Company: GRPS
Filing Date: 2025-10-15
Form Type: 10-Q
Source: 0001683168-25-007573
Chunk: 30

Company: Trans American Aquaculture, Inc
Filing Date: 2025-10-15
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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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 operations of the Company,
but this will not occur prior to obtaining additional capital. Currently, competitively priced loans from banks or other lending sources
for lines of credit or similar short-term borrowings are not available to us. We have been able to raise working capital to fund operations
through the issuances of convertible preferred stock to GHS, factoring our receivables, and borrowing funds from employees of the Company.
As of June 30, 2025, our current liabilities exceeded our current assets by $4,350,706 as compared to June 30, 2024, when current liabilities
exceeded current assets by $4,175,913, an increase of $174,793.

The Company is also a party to an SBA Loan through
a bank in the original amount of $150,000 bearing interest at 3.75% per annum, due in 2050, yielding a monthly payment amount of $731.

Liquidity is also affected by notes to our shareholders.
At June 30, 2025, shareholders have loaned the Company approximately $1,646,636 which notes accrue interest at ranging from 12.0% to
18% per annum and were due June 30, 2024. The Company extended this due date to July 1, 2024, and plans to extend it again to December
31, 2025. Current discussions with noteholders are underway and we expect the noteholders to agree to this extension.

In February 2024, the Company
signed an unsecured promissory note with a lender for $111,600, bearing one-time interest at the rate of 13%, and maturing on four dates
beginning on August 30, 2024 and ending on November 30, 2024. The proceeds of this note were issued with an original issue discount of
$18,600, yielding net