Company: GRPS
Filing Date: 2025-10-15
Form Type: 10-Q
Source: 0001683168-25-007573
Chunk: 18

Company: Trans American Aquaculture, Inc
Filing Date: 2025-10-15
Form: 10-Q
Item: Part I, Item 1
Chunk 18
---
 2024, consisted
of the following:

    Schedule of provision for income taxes 

    June 30,  
    June 30, 

    2025  
    2024 
  
    Deferred tax assets related to: 

    NOL Carryover 
    $589,868  
    $403,605 
  
    Deferred tax liability related to: 

    Property and equipment 
     (18,050) 
     (8,715)
  
    Deferred tax assets, gross 
     571,818  
     394,890 
  
    Less: allowance 
     (394,890) 
     (394,890)

    Net deferred tax asset (liability) 
    $176,928  
    $– 

    Current expense 

    Federal 
    $–  
    $– 
  
    State 
     –  
     – 

    $–  
    $– 

    Deferred income tax expense (benefit) 
    $–  
    $26,937 

NOTE 9 – EQUITY FINANCING AND
SECURITIES PURCHASE AGREEMENT

Equity Financing Agreement

On January 20, 2023,
the Company entered into an Equity Financing Agreement (“the EFA”) and Registration Rights Agreement (the “Registration
Rights Agreement”) with GHS Investments, LLC, pursuant to which GHS agreed to purchase up to $10,000,000 in shares of the Company
common stock, from time to time over the course of 24 months after effectiveness of a registration statement on Form S-1 of the underlying
shares of the Company’s common stock.

The EFA grants the Company
the right, to direct GHS to purchase shares of the Company’s common stock on any business day (a “Put”), provided that
at least ten trading days (as defined in the EFA) have passed since the closing of the most recent Put. The purchase price of the shares
of common stock contained in a Put shall be 80% of the lowest traded price of the Company common stock during the ten consecutive Trading
Days preceding the date of the Put notice. In the event The Company up lists to Nasdaq or an equivalent national exchange, the purchase
price will be 90%. No Put will be made in an amount less than $10,000 or greater than $500,000 and any single drawdown may not