2024 Q1 Form 10-Q Financial Statement

#000149315224006697 Filed on February 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2022 Q4
Revenue $81.12K $101.3K $97.94K
YoY Change 53.99% 3.43% 488.6%
Cost Of Revenue $1.600K $23.35K
YoY Change -99.2%
Gross Profit $79.52K $77.95K $97.94K
YoY Change -153.67% -20.41%
Gross Profit Margin 98.03% 76.95% 100.0%
Selling, General & Admin $1.885M $1.551M $2.356M
YoY Change 7.44% -34.19% 22.33%
% of Gross Profit 2370.2% 1989.43% 2405.88%
Research & Development $0.00 $14.21K
YoY Change -30.19%
% of Gross Profit 0.0% 14.51%
Depreciation & Amortization $800.6K $433.0K $416.0K
YoY Change -1.54% 4.09% 90.71%
% of Gross Profit 1006.79% 555.49% 424.74%
Operating Expenses $2.684M $2.351M $3.154M
YoY Change 6.46% -25.46% 24.57%
Operating Profit -$2.604M -$2.273M -$3.057M
YoY Change -2.43% -25.62% 21.51%
Interest Expense -$2.737M -$3.141M $15.86M
YoY Change 108.11% -119.81% 19476.76%
% of Operating Profit
Other Income/Expense, Net -$3.129M $18.23M
YoY Change -117.16% -159.1%
Pretax Income -$5.255M -$5.402M $15.18M
YoY Change 18.49% -135.6% -145.48%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$5.437M -$5.402M $15.18M
YoY Change 20.95% -135.6% -145.48%
Net Earnings / Revenue -6702.53% -5332.63% 15494.42%
Basic Earnings Per Share -$0.01 $0.02
Diluted Earnings Per Share -$0.01 -$0.01 $0.01
COMMON SHARES
Basic Shares Outstanding 1.044B shares 924.0M shares 751.4M shares
Diluted Shares Outstanding 938.2M shares 1.629B shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $115.5K $36.32K $141.9K
YoY Change -46.63% -74.4% -94.68%
Cash & Equivalents $115.5K $36.32K $141.9K
Short-Term Investments
Other Short-Term Assets $169.7K $242.6K $617.1K
YoY Change -89.55% -60.68% -88.41%
Inventory $68.51K $38.67K $101.9K
Prepaid Expenses $169.7K $242.6K $490.1K
Receivables $27.45K $16.32K $7.502K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $381.1K $333.9K $868.4K
YoY Change -79.75% -61.55% -89.17%
LONG-TERM ASSETS
Property, Plant & Equipment $13.30M $13.76M $15.35M
YoY Change -11.58% -10.34% 11.51%
Goodwill
YoY Change
Intangibles $5.879M $5.976M
YoY Change -6.22%
Long-Term Investments
YoY Change
Other Assets $14.03M $14.36M $16.07M
YoY Change -10.38% -10.61% -19.16%
Total Long-Term Assets $27.34M $28.13M $31.42M
YoY Change -10.97% -10.48% -6.61%
TOTAL ASSETS
Total Short-Term Assets $381.1K $333.9K $868.4K
Total Long-Term Assets $27.34M $28.13M $31.42M
Total Assets $27.72M $28.46M $32.29M
YoY Change -14.94% -11.85% -22.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.496M $3.679M $3.523M
YoY Change -0.41% 4.42% 6.08%
Accrued Expenses $3.250M $2.564M $300.0K
YoY Change 147.19% 754.89% -40.06%
Deferred Revenue $25.00K
YoY Change
Short-Term Debt $900.2K $900.2K $765.2K
YoY Change 18.42% 17.64% 48.46%
Long-Term Debt Due $30.31M $3.074M $2.315M
YoY Change 887.05% 32.75% 2311.82%
Total Short-Term Liabilities $38.53M $10.74M $9.060M
YoY Change 243.34% 18.55% -62.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $24.70M $20.27M
YoY Change -100.0% 21.85% 4091.61%
Other Long-Term Liabilities $43.33K $5.590K $231.7K
YoY Change -65.39% -97.59% -23.76%
Total Long-Term Liabilities $43.33K $24.71M $20.50M
YoY Change -99.8% 20.5% 2503.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.53M $10.74M $9.060M
Total Long-Term Liabilities $43.33K $24.71M $20.50M
Total Liabilities $38.57M $35.45M $29.56M
YoY Change 18.1% 19.9% 17.59%
SHAREHOLDERS EQUITY
Retained Earnings -$183.8M -$178.4M -$163.0M
YoY Change 9.7% 9.44% 60.16%
Common Stock $111.7K $99.56K $76.89K
YoY Change 38.99% 29.48% 19.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$56.88M -$52.66M -$42.89M
YoY Change
Total Liabilities & Shareholders Equity $27.72M $28.46M $32.29M
YoY Change -14.94% -11.85% -22.5%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2022 Q4
OPERATING ACTIVITIES
Net Income -$5.437M -$5.402M $15.18M
YoY Change 20.95% -135.6% -145.48%
Depreciation, Depletion And Amortization $800.6K $433.0K $416.0K
YoY Change -1.54% 4.09% 90.71%
Cash From Operating Activities -$1.017M -$657.4K -$254.3K
YoY Change -48.46% 158.53% -96.84%
INVESTING ACTIVITIES
Capital Expenditures -$25.13K $18.84K $2.221M
YoY Change -121.25% -99.15% -466.56%
Acquisitions
YoY Change
Other Investing Activities $105.0K $0.00 $700.0K
YoY Change -100.0%
Cash From Investing Activities $130.1K -$18.84K -$1.521M
YoY Change -210.04% -98.76% 151.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 966.4K 665.4K 1.356M
YoY Change -55.4% -50.93% -87.11%
NET CHANGE
Cash From Operating Activities -1.017M -657.4K -254.3K
Cash From Investing Activities 130.1K -18.84K -1.521M
Cash From Financing Activities 966.4K 665.4K 1.356M
