Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 473

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 7
Chunk 473
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4, cost of goods
sold were $321,615 compared to $661,591 for the same period in 2023, a decrease of $339,976 or 51%. This decrease was primarily a result
of streamlining of shrimp production and focused smaller harvest totals.

The gross profit for the year ended December 31, 2024
was $10,030 for an operating loss margin of 3% compared to a gross loss of $560,018 for the same period in 2023, producing an operating
loss margin of -551%, due to significantly reduced shrimp production.

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 15 

Operating Expenses

General and administrative expenses for year ended
December 31, 2024 decreased by $18,534, or 2%, to $846,234 from $864,768 for the year ended December 31, 2023. The decrease is due primarily
to a reduction non-cash compensation for consultants with a slight increase in legal and professional fees to $218,194 due to legal and
accounting fees.

Other Income (Expense)

For the year ended December 31, 2024, we had interest
expenses of $477,964 compared to interest expenses of $490,053 for the same period in 2023, a decrease in interest expense of $12,089.
This decrease in interest expense was due primarily to lower financing charges on a credit card account.

Net Income (Loss)

As a result of the above, we reported a net loss of
$2,808,894 for the year ended December 31, 2024 compared to a net loss of $1,894,993 for the year ended December 31, 2023. The main reason
for the increased loss is the expense recognition for the difference in the asset value to the debt owed on the property

Liquidity and Capital Resources

As of December 31, 2024, we had a cash balance of
$0, compared to cash balance of $6,600 as of December 31, 2023. We currently do not have sufficient cash to fund our operations for the
next 12 months and we