Agreements and Commitments 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 services agreement with a limited liability company. Under the terms of the agreement the limited liability company agreed to provide engineering review and assessment, systems engineering, program management, technical team coordination, consultative support, etc. as deemed appropriate by the Company. The Company agreed to pay the limited liability company various rates ranging from $35 to $125 per hour depending on the specific services provided. The term of the agreement is until January 24, 2020 unless otherwise extended or terminated in writing by either party. In January of 2019 the Company entered into a consulting agreement with a limited liability company for corporate identity and digital branding services. Under the terms of the agreement the Company paid the consultant 5,000,000 shares of its restricted common stock. The term of the agreement is open ended. In February of 2019, the Company issued a consultants 5,300,000 shares of its restricted common for business consulting and advisory services. In February of 2019, the Company issued 12,500,000 shares of its restricted common stock for past legal services. The attorney agreed that the payment of the 12,500,000 shares satisfied all outstanding debts for legal services owed the law firm. During the six month period ended June 30, 2019, the Company issued a consultant a total of 3,000,000 share its restricted common stock in conjunction with a consulting agreement from July 2018 for social media and website management. During the six month period ended June 30, 2019, the Company issued a total of 7,000,000 share its restricted common stock on various dates under consulting agreements for assistance with procuring a marina slip, general business consulting and corporate communications. During the six month period ended June 30, 2019, the Company issued a consultant a total of 3,000,000 shares of its restricted common stock in conjunction with a consulting agreement from July 2018 for social media and website management. In March of 2019, the Company issued three independent contractors a total of 600,000 share its restricted common stock as a bonus for providing services to the Company on favorable terms including the willingness to defer cash payments for lengthy periods of time. In March of 2019, the Company entered into an independent contractor agreement with an individual for technology consulting services. Under the terms of the agreement the Company agreed to issue 3,500,000 shares of the Company’s restricted common stock. The agreement is effective until the September 16, 2019. In March of 2019, the Company entered into an agreement with an individual to provide continuing technology consulting services regarding the development of a submersible device for potential use in the Company’s operations. The Company agreed to pay the consultant $7,000 per month for three months plus an additional $3,000 per month in restricted shares of the Company’s restricted common stock. The Company issued the consultant 987,282 shares of its restricted common stock. The term of the agreement is for three months until June 6, 2019. The Company terminated its agreement with the consultant in May of 2019. In March of 2019, the Company entered into an agreement with two individuals to join or rejoin the Company’s advisory council. Under the advisory council agreement the advisors agreed to provide various advisory services to the Company, including making recommendations for both the short term and the long term business strategies to be employed by the Company, monitoring and assessing the Company's business and to advise the 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 to the Company's business, and providing such other advisory or consulting services as may be appropriate from time to time. The term of each of the advisory council agreement is for one year. In consideration for the performance of the advisory services, the Company agreed to issue the advisors an aggregate total of 7,000,000 shares of restricted common stock, 5,000,000 shares to one advisor and 2,000,000 shares to the other advisor. If the advisors or the Company terminates the advisory council agreement prior to the expiration of the one year term, the advisors agreed to return to the Company for cancellation any portion of the shares that have not vested. Under the advisory council agreement, the Company has agreed to reimburse the advisors for pre approved expenses. In April of 2019 the Company entered into a consulting agreement with an individual to provide corporate communications services. Under the terms of the agreement the Company agreed to pay the consultant $3,500 per month for three months and a total of 1,000,000 shares of the Company’s restricted common stock. The Company also agreed to pay the certain pre approved expenses. The Company issued all 1,000,000 shares of the stock owed under the agreement. In April and May of 2019 the Company issued 3,950,000 shares of its restricted common stock to three independent contractors as a bonus for providing services to the Company on favorable terms including the willingness to defer cash payments for lengthy periods of time. In June of 2019 the Company entered into a consulting agreement with an individual for various non-dive related operations management consulting services related to its exploration and recovery operations. The term of the agreement is for one month and the Company issued 2,500,000 shares of its restricted common stock to the consultant. In June of 2019, the Company entered into an agreement with an individual to join the Company’s advisory council. Under the advisory council agreement the advisor agreed to provide various advisory services to the Company, including making recommendations for both the short term and the long term business strategies to be employed by the Company, monitoring and assessing the Company's business and to advise the 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 to the Company's business, and providing such other advisory or consulting services as may be appropriate from time to time. The term of the advisory council agreement is for one year. In consideration for the performance of the advisory services, the Company agreed to issue the advisor a total of 400,000 shares of restricted common stock. If the advisor or the Company terminates the advisory council agreement prior to the expiration of the one year term, the advisors agreed to return to the Company for cancellation any portion of the shares that have not vested. Under the advisory council agreement, the Company has agreed to reimburse the advisors for pre approved expenses. The Company has an informal