Net Change In Cash 79.21K -10.77K -419.6K
YoY Change 6.18% -97.43% -122.5%
FREE CASH FLOW
Cash From Operating Activities -$1.017M -$657.4K -$254.3K
Capital Expenditures -$25.13K $18.84K $2.221M
Free Cash Flow -$992.2K -$676.2K -$2.476M
YoY Change -52.57% -72.69% -66.73%

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Dividends
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IssuanceOfCommonSharesUnderFinancingAgreement
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us-gaap Increase Decrease In Due To Related Parties
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us-gaap Net Cash Provided By Used In Investing Activities
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SHMP Proceeds From Convertible Debentures Receipt
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SHMP Proceeds From Sale Of Preferred Stock
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StockIssued1
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us-gaap Nature Of Operations
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<p id="xdx_80F_eus-gaap--NatureOfOperations_z1TxmMImW9ta" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span id="xdx_82D_zjIw3iGEMMv">NATURE OF THE ORGANIZATION AND BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nature of the Business</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NaturalShrimp Incorporated (“NaturalShrimp” or the “Company”), a Nevada corporation, is a biotechnology company and has developed a proprietary technology that allows it to grow Pacific White shrimp (Litopenaeus vannamei, formerly Penaeus vannamei) in an ecologically controlled, high-density, low-cost environment, and in fully contained and independent production facilities. The Company’s system uses technology which allows it to produce a naturally-grown shrimp “crop” weekly and accomplishes this without the use of antibiotics or toxic chemicals. The Company has developed several proprietary technology assets, including a knowledge base that allows it to produce commercial quantities of shrimp in a closed system with a computer monitoring system that automates, monitors and maintains proper levels of oxygen, salinity and temperature for optimal shrimp production. The Company’s production facilities are located in La Coste, Texas and Webster City, Iowa.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has three wholly-owned subsidiaries including NaturalShrimp USA Corporation (“NSC”) and NaturalShrimp Global, Inc. (“NS Global”) and Natural Aquatic Systems, Inc. (“NAS”), and owns 51% of NaturalShrimp/Hydrenesis LLC, a Texas limited liability company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Going Concern</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the nine months ended December 31, 2023, the Company had a net loss available for common stockholders of approximately $<span id="xdx_900_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_iN_pn3p0_di_c20230401__20231231_ze2Y4TieG6z1" title="Net loss from operation">10,821,000</span>. As of December 31, 2023, the Company had an accumulated deficit of approximately $<span id="xdx_901_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn3p0_di_c20231231_zI5Hax6bLR5g" title="Accumulated deficit">178,426,000</span> and a working capital deficit of approximately $<span id="xdx_90A_ecustom--WorkingCapitalDeficit_iNI_di_c20231231_zFbR7anN3MUa" title="Working capital deficit">10,406,000</span>. These factors raise substantial doubt about the Company’s ability to continue as a going concern, within one year from the issuance date of this filing. The Company’s ability to continue as a going concern is dependent on its ability to raise the required additional capital or debt financing to meet short and long-term operating requirements. During the nine months ended December 31, 2023, the Company received net cash proceeds of approximately $<span id="xdx_909_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20230401__20231231_zSbAJvFp22S2" title="Sale of stock consideration">2,323,000</span> from the sale of common shares (See Note 8), $<span id="xdx_904_ecustom--ProceedsFromSaleOfPreferredStock_c20230401__20231231_zeIsWfV1CmDf" title="Proceeds from sale of Series E Preferred Shares">150,000</span> from the sale of Series E Preferred stock, $<span id="xdx_908_ecustom--ProceedsFromSaleOfPreferredStockSeriesG_c20230401__20231231_zxMzODgZ4nnc" title="Proceeds from sale of Series G Preferred Shares">97,000</span> from the sale of Series G Preferred stock and the Company received $<span id="xdx_90D_eus-gaap--ProceedsFromRelatedPartyDebt_c20230401__20231231_zXESVM7H4mhd" title="Proceeds from issuance of promissory notes, related parties">140,000</span> proceeds from the issuance of promissory notes, related parties. Subsequent to period end, the Company received approximately $<span id="xdx_905_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20240101__20240131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zZUY8HaKHsN6" title="Sale of stock consideration">248,000</span> for the sale of common shares and $<span id="xdx_909_ecustom--ProceedsFromSaleOfPreferredStockSeriesG_c20240101__20240131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zo6dbdvd8jOi" title="Proceeds from sale of Series G Preferred Shares">97,000</span> from the sale of Series G Preferred stock (See Note 12).