SFRX — what changed in the latest 10-Q
A section-by-section comparison of SFRX's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-12 vs the prior 10-Q · 2025-11-13
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +24 | −19 | ~7 | 15 |
| Controls & procedures | Text added/removed | 0 | 0 | ~11 | 7 |
| Legal proceedings | Text added/removed | +1 | −2 | 0 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 3), Risk factors, Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-12
The sale of restricted securities by current shareholders, including shares issued to consultants, independent contractors, Board members, as well as shares issued to settle convertible promissory notes or to settle other loans and debt, are highly dilutive and may cause a significant decline in the…
The Company has taken the following steps to implement its business plan:
●To date, the Company has devoted its time towards establishing its business to develop the infrastructure capable of researching, exploring, recovering and conserving historic shipwrecks. The Company has performed research, exploration and recovery activities.
●Spent considerable time and capital researching potential shipwrecks, including obtaining information from foreign archives.
●The Company has worked in combination with its technology development partner, Wild Manta Labs, to build a research and conservation lab with full x-ray equipment and detailed metal identification analysis.
Text removed vs the prior filing · source: 10-Q · 2025-11-13
Summary of the Nine Month Period Ended September 30, 2025 Results of Operations Compared to the Nine Month Period Ended September 30, 2024 Results of Operations
The Company’s core business involving the exploration and recovery of historic shipwrecks has not generated any revenues to date and is not expected to generate any significant revenues for the foreseeable future. During the nine month periods ended September 30, 2025 and 2024, the Company generated…
Operating expenses were $1,903,403 for the nine month period ended September 30, 2025 versus $2,664,502 for the nine month period ended September 30, 2024, a decrease of 29%. The decrease in operating expenses in 2025 was primarily due to a $595,952 or 42% decrease in consulting and contractor expen…
Other expense was $152,287 during the nine month period ended September 30, 2025 versus $407,024 during the nine month period ended September 30, 2024, a decrease of $254,737 or 63%. The decrease in other expenses in 2025 was due to a $158,629 or 81% decrease in loss on extinguishment of debt and a …
The Company’s net loss for the nine months ended September 30, 2025 and 2024 was $2,055,690 and $3,061,742, respectively, a year-over-year decrease of $1,006,052 or approximately 33%. Net losses decreased in 2025 due to decrease in operating expenses and other expenses.
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-05-12
On September 6, 2024, the Plaintiff, Diane McConnell filed suit against Seafarer Exploration Corporation and Kyle Kennedy in the County Court of Brevard County, Florida. The suit alleges breach of contract and negligence regarding the maintenance and upkeep of a residential property. Seafarer leased…
Text removed vs the prior filing · source: 10-Q · 2025-11-13
On December 21, 2022, the Company filed a lawsuit in the Circuit Court in and for Hillsborough County, Florida against John Grimm (“Grimm”), for one count of Conversion. On February 8, 2023, the Company amended its Complaint to include Zachary Smith as co-plaintiff (the Company and Smith are collect…
On September 6, 2024, the Plaintiff, Diane McConnell filed suite against Seafarer Exploration Corporation and Kyle Kennedy in the County Court of Brevard County, Florida. The suit alleges breach of contract and negligence regarding the maintenance and upkeep of a residential property. Seafarer lease…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice