Company: GRPS
Filing Date: 2025-10-16
Form Type: 10-Q/A
Source: 0001683168-25-007611
Chunk: 15

Company: Trans American Aquaculture, Inc
Filing Date: 2025-10-16
Form: 10-Q/A
Chunk 15
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 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 in 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 June 30, 2025, 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 $835,905 and $414,624 as of June 30,
2025, and June 30, 2024, respectively.

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.

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Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be covered
or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes
the enactment date. An allowance has been recorded as of June 30, 2025 due to uncertainty of the realization of deferred tax asset in
future periods.

Current tax is the expected