v3.25.2
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Inventory

The Company’s inventory as of December 31, 2024 and December 31, 2023 consists of:

 

   December 31, 2024   December 31, 2023 
         
Inventory purchased for resale  $1,644,085   $1,708,311 
Feeds and eggs processed   65,924    102,373 
Raw materials for packaged seafood   155,056      
In-transit inventory   -    973,837 
Less: Inventory allowance   (1,417,305)   (176,000)
Inventory, net  $447,760   $2,608,521 
Schedule of Estimated Usefule Life of Assets

Fixed assets are stated at cost less accumulated depreciation and are being depreciated using the straight-line method over the estimated useful life of the asset as follows:

 

RAS System  10 years
Furniture and fixtures  7 to 10 years
Computer equipment  5 years
Warehouse and refrigeration equipment  10 years
Leasehold improvements  7 years
Automobile  5 years
Trade show booth  7 years
Schedule of Lease-related Assets and Liabilities

The table below presents the lease-related assets and liabilities recorded on the balance sheet as of December 31, 2024.

 

  

December 31,

2024

 
Assets     
Operating lease assets  $84,145 
      
Liabilities     
Current  $35,688 
Operating lease liabilities     
Noncurrent     
Operating lease liabilities  $48,457 
Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases were as follows:

 

  

Year Ended

December 31,

2024

 
Cash used in operating activities:     
Operating leases  $40,869 
ROU assets recognized in exchange for lease obligations:     
Operating leases  $- 
Schedule of Remaining Lease Term and Discount Rates for Operating Leases

The table below presents the remaining lease term and discount rates for operating leases.

 

   December 31, 2024 
Weighted-average remaining lease term     
Operating leases   2.25 years 
Weighted-average discount rate     
Operating leases   7.3%
Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2024, were as follows:

 

   Operating Leases 
     
2025   41,756 
2026   41,756 
2027   10,439 
2028   - 
Total lease payments  $93,951 
Less: amount of lease payments representing interest   (9,806)
Present value of future minimum lease payments  $84,145 
Less: current obligations under leases  $(35,688)
Non-current obligations  $48,457 
Schedule of Derivative and Warrant Liabilities Measured at Fair Value

  

Fair

Value

   Level 1   Level 2   Level 3 
   December 31, 2024 
       Fair Value Measurement using Fair Value Hierarchy 
  

Fair

Value

   Level 1   Level 2   Level 3 
Liabilities                    
Derivative liability on convertible debt  $49,565   $   -   $ -   $49,565 
Total  $49,565   $-   $-   $49,565 

 

  

Fair

Value

   Level 1   Level 2   Level 3 
   December 31, 2023 
       Fair Value Measurement using Fair Value Hierarchy 
  

Fair

Value

   Level 1   Level 2   Level 3 
Liabilities                    
Derivative liability on convertible debt  $1,047,049   $   -   $-   $1,047,049 
Warrant liability   1,574    -    -    1,574 
Total  $1,048,623   $-   $-   $1,048,623 
Schedule of Change in Fair Value of Derivative Liability Convertible Debt and Warrant Liability

The table below presents the change in the fair value of the derivative liability convertible debt and warrant liability for the years ended December 31, 2024 and 2023:

 

    

December 31,

2024

     

December 31,

2023

 
Derivative liability balance, beginning of year  $1,047,049    $ -  
Issuance of derivative liability during the period   47,410      383,672  
Settlement of derivative liability   (1,384,450)     -  
Change in derivative liability during the period   339,556      663,377  
Derivative liability balance, end of year  $49,565    $ 1,047,049  
              
Warrant liability balance, beginning of year  $1,574    $ -  
Issuance of warrant liability during the period   -      5,032,025  
Settlement of warrant liability   -      (1,869,986 )
Change in warrant liability during the period   (1,574)     (3,160,465 )
Warrant liability balance, end of year   $-      1,574  
Schedule of Fair Market Value of Derivatives

The fair market value of all derivatives and warrant liability as of December 31, 2023 was determined using the Black-Scholes option pricing model which used the following assumptions:

 

Stock price  $7.00 
Expected dividend yield   0.00%
Expected stock price volatility   133.54%
Risk-free interest rate   4.79%
Expected term   1.50 years 

 

 

The fair market value of all derivatives and warrant liability as of December 31, 2024 was determined using the Black-Scholes option pricing model which used the following assumptions:

 

Stock price  $0.13 
Expected dividend yield   0.00%
Expected stock price volatility   189.14%
Risk-free interest rate   4.32%
Expected term   0.58 years 
Schedule of Anti Dilutive Earnings or Loss Per Share

 

  

Year ended

December 31,

2024

  

Year ended

December 31,

2023

 
         
Options  $4,935   $6,331 
Warrants   12,205    14,619 
Convertible Notes   641,026    234,170 
Total  $658,166   $255,120