Company: GRPS
Filing Date: 2025-10-15
Form Type: 10-Q
Source: 0001683168-25-007573
Chunk: 38

Company: Trans American Aquaculture, Inc
Filing Date: 2025-10-15
Form: 10-Q
Item: Part I, Item 2
Chunk 38
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 in the second
in the second quarter, with a second cycle grow out beginning in early summer. The first harvest cycle can occur in early fall with the
second harvest cycle occurring in November or December. During 2023, we had one cycle and harvest occurred in early November 2023. During
2024, we did not stock, nor did we have a harvest. In 2025, we have not stocked the ponds or had a harvest. At this time, we are only
maintaining the broodstock lines. We plan to refresh the lines in 4Q25, which will depend on investment funds raised.

Our shrimp inventory is valued at lower of cost
or the net realizable value on a first-in, first-out basis.

The inventory at June 30, 2025 consists of live
broodstock animals. Included in this amount are costs and charges directly and indirectly incurred in bringing shrimp inventory to its
existing condition and location as noted in FASB ASC 330-10-30.

At June 30, 2025, the broodstock shrimp for the
2025 harvest had been identified and segregated from consumable shrimp in outdoor ponds to indoor tanks. The table below summarizes inventory
at June 30, 2025 and 2024.

    June 30,  2025  
    June 30,  2024 
  
    Held for Sale 

    Shrimp 
    $–  
    $12,234 
  
    Broodstock 
     247,540  
     – 
  
    Total Held for Sale 
     247,540  
     12,234 
  
    Broodstock - Restocking 
     54,869  
     358,429 

    Total inventory 
    $302,409  
    $370,663 

 18 

At June 30, 2025, approximately 4,415 animals
of broodstock will be used to populate our next harvest in 2026. The cost of the broodstock was reclassified to broodstock held for restocking
on a pro rata basis of cost per pound of the total biomass of shrimp held for sale. Subsequent costs will be allocated in accordance
with ASC 330-10-30.

Business Overview

Founded in 2017, we are a leading aquaculture
company that provides premium quality, farm-raised pacific white shrimp,