UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C. 20549





________________________





FORM
10-Q


______________





[ x ]Quarterly
report pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934





For
the period ended September 30, 2008





[       ]   Transition
Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934





For
the period from _____ to _____





Commission
File Number 000-29461









SEAFARER
EXPLORATION CORP.


(Exact
name of registrant as specified in its charter)




Delaware
            73-1556428(State or other jurisdiction
      of
              incorporation or
      organization)
            (I.R.S. Employer Identification
      No.)





14497
N. Dale Mabry Highway, Suite 209N, Tampa, 33618


(Address
of principal executive offices)(Zip code)





(Formerly
Organetix, Inc., c/o Sichenzia Ross Friedman Ference LLP,)


(61
Broadway, Fl. 32, New York, NY 10006)





Issuer’s
telephone number: (813) 448-3577








Indicate
by check mark whether the registrant: (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.   YES xNO o





Indicate
by check mark whether the registrant is a large accelerated filer, or a
non-accelerated filer. See definition of “accelerated filer” and “large
accelerated filer” in Rule 12b-2 of the Exchange Act (Check one).





Large accelerated Filer: o                                   Accelerated
filer: o                         Non-accelerated
filer: o                        
Smaller reporting company: x


Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act);  Yes oNo x





The
number of outstanding shares of the registrant’s Common Stock as of September
30, 2008 was 258,465,265.





1




TABLE
OF CONTENTS
 
 PagePart 1:
                Financial
      InformationItem
      1.
                Financial
      Statements
                3Consolidated
      Balance Sheet
                3Consolidated
      Statements of Operations
                4Consolidated
      Statements of Cash Flows
                5Notes
      to Consolidated Financial Statements
                6
      - 12Item
      2.
                Management’s
      Discussion and Analysis of Financial Condition and Results of
      Operations
                13Item
      3.
                Quantitative
      and Qualitative Disclosures About Market risk
                15Item
      4.
                Controls
      and Procedures
                16Part
      II:
                Other
      Information
                16Item
      1.
                Legal
      Proceedings
                16Item
      2.
                Unregistered
      Sales of Equity Securities and Use of Proceeds
                17Item
      3.
                Defaults
      Upon Senior Securities
                18Item
      4.
                Submission
      of Matters to a Vote of Security Holders
                18Item
      5.
                Other
      Information
                18Item
      6.
                Exhibits
                18Signatures
                
                19
  2
 Item 1. Financial
Statements
 
 
 SEAFARER
EXPLORATION CORP.
 (formerly
Organetix, Inc.)
 
 Consolidated
Balance Sheet (Unaudited)
 
 September
      30,
                2008
              
              
              December
      31,
                2007ASSETSCurrent
      AssetsCash
              
              $
              10,824
              
              
              $
              6,717Notes
      Receivable
              
              
              175,000
              
              
              
              -Deposits
              
              
              10,000
              
              
              
              -Other
      Receivable
              
              
              5,000Total
      Current Assets
              
              
              200,824
              
              
              
              6,717Fixed
      Assets, net of accumulated depreciation of $29,790
              
              
              295,210
              
              
              
              -TOTAL
      ASSETS
              
              $
              496,034
              
              
              $
              6,717LIABILITIES
      & STOCKHOLDERS’ EQUITY (DEFICIT)LIABILITIESCurrent
      LiabilitiesAccounts
      Payable
              
              $
              53,468
              
              
              $
              -Accrued
      Expenses and Other Current Liabilities
              
              
              39,521
              
              
              
              -Notes
      Payable
              
              
              145,500
              
              
              
              64,000Due
      to Shareholder
              
              
              100
              
              
              
              -Total
      Current Liabilities
              
              
              238,589
              
              
              
              64,000Total
      Liabilities
              
              
              238,589
              
              
              
              64,000Stockholders’
      Equity (Deficit)Preferred
      Stock, Authorized par value $0.0001, authorized 50,000,000 shares, none
      issued and outstanding
              
              
              -Common
      Stock, Authorized par value $0.0001, authorized 500,000,000 shares, issued
      and outstanding 266,414,372 and 100,000,000 shares
              
              
              26,657
              
              
              
              10,000Additional
      Paid-in Capital
              
              
              1,065,198
              
              
              
              193Accumulated
      Deficit
              
              
              (834,410
              )
              
              
              (67,476
              )Total
      Stockholders’ Equity (Deficit)
              
              
              257,445
              
              
              
              (57,283
              )TOTAL
      LIABILITIES & STOCKHOLDERS’ EQUITY (DEFICIT)
              
              $
              496,034
              
              
              $
              6,717
 
 See
accompanying notes to consolidated financial statements.
  3
  SEAFARER
EXPLORATION CORP.
 (formerly
Organetix, Inc.)
 
