2024 Q2 Form 10-Q Financial Statement
#000149315224032357 Filed on August 14, 2024
Income Statement
Concept | 2024 Q2 |
---|---|
Revenue | $36.62K |
YoY Change | -82.21% |
Cost Of Revenue | $34.73K |
YoY Change | -30.17% |
Gross Profit | $1.886K |
YoY Change | -98.79% |
Gross Profit Margin | 5.15% |
Selling, General & Admin | $1.263M |
YoY Change | -23.76% |
% of Gross Profit | 66968.19% |
Research & Development | |
YoY Change | |
% of Gross Profit | |
Depreciation & Amortization | $435.0K |
YoY Change | 0.0% |
% of Gross Profit | 23064.69% |
Operating Expenses | $2.065M |
YoY Change | -16.01% |
Operating Profit | -$2.064M |
YoY Change | -10.39% |
Interest Expense | -$728.7K |
YoY Change | -507.82% |
% of Operating Profit | |
Other Income/Expense, Net | -$739.0K |
YoY Change | -16684.52% |
Pretax Income | -$2.803M |
YoY Change | 21.93% |
Income Tax | |
% Of Pretax Income | |
Net Earnings | -$2.803M |
YoY Change | 21.93% |
Net Earnings / Revenue | -7653.47% |
Basic Earnings Per Share | $0.00 |
Diluted Earnings Per Share | $0.00 |
COMMON SHARES | |
Basic Shares Outstanding | 1.167B shares |
Diluted Shares Outstanding | 1.167B shares |
Balance Sheet
Concept | 2024 Q2 |
---|---|
SHORT-TERM ASSETS | |
Cash & Short-Term Investments | $4.980K |
YoY Change | -92.86% |
Cash & Equivalents | $4.978K |
Short-Term Investments | |
Other Short-Term Assets | $161.5K |
YoY Change | -90.19% |
Inventory | $60.35K |
Prepaid Expenses | $161.5K |
Receivables | $22.17K |
Other Receivables | $0.00 |
Total Short-Term Assets | $249.0K |
YoY Change | -86.16% |
LONG-TERM ASSETS | |
Property, Plant & Equipment | $12.85M |
YoY Change | -12.22% |
Goodwill | |
YoY Change | |
Intangibles | $5.781M |
YoY Change | |
Long-Term Investments | |
YoY Change | |
Other Assets | $13.66M |
YoY Change | -10.54% |
Total Long-Term Assets | $26.51M |
YoY Change | -11.36% |
TOTAL ASSETS | |
Total Short-Term Assets | $249.0K |
Total Long-Term Assets | $26.51M |
Total Assets | $26.76M |
YoY Change | -15.61% |
SHORT-TERM LIABILITIES | |
YoY Change | |
Accounts Payable | $3.685M |
YoY Change | 3.93% |
Accrued Expenses | $3.502M |
YoY Change | 57.16% |
Deferred Revenue | |
YoY Change | |
Short-Term Debt | $900.2K |
YoY Change | 18.42% |
Long-Term Debt Due | $30.94M |
YoY Change | 815.21% |
Total Short-Term Liabilities | $39.67M |
YoY Change | 274.93% |
LONG-TERM LIABILITIES | |
Long-Term Debt | $0.00 |
YoY Change | -100.0% |
Other Long-Term Liabilities | $38.55K |
YoY Change | -63.7% |
Total Long-Term Liabilities | $38.55K |
YoY Change | -99.82% |
TOTAL LIABILITIES | |
Total Short-Term Liabilities | $39.67M |
Total Long-Term Liabilities | $38.55K |
Total Liabilities | $39.71M |
YoY Change | 21.96% |
SHAREHOLDERS EQUITY | |
Retained Earnings | -$186.7M |
YoY Change | 9.68% |
Common Stock | $119.4K |
YoY Change | 37.36% |
Preferred Stock | |
YoY Change | |
Treasury Stock (at cost) | |
YoY Change | |
Treasury Stock Shares | |
Shareholders Equity | -$59.22M |
YoY Change | |
Total Liabilities & Shareholders Equity | $26.76M |
YoY Change | -15.61% |
Cashflow Statement
Concept | 2024 Q2 |
---|---|
OPERATING ACTIVITIES | |
Net Income | -$2.803M |
YoY Change | 21.93% |
Depreciation, Depletion And Amortization | $435.0K |
YoY Change | 0.0% |
Cash From Operating Activities | -$806.4K |
YoY Change | -42.44% |
INVESTING ACTIVITIES | |
Capital Expenditures | |
YoY Change | |
Acquisitions | |
YoY Change | |
Other Investing Activities | $10.00K |
YoY Change | -47.37% |
Cash From Investing Activities | $10.00K |
YoY Change | -149.24% |
FINANCING ACTIVITIES | |
Cash Dividend Paid | |
YoY Change | |
Common Stock Issuance & Retirement, Net | |
YoY Change | |
Debt Paid & Issued, Net | |
YoY Change | |
Cash From Financing Activities | $685.8K |
YoY Change | -46.19% |
NET CHANGE | |
Cash From Operating Activities | -$806.4K |
Cash From Investing Activities | $10.00K |
Cash From Financing Activities | $685.8K |
Net Change In Cash | -$110.5K |
YoY Change | -24.64% |
FREE CASH FLOW | |
Cash From Operating Activities | -$806.4K |
Capital Expenditures | |
Free Cash Flow | |
YoY Change |
Facts In Submission
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485839 | usd |
CY2024Q2 | SHMP |
Shares Issued Upon Exchange Of Partitioned Note
SharesIssuedUponExchangeOfPartitionedNote
|
100000 | usd |
CY2024Q2 | us-gaap |
Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
|
9300 | usd |
CY2024Q2 | SHMP |
Preferred Stock Accretion Of Series G Preferred Shares
PreferredStockAccretionOfSeriesGPreferredShares
|
39000 | usd |
CY2024Q2 | us-gaap |
Dividends Preferred Stock Stock
DividendsPreferredStockStock
|
75097 | usd |
CY2024Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2802548 | usd |
CY2024Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-59216527 | usd |
CY2023Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-45689165 | usd |
