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:
Schedule
of Inventory
| |
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:
Schedule of Estimated Usefule Life of Assets
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.
Schedule
of Lease-related Assets and Liabilities
| |
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:
Schedule
of Supplemental Cash Flow Information Related to Leases
| |
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.
Schedule
of 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:
Schedule
of Maturities of Lease Liabilities
| |
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 |
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:
Schedule
of Change in Fair Value of Derivative Liability Convertible Debt and Warrant Liability
| |
| 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:
Schedule
of Fair Market Value of Derivatives
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 |
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 | |
|