Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 707

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 9B
Chunk 707
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 into a Securities Purchase Agreement with GHS (the “September 2023 SPA”) pursuant to which the
Company agreed to sell GHS 151 shares of Series D

Preferred
Stock for $146,000 ($1,000 for each share of Series D Preferred Stock and five commitment shares). At the initial closing, GHS purchased
76 shares ($1,000 per share of Series D Preferred Stock) and within 25 calendar days from the initial closing, GHS agreed to purchase
70 shares of Series D Preferred Stock. In addition, pursuant to the September 2023 SPA, the Company issued to GHS warrants to purchase
14,901,961 shares of Common Stock exercisable at $0.003795 per share and terminating on September 26, 2028. On October 12, 2023, GHS purchased
the remaining 70 shares of Series D Preferred Stock under the September 2023 SPA. In addition, pursuant to the September 2023 SPA, the
Company issued to GHS warrants to purchase 14,705,883 shares of Common Stock exercisable at $0.003795 per share and terminating on October
12, 2028.

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