Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 463

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 6
Chunk 463
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 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 2025. The proceeds of this note were issued with an original issue
discount of $13,800 and loan cost $6,000, yielding net proceeds of $63,000. Upon full maturity, the Company will have paid a total of
$93,564 of principal and interest on this note.

NOTE 7 – RELATED PARTY NOTES PAYABLE

As of December 31 2024, shareholders
have loaned the Company approximately $1,646,636 in notes which accrue interest ranging from 12% and 18% per annual period. Maturities
between April 1, 2024, and July 1, 2024. Accrued interest related to these notes totaled $562,063 and $414,624 as of December 31, 2024,
and December 31, 2023, respectively.

     F-15 

NOTE 8 – INCOME TAX

Income taxes are accounted for under the asset and
liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between
the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating
loss and tax credit carry forwards.

Deferred tax assets and liabilities are measured using
enacted tax rates expected to apply to taxable income