Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 505

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 7
Chunk 505
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 not exposed to any significant credit risk on cash and had no balances in excess of the $250,000 FDIC limit
for the year ended December 31, 2024.

For the year ending December 31, 2024
and 2023, two and one customer accounted for 100% of total revenues earned.

The Company’s sole source of
expected future revenue consists of the sale of a single live product which requires substantial care.  Production risks such as
weather, disease and other factors could affect the Company’s ability to realize revenue from its inventory stock.

Subsequent Events

In preparing these consolidated financial
statements, the Company has evaluated events and transactions for potential recognition or disclosure through July 15, 2025, the date
the consolidated financial statements were issued.

Net Loss Per Share

Basic net loss per share is calculated
by dividing the net loss available to common stockholders by the weighted-average number of common shares outstanding during the period.
Diluted net loss per share is calculated by using the weighted-average number of common shares outstanding during the period increased
to include the number of additional shares of common stock that would have been outstanding if the dilutive potential shares of common
stock had been issued. The dilutive effect of the Company is reflected in diluted net loss per share by application of the treasury stock
method. The dilutive securities are excluded from the computation of diluted net loss per share when net loss is recorded for the period
as their effect would be anti-dilutive.

NOTE 3 – ACCOUNTS RECEIVABLE

On
December 11, 2023, the Company entered into an accounts receivable factoring agreement in the amount of $750,000.  The agreement
calls for 80% with recourse financing on eligible receivables. The amount received for the factored receivables on February 7, 2024, totaled
$135,847, of which $25,764 remains outstanding after factoring fees at December 31, 2024 and $0 at December 31, 2023. 

NOTE 4 – INVENTORY

The inventory at December 31, 2024,
consists of shrimp in the larvae stage of development held for sale, broodstock held for sale, and broodstock held for restocking. Included
in this amount is the broodstock cost basis reclassified to shrimp held for sale as those costs are applicable expenditures and charges
directly and indirectly incurred in bringing shrimp inventory to its