 Consolidated
Statements of Operations (Unaudited)
 
 Three
      Months Ended
              
              
              Nine
      Months EndedSeptember
      30,
              
              
              September
      30,2008
              
              
              2007
              
              
              2008
              
              
              2007REVENUES
              
              $
              -
              
              
              $
              -
              
              
              $
              -
              
              
              $
              -COSTS
      AND EXPENSESConsulting
      and Contactor Expenses
              
              
              107,907
              
              
              
              9,000
              
              
              
              366,405
              
              
              
              9,000Vessel
      Expenses
              
              
              21,719
              
              
              
              
              
              
              
              103,520Professional
      Fees
              
              
              28,197
              
              
              
              4,807
              
              
              
              96,774
              
              
              
              5,000Travel
      and Entertainment
              
              
              31,802
              
              
              
              -
              
              
              
              83,016
              
              
              
              -Depreciation
              
              
              8,124
              
              
              
              -
              
              
              
              29,790
              
              
              
              -Other
      Operating Expenses
              
              
              41,795
              
              
              
              379
              
              
              
              85,682
              
              
              
              379Total
      Costs and Expenses
              
              
              239,544
              
              
              
              14,186
              
              
              
              765,187
              
              
              
              14,379OTHER
      INCOME (EXPENSE)Interest
      Expense
              
              
              (2
              )
              
              
              -
              
              
              
              (4,160
              )
              
              
              -Interest
      Income
              
              
              1,860
              
              
              
              -
              
              
              
              2,413
              
              
              
              -1,858
              
              
              
              -
              
              
              
              (1,747
              )
              
              
              -NET
      LOSS
              
              $
              (241,402
              )
              
              $
              (14,186
              )
              
              $
              (766,934
              )
              
              $
              (14,379
              )NET
      LOSS PER COMMONSHARE
      (Basic and Diluted)
              
              $
              (0.001
              )
              
              $
              (0.01
              )
              
              $
              (0.003
              )
              
              $
              (0.01
              )WEIGHTED
      AVERAGE SHARESOUTSTANDING
              
              
              252,123,381
              
              
              
              115,489,983
              
              
              
              252,123,381
              
              
              
              115,489,983
 
 See
accompanying notes to consolidated financial statements.
 
 
 
 
 
 
 
 
 
 
 4
 
  SEAFARER
EXPLORATION CORP.
 (formerly
Organetix, Inc.)
 
 Consolidated
Statements of Cash Flows (Unaudited)
 
 For
      the Nine Months EndedSeptember
      30,2008
              
              
              2007CASH
      FLOWS FROM OPERATING ACTIVITIESNet
      loss
              
              $
              (766,934
              )
              
              $
              (14,379
              )Adjustments
      to reconcile net loss to net cashprovided
      by operating activitiesDepreciation
              
              
              29,790
              
              
              
              -Changes
      in assets and liabilities:Increase
      Note Receivable
              
              
              (175,000
              )
              
              
              -Increase
      in Other Receivable
              
              
              (5,000
              )Increase
      in Deposits
              
              
              (10,000
              )Increase
      in Accounts Payable
              
              
              53,468
              
              
              
              -Increase
      in Accrued Expenses
              
              
              39,521
              
              
              
              193Increase
      in Notes Payable
              
              
              81,500
              
              
              
              15,000Due
      to Shareholders
              
              
              100
              
              
              
              -Net
      cash used in operating activities
              
              
              (752,555
              )
              
              
              814CASH
      FLOWS FROM INVESTING ACTIVITIESPurchase
      of Fixed Assets
              
              
              (325,000
              )
              
              
              -Net
      cash used in investing activities
              
              
              (325,000
              )
              
              
              -CASH
      FLOWS FROM FINANCING ACTIVITIESIssuance
      of common stock in private placement
              
              
              1,081,662
              
              
              
              10,000Net
      cash provided by financing activities
              
              
              1,081,662
              
              
              
              10,000INCREASE
      IN CASH
              
              
              4,107
              
              
              
              10,814CASH
      AT BEGINNING OF PERIOD
              
              
              6,717
              
              
              
              -CASH
      AT END OF PERIOD
              
              $
              10,824
              
              
              $
              10,814
 
 See
accompanying notes to consolidated financial statements.
 
 
 
 
 
 
 5
 SEAFARER
EXPLORATION CORP.
 (formerly
Organetix, Inc.)
 NOTES
TO FINANCIAL STATEMENTS (Unaudited)
 September
30, 2008
 
 NOTE
1 – BASIS OF PRESENTATION; BUSINESS AND SUMMARY; CHANGE OF CONTROL; DEVELOPMENT
STAGE COMPANY
 
 Basis
of the Presentation
 
 The
interim financial statements included herein, presented in accordance with
United States generally accepted accounting principles and stated in U.S.
dollars, have been prepared by the Company, without audit, pursuant to the rules
and regulations of the Securities and Exchange Commission. Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations. The Company
believes that the disclosures are adequate to make the information presented not
misleading.
 
 These
statements reflect all adjustments, consisting of normal recurring adjustments,
which, in the opinion of management, are necessary for fair presentation of the
information contained therein.  These interim financial statements
should be read in conjunction with the financial statements of the Company
(formerly Organetix, Inc.) for the year ended December 31, 2007 and notes
thereto included in the Company's Form 10-KSB. The Company follows the same
accounting policies in the preparation of interim reports.
 
 Results
of operations for the interim periods are not indicative of annual
results.
 
 Business
and Summary
 
 Seafarer
Exploration, Inc. ("the Company" or "Seafarer"), a Delaware Corporation, was
incorporated on May 28, 2003. The Company formerly operated under the name
Organetix, Inc. (“Organetix”). The Company's principal business plan is to
explore and salvage a shipwreck located off of Juno Beach, Florida. The Company
has not yet generated revenues, and is therefore considered a development stage
company.
 
