Wed, Jul 17, 9:32 PM (52 days ago)
NaturalShrimp Incorporated's Form 10-K for the fiscal year ended March 31, 2024, highlights the company's financial performance, strategic overview, and future outlook. Key financial metrics include a gross sales revenue increase to $446,301, with net revenues of $320,606, and a net loss available for common stockholders of approximately $16.3 million. Operating expenses decreased slightly to $10.9 million, while the working capital deficit widened to $38.1 million. Significant changes include an increase in professional fees and a decrease in facility operations costs. The company faced substantial challenges, including a fire at its Texas facility and the termination of a merger agreement with Yotta Acquisition Corporation. The future outlook focuses on expanding shrimp production facilities in Texas and Iowa, with anticipated production of 20,000 pounds of shrimp per week by September 2025. Risk factors include regulatory compliance, market demand fluctuations, and financing challenges. The company's ability to continue as a going concern is dependent on securing additional financing.