Wed, Nov 20, 5:01 PM (56 days ago)
Trans American Aquaculture, Inc. (TAAQ) reported a net loss of $575,325 for Q3 2024, an improvement from a loss of $768,218 in Q3 2023. Revenue remained stagnant at $0 for Q3 2024, while total revenue for the nine months ended September 30, 2024, was $315,145, a significant increase from $0 in the same period last year. The cost of goods sold decreased by 51% to $196,552, reflecting reduced inventory write-offs. As of September 30, 2024, TAAQ's current liabilities exceeded current assets by $4,777,659, with cash reserves depleting to $0, raising concerns over its liquidity and ability to sustain operations. The company is actively seeking additional capital to fund its operations and address its debt obligations, including a significant loan in default. The company operates in a volatile shrimp market, where prices have dropped significantly, impacting its revenue potential. Future operations remain uncertain as TAAQ navigates ongoing financial challenges and seeks to stabilize its production capabilities.