10-Q - Trans American Aquaculture, Inc (0001990446) (Filer)

Mon, Jul 15, 4:47 PM (54 days ago)

Trans American Aquaculture, Inc. reported a net loss of $261,873 for Q1 2024, marginally higher than the $258,194 loss in Q1 2023. Revenue for the quarter was $310,126, marking a significant increase from zero revenue in the same period last year, attributed to shrimp production. However, cost of goods sold was $272,079, resulting in a gross profit of $38,047 and a 12% operating margin. General and administrative expenses were stable at $172,558. Interest expenses rose to $127,416 from $116,079. The company faces liquidity challenges, with current liabilities exceeding current assets by $3,750,007 and no cash at quarter's end. Efforts to raise capital include equity financing and issuing convertible preferred stock. The company's going concern status remains uncertain, dependent on securing additional funding and expanding operations.