Seafarer Exploration is a Florida-based company that explores and attempts to recover artifacts and treasure from historic shipwrecks, primarily off the coast of Florida. Seafarer frames its work as "rescue archaeology," combining commercial salvage objectives with archaeologically sensitive methods. The company's two primary active sites are Juno Beach (Palm Beach County), where Seafarer holds an Admiralty Claim over what it believes may be a 1500s-era shipwreck, and Melbourne Beach, where Seafarer holds exploration permits through March 2027 and operates via a joint venture, entitling it to 80% of recovered artifacts after the State of Florida takes a statutory 20% cut. Seafarer's intended business model is to recover historically and monetarily valuable artifacts and sell or otherwise monetize them, but the company has generated no meaningful revenue since its founding in 2003 and has not yet recovered any artifacts of commercial value. All operations are funded through equity and debt financing, primarily private placements and convertible notes, which continuously dilute shareholders. Key costs include vessel operations, diver personnel, archival research, permitting, and development of a proprietary metal detection device called the SeaSearcher, which Seafarer argues is critical to making exploration economically viable. The company carries substantial going concern risk, with auditors issuing going concern opinions for multiple consecutive years, and its viability depends entirely on continued outside financing and the highly uncertain prospect of recovering commercially valuable artifacts.