Company: GRPS
Filing Date: 2025-10-15
Form Type: 10-Q
Source: 0001683168-25-007573
Chunk: 50

Company: Trans American Aquaculture, Inc
Filing Date: 2025-10-15
Form: 10-Q
Item: Part I, Item 3
Chunk 50
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 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 operated on. On December 2, 2024, Kings Aqua
Farm LLC filed a Deed in Lieu (“DIL”) of Foreclosure due to non-payment by Trans American Aquaculture. The land was conveyed
back to Kings Aqua Farm because of the DIL filing. Over the next two weeks, various threats were made by Kings Aqua Farm on the assets
of TAA, which are paramount to the survival and future of the company. To protect those key assets and any future business, TAA elected
to file a voluntary Chapter 11 Bankruptcy.

The bankruptcy plan
is currently being finalized between TAA management, its board of directors, and legal counsel. The plan confirmation hearing is scheduled
for August 18, 2025, at which time, we will present the re-organization plan for the company.

Currently, there are
no production operations being conducted at the farm. We are solely maintaining the broodstock as plans to exit bankruptcy are finalized.

From time to time, we
may become involved in litigation relating to claims arising out of our operations in the normal course of business. We are not currently
involved in any pending legal proceeding or litigation and, to the best of our knowledge, no governmental authority is contemplating
any proceeding to which we are a party or to which any of our properties is subject, which would reasonably be likely to have a material
adverse effect on our business, financial condition and operating results.

Item 2. Unregistered
Sales of Equity Securities and Use of Proceeds.

On March 28, 2025, we entered into a Securities
Purchase Agreement (the “SPA”) with GHS Investments LLC (“GHS”) pursuant to which the Company may sell to GHS
up to an aggregate of 104 shares of Series D Preferred Stock for an aggregate of up to $104,000 ($1,000 for each share of Series D Preferred
Stock).

In addition, pursuant to the SPA and at each
closing, the Company agreed to issue to GHS warrants to purchase shares of the Company’s Common Stock equal to 50% of the number
of Conversion Shares issuable upon conversion of the shares of Series D Preferred Stock purchased by G