consulting agreement with a limited liability company that is owned and controlled by a person who is related to the Company’s CEO to pay the related party limited liability company a minimum of $3,500 per month plus periodic bonuses to provide general business consulting and assessing the Company's business and to advise management with respect to an appropriate business strategy on an ongoing basis, commenting on proposed corporate decisions, perform period background research including background checks and provide investigative information on individuals and companies and to assist, when needed, as an administrative specialist to perform various administrative duties and clerical services including reviewing the Company’s agreements and books and records. The consultant provides the services under the direction and supervision of the Company’s CEO. At June 30, 2019 the Company owed the related party consultant $0 for services rendered. At December 31, 2018 the Company owed the related party limited liability company $11,150. The consultant provides the services under the direction and supervision of the Company’s CEO. 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. At June 30, 2019 the Company owed the related party limited liability company $6,577 for services rendered. At December 31, 2018 the Company owed the related party limited liability company $4,385. The Company has an agreement to pay an individual a minimum monthly fee of $2,500 per month for archeological consulting services. The Company has an informal agreement to pay an individual consultant a minimum of $3,500 per month for administrative and shareholder support and services. The Company has an informal consulting agreement to pay a limited liability company a minimum of $6,500 per month for business advisory, strategic planning and consulting services, assistance with financial reporting, IT management, and administrative services. The Company also agreed to reimburse the consultant for expenses. The agreement may be terminated by the Company or the consultant at any time. |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | NOTE 10 – LEGAL PROCEEDINGS On June 18, 2013, Seafarer began litigation against Tulco Resources, LLC, in a lawsuit filed in the Circuit Court in and for Hillsborough County, Florida. Such suit was filed for against Tulco based upon for breach of contract, equitable relief and injunctive relief. Tulco was the party holding the rights under a permit to a treasure site at Juno Beach, Florida. Tulco and Seafarer had entered into contracts in March 2008, and later renewed under an amended agreement on June 11, 2010. Such permit was committed to by Tulco to be an obligation and contractual duty to which they would be responsible for payment of all costs in order for the permit to be reissued. Such obligation is contained in the agreement of March 2008 which was renewed in the June 2010 agreement between Seafarer and Tulco. Tulco made the commitment to be responsible for payments of all necessary costs for the gaining of the new permit. Tulco never performed on such obligation, and Seafarer during the period of approximately March 2008 and April 2012 had endeavored and even had to commence a lawsuit to gain such permit which was awarded in April 2012. Seafarer alleged in its complaint the expenditure of large amounts of shares and monies for financing and for delays due to Tulco’s non-performance. Seafarer sought monetary damages and injunctive relief for the award of all rights held by Tulco to Seafarer. Seafarer gained a default and final Judgment on such matter on July 23, 2014. Seafarer is now in position to receive the renewed permit in Seafarer’s name and rights only, with Tulco removed per the Order of the Court. On March 4, 2015, the Court awarded full rights to the Juno sight to Seafarer Exploration, erasing all rights of Tulco Resources. The Company filed an Admiralty Claim over such site in the United States District Court. On October 21, 2016 a hearing on the Admiralty Claim in the United States District Court for the Southern District of Florida was held, where the Court Ordered actions to take place for ongoing admiralty claim. The Court subsequently entered and Order directing the arrest warrant for such site, and such arrest warrant was issued by the Clerk of Court. Such arrest warrant was served by the United States Marshalls Office in Palm Beach, Florida on July 7, 2017. The United States District Court Judge ordered service on the claim on August 10, 2017. On November 14, 2017, Judge Kenneth Marra of the United States District Court awarded Seafarer all rights as the sole owner of the sunken vessel and any items on such site. On September 3, 2014, the Company filed a lawsuit against Darrel Volentine, of California. Mr. Volentine was sued in two counts of libel per se under Florida law, as well as a count for injunction against the Defendant to exclude and prohibit internet postings. Such lawsuit was filed in the Circuit Court in Hillsborough County, Florida. Such suit is based upon internet postings on www.investorshub.com |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Related Party Transactions | NOTE 11 – RELATED PARTY TRANSACTIONS During the six month period ended June 30, 2019 the Company has had extensive dealings with related parties including the following: In January of 2019, the Company entered into a convertible promissory note agreement in the amount of $7,000 with an individual 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 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 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 are 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. 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. On various dates during the six month period ended June 30, 2019 the Company repaid its CEO a total of $5,048 principal and accrued interest to repay various outstanding loans. The Company has an informal consulting agreement with a limited liability company that is owned and controlled by a person who is related to the Company’s CEO to pay the related party limited liability company a minimum of $3,500 per month plus periodic bonuses to provide general business consulting and assessing the Company's business and to advise management with respect to an appropriate business strategy on anongoing 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. At June 30, 2019 the Company owed the related party consultant $0 for services rendered. At December 31, 2018 the Company owed the related party limited liability company $11,150. The consultant provides the services under the direction and supervision of the Company’s CEO. 