Company: GRPS
Filing Date: 2025-10-16
Form Type: 10-Q/A
Source: 0001683168-25-007611
Chunk: 22

Company: Trans American Aquaculture, Inc
Filing Date: 2025-10-16
Form: 10-Q/A
Chunk 22
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 adjustment reflects
$283,967 classified as Preferred Series C Stock Payable, representing the value of preferred shares authorized for issuance but not yet
physically issued.

On September 18, 2025, the Company entered into
a Securities Purchase Agreement with GHS (the “September 2025 SPA”) pursuant to which the Company agreed to sell GHS 63 shares
of Series D Preferred Stock for $60,000 ($1,000 for each share of Series D Preferred Stock and ten commitment shares). At the
initial closing, GHS purchased 19 shares ($1,000 per share of Series D Preferred Stock). Additional Closings will
be for the purchase of Preferred Shares as follows: (a) separate purchases of forty-four (44) of Preferred Stock for the purchase price
of $44,000.

In addition, pursuant to the September 2025 SPA,
the Company issued to GHS warrants to purchase 71,250,000 shares of Common Stock exercisable at $0.000345 per share and
terminating on September 18, 2030.

NOTE 10 – LITIGATION

From time to time the Company is involved in
lawsuits against the Company involving general liability or various contractual matters. In the opinion of the Company’s
management, the potential claims against the Company not covered by insurance resulting from such litigation will not materially affect
the financial position of the Company.

NOTE 11 - GOING CONCERN

The Company follows FASB ASU 2014-10 –
Development Stage Entities because its principal operations have commenced, but there has been no significant revenue therefrom. To date,
the Company’s activities since inception have consisted principally of acquiring property, equipment, and other operating assets,
raising capital, starting up production, recruiting and training personnel and raising capital.

The Company’s ability to continue as a
going concern is dependent on its ability to raise additional capital and implement its business plan as well as continuing to develop
its brood stock in order to fulfill recently signed contracts. The financial statements do not include any adjustments that might be
necessary if the business plan cannot be implemented or if additional capital cannot be raised, either of which could result in the Company
not being able to continue as a going concern.

The Company is in the process of raising additional
capital to support the completion of the developmental stage activities and ramp up ongoing full shrimp harvest cycles and establish
its customer base. Therefore, the Company’s activities are subject to significant risks and uncertainties