Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 56

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 1
Chunk 56
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 for $4,707,902 due to failure to remit timely monthly payments. On May 31, 2024, the Company entered into a Forbearance
and Modification Agreement with the lender. Under the agreement, the lender agreed that it would not exercise or enforce its rights or
remedies against the Company to which it would be entitled under the terms of the Real Estate Lien Note dated June 15, 2017 in the original
principal amount of $5,600,000, and the Deed of Trust executed by the Company as grantor in favor of Jizhong Wang, as trustee, for the
benefit of the lender by occurrence of the failure by the Company to pay principal and interest installments from May 1, 2022, through
May 31, 2024 before August 6, 2024. The forbearance was conditioned on the obligation of the Company to pay the lender $77,375, which
was paid and applied to the principal and interest. At September 30, 2024, the Company is in default for $4,845,024 including principal
and interest due to failure to remit timely monthly payments. On October 25, 2024, the Company signed a Deed in Lieu of where the lender
agrees to forbear from exercising its rights to foreclosure take position of the property secured by the loan on or prior to November
30, 2024.

On December 13, 2024, due to a note holder recording
a deed in lieu foreclosure, on December 2nd, 2024, TAA filed for Chapter 11 bankruptcy protection under the United States Bankruptcy Code,
in the United States Bankruptcy Court for the Southern District of Texas (Case # 24-10217). TAA voluntarily filed for Chapter 11 Bankruptcy
to protect the assets of the company (shrimp broodstock and key property, plant, and equipment) due to threats being made by the former
farm note holder (Kings Aqua Farm LLC) in which TAA operated on. On December 2, 2024, Kings Aqua Farm LLC filed a Deed in Lieu (“DIL”)
of Foreclosure due to non-payment by Trans American Aquaculture. The land was conveyed back to Kings Aqua Farm because of the DIL filing
and as such the total debt was extinguished. Over the next two weeks, various threats were made by Kings Aqua Farm