Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 954

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 16
Chunk 954
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 Thereafter 
     – 

    Total notes payable 
    $562,063 

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 2024 and ending on November 2024. The proceeds of this note were issued with an original
issue discount of $18,600, yielding net proceeds of $93,000. Upon full maturity, the Company will have paid a total of $126,108 of principal
and interest on this note.

     F-14 

In May 2024, the Company signed a
Secured Promissory Note with a lender for $350,000 bearing fixed interest at the rate of $12,500 per month with maturity date December
2024. The Secured Promissory Note requires monthly interest payments only commencing in June 2024. Principal amount along any accrued
but unpaid interest should be paid at maturity date. The note is secured by property owned by the Company and trustee by Travis L. Bence
or John R. Bailey.

At March 31, 2024, the Company was in default on the
farm property note 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