I don't see anything new here that wasn't already frankly stated...

I don't see anything new here that wasn't already frankly stated previously. We knew about the write down on biologic assets in December. I never took much stock in their previous valuation of biologic assets since a dollar in the hand is worth 10 dollars swimming in a sea pen.
Any judgement on the future of this company has to be based on what is in the cash flow statement, and that is all about sales. I figure they need to sell no less than 200 tons of fish per month to break even with prices at 14/kg. They've proven they can grow the fish like gangbusters. Now we need to see sales ramp.
As regards the excess of fish, one has to hope two things: 1) The fish being frozen will drive operational costs down through lower feed and husbandry costs. 2) That the company is learning to manage inventory better and can keep as few fish in the ocean as possible at any one time, since every living fish is a draw at the bank. The faster the turnover the better. As they get better at understanding fish growth rates they can time harvests better.
A previous news story suggests they froze 400 tons in fish already and are going to market it retail. I don't know how much money they are going to get for it, and probably a fair amount less than $14/kg, but kingfish does freeze well. It would be nice to think they are going to create a new market for frozen products, and they certainly might, but I have a feeling they just needed to get inventory off the books.

I am waiting for the next sales update eagerly. I figure they have enough cash and credit to make it through the end of fiscal year, but we are racing the train across the tracks here. I just increased my position, but needless to say, this is a risky stock.