Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0001683168-25-005208
Chunk: 9

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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 incurred.

Concentrations of Credit Risk

The Company’s financial instruments that are exposed
to credit risk consist primarily of temporary cash investments and accounts receivable.

The Company maintains its cash balances at a large
financial institution. At times such balances may exceed federally insured limits. The Company has not experienced any losses in an account.
The Company believes it is not exposed to any significant credit risk on cash and had no balances in excess of the $250,000 FDIC limit
for the period ended March 31, 2025.

For the quarter ending March 31, 2025 and 2024,
two and one customer accounted for 100% of total revenues earned.

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The Company’s sole source of expected future
revenue consists of the sale of a single live product which requires substantial care.  Production risks such as weather, disease
and other factors could affect the Company’s ability to realize revenue from its inventory stock.

Subsequent Events

In preparing these consolidated financial statements,
the Company has evaluated events and transactions for potential recognition or disclosure through July 15, 2025, the date the consolidated
financial statements were issued.

On March 28th,
2025, the Company entered into a Securities Purchase Agreement with GHS (the “March 2025 SPA”) pursuant to which the Company
agreed to sell GHS 114 shares of Series D.

Preferred Stock for $104,000
($1,000 for each share of Series D Preferred Stock and ten commitment shares). At the initial closing, GHS purchased 36 shares ($1,000
per share of Series D Preferred Stock). Additional Closings will be for
the purchase of Preferred Shares as follows: (a) two (2) separate purchases of fifteen (15) and fifty
three (53) shares of Preferred Stock for the purchase price of $15,000 and $53,000, respectively.

In addition, pursuant
to the March 2025 SPA, the Company issued to GHS warrants to purchase 306,666,667 shares of Common Stock exercisable at $0.000115 per
share and terminating on March 28, 2030.

On April 2, 2025, GHS
purchased 15 shares of Series D Preferred Stock under the March 2025 SPA.

On June 18, 2025, GHS
purchased 25 shares of Series D Preferred Stock under the March 2025 SPA.

On July 14,