What changed in this filing

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Item 1A. Risk Factors

2021-08-16 compared with 2021-02-16 · 5 added, 64 removed, 0 unchanged (100% of the section changed)

that could cause or contribute to differences in our future

financial and operating results include those discussed in the risk

factors set forth in Item 1A of our Annual Report on Form 10-K for

the year ended March 31, 2020.

The risks described in our Form 10-K

and this Report are not the only risks that we face.

risks not presently known to us or that we do not currently

consider significant may also have an adverse effect on the

If any of the risks actually occur, our business, results

of operations, cash flows or financial condition could

have been no material changes to the risk factors set forth in Item

1A of our Annual Report on Form 10-K for the year ended March 31,

2020, filed with SEC on June 26, 2020, other than the

purchase of the assets from VeroBlue Farms USA will require us to

devote a significant amount of attention to that operation and will

require further investment to develop such assets.

December 15, 2020, we entered into an Asset Purchase Agreement

(“APA”) between VeroBlue Farms USA, Inc., a Nevada

corporation (“VBF”), VBF Transport, Inc., a Delaware

corporation (“Transport”), and Iowa’s First,

Inc., an Iowa corporation (“Iowa’s First”) (each

a “Seller”

and collectively, “Sellers”).

The agreement called for us to purchase all of the tangible assets

of VBF, the motor vehicles of Transport and the real property

(together with all plants, buildings, structures, fixtures,

fittings, systems and other improvements located on such real

property) of Iowa’s First.

The facility was originally

designed for the growth of barramundi fish, but the company never

began production and declared bankruptcy on September 21, 2018.

plan is to begin a modification process to convert the plant to

produce shrimp.

The three Iowa facilities contain the tanks and

infrastructure that will be used to support the production of

shrimp with the incorporation of the Company's patented EC platform

The Company also plans to convert additional square

footage currently used as storage to a shrimp processing plant.

Final plans and decisions related to this project continue to be

developed and we can provide no assurance that we will be able to

provide the time and additional resources to further such

face risks related to Novel Coronavirus (COVID-19) which could

significantly disrupt our research and development, operations,

sales, and financial results.

business could be adversely impacted by the effects of the Novel

Coronavirus (COVID-19).

In addition to global macroeconomic

effects, the COVID-19 outbreak and any other related adverse public

health developments could cause disruption to our operations and

manufacturing activities.

Our third-party equipment manufacturers,

third-party raw material suppliers, and consultants have been and

will be disrupted by worker absenteeism, quarantines and

restrictions on employees’

ability to work, office and

factory closures, disruptions to ports and other shipping

infrastructure, border closures, or other travel or health-related

restrictions which could adversely affect our business and

In addition, we have experienced and will experience

disruptions to our business operations resulting from quarantines,

self-isolations, or other movement and restrictions on the ability

of our employees to perform their jobs that may impact our ability

to develop and design our products and services in a timely manner

or meet required milestones.

Factors that could cause or contribute to differences in our future financial and operating results include those discussed in the risk factors set forth in Item 1 of our Annual Report on Form 10-K for the year ended March 31, 2021.

The risks described in our Form 10-K are not the only risks that we face.

Additional risks not presently known to us or that we do not currently consider significant may also have an adverse effect on the Company.

If any of the risks actually occur, our business, results of operations, cash flows or financial condition could suffer.

There have been no material changes to the risk factors set forth in Item 1A of our Annual Report on Form 10-K for the year ended March 31, 2021, filed with SEC on June 29, 2021.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1A. Risk Factors