Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 18

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 1
Chunk 18
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 we had a harvest; however, we are in process of larval development for broodstock sales, genetics families
and line continuation.

 13 

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

The inventory on December 31, 2024 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 December 31, 2024, the broodstock shrimp for the
2024 harvest had been identified and segregated from consumable shrimp in outdoor ponds to indoor tanks. The table below summarizes inventory
at December 31, 2024 and 2023.

    2024  
    2023 
  
    Held for Sale 

    Shrimp 
    $–  
    $187,006 
  
    Broodstock 
     210,000  
     4,025 
  
    Total Held for Sale 
     210,000  
     191,031 
  
    Broodstock - Restocking 
     20,830  
     56,362 

    Total inventory 
    $230,830  
    $247,393 

At December 31, 2024, approximately 4,415 animals
of broodstock will be used to populate our next harvest in 2025. 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, 100% free of antibiotics and hormones, to the U.S. domestic seafood market.
We believe we are a leading aquaculture company due to Best Aquaculture Practices (“BAP”) guidelines,14
considering the rarity of the standards in the U.S. Although we are not currently in full compliance with BAP guidelines, we are working
towards full compliance. At the moment, we adhere to BAP guidelines as part of our operating and production model. Grown at our 1,880-acre
farm located in Rio