SAN FRANCISCO (CBS SF) — Police in San Francisco on Friday said the owner of the boat that capsized in the bay during fleet week festivities could face felony charges.

Salvage crews lifted the boat out of the water Thursday. Police told KPIX 5 that the vessel has been released back to the owner.

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Investigators are looking at whether there were enough life vests. They also want to know if the 34-foot boat was overloaded.

30 people were on board when it capsized about 100 yards off Pier 45 Saturday afternoon.

Two people got trapped under the hull. Eight passengers – including two young children – were rushed to the hospital after being rescued by the Coast Guard, San Francisco Fire Department and other boaters.

A 4-year-old boy was given CPR. However, everyone who was hospitalized has since been released and is doing okay.

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Friday afternoon, KPIX 5 talked to the owner, Ivan Smiljanic, on the phone.

Smiljanic said he had his two-year-old daughter in his arms when the boat suddenly flipped over.

Police said the incident is still an active investigation.

“There was a child on board, a five-year old, who literally flat-lined; basically died. Our marine unit came up, they were able to revive and do CPR and bring that child back to life,” said San Francisco Police spokesman Carlos Manfredi. “So you can see how serious and how deadly this incident could have gone, you know, if it wasn’t for the quick response from the marine unit and getting there as quickly as they could to do the rescue.”

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The SFPD’s marine unit used sonar equipment to locate the boat. It is now docked at Pier 39.