Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 263

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 2
Chunk 263
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 installments from May 1, 2022, through
May 31, 2024 before August 6, 2024. The forbearance was conditioned on the obligation of the Company to pay the lender $77,375, which
was paid and applied to the principal and interest. At September 30, 2024, the Company is in default for $4,845,024 including principal
and interest due to failure to remit timely monthly payments. On October 25, 2024, the Company signed a Deed in Lieu of where the lender
agrees to forbear from exercising its rights to foreclosure take position of the property secured by the loan on or prior to November
30, 2024.

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
and as such the total debt was extinguished. 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.

In
August 2024, the Company signed an unsecured promissory note with a lender for $82,800 bearing one-time interest at the rate of 13%, and
maturing on four dates beginning in February 2025 and ending on May