Company: GRPS
Filing Date: 2025-10-16
Form Type: 10-Q/A
Source: 0001683168-25-007611
Chunk: 28

Company: Trans American Aquaculture, Inc
Filing Date: 2025-10-16
Form: 10-Q/A
Chunk 28
---
s ended June 30, 2025, total
revenues were $0 compared to $315,145 for the same period in 2024, a decrease of $315,145 or 100%. This decrease was related to the company
not having shrimp for sale and only maintaining the broodstock for future genetic development and stocking.

| 21 |

Cost of Goods Sold and Gross Profit

For the six-months ended June 30, 2025, cost
of goods sold was $0 compared to $223,299 for the same period in 2024, a decrease of $223,299 or 100%. This was the result of not producing
and harvesting or selling shrimp during the current three months ended June 30, 2025.

The gross profit for the six-months ended June
30, 2025 was $0 for an operating profit of 0% compared to a gross profit margin of $91,846 for the same period in 2024.

Operating Expenses

General and administrative expenses for six-months
ended June 30, 2025 decreased by $138,422, or 43%, to $182,961 from $321,383 for the six-months ended June 30, 2024. This reduction in
expenses resulted from lower legal and professional fees and payroll wages.

Other Income (Expense)

For the six-months ended June 30, 2025, we had
interest expenses of $127,282 compared to interest expenses of $273,520 for the same period in 2024, a decrease in interest expense of
$146,238. This decrease in interest expense was due primarily to reduction in interest related to the farm note.

Net Income (Loss)

As a result of the above, we reported a net loss
of $317,745 for the six-months ended June 30, 2025 compared to a net loss of $568,332 for the six-months ended June 30, 2024.

Liquidity and Capital Resources

As of June 30, 2025, we had a cash balance of
$198, compared to a balance of $0 at June 30, 2024. We currently do not have sufficient cash to fund our operations for the next 12 months
and we will require working capital to complete development and production, testing and marketing of our products and to pay for ongoing
operating expenses. We anticipate adding management positions for corporate development and the corresponding