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management believes that private placements of equity capital will be needed to fund the Company’s long-term operating requirements. The Company may also encounter business endeavors that require significant cash commitments or unanticipated problems or expenses that could result in a requirement for additional cash. If the Company raises additional funds through the issuance of equity, the percentage ownership of its current shareholders could be reduced, and such securities might have rights, preferences or privileges senior to its common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, the Company may not be able to take advantage of prospective business endeavors or opportunities, which could significantly and materially restrict its operations. The Company continues to pursue external financing alternatives to improve its working capital position. If the Company is unable to obtain the necessary capital, the Company may be unable to develop its facilities and enter into production.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-10821000 usd
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-178426000 usd
CY2023Q4 SHMP Working Capital Deficit
WorkingCapitalDeficit
-10406000 usd
us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
2323000 usd
SHMP Proceeds From Sale Of Preferred Stock
ProceedsFromSaleOfPreferredStock
150000 usd
SHMP Proceeds From Sale Of Preferred Stock Series G
ProceedsFromSaleOfPreferredStockSeriesG
97000 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
140000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84F_eus-gaap--UseOfEstimates_z14bVRR9plil" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_861_zNIGRR8qKJWi">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
355000 usd
CY2022Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
3923000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-337050 usd
CY2023 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-3568000 usd
CY2023Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
17950 usd
CY2023Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
355000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
23690000 usd
SHMP Reclass Of Accrued Interest
ReclassOfAccruedInterest
907634 usd
CY2023 SHMP Fair Value Of Promissory Note Upon Restructuring Agreement
FairValueOfPromissoryNoteUponRestructuringAgreement
20847867 usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
2512366 usd
CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
2842133 usd
CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
27110000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
23690000 usd
CY2022Q4 us-gaap Debt Instrument Interest Rate Terms
DebtInstrumentInterestRateTerms
The fair value for both periods is based on the maturity dates, the interest of 12%, the 15% exit fee, the 2% appreciation fee for an estimated period, and a 45% and 40% present value factor
CY2022Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.12 pure
CY2022Q4 SHMP Debt Instrument Exit Fee Percentage
DebtInstrumentExitFeePercentage
0.15 pure
CY2023Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
101302 usd
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
97943 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
365184 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
186004 usd
CY2023Q2 SHMP Service Fee
ServiceFee
25000 usd
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
250000 usd
SHMP Monthly Service Fees
MonthlyServiceFees
100000 usd
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_zgHO8XNqc8F4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_862_zOqZt8wlQd8d">Concentration of Credit Risk</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company maintains cash balances at two financial institutions. Accounts at this institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $<span id="xdx_903_eus-gaap--CashFDICInsuredAmount_iI_c20231231_z2lHt5t2m7df" title="Cash, FDIC insured amount">250,000</span>. As of December 31, 2023 and March 31, 2023, the Company’s cash balance exceeded FDIC coverage. The Company has not experienced any losses in such accounts and periodically evaluates the credit worthiness of the financial institutions and has determined the credit exposure to be negligible.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q4 us-gaap Land