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. At June 30, 2019 the Company owed the related party limited liability company $6,577 for services rendered. At December 31, 2018 the Company owed the related party limited liability company $4,385. At June 30, 2019 the following promissory notes and shareholder loans were outstanding to related parties: See Note 8 convertible notes payable and notes payable - related parties and related parties in default. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 12 – SUBSEQUENT EVENTS Subsequent to June 30, 2019 the Company sold or issued shares of its common stock as follows : (i) sales of 43,449,998 shares of common stock under subscription agreements for approximately $145,000 in proceeds, used for general corporate purposes, working capital and repayment of debt; and (ii) issuance of 6,300,000 shares of common stock for services. Subsequent to June 30, 2019 the following convertible notes payable went into default: 1) A convertible note payable originally due July 3, 2019 with a face amount of $1,000; and 2) A convertible note payable due to a related party originally due July 8, 2019 with a face amount of $7,000. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements of the Company include the accounts of Blockchain LogisTech, LLC which is a wholly owned subsidiary. Intercompany accounts and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid investments and short-term debt instruments with original maturities of three months or less to be cash equivalents. There were no cash equivalents at June 30, 2019 and December 31, 2018. |
Revenue Recognition | Revenue Recognition Effective January 1, 2018, the Company adopted ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”) and all the related amendments. The Company elected to adopt this guidance using the modified retrospective method. The adoption of this guidance did not have a material effect on the Company’s financial position, results of operations or cash flows. The core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASC 606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under U.S. GAAP including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. |
Earnings Per Share | Earnings Per Share The Company has adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 260-10 which provides for calculation of "basic" and "diluted" earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common stockholders by the weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. The potentially dilutive common stock equivalents for the six months ended June 30, 2019 and 2018 were excluded from the dilutive loss per share calculation as they would be antidilutive due to the net loss. As of June 30, 2019 and 2018, there were 553,309,220 and 558,089,442 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 and cash equivalents, receivables, accounts payable, notes payable and other payables, approximate their fair values because of the short maturity of these instruments. |
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 quarters ended June 30, 2019 and 2018. |
Use of Estimates | Use of Estimates The process of preparing condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the condensed consolidated financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts. |
Convertible Notes Payable | Convertible Notes Payable The Company accounts for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 provides comprehensive guidance on derivative and hedging transactions. It sets forth the definition of a derivative instrument and specifies how to account for such instruments, including derivatives embedded in hybrid instruments. In addition, ASC 815 establishes when reporting entities, in certain limited, well-defined circumstances, may apply hedge accounting to a relationship involving a designated hedging instrument and hedged exposure. Hedge accounting provides an alternative, special way of accounting for such relationships. ASC 815 also provides guidance on how reporting entities determine whether an instrument is (1) indexed to the reporting entity’s own stock and (2) considered to be settled in the reporting entity’s own stock. Such a determination will dictate whether an instrument should be accounted for as debt or equity and the appropriate accounting for the instrument. Finally, ASC 815 addresses the accounting for non-exchange-traded weather derivatives. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free standing derivative financial instruments. ASC 815 provides for an exception to this rule when convertible notes, as host instruments, are deemed to be conventional, as defined by ASC 815-40. As of June 30, 2019 and 2018, all of the Company’s convertible notes payable were classified as conventional instruments. The Company accounts for convertible notes deemed conventional and conversion options embedded in non-conventional convertible notes which qualify as equity under ASC 815, in accordance with the provisions of ASC 470-20, which provides guidance on accounting for convertible securities with beneficial conversion features. ASC 470-10 addresses classification determination for specific obligations, such as short-term obligations expected to be refinanced on a long-term basis, due-on-demand loan arrangements, callable debt, sales of future revenue, increasing rate debt, debt that includes covenants, revolving credit agreements subject to lock-box arrangements and subjective acceleration clauses, indexed debt. Accordingly, the Company records, as a discount to convertible notes, the intrinsic value of such conversion options based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt. |
Stock Based Compensation | Stock Based Compensation The Company applies the fair value method of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718, “ Share Based Payment Through December 31, 2018, the Company accounted for transactions in which services were received from non-employees in exchange for equity instruments based on the fair value of the equity instruments exchanged, in accordance with ASC 505-50, “ Equity Based payments to Non-employees Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting, Fully vested and non-forfeitable shares issued prior to the services being performed are classified as prepaid expenses. |
