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

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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2025, GHS
purchased the remaining 28 shares of Series D Preferred Stock under the March 2025 SPA.

Net Loss Per Share

Basic net loss per share is calculated by dividing
the net loss available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net
loss per share is calculated by using the weighted-average number of common shares outstanding during the period increased to include
the number of additional shares of common stock that would have been outstanding if the dilutive potential shares of common stock had
been issued. The dilutive effect of the Company is reflected in diluted net loss per share by application of the treasury stock method.
The dilutive securities are excluded from the computation of diluted net loss per share when net loss is recorded for the period as their
effect would be anti-dilutive.

NOTE 3 – ACCOUNTS RECEIVABLE

On
December 11, 2023, the Company entered into an accounts receivable factoring agreement in the amount of $750,000. The agreement
calls for 80% with recourse financing on eligible receivables. The amount received for the factored receivables on February 7, 2024, totaled
$135,847, of which $25,764 remains outstanding after factoring fees at March 31, 2025 and $0 at March 31, 2024. 

NOTE 4 – INVENTORY

The inventory at March 31, 2025, consists of shrimp
broodstock held for sale, and broodstock held for restocking. Included in this amount is the broodstock cost basis reclassified to shrimp
held for sale as those costs are applicable expenditures and charges directly and indirectly incurred in bringing shrimp inventory to
its existing condition and location as noted in FASB ASC 330-10-30. Although, these animals will eventually come to end of life, their
costs are considered part of the necessary costs to birthing and raising shrimp held for sale.

Just prior to harvest, the Company segregates
and retains selected premium shrimp to become broodstock for the following shrimp harvest cycle. Upon identification and segregation,
the selected animals are transferred from outdoor ponds to specialized indoor tanks. These tanks are highly regulated with respect to
temperature, lighting and salinity levels. Costs allocated to broodstock animals at March 31, 2025 and March 31, 2024 totaled $20,830
and $60,388,