Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 996

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 8
Chunk 996
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which the change in judgment occurs. There were no uncertain tax positions that required recognition by the Company. As of the date of
these consolidated financial statements, the Company’s federal and various state tax returns will generally remain open for the
last three years.

The Company’s provision
for income taxes attributable to income before income taxes for the periods ended December 31, 2024 and December 31, 2023, consisted of
the following:

    Schedule of provision for income taxes 

    December 31,  
    December 31,  
    December 31, 

    2024  
    2023  
    2022 
  
    Deferred tax assets related to: 

    NOL Carryover 
    $589,868  
    $403,605  
    $59,323 
  
    Deferred tax liability related to: 

    Property and equipment 
     (18,050) 
     (8,715) 
     (86,260)
  
    Deferred tax assets, gross 
     571,818  
     394,890  
     (26,937)
  
    Less: allowance 
     (394,890) 
     (394,890) 
     – 

    Net deferred tax asset (liability) 
    $176,928  
    $–  
    $(26,937)

    Current expense 

    Federal 
    $–  
    $–  
    $– 
  
    State 
     –  
     –  
     – 

    $–  
    $–  
    $– 

    Deferred income tax expense (benefit) 
    $–  
    $(26,937) 
    $26,937 

     F-16 

NOTE 9 – EQUITY FINANCING AND SECURITIES PURCHASE
AGREEMENT

Equity
Financing Agreement

On January
20, 2023, the Company entered into an Equity Financing Agreement (“the EFA”) and Registration Rights Agreement (the “Registration
Rights Agreement”) with GHS Investments, LLC, pursuant to which GHS agreed to purchase up to $10,000,000 in shares of the Company
common stock, from time to time over the course of 24 months after effectiveness of a registration statement on Form S-1 of the underlying
shares of the Company