Leases | Leases In February 2016, the FASB issued ASU 2016-02, Leases On January 1, 2019, the Company adopted ASU No. 2016-02, applying the package of practical expedients to leases that commenced before the effective date whereby the Company elected to not reassess the following: (i) whether any expired or existing contracts contain leases and; (ii) initial direct costs for any existing leases. For contracts entered into on or after the effective date, at the inception of a contract the Company assessed whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether it has the right to direct the use of the asset. The Company will allocate the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments. Operating lease right of use assets (“ROU”) assets represents the right to use the leased asset for the lease term and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company use an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is included in general and administrative expenses in the condensed statements of operations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements All other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements. |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Capital Stock | |
Warrants and Options | The following table shows the warrants outstanding at June 30, 2019: Number of Shares Term June 30, 2018 Exercise Price 11/10/12 to 11/20/22 4,000,000 0.0050 09/18/15 to 09/18/20 4,000,000 0.0030 09/10/17 to 09/10/19 15,000,000 0.0250 09/10/17 to 09/10/19 10,000,000 0.0250 33,000,000 |
Operating Lease and Right-Of-_2
Operating Lease and Right-Of-Use Assets and Operating Lease Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Operating Lease And Right-of-use Assets And Operating Lease Liabilities | |
Summary of right-of- use assets | Right-of- use assets are summarized below: June 30,2019 (Unaudited) Office lease (remaining lease term of 12 months) $ 22,575 Less accumulated amortization (7,151 ) Right-of-use assets, net $ 15,424 |
Summary of operating lease liabilities | Operating Lease liabilities are summarized below: June 30,2019 (Unaudited) Office lease $ 15,580 Less: current portion (15,580 ) Long term portion — |
Maturity of lease liabilities | Maturity of lease liabilities are as follows: Six months ended June 30, 2019 $ 7,968 Year ending 2020 7,968 Less: Present value discount (356 ) Lease liability $ 15,580 |
Convertible Notes Payable and_2
Convertible Notes Payable and Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Convertible Notes Payable | The following table reflects the convertible notes payable at June 30, 2019: Date Due Date Principal Balance Rate Conversion Rate Convertible notes payable 01/03/19 07/03/19 $ 1,000 6.00 % 0.00100 03/16/19 09/16/19 $ 10,000 6.00 % 0.00100 Subtotal convertible notes payable $ 11,000 Less unamortized discounts $ 4,248 Balance, convertible notes payable $ 6,752 Convertible notes payable - related parties 01/08/19 07/08/19 $ 7,000 6.00 % 0.00080 04/25/19 12/23/19 $ 20,000 6.00 % 0.00400 06/07/19 12/07/19 $ 5,100 6.00 % 0.00300 Sub-Total notes payable - related parties $ 32,100 Less unamortized discounts $ 12,984 Balance, convertible notes payable - related parties $ 19,116 Convertible notes payable - in default 08/28/09 11/01/09 $ 4,300 10.00 % 0.01500 04/07/10 11/07/10 $ 70,000 6.00 % 0.00800 11/12/10 11/12/11 $ 40,000 6.00 % 0.00500 10/31/12 04/30/13 $ 8,000 6.00 % 0.00400 11/20/12 05/20/13 $ 50,000 6.00 % 0.00500 01/19/13 07/30/13 $ 5,000 6.00 % 0.00400 02/11/13 08/11/13 $ 9,000 6.00 % 0.00600 09/25/13 03/25/14 $ 10,000 6.00 % 0.01250 10/04/13 04/04/14 $ 50,000 6.00 % 0.01250 10/30/13 10/30/14 $ 50,000 6.00 % 0.01250 05/15/14 11/15/14 $ 40,000 6.00 % 0.00700 10/13/14 04/13/15 $ 25,000 6.00 % 0.00500 06/29/15 12/29/15 $ 25,000 6.00 % 0.00300 09/18/15 03/18/16 $ 25,000 6.00 % 0.00200 04/04/16 10/04/16 $ 10,000 6.00 % 0.00100 07/19/16 07/19/17 $ 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 6.00 % 0.00060 02/06/18 11/07/18 $ 6,000 6.00 % 0.00060 10/29/18 04/29/19 $ 3,000 6.00 % 0.00070 Sub-Total convertible notes payable - in default $ 460,300 Convertible notes payable - related parties, in default 01/09/09 01/09/10 $ 10,000 10.00 % 0.01500 01/25/10 01/25/11 $ 6,000 6.00 % 0.00500 01/18/12 07/18/12 $ 50,000 8.00 % 0.00400 01/19/13 07/30/13 $ 15,000 6.00 % 0.00400 07/26/13 01/26/14 $ 10,000 6.00 % 0.01000 01/17/14 07/17/14 $ 31,500 6.00 % 0.00600 05/27/14 11/27/14 $ 7,000 6.00 % 0.00700 07/21/14 01/25/15 $ 17,000 6.00 % 0.00800 10/16/14 04/16/15 $ 21,000 6.00 % 0.00450 07/14/15 01/14/16 $ 9,000 6.00 % 0.00300 01/12/16 07/12/16 $ 5,000 6.00 % 0.00200 05/10/16 11/10/16 $ 5,000 6.00 % 0.00050 05/10/16 11/10/16 $ 5,000 6.00 % 0.00050 05/20/16 11/20/16 $ 5,000 6.00 % 0.00050 07/12/16 01/12/17 $ 2,400 6.00 % 0.00060 01/26/17 03/12/17 $ 5,000 6.00 % 0.00050 02/14/17 08/14/17 $ 25,000 6.00 % 0.00075 08/16/17 09/16/17 $ 3,000 6.00 % 0.00080 03/14/18 05/14/18 $ 25,000 6.00 % 0.00070 04/04/18 06/04/18 $ 3,000 6.00 % 0.00070 04/11/18 06/11/18 $ 25,000 6.00 % 0.00070 05/08/18 07/08/18 $ 25,000 6.00 % 0.00070 05/30/18 08/30/18 $ 25,000 6.00 % 0.00070 06/12/18 09/12/18 $ 3,000 6.00 % 0.00070 06/20/18 09/12/18 $ 500 6.00 % 0.00070 01/09/18 01/09/19 $ 12,000 6.00 % 0.00060 08/27/18 02/27/19 $ 2,000 6.00 % 0.00070 10/02/18 04/02/19 $ 1,000 6.00 % 0.00080 10/23/18 04/23/19 $ 4,200 6.00 % 0.00070 11/07/18 05/07/19 $ 2,000 6.00 % 0.00080 11/14/18 05/14/19 $ 8,000 6.00 % 0.00080 Sub-Total convertible notes payable - related parties, in default $ 367,600 Balance - convertible notes payable $ 853,768 |
Notes Payable | The following table reflects the notes payable at June 30, 2019: Date Due Date Principal Balance Rate Notes payable 11/29/17 11/29/19 $ 105,000 2.06 % NA Balance $ 105,000 Less unamortized discounts $ 7,071 Balance notes payable $ 97,929 Notes payable - in default 04/27/11 04/27/12 $ 5,000 6.00 % NA 06/23/11 08/23/11 $ 25,000 6.00 % NA 12/14/17 12/14/18 $ 75,000 6.00 % NA Balance $ 105,000 Notes payable - related parties, in default 02/24/10 02/24/11 $ 7,500 6.00 % NA 10/06/15 11/15/15 $ 10,000 6.00 % NA 02/08/18 04/09/18 $ 1,000 6.00 % NA Balance $ 18,500 Balance - notes payable $ 221,429 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) | Jun. 30, 2019USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Working capital deficit | $ (1,294,652) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Outstanding convertible note payable | 553,309,220 | 562,032,480 | |
Outstanding warrants | 558,089,442 | 558,089,442 | |
Cash Equivalents | $ 0 | $ 0 | |
Impairment charges | $ 0 | $ 0 |
Stockholders' Deficit - Warrant
Stockholders' Deficit - Warrants and Options (Details) | Jun. 30, 2019$ / sharesshares |
Warrants issued | 33,000,000 |
November 10, 2012 to November 20, 2022 | |
Warrants issued | 4,000,000 |
Warrants, Exercise Price | $ / shares | $ 0.0050 |
September 18, 2015 to September 18, 2020 | |
Warrants issued | 4,000,000 |
Warrants, Exercise Price | $ / shares | $ 0.0030 |
September 10, 2017 to September 10, 2019 | |
Warrants issued | 15,000,000 |
Warrants, Exercise Price | $ / shares | $ 0.0250 |
September 10, 2017 to September 10, 2019 (2) | |
Warrants issued | 10,000,000 |
Warrants, Exercise Price | $ / shares | $ 0.0250 |
Stockholders' Deficit (Details
Stockholders' Deficit (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Feb. 10, 2014 | |