CY2023Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-45689165 | usd |
CY2023Q2 | SHMP |
Stock Issued During Period Value Issuance Of Common Shares Under Financing Agreement
StockIssuedDuringPeriodValueIssuanceOfCommonSharesUnderFinancingAgreement
|
1298512 | usd |
CY2023Q2 | us-gaap |
Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
|
477175 | usd |
CY2023Q2 | us-gaap |
Dividends Preferred Stock Stock
DividendsPreferredStockStock
|
54000 | usd |
CY2023Q2 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
4700 | usd |
CY2023Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2298431 | usd |
CY2023Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-46261209 | usd |
CY2023Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-46261209 | usd |
CY2024Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2802548 | usd |
CY2023Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2298431 | usd |
CY2024Q2 | SHMP |
Depreciation Expense
DepreciationExpense
|
434908 | usd |
CY2023Q2 | SHMP |
Depreciation Expense
DepreciationExpense
|
434809 | usd |
CY2024Q2 | us-gaap |
Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
|
367500 | usd |
CY2023Q2 | us-gaap |
Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
|
367500 | usd |
CY2024Q2 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
-5000 | usd |
CY2023Q2 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
-50000 | usd |
CY2024Q2 | SHMP |
Change In Fair Value Of Restructured Notes Payable
ChangeInFairValueOfRestructuredNotesPayable
|
720000 | usd |
CY2023Q2 | SHMP |
Change In Fair Value Of Restructured Notes Payable
ChangeInFairValueOfRestructuredNotesPayable
|
-137634 | usd |
CY2024Q2 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
7300 | usd |
CY2023Q2 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
120000 | usd |
CY2024Q2 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-10357 | usd |
CY2023Q2 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
5785 | usd |
CY2023Q2 | us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
4700 | usd |
CY2024Q2 | us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
3732 | usd |
CY2023Q2 | us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
20293 | usd |
CY2024Q2 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-5285 | usd |
CY2023Q2 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
19004 | usd |
CY2024Q2 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-8158 | usd |
CY2023Q2 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
20932 | usd |
CY2024Q2 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-8177 | usd |
CY2023Q2 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-32462 | usd |
CY2023Q2 | us-gaap |
Increase Decrease In Deferred Policy Acquisition Costs
IncreaseDecreaseInDeferredPolicyAcquisitionCosts
|
55503 | usd |
CY2024Q2 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
189038 | usd |
CY2023Q2 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
35636 | usd |
CY2024Q2 | us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
99079 | usd |
CY2023Q2 | us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
12032 | usd |
CY2024Q2 | SHMP |
Increase Decrease In Accrued Expenses Related Parties
IncreaseDecreaseInAccruedExpensesRelatedParties
|
142652 | usd |
CY2023Q2 | SHMP |
Increase Decrease In Accrued Expenses Related Parties
IncreaseDecreaseInAccruedExpensesRelatedParties
|
171690 | usd |
CY2024Q2 | us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
9750 | usd |
CY2023Q2 | us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
6250 | usd |
CY2024Q2 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-4773 | usd |
CY2023Q2 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-18981 | usd |
CY2024Q2 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-806385 | usd |
CY2023Q2 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-1400898 | usd |
CY2023Q2 | us-gaap |
Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
|
39308 | usd |
CY2024Q2 | us-gaap |
Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
|
10000 | usd |
CY2023Q2 | us-gaap |
Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
|
19000 | usd |
CY2024Q2 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
10000 | usd |
CY2023Q2 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-20308 | usd |
CY2023Q2 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
24000 | usd |
CY2024Q2 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
485838 | usd |
CY2023Q2 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
1298512 | usd |
CY2024Q2 | SHMP |
Proceeds From Sale Of Preferred Stock Series G
ProceedsFromSaleOfPreferredStockSeriesG
|
200000 | usd |
CY2024Q2 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
685838 | usd |
CY2023Q2 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
1274512 | usd |
CY2024Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-110547 | usd |
CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-146694 | usd |
CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
115525 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
216465 | usd |
CY2024Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
4978 | usd |
CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
69771 | usd |
CY2024Q2 | us-gaap |
Interest Paid Net
InterestPaidNet
|
3899 | usd |
CY2023Q2 | us-gaap |
Interest Paid Net
InterestPaidNet
|
7472 | usd |
CY2023Q2 | us-gaap |
Stock Issued1
StockIssued1
|
828000 | usd |
CY2024Q2 | SHMP |
Shares Issued Upon Exchange Of Partitioned Note
SharesIssuedUponExchangeOfPartitionedNote
|
100000 | usd |
CY2023Q2 | SHMP |
Dividends On Series E Preferred Stock
DividendsOnSeriesEPreferredStock
|
404825 | usd |
CY2024Q2 | us-gaap |
Dividends Preferred Stock Paidinkind
DividendsPreferredStockPaidinkind
|
75097 | usd |
CY2023Q2 | us-gaap |
Dividends Preferred Stock Paidinkind
DividendsPreferredStockPaidinkind
|
516000 | usd |
CY2023Q2 | SHMP |
Shares Issuedto Be Issued For Legal Settlement
SharesIssuedtoBeIssuedForLegalSettlement
|
272743 | usd |
CY2024Q2 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p id="xdx_804_eus-gaap--NatureOfOperations_zw8G2MarA72h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span id="xdx_821_zWt8jJ8M9Yu2">NATURE OF THE ORGANIZATION AND BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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 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 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 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 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 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 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 three months ended June 30, 2024, the Company had a net loss available for common stockholders of approximately $<span id="xdx_90B_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_iN_pn3d_di_c20240401__20240630_zWtlPkgctZy5" title="Net loss from operation">2,926,000</span>. As of June 30, 2024, the Company had an accumulated deficit of approximately $<span id="xdx_909_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn3p0_di_c20240630_zfvxOFX0b1Xd" title="Accumulated deficit">186,717,000</span> and a working capital deficit of approximately $<span id="xdx_907_ecustom--WorkingCapitalDeficit_iNI_di_c20240630_zvUzoSpTiunh" title="Working capital deficit">39,417,000</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 three months ended June 30, 2024, the Company received net cash proceeds of approximately $<span id="xdx_909_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20240401__20240630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z0CC94uwDc0h" title="Sale of stock consideration">486,000</span> from the sale of common shares (See Note 8), and $<span id="xdx_907_ecustom--ProceedFromSaleOfPreferredStock_c20240401__20240630__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesGPreferredStockMember_zTCCijDviByf" title="Proceeds from sale of Series G Preferred Shares">200,000</span> from the sale of Series G Preferred stock. Subsequent to period end, the Company received approximately $<span id="xdx_903_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20240701__20240701__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zRrUwUuY1uPh" title="Sale of stock consideration">42,000</span> for the sale of common shares and $<span id="xdx_909_ecustom--ProceedFromSaleOfPreferredStock_c20240710__20240710__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesGPreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zU2hfkBMgbz5" title="Proceeds from sale of Series G Preferred Shares">100,000</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 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 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 0"><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 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2024Q2 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-2926000 | usd |
CY2024Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-186717000 | usd |
CY2024Q2 | SHMP |
Working Capital Deficit
WorkingCapitalDeficit
|
-39417000 | usd |
CY2024Q2 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_84D_eus-gaap--UseOfEstimates_z0Kh83BnwuUi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_864_z9SockGL6JIf">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 US 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2024Q2 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
18573116 | shares |
CY2024Q1 | us-gaap |
Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
|
24000 | usd |
CY2023Q1 | us-gaap |
Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
|
355000 | usd |
CY2024Q2 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
-5000 | usd |
