Following the halt of construction in June 2023 due to escalating inflationary costs, the company has shifted its focus to exploring strategic alternatives for its primary remaining asset, the partially built (30% complete) recirculating aquaculture system (RAS) facility in Pioneer, Ohio. This includes evaluating a non-binding Letter of Interest (LOI) received in March 2026 to purchase the Ohio subsidiary.

Expected impact: A potential sale or joint venture would monetize the asset to resolve outstanding liabilities and address going concern issues.

Executing measures to alleviate immediate debt pressure and preserve limited cash. In April 2026, the company entered into agreements to exchange $4.3 million in senior notes for Series A Convertible Preferred Stock and secured a $500,000 cash injection through a private placement.

Expected impact: Reduces immediate debt service obligations and extends the runway to negotiate the sale of the Ohio project.

Winding down all active fish-rearing operations and systematically reducing corporate overhead. The company has transitioned to an asset-holding shell, reducing its total headcount to just three corporate employees as of March 2026.

Expected impact: Minimizes ongoing cash burn while strategic alternatives are pursued.