Common stock, shares authorized | 4,900,000,000 | 4,900,000,000 | 4,900,000,000 | |||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Authorized preferred shares | 50,000,000 | 50,000,000 | 50,000,000 | |||||
Preferred stock, shares issued | 67 | 67 | 67 | |||||
Preferred Stock, shares outstanding | 67 | 67 | 67 | |||||
Warrants outstanding | $ 33,000,000 | $ 33,000,000 | ||||||
Common stock issued | 506,095,239 | |||||||
Proceeds from common stock issued | 443,900 | $ 361,850 | $ 106,660 | $ 25,000 | $ 800,750 | |||
Number of shares converted | 1,284,938 | |||||||
Conversion of Stock, Amount Converted | $ 1,028 | |||||||
Number of shares vested | 106,170,616 | |||||||
Compensation expense | 59,325 | $ 254,175 | ||||||
Prepaid expenses | $ 81,733 | 81,733 | ||||||
Common stock issued for repay of convertible note, Value | $ 7,500 | |||||||
Common stock issued for repay of convertible note, shares | 5,000,000 | |||||||
Stock issued for convertible notes payable, Shares | 18,869,220 | |||||||
Stock issued for convertible notes payable, Value | $ 90,182 | |||||||
Stock issued for settlement of notes payable, Shares | 7,000,000 | |||||||
Stock issued for settlement of notes payable, Value | $ 7,000 | |||||||
Series A | ||||||||
Preferred stock, shares issued | 7 | 7 | 7 | |||||
Preferred Stock, shares outstanding | 7 | 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 | 60 | |||||
Preferred Stock, shares outstanding | 60 | 60 | 60 | |||||
Convertible shares terms | 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. | |||||||
Principal | ||||||||
Conversion of Stock, Amount Converted | $ 1,000 | |||||||
Accrued interest | ||||||||
Conversion of Stock, Amount Converted | $ 28 |
Investment in Probabilities a_2
Investment in Probabilities and Statistics, Inc. (Details Narrative) | 6 Months Ended |
Jun. 30, 2019USD ($)shares | |
Stock issued, value | $ | $ 78,000 |
Restricted Common Stock | |
Shares issued | 60,000,000 |
P & S | Common Stock | |
Common shares received | 10,000 |
Lease Obligation (Details Narra
Lease Obligation (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Base monthly rent | $ 6,689 | $ 10,446 | $ 19,496 | $ 19,085 | $ 1,328 | $ 1,289 | $ 1,252 |
Operations House | |||||||
Base monthly rent | $ 1,300 |
Operating Lease and Right-Of-_3
Operating Lease and Right-Of-Use Assets and Operating Lease Liabilities (Details) - USD ($) | Jun. 30, 2019 | Jan. 02, 2019 | Dec. 31, 2018 |
Operating Lease And Right-of-use Assets And Operating Lease Liabilities | |||
Office lease (remaining lease term of 12 months) | $ 22,575 | ||
Less accumulated amortization | (7,151) | ||
Right-of-use assets, net | $ 15,424 | $ 22,575 |
Operating Lease and Right-Of-_4
Operating Lease and Right-Of-Use Assets and Operating Lease Liabilities (Details 1) - USD ($) | Jun. 30, 2019 | Jan. 02, 2019 | Dec. 31, 2018 |
Operating Lease And Right-of-use Assets And Operating Lease Liabilities | |||
Office lease | $ 15,580 | $ 22,575 | |
Less: current portion | (15,580) | ||
Long term portion | $ 0 |
Operating Lease and Right-Of-_5
Operating Lease and Right-Of-Use Assets and Operating Lease Liabilities (Details 2) - USD ($) | Jun. 30, 2019 | Jan. 02, 2019 |
Operating Lease And Right-of-use Assets And Operating Lease Liabilities | ||
Six months ended June 30, 2019 | $ 7,968 | |
Year ending 2020 | 7,968 | |
Less: Present value discount | (356) | |
Lease liability | $ 15,580 | $ 22,575 |
Operating Lease and Right-Of-_6
Operating Lease and Right-Of-Use Assets and Operating Lease Liabilities (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 02, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||||||||
Base monthly rent | $ 6,689 | $ 10,446 | $ 19,496 | $ 19,085 | $ 1,328 | $ 1,289 | $ 1,252 | ||
Operating lease expense | 3,945 | $ 0 | 7,890 | $ 0 | |||||
Right-of-use assets | 15,424 | 15,424 | 15,424 | $ 22,575 | |||||
Lease liabilities | $ 15,580 | $ 15,580 | $ 15,580 | $ 22,575 | |||||
Interest rate | 6.00% | 6.00% | 6.00% |
Convertible Notes Payable and_3
Convertible Notes Payable and Notes Payable - Convertible Notes Payable (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Subtotal convertible notes payable | $ 11,000 | |
Unamortized discounts | 4,248 | |
Convertible notes payable | 6,752 | $ 1,599 |
Sub Total notes payable - related parties | 32,100 | |
Less unamortized discounts | 12,984 | |
Convertible notes payable, related parties | 19,116 | |
Convertible notes payable, in default | 460,300 | |
Convertible notes payable - related parties, in default | 367,600 | |
Balance - convertible notes payable | $ 853,768 | |
January 03, 2019 | ||
Convertible notes payble, Maturity Date | Jul. 3, 2019 | |
Subtotal convertible notes payable | $ 1,000 | |
Convertible notes payeble, Current; Interest rate | 6.00% | |
Convertible notes payable, Conversion Rate | $ 0.001 | |
March 16, 2019 | ||
Convertible notes payble, Maturity Date | Sep. 16, 2019 | |
Subtotal convertible notes payable | $ 10,000 | |
Convertible notes payeble, Current; Interest rate | 6.00% | |
Convertible notes payable, Conversion Rate | $ 0.001 | |
January 08, 2019 | ||
Convertible notes payable, related parties; maturity date | Jul. 8, 2019 | |
Sub Total notes payable - related parties | $ 7,000 | |
Convertible notes payable, related parties; interest rate | 600.00% | |
Convertible notes payable, related parties; conversion rate | $ 0.00080 | |
April 25, 2019 | ||
Convertible notes payable, related parties; maturity date | Dec. 23, 2019 | |
Sub Total notes payable - related parties | $ 20,000 | |
Convertible notes payable, related parties; interest rate | 600.00% | |
Convertible notes payable, related parties; conversion rate | $ 0.00400 | |
June 07, 2019 | ||
Convertible notes payable, related parties; maturity date | Dec. 7, 2019 | |
Sub Total notes payable - related parties | $ 5,100 | |
Convertible notes payable, related parties; interest rate | 600.00% | |
Convertible notes payable, related parties; conversion rate | $ 0.00300 | |
July 19, 2016 | ||
Convertible notes payable, in default, Maturity date | Jul. 19, 2017 | |
Convertible notes payable, in default | $ 4,000 | |
Convertible notes payable, in default, Interest rate | 6.00% | |
Convertible notes payable, in default, Conversion rate | $ 0.0015 | |
April 7, 2010 | ||
Convertible notes payable, in default, Maturity date | Nov. 7, 2010 | |
Convertible notes payable, in default | $ 70,000 | |
Convertible notes payable, in default, Interest rate | 6.00% | |
Convertible notes payable, in default, Conversion rate | $ 0.008 | |
November 12, 2010 | ||
Convertible notes payable, in default, Maturity date | Nov. 12, 2011 | |
Convertible notes payable, in default | $ 40,000 | |
Convertible notes payable, in default, Interest rate | 6.00% | |
