Tue, Jul 2, 8:29 PM (67 days ago)
Trans American Aquaculture, Inc. filed its annual report for the fiscal year ending December 31, 2023. The company reported total revenues of $101,574, up 107% from $49,001 in 2022, primarily from increased shrimp production. However, the net loss widened to $1,894,993 from $922,817 in 2022, attributed to higher operating expenses and a significant inventory write-down. Operating expenses surged by 482% to $864,768 due to legal fees, accrued salaries, and consulting costs. Interest expenses remained high at $490,053. The company’s liquidity is strained, with current liabilities exceeding current assets by $3,478,423. Despite raising $1,028,000 through Series D Preferred Stock, the company faces substantial financial challenges, including debt defaults and dependency on external financing. The future outlook hinges on securing additional capital and achieving operational efficiencies. Risk factors include market volatility, dependency on key personnel, and regulatory compliance. The company is actively seeking funding to sustain its operations and improve its financial condition.