Nocera (NCRA) - 2022 Q4 - Annual Report

Sales and Revenue - The company achieved eel sales revenue of over $3 million in October 2022 and approximately $3.2 million in November 2022[30]. - In 2022, net sales were approximately $16.3 million, a 64.6% increase from approximately $9.9 million in 2021[48]. Business Expansion and Acquisitions - The company acquired 80% controlling interest in Meixin Institutional Food Development Co., Ltd. for $4.3 million on September 7, 2022[29]. - The company completed the sale of its controlling interest in Xin Feng Construction Co., Ltd. for a total cash price of $300,000 on November 30, 2022[27]. - The company plans to build Recirculating Aquaculture Systems (RASs) on a 229-acre land in Montgomery County, Alabama, with a total purchase price of $875,000[31]. - The company aims to expand its consulting services for aquaculture projects internationally, including the United States[45]. - The company plans to expand globally by establishing demo sites and selling price-competitive systems in countries with growing populations and food demand[46]. - The company intends to target customers in markets such as Japan, Thailand, Jordan, South Africa, and the United States in 2023[50]. - The company plans to invest in an additional 500 tanks and build a hatchery system to increase species selection and product forms[56]. Operations and Market Focus - The company ceased all operations in China in October 2020 and moved its technology and operations to Taiwan[19]. - The company has shifted its market focus from China to Taiwan and established a branch to cater to various sectors, including individual investors and government-supported companies[47]. - The company has identified multiple suppliers in Taiwan and expects them to meet anticipated demand as it expands into the U.S. and other markets[52]. - The company is not currently providing services for constructing indoor RASs and solar sharing fish farms in Taiwan[49]. Production and Technology - The company’s RASs can yield 11,000 lbs. of tilapia per growing season and are priced at $35,000 USD per total solution[40]. - The company has delivered 551 fish tank systems to six fish farms in China prior to 2021[18]. Regulatory Environment - The company is subject to various regulations, including those related to food safety and environmental standards, which may impact operations[58][61]. Employment and Stock Information - The company has a total of 19 employees as of December 31, 2022, including 16 full-time and 3 part-time employees[70]. - The company's common stock is listed on The Nasdaq Capital Market under the symbol "NCRA" since August 11, 2022[66]. Market Trends - The global fish consumption is expected to continue rising, with a shift towards farm-raised fish due to overfishing concerns[42].