Trans American Aquaculture, Inc

GRPSdata completeness 88%4 fiscal years on file

The thesis, from the filings

Trans American Aquaculture, Inc earns about -40% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024
Revenue	$316,112¹	$49,001¹	$101,574¹	$331,645¹
Net income	−$1.4M²	−$922,817²	−$1.89M²	−$2.81M²
Operating cash flow	−$1.26M³	−$505,903³	−$1.11M³	−$3M³
Capital expenditure	$4,159⁴	$0⁴	$15,132⁴	—
Free cash flow (derived)	−$1.27M³	−$505,903³	−$1.12M³	—
Total debt	—	$4.91M⁵	$4.86M⁶	$54,465⁶
Cash & equivalents	$0⁷	$0⁸	$6,600⁸	$0⁸
Diluted shares	0	1.29B	1.45B	1.81B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

−$0.02

your share of equity

Profit it earned you last year

−$0.02

Free cash flow it threw off

—

Debt you’d be carrying

10 shares is a claim on −$0.02 of net worth that earned you −$0.02 last year, against $0 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

-40% avg · 4y

FY21 -87%FY22 -6%FY23 -25%FY24 —

It earned an average -40% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

— shares · 4y

Total debt has fallen 99% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0001683168-25-005173 (Revenues)
10-K · period ending 2021-12-31 · accession 0001683168-25-005173 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001683168-25-005173 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001683168-24-004606 (PaymentsToAcquireProductiveAssets)
10-K · period ending 2022-12-31 · accession 0001683168-24-004606 (LongTermDebt)
10-K · period ending 2023-12-31 · accession 0001683168-25-005173 (LongTermDebt)
10-K · period ending 2021-12-31 · accession 0001683168-25-005173 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K · period ending 2022-12-31 · accession 0001683168-25-005173 (CashAndCashEquivalentsAtCarryingValue)