Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 2

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 1
Chunk 2
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 the closing of the SPA will receive shares of Newco.

The closing of the SPA took place on August 28, 2022.
At the time of the closing, Mr. Goulding was Chairman and Chief Executive Officer of the Company and Mr. Thomas had no affiliation with
the Company or Mr. Goulding.

As of the date hereof, the Makeup has yet to occur
and the parties are contemplating an amendment to the SPA; however, no terms have been agreed.

On August 29 2022, pursuant to the SPA, the Company
entered into an Assignment of Rights and Assumption of Liabilities Agreement with Mr. Goulding (the “Assumption Agreement”)
pursuant to which the Company sold, assigned, transferred, conveyed, and delivered to Mr. Goulding all of the Assets (as defined in the
Assumption Agreement) and Liabilities (as defined in the Assumption Agreement) and any rights or obligations in the Assets and Liabilities
to which the Company was entitled or obligated.

Reverse Acquisition

On September 13, 2022, the Company entered into the
Definitive Equity Exchange Agreement with TAA, the members of TAA, and Adam Thomas, the managing member of TAA and controlling shareholder
of the Company (the “Exchange Agreement”), pursuant to which the Company issued to the members of TAA, on a pro-rata
basis, 100,000 shares of the Company’s Series C Preferred Stock, representing 85% of the Company’s fully-diluted outstanding
shares of common stock, on an as-converted basis. The members of TAA relinquished all of their ownership interests of TAA to the Company.

The Exchange Agreement went effective on September
13, 2022 and, at that time, TAA became a wholly owned subsidiary of the Company.

 2 

Bankruptcy

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