 Change
of Control
 
 On June
4, 2008, Organetix entered into a Share Exchange Agreement with Seafarer, then a
private company formed under the laws of Florida, and the shareholders of
Seafarer pursuant to which Organetix agreed to acquire all of the outstanding
shares of common stock of Seafarer from the Seafarer Shareholders. As
consideration for the acquisition of the shares of Seafarer, Organetix agreed to
issue an aggregate of 138,844,389 shares of Common stock, $0.0001 par value to
the Seafarer Shareholders. This reverse merger transaction was treated
retroactively as a recapitalization with Seafarer Exploration, Inc. being
treated as the acquirer for accounting purposes.
 
 On July
17, 2008, the Company filed a Certificate of Ownership to merge Seafarer
Exploration Corp., a wholly-owned subsidiary of the Company into the Company
with the Secretary of State of the State of Delaware.  Pursuant to the
Certificate of Ownership, the Company’s Articles of Incorporation were amended
to change its name from Organetix, Inc. to Seafarer Exploration
Corp.
   6
 SEAFARER
EXPLORATION CORP.
 (formerly
Organetix, Inc.)
 NOTES
TO FINANCIAL STATEMENTS (Unaudited)
 September
30, 2008
  NOTE 1 – BASIS OF
PRESENTATION; BUSINESS AND SUMMARY; CHANGE OF CONTROL; DEVELOPMENT STAGE COMPANY
- continued
  Development
Stage Company
 
 Previously,
the Company devoted its time towards establishing its business and no revenues
have been generated to date. As such, the Company is considered as being in the
development stage, since its inception, in accordance with Statement of
Financial Accounting Standards No. 7, and its year-end is December
31.
 
 The
Company expects to continue to incur significant operating losses and to
generate negative cash flow from operating activities while exploring and
attempting to salvage the Juno Beach shipwreck and establishing
itself in the marketplace.
 
 The
Company’s ability to eliminate operating losses and to generate positive cash
flow from operations in the future will depend upon a variety of factors, many
of which it is unable to control.  If the Company is unable to
implement the Company’s business plan successfully, it may not be able to
eliminate operating losses, generate positive cash flow, or achieve or sustain
profitability, which would materially adversely affect its business, operations,
and financial results, as well as its ability to make payments on its debt
obligations and the Company may be forced to cease its operations.
 
 NOTE
2 – SUMMARY OF SIGNFICANT ACCOUNTING POLICIES
 
 (a) 
Revenue Recognition
 
 The
Company is principally in the business of exploring and attempting to salvage a
shipwreck. The Company has not generated any revenues to date and does not
anticipate generating any revenues for the foreseeable future.
 
 (b) 
Cash and Cash Equivalents
 
 For
purposes of reporting cash flows, the Company considers all highly liquid
investments with a maturity of three months or less when purchased to be cash
equivalents.  The Company classifies outstanding checks in excess of
funds on deposit as bank overdraft and reduces cash and cash equivalents when
these checks clear the bank on which they were drawn. The Company believes it is
not exposed to any significant credit risk on cash and cash
equivalents.
 
 (c) 
Fair Value of Financial Instruments
 
 Statement
of Financial Accounting Standards (“SFAS”) No. 107 -Disclosures about Fair Value of
Financial Instruments, requires disclosure of fair value information
about financial instruments when it is practicable to estimate that
value.  Financial instruments that potentially subject the Company to
credit risks consist primarily of cash equivalents, trade payables and loan
payable.  Management believes that the carrying amounts of these
instruments approximate their respective fair value at September 30, 2008 and
2007 because of the short maturity of these instruments.
   7
 SEAFARER
EXPLORATION CORP.
 (formerly
Organetix, Inc.)
 NOTES
TO FINANCIAL STATEMENTS (Unaudited)
 September
30, 2008
 NOTE 2 – SUMMARY OF
SIGNFICANT ACCOUNTING POLICIES -continued
  (d) 
Fixed Assets and Depreciation
 
 Fixed
assets are recorded at historical cost. Depreciation is computed on the
straight-line method over estimated useful lives of the respective assets,
ranging from three to five years. The carrying amount of all long-lived assets
is evaluated periodically to determine if adjustment to the depreciation and
amortization period or the unamortized balance is warranted. Based upon the
Company’s most recent analysis, management believes that no impairment of fixed
assets exists at September 30, 2008 and 2007.
 
 (e) 
Stock Based Compensation
 
 On
January 1, 2006, the Company adopted Statements of Financial Accounting
Standards No. 123 (revised 2004),Share-Based Payment, (“SFAS
123(R)”).  In March 2005, the Securities and Exchange Commission
issued Staff Accounting Bulletin No. 107 (“SAB 107”) relating to SFAS
123(R). The Company has applied the provisions of SAB 107 in its adoption of
SFAS 123(R).  SFAS 123(R) requires all share-based payments to
employees, including grants of employee stock options, to be recognized in the
financial statements based on their fair values using an option-pricing model.
The pro forma disclosures previously permitted under SFAS 123 are no longer an
alternative to financial statement recognition.  For stock-based
awards issued to employees and directors, stock-based compensation is attributed
to expense using the straight-line single option method, which is consistent
with how the prior-period pro-forma were provided.
 
