Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0001683168-25-005208
Chunk: 20

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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 purposes. So, during the year, our
inventory can consist of shrimp held for sale, broodstock held for sale and broodstock used for restocking purposes.

Shrimp farming is a seasonal business. On a calendar
year basis, we typically use the broodstock to breed our larvae shrimp during the first quarter so that by spring the shrimp are held
in large post-larvae tanks for development. Later, in early summer, the shrimp are transferred to ponds where they complete the grow out
process over the next five to nine months. This can vary if we have more than one cycle of shrimp. Grow out may begin 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 have not stocked, nor have we had a harvest; however, we are in process of larval development for broodstock families and line continuation.

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

The inventory at March 31, 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.

 16 

At March 31, 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 March 31, 2025 and 2024.

    March 31,  2025  
    March 31,  2024 
  
    Held for Sale 

    Shrimp 
    $–  
    $103,964 
  
    Broodstock 
     210,000  
     – 
  
    Total Held for Sale 
     210,000  
     103,964 
  
    Broodstock - Restocking 
     20,830  
     94,938 

    Total inventory 
    $230,830  
    $198,902 

At March 31, 2025, approximately 4,415 animals
of broodstock will be used to