Land
324293 usd
CY2023Q1 us-gaap Land
Land
324293 usd
CY2023Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
5528758 usd
CY2023Q1 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
5495150 usd
CY2023Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
12306776 usd
CY2023Q1 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
12293112 usd
CY2023Q4 SHMP Automobiles Gross
AutomobilesGross
260043 usd
CY2023Q1 SHMP Automobiles Gross
AutomobilesGross
307227 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
18419870 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
18419782 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4656233 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3376067 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
13763637 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15043715 usd
CY2023Q4 us-gaap Depreciation
Depreciation
433000 usd
CY2022Q4 us-gaap Depreciation
Depreciation
416000 usd
us-gaap Depreciation
Depreciation
1305000 usd
us-gaap Depreciation
Depreciation
1350000 usd
SHMP Description For Uplisted Term And Trigger Events
DescriptionForUplistedTermAndTriggerEvents
In conjunction with the Merger Agreement, entered into on October 24, 2022, with Yotta Acquisition Corporation (Note 11), on November 4, 2022, the Company entered into a Restructuring Agreement for an Amended and Restated Secured Promissory Note (the “August Note”), through which the August Note was amended and restated in its entirety. The Restructured August Note decreased the principal to $1,748,667, less an OID of $138,667, and the amount in escrow was returned to the investor, The Restructuring Agreement included key modifications, in which i) the Uplist terms were removed, ii) in the event that the closing of the Merger does not occur on or before December 31, 2022, the then-current Outstanding Balance will be increased by 2% and shall increase by 2% every 30 days thereafter until the closing or termination of the Merger Agreement, and iii) the outstanding balance of the Convertible Note may be increased by 5% to 15% upon the occurrence of an event of default or failure to obtain the Lender’s consent or notify the Lender for certain major equity related transactions (“Trigger Events”).
CY2023Q4 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2024-06-30
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1400000000 shares
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000 shares
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000 shares
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2016Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.02 pure
CY2023Q4 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
146000 usd
CY2023Q1 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
146000 usd
us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.08 pure
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
54647 usd
CY2023Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
54647 usd
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
7000 usd
CY2021Q3 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2025-10-31
us-gaap Operating Lease Payments
OperatingLeasePayments
1727 usd
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2025-10-31
CY2021Q2 us-gaap Deposits
Deposits
52362 usd
CY2021Q2 us-gaap Security Deposit
SecurityDeposit
17454 usd
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
316000 usd
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
316000 usd
CY2021Q3 SHMP Operating Leases Borrowing Rate
OperatingLeasesBorrowingRate
0.0575 pure
CY2023Q4 us-gaap Lessor Operating Lease Description
LessorOperatingLeaseDescription
The monthly rates are $2,063 for April 1, 2024 through March 31, 2025, $2,192 for the second year of April 1, 2025 through March 31, 2026 and $2,320 for the final year.
CY2023Q4 us-gaap Security Deposit
SecurityDeposit
2063 usd
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
300 usd
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
17000 usd
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
17000 usd
CY2021Q3 SHMP Operating Leases Borrowing Rate
OperatingLeasesBorrowingRate
0.0575 pure
us-gaap Professional Fees
ProfessionalFees
1394366 usd

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