 (f) 
 Income Taxes
 
 The
Company records federal and state income tax liability in accordance with
Statement of Financial Accounting Standards (“SFAS”) No. 109 –Accounting for Income
Taxes.  Deferred income taxes are provided on the liability
method whereby deferred tax assets are recognized for deductible temporary
differences and operating loss and tax credit carry forwards, and deferred tax
liabilities are recognized for taxable temporary differences.
  Temporary
differences are the differences between the reported amounts of assets and
liabilities and their tax bases.  Deferred tax assets are reduced by a
valuation allowance when, in the opinion of management, it is more likely than
not that some portion or all of the deferred tax assets will not be
realized.  Deferred tax assets and liabilities are adjusted for the
effects of changes in tax laws and rates on the date of enactment.
 
 (g)  
Earnings (Loss) Per Share
 
 Basic EPS
is calculated by dividing earnings (loss) available to common shareholders by
the weighted average number of common shares outstanding during each
period.  Diluted EPS is similarly calculated, except that the
denominator includes common shares that may be issued subject to existing rights
with dilutive potential, except when their inclusion would be
anti-dilutive.
 
 (h)
 Impact of Recently Issued Accounting Pronouncements
 
 In
September 2006, the Financial Accounting Standards Board (“FASB”) issued
Statement of Financial Accounting Standards (“SFAS”) 157Fair Value
Measurements . SFAS 157 defines fair value, establishes a framework for
measuring fair value in generally accepted accounting principles (“GAAP”) and
expanded disclosures about fair value measurements. This Statement is effective
for financial statements issued for fiscal years beginning after November 15,
2007.
   8
 SEAFARER
EXPLORATION CORP.
 (formerly
Organetix, Inc.)
 NOTES
TO FINANCIAL STATEMENTS (Unaudited)
 September
30, 2008
  NOTE
2 – SUMMARY OF SIGNFICANT ACCOUNTING POLICIES -continued
  In
December 2007, the FASB issued FASB No. 141R,Business Combinations (FASB
141R), which replaces FASB 141. FASB 141R applies to all transactions or
other events in which an entity obtains control of one or more businesses and
requires that all assets and liabilities of an acquired business as well as any
noncontrolling interest in the acquiree be recorded at their fair values at the
acquisition date. Among other things, FASB 141R requires the expensing of direct
transaction costs, including deal costs and restructuring costs as incurred.
 In addition, contingent consideration arrangements will be recognized at
their acquisition date fair values, with subsequent changes in fair value
generally reflected in earnings. Pre-acquisition contingencies will also
typically be recognized at their acquisition date fair values. In subsequent
periods, contingent liabilities will be measured at the higher of their
acquisition date fair values or the estimated amounts to be realized. In
addition, material adjustments made to the initial acquisition purchase
accounting will be required to be recorded back to the acquisition date. This
will cause companies to revise previously reported results when reporting
comparative financial information in subsequent filings. The Statement is
effective for business combinations for which the acquisition date is on or
after the beginning of the first annual reporting period beginning on or after
December 15, 2008. Management does not expect that FASB 141R would
have an impact on the Company’s financial statements when effective, but the
nature and magnitude of the specific effects will depend upon the nature, terms
and size of the acquisitions the Company may consummate after the effective
date.
  In
February 2008, the FASB issued FASB Staff Position No. 157-2 (“FSP 157-2”),
which delayed the effective date by which companies must adopt the provisions of
SFAS 157.  FSP 157-2 defers the effective date of SFAS 157 to fiscal
years beginning after November 15, 2008, and interim periods within those fiscal
years. The adoption of this standard is not anticipated to have a material
impact on our financial position, results of operations, or cash
flows.
 
 On
January 1, 2008, FASB issued SFAS No. 159,The Fair Value Option for Financial
Assets and Financial Liabilities. SFAS 159 permits entities
to elect to measure many financial instruments at fair value.  This
statement is effective as of the first fiscal year that begins after November
15, 2007.  Management is currently analyzing the effects of SFAS 159,
but do not expect its implementation will have a significant impact on the
Company’s financial condition or results of operations.
  In March
2008, the FASB issued FASB Statement No. 161,Disclosures about Derivative
Instruments and Hedging Activities – an amendment of FASB Statement
No. 133.    FASB Statement No. 161 requires
enhanced disclosures about how and why an entity uses derivative instruments,
how derivative instruments and related hedged items are accounted for under FASB
Statement No. 133,Accounting for
Derivative Instruments and Hedging Activities  , and its
related interpretations, and how derivative instruments and related hedged items
affect an entity’s financial position, financial performance, and cash flows.
FASB Statement No. 161 is effective for financial statements issued for
fiscal years and interim periods beginning after November 15, 2008, with
early application encouraged. FASB Statement No. 161 encourages, but does
not require, comparative disclosures for earlier periods at initial adoption.
The Company expects to implement FASB Statement No. 161 during the first
quarter 2009, but do not believe the adoption of FASB Statement No. 161
will have a material impact on the Company’s financial statements.
 
