Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 168

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 1C
Chunk 168
---
 offices are located at 1022
Shadyside Lane, Dallas, TX 75223. Our CEO allows us to use this address free of charge.

    ITEM 3.
    LEGAL PROCEEDINGS

On
December 13, 2024, due to a note holder recording a deed in lieu foreclosure, on December 2nd, 2024, TAA filed for Chapter 11
bankruptcy protection under the United States Bankruptcy Code, in the United States Bankruptcy Court for the Southern District of
Texas (Case # 24-10217). TAA voluntarily filed for Chapter 11 Bankruptcy to protect the
assets of the company (shrimp broodstock and key property, plant, and equipment) due to threats being made by the former farm note
holder (Kings Aqua Farm LLC) in which TAA operated on. On December 2, 2024, Kings Aqua Farm LLC filed a Deed in Lieu
(“DIL”) of Foreclosure due to non-payment by Trans American Aquaculture. The land was conveyed back to Kings Aqua
Farm because of the DIL filing. Over the next two weeks, various threats were made by Kings Aqua Farm on the assets of TAA, which
are paramount to the survival and future of the company. To protect those key assets and any future business, TAA elected to file a
voluntary Chapter 11 Bankruptcy.

The bankruptcy
plan is currently being finalized between TAA management, its board of directors, and legal counsel. The plan confirmation hearing is
scheduled for August 18, 2025, at which time, we will present the re-organization plan for the company.

Currently,
there are no production operations being conducted at the farm. We are solely maintaining the broodstock as plans to exit bankruptcy are
finalized.

From time to time, we may become involved in litigation
relating to claims arising out of our operations in the normal course of business. We are not currently involved in any pending legal
proceeding or litigation and, to the best of our knowledge, no governmental authority is contemplating any proceeding to which we are
a party or to which any of our properties is subject, which would reasonably be likely to have a material adverse effect on our business,
financial condition and operating results.

    ITEM 4.
    MINE SAFETY DISCLOSURES

Not applicable.

 10 

PART II

    ITEM 5.
    MARKET FOR REGISTR