Convertible notes payable, in default, Conversion rate | $ 0.005 | |
October 31, 2012 | ||
Convertible notes payable, in default, Maturity date | Apr. 30, 2013 | |
Convertible notes payable, in default | $ 8,000 | |
Convertible notes payable, in default, Interest rate | 6.00% | |
Convertible notes payable, in default, Conversion rate | $ 0.004 | |
November 20, 2012 | ||
Convertible notes payable, in default, Maturity date | May 20, 2013 | |
Convertible notes payable, in default | $ 50,000 | |
Convertible notes payable, in default, Interest rate | 6.00% | |
Convertible notes payable, in default, Conversion rate | $ 0.005 | |
January 19, 2013 | ||
Convertible notes payable, in default, Maturity date | Jul. 30, 2013 | |
Convertible notes payable, in default | $ 5,000 | |
Convertible notes payable, in default, Interest rate | 6.00% | |
Convertible notes payable, in default, Conversion rate | $ 0.004 | |
Convertible notes payable - related parties, in default, Maturity date | Jul. 30, 2013 | |
Convertible notes payable - related parties, in default | $ 15,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.004 | |
February 11, 2013 | ||
Convertible notes payable, in default, Maturity date | Aug. 11, 2013 | |
Convertible notes payable, in default | $ 9,000 | |
Convertible notes payable, in default, Interest rate | 6.00% | |
Convertible notes payable, in default, Conversion rate | $ 0.006 | |
September 25, 2013 | ||
Convertible notes payable, in default, Maturity date | Mar. 25, 2014 | |
Convertible notes payable, in default | $ 10,000 | |
Convertible notes payable, in default, Interest rate | 6.00% | |
Convertible notes payable, in default, Conversion rate | $ 0.0125 | |
October 04, 2013 | ||
Convertible notes payable, in default, Maturity date | Apr. 4, 2014 | |
Convertible notes payable, in default | $ 50,000 | |
Convertible notes payable, in default, Interest rate | 6.00% | |
Convertible notes payable, in default, Conversion rate | $ 0.0125 | |
October 30, 2013 | ||
Convertible notes payable, in default, Maturity date | Oct. 30, 2014 | |
Convertible notes payable, in default | $ 50,000 | |
Convertible notes payable, in default, Interest rate | 6.00% | |
Convertible notes payable, in default, Conversion rate | $ 0.0125 | |
May 15, 2014 | ||
Convertible notes payable, in default, Maturity date | Nov. 15, 2014 | |
Convertible notes payable, in default | $ 40,000 | |
Convertible notes payable, in default, Interest rate | 6.00% | |
Convertible notes payable, in default, Conversion rate | $ 0.007 | |
October 13, 2014 | ||
Convertible notes payable, in default, Maturity date | Apr. 13, 2015 | |
Convertible notes payable, in default | $ 25,000 | |
Convertible notes payable, in default, Interest rate | 6.00% | |
Convertible notes payable, in default, Conversion rate | $ 0.005 | |
June 29, 2015 | ||
Convertible notes payable, in default, Maturity date | Dec. 29, 2015 | |
Convertible notes payable, in default | $ 25,000 | |
Convertible notes payable, in default, Interest rate | 6.00% | |
Convertible notes payable, in default, Conversion rate | $ 0.003 | |
September 18, 2015 | ||
Convertible notes payable, in default, Maturity date | Mar. 18, 2016 | |
Convertible notes payable, in default | $ 25,000 | |
Convertible notes payable, in default, Interest rate | 6.00% | |
Convertible notes payable, in default, Conversion rate | $ 0.002 | |
April 04, 2016 | ||
Convertible notes payable, in default, Maturity date | Oct. 4, 2016 | |
Convertible notes payable, in default | $ 10,000 | |
Convertible notes payable, in default, Interest rate | 6.00% | |
Convertible notes payable, in default, Conversion rate | $ 0.001 | |
August 24, 2016 | ||
Convertible notes payable, in default, Maturity date | Feb. 24, 2017 | |
Convertible notes payable, in default | $ 20,000 | |
Convertible notes payable, in default, Interest rate | 6.00% | |
Convertible notes payable, in default, Conversion rate | $ 0.001 | |
August 28, 2009 | ||
Convertible notes payable, in default, Maturity date | Nov. 1, 2009 | |
Convertible notes payable, in default | $ 4,300 | |
Convertible notes payable, in default, Interest rate | 10.00% | |
Convertible notes payable, in default, Conversion rate | $ 0.015 | |
March 6, 2018 | ||
Convertible notes payable, in default, Maturity date | Sep. 6, 2018 | |
Convertible notes payable, in default | $ 6,000 | |
Convertible notes payable, in default, Interest rate | 6.00% | |
Convertible notes payable, in default, Conversion rate | $ 0.0006 | |
February 6, 2018 | ||
Convertible notes payable, in default, Maturity date | Nov. 7, 2018 | |
Convertible notes payable, in default | $ 6,000 | |
Convertible notes payable, in default, Interest rate | 6.00% | |
Convertible notes payable, in default, Conversion rate | $ 0.0006 | |
October 29, 2018 | ||
Convertible notes payable, in default, Maturity date | Apr. 29, 2019 | |
Convertible notes payable, in default | $ 3,000 | |
Convertible notes payable, in default, Interest rate | 6.00% | |
Convertible notes payable, in default, Conversion rate | $ 0.00070 | |
February 14, 2017 | ||
Convertible notes payable - related parties, in default, Maturity date | Aug. 14, 2017 | |
Convertible notes payable - related parties, in default | $ 25,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.00075 | |
January 09, 2009 | ||
Convertible notes payable - related parties, in default, Maturity date | Jan. 9, 2010 | |
Convertible notes payable - related parties, in default | $ 10,000 | |
Convertible notes payable - related parties, in default, Interest rate | 10.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.015 | |
January 25, 2010 | ||
Convertible notes payable - related parties, in default, Maturity date | Jan. 25, 2011 | |
Convertible notes payable - related parties, in default | $ 6,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.005 | |
January 18, 2012 | ||
Convertible notes payable - related parties, in default, Maturity date | Jul. 18, 2012 | |
Convertible notes payable - related parties, in default | $ 50,000 | |
Convertible notes payable - related parties, in default, Interest rate | 8.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.004 | |
July 26, 2013 | ||
Convertible notes payable - related parties, in default, Maturity date | Jan. 26, 2014 | |
Convertible notes payable - related parties, in default | $ 10,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.01 | |
May 27, 2014 | ||
Convertible notes payable - related parties, in default, Maturity date | Nov. 27, 2014 | |
Convertible notes payable - related parties, in default | $ 7,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.007 | |
July 21, 2014 | ||
Convertible notes payable - related parties, in default, Maturity date | Jan. 25, 2015 | |
