NOTE 8  COMMITMENTS AND CONTINGENCIES 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 Seafarers 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. Seafarer is handling the operations on behalf of Seafarers Quest, there has been no significant financial activity in Seafarers Quest. Referral Agreement with Probability and Statistics, Inc. The Company has an agreement with Probability and Statistics, Inc. (P&amp;S) to receive referral fees from P&amp;S. Under the terms of the agreement P&amp;S has agreed to pay a 7% referral fee to the Company when P&amp;S receives funds for providing blockchain software services to entities that were referred by the Company. The agreement is ongoing and has no expiration date. Certain Other Agreements 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 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. Services Agreements 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.