 In April
2008, the FASB issued FASB Staff Position No. 142-3,Determination of the Useful Life of
Intangible Assets, which amends the factors that should be considered in
developing renewal or extension assumptions used to determine the useful life of
a recognized intangible asset under FASB Statement No. 142,Goodwill and Other Intangible
Assets . The intent of FASB Staff Position No. 142-3 is to improve the
consistency between the useful life of a recognized intangible asset under FASB
Statement No. 142 and the period of expected cash flows used to measure the
fair value of the asset under FASB Statement No. 141(R) and other U.S.
generally accepted accounting principles. FASB Staff Position No. 142-3 is
effective for fiscal years beginning after December 15, 2008 and interim
periods within those fiscal years and early adoption is prohibited. The Company
expects to implement FASB Staff Position No. 142-3 on July 1, 2009. The
Management expects that FASB Staff Position No. 142-3 could have an impact on
the Company’s future financial statements when effective, but the nature and
magnitude of the specific effects will depend upon the nature, terms and size of
the acquisitions, if any, the Company consummate after the effective
date.
   9
 SEAFARER
EXPLORATION CORP.
 (formerly
Organetix, Inc.)
 NOTES
TO FINANCIAL STATEMENTS (Unaudited)
 September
30, 2008
  NOTE
2 – SUMMARY OF SIGNFICANT ACCOUNTING POLICIES -continued
  In May
2008, the FASB issued SFAS No. 162,The Hierarchy of
Generally Accepted Accounting Principles (“SFAS 162”). The new
standard is intended to improve financial reporting by identifying a consistent
framework, or hierarchy, for selecting accounting principles to be used in
preparing financial statements that are presented in conformity with
U.S. generally accepted accounting principles (GAAP) for nongovernmental
entities. The new standard is effective for financial statements issued for
fiscal years and interim periods beginning after November 15, 2008. The
Company does not expect the adoption of SFAS 162 to have a material impact
on its financial statements.
 
 Other
recent accounting pronouncements issued by the FASB, 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.
 
 NOTE
3 - GOING CONCERN
 
 As shown
in the accompanying financial statements, the Company has incurred net losses of
$834,410 since inception. Management's plans include raising capital through the
equity markets to fund operations, and the generating of revenue through its
business. 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 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 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.
 
 NOTE
4 - CAPITAL TRANSACTIONS
 
 Common
stock
 
 During
the three month period ended September 30, 2008, the Company effected the
following stock transactions:
 
 The
Company issued a total of 1,666,668 shares of the Company’s $0.0001 par value
common stock in exchange for cash of $60,000.
   10
 SEAFARER
EXPLORATION CORP.
 (formerly
Organetix, Inc.)
 NOTES
TO FINANCIAL STATEMENTS (Unaudited)
 September
30, 2008
  NOTE
5 - COMMITMENTS AND CONTINGENCIES
 
 Leases
 
 The
Company leases a condominium that is used as temporary living quarters for its
dive team members in Jupiter, Florida. This lease agreement expires on November
30, 2008. Future minimum lease payments as of September 30, 2008, are as
follows:
 
 Year
              
              Amount2008
              
              $
              1,300
 
 Employment
agreement
 
 The
Company does not have any employment agreements.
 
 NOTE
6 – NOTES PAYABLE
 
 At
September 30, 2008, the Company has $124,000 in convertible promissory notes
outstanding.  These notes pay interest at 6% and are convertible at
the option of the lenders into common stock at $0.10 per share.  These
notes are payable between August 1, 2008 through July 1, 2009. These notes are
secured by the equipment, fixtures, inventory, accounts receivable and
intellectual property of the Company. All of these notes were issued prior to
the change of control. As of September 30, 2008 none of these notes have been
converted.
 
 During
the three month period ended September 30, 2008, the Company entered into two
promissory notes totaling $21,500. These notes have a maturity of one year,
carry an annual interest rate of 8% and pay interest on a quarterly basis. These
notes are unsecured and are not convertible.
 
 The
following table sets forth information about the unsecured promissory note
agreements that were entered into during the three month period ended September
30, 2008:
 
 Note
      Amount
              Interest
      Rate
              Maturity
      Date$9,000
              8.00%
              09-09-2009$12,500
              8.00%
              09-29-2009
  NOTE
7 - NOTE RECEIVABLE
 
 At
September 30, 2008, the Company has $175,000 due from a corporation. The
$175,000 is evidenced by three notes payable and these notes mature on December
31, 2008 and pay interest at a rate of 4.5%.
 
 NOTE
8 – RELATED PARTY DISCLOSURES
 
 During
the three month period ended September 30, 2008 the Company entered into a
promissory note, on September 9, 2008, with an individual that is related to the
Company’s Chairman and CEO. The face amount of the note is $9,000 and it carries
an annual interest rate of 8% and pays interest on a quarterly basis. The note
matures on September 9, 2009. The note is unsecured and is not
convertible.
   11
 SEAFARER
EXPLORATION CORP.
 (formerly
Organetix, Inc.)
 NOTES
TO FINANCIAL STATEMENTS (Unaudited)
 September
30, 2008
  NOTE 8 – RELATED PARTY
DISCLOSURES - continued
  During
the three month period ended September 30, 2008 the Company entered into a
promissory note, on September 29, 2008, with a corporation of which the
Company’s Chairman and CEO is a member of that corporation’s board of directors.
The face amount of the note is $12,500 and it carries an annual interest rate of
8% and pays interest on a quarterly basis. The note matures on September 29,
2009. The note is unsecured and is not convertible.
 