CY2024 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
-331000 | usd |
CY2024Q2 | us-gaap |
Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
|
19000 | usd |
CY2024Q1 | us-gaap |
Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
|
24000 | usd |
CY2024Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
29760000 | usd |
CY2023Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
23690000 | usd |
CY2024 | SHMP |
Reclass Of Accrued Interest
ReclassOfAccruedInterest
|
907634 | usd |
CY2024Q2 | SHMP |
Change In Fair Value
ChangeInFairValue
|
720000 | usd |
CY2024 | SHMP |
Change In Fair Value
ChangeInFairValue
|
5162366 | usd |
CY2024Q2 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
30480000 | usd |
CY2024Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
29760000 | 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 |
CY2024Q2 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | usd |
CY2024Q1 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | usd |
CY2024Q2 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_845_eus-gaap--ConcentrationRiskCreditRisk_zLjoQoiHWpH3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86E_zUh4ck0NlRvd">Concentration of Credit Risk</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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_907_eus-gaap--CashFDICInsuredAmount_iI_c20240630_zejv1fHxkMKc" title="Cash, FDIC insured amount">250,000</span>. As of June 30, 2024 and March 31, 2024, the Company’s cash balance did not exceed 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2024Q2 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | usd |
CY2024Q2 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
36618 | usd |
CY2023Q2 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
205872 | usd |
CY2024Q2 | us-gaap |
Land
Land
|
324293 | usd |
CY2024Q1 | us-gaap |
Land
Land
|
324293 | usd |
CY2024Q2 | us-gaap |
Buildings And Improvements Gross
BuildingsAndImprovementsGross
|
6624549 | usd |
CY2024Q1 | us-gaap |
Buildings And Improvements Gross
BuildingsAndImprovementsGross
|
6624549 | usd |
CY2024Q2 | us-gaap |
Machinery And Equipment Gross
MachineryAndEquipmentGross
|
11210985 | usd |
CY2024Q1 | us-gaap |
Machinery And Equipment Gross
MachineryAndEquipmentGross
|
11210985 | usd |
CY2024Q2 | SHMP |
Automobiles Gross
AutomobilesGross
|
188414 | usd |
CY2024Q1 | SHMP |
Automobiles Gross
AutomobilesGross
|
208771 | usd |
CY2024Q2 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
18348241 | usd |
CY2024Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
18368598 | usd |
CY2024Q2 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
5502261 | usd |
CY2024Q1 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
5067353 | usd |
CY2024Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
12845980 | usd |
CY2024Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
13301245 | usd |
CY2024Q2 | us-gaap |
Depreciation
Depreciation
|
435000 | usd |
CY2023Q2 | us-gaap |
Depreciation
Depreciation
|
435000 | usd |
CY2024Q2 | 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, 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 | |
CY2022Q4 | us-gaap |
Debt Instrument Maturity Date
DebtInstrumentMaturityDate
|
2024-08-15 | |
CY2024Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
200000000 | shares |
CY2024Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
200000000 | shares |
CY2024Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2024Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2023Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
1400000000 | shares |
CY2016Q1 | us-gaap |
Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
|
0.02 | pure |
CY2024Q2 | us-gaap |
Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
|
146000 | usd |
CY2024Q1 | us-gaap |
Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
|
146000 | usd |
CY2024Q2 | us-gaap |
Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
|
0.08 | pure |
CY2024Q2 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
54647 | usd |
CY2024Q1 | 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 | |
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 |
CY2024Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
61000 | usd |
CY2024Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
61000 | usd |
CY2024Q1 | SHMP |
Operating Leases Borrowing Rate
OperatingLeasesBorrowingRate
|
0.145 | pure |
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 |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
21372 | usd |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
30043 | usd |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
31590 | usd |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
83005 | usd |
CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
15893 | usd |
CY2024Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
67112 | usd |