Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 379

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 5
Chunk 379
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 to legal and
accounting fees.

Other Income (Expense)

For the year ended December 31, 2024, we had interest
expenses of $477,964 compared to interest expenses of $490,053 for the same period in 2023, a decrease in interest expense of $12,089.
This decrease in interest expense was due primarily to lower financing charges on a credit card account.

Net Income (Loss)

As a result of the above, we reported a net loss of
$2,808,894 for the year ended December 31, 2024 compared to a net loss of $1,894,993 for the year ended December 31, 2023. The main reason
for the increased loss is the expense recognition for the difference in the asset value to the debt owed on the property

Liquidity and Capital Resources

As of December 31, 2024, we had a cash balance of
$0, compared to cash balance of $6,600 as of December 31, 2023. We currently do not have sufficient cash to fund our operations for the
next 12 months and we will require working capital to complete development and production, testing and marketing of our products and to
pay for ongoing operating expenses. We anticipate adding management positions for corporate development and the corresponding operations
of the Company, but this will not occur prior to obtaining additional capital. Currently, competitively priced loans from banks or other
lending sources for lines of credit or similar short-term borrowings are not available to us. We have been able to raise working capital
to fund operations through the issuances of convertible preferred stock to GHS, factoring our receivables, and borrowing funds from employees
of the Company. As of December 31, 2024, our current liabilities exceeded our current assets by $3,351,602 as compared to 2023 when current
liabilities exceeded current assts by $3,478,423, a decrease of $126,821.

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