Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 227

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 2
Chunk 227
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 ability to continue as a going concern. We are seeking to raise additional capital and are targeting strategic partners to accelerate
the sales and marketing of our products and begin generating revenues. Our ability to continue as a going concern is dependent upon the
success of future capital offerings or alternative financing arrangements, expansion of our operations and generating sales. The accompanying
financial statements do not include any adjustments that might be necessary should we be unable to continue as a going concern. Management
is actively pursuing additional sources of financing sufficient to generate enough cash flow to fund its operations; however, management
cannot make any assurances that such financing will be secured.

Results of Operations for the Years Ended December
31, 2024 and 2023

Revenues

For the year ended December 31, 2024, total revenues
were $331,645 compared to $101,574 for the same period in 2023, an increase of $213,571 or 227%. This increase primarily consisted of
increases in the production of shrimp for consumption sales. In 2024, the Company focused efforts primarily on the development of genetic
lines and did not produce a meaningful harvest. What shrimp revenue we did have was a result of inventory. In future periods, our focus
will be on developing genetic lines, selling broodstock and producing shrimp at the appropriate time.

Cost of Goods Sold and Gross Profit

For the year ended December 31, 2024, cost of goods
sold were $321,615 compared to $661,591 for the same period in 2023, a decrease of $339,976 or 51%. This decrease was primarily a result
of streamlining of shrimp production and focused smaller harvest totals.

The gross profit for the year ended December 31, 2024
was $10,030 for an operating loss margin of 3% compared to a gross loss of $560,018 for the same period in 2023, producing an operating
loss margin of -551%, due to significantly reduced shrimp production.

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16 https://civileats.com/2023/06/20/cheap-imports-leave-us-shrimpers-struggling-to-compete/#:~:text=The%20U.S.%20Food%20and%20Drug,

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Operating Expenses

General and administrative expenses for year ended
December 31, 2024 decreased by $18,534