Mon, Aug 19, 2:07 PM (148 days ago)
For the quarter ending June 30, 2024, Trans American Aquaculture, Inc. reported revenues of $5,019, a significant increase from $0 in the prior year, attributed to shrimp sales. However, the company incurred a net loss of $330,311, worsening from a loss of $296,068 in Q2 2023. Total revenues for the first half of 2024 reached $315,145, with a gross profit margin of 29.1%. Operating expenses decreased by 7% to $321,383, primarily due to lower legal and professional fees. The company faced liquidity challenges, ending the quarter with $0 cash and current liabilities exceeding current assets by $4,175,913. Cash used in operations was $389,780, reflecting ongoing financial strain. The firm has significant debt obligations, including a farm property note of $4,707,902, and is actively seeking additional capital to sustain operations and meet obligations. The volatility in shrimp prices poses a risk to future revenue and financing capabilities, emphasizing the need for strategic funding efforts.