 NOTE
9 – MATERIAL AGREEMENT
 
 On July
2, 2008, the Company executed a purchase and sale agreement to acquire
proprietary historical and archival research documents pertaining to a deepwater
shipwreck. In exchange for the documents the Company is required to pay a total
sum of $250,000 in two equal installments, with one installment due upon the
execution of the agreement and the second installment due on September 30, 2008.
Additionally, a net 14% of the liquidated value on recovered items, net of
expenses, is to be paid to the seller for the life of the project. To date the
Company has paid $10,000 towards the amount it owes under this agreement. The
Company has not received any of the proprietary historical and archival research
documents from the seller. Furthermore the agreement states that the Company
will pay the balance of the amount owed, $240,000, as the money is received by
the Company. The Company has not been able to raise the capital required under
this agreement and the Company does not presently have the required capital to
meet its obligation under this agreement. At this time there is significant
uncertainty as to whether or not the Company will ever obtain the capital
required to finalize the purchase of the historical and archival research
documents. Furthermore, even if the Company is able to obtain the capital to
meet its obligation under the Agreement to conclude the purchase of the
historical and archival research documents, it will be necessary for the Company
to obtain a significantly large amount of additional capital in order to
actually locate, explore and salvage the deepwater shipwreck. At this time the
Company does not have an accurate estimate of the additional capital that will
be required to locate, explore and salvage the deepwater shipwreck.
 
 NOTE
10 - SUBSEQUENT EVENTS
 
 Subsequent
to the end of the three month period ended September 30, 2008 the Company
entered into a promissory note, on October 24, 2008, with an individual that is
related to the Company’s Chairman and CEO. The face amount of the note is $6,500
and it carries an annual interest rate of 8% with interest to be paid on a
quarterly basis. The note matures on October 24, 2009. This note is not
convertible.
 
 Subsequent
to the end of the three month period ended September 30, 2008 the Company
entered into a promissory note on October 27, 2008 with an individual that is
related to the Company’s Chairman and CEO. The face amount of the note is
$15,000 and it carries an annual interest rate of 8% with interest to be paid on
a quarterly basis. The note matures on October 27, 2009. This note is not
convertible.
 
 Subsequent
to the end of the three month period ended September 30, 2008 the Company
entered into a lease agreement on October 1, 2008 to lease office space in
Tampa, Florida. This agreement expires on March 31, 2010. The monthly lease
payment is $1,284.22 and the payment is due on the first day of each
month.
   
 12
 
 ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
 
 The
following discussion will assist in the understanding of our financial condition
and results of operations. The information below should be read in conjunction
with the financial statements and the related notes to the financial
statements.
 
 In
addition to historical information, this discussion contains forward-looking
statements within the meaning of Section 21E of the Securities Exchange Act of
1934 regarding our expectations concerning its future operations, earnings and
prospects. On the date the forward-looking statements are made, the statements
represent our expectations concerning our future operations, earnings and
prospects may change. Our expectations involve risks and uncertainties (both
favorable and unfavorable) and are based on many assumptions that we believe to
be reasonable, but such assumptions may ultimately prove to be inaccurate or
incomplete, in whole or in part. Accordingly, there can be no assurances that
our expectations and forward-looking statements will be correct. Please refer to
our most recent report on Form 8-K for a description of risk factors that may
cause actual results to differ from the expectations stated in this discussion.
We disclaim any obligation to update any of these forward-looking
statements.
 
 Overview
 
 Through
September 30, 2008 we have not realized any revenues from our operations. To
date we have not recovered any artifacts that have any significant value. We may
never locate and recover any artifacts that have any significant
value.
 
 To date
we have devoted our time towards establishing our business in the exploration
and salvage of artifacts and cargo from a shipwreck located off of Juno Beach,
Florida.  We have not generated revenues to date. We our considered a
development stage company, since inception, in accordance with Statement of
Financial Accounting Standards No. 7, and its year-end is December
31.
 
 Prior to
entering into the agreement for the acquisition of Seafarer (Florida), we were a
shell company, as defined in Rule 144(i) under the Securities Act of 1933. As of
the Closing Date, we are no longer a shell company.
 
 Results
of Operations
 
 During
each of the quarters ended September 30, 2008, and 2007, we had no
revenues.  Our operating and other expenses were ($239,544) and
($14,186), respectively.
 
 Liquidity
and Capital Resources
 
 General
 
 We
incurred net income (loss) of ($241,402) for the period ended September 30,
2008. At September 30, 2008, we had cash on hand of $10,824 with which to
satisfy any future cash requirements. We expect to expend all of our available
cash in less than one month, based on our historical rate of expenditures. These
conditions raise substantial doubt about our ability to continue as a going
concern. We depend upon capital to be derived from future financing activities
such as subsequent offerings of our common stock or debt financing in order to
operate and grow the business. We have no specific plans for selling our common
stock and no arrangements for debt financing.  There can be no
assurance we will be successful in raising additional capital. The key factor
that is not within our control and that may have a direct bearing on our ability
to raise capital in the future include, but is not limited to, acceptance of our
business plan by potential investors. There may be other risks and circumstances
that management may be unable to predict.
   13
  ITEM 2. MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - continued
  Critical
Accounting Policies and Estimates
 
 The
preparation of our financial statements in conformity with accounting principles
generally accepted in the United States of America requires our management to
make certain estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period.  As such, in accordance with the
use of accounting principles generally accepted in the United States of America,
our actual realized results may differ from management’s initial estimates as
reported.  A summary of our significant accounting policies is
detailed in the notes to the financial statements, which are an integral
component of this filing.
 