Convertible notes payable - related parties, in default | $ 17,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.008 | |
October 16, 2014 | ||
Convertible notes payable - related parties, in default, Maturity date | Apr. 16, 2015 | |
Convertible notes payable - related parties, in default | $ 21,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.0045 | |
July 14, 2015 | ||
Convertible notes payable - related parties, in default, Maturity date | Jan. 14, 2016 | |
Convertible notes payable - related parties, in default | $ 9,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.003 | |
January 12, 2016 | ||
Convertible notes payable - related parties, in default, Maturity date | Jul. 12, 2016 | |
Convertible notes payable - related parties, in default | $ 5,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.002 | |
May 10, 2016 | ||
Convertible notes payable - related parties, in default, Maturity date | Nov. 10, 2016 | |
Convertible notes payable - related parties, in default | $ 5,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.0005 | |
May 10, 2016 #2 | ||
Convertible notes payable - related parties, in default, Maturity date | Nov. 10, 2016 | |
Convertible notes payable - related parties, in default | $ 5,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.0005 | |
May 20, 2016 | ||
Convertible notes payable - related parties, in default, Maturity date | Nov. 20, 2016 | |
Convertible notes payable - related parties, in default | $ 5,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.0005 | |
July 12, 2016 | ||
Convertible notes payable - related parties, in default, Maturity date | Jan. 12, 2017 | |
Convertible notes payable - related parties, in default | $ 2,400 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.0006 | |
January 26, 2017 | ||
Convertible notes payable - related parties, in default, Maturity date | Mar. 12, 2017 | |
Convertible notes payable - related parties, in default | $ 5,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.0005 | |
August 16, 2017 | ||
Convertible notes payable - related parties, in default, Maturity date | Sep. 16, 2017 | |
Convertible notes payable - related parties, in default | $ 3,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.0008 | |
March 14, 2018 | ||
Convertible notes payable - related parties, in default, Maturity date | May 14, 2018 | |
Convertible notes payable - related parties, in default | $ 25,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.0007 | |
April 4, 2018 | ||
Convertible notes payable - related parties, in default, Maturity date | Jun. 4, 2018 | |
Convertible notes payable - related parties, in default | $ 3,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.0007 | |
April 11, 2018 | ||
Convertible notes payable - related parties, in default, Maturity date | Jun. 11, 2018 | |
Convertible notes payable - related parties, in default | $ 25,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.0007 | |
May 30, 2018 | ||
Convertible notes payable - related parties, in default, Maturity date | Aug. 30, 2018 | |
Convertible notes payable - related parties, in default | $ 25,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.0007 | |
May 08, 2018 | ||
Convertible notes payable - related parties, in default, Maturity date | Jul. 8, 2018 | |
Convertible notes payable - related parties, in default | $ 25,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.0007 | |
June 12, 2018 | ||
Convertible notes payable - related parties, in default, Maturity date | Sep. 12, 2018 | |
Convertible notes payable - related parties, in default | $ 3,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.0007 | |
June 20, 2018 | ||
Convertible notes payable - related parties, in default, Maturity date | Sep. 12, 2018 | |
Convertible notes payable - related parties, in default | $ 500 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.0007 | |
January 17, 2014 | ||
Convertible notes payable - related parties, in default, Maturity date | Jul. 17, 2014 | |
Convertible notes payable - related parties, in default | $ 31,500 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.006 | |
January 09,2018 | ||
Convertible notes payable - related parties, in default, Maturity date | Jan. 9, 2019 | |
NotesIssued08272018Member | ||
Convertible notes payable - related parties, in default, Maturity date | Feb. 27, 2019 | |
October 02, 2018 | ||
Convertible notes payable - related parties, in default, Maturity date | Apr. 2, 2019 | |
Convertible notes payable - related parties, in default | $ 1,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.00080 | |
October 23, 2018 | ||
Convertible notes payable - related parties, in default, Maturity date | Apr. 23, 2019 | |
Convertible notes payable - related parties, in default | $ 4,200 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.0007 | |
November 07, 2018 | ||
Convertible notes payable - related parties, in default, Maturity date | May 7, 2019 | |
Convertible notes payable - related parties, in default | $ 2,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.00080 | |
November 14, 2018 | ||
Convertible notes payable - related parties, in default, Maturity date | May 14, 2019 | |
Convertible notes payable - related parties, in default | $ 8,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.00080 | |
January 9, 2018 | ||
Convertible notes payable - related parties, in default | $ 12,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.0006 | |
August 27, 2018 | ||
Convertible notes payable - related parties, in default | $ 2,000 | |
Convertible notes payable - related parties, in default, Interest rate | 6.00% | |
Convertible notes payable - related parties, in default, Conversion rate | $ 0.0007 |
Convertible Notes Payable and_4
Convertible Notes Payable and Notes Payable - Notes Payable (Details) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Notes payable | $ 105,000 |
Notes payable, unamortized discount | 7,071 |
Notes payable | 97,929 |
Notes payable, in default | 105,000 |
Notes payable, in default –related parties | 18,500 |
Balance - notes payable | $ 221,429 |
November 29, 2017 | |
Notes payable, Maturity Date | Nov. 29, 2019 |
Notes payable | $ 105,000 |
Notes payable interest rate | 2.06% |
April 27, 2011 | |
Notes payable, in default - Maturity date | Apr. 27, 2012 |
Notes payable, in default | $ 5,000 |
Notes payable, in default - Interest rate | 6.00% |
June 23, 2011 | |
Notes payable, in default - Maturity date | Aug. 23, 2012 |
Notes payable, in default | $ 25,000 |
Notes payable, in default - Interest rate | 6.00% |
December 14, 2017 | |
Notes payable, in default - Maturity date | Dec. 14, 2018 |
Notes payable, in default | $ 75,000 |
Notes payable, in default - Interest rate | 6.00% |
February 08, 2018 | |
Notes payable, in default –related parties, Maturity date | Apr. 9, 2018 |
