---
schema_version: "secwatch.filing_event.v1"
accession: "0001199835-23-000597"
form_type: "8-K"
ticker: "SFRX"
cik: "0001106213"
company_name: "SEAFARER EXPLORATION CORP"
filed_at: "2023-12-08T23:59:59+00:00"
generated_at: "2026-06-07T15:25:10.601963+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Seafarer borrows up to $1M at 6%, pays 20M common shares as loan origination fee

## Summary
- Loan agreement for up to $1M unsecured at 6% annual interest, no prepayment penalty.
- $500K advanced on Nov 22, 2023; additional $500K available upon CEO's written request.
- Lender received 20M restricted common shares as one-time origination fee.
- Loan balance plus interest due one year from each funding date.

## SEC filing metadata
- accession: 0001199835-23-000597
- form_type: 8-K
- ticker: SFRX
- cik: 0001106213
- company_name: SEAFARER EXPLORATION CORP
- filed_at: 2023-12-08T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1106213/000119983523000597/0001199835-23-000597-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1106213/000119983523000597/sfrx_form-8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001199835-23-000597
- JSON: https://secwatch.observer/filing/0001199835-23-000597.json
- Plain text: https://secwatch.observer/filing/0001199835-23-000597.txt

## Key facts
- Debt Financings
  SEAFARER EXPLORATION CORP incurred loan of up to $1 million with an individual lender who is not an officer or director of the Company at 6% per annum maturing one year anniversary dates.
  - Instrument: loan
  - Principal: up to $1 million
  - Counterparty: an individual lender who is not an officer or director of the Company
  - Rate: 6% per annum
  - Maturity: one year anniversary dates
  - Event: incurrence
  source text: On December 8, 2023, Seafarer Exploration Corp. (“Seafarer”), entered into and loan agreement (the “Loan Agreement”) in the principal amount of up to $1 million (the “Loan”) with an individual lender who is not an officer or director of the Company (the “Lender”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1106213/000119983523000597/0001199835-23-000597-index.htm
- Material Agreements
  SEAFARER EXPLORATION CORP entered into Loan Agreement with an individual lender not an officer or director of the Company valued at up to $1 million (effective 2023-11-10).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: an individual lender not an officer or director of the Company
  - Value: up to $1 million
  - Effective: 2023-11-10
  source text: On December 8, 2023, Seafarer Exploration Corp. (“Seafarer”), entered into and loan agreement (the “Loan Agreement”) in the principal amount of up to $1 million (the “Loan”) with an individual lender who is not an officer or director of the Company (the “Lender”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1106213/000119983523000597/0001199835-23-000597-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.