 Revenue
Recognition
 
 We follow
the guidance provided by SEC Staff Accounting Bulletin (“SAB”) No. 101,Revenue Recognition in Financial
Statements and SAB No. 104Revenue
Recognition  which provide guidance on the recognition,
presentation and disclosure of revenue in financial statements filed with the
SEC.
 
 Stock
Based Compensation
 
 We grant
stock awards and stock options to employees and non-employees as consideration
for services.  Management believes that the best indicator of value
for stock awards is the trading value of the shares of stock on the date the
Company enters into the agreements. For non-employees, that date is
generally the date on which the company is committed to such an
agreement.  At times the Company may grant stock as payment for
accrued but unpaid payroll.  In these cases, the Company values the
shares at the trading price on the date they are granted and reduces the payroll
accrual by the same amount.  We have adopted SFAS 123(R) for stock
options granted to employees and non-employees by estimating the value of those
awards using the Black-Scholes option pricing model.
 
 Contingencies
 
 We are
subject to the possibility of various law contingencies arising in the ordinary
course of business.  We consider the likelihood of loss or impairment
of an asset or the incurrence of a liability, as well as our ability to
reasonably estimate the amount of the loss contingencies.
 
 See Note
2 to the Company’s Financial Statements for a full discussion of the Company’s
critical accounting policies and estimates.
  Off
Balance Sheet Arrangements
 
 None.
   14
  ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS -continued
  Forward
Looking Statements
 
 This
report contains statements that plan for or anticipate the
future.  Forward-looking statements include statements about the
future of operations involving the marketing and maintenance of products which
manage large volumes of media or digital material, statements about our future
business plans and strategies, and most other statements that are not historical
in nature.  In this report forward-looking statements are generally
identified by the words “anticipate,” “plan,” “believe,” “expect,” “estimate,”
and the like.  Although management believes that any forward-looking
statements it makes in this report are reasonable, because forward-looking
statements involve future risks and uncertainties, there are factors that could
cause actual results to differ materially from those expressed or
implied.  For example, a few of the uncertainties that could affect
the accuracy of forward-looking statements include the following:
 
 ●
              Rapid
      changes in technology relating to the shipwreck salvage
      industry
 
 ●
              Increased
      environmental regulations
 
 ●
              Changes
      in government regulations
 
 ●
              Changes
      in our business strategies
 
 ●
              Equipment
      failure of a catastrophic proportion●
              Terrorist
      interference with our operations●
              Looting
      and pilferage of artifacts and materials from our shipwreck
      site●
              Difficulty
      in recruiting employees and contractors with sufficient technical
      skills●
              Failure
      to locate and salvage artifacts of significant value●
              Adverse
      weather conditions●
              Inability
      to locate sources of financing for our operations●
              Inability
      to solve cash flow problems●
              Loss
      of our shipwreck site
 
 In light
of the significant uncertainties inherent in the forward-looking statements made
in this report, particularly in view of our early stage of operation, the
inclusion of this information should not be regarded as a representation by us
or any other person that our objectives and plans will be achieved.
 
 ITEM
3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
 
 MARKET
RISK
 
 Market
risk is the exposure to loss resulting from changes in interest rates, foreign
currency exchange rates, commodity prices and equity prices. We do not believe
we have material market risk exposure and have not entered into any risk
sensitive instruments to mitigate these risks or for trading or speculative
purposes.
   15
 ITEM
4.  CONTROLS AND PROCEDURES
 
 Management’s
responsibility for controls and procedures
 
 Our
management is responsible for establishing and maintaining adequate internal
control over our financial reporting.  Our controls over financial
reporting are designed to ensure that information required to be disclosed by us
in the reports that we file or submit under the Securities Exchange Act of 1934,
as amended (Exchange Act) is accumulated and communicated to our management,
including our principal executive officer and principal financial officer, or
persons performing similar functions, as appropriate to allow timely decisions
regarding required disclosure.
 
 Evaluation
of disclosure controls and procedures
  Under the
supervision and with the participation of our principal executive officer and
principal financial officer, we conducted an evaluation of the effectiveness of
the design and operation of our disclosure controls and procedures, as such term
is defined under Rule 13a-15(e) promulgated under the Exchange Act, as of June
30, 2008. Based on this evaluation, our principal executive officer and
principal financial officer have concluded that our disclosure controls and
procedures as of the end of such periods are not effective to ensure that
information required to be disclosed by us in the reports we file or submit
under the Exchange Act is recorded, processed, summarized, and reported within
the time periods specified in the Securities and Exchange Commission’s rules and
forms. Management did not use a framework to conduct the required evaluation of
the effectiveness of our internal control over financial reporting since, in the
view of management, comparison with a framework was unwarranted because of (i)
the small size of our current operations and (ii) our executive management
structure (consisting of only our principal executive officer and principal
financial officer) which enables management to be aware of all
transactions.
 