Notes payable, in default –related parties | $ 1,000 |
Notes payable, in default –related parties, Interest rate | 6.00% |
February 24, 2010 | |
Notes payable, in default –related parties, Maturity date | Feb. 24, 2011 |
Notes payable, in default –related parties | $ 7,500 |
Notes payable, in default –related parties, Interest rate | 6.00% |
October 06, 2015 | |
Notes payable, in default –related parties, Maturity date | Nov. 15, 2015 |
Notes payable, in default –related parties | $ 10,000 |
Notes payable, in default –related parties, Interest rate | 6.00% |
Convertible Notes Payable and_5
Convertible Notes Payable and Notes Payable (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2019 | Apr. 30, 2019 | Mar. 31, 2019 | Jan. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jul. 08, 2019 | Jul. 03, 2019 | |
Beneficial conversion feature | $ 25,100 | $ 10,500 | $ 81,500 | $ 19,571 | $ 35,600 | ||||||
Amortization of debt discounts | $ 17,594 | $ 27,357 | |||||||||
Number of shares converted | 1,284,938 | ||||||||||
Conversion of Stock, Amount Converted | $ 1,028 | ||||||||||
Stock issued for convertible notes payable, Shares | 18,869,220 | ||||||||||
Stock issued for convertible notes payable, Value | $ 90,182 | ||||||||||
Subsequent Event [Member] | |||||||||||
Face amount | $ 7,000 | $ 1,000 | |||||||||
Convertible Promissory Note #5 | |||||||||||
Total convertible notes issued | $ 5,100 | ||||||||||
Interest on note payable | 6.00% | ||||||||||
Common stock price per share | $ 0.003 | $ 0.003 | $ 0.003 | ||||||||
Maturity date | Dec. 7, 2019 | ||||||||||
Convertible Promissory Note #4 | |||||||||||
Total convertible notes issued | $ 20,000 | ||||||||||
Interest on note payable | 6.00% | ||||||||||
Common stock price per share | $ 0.004 | ||||||||||
Maturity date | Oct. 23, 2019 | ||||||||||
Convertible Promissory Note #3 | |||||||||||
Total convertible notes issued | $ 10,000 | ||||||||||
Interest on note payable | 6.00% | ||||||||||
Common stock price per share | $ 0.0010 | $ 0.0010 | |||||||||
Maturity date | Sep. 16, 2019 | ||||||||||
Convertible Promissory Note #2 | |||||||||||
Total convertible notes issued | $ 7,000 | ||||||||||
Interest on note payable | 6.00% | ||||||||||
Common stock price per share | $ 0.008 | ||||||||||
Maturity date | Jul. 8, 2019 | ||||||||||
Convertible Promissory Note | |||||||||||
Total convertible notes issued | $ 1,000 | ||||||||||
Interest on note payable | 6.00% | ||||||||||
Common stock price per share | $ 0.001 | ||||||||||
Maturity date | Jul. 3, 2019 | ||||||||||
Note Conversion | |||||||||||
Number of shares converted | 1,284,938 | ||||||||||
Convertible promissory note, remaining balance | $ 0 | $ 0 | $ 0 | ||||||||
CEO | |||||||||||
Repayment of loan | $ 200 | ||||||||||
CEO, First Loan | |||||||||||
Common stock price per share | $ 0.0005 | $ 0.0005 | $ 0.0005 | ||||||||
Loan outstanding to related party | $ 1,500 | $ 1,500 | $ 1,500 | ||||||||
Loan payable, Interest rate | 2.00% | 2.00% | 2.00% | ||||||||
Principal | |||||||||||
Conversion of Stock, Amount Converted | $ 1,000 | ||||||||||
Principal | Note Conversion | |||||||||||
Conversion of Stock, Amount Converted | 1,000 | ||||||||||
Accrued interest | |||||||||||
Conversion of Stock, Amount Converted | $ 28 |
Material Agreements (Details Na
Material Agreements (Details Narrative) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2019 | Apr. 30, 2019 | Mar. 31, 2019 | Feb. 28, 2019 | Jan. 31, 2019 | May 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2018 | |
Shares of restricted stock issued | 1,000,000 | ||||||||||||
Amount owed for services rendered | $ 73,875 | $ 211,650 | $ 162,183 | $ 5,250 | |||||||||
Payment per month for archeological consulting services | $ 2,500 | 2,500 | $ 2,500 | ||||||||||
Payment for business advisory, strategic planning and consulting services, assistance with financial reporting, IT management, and administrative services | 6,500 | 6,500 | 6,500 | ||||||||||
Payment for administrative and shareholder support and services | $ 3,500 | $ 3,500 | $ 3,500 | ||||||||||
Quest, LLC | |||||||||||||
Entitlement of artifact recovery | 60.00% | ||||||||||||
Ownership | 50.00% | ||||||||||||
Consultant | |||||||||||||
Shares of restricted stock issued | 987,282 | 5,300,000 | 5,000,000 | ||||||||||
Amount owed for services rendered | $ 0 | ||||||||||||
Attorney | |||||||||||||
Shares of restricted stock issued | 12,500,000 | ||||||||||||
Number of restricted stock issued for satisfication of all outstanding debts for legal services | 12,500,000 | ||||||||||||
One Advisor | |||||||||||||
Shares of restricted stock issued | 5,000,000 | ||||||||||||
Advisors | |||||||||||||
Shares of restricted stock issued | 400,000 | 7,000,000 | |||||||||||
Three independent contractors | |||||||||||||
Shares of restricted stock issued | 600,000 | 3,950,000 | |||||||||||
Other Advisor | |||||||||||||
Shares of restricted stock issued | 2,000,000 | ||||||||||||
Independent contractors | |||||||||||||
Shares of restricted stock issued | 3,500,000 | ||||||||||||
Limited Liability Company | |||||||||||||
Amount owed for services rendered | $ 6,577 | $ 4,385 | $ 11,150 | ||||||||||
Subscription Agreement | |||||||||||||
Agreement description | 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. | ||||||||||||
Expiration date | Jan. 24, 2020 | ||||||||||||
Consulting Agreement | |||||||||||||
Restricted common stock issued for social media and website management | 3,000,000 | ||||||||||||
Restricted common stock issued for assistance with procuring a marina slip, general business consulting and corporate communications | 7,000,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2018 | |
Amount owed for services rendered | $ 73,875 | $ 211,650 | $ 162,183 | $ 5,250 | ||||||
Convertible Promissory Note | ||||||||||
Convertible note payable, amount | $ 5,100 | $ 20,000 | $ 7,000 | $ 5,100 | $ 5,100 | |||||
Convertible note payable, interest rate per annum | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | |||||
Convertible note payable, common stock price per share | $ 0.003 | $ 0.004 | $ 0.008 | $ 0.003 | $ 0.003 | |||||
Due date | Dec. 7, 2019 | Oct. 23, 2019 | Jul. 8, 2019 | |||||||
CEO | ||||||||||
Repayment of related party debt | $ 5,048 | |||||||||
Payment per month to related party LLC | $ 3,500 | $ 3,500 | 3,500 | |||||||
Limited Liability Company | ||||||||||
Amount owed for services rendered | 6,577 | $ 4,385 | $ 11,150 | |||||||
Consultant | ||||||||||
Amount owed for services rendered | $ 0 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($) | Aug. 14, 2019 | Jul. 08, 2019 | Jul. 03, 2019 |
Common stock sold | 43,449,998 | ||
Proceeds from sale of common stock | $ 145,000 | ||
Common stock issued | 6,300,000 | ||
Face amount | $ 7,000 | $ 1,000 |