Trans American Aquaculture, Inc. reported a significant increase in revenue for the fiscal year ending December 31, 2024, with total revenues reaching $331,645, compared to $101,574 in 2023, marking a 227% increase. This growth was primarily attributed to a focus on the development of genetic lines and the sale of existing inventory, despite the company not conducting a meaningful harvest during the year. The cost of goods sold decreased by 51% to $321,615, resulting in a gross profit of $10,030, a notable improvement from a gross loss of $560,018 in the previous year.
Despite the increase in revenue, Trans American Aquaculture reported a net loss of $2,808,894 for 2024, compared to a loss of $1,894,993 in 2023. The increase in losses was largely due to the recognition of expenses related to asset values and debts owed on property. The company’s current liabilities exceeded its current assets by $3,351,602 as of December 31, 2024, indicating ongoing financial challenges. The company ended the year with no cash on hand, down from $6,600 in 2023, raising concerns about its ability to fund operations in the near term.
Operationally, the company has faced significant challenges, including a Chapter 11 bankruptcy filing on December 13, 2024, following a deed in lieu of foreclosure by Kings Aqua Farm LLC due to non-payment. This filing was intended to protect the company’s assets, including shrimp broodstock and key property. Currently, Trans American Aquaculture is not conducting production operations and is focused on maintaining its broodstock while finalizing a bankruptcy reorganization plan, with a confirmation hearing scheduled for August 18, 2025.
In terms of strategic developments, the company has emphasized its commitment to sustainable aquaculture practices, producing Pacific white shrimp that are free of antibiotics and hormones. The company operates a 1,880-acre farm in Rio Hondo, Texas, and aims to differentiate itself by focusing on larger shrimp sizes, which are in high demand but less commonly produced. As of July 15, 2025, the company employed four full-time staff members, reflecting a lean operational structure amid financial constraints.
Looking ahead, Trans American Aquaculture is actively seeking additional funding to support its operations and growth objectives. The company acknowledges the volatility of shrimp prices, which have dropped significantly in recent years, impacting its revenue potential. Management is focused on developing genetic lines and exploring opportunities for broodstock sales to enhance revenue streams. However, the company’s ability to continue as a going concern remains uncertain, contingent on securing necessary financing and successfully navigating its bankruptcy proceedings.
About Trans American Aquaculture, Inc
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