 The
company has limited resources and as a result, a material weakness in financial
reporting currently exists, because of our limited resources and
personnel.
 
 A
material weakness is a deficiency (within the meaning of the Public Company
Accounting Oversight Board (PCAOB) auditing standard 5) or combination of
deficiencies in internal control over financial reporting such that there is a
reasonable possibility that a material misstatement of the Company's annual or
interim financial statements will not be prevented or detected on a timely
basis.  Management has determined that a material weakness exists due
to a lack of segregation of duties, resulting from the Company's limited
resources and personnel.
 
 We have
not made any change in our internal control over financial reporting during the
quarter ended September 30, 2008.
 
  PART
II.  OTHER INFORMATION
 
 ITEM
1. LEGAL PROCEEDINGS
 
 We are
not engaged in any legal proceedings, and do not know of any threatened
litigation or claims.
   16
 ITEM 1. LEGAL PROCEEDINGS
- continued
  The
Company received a letter dated August 25, 2008 from the State of Florida
Division of Historical Resources (the “Division”) stating that the Agreement
dated January 23, 2008 between the Company, Tulco Resources, Ltd. (“Tulco”) and
the Divison relating to research and recovery of archeological material was null
and void since March 31, 2008 and all work should cease immediately and data and
artifacts should be turned over to the Division. In the letter the Division
alleged that the Company and Tulco had not submitted certain items that had been
required to be submitted under the agreement. The Company disclaimed to the
Division that it was ever out of compliance with the agreement and the Company
did not concur with the Division’s stance as far as the agreement being declared
null and void. The Company also obtained a legal opinion that concluded that
under either contract or administrative law analysis, the Division acted
improperly when it declared the agreement null and void and the Division’s
action was probably not sustainable. Subsequent to the receipt of the letter
from the Division representatives of the Company met with representatives of the
Division. The Company agreed to work with the Division toward renewing the
agreement. The Division, specifically the personnel at the Bureau of
Archeological Research, was very helpful in assisting the Company to renew the
agreement and a renewal was issued in November of 2008.
 
 
 ITEM
2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS
 
 The
following table sets forth information about our unregistered sales of common
stock during the three month period ended September 30, 2008:
 
 Name
      of Purchaser
              
              Number
      of Shares
              
              RelationshipDavid
      Gillespie (1)
              
              500,000
              
              ShareholderDavid
      Lindskog (2)
              
              500,000
              
              ShareholderJuan
      Carlos Giraldo (3)
              
              333,334
              
              ShareholderMatt
      Presy (4)
              
              333,334
              
              Shareholder
  1.
              Mr.
      Gillespie provided cash in payment for the shares issued to
      him.
 
 2.
              Mr.
      Lindskog provided cash in payment for the shares issued to
      him.3.
              Juan
      Carlos Giraldo provided cash in payment for the shares issued to
      him.4.
              Matt
      Presy provided cash in payment for the shares issued to
    him.
  We did
not pay and to our knowledge no one acting on our behalf paid any commissions or
other compensation with respect to the sales identified in the foregoing
table.We made the
sale directly to each purchaser for the consideration stated in the
table.  We used cash proceeds from such sales for working capital in
payment of current obligations.  See footnotes to the foregoing table
for information regarding the nature of non-cash consideration paid for
shares.  Each purchaser acknowledged the investment nature of the
transaction and a legend was placed on each certificate, prohibiting public
resale of the shares, except in compliance with Rule 144.  We believe
each purchaser has such knowledge and experience in business and financial
transactions that he or she is able to understand and evaluate the risks and
merits of investment in our common stock.  We relied upon the
exemption from the registration requirement of the Securities Act of 1933, as
amended (the “Act”) provided in Section 4(2) of the Act and the rules and
regulations thereunder, on grounds that this sale did not involve a public
offering within the meaning of the Act.
   17
 
 ITEM
3.  DEFAULTS UPON SENIOR SECURITIES
 
 None.
   ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY
HOLDERS
 
 None.
 
  ITEM
5.  OTHER INFORMATION
 
 None.
 
  ITEM 6.  EXHIBITS
  
  Exhibit
                Number
              Description10.1
              SEAREX Purchase and
      Sale Agreement31.1
              Certification by
      Chief Executive Officer, required by Rule 13a-14(a) or Rule 15d-14(a) of
      the Exchange Act.31.2
              Certification by
      Chief Financial Officer, required by Rule 13a-14(a) or Rule 15d-14(a) of
      the Exchange Act.32.1
              Certification by
      Chief Executive Officer, required by Rule 13a-14(b) or Rule 15d-14(b) of
      the Exchange Act and

                Section
      1350 of Chapter 63 of Title 18 of the United States
  Code.32.2
              Certification by
      Chief Financial Officer, required by Rule 13a-14(b) or Rule 15d-14(b) of
      the Exchange Act and

                Section
      1350 of Chapter 63 of Title 18 of the United States
  Code.
    18
 
 
 
 
 SIGNATURES
 
 Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
   DATE:
November 14, 2008
  SEAFARER
      EXPLORATION CORP.By:
                /s/ 
      Kyle KennedyKyle
      KennedyPresident
      and Chief Executive Officer
                  (principal
      executive officer)By:
                /s/ 
      Christopher GilcherChristopher
      GilcherPrincipal
      financial and accounting officer
  19