Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0001683168-25-005208
Chunk: 23

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 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 Three-Months
Ended March 31, 2025 and 2024

Revenues

For the three-months ended March 31, 2025, total
revenues were $0 compared to $310,126 for the same period in 2024, a decrease of $310,126 or 100%. This decrease was related to the company
not having shrimp for sale and only maintaining the broodstock for future genetic development and stocking.

Cost of Goods Sold and Gross Profit

For the three-months ended March 31, 2025, cost
of goods sold was $0 compared to $272,079 for the same period in 2025, a decrease of $272,079 or 100%. This was the result of not producing
and harvesting or selling shrimp during the current three months ended March 31, 2025.

The gross profit for the three-months ended March
31, 2025 was $0 for an operating profit of 0% compared to a gross profit margin of $38,047 for the same period in 2024.

Operating Expenses

General and administrative expenses for three-months
ended March 31, 2025 decreased by $97,887, or 57%, to $74,671 from $172,558 for the three-months ended March 31, 2024. This reduction
in expenses resulted from lower legal and professional fees and payroll wages.

Other Income (Expense)

For the three-months ended March 31, 2025, we
had interest expenses of $39,036 compared to interest expenses of $127,416 for the same period in 2024, an decrease in interest expense
of $88,380. This decrease in interest expense was due primarily to reduction in interest related to the farm note.

Net Income (Loss)

As a result of the above, we reported a net loss
of $113,707 for the three-months ended March 31, 2025 compared to a net loss of $261,873 for the three-months ended March 31, 2024.

 18 

Liquidity and Capital Resources

As of March 31, 2025, we had a cash balance of
$6,694, compared to a balance of $0 at March 31,