2024 Q2 Form 10-Q Financial Statement

#000149315224032357 Filed on August 14, 2024

View on sec.gov

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

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CY2023Q2 us-gaap Increase Decrease In Operating Lease Liability
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-18981 usd
CY2024Q2 us-gaap Net Cash Provided By Used In Operating Activities
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-806385 usd
CY2023Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2023Q2 us-gaap Payments For Proceeds From Investments
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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
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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
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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-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

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